How Is Rapid Urbanization Augmenting Water Pump Demand?

The United Nations (UN) forecasts that approximately 68% of the global population will reside in urban areas by 2050. According to the Population Division of the UN Department of Economic and Social Affairs (UNDESA), the urban population stood at 4.2 billion in 2018, and it is expected to reach 6.7 billion by 2050. Thus, the increasing urban population, owing to the ample employment opportunities offered in urban areas, is leading to the construction of numerous housing units. The surging number of housing projects is creating a huge requirement for water pumps, worldwide.

Moreover, the depleting groundwater levels and worsening water quality are also expected to fuel the water pump market at a CAGR of 5.9% during forecast period. According to P&S Intelligence, the market generated $42,435.1 million revenue in 2015. For instance, the "Composite Water Management Index" by the National Institution for Transforming India (NITI) Aayog states that around 600 million people in India are experiencing high-to-extreme water stress. Moreover, according to the NITI Aayog, the groundwater reserve of India stands at 433 billion cubic meters (BCM).

Geographically, Asia-Pacific (APAC) led the water pump market in the preceding years, due to the soaring disposable income of people and escalating industrialization in the region, especially in India and China. In this region, China adopted the highest number of water pumps due to the expanding energy, chemical, and oil and gas industries. Whereas, India will adopt water pumps at the highest rate in the forthcoming years, owing to the surging number of housing and commercial projects in the country. 

Therefore, the booming urban population and the depleting groundwater reserves will fuel the adoption of water pumps, across the world.

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Why Do Petrochemical Companies Require Methanol?

A large volume of methanol is used in the production of formaldehyde, solvent, acetic acid, meth tert-butyl ether/Tert-amyl methyl ether (MTBE/TAME), methanol-to-olefins/methanol-to-propylene (MTO/MTP), dimethyl terephthalate (DMT), methyl methacrylate (MMA), and dimethyl ether (DME). These petrochemical products are being increasingly used in the automotive and construction industries. Therefore, the increasing construction activities and the flourishing automobile industry, owing to the soaring disposable income of people and accelerating urbanization rate, will create a huge requirement for methanol in the upcoming years.

Moreover, the mounting demand for methanol-based fuel as alternative automobile fuel, owing to the rising consciousness about increasing air pollution levels, will steer the methanol market growth during 2021–2030. According to P&S Intelligence, the market generated revenue of around $20 billion in 2020. As per the World Health Organization (WHO), air pollution causes around 7 million deaths worldwide every year. This international organization further estimates that 9 out of 10 individuals breathe air that exceeds WHO limits on pollutant content in the air. 

Geographically, Asia-Pacific (APC) will lead the methanol market in the foreseeable future, owing to the expanding petrochemical industry in the region. Petrochemical companies use methanol in the production of DME, acetic acid, and formaldehyde. In addition, the burgeoning demand for methanol-based fuel in Japan, China, and India will also accelerate the consumption of this chemical in the region. Besides, the booming electronics industry, increasing construction activities, and mushrooming automobile production will also propel the usage of methanol in APAC. 

Thus, the increasing demand for petrochemicals from the construction and automotive industries and the rising public demand for methanol-based fuel will facilitate the usage of methanol, globally.

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How Is Infrastructure Development Propelling Waterproofing Chemical Demand?

Waterproofing chemicals are usually used to protect buildings from water seepages because seepages can reduce the lifespan of a structure and can cause health, metal, and electrical hazards to the building’s owner. These chemicals enhance the durability of infrastructure and increase the shelf life of concrete structures when applied to the exterior of the buildings. Owing to these advantages, the waterproofing chemicals help in reducing the maintenance of buildings. Thus, the increasing construction of housing units and commercial structures, owing to the booming population, will fuel the consumption of such chemicals in the forthcoming years.

Moreover, the mounting investments being made by governments, especially of developing countries, in the infrastructure sector will help the waterproofing chemicals market advance at a CAGR of 6.6% during forecast period. According to P&S Intelligence, the market generated revenue of $3,652.5 million in 2015. For instance, the Investment Partnership Program (PPI) of the Government of Brazil evaluates and recommends infrastructure projects that will be encompassed in the list of important projects will undergo a bidding process for privatization or concession. The total portfolio projects for auction in the country are valued at $44.66 billion.

Geographically, Asia-Pacific (APAC) led the waterproofing chemicals market in the preceding years, and it is also expected to consume these chemicals at the highest rate in the upcoming years. This can be owed to the expanding consumer base, increasing compliance of the manufacturing industry with international standards, and soaring investments in the infrastructure sector, in the region. Among APAC nations, China uses the highest volume of waterproofing chemicals, due to the presence of a wide manufacturing base and increase in construction of numerous infrastructure units in the country. 

Thus, the increasing construction activities, soaring government investments in the infrastructure sector, and mounting public focus on green and energy-efficient buildings will fuel the consumption of waterproofing chemicals.

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Soaring Need for Household Products Driving Paraxylene Sales

With the burgeoning requirement for personalized apparel and domestic & household products, the demand for paraxylene is rising sharply. This is because paraxylene, which is a fragrant hydrocarbon, is used extensively as a raw material in the production of purified terephthalic acid (PTA) and dimethyl-terephthalate (DMT), which are required for producing polyethylene terephthalate (PET) saturated polyester polymers. These polyesters are then used for producing fibers and films. In addition, PET bottles are also heavily used in the packaging industry, due to their unbreakable characteristics. 

Furthermore, the surging demand for magnetic tapes, photographic and X-ray films, and carbonated and non-carbonated beverage containers is also predicted to push up the sales of paraxylene in the coming years. Besides these factors, the growing public consciousness toward the use of bio-based paraxylene in bio plastics PET bottles (Bio-PET) and various other bio plastics applications, such as catering utensils, is also expected to fuel the global paraxylene market at a CAGR of 12.8% between 2016 and 2022. According to the observations of the market research company, P&S Intelligence, the market generated a revenue of $34,745.7 million in 2015.

This is because paraxylene provides high shatter resistance and tensile strength in various PTA applications. Geographically, the Asia-Pacific (APAC) region contributed the highest revenue to the paraxylene market in 2015. Moreover, the region witnessed the sales of 34,293 kilotons of paraxylene in the same year. This is credited to the soaring requirement for personal apparels in the region. In addition, the growing focus of the governments of several regional countries on recycling and adopting bio-based renewables is encouraging manufacturing organizations to developed eco-friendly products, thereby propelling the demand for paraxylene in the region.

Apart from the aforementioned factors, the expansion of the textiles industry, especially in the emerging economies such as China and India, on account of the rising urbanization rate and the mushrooming population, is also driving the sales of paraxylene in the region. In APAC, the demand for the hydrocarbon is predicted to be the highest in China in the forthcoming years. South Korea and India are also predicted to generate a huge requirement for the hydrocarbon in the coming years.

Therefore, it can be said without hesitation that the demand for paraxylene will surge sharply in the coming years, primarily because of the growing requirement for polyester fibers and household & domestic products and the expansion of the packaging industry across the world.

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Why are Sales of Wind Turbine Composite Materials Soaring Globally?

With the escalating pollution levels, the governments of many countries are focusing on encouraging the use of renewable energy sources for power generation. Moreover, the rapid depletion of natural resources such as fossil fuels, owing to their exploitation, is further boosting the demand for clean alternative energy sources such as wind. Owing to these reasons, the governments of several countries are implementing policies aimed at augmenting wind power generation, which is, in turn, pushing up the demand for wind turbine composite materials.

