Why Are Governments Preferring Floating Solar Panels For Power Generation?

Floating solar panels are new, cost-effective, and reliable solar energy-producing solutions, which are installed on water bodies to convert them into solar power plants. Green energy generated at these water reservoirs is used to power the pump on-site and in other applications, which helps in saving an immense amount of power. The world's first floating solar power plant was established in Aichi Prefecture in central Honshu, Japan. According to the World Economic Forum (WEF), 73 of the world's largest floating solar power plants are found in inland lakes and reservoirs of Japan. 

The surging adoption of renewable energy, on account of the rising environmental pollution, will drive the floating solar panels market growth during the forecast years (2020–2026). The market revenue is expected to surge from $685.2 million in 2019 to $2,301.8 million by 2026. Governments and power producing companies across the world have initiated or are working toward initiating schemes and projects that promote the use of renewable energy, such as solar energy. For instance, in India, the National Thermal Power Corporation (NTPC) has recently commissioned the development of a 100 MW capacity floating solar power plant at Ramagundam in Telangana.

According to P&S Intelligence, Asia-Pacific (APAC) accounted for the largest share in the floating solar panels market in 2019, and it is expected to retain its dominance throughout the forecast period. This can be attributed to the soaring number of government initiatives that promote the adoption of solar panels in the region. Moreover, the burgeoning demand for low-cost energy, toughening environmental regulations, and increasing requirement for land for alternative purposes will also support the market growth in the foreseeable future.

Therefore, the escalating adoption of renewable energy and the growing need to preserve landmasses will propel the deployment of floating solar panels in the forthcoming years.

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How Are Technological Developments Fueling Lithium-Ion Battery Demand?

According to the Global Electric Vehicle Outlook 2021 report published by the International Energy Agency (IEA), there were 6,850,327 battery electric vehicles (BEV) and 3,346,713 plug-in hybrid electric vehicles (PHEV) all over the world in 2020.  The IEA further projects that the electric car stock will reach 79,975,992 units of BEVs and 44,355,904 units of PHEVs by 2030. The burgeoning sales of EVs can be credited to the surging environmental concerns and fluctuating oil prices. With the increasing shift toward such vehicles, the requirement for lithium-ion (Li-ion) batteries will escalate exponentially. 

Moreover, the rising technological advancements being made in the electrolyte and the rapid changes in the anode material will accelerate the Li-ion battery market at a CAGR of 21.8% during 2019–2024. The market was valued at $33,720.8 million in 2018 and it is expected to reach over $106,493.0 million revenue by 2024. Rapid improvements are being made in the electrolyte to enable the battery output to surge beyond 4.2 Volts, as it acts as a limiting agent in batteries and enhances the cell power. 

Currently, Li-ion battery manufacturers, such as Murata Manufacturing Co. Ltd., Amperex Technology Ltd., Johnson Controls International plc, GS Yuasa Corporation, Samsung SDI Co. Ltd., BYD Company Ltd., Toshiba Corporation, Hitachi Chemical Company Ltd., Shenzhen BAK Battery Co. Ltd., LG Chem Ltd., and Tesla Inc., are opting for joint ventures, product launches, and geographical expansions to meet the requirements of various end-use sectors. For example, in April 2019, LG Chem Ltd. entered into a joint venture with VinFast Trading and Production LLC to manufacture battery packs for electric scooters of Vingroup, a Vietnamese start-up for electric scooters.

According to P&S Intelligences, Asia-Pacific (APAC) is projected to dominate the Li-ion battery market in the forthcoming years. This can be primarily owed to the presence of leading manufacturers and soaring demand for portable electronic devices and EVs in the region. Additionally, the region is also expected to utilize these batteries at the highest rate due to the rapid technological developments being made in such energy storage devices. Among APAC countries, China will adopt the highest quantity of Li-ion batteries in the foreseeable future. 

Thus, the rising EV sales and increasing advancements in battery technology will augment the production of Li-ion batteries in the forthcoming years.

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Surging Automobile Manufacturing Fueling Expansion of Indian Aerosol Industry

The Indian aerosol market reached a revenue of $526.28 million in 2019 and it is predicted to progress at a CAGR of 6.0% between 2020 and 2030. Furthermore, the market will attain a valuation of $891.13 million by 2030. The market is being driven by the burgeoning requirement for aerosols in the manufacturing and automotive industries and the increasing enactment of favorable government initiatives regarding research and development (R&D) activities in the manufacturing industry.

Besides the aforementioned factor, the expansion of the manufacturing industry is also positively impacting the demand for aerosols in the country. As per the IBEF, the Indian manufacturing industry is exhibiting rapid expansion, because of the burgeoning requirement for consumer electronic appliances, machinery, and electrical equipment. Moreover, as per the Ministry of Commerce and Industry, the cosmetic and beauty products sector in India will demonstrate significant growth between 2016 and 2021, because of the surging per capita income of people.

Depending on application, the Indian aerosol market is divided into residential, industrial, spray paints, and personal cate categories. Out of these, the personal care category is predicted to demonstrate the fastest growth in the market in the coming years. This will be because of the ballooning sales of aerosol-based personal care products such as dry shampoos, hair sprays, shaving creams, mousse foundations, and deodorants, on account of the increasing disposable income of people in the country.

The personal care category is further sub-divided into hair sprays, deodorants/antiperspirants, shaving mousse and gels, and hair mousse. Out of these, the deodorants/antiperspirants division held the highest share in the market in 2019. This was due to the large-scale urbanization and the emergence of various online retail channels, wherein, a diverse range of innovative products such as herbal perfumes and pocket perfumes, are available. Additionally, the increasing disposable income of people is massively propelling the advancement of the deodorants/antiperspirants category.

Hence, it can be said with full confidence that the market will demonstrate huge expansion in the coming years, primarily because of the growing requirement for aerosol in the manufacturing and automotive industries in the country.

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How Is Rapid Industrialization Supporting Corrugated Packaging Market Growth?

Factors such as the accelerating industrialization rate in developing countries and increasing demand for sustainable and cost-effective packaging solutions will drive the corrugated packaging market at a CAGR of 3.7% during the forecast period. The market revenue stood at $237.5 billion in 2017 and it is expected to reach $294.3 billion by 2023. Moreover, the expanding e-commerce industry will also boost the market growth in the coming years. Corrugated packaging is one of the most affordable and convenient modes of packaging for the e-commerce sector due to its low cost and lightweight. 

