Polypropylene Consumption To Increase in Food and Beverage Packing Sector

Polypropylene is being increasingly used in food and beverage packaging, due to the rising consumer awareness regarding health and wellness. This form of plastic is primarily used in the production of safe packaging materials and microwave containers. Additionally, this plastic is also used in the industrial packaging and building and construction industries, due to its high tensile strength. Thus, the increasing demand for safe and rigid sustainable packaging will create an extensive requirement for polypropylene in the coming years.

Besides, the flourishing nonwoven polypropylene fiber industry will also help the polypropylene market advance at a CAGR of 5.7% during 2020–2030. According to P&S Intelligence, the market was valued at $94.3 billion in 2020, and it will generate $165.6 billion revenue by 2030. Nonwoven polypropylene is used in the production of hygiene and medical products, such as toddler training pants, infant diapers, adult diapers, and feminine hygiene pads. In recent years, the demand for this plastic has exponentially increased in Asian countries, due to the rising public awareness regarding hygiene and the mounting disposable income of people.

In the preceding years, polypropylene was primarily used in injection molding applications due to the burgeoning demand for molded products, such as rigid containers. Polypropylene is used in the production of articles of different shapes and sizes through injection molding to develop recreational vehicle (RV) products, household goods, and marine and automotive parts. The burgeoning demand for such molded products will result in largescale consumption of polypropylene in injection molding applications in the upcoming years as well. Other application areas of this polymer are fiber, blow molding, raffia, and film and sheet.

Polypropylene manufactured by Reliance Industries Limited, INEOS Group Holdings S.A., PetroChina Company Limited, Formosa Plastic Corporation, Sinopec Group, Total S.A., Braskem S.A., Borealis AG, SABIC, Exxon Mobil Corporation, and LyondellBasell Industries B.V. is used by the automotive, consumer goods, construction, electrical, medical, and packaging industries. Presently, the packaging sector uses the highest volume of polypropylene, as it is ideal for several food packaging containers, such as thermoformed trays, injection-mold pots, and thermoformed pots, due to its ability to resist multiple chemical solvents.

Geographically, the Asia-Pacific (APAC) region accounted for the largest share in the polypropylene market in 2020, and it is expected to retain its dominance in the forecast years as well. This can be attributed to the surging government expenditure on research and development (R&D) of new polypropylene applications and the increasing consumption of flexible food packaging materials and electrical components in the region. Additionally, the presence of prominent players also contributes to the market growth in the region.  

Therefore, the escalating demand for hygienic and rigid packaging materials and the growing nonwoven polypropylene industry will facilitate the production of polypropylene globally. 

Read More

Why Is Height of Wind Towers Important in Power Plants?

The International Renewable Energy Agency (IRENA) states that the global capacity of onshore and offshore wind power plants stood at 500 GW in 2018. Additionally, as per the IRENA, the installed capacity of offshore wind power plants stood at 34,367 MW and that of onshore plants stood at 698,909 MW in 2020. The increasing installation of wind energy plants can be credited to the mounting concerns regarding environmental pollution, depleting fossil fuel reserves, and rising public awareness about renewable energy sources.

As wind towers are an essential part of wind power plants, the surging number of these plants will aid the wind tower market in advancing at a 7.4% CAGR during forecast period, from $26,140.5 million in 2015. Wind towers refer to the tall structures that support wind turbines and their components. Towers hold the nacelles and rotors of the turbines and blades. Wind turbines are placed at an optimum height to generate electrical energy from the wind. As higher-capacity turbines require high wind speeds, tall towers are being installed in onshore and offshore plants.

The selection of wind towers is based on the weight and structure of the nacelle. The strength of such towers depends on the type, weight, and gauge of the material used in their construction. At present, Vestas Wind Systems A/S, WINDAR Renovables, KGW Schweriner Maschinen-und Anlagenbau GmbH Suzlon Energy Ltd., CS Wind Corporation, Trinity Structural Towers Inc., General Electric Company, Siemens AG, and, Shanghai Taisheng Wind Power Equipment Co. Ltd. are offering tubular steel, hybrid, concrete, guyed-pole, and lattice towers for wind power plants.

According to P&S Intelligence, Asia-Pacific (APAC) dominated the wind tower market in the preceding years due to the high energy demand and significant growth in the wind energy industry. In recent years, China has installed the largest number of wind towers due to the presence of a large number of wind power plants in the country. According to the IRENA, the installed capacity of wind energy in China increased from 58 GW in 2019 to 111 GW in 2020.