Besides, the enactment of strict environmental regulations by many governments and organizations in order to mitigate greenhouse gas emissions, is also propelling the popularity of wind energy. For example, in Germany, the Renewable Energy Sources Act 2011 has mentioned fixed feed-in tariffs (FiTs) for the power utilities that are producing renewable energy in the country. Likewise, the governments of various other countries are providing financial support, schemes, and tax benefits to organizations for purchasing equipment required for producing wind energy. This is further boosting the requirement for wind turbine composite materials. 

Owing to the aforementioned factors, the value of the wind turbine composite materials market reached $3,970.4 million in 2015 and the market will advance at a CAGR of 7.8% from 2016 to 2022, as per the estimates of the market research company, P&S Intelligence. Resin and fiber are the two types wind turbine composite materials. Between these, the demand for fiber composites was found to be higher in 2015. These composites are classified into glass and carbon. Of these, the demand for glass fibers is predicted to be higher in the coming years.

Hence, it can be said with surety that the demand for wind turbine composite materials will surge sharply in the forthcoming years, primarily because of the rising popularity of wind energy, on account of the growing requirement for renewable energy, due to the escalating pollution levels and rapid depletion of fossil fuels across the world. 

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Why Are End-Use Industries Using High Temperature Elastomers?

 The Society of Industrial Automobile Manufacturers (SIAM) reveals that a total of 22,652,108 vehicles will be produced in India in the financial year 2020–2021. Furthermore, the International Organization of Motor Vehicle Manufacturers (OICA) states that China, Indonesia, and Brazil will produce 19,994,081 units, 551,400 units, and 1,608,870 units of cars, respectively, in 2020. The surging automobile production in these emerging economies is creating a huge requirement for high temperature elastomers, due to their surging use in hoses, boots, gaskets, boots, and dampers. This is due to the high flexibility, durability, and resistance to heat offered by such elastomers.

Additionally, the expanding applications of such elastomers in the healthcare, aerospace, transport, electrical, and oil and gas industries will aid the high temperature elastomers market to progress at a CAGR of 7% during forecast period. The market was valued at $9,991.7 million in 2017 and it is projected to generate $14,951.4 million revenue by 2023. For instance, the transportation sector uses high temperature elastomers in the production of tires, rubber, and seat covers. Whereas, the healthcare, consumer goods, and electronics industries use these elastomers as additives. 

Currently, the aforementioned high temperature elastomers are being manufactured by Dow Corning Corporation, Daikin Industries Ltd., The Chemours Company, KCC Corporation, RTP Company, Solvay S.A., Shin-Etsu Chemical Co. Ltd., Momentive Performance Materials Inc., 3M Company, and Wacker Chemie AG. These companies are focusing on promoting the use of such elastomers in end-use industries through advertisements and campaign programs, owing to the accelerating urbanization rate and strengthening economy in developing countries, such as India, China, Brazil, and Indonesia.

According to P&S Intelligence, the Asia-Pacific high temperature elastomers market is expected to accelerate at the highest rate in the upcoming years. This can be credited to the presence of a large number of electrical and electronics manufacturers, surge in construction activities, and rapid economic growth, in the region. Moreover, the expanding manufacturing sector in India and China will also create a huge requirement for high temperature elastomers in APAC. 

Thus, the booming automobile industry and the widening application base of high temperature elastomers in the healthcare, aerospace, oil and gas, and transport industries will augment the market growth in the coming years.

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Booming Sales of Packaged Consumer Goods Driving Demand for Digital Inks

Digital inks are extensively used in the packaging industry in various regions such as Asia-Pacific (APAC), South America, the Middle East and Africa (MEA), and North America. Thus, the burgeoning requirement for packaged consumer goods, on account of the surging disposable income of people, mushrooming population of young people, and the soaring gross domestic product (GDP) of several countries, is driving the worldwide demand for digital inks. For instance, in India, the packaged food industry is predicted to double in value and generate a revenue of $70 billion by 2025.

Moreover, the ballooning usage of digital inks in tags and labels, flexible materials, and metal cans is further boosting their demand. Besides the aforementioned factors, the growing demand for ultraviolet (UV)-cured inks is also positively impacting the sales of digital inks across the world. UV-cured inks offer several benefits such as high curing speed, enhanced durability, and optimum print quality. These inks with flexible ink films provide improved resistance to scratches and wear and tear and produce minimum volatile organic compound (VOC) emissions. 

Furthermore, these inks are heavily used in several kinds of absorbents and surfaces, which, in turn, increases their requirement in flexible and inflexible print substrates. Additionally, these inks last longer, cause negligible ozone generation, generate low heat, and consume less energy. As a result, they are increasingly being adopted in multiple sectors such as food and pharmaceutical packaging and printing and publication. This is subsequently propelling the demand for digital inks, thereby driving the growth of the global digital inks market. 

The market value stood at $1,147.4 million in 2016, and it is predicted to surge sharply in the coming years. According to the forecast of the market research firm, P&S Intelligence, the market will advance at a CAGR of 5.4% from 2017 to 2023 (forecast period). Digital inks are extensively used in publication, textiles, packaging, industrial printing, commercial printing, office printing, and decorative printing applications. Out of these, the usage of these inks was found to be the highest in commercial printing applications in 2016. 

Hence, it is safe to say that the demand for digital inks will boom in the forthcoming years, mainly because of the soaring sales of packaged consumer goods, especially in APAC, North America, MEA, and South America, on account of the increasing disposable income of people and the rapid economic growth of the regional countries, and the surging usage of UV-cured inks in various sectors across the world.

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How Does Titanium Dioxide Improve Quality of Paints and Coatings?

Titanium dioxide is an opaque, white, naturally occurring mineral that exists in crystalline form. This mineral is primarily used for paper filling or coating systems for increasing opacity. The small particle size, high light reflectivity, and low light absorption property of titanium dioxide make them ideal for obtaining exceptional opacity. Due to this reason, huge quantities of titanium dioxide are used in the paints and coatings industry. Thus, the surging sales of paints and coatings, due to the flourishing automobile industry, booming urban population, and rising construction expenditure, will boost the adoption of this mineral in the coming years. 

Additionally, the increasing adoption of lightweight vehicles will drive the titanium dioxide market at a CAGR of 4.5% during the forecast period (2020–2030). According to P&S Intelligence, the market will generate $24,026.1 million revenue by 2030. The mounting sales of lightweight vehicles can be attributed to the escalating concerns being raised over vehicular emissions, fuel efficiency of automobiles, and the surging carbon footprint. To meet the demand for such vehicles, automakers are using titanium dioxide-based coatings on polycarbonate structures in automobiles, as the compound can impart durability, scratch resistance, and stability to such structures.

Currently, titanium dioxide manufacturers are focusing on mergers and acquisitions to reach out to more customers. For instance, in May 2020, Tronox Holdings acquired the TiZir Titanium and Iron ("TTI") business from Eramet S.A. for nearly $300 million. With this acquisition, Tronox Holdings aims to offer better service to its pigment customers, with a secure supply of the compound and low-cost titanium. Other companies focusing on mergers and acquisitions are Lomon Billions Group, The Chemours Company, Tronox Limited, Venator Materials PLC, Tayca Corporation, and NL Industries.