The escalating industrialization rate in developing countries will augment the demand for corrugated packaging materials in the foreseeable future. The surging industrialization rate has resulted in the expansion of trade activities, upsurge in per capita income, growth of infrastructure sector, and boom in the chemicals, energy, and oil and gas industries, owing to which, the demand for corrugated packaging solutions will surge in the forthcoming years. Additionally, the expanding manufacturing sector in China and India will also supplement the market growth in the forecast years.

According to P&S Intelligence, Asia-Pacific corrugated packaging market generated the highest revenue in 2017. This was due to the increasing influence of western culture and surging consumption of retail ready-to-eat food products in the region. Besides, the rising use of durable and non-durable packaged goods, owing to the rapid urbanization and busy lifestyle of consumers, also contributes to the market growth in the region. Moreover, the burgeoning sales of processed foods in developing countries such as Indonesia, China, and India also drive the demand for corrugated packaging solutions in the region.

Thus, the escalating demand for eco-friendly packaging solutions and booming manufacturing sector will amplify the market growth in the coming years.

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Why Are Pharmaceutical Companies Using Microfiltration Membranes?

Wastewater treatment has become quintessential in recent times as environmental degradation caused by inadequate or no wastewater management poses a substantial threat to economic activity and human and animal health. With the surging awareness regarding the potential threats of inadequate wastewater treatment, countries across the world are adopting microfiltration technologies. Water treatment plants are increasingly opting for microfiltration membranes due to their proven economic efficiency and high performance.

Moreover, the growing pharmaceutical industry will help the microfiltration membrane market witness a CAGR of 9% during the forecast period (2020–2030). According to P&S Intelligence, the market generated revenue of $2,885.57 million in 2019, and it is projected to generate $7,517.38 million revenue by 2030. Pharmaceutical companies are extensively using polypropylene (PP), polyethersulfone (PES), and polyvinylidene fluoride (PVDF) microfiltration membranes for the filtration of proteins and preservatives, due to their exceptional retention characteristics, high flow rate, and low protein binding feature.

The type segment of the microfiltration membrane market is classified into cellulose, polyimide, PP, PES, PVDF, polyether ether ketone (PEEK), and polytetrafluoroethylene (PTFE). Among these, the PVDF category held the largest market share in 2019 due to the ability of PVDF microfiltration membranes to offer high flow rates for solvent-based and mobile phase applications, such as multiplexed bead-based assays and sample preparation. Owing to these advantages, a huge quantity of such membranes is being used in the pharmaceutical industry for protein separation.

Globally, the Asia-Pacific microfiltration membrane market generated the highest revenue in 2019 due to the rising stringency of the regulatory standards, augmenting need for wastewater treatment, and increasing need for desalination to counter the water shortage in China, the Philippines, India, and Thailand. Besides, the soaring number of manufacturing facilities and research centers of various pharmaceutical and biotechnology companies in the region will support the APAC market growth at the highest CAGR during the forecast period.

Therefore, the booming demand for treated water and growing consumption of uncontaminated and unadulterated food and drinks will augment the usage of microfiltration membranes in the foreseeable future.

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Why Are Automakers Using UV-Curable Resins?

Ultraviolet (UV)-curable resins, which are made to harden and set by using a light source, are used to formulate coatings, adhesives, and inks. Products formulated from such resins are being used in the industrial coatings, electronics, graphic arts, mining, aerospace, and defense sectors. This can be attributed to the zero emission offered by these products. Unlike traditional inks, coatings, and adhesives, UV-cured products do not release carcinogenic volatile organic compounds (VOCs) due to the absence of hydrocarbons in them.

At present, the automobile sector has emerged as one of the leading consumers of such resins owing to their environmental-friendly nature. Thus, the booming vehicle production and adoption will augment the UV curable resins market at a CAGR of 7.7% during forecast period. The market was valued at $3,473.9 million in 2017, and it is projected to generate $5,403.9 million revenue by 2023. According to the International Organization of Motor Vehicle Manufacturers (OICA), 55,834,456 cars and 21,787,126 commercial vehicles were manufactured in 2020 globally.

According to P&S Intelligence, Asia-Pacific (APAC) dominated the UV curable resins market in the recent past, and it is also expected to adopt such resins at the highest rate in the foreseeable future. This can be attributed to the increasing implementation of stringent VOC emission norms, escalating consumer awareness about UV-curable resins, rising environmental concerns, and expanding consumer electronics industry. Moreover, the burgeoning production and sale of automobiles in China will create a huge requirement for such resins.

Therefore, the mounting demand for automobiles and consumer electronics and rising need for safe and eco-friendly packaging solutions will propel the consumption of resins that can be hardened via exposure to UV radiation. 

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African Nations Witnessing Booming Pharmaceutical Fine Chemicals Consumption

According to the United Nations Department of Economic and Social Affairs (UNDESA), the global population of people aged 65 years or above will surge from 703 million in 2019 to 1.5 billion by 2050. Due to the weak immune system and weak physical traits of the elderly, they are easily affected by various diseases. The surging prevalence of several illnesses among the geriatric population is creating a high requirement for an array of medical drugs. With the increasing consumption of medical drugs, the usage of pharmaceutical fine chemicals will accelerate in the coming years.

Further, the soaring awareness about pharmaceutical chemicals in various countries of Africa is expected to drive the pharmaceutical fine chemicals market at a CAGR of 6.2% during 2020–2030. According to P&S Intelligence, the market generated a revenue of $100.3 billion in 2019. The governments of Nigeria and Kenya are focusing on improving the accessibility of medical drugs by promoting the local production of such products. The African countries are proactively working toward improving their public health sector, with the ultimate aim of creating a large and healthy workforce that can drive their economy. 

In recent years, pharmaceutical fine chemical producers have focused on partnerships and joint ventures to reach out to more customers. For instance, in December 2019, Solvay S.A. and Anthea, an India-based specialty chemicals producer, established a joint venture under the name of Catàsynth Speciality Chemicals, to offer catechol derivatives. Catàsynth Speciality Chemicals is involved in the production of methylenedioxybenzene, heliotropin (piperonal), and helional, which are majorly used in fragrance, agrochemical, and pharmaceutical industries.

