Maturing Oil and Gas Fields Driving Artificial Lift Demand

Artificial lift is used in oil wells to increase pressure within the reservoir to bring oil to the surface. This machine is deployed to recover more production from oil reservoirs where the natural drive energy is very weak. The surging number of mature oil and gas fields will fuel the artificial lift market at a CAGR of 5.3% during 2018–2023. According to P&S Intelligence, the market was valued at $8,010.8 million in 2017 and it is projected to reach $10,883.1 million revenue by 2023.

In recent years, artificial lift manufacturers, such as Schlumberger N.V., Weatherford International PLC, Halliburton Company, Flotek Industries Inc., Borets International Limited, and National Oilwell Varco Inc., have been focusing on product launches and acquisitions to cater to the demands of several exploration and production (E&P) companies. For instance, in February 2018, Weatherford International PLC introduced new software for its ForeSite production optimization platform, which maximizes the support for reciprocating rod-lift systems. This platform optimizes these systems by providing support to gas-lift and electrical submersible pump (ESP) systems.

Globally, North America dominated the artificial lift market in the recent past and it is projected to retain its dominance in the forecast years. This can be ascribed to the presence of several artificial lift manufacturers in the region and the existence of numerous mature oil fields and shale gas reserves in the U.S. For instance, the total production of natural gas in the U.S. increased by 9.8% from 2018 to 2019, as per the EIA.

In the coming years, North America and Europe will emerge as the largest consumers of artificial lifts, due to the growing focus on unconventional sources of natural gas and crude oil which require such devices in abundance, in the regions. Moreover, the presence of established manufacturers also supports the use of artificial lifts in these regions. Furthermore, Asia-Pacific (APAC) and Rest of the World (RoW) regions are also expected to witness the large-scale use of such devices in the forthcoming years, owing to the rising E&P activities, mounting shale gas production, and increasing technological advancements in artificial lift systems in the regions. 

Thus, the mounting number of mature oil and gas reserves and the surging shift toward unconventional natural gas reserves will also boost the deployment of artificial lifting systems in the forthcoming years. 

Source: www.psmarketresearch.com

Read More

Why Has Tungsten Carbide Recycling Increased?

Tungsten carbide is used in varied applications in the defense, metalworking, oil & gas, power generation, and automotive industries, due to its superior properties, such as high thermal conductivity, high resistance to scratches and indentations, and stiffer than steel. The compound also displays exceptional resistance to ammonia, acetone, ethanol, water, gasoline, and weak acids. Owing to these, the tungsten carbide powder market will accelerate at a CAGR of 3.6% during forecast period. The market stood at $1,762.1 million in 2017 and it is expected to reach $2,176.8 million by 2023. 

Another key factor driving the tungsten carbide powder market growth is the recycling of tungsten carbide scrap. Powdered and granular scrap of the compound is recycled to obtain its reusable form. Additionally, the trend of in-house recycling and refining of such scrap has led to the local manufacturing and usage of reusable tungsten carbide products. For example, Sumitomo Electric Hardmetal Corporation gathers cement carbide scrap from manufacturing units, where scrap is generated, for recycling and reprocessing it.

Different grades of tungsten carbide are available in the market to meet the varied needs of different industries. Thus, categories under the grade segment of the tungsten carbide powder market include rotary drilling and mining, submicron, corrosion resistant, metal forming and wear, and general purpose. Amongst these, the rotary drilling and mining category is expected to showcase the fastest growth in the forecast period. This can be owed to the surging demand for rotary drilling and mining grades in the construction, mining, and oil & gas sectors.

Additionally, Europe, Middle East and Africa (MEA), and Latin America (LATAM) are also expected to hold considerable share in the tungsten carbide market, on account of spurring demand for tungsten carbide-based tools in the oil & gas industry and rising application of the compound in the automobile sector. Furthermore, Germany is expected to lead the European market, due to the high demand for this powder from the automotive sector, as the country is home to leading automakers. Moreover, the Brazilian market will exhibit the fastest growth in LATAM, due to the growing automobile industry.

With the increasing applications of tungsten carbide and the rising activities of recycling of tungsten carbide scrap, the production and consumption of tungsten carbide will spike in the coming years.

Source: www.psmarketresearch.com

Read More

Why are Coding and Marking Systems Being Used in Automotive Industry?