Thus, the shift toward renewable energy sources, rising government support for establishing wind power plants, and soaring concerns regarding air pollution caused due to fossil fuel combustion will propel the installation of wind towers.

Read More

What are Key Factors Responsible for Growth of Global Mechanical Energy Storage Market?

The increasing concern over the damage caused to the environment because of the large-scale usage of fossil fuels for power generation is one of the biggest factors contributing toward the development of mechanical energy storage systems all around the world. For instance, according to the International Energy Association (IEA), the world will need to increase the amount of stored energy from 176.5 GW in 2017 to 266 GW by 2030 for keeping global warming below 2 °C. 

The cost per kilo watt hour (kWh) of installation of mechanical energy storage systems is much lower as compared to the other types of energy storage systems. For example, the installation costs of compressed air energy storage (CAES) and pumped hydro storage (PHS) types of mechanical energy storage are $53/kWh and $21/kWh respectively, which are much lower than the other types of energy storage, which are usually between $100–$1000/kWh. Driven by these factors, the global mechanical energy storage market is predicted to demonstrate considerable growth over the coming years.

The most commonly adopted types of mechanical energy storage technology are compressed air energy storage (CAES), flywheel energy storage (FES), and pumped hydro storage (PHS). Out of these, the adoption of PHS type of mechanical energy storage is currently observed to be the highest throughout the world. For instance, according to the World Energy Council, over 95% of the global energy storage is currently met by the PHS technology. Moreover, this technology has been providing cost-effective large-scale energy storage solutions and supporting grid balancing services over the last few years.

A major trend currently being witnessed in the mechanical energy storage market is the application of energy storage solutions and various associated grid technologies in the utilities sector. Many utility asset companies and owners are increasingly adopting energy storage solutions in order to meet the high demand for energy during the peak hours and also for providing back-up power. According to a report published by the World Energy Council in January 2016, a sharp decline is expected to be observed in the costs of most of the energy storage technologies during the 2015–2030 period.

Globally, the Asia-Pacific (APAC) region is currently observing substantial usage of mechanical energy storage systems. This is attributed to the soaring investments being made by the governments of various APAC countries such as India and China in energy storage solutions. For example, as per the India Energy Storage Alliance (IESA), the total value of energy storage will increase to more than 300 GWh by 2025. North America is also expected to observe major growth in the adoption of energy storage technologies in the coming years, mainly on account of the burgeoning requirement of electricity storage systems in the region. 

Hence, it may safely be said that the adoption of mechanical energy storage technology will surge across the world in the years ahead, because of the increasing need for energy storage in order to curtail the global warming and rising pollution levels caused by the large-scale utilization of fossil fuels for power generation and the low costs of installation of the mechanical energy storage systems.

Read More

Why Is Aerospace Sector Increasingly Using Ceramic Matrix Composites?

From $1,891.3 million in 2015, the ceramic matrix composites market size is projected to witness a 13.7% CAGR during forecast period, to reach $6,006.1 million by 2024. The key factors driving product sales include the rising usage of lightweight composites in aircraft manufacturing and surging demand for CMCs in the defense sector. These materials consist of a ceramic matrix with ceramic fibers embedded in it. Their biggest advantages are high-temperature functionality, resistance to wear and tear, high stiffness, and corrosion resistance.

The application segment is categorized into aerospace, defense, electrical & electronics, energy & power, and others. The aerospace category generated the highest revenue and registered the highest sales volume in 2015. This is attributed to CMCs’ high importance for the fans of jet engines and blades of helicopter rotors. The market is set to grow the most rapidly in the energy & power category during the forecast period because of the surging usage of CMCs in the manufacturing of the blades of gas and wind turbines and a few other components.

Lightweight vehicles are trending in the ceramic matrix composites market because of the global outcry for mitigating pollution and climate change. According to the U.S. Department of Energy, a reduction in the weight of a vehicle by 10% can raise its fuel efficiency by 8%. Moreover, the replacement of steel and iron automobile components with those made of aluminum alloys, polymer composites, magnesium alloys, and carbon fiber can lead to a massive 50% reduction in the vehicle weight and, in turn, in considerable fuel savings.

However, the biggest driver for the growth of the ceramic matrix composites market presently is the rising usage of these materials in the aerospace sector. With the booming air travel activities, both internationally and domestically, aircraft sales are burgeoning around the world. This is credited to the dramatic rise being witnessed in the number of business travelers and holidaymakers. As a result, the demand for CMCs for the production of high-speed machine parts, helicopter rotor blade sleeves, power transmission lines, and jet engine fans is increasing.