The product segment of the pharmaceutical fine chemicals market is categorized into active ingredients, basic building blocks, and advanced intermediates. Among these, the active ingredients category is expected to register the fastest growth during the forecast period. This is because active ingredients are the most vital components of medical drugs, as these substances help in accomplishing the purpose of the medication. Active ingredients are mixed with excipients as these inactive components serve as the medium to carry the active agent to the drug target site.

Thus, the booming aging population and growing awareness about pharmaceutical fine chemicals among African countries will amplify the production of such chemicals in the foreseeable future.

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Why will Sales of Solar Encapsulation Materials Surge in Asia-Pacific in Future?

The surging use of photovoltaic (PV) modules, that convert solar energy into electrical energy via solar cells, is driving the demand for solar encapsulation materials. Moreover, with the rising popularity of solar energy, due to its eco-friendliness and economic viability, many countries are augmenting their PV module production capacities. This is, in turn, making solar material producers increase their production capacities. For example, as per the China Photovoltaic Industry Association (CPIA), the solar panel production capacity in China increased from 48 gigawatt (GW) in 2016 to 110 gigawatt (GW) by 2020.

Besides, the growing public awareness about the various benefits of solar cell technology is also driving the demand for solar encapsulation materials across the world. This technology helps utilities companies cater to the energy demands of both commercial and private establishments. In addition to this, with the rising public awareness about green construction, many people are focusing on sourcing energy from solar power, on account of its various benefits such as lower maintenance costs and the availability of state tax credits.

As a result, many investors across the world are making huge investments in the development of solar PVs, which is consequently creating lucrative growth opportunities for the players operating in the solar encapsulant market. Due to these factors, the market revenue will surge from $1,036.0 million in 2017 to more than $4,555.4 million by 2023. Furthermore, the market is expected to progress at a CAGR of 28.4% from 2018 to 2023. 

Across the world, the demand for solar encapsulation materials was found to be the highest in the Asia-Pacific (APAC) region during the last few years, and this trend will continue in the coming years as well, as per the estimates of the market research company, P&S Intelligence. This is attributed to the surging solar module production capacities of major manufacturers in the region. As per the Energy Trend, the global PV installation production capacity stood at 70.3 GW in 2017. Out of this, China had a share of 31%. 

Hence, it can be safely said that the demand for solar encapsulation materials will boom in the forthcoming years, primarily because of the growing demand for solar energy across the world.

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How Is Packaging Industry Supporting Hot Melt Adhesives Market Growth?

Factors such as the surging consumer expenditure and the expanding packaging industry will help the hot melt adhesives market to display a CAGR of 6.1% during the forecast period (2020–2030). According to P&S Intelligence, the market generated a revenue of $7,717.0 million in 2019, and it is expected to reach $12,761.3 million by 2030. Hot melt adhesives are widely used in the electronics, construction, packaging, and automotive industries, due to their ease of application, non-volatile organic compound (VOC) emitting, and fast setting time properties.

The flourishing packaging industry, primarily on account of the burgeoning demand for packaged food and drinks and the growing e-commerce sector, is one of the key contributors to the market growth, worldwide. Since packaged products require both rigid and flexible packaging, this industry uses hot melt adhesives in abundance because of their easy application and fast setting time features. With the increasing penetration of e-commerce platforms, owing to the rapid internet and smartphone adoption, the demand for such adhesives is escalating rapidly.

Globally, the Asia-Pacific (APAC) hot melt adhesives market generated the highest revenue in 2019, due to the presence of vast manufacturing hubs in China, India, Japan, and South Korea. Additionally, the regional market is also expected to retain its dominance throughout the forecast period. This will be due to the booming population and escalating per capita income in APAC countries. Owing to these reasons, the consumption of automobiles, electronics, and packaged goods will surge rapidly, which will create a huge demand for hot melt adhesives, in the region. 

Thus, the booming packaging sector and mounting public spending in developing countries will supplement the market growth in the forecast years.

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Why will Demand for Pour Point Depressants Soar in Asia-Pacific in Coming Years?

The burgeoning requirement for pour point depressants (PPDs) in the automotive industry is one of the major factors driving their demand across the world. These polymers are used for producing lubricants, which are required in automobiles. Because of this reason, the soaring manufacturing of automobiles in several countries such as India, Indonesia, Brazil, and Thailand is propelling the requirement for PPDs. These materials are also being increasingly used in the oil and gas industry.

Owing to their extensive requirement in several industries, many organizations are making huge investments in research and development (R&D) projects aimed at developing various types of PPDs. For example, many organizations operating in various industries such as automotive and oil & gas are conducting R&D activities for developing poly alpha olefins (PAO) which are then used for producing PPDs, on account of their ability to improve the low-temperature viscosity and modify the crystallization behavior. These kinds of projects are generating lucrative growth opportunities for the players operating in the pour point depressant market.

Across the globe, the demand for PPDs was observed to be the highest in the Asia-Pacific (APAC) region during the last few years. Furthermore, the pour point depressant market will exhibit rapid expansion in the APAC region in the upcoming years as well, as per the estimates of P&S Intelligence, a market research company based in India. This is attributed to various factors such as the rising urbanization rate, improving living standards of people, and launch of several infrastructural development projects, especially in the developing countries of APAC such as China and India. 

Thus, the demand for pour point depressants will surge sharply across the world in the upcoming years, mainly because of their growing requirement in the lubricant, automotive, and oil & gas industries and the huge investments being made in the development of advanced variants.

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Increasing Need for Durable Structures Boosting Construction Chemical Usage

A range of chemicals are added to concrete, cement, and other construction materials to keep everything intact and increase the strength of the final mixture. These are used in large quantities in the civil repair and construction sectors. Therefore, the surging rate of urbanization in emerging economies has led to the large-scale consumption of such chemicals in these countries, as they make buildings more durable. Moreover, the rising need for infrastructure development in developing nations on account of the booming population will amplify the consumption of construction chemicals.