The increasing usage of coding and marking systems in the pharmaceutical, cosmetic, and food & beverage industries is the primary factor augmenting their sales all over the world. Out of these industries, the requirement for coding and marking systems is currently the highest in the food & beverage industry. Because of this factor, the food & beverage industry is holding the largest share in the coding and marking systems market.

Apart from the above-mentioned factors, the surging requirement for coding and marking systems in the automotive industry is also contributing toward their booming sales across the globe. These systems are extensively used in the automobile sector for coding anti-counterfeit labels or part numbers on vehicle components for preventing the sales of counterfeit parts.  Additionally, as per the Automotive Aftermarket Suppliers Association (AASA), the global automotive industry records losses amounting to nearly $12.0 billion every year, because of counterfeit products.

Thus, in order to tackle the rising threat of counterfeiting, automotive manufacturers are increasingly using scannable invisible anti-counterfeiting printing inks and barcodes, thereby fueling the demand for coding and marking systems. Due to these factors, the global coding and marking systems market is growing explosively. The market revenue is predicted to rise from $3,832.4 million in 2019 to $7,469.6 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 6.4% between 2020 and 2030.

Globally, the coding and marking systems market will demonstrate the highest growth rate in the Asia-Pacific (APAC) region in the forthcoming years, as per the estimates of the market research firm, P&S Intelligence. This will be due to the implementation of stringent government regulations, surging export of packaged food products, and the rising prevalence of piracy and counterfeiting in almost every industry. For example, the China Food and Drug Administration (CFDA) enacted labeling regulations for pre-packaged foods in 2011.

Hence, it can be said without any hesitation that the sales of coding and marking systems will soar in the coming years, primarily because of their growing usage in the pharmaceutical, food & beverage, and cosmetic industries around the world.

Source: www.psmarketresearch.com

Read More

Polyvinylidene Difluoride Membranes Becoming Preferred Filtration Medium

The increasing incidence of diseases and health issues, due to the consumption of toxic food items and beverages, is pushing up the requirement for polyvinylidene difluoride (PVDF) membranes across the world. This is because this membrane assists in filtering out the toxic materials present in the food items and beverages. Moreover, these membranes are extensively used for removing spoilage organisms and contaminants from foods and beverages and for brewing beer. 

Additionally, these membranes are heavily used in the water treatment and pharmaceutical industries, on account of their ability to efficiently filter products such as proteins and preservatives, due to their excellent retention and low protein binding characteristics and high flow rates. Due to these factors, the demand for this membrane is mushrooming globally, which is, in turn, driving the expansion of the global PVDF membrane market. Hydrophobic and hydrophilic are the two most widely used types of membranes.

Between these two, the demand for the hydrophilic PVDF membranes was found to be higher during the past few years. This is because these membranes offer high flow rates and throughputs for mobile-phase and solvent-based chromatographic applications and can also be used in major biopharmaceutical applications. In terms of technology, the PVDF membranes are divided into nanofiltration (NF), microfiltration (MF), and ultrafiltration (UF) membranes. Amongst these, the usage of the NF PVDF membranes will rise rapidly in the forthcoming years.

This is credited to the boom in the biopharmaceutical industry, because of the rising requirement for vaccines and more purified drugs, on account of the surging prevalence of various diseases. Globally, the demand for the PVDF membranes was the highest in North America during the last few years. This was because of the huge requirement for the membrane technology in the food and beverage, water and wastewater treatment, and biopharmaceutical industries in the region.

Hence, it can be said with confidence that the demand for PVDF membranes will shoot up in the coming years, due to the rising requirement for advanced membrane separation technologies in the food and beverage and water treatment industries for removing impurities.

Source: www.psmarketresearch.com

Read More

Increasing Construction of Green Buildings Driving Thermal Energy Storage Demand

Thermal energy storage refers to a technology that stocks thermal energy, by heating or cooling a storage medium, which can be used for power generation or heating and cooling applications. This system helps in balancing energy demand and supply on a seasonal, weekly, or daily basis. Such storage systems can also reduce energy consumption, costs and emissions, peak demand while increasing overall system efficiency. The conversion and storage of wind and solar energy aids in increasing the share of renewables in the energy mix. 

Owing to the various advantages of thermal energy storage systems, they are being increasingly adopted in green buildings or environment-friendly buildings. With the surging environmental concerns and rising focus on reducing carbon footprint, green buildings are being constructed at an exponential rate. Due to this reason, the thermal energy storage market will advance at a CAGR of 15.9% during forecast period. The market was valued at $3,000.9 million in 2017 and it is projected to reach $7,472.9 million revenue by 2023.