Presently, North America dominates the ceramic matrix composites market because it is the largest aerospace and defense producer in the world. Moreover, the U.S. is also the largest buyer of defense equipment and one of the largest buyers of commercial aircraft for public and personal usage. As of May 2019, the largest airlines in the world by fleet size were American Airlines, United Airlines, Delta Air Lines, FedEx Express, and Southwest Airlines, all based in the U.S. Similarly, with over 13,00 aircraft of all types, the U.S. Air Force (USAF) is the largest on earth.

Hence, with the burgeoning aerospace, defense, and automotive production, the market will reach new heights.

Read More

Why Is North America Largest Consumer of 3D Printing Materials?

It is the continuous evolution in the science of using one object or material to create another that has helped the human species survive for so long. In other words, a solid manufacturing base is the key to modern comforts and a strong economy. Thus, with human needs changing over time, the manufacturing technology is also evolving. The biggest current revolution in this space is 3D printing, wherein a printer, much like the ones seen integrated to a common computer, adds material, such as metals, plastics, and ceramics, layer by layer, to create the final product.

Since this process saves manufacturing time and wastage and offers a wider margin for customization, the 3D printing materials market, as studied by P&S Intelligence, will likely grow from $558.4 million in 2017 to $1,365.6 million by 2023, at a 16.7% CAGR between 2018 and 2023. The material is usually fed to the printer in the form of a powder, filament, or liquid, which the printer extrudes only in the desired amount. In conventional manufacturing, a sheet of metal is first cut, and then the scraps are gathered and remelted to form another sheet. Thus, 3D printing not only reduces waste, but also quickens up production.

Due to such innovations in the manufacturing sector, North America is the largest 3D printing materials market till now. The advanced industrial and technological infrastructure of the continent allows regional companies to use additive manufacturing on a large scale. Moreover, the U.S. is home to some of the biggest aerospace and defense companies in the world, including Boeing, Lockheed Martin, GE Aviation, Bell Textron, General Dynamics, NASA, and Northrop Grumman. Further, another key North American sector where additive manufacturing is becoming popular is medical devices and implants.

Moreover, in the coming years, the demand for 3D printing materials will grow the fastest in Asia-Pacific (APAC) as this technology penetrates deeper into the electrical and electronics and automotive industries, both of which APAC is known for. Further, with government programs such as Made in China 2025, Make in India, and Making Indonesia 4.0, the focus on advanced factory technologies is increasing, which is resulting in the surging usage of additive manufacturing.

Hence, as the adoption of 3D printing grows, so will that of the various materials used for the purpose.

Read More

How Is Personal Care Industry Driving Sodium Sulphate Demand?

Sodium sulphate is widely used in the personal care industry, especially in the production of powdered detergents, which are being extensively used in the Asia-Pacific (APAC), Latin American (LATAM), and African regions. The surging demand for powdered detergents in Chile, China, India, Indonesia, Thailand, the Philippines, and Vietnam can be primarily attributed to the macroeconomic growth in these countries. Besides, the shift from hand to machine-based washing of clothes in these countries will facilitate the consumption of this salt in the upcoming years.

Moreover, due to the surging use of glass in construction projects as artificial facades, owing to the recovery of the construction sector in developed countries and mounting investments being made in this sector, the sodium sulphate market will witness a 2.6% CAGR during the forecast period (2019–2024). According to P&S Intelligence, the sale of this compound generated $2,019.3 million in 2018, and this number will rise to more than $2,109.4 million by 2024. Sodium sulphate is used as a fining agent, which helps remove air bubbles from molten glass, in glass production.

At present, the sodium sulphate market is fragmented in nature, with the presence of only a few major players, such as MINERA DE SANTA MARTA S.A., China Lumena New Materials Corp., Nafine New Material Co. Ltd., Xinli Chemical, Sichuan Hongya Qingyijiang Sodium Sulphate Co. Ltd., JSC Kuchuksulphate, Grupo Industrial Crimidesa, and Jiangsu Yinzhu Chemical Group Co. Ltd. Currently, they are undertaking strategic measures, such as product launches, mergers and acquisitions, and geographical expansions, to gain a competitive edge.

Geographically, the APAC region accounted for the largest share in the sodium sulphate market in 2018, and it is expected to retain its dominance in the forecast years. The lead can be primarily credited to the enormous growth in the personal growth sector of China, which uses sodium sulphate as a raw material in the production of bodywashes, shampoos, soap bars, and other hygiene products. Additionally, the increasing consumption of the compound in the textile industry of China will lead to the market growth in the region.