People in emerging economies are migrating from rural to urban areas in search of better employment opportunities and standard of life. Owing to the economic, social, and environmental changes brought about by urbanization, it becomes difficult to meet the requirements of the growing urban population, especially in the areas of housing, transportation, and energy. To meet the rising needs, developing nations are focusing on the construction of new buildings. As a result, the construction chemicals market will likely grow from $55,111.6 million in 2017 to $80,025.4 million by 2023, at a CAGR of 6.5% during 2018–2023.

Moreover, the rising number of green buildings has fueled the consumption of such chemicals, as they have the potential to reduce carbon emissions. These chemicals increase the overall durability of buildings and offer them protection against environmental hazards. Apart from this, they also help in reducing the volume of water and cement consumed during the construction process. Hence, the rising awareness about energy conservation and environmental sustainability has led to the large-scale consumption of such chemicals.

The construction sector uses adhesives, concrete admixtures, flame retardants, protective coatings, sealants, flooring chemicals, and asphalt modifiers to increase the durability of structures and offer protection from environmental factors. In the coming years, a significant volume of concrete admixtures will be utilized for the construction of complex modern structures because they offer high workability, durability, and compressive strength, excellent wear resistance, and a better finish. Moreover, concrete admixtures make the structures watertight.

In 2017, the Asia-Pacific (APAC) region consumed the highest volume of construction chemicals due to the rapid growth of the construction sector in India, Japan, and China. Additionally, the rapid advance of the residential real estate sector, owing to the burgeoning population of middle-class people, resulted in the high-volume consumption of such chemicals in APAC. Moreover, several government initiatives directed at promoting infrastructure development boost the adoption of construction chemicals during the building of new commercial and residential spaces.

Thus, the mushrooming focus on enhancing the durability of buildings and growing number of green buildings will accelerate the usage of construction chemicals in the immediate future.

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Booming Textile Industry Propelling Dyestuff Demand in ASEAN and South Asia

Dyestuffs refer to water-soluble inexpensive materials that are used to impart color to fabrics. These substances comprise of pigments, azo acids, dyes, and intermediates. Dyestuff producers constantly work to improve the properties of such substances to meet the demands of new kinds of fabrics. In recent years, the textile industry has been increasingly focusing on developing advanced dyeing machinery to overcome the environmental issues caused by the existing dyes. These improvements are a result of extensive research and development (R&D) activities carried out in the textile sector.

The flourishing apparel industry is expected to drive the Association of Southeast Asian Nations (ASEAN) and South Asia dyestuff for textile market at a CAGR of 7.8% during the forecast period. The market revenue stood at $1,163.6 million in 2016 and it is projected to reach $1,938.9 million by 2023. The growth of the apparel sector can be attributed to the burgeoning demand for outerwear, innerwear, socks, t-shirts, jeans, shorts, trousers, dresses, and kids' wear, across the world.

In recent years, the textile industry has been shifting toward waterless dyestuffs from traditional variants, due to growing environmental concerns. Water is used as a primary medium in the textile industry for mixing dye colorants used for polishing and other applications. On an average, around 100–150 liters of water is used to process 1 kilogram (Kg) of textile material. Owing to the high-volume consumption of water, the industry generates an extensive amount of wastewater, which has a detrimental impact on the environment.

Whereas, Bangladesh accounted for the second-largest share in the ASEAN and South Asia dyestuff for textile market in 2016. This can be attributed to the rising export of textile products from the country. At present, the country imports around 95% of textile dyestuffs from India, China, South Korea, Thailand, Taiwan, Italy, Germany, Switzerland, Spain, Turkey, and the U.S. Moreover, the availability of low-wage labor and cheap raw materials will also contribute to the market growth in Bangladesh. 

Therefore, the growing apparel industry in the ASEAN and South Asia regions is expected to amplify the usage of dyestuffs in the forthcoming years.

Source: www.psmarketresearch.com

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Increasing Residential Construction Activities Driving Insulation Demand

With the increasing industrialization and urbanization rates in several countries, the demand for industrial and residential insulation is rising sharply across the world. In the manufacturing industry, thermal and acoustic insulation is extensively required in stacks, boilers, turbines, exhausts, and incinerators. This is why the expansion of the manufacturing sector, especially in the developing nations of APAC such as India, China, Malaysia, Indonesia, Thailand, and the Philippines, is positively impacting the demand for insulation.

Besides, the surging investments being made in infrastructural development projects in developing countries such as India, China, Russia, and Brazil are creating lucrative growth opportunities for insulation producers across the world. In addition to this, the governments of many countries are taking measures for reducing the escalating energy costs and promoting energy efficiency, which is, in turn, pushing up the demand for insulation products in residential and industrial buildings, thereby causing the expansion of the global insulation market.

Depending on product, the market is classified into expanded polystyrene (EPS), extruded polystyrene (XPS), mineral wool, and glass wool. Out of these, the EPS category held the largest share in the market in 2017. This was credited to the large-scale usage of EPS wool in various acoustic and thermal insulation applications, because of its fire retardancy, durability, and low weight. When application is taken into consideration, the insulation market is divided into residential, non-residential, industrial, and heating, ventilation, and air conditioning (HVAC) and original equipment manufacturer (OEM).

Out of these, the residential category dominated the market in 2017, primarily due to the extensive usage of insulation products in construction activities, which are soaring rapidly, because of the booming population across the world. Geographically, the insulation market will exhibit the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the increasing industrialization rate, launch of energy conservation initiatives by governments of many APAC countries, and rapid economic progress of several regional countries. 

Hence, the demand for insulation is certain to surge in the coming years, primarily because of the surging urbanization and industrialization rates and the increasing implementation of energy conservation policies by various governments across the globe.

Source: www.psmarketresearch.com

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Mushrooming Popularity of Lightweight Vehicles Propelling Growth of APAC Automotive Adhesives and Sealants Market

Automotive adhesives and sealants refer to the substances that are used for several bonding and sealing applications in the automobile industry. These substances are chemically similar but functionally different. Such adhesives and sealants help in enhancing performance, driving experience, reliability, and vehicle safety. These substances are being used in large quantities in Indonesia, Thailand, Vietnam, the Philippines, Japan, and China, due to the implementation of automotive fuel economy policies in such Asia-Pacific (APAC) countries. As adhesives and sealants improve the fuel economy of light trucks and cars, automakers have started using them in large quantities.