Titania extracted through sulphate and chloride processes are used in the production of plastics, inks, paints and coatings, paper, catalysts, textiles, ceramics, rubber, roofing granules, and floor coverings. Due to the wide application base of the compound, titanium dioxide manufacturers are preferring self-cleaning technologies to conventional cleaning technologies to extract a large volume of the compound in an environment-friendly manner. The presence of titanium dioxide nanomaterials in such self-cleaning technologies offers high resistance to dirt by initiating a chemical reaction that breaks down the dirt particles. 

Geographically, Asia-Pacific (APAC) is expected to dominate the titanium dioxide market during the forecast period, owing to the presence of a booming construction industry and the establishment of numerous manufacturing facilities in the region. The growth of the construction sector in APAC, on account of the mushrooming population and accelerating urbanization rate, is pushing up the requirement for paints and coatings, which is, in turn, creating a huge demand for titanium dioxide. Due to these factors, the APAC market will also witness the fastest growth throughout the forecast period.

Thus, the burgeoning demand for paints and coatings and rising shift toward lightweight vehicles will augment the consumption of titanium dioxide in the forthcoming years.

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Why is Worldwide Demand for Cinnamaldehyde Surging?

Cinnamaldehyde is basically an organic compound, which provides the smell and taste of cinnamon spice. It is an essential oil, which is commonly found in the bark of cinnamon trees. These trees contain nearly 98% of the chemical. Cinnamaldehyde is majorly used as an odor and flavor agent in the homecare and personal care industries. It is also utilized as a fungicide which exhibits anti-microbial activity that can prevent around 50% of the bacterial growth in oral cavities. It is also used as a corrosion inhibitor for various ferrous alloys in corrosive fluids and steel.

The soaring population of geriatric people is one of the major factors fueling the requirement for cinnamaldehyde across the world. According to the 2020 World Population Ageing report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. With rising age, health issues such as tooth decay and bad breath become highly prevalent. 

As cinnamaldehyde boasts antibacterial and antifungal properties, it assists in fighting these health conditions, as a result of which, its demand is growing rapidly, due to the mushrooming population of geriatric people. Apart from this factor, the increasing disposable income of people, especially in developing countries, is also positively impacting the demand for cinnamaldehyde, which is, in turn, supporting the growth of the cinnamaldehyde market. In these countries, people used to spend only on basic necessities such as housing and food earlier, but with growing income levels, their expenditure on various discretionary products has increased massively.

North America accounted for the second-largest share in the cinnamaldehyde market in 2016 due to the presence of stable and mature personal care and homecare markets. Other factors, such as the increasing consumption of premium perfumes and packaged foods among the high-income groups, also facilitates the market growth in the region. Moreover, the vast population of the elderly and rising awareness about personal grooming among the youth drive the demand for personal care products and medicines, which use this chemical for various purposes.

Thus, the antibacterial and antifungal properties of cinnamaldehyde have resulted in its increasing usage in the agricultural domain. Moreover, its usage as a flavoring agent and food additive will surge in the coming years due to the accelerating demand for packaged food products, globally.

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Why Is Practice of Mulching with Biodegradable Films Growing?

The earth is presently home to 7.7 billion people, whose number is expected to boom to almost 11 billion in 2100, as per the United Nations (UN)’ World Population Prospects 2019 report. This has been putting the global farming community under immense pressure to increase their yield from the limited land available. To make matters worse, the farming area is reducing sharply as cities are growing to accommodate the rising number of people.

As per P&S Intelligence, this will be the biggest reason behind the quick growth of the biodegradable mulch film market value, which was $34,145.1 thousand in 2016, to $64,039.0 thousand by 2023, at a 9.4% CAGR between 2017 and 2023. This is because as conventional farming techniques are proving ineffective in increasing the agricultural production at the rate at which it should increase, the agrarian community is looking at modern ways to do so.

Globally, Asia-Pacific (APAC) is the largest biodegradable mulch film market, a situation that will, most likely, not change in the years to come. Being the most-populated region in the world, APAC generates a massive demand for agricultural produce, much of which is still unmet. Therefore, farmers are adopting mulching and other new techniques to increase their crop production. In addition, the region is home to some of the largest cities in the world, including Tokyo, Delhi, Beijing, Shanghai, Dhaka, and Karachi, which are taking up more farmlands every year.

Similarly, the demand for biodegradable mulch films is also rising in other regions, such as North America, South America, and Africa. All these regions are home to few highly populated countries, including the U.S., Brazil, and South Africa, which are generating a huge requirement for agricultural produce. The Great Plains of North America are one of the most-agriculturally productive regions in the world, which is why the practice of mulching is widespread here.

Thus, as cities expand and farmlands diminish, more farmers will take up mulching and other techniques to boost their yield.

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Polymer Concrete Becoming Popular among Infrastructure Firms

In 2018, the Construction Industry Value Chain report of the International Finance Corporation, which works under the World Bank, had said that more than 75% of the infrastructure needed in 2050 hasn’t even been constructed yet. This reflects a massive growth in the global construction industry in the coming years, which would propel the demand for all kinds of construction chemicals and materials. One of the most-important such materials is concrete, which forms the literal ‘building blocks’ of buildings and other pieces of infrastructure.

This is why the polymer concrete market size has been projected by P&S Intelligence to rise to $2,964.0 million by 2023 from $1,975.8 million in 2017, at a 7.1% CAGR between 2018 and 2023. This is because with the increasing focus on the safety and durability of structures, conventional concrete is being replaced with polymer concrete. Such material uses a polymer to bind everything together, instead of lime-type cements. The key advantages of polymer concrete are high flexural, compressive, and tensile strength, longer durability with regards to thaw and freeze cycles, strong chemical and corrosion resistance, and good adhesion.

The three major types of polymer concrete are vinyl ester, epoxy, and polyester, of which epoxy variants are used the most widely. This is because epoxy-based polymer concrete has low shrinkage and it is quick to set. This becomes helpful when repairing structures that can’t be closed off for too long, such as airport runways. At large airports, hundreds of flights take-off and land each day, and for those with fewer-than-adequate runways, quick maintenance is necessary.

Presently, North America is the largest polymer concrete market because of the increasing infrastructure repair activities here. All pieces of civil, commercial, industrial, and residential infrastructure are strongly regulated and thoroughly inspected for safety and longevity. As a result, several infrastructure repair projects are underway in the region, along with those involving fresh construction. Moreover, several construction chemical companies operate in the region, which leads to an easy availability of advanced materials, including polymer concrete.

Hence, with the focus shifting to high-performance structures, the demand for polymer concrete will increase.

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Increasing Construction Activities Driving Demand for Industrial Brakes

With the surge in manufacturing and construction activities, especially in developing countries such as India and China, on account of the rising urbanization rate and soaring disposable income of people, the demand for industrial brakes is shooting up. In recent times, many African nations and China and India have witnessed a sharp rise in infrastructural development activities, and the infrastructure sector is predicted to expand even more in these countries in the coming years. This will subsequently generate a huge requirement for manufacturing and construction tools such as lifts, construction equipment, and cranes.

As industrial brakes are extensively used in these manufacturing and construction tools, owing to their ability to provide adequate braking, which is required for controlling the motion of moving objects in various industrial operations, the surge in construction activities is propelling their sales across the world. Moreover, these brakes increase automation and reduce the need for human supervision, which, in turn, augments the manufacturing capabilities of a facility. Additionally, in many developing countries, huge investments are being made in mineral exploration projects, on account of the burgeoning requirement for minerals, which is also boosting the demand for industrial brakes.