Moreover, the burgeoning demand for electricity, primarily on account of rapid urbanization, is resulting in the installation of various types of power production systems, including concentrated solar power (CSP) plants. Additionally, the soaring power consumption for district heating and cooling (DHC) purposes will also result in the large-scale installation of thermal energy storage systems in the coming years. Due to the limited availability of independent heating and cooling systems for residential and commercial buildings, these units rely on utilities to meet the power demands.

Whereas, the Asia-Pacific region is expected to install thermal energy storage systems at the highest rate in the coming years. This can be attributed to the mounting energy demand, primarily on account of the surging population in the region. Moreover, the increasing adoption of this storage technology can also be credited to the rapid depletion of oil and natural gas reserves in the region. As energy storage is the most overlooked aspect of renewable energy generation, governments of countries such as India and China are emphasizing on solutions and technologies that help in storing the power generated from non-conventional energy sources.  

Thus, the booming electricity demand and rising preference for green buildings will augment the need for thermal energy storage systems in the coming years.

Source: www.psmarketresearch.com

Read More

Booming Food & Beverage Industry Augmenting Sales of Extrusion Coatings

With the ballooning sales of electronic items, sporting goods, personal care products, and consumer goods, the demand for extrusion coatings are rising sharply across the globe. Extrusion coating materials are extensively used in the production of papers, paperboards, and packaging films, that are widely required for packaging various consumer products. Moreover, the mushrooming requirement for several types of packaging solutions in various industries is also fueling the demand for extrusion coatings around the world.

The other major factor propelling the demand for these coatings is the expansion of food and beverage industry in several countries, primarily because of the surging population, increasing disposable income, and the growing public awareness about health. Increasing health concerns among people are pushing up the demand for sugar-free, lactose-free, gluten-free, and low-calorie food products. In the food and beverage industry, extrusion coating materials are heavily used in packaging applications.

This is because their ability to protect the product from various external environmental factors and improve its aesthetics. Besides these factors, the rapid economic progress of various developing countries in Latin America (LATAM), Asia-Pacific (APAC), and Middle East and Africa (MEA) is also positively impacting the demand for extrusion coatings across the world. This is because of the boom in the healthcare, food and beverage, personal care, consumer goods, and electronics industries in these countries.

According to the International Trade Administration (ITA), the value of the healthcare industry in India was $110 billion in 2016, and it is predicted to rise to $280 billion by 2020, due to the surging requirement for healthcare products and services in the country. This will subsequently propel the demand for extrusion coatings, which will, in turn, fuel the expansion of the global extrusion coating market in the coming years. 

Hence, it can be safely said that the demand for extrusion coating materials will shoot up in the upcoming years, primarily because of the mushrooming sales of consumer goods and electronic items and the growing requirement for packaged food products all over the world.

Source: www.psmarketresearch.com

Read More

What Are Control Valves and Why Do Factories Need Them?

Almost every factory has an extensive network of pipes, hoses, vats, silos, storage tanks, liquid inlets and outlets, pumps, and nozzles for some or the other purpose. From food and beverage and chemical, which would seem two of the obvious sectors when thinking of such infrastructure, to automotive and power generation, every industry needs these components and systems. As a result, the demand for control valves, to regulate the amount of liquid flowing through a system or subsystem, has always been high. Control valves are also widely, and, perhaps, more familiarly, found in non-industrial settings; the water tap seen in houses and gardens being the simplest example.

Thus, considering the burgeoning population and industrial output, P&S Intelligence expects the control valves market revenue to increase from $11,137.0 million in 2017 to $16,057.5 million by 2023, at a 6.3% CAGR during the forecast period. What most people don’t know is the technicalities of such seemingly simple devices, such as their various types, which include ball, cryogenic, butterfly, globe, plug, diaphragm, and gate. These terms denote the actual technology, or the actual component, that the valves use to control the flow.

Among these, butterfly valves are used the most commonly because they are small, and they open and close quickly on actuation. In addition, they offer precise fluid control, which is of the utmost importance in industries such as food and beverages, chemicals, and pharmaceuticals. Moreover, these variants require little maintenance, thus allowing manufacturers to control their operational costs, which is a key aspect when measuring a company’s profits.