Moreover, the surging preference for lightweight vehicles, for optimizing the speed and power of automobiles, will also help the APAC automotive adhesives and sealants market advance at a CAGR of 6.5% during forecast period. The market was valued at $3,403.6 million in 2017 and it is expected to reach $4,938.0 million revenue by 2023. In recent years, the automotive industry has been replacing steel with lightweight materials such as aluminum, composites, and plastic, to improve the fuel efficiency of vehicles.

Automotive adhesives and sealants are majorly used in paint shop, body in white (BIW), assembly, and under-the-hood (UTH) and power train applications. In the recent past, these substances were primarily used for BIW applications due to the high-volume consumption of acrylics, polyurethane, and epoxy in automobile manufacturing. Whereas, in the coming years, such adhesives and sealants will be rapidly used for assembly applications, due to the burgeoning demand for vehicles, owing to the mounting purchasing power of the people in this region. 

According to P&S Intelligence, China dominated the APAC automotive adhesives and sealants market in the recent past, due to the presence of a strong automotive manufacturing base in the country. Moreover, the high purchasing power parity and high nominal gross domestic product (GDP) of the country also fuels the consumption of adhesives and sealants in the automobile industry. China is one of the largest exporters of such substances in the world. 

Therefore, the increasing implementation of government policies aimed at promoting automotive fuel economy and the growing shift toward lightweight vehicles will fuel the need for automotive adhesives and sealants in APAC in the foreseeable future.

Source: www.psmarketresearch.com

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Increasing Product Demand from Construction Industry Driving Biocomposites Industry

Biocomposites refer to structural materials that are created from renewable resources. After their successful use, these materials biodegrade in an anaerobic environment to produce a feedstock or fuel that is sustainable and degradable. The disposal of these composites is quite easy, and it causes no harm to the environment. Due to the high durability of these substances, they are majorly used to increase the shelf-life of products. These composites are made of materials that are used for multiple tissue engineering and restorative applications owing to their superior mechanical properties, biodegradability, and biocompatibility.

These composites are being increasingly used in the automobile industry as they offer huge energy and cost savings for automakers. Moreover, the low weight of biocomposites also makes them ideal for the automotive industry. With the increasing adoption of lightweight vehicles owing to their energy efficiency, the biocomposites market will advance at a CAGR of 12.8% during forecast period. The market stood at $4,167.2 million in 2017, and it is projected to reach $8,473.4 million by 2023. Additionally, the usage of bio-based composites also reduces the dependence of automakers on non-renewable, petroleum-based polymeric plastics.

The automotive sector uses a high volume of natural fiber composites (NFCs) in doors, windows, dashboards, and driver cabins. NFCs are emerging as environmentally superior and lightweight alternatives to carbon and glass fibers, as the manufacturing of natural fibers has a weaker environmental impact than glass fiber production, while the low weight of NFCs helps in improving the fuel efficiency of vehicles and reducing greenhouse gas (GHG) emissions. Moreover, the end-of-life disposal of NFCs leads to carbon credits and energy recovery.

The Asia-Pacific region dominated the biocomposites market in the past due to the escalating adoption of lightweight materials in the automotive and aerospace industries, spurring demand for flame-retardant and electricity-resistant materials in the electrical and electronic sector, and accelerating usage of chemical- and corrosion- resistant materials in the pipe and tank and construction industries. Moreover, the region is also expected to adopt bio-based components at the highest rate in the coming years.

Thus, the growing consumption of lightweight and biodegradable composites in automotive and military aircraft production will augment the usage of biocomposites in the foreseeable years.

Source: www.psmarketresearch.com

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How Increasing Use of District Heating and Cooling is Driving Pre-Insulated Pipes Market?

It snowed in the U.A.E., which is in the middle of the desert, in 2017, with the temperatures plummeting to –2.2 °C, while the eternally frozen Antarctica just recently saw a record high of 18 °C! Anyone who isn’t convinced that climate change is real should read these stats. And the reason? Air pollution, caused by carbon dioxide and the other greenhouse gases emitted by industries, vehicles, and houses. To reduce this as much as possible, governments are strongly pushing people to not only conserve energy, but also create it from renewable sources. 

A net-zero energy building (NZEB) takes care of both these things, by generating renewable electricity on-site and only using as much as it creates, at the same time leading to considerably low emissions. Due to these advantages, their construction is gaining momentum around the world, which is pushing the demand for pre-insulated pipes. Thus, driven by the surge in NZEB construction, the pre-insulated pipes market would grow to $9,597.9 million by 2024, from $5,568.5 million in 2018, at a 9.7% CAGR during 2019–2024 (forecast period). An important component of NZEBs, such pipes are designed to minimize heat gain or loss in the gas or liquid being ferried inside.

Such pipes can be laid above the ground as well as below it, of which utility and real estate firms generally go for the below-ground installation. This is because this way, they are naturally protected by extreme cold and heat, easy to lay even without less structural support, and require almost no aerial space. Additionally, they are ideal for transporting liquids or gases over long distances, which is highly desirable for centralized heating and cooling systems, which are increasingly becoming popular around the world.

Around the world, North America has been the largest pre-insulated pipes market, on account of the significant usage of DHCs in the downtown areas of major Canadian and U.S. cities. Additionally, construction activities are picking up, and the oil and gas sector in the region is also recovering after the economic slowdown. In the coming years, the usage of such pipes would increase the fastest in Europe, mainly on account of the several policies launched by the European Union to make buildings energy efficient, including the Energy Performance of Buildings Directive (EPBD) and Long-term Renovation Strategies (LTRS).

Therefore, to minimize heat loss and gain, so that electricity is not wasted in achieving the same, pre-insulated pipes are gaining widespread adoption.

Source: www.psmarketresearch.com

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Need for Product Customization Driving Demand for 3D Printing Filaments

With the increasing requirement for the mass customization of various products, the global 3D printing filaments market is expected to witness a monumental 26.8% rise in its revenue during 2020 and 2030. At this CAGR, the market will grow from $693.1 million in 2019 to $7,082.0 million by 2030. As mass customization adds value to the goods produced and makes the consumers’ experience better, the adoption of this concept is increasing.