Moreover, in order to meet the surging demand for minerals, these economies are adopting several technologies such as internet of things (IoT) and automation for reducing the cost of labor and operational time of mining projects. Due to these factors, the value of the industrial brakes market is expected to rise from $930.3 million in 2018 to $1,105.7 million by 2024. According to the forecast of the market research company, P&S Intelligence, the market will advance at a CAGR of 3.0% from 2019 to 2024.

Hence, it can be said without any hesitation that the sales of industrial brakes will rise enormously in the coming years, mainly because of the surging construction and manufacturing activities, especially in developing countries such as India and China, and the soaring number of mining projects being launched in several countries.

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Consumer Electronics Sales Propelling OLED Material Consumption

The technology of TV displays has evolved significantly from the cathode ray tubes of the mid-20th century to the liquid crystal displays (LCDs) and light-emitting diodes (LEDs) of the first decade of the 21st century. With efforts on to make the displays even better, organic light-emitting diodes (OLEDs) have been invented, which are rapidly becoming popular in TVs, smartphones, laptops, tablets, and automotive displays. This is because of the several advantages OLED screens offer, including brighter pictures, larger viewing angles, ability to work in a wider temperature range, and lower power consumption.

Moreover, OLEDs are so thin that they can be used for curved and folded screens, which are becoming rapidly popular, especially in wearable devices and other consumer electronics. Similarly, transparent displays, which are helping revolutionize advertising activities, have become possible due to OLEDs. P&S Intelligence cites these advantages and the constant research being put in to make the technology better while forecasting that the OLED materials market value, which stood at $6,000.0 million in 2016, will reach $27,818.4 million by 2023, at a 24.5% CAGR between 2017 and 2023.

Apart from displays, OLEDs are being researched upon as a potential source of general lighting. Unlike compact fluorescent lamps (CFLs) and LED lights, OLED lights can light up large areas homogeneously, which means that there are no exceptionally bright and dark spots in a room; the entire room is lit uniformly. Moreover, since OLEDs are thin and flexible, they can be adapted to innovative and sleek fixture designs. For this reason, the potential application of OLEDs in vehicle lights is also being explored, especially with the rising demand for cars that have a modern look and design.

Another key application of OLEDs in the future could be automotive digital instrument clusters, which display various pieces of vehicle-, journey-, and driver-related information to make roads safer. With more than 1.3 million dying in road accidents each year, as per the World Health Organization (WHO), the integration of advanced driver-assistant systems (ADAS) has been mandatory in many countries. To display the information that such systems generate, OLED screens will be used, which will create a high demand for the associated materials and components.

Due to the high automotive and consumer electronics production, the OLED materials market will continue to be led by Asia-Pacific (APAC) in the years to come. China, South Korea, India, and Japan are home to some of the largest consumer electronics and automotive manufacturers. Moreover, with the rising urbanization rate in the region, the purchasing power of people is increasing, which is propelling automotive and consumer electronics sales. In addition, the road accident and fatality rates are rather high here, which is why most of the vehicles in the future are expected to have ADAS.

Hence, with the growing sales of automobiles and consumer electronics, the consumption of OLED materials will burgeon too.

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Surging Automobile Sales Fueling Demand for Automotive Refinish Coatings

With the increasing income of people and surging gross domestic product (GDP) of countries, the sales of automobiles are rising. This is, in turn, pushing up the requirement for automotive refinish coatings, especially in developing countries such as China and India. For example, in China, due to the growing GDP, the sales of four-wheelers rose by 28.03 million in 2016. This massively propelled the demand for refinish coatings, as they were required in abundance for vehicle repair and maintenance.

Similarly, in India, the sales of used cars grew from 1.6 million units in 2011 to 3.3 million in 2016, while, in the U.S., the sales of used trucks and cars reached an all-time high of 17.6 million units in 2016. Because of their lower prices than new automobiles, used vehicles are being increasingly preferred by the middle-class populace across the world. As several maintenance and repair works are done in these vehicles for maintaining their quality, their growing demand is positively impacting the worldwide sales of automotive refinish coatings. 

Besides the aforementioned factors, the growing deployment of recreational vehicles (RVs) is also fueling the growth of the automotive refinish coatings market. In recent times, the sales of RVs have increased sharply, especially in Europe and North America, primarily because of the increasing disposable income of people. For example, the global RV shipment rose from 28,346 units in 2015 to 33,398 units in October 2016. With the burgeoning requirement for RVs, automakers are focusing on various modifications for providing customized and economically viable models to customers.

North America is also expected to hold considerable market shares in the coming years. This will be because of the increasing prevalence of road accidents and booming sales of RVs in the region. The North American automotive refinish coatings market will be dominated by the U.S. throughout the forecast period. This is attributed to the soaring average age of automobiles, increasing deployment of RVs, and surging incidence of vehicle collisions in the country.

Hence, it can be said without any hesitation that the demand for automotive refinish coatings will shoot up in the upcoming years, primarily because of the mushrooming sales of automobiles, including used cars and RVs, and the increasing lifespan of vehicles all over the world.

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Why are Sales of Specialty Chemicals Shooting Up in Middle East & Africa?

With the growing requirement for food products, on account of the mushrooming population, farmers are increasingly employing the use of modern agricultural practices such as the use of insecticides, fungicides, pesticides, and fertilizers in order to augment the crop productivity. Moreover, the rapid advancements being made in the agriculture sector, which is the dominant sector in several African countries, are also positively impacting the usage of specialty chemicals in farming processes. These chemicals are used during various stages in order to prevent crop damage because of environmental factors, pests, and weed growth and improve the fertility of the soil.

Besides the aforementioned factor, the rapid economic progress of several Middle Eastern and African nations is also contributing toward the soaring sales of specialty chemicals in the Middle East and Africa (MEA) region. These chemicals are being increasingly used in the electronics, construction, and agriculture sectors, which is, in turn, generating lucrative growth opportunities for the players operating in the MEA specialty chemicals market. Apart from these factors, the increasing construction and infrastructural development activities and expansion of the oil & gas industry are also predicted to fuel the market at a CAGR of 5.3% from 2018 to 2023.

Additionally, the expansion of end user industries such as adhesives and sealants, construction, and plastics is also boosting the demand for these chemicals in the country. These factors are also encouraging the players operating in the MEA specialty chemicals market to launch mergers and acquisitions for providing new offerings to end user industries. For example, Saudi Basic Industries Corporation announced in 2017 that it was looking for $3-6 billion business acquisition opportunities in specialty chemicals, fertilizers, and petrochemicals.

Hence, it can be safely said that the sales of specialty chemicals will surge sharply in the MEA region in the coming years, primarily because of their growing usage in various industries such as plastics, construction, oil & gas, and agriculture in the region.

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Flourishing Poultry Sector To Propel Methionine Consumption In Future

Methionine, one of the nine essential amino acids, serves as a precursor to every sulfur-containing amino acid and their derivates. It is constantly regenerated from homocysteine through one-carbon metabolism. This amino acid is extensively found in chicken breast, eggs, salmon, mahi-mahi or dolphinfish, and halibut, spinaches, asparagus, mushrooms, zucchini, and dairy products. Additionally, methionine also acts as an antioxidant by providing sulfur atoms in cysteine synthesis. Inadequate intake of methionine can, therefore, have an adverse impact on the synthesis of cysteine, and hence glutathione (GSH), one of the primary endogenous antioxidants.