Thus, the soaring demand for powdered detergents in the APAC, LATAM, and African regions and rising use of glass in the construction industry will create a huge requirement for sodium sulphate in the foreseeable future.

Read More

Why is Acrylates Market Booming in China?

The global acrylates market revenue stood at $10,949.9 million in 2018, and it is predicted to surge above $12,593.8 million by 2024. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 4.9% from 2019 to 2024 (forecast period). The market is being driven by the booming construction sector in several countries, on account of the mushrooming population and rising urbanization rate. Many countries are witnessing a sharp surge in construction investments, which are aimed at facilitating the development of high-rise buildings and renovation activities. 

As acrylate-based paints and coatings have high durability and exhibit excellent stability at extreme temperatures and contain zero volatile organic compound (VOC) concentration, the rising construction activities are driving their sales globally. Besides, the growing preference of consumers for acrylic emulsions over oil-based products is also propelling the growth rate of the acrylates market. These emulsions provide advantages, such as color fastness, resistance to wear and fading, and short drying time.

When application is taken into consideration, the acrylates market is categorized into paints and coatings, adhesives and sealants, acrylic fibers, textile chemicals, and leather chemicals. Amongst these, the paints and coatings category contributed the highest revenue to the market in the past. This was because of the high requirement for acrylic formulations in various architectural paints and coatings, which are extensively used on the exterior and interior walls of industrial, commercial, and residential buildings.

Geographically, the Asia-Pacific (APAC) region is predicted to hold more than 70.0% share in the acrylates market in the coming years. This is credited to the burgeoning requirement for acrylic products in automotive and construction industries, owing to the ballooning population, rapid urbanization, and surging disposable income of people in regional countries, such as China, South Korea, Japan, and India. China was the largest regional market in 2018 because of the high requirement for acrylates in automotive original equipment manufacturer (OEM) coatings, special-purpose construction coatings, and architectural coatings in the country. Moreover, the country is home to a large manufacturing sector, which is further boosting the demand for acrylates. 

Hence, the demand for acrylates will rise enormously all over the world in the forthcoming years, mainly because of the growing need for acrylic esters in adhesives and sealants and acrylate-based paints and coatings in the construction sector. 

Read More

Growing Manufacturing Sector Driving India Metal Bonding Adhesives Market

A number of factors such as the booming requirement for metal bonding adhesives for industrial applications, escalating need in the automotive industry, and surging growth in the manufacturing sector are expected to drive the Indian metal bonding adhesives market at a CAGR of 5.2% in the coming years (2020–2030). According to P&S Intelligence, the market revenue stood at $198.9 million in 2019 and it is projected to reach $343.6 million by 2030. Moreover, the market is witnessing a trend of shifting consumer preference toward metal bonding adhesives from traditional fasteners. 

One of the primary factors driving the Indian metal bonding adhesives market is the surging growth in the manufacturing sector. As per the India Brand Equity Foundation, the manufacturing sector in the country stood at $91.2 billion from June 2019 to April 2000. This is due to the increasing foreign direct investments. Moreover, several government initiatives, such as the Make in India, have boosted the manufacturing sector’s growth, thereby increasing the deployment of advanced industrial machinery. This has enhanced the demand for adhesives for joining metal substrates.

The resin segment of the Indian metal bonding adhesives market is classified into epoxy, cyanoacrylate, acrylic, anaerobic, rubber, polyurethane, and others. Among these, the epoxy category held the largest market share in 2019, and it is also projected to witness the fastest growth during the forecast period. This is because epoxy adhesives offer high resistance to extreme temperatures, moisture, chemicals, oil, stress, and other solvents, and high compatibility with metals, such as aluminum, zinc, mild steel, copper, and stainless steel. Also, these adhesives are used for bonding metal sheets of vehicles, including cars, buses, and trains.

Additionally, based on application segment, the Indian metal bonding adhesives market is categorized into automotive, industrial maintenance, industrial machinery, construction, consumer appliances, and others. Out of these, the automotive category led the market in 2019. This is due to the high need for automotive components, owing to the growing automotive and transportation industries. Moreover, the adhesives are widely used for automotive applications, due to their advantages, including high bonding strength, non-flammability, rapid curing speed, chemical resistance, and shock resistance. Furthermore, the surging adoption of electric vehicles in the country is driving the requirement for these adhesives in this category.

Thus, the surging growth in the manufacturing sector and the escalating need in the automotive industry are expected to drive the demand for metal bonding adhesives in India in the foreseeable future.