The filament is one of the types in which the feedstock for 3D printers is available. Among metallic, ceramic, plastic, and other types of filaments, plastic materials find the widest application across industries. Due to the wide application of various kinds of plastics, including acrylonitrile butadiene styrene (ABS), polylactic acid (PLA), thermoplastic polyurethane (TPU), polyethylene terephthalate glycol (PETG), thermoplastic elastomers, acrylonitrile styrene acrylate (ASA) and nylon, filaments made from them are widely used in 3D printing.

Aerospace & defense, industrial, automotive, healthcare, consumer goods, and others are the categories under the application segment. Among these, the aerospace & defense category dominated the 3D printing filament market during the historical period (2014–2019) because such companies are using this manufacturing technique to save on operational costs.

Till 2019, North America dominated the 3D printing filament market because of its advanced manufacturing industry and increasing investments in the additive manufacturing technology. The region is home to numerous aerospace & defense companies, which are using the technology for prototyping and mass production. Similarly, healthcare firms are creating 3D-printed human organs for cutting down the waiting period for transplantation. Additionally, the high disposable income of people here allows them to purchase customized products, which are usually more expensive than mass-produced ones.

In the coming years, the demand for 3D printing filaments will shoot up in Asia-Pacific (APAC). The manufacturing industry of APAC, though the largest in the world, still lags behind in the adoption of the latest technologies. However, with government initiatives to augment the manufacturing output, such as the Made in China 2025, Making Indonesia 4.0., and Make in India initiatives, industrialists are receiving heavy funding, which is allowing them to innovate their processes and procure expensive machines, such as 3D printers.

Hence, with advancements in the manufacturing technology, the demand for 3D printing filaments will keep increasing. 

Source: www.psmarketresearch.com

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Why Is Mining Sector in U.S. Deploying Engine-Driven Welders?

 The U.S. Department of Housing and Urban Development and U.S. Census Bureau stated that 1,324,000 residential housing plans were completed in the country in June 2021. In the same month, the Bureau and Department also permitted the construction of 1,598,000 buildings in the country in the immediate future. Furthermore, the country witnessed the launch of 1,643,000 new residential housing projects in June 2021. Thus, the increasing construction activities, especially in remote areas of the U.S., will augment the adoption of engine-driven welders, as they serve as power sources and welders in such residential units.

Moreover, the burgeoning demand for dual operating machines (welding and electricity supply) in mining operations will fuel the U.S. engine-driven welder market at a CAGR of 6% during 2019–2024. The market revenue stood at $133.1 million in 2018 and it is expected to exceed $188.9 million by 2024. Welders are used in the mining sector to repair mining machinery, remove damaged parts or cracks in machines, and supply electricity for auxiliary operations, such as powering equipment and electrical devices, in the absence of base electric power.

Nowadays, companies operating in the U.S. engine-driven welder market are largely emphasizing on the production of 300 A–399 A engine-driven welders. These welders are widely used in pipeline, maintenance, repair, constructions, structural steel, and fabrication. Additionally, 300 A–399 engine-driven welders are also being used in the fabrication and repair of agricultural equipment. Moreover, these companies are also engaged in the production of 200 A, 200 A–299 A, 400 A–499 A, 500 A–599 A, 600 A–799 A, and 800 A engine-driven welders for multiple industries.

Therefore, the increasing construction activities and booming demand for dual operating machines (welding and electricity supply) in mining operations will boost the adoption of engine-driven welders in the in the U.S. in the forthcoming years.

Source: www.psmarketresearch.com

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Boom Expected in Global Plasticizers Market in Future

The global plasticizers market generated a revenue of $13,967.9 million in 2018, and it is predicted to reach a value of $16,700.6 million by 2024. Furthermore, the market will progress at a CAGR of 3.5% between 2019 and 2024, as per the estimates of P&S Intelligence, a market research company based in India. As plasticizers are extensively required in the production of construction materials, the market is being mainly driven by the surging construction activities all over the world. 

Plasticizers are widely used as a raw material for producing construction materials such as tubes and pipes, building interiors, and roof and wall insulation. This is why the expansion of the global construction industry, on account of the rising urbanization rate and the booming population in several countries such as India, Brazil, and China, is positively impacting the sales of plasticizers across the world. Plasticizers are also heavily used for roofing, cladding, flooring, and various other construction applications.

Besides the aforementioned factor, the burgeoning requirement for polyvinyl chloride (PVC) in the electrical and electronics industry is also fueling the demand for plasticizers. Depending on product, the plasticizers market is divided into phthalates and non-phthalates categories. Between these two, the phthalates category held the larger share in the market, in terms of volume, in 2018. This is credited to their extensive usage in the production of coatings, anti-viscosity agents, emulsifying agents, and plastics used in the healthcare industry.

Across the globe, the plasticizers market is expected to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This is credited to the booming automotive, electrical & electronics, construction, and chemicals industries in the region. As plasticizers are heavily used in these industries for making end products flexible and smooth, the surge in these industries is massively boosting the demand for plasticizers, which is, in turn, driving the market advancement in the region.

Hence, it is safe to say that the market will grow substantially in the coming years, primarily because of the expansion of the construction and automotive industries across the world and the growing usage of plasticizers in these industries.

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Fatty Acid Esters Finding High-Volume Usage in Bio-Based Cosmetics

A number of factors, such as the rising consumption of fatty acid esters in the personal care & cosmetics industry, surging awareness of bio-based lubricants, low cost of these esters, and their several environmental benefits, are projected to drive the growth of the fatty acid esters market at a CAGR of 4.6% during the forecast period (2020–2030). According to P&S Intelligence, the market generated revenue of $2,240.9 million in 2019, and it is expected to reach $3,688.9 million by 2030.

The product type segment of the fatty acid esters industry is categorized into oleates, tall-oil fatty acid (TOFA)-based esters, palmitates, pelargonates, laureates, dimerates, stearates, and others. Among these, the oleates category accounted for the largest volume share in the market in 2019. This is attributed to the high-volume usage of these esters in the production of drugs, lubricants, and personal care products due to their beneficial properties, such as excellent lubrication, low toxicity and volatility, and cold-flow properties.