During the historical period (2013–2017), the control valves market was dominated by Asia-Pacific owing to the region’s high manufacturing output. The region accounts for the highest automotive, consumer electronics, chemicals, and food and beverage production in the world, which leads to a high integration rate of various types of control valves. For instance, in the automotive sector, they are used for painting, tire inflation, high-pressure water jet cutting, and oxy–acetylene welding and even in the vehicles themselves, such as in fuel, engine oil, and coolant pumps and supply lines.

Similarly, APAC also requires a lot of electricity, which is why it is home to a huge number of power plants, which are another important application area of control valves. For instance, such components are absolutely vital at hydroelectricity plants, as the pressure of the water needs to be substantially high to be able to turn the turbine. Similarly, even in thermal power plants, valves are used to let water in and out; here, the turbines are spun by high-pressure steam.

Hence, with the growing population and industrial production, the demand for control valves will keep booming.

Source: www.psmarketresearch.com

Read More

Agricultural Micronutrients Helping Enhance Horticulture Practices

The production of high-value crops, such as vegetables, fruits, ornamental crops, and nuts, requires micronutrients. These horticulture crops use larger quantities of micronutrients than other agronomic crops on a per-hectare basis. Moreover, the increasing acquisition of farmlands by large corporates has led to the widescale adoption of such materials. Thus, the growing practice of horticulture farming will accelerate the agricultural micronutrients market at a 7.5% CAGR during forecast period. The market stood at $5,848.0 million in 2017, and it is expected to reach $9,009.2 million by 2023.

Additionally, the growing practice of contract farming, due to the rising support from governments in emerging economies, such as India, will fuel the adoption of such products globally. This type of farming involves an agreement between food processing companies and farmers to supply agricultural products at predetermined costs. Under this agreement, the companies need to provide extensive production support, including technical expertise and the supply of raw materials, such as seeds and micronutrients.

Individual farmers and horticulture firms provide micronutrients like zinc, boron, manganese, and molybdenum to the plants through the soil, leaves, and water. These substances can be directly mixed in the soil, injected into irrigation systems, or directly fed to the leaves, by spraying them in the liquid form. In the coming years, cultivators will widely adopt the fertigation mode of application, i.e., injection the fertilizers into the irrigation system, as this mode minimizes the risk of soil-borne diseases, contracted by plants through the roots, reduces the water consumption, controls the release of fertilizers, decreases the soil erosion rate, and enhances the nutrient absorption by plants.

Geographically, North America and Asia-Pacific will together dominate the agricultural micronutrients market in the coming years. This can be ascribed to the presence of established agrochemical companies, high adoption rate, and considerable product knowledge among the locals. Furthermore, P&S Intelligence projects that the APAC region will exhibit the fastest growth in the foreseeable future on account of the escalating income levels, amplifying food consumption, and surging spending capacity of the people of India, Indonesia, and China.

Thus, the growing demand for fruits, vegetables, nuts, and ornamental plants will boost the adoption of agricultural micronutrients in the future.

Source: www.psmarketresearch.com

Read More

Popularity of Domestic Recycling in North America and Europe Supporting Plastic Recycling Market Growth

A number of factors such as the surging pressure to reduce waste dumping, burgeoning demand for reprocessed items from end-use industries, and increasing installation of plastic recycling units in Europe and North America are expected to drive the plastic recycling market at a CAGR of 8.6% during the forecast years (2019–2024). The market was valued at $41,238.8 million in 2018 and it is projected to generate $64,139.7 million revenue by 2024. Moreover, the rising enactment of government legislations and initiatives to boost the adoption of recycled products will also steer the market growth in the coming years.

One of the prominent growth drivers of the market is the soaring number of domestic plastic recycling facilities, in the European and North American countries, owing to the multi-level stakeholder partnership in these regions. Nowadays, the market players in such countries are actively working on developing innovative recycling technologies for streamlining the plastic recycling value chain. Additionally, the mounting investments being made in research and development (R&D) activities for fueling advancements in recycling technologies will also add to the prosperity of the market in the forthcoming years.

Geographically, Asia-Pacific (APAC) held the largest share in the plastic recycling market in 2018, due to the high-volume availability of domestic waste, imports of plastic waste, and low labor costs in the region. Availability of cheap labor facilitates labor-intensive allied operations, such as collection, sorting, and cleaning. Moreover, the increasing number of small-scale processing facilities in India, Indonesia, Thailand, Vietnam, and Malaysia will also support the market growth in the region, in the coming years.