Read More

How Is Food and Beverage Sector Driving Packaging Adhesives Market Growth?

A number of factors, such as the rising preference for sustainable adhesives, increasing penetration of e-commerce platforms, and flourishing food and beverage industry, are expected to drive the packaging adhesives market at a CAGR of 4.6% during the forecast period (2020–2030). The market was valued at $10,426.9 million in 2019, and it is projected to generate $17,137.4 million revenue by 2030. Moreover, the surging use of low-tack adhesives (LTAs) in reclosable applications, on account of their strong adhesion property, offers an ample growth potential for the market.

One of the primary growth drivers for the market is the expanding food and beverage industry owing to the soaring consumption of packaged food across the world. The growing preference for packaged food items can be credited to the surging consumer preference for ready-to-eat food products with a longer shelf life and increasing work pressure. To ensure a longer shelf life, food and beverage companies are using adhesives that can bond the surfaces of containers, pouches, and wrappers even under greasy conditions.

The formulation segment of the packaging adhesives market is classified into solid-based, solvent-based, water-based, and others. Under this segment, the water-based category accounted for the largest market share in 2019 owing to the environment-friendly characteristic of water-based packaging adhesives. Unlike solvent-based adhesives, water-based adhesives do not contain volatile organic compounds (VOCs), which have a detrimental effect on the environment and human health. As the uncontrolled emission of VOCs contributes to global warming, end-use industries are shifting toward water-based packaging adhesives.

According to P&S Intelligence, the Far East accounted for the largest share in the packaging adhesives market in 2019 due to the high-volume consumption of such materials in the consumer goods, e-commerce, food and beverage, and personal care industries of China. The flourishing e-commerce sector in Japan and China owing to the heavy discounts and convenience of home delivery is also generating an extensive demand for packaging adhesives across the region.

Thus, the escalating demand for packaged food and a burgeoning need for sustainable adhesives are the major contributors to the market growth.

Read More

How Is Flexible Packaging Facilitating Coding and Marking System Use in India?

The Food Safety and Standards (Organic Foods) Regulations, 2017, mandate the labelling of organic food products with "Jaivik Bharat" to distinguish them from non-organic ones. As per the Food Safety and Standards Authority of India (FSSAI), organic foods are produced through holistic agricultural practices that focus on soil health, bio-diversity, and chemical-free inputs. With the increasing focus of food and beverage companies on labelling their products to adhere to government regulations, there will be a significant surge in the consumption of coding and marking systems in India.

Moreover, the surging use of innovative packaging, especially flexible packaging, will help the Indian coding and marking systems market advance at a CAGR of 9.8% during 2020–2030. According to P&S Intelligence, the market was valued at $49.8 million in 2019, and it will generate $136.5 million revenue by 2030. The burgeoning demand for flexible packaging can be attributed to the evolving rural markets and booming middle-class population in the nation. Additionally, the expanding e-commerce sector will also create a huge requirement for innovative packaging solutions in India in the coming years.

In addition to pharmaceutical and food and beverage companies, automotive and aerospace, chemical, and electrical and electronics companies also use coding and marking systems to label their products. In recent years, end users have been replacing analog technologies with digital coding solutions to code, mark, and label a plethora of shipments and products without compromising the production speed. The shift toward digital coding solutions, owing to the ongoing Industry 4.0 revolution, helps manufacturers easily identify parts, shipments, cartons, devices, and pallets.

At present, the Indian coding and marking systems market is dominated by Dover Corporation, Control Print Limited, Domino Printing Sciences plc, and Danaher Corporation. These companies are primarily engaging in product launches to offer advanced systems to a greater number of customers. For example, in June 2020, Videojet Technologies Inc. introduced the Videojet 1280 continuous inkjet printer to reduce unplanned printer downtime. The printer also helps maintain the print quality and optimize uptime by constantly monitoring the environmental conditions and automatically adjusting the jetting parameters.

Thus, the toughening government regulations on labelling food products and increasing usage of innovative packaging solutions will encourage the adoption of coding and marking systems in India in the foreseeable future.

Read More

Launch of Housing Projects Driving Construction Equipment Market Growth

The World Bank states that the global urban population increased from 4.274 billion in 2019 to 4.352 billion in 2020. It also forecasts that by 2050, around 7 out of 10 people across the world will reside in cities. The increasing influx of people from rural areas to urban areas, especially in developing countries, such as China, Brazil, and India, in search of employment and a better lifestyle, is resulting in the construction of numerous housing units.