The application segment of the fatty acid esters industry is classified into personal care & cosmetic products, lubricants, industrial solvents & additives, food additives, and others. Among these, the personal care & cosmetic products category is expected to witness the highest CAGR in the coming years. This can be ascribed to the fact that fatty acid esters are widely used as detergent cleansing agents, emollients, and thickeners in organic skin creams. Moreover, the surging public awareness regarding bio-based cosmetics is driving the consumption of these esters.

Geographically, the Asia-Pacific (APAC) fatty acid esters market accounted for the largest share in 2019, and it is expected to witness the fastest growth during the forecast period as well. This is attributed to the surging consumption of these chemicals in the agriculture, personal care, and lubricant sectors in the region. Moreover, the presence of several major companies producing fatty acid esters, such as Kao Corporation, Emery Oleochemicals Group, Wilmar International Ltd., Mitsubishi Chemical Corporation, DKS Co. Ltd., and KLK OLEO, is driving the regional market growth.

Thus, the rising consumption of fatty acid esters for the manufacturing of pharmaceutical drugs, lubricants, personal care products, and industrial solvents & additives is expected to propel the market growth during the forecast period.

Source: www.psmarketresearch.com

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Tobacco Packaging Market 2020–2030 CAGR To Be 3.7%

The most-important factors helping in the growth of the tobacco packaging market are the rising demand for tobacco products and increasing popularity of premium tobacco products. As a result, the revenue generated from the sale of packaging materials used on tobacco products is expected to increase from $19,134.6 million in 2019 at a CAGR of 3.7% during the forecast period (2020–2030). A wide range of tobacco products are consumed around the world, including cigarettes, cigars, chewing tobacco (called gutkha in India), and bidis.

Thus, the key reason behind the growth of the tobacco packaging market is the rising usage of tobacco products. Nicotine, the key chemical in tobacco leaves, is a mood-altering and psychoactive compound, which fires up the dopamine receptors in the brain. The release of dopamine causes happiness, a feeling the body and the mind can never get enough of. Thus, with the increasing stress level across the globe due to work pressure, family pressure, peer pressure, money issues, and general depression, more and more people are turning to tobacco and other happiness-causing substances.

Currently, the highest demand for tobacco packaging materials is witnessed in Asia-Pacific (APAC), simply because it is the largest tobacco consumer in the world. As per the WHO, China was home to 300 million, or one-third of the world’s tobacco smokers in 2019. Additionally, China National Tobacco Corporation is responsible for almost one-third of the global cigarette manufacturing, which creates a high demand for materials for packaging the leaves. To fulfil the increasing demand for such products, advancements are being brought about in the packaging materials and the packaging technology.

In 2019, the tobacco packaging market was consolidated, with a handful of major companies holding the majority of the share. Key players in the industry are Amcor Plc, ITC Limited, International Paper Company, Mondi Plc, Smurfit Kappa Group Plc, Packaging Corporation of America, Sonoco Products Company, Winkel Verpackungen GmbH, WestRock Company, Bihlmaier GmbH, Duke Packaging, TFP Sp. z o. o., Leser GmbH, Emenac Packaging, and Stora Enso Oyj. To get ahead of their competitors, these companies are engaging in product launches, mergers and acquisitions, and facility expansions.

Thus, the rising demand for tobacco products is leading to a high-volume requirement for the associated packaging materials.

Source: www.psmarketresearch.com

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How Is Personal Care Sector Fueling Green Chemicals Demand?

Green Chemicals are a suitable replacement for petroleum-based chemicals because of their low cost and toxicity. They are prepared by using animal or plant waste, which is available in abundance, unlike fossil fuels which have limited reserves. The rapid depletion of fossil fuels, owing to their high-volume consumption in various end-use industries, has augmented the use of green chemicals worldwide. These chemicals are used in an array of applications in the personal care, food and beverages, agriculture, automotive, packaging, and textile industries.

Over the years, there has been a significant surge in the demand for bio-based packaging materials, owing to rising environmental concerns. The increasing shift toward environment-friendly packaging solutions is, therefore, expected to steer the green chemicals market at a CAGR of 6.6% during 2020–2030. The market value stood at $9,540.0 million in 2019 and it is projected to reach a revenue of $18,474.2 million by 2030. Unlike petroleum-based packaging materials, green chemical-based packaging materials are non-toxic and can be easily disposed of, without increasing the carbon footprint of the planet.

According to P&S Intelligence, Europe dominated the green chemicals market, in the recent past, due to the high environmental concerns in the region. Moreover, the surging support from governments and organizations regarding the usage of environment-friendly chemicals in end-use industries will also boost their adoption in the coming years. For example, the Lead Market Initiative launched by the European Commission aims to support the usage of bio-based products in the member nations by using policy instruments, such as public procurement, standardization, and regulations, to do away with the barriers to launch new products for the customers.

Thus, the increasing consumer preference for bio-based packaging materials and expanding personal care sector in developing countries will fuel the production of green chemicals in the foreseeable future.

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Booming Packaging Industry Fueling Global Demand for Polypropylene

The expansion of the packaging industry is fueling the demand for polypropylene across the world. This is because polypropylene is extensively used in the packaging industry. As per PlasticsEurope, the global plastics production in 2018 stood at 359 million tons. This was primarily because of the huge demand for plastics in the packaging and building & construction industries. Further, out of the various types of plastics, the sales of polypropylene were the highest across the world.

This was primarily due its high requirement in food packaging, pipes, banknotes, automotive parts, hinged caps, sweet & snack wrappers, and microwave containers. Additionally, many brand owners and retailers are increasingly focusing on using sustainable and eco-friendly packaging materials made from polypropylene resin because of the surging customer requirements for environment-friendly packaging materials. Thus, the ballooning requirement for sustainable packaging is propelling the demand for polypropylene all over the world

Hence, with the mushrooming consumption of nonwoven fiber, the demand for polypropylene is shooting up across the world, thereby, fueling the growth of the global polypropylene market. As a result, the market value is predicted to grow from $122.7 billion in 2019 to $226.8 billion by 2030. Furthermore, the market will progress at a CAGR of 5.7% from 2020 to 2030. Depending on application, the market is categorized into blow molding, fiber, raffia, film & sheet, and injection molding.

Out of these, the injection molding category will dominate the polypropylene market in the coming years. This will be because polypropylene can be easily molded into various sizes and shapes with the help of injection molding devices for creating automotive & marine parts, recreational vehicle (RV) products, and household goods, on account of the fact that it is one of the lowest density plastics. Its density lies between 0.895 and 0.92 g/cm.