Thus, the booming number of domestic plastic recycling facilities in Europe and North America and accelerating commercialization and industrialization rate will propel the market growth in the foreseeable future.

Source: www.psmarketresearch.com

Read More

Boom in Automotive Industry Fueling Automotive OEM Coating Sales

The rapid expansion of the automotive industry, especially in the emerging economies of Southeast Asia such as Thailand, Indonesia, and India is one of the key factors responsible for the mushrooming demand for automotive original equipment manufacturer (OEM) coatings across the world. The soaring demand for four-wheeler and two-wheeler vehicles, on account of the surging disposable income of people and rapid improvements in road infrastructure and connectivity, is fueling the boom in the automotive industry in these countries.

Furthermore, the launch of strategic alliances between various automobile manufacturing companies is also predicted to fuel the expansion of the global automotive original equipment manufacturer (OEM) coatings market. For example, Tata Motors Limited and Volkswagen AG signed a Memorandum of Understanding (MoU) in April 2017 for manufacturing automobiles and automotive components. Because of these factors, the valuation of the market is predicted to grow from $10,997.4 million in 2018 to more than $13,661.4 million by 2024.

Furthermore, the market is predicted to register a CAGR of 4.2% from 2019 to 2024. Depending on layer, the market is divided into clearcoat, electrocoat, primer, and basecoat. Out of these, the clearcoat category is predicted to demonstrate the highest growth in the market in the forthcoming years. This is credited to the fact that clearcoat coatings are extensively applied on automobiles as they protect the vehicles from harmful ultra-violet rays. 

On the other hand, the basecoat category is predicted to exhibit the fastest growth in the automotive OEM coatings market in the forthcoming years. When technology is taken into consideration, the market is classified into solvent-borne coatings, water-borne coatings, UV-cured coatings, and powder coatings. Out of these, the solvent-borne coatings category recorded the highest growth in the market in the past years and this trend will continue in the coming years as well. 

Geographically, the automotive OEM coatings market will demonstrate the fastest and the highest growth in the Asia-Pacific (APAC) region in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be due to the escalating automobile manufacturing in the regional countries such as India, China, and Indonesia. As per various reports, China was the second-largest two-wheeler manufacturer in the world in 2019.

Hence, it is safe to say that the demand for automotive OEM coatings will surge sharply all over the world in the coming years, primarily because of the expansion of the automotive industry, especially in the APAC countries such as China and India.

Source: www.psmarketresearch.com

Read More

How Are R&D Activities Supporting Graphene Market Growth?

The mounting need for graphene in the medical and electrical and electronics industries and increasing research and development (R&D) activities in expanding the application base of the compound will fuel the graphene market at a CAGR of 20.2% during the forecast period (2020–2030). The market revenue stood at $87.5 million in 2019 and it is expected to reach $646.8 million by 2030. In recent years, product commercialization has become a prominent market trend, owing to the extensive R&D activities in widening the application base of graphene.

The increasing use of graphene in the medical sector, owing to its high strength and thinness, has become a key growth driver of the market. The compound is used in the production of bioelectric sensors that track glucose, hemoglobin, and cholesterol levels in the blood and test deoxyribonucleic acid (DNA). Additionally, graphene is also used for manufacturing dental implants, prosthetic devices, and therapeutic tools. Apart from this, large quantities of the compound are also being used in cancer treatment by medical professionals.

According to P&S Intelligence, Asia-Pacific accounted for the largest share in the graphene market during the historical period (2014–2019). This was due to the high-volume consumption of this carbon derivative in the medical, electrical and electronics, and energy sectors, particularly in China. Moreover, the increasing use of the compound in the automotive and aerospace industries in India, South Korea, and China also acts as a catalyst for the market in the region. 

Whereas, the North American region is projected to exhibit the fastest growth in the graphene market during the forecast period. This can be credited to the surging use of the compound in composites, which are widely used in the production of aircrafts, automobiles, and electrical and electronic devices. Besides, the large-scale consumption of this form of carbon in the medical devices industry will also facilitate the market growth in the region in the coming years. 

Thus, the growing usage of graphene in the medical industry and rising R&D and investments being made in exploring the application areas of the compound will augment the market growth in the foreseeable future.