Owing to the high-volume methionine content in eggs and meat, the poultry industry is creating a high demand for animal feed, as this substance helps in the development and growth of the digestive tract of animals that are vital for enhancing muscle mass and increasing egg production of poultry animals. Thus, the surging consumption of animal feed in the poultry sector will accelerate the methionine market at a CAGR of 10.2% during forecast period. The market revenue stood at $5,114.3 million in 2017 and it is expected to reach $9,121.9 million by 2023.

In recent years, the usage of methionine has significantly increased in the pharmaceutical industry, due to its therapeutic advantages. This substance is widely used to treat liver cirrhosis, copper poisoning, toxic hepatitis, and pneumonia. According to the World Health Organization (WHO), chronic diseases are responsible for the deaths of around 35 million people each year.  Methionine is used as a buffering agent in antacids and analgesics in treating these diseases. With the rising prevalence of liver cirrhosis, the requirement for this amino acid will escalate in the coming years. 

Nowadays, the poultry industry and pharmaceutical sector have shifted to bio-methionine, due to the surging environmental concerns being raised across the world. Methionine is usually derived from petrochemical sources, which are hazardous and hard to handle. Due to this reason, biochemical routes are being explored to obtain methionine. For example, Arkema Group and CJ Cheiljedang Bio entered into a joint venture to initiate methionine manufacture from vital raw materials using innovative processes, owing to their higher sustainability than synthetic materials and eco-friendly nature.

According to P&S Intelligence, Asia-Pacific dominated the methionine market and adopted this essential amino acid at the highest rate in the recent past. The region is expected to adopt methionine at the fastest pace in the coming years as well. This can be ascribed to the burgeoning demand for animal feed in the region. Moreover, the presence of leading methionine manufacturers in the region will also fuel the production of this acid in the coming years. In the coming years, China will consume the highest quantity of methionine in APAC region. 

Therefore, the surging need for animal feed and increasing consumption of pharmaceutical products will boost the need for methionine in the forthcoming years. 

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Soaring Automobile Sales Fueling Demand for Paints and Coatings in Asia-Pacific

With the mushrooming usage of paints and coatings in automobiles for aesthetic and protection purposes, their demand is skyrocketing in the Asia-Pacific (APAC) region. Moreover, paints and coatings are also being extensively used by automakers for improving the durability and efficiency of vehicles. In addition to this, paints and coatings also improve the resistance of automobiles to various environmental conditions. According to the China Association of Automobile Manufacturers (CAAM), China registered 28.88 million new vehicle sales in 2017. 

Thus, the booming automobile industry, especially in China and India, is driving the demand for paints and coatings in APAC. Apart from this, the rising industrialization rate and the increasing construction activities are also fueling the demand for paints and coatings in APAC. This is subsequently propelling the growth of the Asia-Pacific paints and coatings market. As a result, the market value is expected to surge from $92.5 billion in 2017 to $148.4 billion by 2023.

This is credited to the fact that this resin is extensively used for all commercial and residential interior projects, on account of its ability to provide excellent aesthetics and strength. Moreover, the surging construction activities are massively boosting the sales of polyurethane in the region. Paints and coatings are also categorized, based on formulation, into solvent-based, water-based, ultraviolet (UV) coatings, and powder coatings. Amongst these, the sales of the UV coatings are expected to rise rapidly in the upcoming years. 

This will be because these coatings have several advantages over the other types such as their low energy costs, negligible pot life issues, rapid cure speed, and greater eco-friendliness. In APAC, the demand for paints and coatings is predicted to surge sharply in India in the coming years. This is attributed to the thriving construction industry and the soaring investments being made by the government and the private companies in various residential and commercial construction projects in the country.

Hence, it is safe to say that the demand for paints and coatings will shoot up in APAC in the upcoming years, primarily because of their growing usage in the automobile industry and the increasing construction activities in the region.

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Flocculants and Coagulants Eliminating Solids from Water in Wastewater Treatment Plants

Flocculants and coagulants refer to the chemicals that are used to separate solids from water during the water treatment process. Flocculants accelerate the clumping of particles, which amplifies the water treatment process, whereas coagulants neutralize the electrical charges present in the water and accumulate the dissolved materials to form larger particles that can be eliminated through filtration, clarification, or any other solid elimination process. Separation of solid particles from water is easier through the flocculation process than the coagulation process, as the former combines the small clumps developed during coagulation to form larger clumps, which are easier to remove.

The consumption of such water treatment chemicals will amplify in the coming years due to the burgeoning demand for clean water. Thus, the augmenting need for clean water, owing to the mounting health concerns, will aid the flocculants and coagulants market to exhibit a CAGR of 5.4% during 2018–2023. The market was valued at $10,270.2 million in 2017 and it is projected to reach $14,225.3 million revenue by 2023. Large-scale industrialization and urbanization, on account of the booming population, are the main factors responsible for the pollution of water bodies across the world. 

In recent years, water treatment plants have been shifting from traditional products such as alum and chlorine to flocculants and coagulants, due to the better performance and cost-effectiveness offered by the latter. Moreover, the escalating concerns among environmentalists regarding the use of chlorine in water treatment will fuel the use of flocculants and coagulants in the upcoming years. Chlorine laden water forms acids in the human body, which are corrosive and greatly damage the human cells.

According to P&S Intelligence, the Asia-Pacific (APAC) region dominated the flocculants and coagulants market in the recent past, and it is expected to adopt a significant volume of such water treatment chemicals in the forthcoming years. This can be attributed to the flourishing chemical industry and mounting industrial output in the region. Moreover, the burgeoning need for flocculants and coagulants in the oil and gas, metal, and food and beverage industries will also boost the adoption of such chemicals in the region in the forthcoming years.   

Thus, the burgeoning demand for treated water and expanding food and beverage industry will propel the consumption of flocculants and coagulants in the foreseeable future.

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How Is Contract Farming Driving Agricultural Micronutrient Demand?

The United Nations Department of Economic and Social Affairs (UNDESA) forecasts that the global population will reach around 9.7 billion by 2050, and it could further surge to approximately 11 billion by 2100. The population boom will create an excessive demand for food crops in the forthcoming years. The population explosion would, therefore, put immense pressure on the agriculture community to augment the volume of the crops produced. To keep up with the mounting pressure, farmers are already using agriculture micronutrients in abundance.

Additionally, the burgeoning demand for horticulture and high-value crops, such as fruits, vegetables, nuts, and ornamental crops, will aid the agricultural micronutrients market in advancing at a CAGR of 7.5% during forecast period. According to P&S Intelligence, the market was valued at $5,848.0 million in 2017, and it is expected to generate $9,009.2 million revenue by 2023. Horticulture crops require a larger volume of micronutrients, on a per hectare basis, as compared to other agronomic crops.

Moreover, the surging popularity of contract farming will boost the adoption of agricultural micronutrients in the forthcoming years. Governments across the world are introducing several initiatives to support the concept of contract farming. This agricultural practice involves an agreement between food processing firms and farmers for producing and supplying farm products at predetermined prices. Under the terms of the contracts, crop buyers have to provide a certain degree of production support, such as technical expertise and raw materials (seeds, fertilizers, and biocides), to farmers.