Across the globe, the Asia-Pacific (APAC) region will hold the largest share in the polypropylene market in the forthcoming years, as per the forecast of P&S Intelligence, a market research company based in India. This will be because of the surging investments being made in research and development (R&D) projects and the increasing implementation of policies by the governments of the regional countries for promoting the production of sustainable polypropylene packaging. 

Hence, it is safe to say that the demand for polypropylene will skyrocket in the upcoming years, mainly because of the rising usage of the material in packaging applications, expansion of the packaging industry, and the growing consumption of nonwoven polypropylene fiber around the world. 

Source: www.psmarketresearch.com

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Acetic Anhydride Sales To Boom in Asia-Pacific in Near Future

In the recent years, the healthcare sector has surged sharply in the developing nations of Asia-Pacific (APAC) such as India, China, Indonesia, and Thailand, primarily because of the huge research and development (R&D) investments and the expanding operations of various leading medical drug producing companies. In addition to these, the abundant availability of raw materials and low-cost labor also contributed toward the expansion of the healthcare sector in this region.'

The growth of this sector positively impacted the sales of acetic anhydride, as the compound is used heavily as a synthesizer in acetaminophen, aspirin, and various other medicated drugs. Moreover, with the surging number of drug production plants in APAC, the demand for the compound is predicted to explode in the coming years. Apart from this, the mushrooming population of geriatric people is also driving the demand for the compound across the world.

According to the forecast of P&S Intelligence, a market research firm based in India, the value of the acetic anhydride market will rise from $3,476.1 million in 2019 to $4,950.4 million by 2030. Furthermore, the market is expected to advance at a CAGR of 2.3% from 2020 to 2030. Reagents, synthesizers, plasticizers, and coating materials are the biggest application areas of the compound. Amongst these, the usage of the compound as synthesizers will rise at the fastest rate in the coming years.

This will be because of the soaring usage of the compound in the production of cellulose acetate. Thus, the surging requirement for cellulose acetate in several end-use industries is propelling the sales of acetic anhydride. Geographically, the demand for acetic anhydride is expected to be the highest in the APAC region in the forthcoming years. This is credited to the surging usage of the compound in textile fiber, plastic product, food additive, and tobacco filter production in the region. 

Hence, the sales of acetic anhydride are certain to shoot up in the coming years, mainly due to the booming pharmaceutical and food & beverages industries and the mushrooming population of geriatric people all over the world.

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Huge Revenue Growth Expected in Global Polyester Hot Melt Adhesives Market During 2020–2030

With the boom in the packaging industry, the demand for polyester hot melt adhesives is growing rapidly across the world. This is because these adhesives are extensively used in packaging applications, because of their high stability and temperature resistance. Moreover, the expansion of the packaged food and beverage industry, on account of the rising popularity of packaged foods, dairy products, bottled water, and fruit juices is positively impacting the worldwide demand for polyester hot melt adhesives.

These adhesives are also heavily used in the packaging of medial tapes, wound dressing materials, and band-aids. Apart from the surging packaging industry, the soaring requirement for lightweight automotive materials is also driving the demand for polyester hot melt adhesives across the world. Conventionally, the automobile industry relied heavily on mechanical fasteners such as welds, bolts, and nuts for bonding automotive components and parts. However, these days, the popularity of these materials is falling rapidly.

Due to the above-mentioned factors, the sales of polyester hot melt adhesives are rising sharply across the globe, which is, in turn, driving the growth of the global polyester hot melt adhesives market. As a result, the value of the market is predicted to grow from $473,057.2 thousand in 2019 to $717,152.6 thousand by 2030. The market is also expected to progress at a CAGR of 5.3% from 2020 to 2030.

Globally, the polyester hot melt adhesives market will demonstrate the highest growth rate in the Asia-Pacific (APAC) region in the coming years, as per the forecast of P&S Intelligence, a market research company based in India. This will be because of the surging investments being made in the industry in the developing countries such as India, China, Thailand, and Vietnam. Moreover, China is a manufacturing center and one of the largest exporters of electrical and electronic components in the world.

Therefore, the demand for polyester hot melt adhesives will rise enormously in the upcoming years, mainly because of their surging usage in packaging applications, growth of the packaging industry, and mushrooming requirement for lightweight automobiles around the world.

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How Is Growing Personal Care Industry Driving Aerosol Market?

Factors such as the rapid industrialization in developing countries, rising use of aerosols in the personal care sector, and growing automotive refinish industry are projected to propel the growth of the aerosol market at a CAGR of 6.4% during the forecast period (2020–2030). According to P&S Intelligence, the market generated $81.1 billion revenue in 2019, which is expected to reach $149.7 billion by 2030. Moreover, the market is witnessing the surging consumer preference for organic or herbal aerosol personal care products.

One of the prime factors propelling the demand for aerosols is the growing personal care industry. The surging per capita disposable income is driving the demand for personal care products, which, in turn, is increasing the consumption of aerosols. Thus, manufacturers in the market are escalating their product range. For example, Nivea India Private Limited launched the NIVEA DEO MILK deodorant in August 2020, with milk as the key ingredient. Such developments have boosted the demand for aerosols across the world.

Moreover, the rapid industrialization in developing countries, such as India, China, Thailand, Brazil, and Indonesia, is another key factor driving the aerosol market growth. These countries have witnessed high investments from several multinational companies as they are focusing on shifting their production base to these nations. This is due to the availability of low-cost raw materials and labor in these countries. Thus, with the increase in industrial activities, the demand for aerosols is rising for lubrication and greasing applications.

Geographically, the Asia-Pacific (APAC) aerosol market is projected to record the highest CAGR during the forecast period. This can be attributed to the surging consumption of the chemical in several end-use industries. Moreover, the rising awareness regarding personal care products, including haircare products, men’s grooming products, bath & shower products, and deodorants and antiperspirants; increasing awareness on personal appearance, and rising disposable income have boosted the demand for aerosol products in the region.

Thus, the rapid industrialization in developing countries and growing personal care industry are expected to propel the demand for aerosols during the forecast period.

Source: www.psmarketresearch.com

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