Source: www.psmarketresearch.com

Read More

Surging Population Driving Growth of Global Retail E-Commerce Packaging Market

The global retail e-commerce packaging market was valued at $19,022.7 million in 2019, and it is expected to attain a revenue of $68,388.1 million by 2030. Furthermore, the market will progress at a CAGR of 12.1% from 2020 to 2030, as per the forecast of P&S Intelligence, a market research company based in India. The factors driving the expansion of the market are the increasing population in several countries and the growing affordability of smartphones and internet connections. 

According to the United Nations Department of Economic and Social Affairs (UNDESA), the total population across the globe will rise from 7.6 billion in 2019 to 8.6 billion by 2030, 9.8 billion by 2050, and 11.2 billion by 2100. Moreover, the global population will witness the addition of around 83 million people every year. This will push up the demand for several consumable and non-consumable products, that are majorly sold through various online channels. 

According to the World Trade Organization, the imposition of strict lockdowns and social distancing regulations in various countries in order to mitigate the spread of the virus has massively boosted the popularity of video streaming services, online shopping, video and film streaming services, internet telephony and teleconferencing, and social media platforms. This has consequently propelled the business-to-consumer (B2C) sales of food products, medical supplies, and various household items, thereby fueling the growth of the market. 

Depending on material type, the market is divided into envelopes, boxes, and others, such as bubble wraps, tapes and labels, and air cushions categories. Amongst these, the boxes category contributed the highest revenue to the market from 2014 to 2019. Geographically, the Asia-Pacific (APAC) region held the largest share in the retail e-commerce packaging market in 2019, and this trend will continue in the coming years as well, primarily due to the thriving e-commerce industry in the region. 

Hence, it can be said without any hesitation that the market will surge sharply in the forthcoming years, mainly because of the increasing penetration of the internet and smartphones and the ballooning popularity of online shopping around the world.

Source: www.psmarketresearch.com

Read More

Surge in Automotive Industry Augmenting Demand for Metal Finishing Equipment

With the expansion of the automotive industry, the demand for metal finishing equipment is surging sharply across the world. The ballooning sales of automobiles, especially in the emerging economies such as India, Mexico, Indonesia, and China, is one of the major factors responsible for the boom in the automotive industry. Metal finishing equipment are heavily used for protecting automotive components such as power steering systems, under-the-hood components, and air conditioning components from corrosion.

This is why the mushrooming sales of vehicles are positively impacting the demand for metal finishing equipment across the world. Besides this, the surge in the aerospace industry is also fueling the demand for metal finishing equipment. Metal finishing equipment are being heavily used by many aircraft manufacturers for improving the quality and lifespan of aircraft components. Moreover, many international aviation safety organizations are making the usage of metal finishing equipment mandatory in aerospace components.

This is because these equipment massively improve the reliability and lifespan of aircraft components, which is extremely necessary, on account of the fact that the failure or breakdown of these components will lead to the loss of both human life and capital. Apart from these factors, the growing requirement for advanced metal finishing in various consumer products is also propelling the demand for metal finishing equipment all over the world.

As a result, the valuation of the market is predicted to grow from $13,845.6 million in 2019 to $19,554.7 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 4.2% between 2020 and 2030. Depending on process, the market is categorized into electropolishing, coating, conversion, galvanizing, electroplating, anodizing, electroless plating, cladding, and vibratory/mass finishing. Out of these, the electroplating category recorded the highest growth in the metal finishing equipment market during the last few years.

Hence, it can be said with full surety that the demand for metal finishing equipment will skyrocket all over the world in the coming years, mainly because of its growing adoption in the aerospace, automotive, and consumer electronics industries.

Source: www.psmarketresearch.com

Read More

Mushrooming Demand for Triazine From Petrochemical Industry Augmenting its Worldwide Sales

With the growing usage of triazine in the petrochemical industry, its sales are climbing across the world. The compound is heavily used as a scavenger chemical in the stripping process for removing H2S from crude oil. The monitoring of H2S concentrations in petroleum reservoirs is extremely important, on account of the fact that it is a highly corrosive, flammable, and life-threatening gas. Moreover, because of these characteristics of H2S, stringent safety protocols are followed during the operation of various oilfields. 

Furthermore, the presence of sulphate-reducing bacteria can cause souring of the petroleum reservoir and augmenting the H2S concentration in the produced fluids so much that it becomes extremely necessary to administer expensive chemical scavengers in the production pipelines in order to minimize the operational risks and the chances of corrosion. Besides these factors, the mushrooming usage of triazine in the medical sector is also positively impacting its sales across the world. 