Geographically, Asia-Pacific (APAC) dominated the agricultural micronutrients market in the preceding years, and it is expected to retain its dominance in the upcoming years. This can be ascribed to the low biofortification of crops and high deficiency of micronutrients in the soil due to continuous sowing and reaping cycles in the region. Moreover, the rising number of government initiatives for educating farmers about the benefit of adding micronutrients to the soil and mounting income level of the people of India, Indonesia, and China will boost the consumption of such agents in the forthcoming years.

Thus, the booming global population and increasing practice of contract farming will create a huge requirement for agricultural micronutrients.

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Why Are Consumer Electronic Manufacturers Using Electroceramics?

Electroceramics refer to a type of ceramic-based materials that exhibit favorable electrical properties. Such materials impart high chemical, mechanical, and thermal stability to products upon integration. Furthermore, these materials also have distinct magnetic and optical properties, which encourage their use in automation solutions, energy storage, communication, and electronic devices and components. These ceramics are made up of titanate, alumina, zirconate, stannate, silicate, or stannate. In recent years, alumina-based electroceramics have gained preference over other materials because of their exceptional heat resistance, better thermal conductivity, exceptional hardness, and high electrical insulation properties. 

Electroceramics are being increasingly used in the semiconductor and electronics industry for manufacturing capacitors, actuators and sensors, power distribution devices, and data storage devices. These products are largely used in consumer electronics such as laptops, smartphones, and computers, owing to their ability to maintain technological feasibility, amplify economic viability, and optimize size and space constraints in such electronics. Thus, the burgeoning demand for consumer electronics will help the electroceramics market to advance at 5.9% CAGR during 2018–2023. The market was valued at $8,590.9 million in 2017 and it is expected to reach  $12,084.4 million revenue by 2023.

According to P&S Intelligence, Asia-Pacific (APAC) dominated the electroceramics market in the preceding years, and it is also expected to advance at the highest rate in the forthcoming years. This can be majorly owed to the high-volume consumption of electroceramics in the consumer electronics and automotive manufacturing facilities in India, China, Taiwan, Japan, and South Korea. Moreover, the flourishing medical industry and surging production of information and communications technology (ICT) goods in the region will also augment the consumption of such ceramics in the coming years. 

Thus, the booming demand for automobiles, consumer electronics, and medical devices will accelerate the consumption of electroceramics in the foreseeable future.

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Increasing Electronics Usage Propelling Polytetrafluoroethylene Sales Worldwide

Polytetrafluoroethylene (PTFE), commonly known as Teflon, is a fluoropolymer used in the production of electronic products such as barb insulators, cable ties, connectors, battery binders, circuit breakers, brush holders, and semiconductor devices. The increasing use of the material in the electrical and electronics industry can be attributed to the chemically inert, non-flammable, and non-toxic features of PTFE. Moreover, the hydrophobicity, non-reactivity, good insulating property, and low coefficient of friction of the material makes it ideal for nonstick coating for cookware.  

Additionally, the rising application of the fluoropolymer in the medical sector is expected to drive the polytetrafluoroethylene market at a CAGR of 5% during the forecast period (2019–2024). The market revenue stood at $2,197.8 million in 2018 and it is projected to reach $2,953.6 million revenue by 2024. 

The application segment of the polytetrafluoroethylene market is categorized into tapes, tubes, fabrics, films and sheets, coatings, fuel additives, wires and cables, and others. Among these, the coatings category held the largest market share in 2018 and it is expected to retain its dominance throughout the forecast period. Additionally, the category is also expected to demonstrate the fastest growth in the forecast years, due to the mounting demand for PTFE-coated valves, seals, and rings in the industrial processing sector.

Whereas, Europe is expected to hold the second position in the polytetrafluoroethylene market throughout the forecast period, due to the growth of the automotive sector in the region. Additionally, the surging adoption of lightweight vehicles in France, Germany, and the U.K. will also contribute to the market growth, owing to the burgeoning demand for PTFE coatings in these countries. Furthermore, North America is expected to hold the third position in the market in the future, due to the large-scale industrial processing activities in the region. 

Thus, the mounting demand for electronics, beauty products, and medical products will boost the adoption of PTFE in the coming years.

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What are Factors Pushing up Sales of Organic Pesticides in North America?

The rising public awareness about the various harmful effects of chemical pesticides on human and plant health is pushing up the requirement for organic pesticides all over the world. These pesticides are basically completely natural/plant-derived agents and are thus, non-toxic in nature. Moreover, the usage of these pesticides for pest control in agriculture leads to the production of organic food items which are completely free of toxic chemicals that harm the human body.

The other important factor which is boosting the sales of organic pesticides is the growing requirement for food products across the world. This mainly because of the rising population levels in many countries. Moreover, the ballooning popularity of organic farming, on account of the increasing public awareness of food safety and nutrition, is augmenting the demand for these pesticides. Hence, with the mushrooming usage of organic pesticides, the global organic pesticides market will exhibit explosive growth in the coming years. 

According to the estimates of P&S Intelligence, a market research company based in India, the industry is predicted to register huge growth in Europe in the years to come, primarily because of the increasing implementation of various strict environmental regulations and policies in the region. These regulations are passed for reducing the environmental damage caused due to the utilization of chemical pesticides in farming processes. For example, the European Union (EU) banned the utilization of brain-damaging insecticides in December 2019.

One such stringent policy is the Food Quality Protection Act (FQPA), that was recently enacted by the U.S. Environment Protection Agency (EPA). This act mandates that the pesticides used on crops throughout the country meet the safety standards set by the EPA. Apart from these regulations, the rising public awareness about the harmful effects of chemical pesticides and the advantages of using organic pesticides in farming processes is also contributing to the surging sales of organic pesticides in the region.

Thus, it can be said without any hesitation that the demand for organic pesticides will swell all over the world and especially in the North American region in the upcoming years, primarily because of the growing requirement for natural pesticides in agricultural processes and the rising awareness amongst the masses about the toxic effects of chemical pesticides on plant and human health.

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Mushrooming Electric Vehicle Adoption Fueling Structural Adhesive Demand

With the expansion of the construction industry, on account of the increasing infrastructural activities in several countries, the demand for structural adhesives is growing rapidly across the world. For instance, in India, the launch of several government initiatives such as “the Smart Cities Mission” and the Pradhan Mantri Awas Yojana (URBAN)– PMAY (U), which is aimed at providing housing in all urban areas by 2022, has caused a sharp surge in infrastructural development projects in the country.

As structural adhesives are extensively used in the construction sector, because of their high strength and resistance to various chemicals and weather, the launch of numerous construction projects, such as those pertaining to the development of railways, roads, buildings, and bridges, is positively impacting their sales across the globe. Besides this, the growing use of structural adhesives in the electrical and electronics and automotive sectors is also driving their demand across the world. 

Additionally, the mushrooming deployment of electric vehicles (EVs) is also pushing up the sales of these adhesives, as they are heavily used in these vehicles, owing to their high bonding strength. According to the International Energy Agency’s Global EV Outlook 2020, over 2.1 million electric cars were sold across the world in 2019, surpassing the number recorded in 2018. Moreover, the rapid advancements being made in EV manufacturing and the surging production of electrical devices such as transformers, transmission towers, and junction boxes, are also fueling the growth of the global structural adhesives market.