Thus, the booming urban population will contribute to the construction equipment market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue stood at $180 billion in 2020. The accelerating urbanization rate is also encouraging several governments to heavily invest in the modernization of public infrastructure. Additionally, the increasing number of manufacturing units, owing to the burgeoning demand for consumer goods from the urban population, will also drive the demand for construction equipment in the forecast years.

In contemporary times, construction companies are increasingly using electric and autonomous equipment as it offers enhanced productivity, ensures higher worker safety on site, and addresses the issue of skilled labor shortage. For instance, Komatsu Ltd. offers the D61i-24 and the D51i-24 dozers, which record terrain data as they move around a construction site. This data is then used by the systems to take calculated decisions on whether it should finish grading, cut and carry materials, and spread or fill that material.

The power output segment of the construction equipment market is categorized into >400 HP, 201–400 HP, 101–200 HP, and <100 HP. Under this segment, the 101–200 HP category held the largest market share in 2020, on account of the better fuel economy and favorable power-to-weight ratio exhibited by equipment offering 101–200 HP output. Construction equipment with this power output is, therefore, helping construction companies and construction equipment operators reduce operating costs.

Globally, the Asia-Pacific (APAC) region is expected to hold the largest share in the construction equipment market during the forecast period, due to the mounting investments being made by governments in construction activities in the region. Moreover, the surging public demand for residential infrastructure in South Korea, China, Japan, and India, owing to the booming urban population in these countries, will also catalyze the market growth in the region. For instance, the World Bank found that the urban population in India grew from 471,031,529 in 2019 to 481,980,332 in 2020.

Thus, the rising urban population and soaring number of production units will augment the usage of construction equipment worldwide.

Read More

Why Do Water Treatment Plants Require Charcoal?

In contemporary times, barbecued food is gaining traction due to the changing taste palate and food preferences and surging popularity of new cooking styles. Moreover, the increasing installation of live barbecue stations at households and restaurants is fueling the consumption of charcoal worldwide. Countries such as India and China are increasingly adopting live barbecue stations due to the escalating preference for grilled and smoked food. Moreover, the age-old tradition of barbecue in North America and Europe also encourages charcoal production across the world.

Additionally, the burgeoning demand for clean drinking water will help the charcoal market grow at a CAGR of 1.9% during the forecast period (2019–2024). According to P&S Intelligence, the market was valued at $5,882.8 million in 2018, and it is projected to generate $6,566.5 million revenue by 2024. Water treatment plants use Japanese white charcoal to eliminate toxic chemicals and enrich the water with natural minerals. Additionally, water treatment plants use activated-charcoal carbon filters to remove foul odor, harmful volatile organic compounds (VOCs), and sediments from water.

The application segment of the charcoal market is categorized into industrial, barbecue, filtration, metallurgical fuel, and others, such as arts, automotive, horticulture, medical, and pharmaceutical. Under this segment, the barbecue category generated the highest revenue in 2018, and it is expected to continue this trend throughout the forecast period. This can be credited to the increasing usage of charcoal at barbecue restaurants to enhance the food’s flavor. Owing to the mounting popularity of this cooking method in Asian countries, the category will also exhibit the fastest growth during the forecast period.

Globally, Latin America (LATAM) recorded the highest consumption of charcoal in the recent past due to the accelerating industrialization rate, surging cement production, and flourishing food industry, owing to the increasing proliferation of the barbecue culture. In the LATAM region, Brazil will consume the largest quantity of charcoal in the forthcoming years due to the rising production of iron, steel, and other metals in the country. The World Steel Association states that 31.0 million tonnes (Mt) of steel was produced in Brazil in 2020.

Whereas, the Middle East and African (MEA) region is expected to record the fastest growth in the charcoal market throughout the forecast period. This will be due to the escalating urbanization rate and the soaring popularity of barbecued food in the region. The usage of charcoal in Africa is limited to middle-income households, which use this form of carbon for barbecue applications, whereas Middle Eastern nations use it for shisha and barbecue. In the MEA region, South Africa will generate the highest revenue in the forecast years due to the expanding manufacturing sector in the country.

Therefore, the rising preference for barbecued food and surging demand for clean drinking water will accelerate the consumption of charcoal in the foreseeable future.

Read More

Why is Use of Ultra-Thin Solar Cells Soaring in Asia-Pacific?