This is pushing up the demand for triazine across the world, which is, in turn, propelling the expansion of the global triazine market. The value of the market is predicted to grow from $518.68 million in 2019 to $814.55 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 5.6% from 2020 to 2030. Depending on product, the market is divided into monomethylamine (MMA) and monoethanolamine (MEA). 

Of these, the MEA category is predicted to register higher growth in the triazine market in the coming years. This will be because of the surging utilization of the compound in hydrogen streams as a scavenger and a hydrogen sulphide (H2S) mercaptan. Across the globe, the market will demonstrate lucrative growth in North America in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India.

Therefore, it can be said with full surety that the demand for triazine will shoot up all over the world in the upcoming years, mainly because of the mushrooming requirement for the compound in the petrochemical and healthcare industries and also in farming processes as weed control agents.

Source: www.psmarketresearch.com

Read More

Asia-Pacific and Middle East & Africa Set to Witness Soaring Sales of Pressure Sensitive Adhesives in Future

With the expansion of the global e-commerce industry, on account of the surging popularity of online shopping and the increasing disposable income of people, the demand for pressure sensitive adhesives is growing rapidly across the world. This is because the soaring popularity of online shopping is causing a sharp rise in the demand for packaging, especially the ones based on paper board, which is, in turn, pushing up the requirement for pressure sensitive adhesives.

Apart from the aforementioned factor, the rapid growth of the global online grocery industry is also positively impacting the sales of pressure sensitive adhesives around the world. Furthermore, the increasing number of construction and infrastructural development activities and the expansion of various industries such as electronics, fast moving consumer goods, and construction, especially in the developing nations such as India, Brazil, and China are also creating lucrative growth opportunities for the pressure sensitive adhesive producing companies all over the world. 

For example, the opening of a new manufacturing facility of Bostik India Private Limited, which is a specialty adhesives business line of Arkema Group, in Gujarat, India, in December 2017 considerably boosted the demand for pressure sensitive adhesives in the country. Due to these factors, the global pressure sensitive adhesives market is exhibiting huge expansion. As a result, the value of the market is predicted to rise from $7,414.0 million in 2018 to $9,351.8 million by 2024.

When application is taken into consideration, the pressure sensitive adhesives market is categorized into tapes, labels, graphics, and laminations. Out of these, the tapes category will hold the highest share in the market in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the soaring utilization of tapes in various applications in the electronics, construction, automobiles, and packaging industries.

Hence, it can be said with full confidence that the sales of pressure sensitive adhesives will soar across the world in the upcoming years, primarily because of the extensive usage of these adhesives in packaging applications and in the construction industry and the rapid expansion of these industries all over the world.

Source: www.psmarketresearch.com 

Read More

Increasing Number of Mature Onshore Fields Driving Pump Jack Demand

A pump jack refers to a device that is utilized in the oil and gas industry to extract crude oil from oil wells where there is not enough pressure to force the oil to the surface. This device creates an artificial lift, in the oil well, which enhances the pressure within a well to pull oil to the surface. This process, therefore, helps in increasing the production of oil from oilfields. Sometimes artificial lifting process is required from the very beginning, whereas it is most viable for mature oilfields, as the pressure in such wells decreases over time. 

With the rising number of mature onshore fields, the pump jack market is expected to accelerate at a CAGR of 5% during forecast period. The market was valued at $2,712.8 million in 2016 and it is expected to reach $3,800.0 million revenue by 2023. In comparison to offshore oil drilling, onshore oil drilling is a less expensive process. Moreover, a majority of the aging wells are found in onshore fields, owing to which a large number of pump jacks are deployed in these fields, as compared to offshore fields. 

According to P&S Intelligence, North America adopted the highest volume of pump jacks in the recent past, and it is expected to retain its dominance in the foreseeable future as well. This can be primarily ascribed to the presence of a large number of mature oilfields, the existence of pump jack manufacturers, and the rapid aging of oilfields in the region. Additionally, the North American pump jack market is also expected to demonstrate the fastest growth in the coming years, due to the technological developments in artificial lifting equipment, including gas lifts and pump jacks, in the region.

Thus, the increasing number of mature oilfields and rising technological advancements in artificial lifting equipment will escalate the deployment of pump jack systems in oil wells, in the foreseeable future.

Source: www.psmarketresearch.com

Read More