Globally, the sales of structural adhesives are predicted to boom in Asia-Pacific (APAC) in the forthcoming years. This is credited to the soaring investments being made in infrastructure projects, launch of several housing projects, and the expansion of the real estate sector in the region. As these adhesives offer high production speeds and reduced costs to builders and fabricators and help develop better products, they are increasingly being used in the real estate sector. 

Hence, it can be said without any hesitation that the demand for structural adhesives will shoot up in the upcoming years, primarily because of their increasing usage in the construction sector and the surging infrastructural development projects being launched in several countries.

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How is Expanding Food Processing Industry Driving Demand for Boilers?

The food processing industry has been registering significant growth over the past few years, majorly in emerging economies, which can be owing to the rising disposable income of people, changing lifestyle, and busier schedule. As the demand for ready-to-eat food products is growing, the need for increasing productivity in industries is growing as well. In addition to this, the requirement for machineries utilized in such industries, including boilers, is growing as well. An enclosed vessel which facilitates combustion for transferring heat to the water till it becomes steam or hot water, is referred to as a boiler. 

The steam or hot water then is utilized for transferring heat to a process, as the boiled water or steam increases by 1,600 times in volume, generating a force which is almost as explosive as gunpowder. As per a report by P&S Intelligence, the global boiler market is projected to advance at a substantial pace in the years to come. There are two major types of boilers, namely fire tube boiler and water tube boiler, between which, the demand for fire tube boilers has been higher up till now. This can be due to the low cost and extensive applications of these boilers. 

This being said, the demand for water tube boilers is also projected to rise considerably in the years to come. They are primarily utilized in less capacity sections, as the sizes of fire tube and other types of boilers has increased. Gas, solid, and liquid fuels are used in these boilers, and the utilization of gas fuel has been considerably high in the past few years. This can be ascribed to the strict government regulations implemented by governments for protecting the environment. For example, The Environmental Protection Agency has imposed regulations regarding emissions under national emission standard for hazardous air pollutants for some sources, including commercial, industrial, and process heaters and institutional boilers.

Different end users of boilers are oil & gas, chemical, food & beverages, power, and textile, out of which, the chemical industry made considerable use of boilers in the past. Boilers are widely used for managing heat requirements in several operations. Moreover, operational safety, low initial cost, and low capital outlay are also leading to the increasing demand for boilers in the chemical industry. Geographically, Asia-Pacific is projected to emerge as a major boiler market in the coming years, primarily because of the growing chemical, food & beverages, and power industries. 

Hence, the demand for boilers is growing due to the rapidly expanding food processing industry.

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What are Factors Propelling Demand for Oleic Acid in Asia-Pacific?

Oleic acid is usually found in animals and plants. It is a monounsaturated omega-9 fatty acid. The major animal sources for the compound are eggs and meat, while soybean, macadamia oil, sunflower oil, and palm are the main plant sources from which the compound is extracted. Oleic acid is found to be extremely beneficial in various healthcare applications such as cancer treatment and is known for being responsible for the blood pressure mitigating (hypotensive) benefits of olive oil.

Apart from being widely used for cancer treatment, oleic acid is also being increasingly used for curing many fatal diseases. The compound is used for regulating blood insulin secretion, which helps in minimizing the sugar spikes in blood, thereby reducing the risks of diabetes in people. This acid also plays an important role in protecting the body against cardiovascular insulin resistance. It is also extensively used in late and early cellular atherosclerotic processes. 

Besides its widespread usage in healthcare applications, oleic acid is also required in the food and beverages and cosmetic and personal care industries. The governments of several countries are increasingly implementing regulations for promoting the usage of various bio-based compounds in the manufacturing processes of several products, which is, in turn, propelling the demand for oleic acid across the globe. Due to these factors, the global oleic acid market is predicted to register rapid advancement in the forthcoming years, according to the forecast of P&S Intelligence, a market research firm based in India.

In addition to the above-mentioned factors, the growing demand for personal care and cosmetic products, fueled by the surging disposable income of people and their increasing consciousness about appearance, is creating a huge requirement of the compound in the cosmetic and personal care industry. There are mainly three grades of oleic acid used all over the world namely pharmaceutical, food, and regular. Amongst these, the usage of the regular grade variants is currently the highest in the world, on account of their extensive utilization in the textile, oil and gas, and cosmetic and personal care industries.

Globally, the Asia-Pacific oleic acid market is currently the most lucrative, due to the rapid advancement of the pharmaceutical and cosmetic and personal care industries in India, Indonesia, and China. Additionally, the governments of several APAC countries have approved the usage of the substance in the food and beverage industry. For example, the Food and Drug Administration (FDA) approved the claims regarding the health benefits of consuming oleic acid-rich edible oils such as canola oil, olive oil, and sunflower oil in November 2018.

Hence, it can be said without hesitation that the requirement of oleic acid will rise massively in the forthcoming years, primarily because of the growing usage of the compound in the cosmetic and personal care and food and beverage industries and various healthcare applications.

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Soaring Healthcare Expenditure Fueling Sales of Medical Adhesives

The rapid economic progress of several countries such as India, Brazil, and China is causing a sharp surge in the demand for medical adhesives. As per many reports, the gross domestic product (GDP) of India, China, and Brazil were ranked 5th, 2nd, and 8th, respectively across the globe in 2019. Because of this reason, the spending power of the inhabitants of these countries is soaring, which is, in turn, pushing up the demand for various food and health products. 

As medical adhesives are used extensively in various medical devices, the growing demand for these devices is augmenting the sales of medical adhesives. Due to these factors, the global medical adhesives market is predicted to boom in the coming years. As a result, the market value is predicted to increase from $8,714.9 million in 2019 to $16,367.2 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 2.3% between 2020 and 2030.

Based on technology, the market is divided into solvent-based, hot melt and other solids, and water-based. Out of these, the hot-melt and other solids category is predicted to register the highest growth in the market in the forthcoming years. This will be because of the several application areas of the hot melt and other types of solid adhesives such as internal medical applications, wound healing external medical applications, and dental operations.

Globally, the medical adhesives market will demonstrate lucrative growth in North America in the future, as per the estimates of the market research company, P&S Intelligence. This will be due to the rising demand for various medical devices, needles, equipment syringes, surgical sutures, thermometers, stretchers, first-aid kits, and personal protective equipment in the region. Moreover, with the boom in the population, the sales of these medical products are predicted to surge sharply in this region in the coming years.

Hence, it is safe to say that the demand for medical adhesives is predicted to shoot-up all over the world in the forthcoming years, mainly because of the rising requirement for various medical devices, on account of the increasing demand for surgeries and the rising incidence of hospital-acquired infections and chronic diseases across the world.

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Levulinic Acid Demand Expected to Shoot Up in Asia-Pacific in Coming Years

The burgeoning requirement for the derivatives of levulinic acid such as ethyl levulinate, hydroxymethylfurfural (HMF), sodium levulinate, diphenolic acid, methyltetrahydrofuran (MTHF), and succinic acid, on account of their ability to serve as additives in personal care products, food and beverages, and fuel, is pushing up the demand for the compound across the world. Moreover, the surging investments being made in research and development (R&D) projects for finding new applications for these derivatives are further boosting the demand for the compound.

Besides, the soaring usage of sodium levulinate as a skin conditioning agent in cosmetic products and as preservatives in various food items is also driving the demand for levulinic acid across the world. Furthermore, the levulinic acid market currently holds a huge potential for commercialization, which is also predicted to fuel its expansion in the coming years. This is because producers of the compound are making huge investments for harnessing the untapped potential of the industry.