With the escalating pollution levels and depletion of fossil fuels, the demand for solar energy and other types of clean energy is rising sharply. Moreover, the falling manufacturing costs of ultra-thin solar cells are further boosting their sales across the globe. The price of a photovoltaic (PV) cell is a crucial factor which determines the overall cost of solar electricity. Although the levelized cost of energy (LCoE) of PV panels is less than that of other renewable energy sources, it is still significantly higher than that of fossil fuels. 

As per the International Energy Agency (IEA), the LCoE for coal will be $55.7 per Megawatt-hour (MWh) and around $66 per MWh for PV cells by 2020. The organization estimates that the LCoE for coal and PV cells will be equal by 2024 and $57.3 per MWh and $40.0 per MWh, respectively, by 2040. The decline in the prices of PV cells will be majorly driven by the increasing research and development (R&D) activities that are being conducted in these cells for improving their efficiency and reducing their cost.

Due to the aforementioned factors, the value of the ultra-thin solar cells market surged to $30.0 million in 2019 and the market will exhibit a CAGR of 56.9% from 2020 to 2030 (forecast period), as per the estimates of the market research organization, P&S Intelligence. In terms of the technology used for their development, ultra-thin solar cells are classified into cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and gallium arsenide (GaAs). Amongst these, the demand for CdTe-based solar cells was found to be the highest in 2019, as this was the only technology that can produce power output similar to that of crystalline silicon (c-Si)-based solar cells.

Moreover, the other technologies are still in the initial development stage and thus, find applications in test projects and laboratories. Geographically, the demand for ultra-thin solar cells will boom in the Asia-Pacific (APAC) region in the coming years. This will be because of the surging number of R&D projects that are being launched by various ultra-thin solar cell manufacturing companies in the region. These projects, which are primarily aimed at enhancing the power production capacity of these photovoltaic (PV) cells and reducing their purchasing cost, have resulted in the development of ultra-thin solar cells, which are being increasingly used in the automotive industry in the region.

Hence, it can be safely said that the sales of ultra-thin solar cells will shoot up in the forthcoming years, mainly because of their falling manufacturing costs and the rising popularity of solar energy across the world.

Read More: https://www.psmarketresearch.com/market-analysis/ultra-thin-solar-cells-market

Read More

Rapid Development of Data Centers Driving Diesel Generators Market Expansion

From $13,773.0 million in 2019, the global diesel generators market is expected to reach a value of $21,929.9 million by 2030. According to the forecast of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 6% from 2020 to 2030 (forecast period). The expansion of the market is credited to the burgeoning need for stationary and emergency power backup in several end-use industries, such as oil & gas, healthcare, marine, manufacturing, telecom, automotive, and construction. 

Additionally, the surging number of data centers all over the world, owing to the generation of large volumes of data, is also fueling the expansion of the diesel generator set market. These facilities are required for storing and analyzing the data and providing various related services. Moreover, the rapid advancements being made in technology, such as the development of intelligent personal assistants and autonomous cars, and the increasing adoption of digital currencies, cloud computing, and the internet of things (IoT) are also pushing up the requirement for data centers, which is, in turn, propelling the need for diesel gensets.

This is because these devices serve prime and auxiliary power requirements in these facilities. Diesel gensets are used for powering various critical and non-critical components, such as backup controls, servers, security systems, and heating, ventilation, and air conditioning (HVAC) systems. Apart from the development of data centers, the low power production and the existence of uncertainties in power grid in several African countries, such as Ghana and Nigeria, are also fueling the expansion of the diesel genset market.

Depending on application, the market is divided into residential, industrial, and commercial categories. Out of these, the commercial category is predicted to dominate the market during the forecast period. This is ascribed to the soaring investments being made in infrastructure development in various developing nations and the increasing implementation of government initiatives for several smart city projects across the world. In addition, the boom in the retail sector is also positively impacting the progress of the commercial category in the market. 

Globally, the diesel genset market will exhibit lucrative growth in the Asia-Pacific (APAC) region in the coming years. This is attributed to the huge investments being made in telecom infrastructure, surge in the manufacturing sector, and the soaring requirement for backup power in various residential facilities in the region. In this region, diesel gensets are deployed in large numbers for meeting the auxiliary power requirements, as the power infrastructure is not very well-developed. Additionally, the rising incidence of power outages in many Southeast Asian countries is also propelling the requirement for diesel gensets in the region. 

Hence, it can be said with surety that the market will exhibit explosive growth in the forthcoming years, primarily because of the surging number of data centers, development of smart cities, and the existence of poor power infrastructure and uncertainties in power grids all over the world.

Read More

How Is Refinery Industry Driving Global Hydrogen Demand?

According to the Food and Agriculture Organization (FAO), “the area of arable land per person declined from 0.221 hectares in 2000 to 0.184 hectares in 2018”. As per the World Bank, “as of 2018, only 10.825% of the global land was classified as arable”. The declining area of arable land, owing to the injudicious use of agricultural land, is creating a huge requirement for nitrogen-based fertilizers. The surging use of nitrogen-based fertilizers, of which ammonia (NH3) is a key ingredient, is therefore fueling the production of hydrogen, worldwide.

Moreover, the expanding refinery industry, which uses hydrogen to crack long-chain hydrocarbons into shorter chains and eliminate sulfur compounds from crude oil, is projected to help the hydrogen market grow at a CAGR of 4.3% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $136,185.0 million in 2019, and it will generate $196,934.5 million revenue by 2030. Besides, the enforcement of stringent legislations for minimizing sulfur content in oil, on account of the rising need to mitigate air pollution, will also augment the global demand for this gas.

The distribution method segment of the hydrogen market is classified into tanker, cylinder, and on-site generation. Under this segment, the on-site generation category is expected to demonstrate the fastest growth in the forecast years, owing to the cost-effectiveness of this method. As compared to other distribution methods, on-site generation is a less-intricate method of transporting hydrogen to end users. Additionally, the deployment of this method allows end use companies to smoothen their operations by reducing the risks associated with the supply operations.

Globally, the Asia-Pacific hydrogen market generated the highest revenue in 2019, and it is projected to retain its dominance during the forecast period as well. This can be primarily attributed to the presence of umpteen chemical and petrochemical organizations in China, India, Japan, and South Korea, vast population, and high purchasing power of people in the region. Moreover, the region is also expected to showcase the fastest growth in the forecast years, due to the large-scale establishment of the production units of chemical, petrochemical, and electronics industries in the region.  

Thus, the rising NH3 demand and flourishing refinery industry will fuel the consumption of hydrogen in the coming years.

Read More

Travel and Tourism Sector in GCC Fueling Facility Management Services Demand

The construction industry in Gulf Cooperation Council (GCC) countries is observing significant growth due to the surging tourism activities and improving economic conditions. In recent years, GCC member nations have been allocating huge budgets to the construction sector, owing to which, the countries are adopting facility management solutions in abundance. The rising budgetary allocation to this sector can be attributed to the escalating focus of member nations on reducing their economic dependence on oil and gas revenue. 

Additionally, the flourishing travel and tourism industry is also expected to drive the GCC facility management market at a CAGR of 10.1% during the forecast period (2020–2030). The market was valued at $53,804.3 million in 2019 and it is projected to reach $137,297.8 million revenue by 2030. The growth of the travel and tourism sector is supported by the vision of the governments to divert their attention from the oil and gas industry to other industries. Moreover, the introduction of the new visa system of Saudi Arabia will attract over 100 million visitors to the country by 2030.  

The service segment of the GCC facility management market is classified into cleaning, catering, property, support, security, and environmental management. Among these, the property category generated the highest revenue in 2019, due to the burgeoning demand for property management services at the newly constructed structures in GCC countries. The property category is further bifurcated into mechanical and electrical maintenance and heating, ventilation, and air conditioning (HVAC) maintenance. Of these, the HVAC maintenance category held the larger market share in 2019, due to the extreme climatic conditions in GCC nations. 

According to P&S Intelligence, Saudi Arabia led the GCC facility management market in the recent past, owing to the flourishing tourism and infrastructure sectors in the country. Moreover, the surging investments being made by the government of Saudi Arabia in the construction and infrastructure sectors, primarily on account of their increasing focus on reducing the country’s economic reliance on the oil and gas industry, are fueling the installation of facility management systems in the nation. For instance, the launch of real estate initiatives such as the Red Sea Project by 2030 and Amaala by 2028 will fuel the installation of such systems in the country in the forthcoming years.

Whereas, Qatar is expected to demonstrate the fastest growth in the GCC facility management market during the forecast period, due to the rising construction of towers, malls, and stadiums in the country. Additionally, the increasing implementation of government initiatives to raise awareness of facility management solutions will also support the market growth in the country in the coming years. For instance, the Facility Management Interest Group was established by the Middle East Facility Management Association (MEFMA) and the Qatar Green Building Council (QGBC) to share best practices related to facility management services among various service providers. 

Therefore, the growing construction sector and expanding travel and tourism industry will augment the demand for  facility management services in the GCC in the coming years.  

Read More