Due to the above-mentioned factors, the demand for levulinic acid is growing rapidly, which is, in turn, driving the advancement of the global levulinic acid market. As a result, the market revenue is predicted to grow from $27.2 million in 2019 to $60.2 million by 2030. The market will also advance at a CAGR of 8.8% between 2020 and 2030. Food additives, agricultural products, pharmaceuticals, personal care products, fuel additives, and plasticizers are the major application areas of the compound.

Geographically, the levulinic acid market will exhibit the fastest growth in Asia-Pacific (APAC) in the upcoming years, as per the forecast of the market research organization, P&S Intelligence. This is attributed to the surging demand for the compound in the agriculture and personal care sectors in the region. Additionally, the expansion of the personal care sector, especially in the developing countries of APAC such as India and China, is also driving the growth of the market in this region.

Hence, it can be said without any hesitation that the demand for levulinic acid will surge in the forthcoming years, mainly because of the growing requirement for the various derivatives of the compound in several end-use industries such as personal care and food and beverages.

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Agriculture Sector Key Consumer of Specialty Chemicals

Any non-food powder or liquid (excluding certain ingredients) can be vaguely termed a ‘chemical’, which gives an idea of how vast the concept and the number of substances classified as chemicals are. So, wherever there is industry, some or the other chemical would be in use. In turn, chemicals that are formulated for a specific purpose are generally called specialty chemicals. The concept includes agrochemicals, specialty coatings, construction chemicals, surfactants, polymer additives, food additives, electronic chemicals, plastic additives, cleaning chemicals, paper & textile chemicals, lubricant & oilfield chemicals, adhesives & sealants, advanced ceramic materials, water treatment chemicals, rubber processing chemicals, and mining chemicals.

P&S Intelligence considers such a wide application area of such products as the key factor that will drive the specialty chemicals market size to $980,423.7 million by 2030 from $639,935.8 million in 2019, at a 5.5% CAGR during 2020–2030 (forecast period). Even within specific industries, these chemicals have a wide range of applications. For instance, a large quantity of paper chemicals is consumed for packaging, printing, and labeling purposes. Overall, agrochemicals account for the heaviest consumption due to the booming population, which continues to push up the demand for food.

Currently, Asia-Pacific (APAC) is the largest specialty chemicals market, and it is also projected to observe the highest CAGR over the forecast period. This is ascribed to the vast manufacturing base of APAC and its huge population, the latter of which leads to a high-volume consumption of agrochemicals. Similarly, the region is home to the world’s largest automobile sector, which is why it witnesses a high demand for lubricants and other related chemicals. Moreover, the burgeoning population of APAC is propelling infrastructure development activities, thus driving the usage of construction chemicals.

The specialty chemicals market has a fragmented nature, and its competitive landscape is characterized by an array of strategic measures, such as mergers, acquisitions, facility expansions, extensive research and development (R&D), product launches, partnerships, agreements, and collaborations. Key players in the market are Evonik Industries AG, Eastman Chemical Company, Ashland Global Holdings Inc., Akzo Nobel N.V., LOTTE Fine Chemical Co. Ltd., Mitsui Chemicals Inc., BASF SE, Huntsman Corporation, Mitsubishi Chemical Corporation, Clariant International Ltd., Dow Inc., China Petroleum & Chemical Corporation, Sadara Chemical Company, AECI Ltd., Saudi Basic Industries Corporation, and Thebe Unico.

Therefore, the burgeoning population will keep driving the consumption of a wide variety of specialty chemicals across an equally wide variety of industries.

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Growing Demand for Ready-To-Eat Foods Driving Global Sorbic Acid Market Expansion

The global sorbic acid market generated a revenue of $347,661.0 thousand in 2019, and it is predicted to advance at a CAGR of 4.7% between 2020 and 2030. The market is also expected to reach a value of $521,126.7 thousand by 2030. This will be due to the surging per capita food and beverages consumption in the developing countries such as China, Brazil, and India and the booming pharmaceutical and food & beverages industries in the Western countries.

Depending on application, the sorbic acid market is categorized into industrial chemicals, food & beverages, and pharmaceuticals. Out of these, the food & beverages category dominated the market in 2019, and this trend is predicted to continue in the forthcoming years as well. This will be because of the chemical’s ability to massively inhibit the growth of yeast, mold, and various other microorganisms and thus, increase the shelf life of products. 

The market is also classified, based on form, int encapsulated and powdered categories. Between these, the encapsulated category is predicted to exhibit the faster growth in the market in the forthcoming years. This is credited to the fact that the encapsulated form makes the direct addition of the chemical to food products in the form of dough possible. This subsequently facilitates their preservation without affecting or killing the yeast, when used during baking.

Geographically, the Asia-Pacific sorbic acid market will demonstrate lucrative growth in the upcoming years, as per the estimates of the market research company, P&S Intelligence. This will be due to the rising urbanization rate and the surging sales of frozen foods, packaged products, desserts, and baked foods, because of the increasing disposable income of people, in this region. Additionally, the rising popularity of ready-to-eat food items in the regional countries is also propelling the market advancement in the region.

Hence, it is clear that due to the growing popularity of ready-to-eat and frozen foods, the burgeoning requirement for food preservation, and the surge in the pharmaceutical industry, the market will grow sharply all over the world in the coming years.

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How Is Automotive Sector Driving Polymer Market Growth?

The polymer market is expected to progress at a 5.1% CAGR during the forecast period (2020–2030) owing to the increasing substitution of conventional materials in the automotive industry with lighter alternatives and escalating use of smart polymers in the healthcare sector. Additionally, polymers are also used in large quantities in the packaging and electronics industries. These drivers will, therefore, help the market grow from $533.6 billion in 2019 to $838.5 billion by 2030.

The growing preference for lightweight materials in the automobile and other manufacturing industries will play a vital role in the polymer market growth. These sectors are using polymers as a substitute for conventional materials like metals and ceramics, as the former have excellent electrical, chemical, and mechanical properties, such as corrosion resistance, elasticity, high strength-to-weight ratio, and insulating and optical properties. Moreover, it is estimated that a nearly 10% reduction in vehicle weight causes a proportional reduction in fuel consumption.

Moreover, the growing emphasis on sustainable and recyclable products in several end-use industries will act as a growth driver for the polymer market, globally. Previously, polymer products were discarded after use, which resulted in a large volume of waste in landfills, leading to severe environmental degradation. However, in recent years, polymer manufacturers have started using innovative chemical and mechanical methods for recycling these items. The recycling of polymer materials helps in lowering the production cost due to a reduction in the consumption of fresh or new raw materials.

The Asia-Pacific polymer market generated the highest revenue during the historical period (2014–2019) due to the high adoption of polymers in the textile, automotive, electronics and electrical, construction, agriculture, and packaging sectors in the region. The application areas in these sectors include anti-corrosive seals, flexible bottles, jacketing for wires and cables, battery parts, safety helmets, film wrapping, handles, bearings, cams, and gears. Thus, the growth in the construction and automobile sectors in Indonesia, China, and India will lead to an increase in the market size in the future.

Thus, the rising adoption of smart polymers in the healthcare industry and increasing requirement for lightweight materials in the automotive and manufacturing sectors will steer the market growth in the coming years.

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