2020 ~ Chemical Industry Trends

Why Must Plastic Be Recycled for a Sustainable Economy?

December 30, 2020Plastic Recycling Industry, Plastic Recycling Market, Plastic Recycling Market Forecast, Plastic Recycling Market Growth, Plastic Recycling Market Trends No comments

From homes to hospitals, plastics are an integral part of human life. Plastic objects are often durable enough and a lot cost-effective than those made of metal and wood, which is why their usage for almost everything is rapidly increasing day by day. While the material is versatile and convenient, it also has a sinister side. It takes an eternity to decompose, while certain types of plastics don’t decompose at all, which is leading to mounting waste and pollution.

Due to the dangers of abandoned plastic to the soil and wildlife and the emission of harmful gases from its burning, the focus on reprocessing discarded plastic objects and reusing the material thus obtained is rising. P&S Intelligence says that owing to the rising awareness about plastic pollution, the plastic recycling market will grow from $41,238.8 million in 2018 to $64,139.7 million by 2024, witnessing an 8.6% CAGR during 2019–2024. The process involves segregating the different types of plastic waste and then washing, shredding, melting, and pelletizing it.

Plastic waste is sourced from wires and cables, sheets, pipes, packaging material, molded products, and other products. Presently, packaging products make up the highest volume of plastic waste being recycled, as the virgin material used for the purpose is designated for a short life. In addition, the government of several countries across the globe has implemented sustainability targets, whereby packaging firms are mandated to have a certain amount of recycled plastic material in their products.

Hence, with plastic at the center of human life and the rising awareness about the dangers of irresponsibly disposed-of or incinerated plastic on the environment, recycling efforts are set to pick up even more pace in the coming years.

Increasing Environmental Concerns Leading to High Demand for Sustainable Packaging Adhesives

December 29, 2020Packaging Adhesives Industry, Packaging Adhesives Market, Packaging Adhesives Market Size No comments

The e-commerce industry has been growing rapidly since the past few years. This can majorly be attributed to the increasing disposable income of people, surging penetration of internet, and growing adoption of smartphones all over the globe. Ever since the advent of online shopping, the preference for these platforms has been rising, as they offer people convenient and often cheap services. Customers can get any sort of product delivered to their doorstep without any hassle.

This expansion of the e-commerce industry is also driving the growth of the packaging industry. Owing to all these factors, the global packaging adhesives market is projected to grow at a significant pace in the coming years. These adhesives are an important part of the packaging industry, and hence, the growth of the industry is bound to lead to their high demand. Packaging adhesives provide the needed strength and resilience to packaging materials so that the inside product can remain safe from any kind of harm.

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Currently, the demand for sustainable packaging adhesives has also been growing across the globe. As customers are getting aware regarding the harmful effects of traditional adhesives, they are widely demanding alternate products that won’t cause harm to the environment. Conventional packaging adhesives have had certain recycling issues in the past, such as high product time. However, now innovative products, such as water-based adhesives that are biodegradable and light in weight, have been developed.

These adhesives provide a number of advantages, including high shear and peel strength, tensile strength and high impact and shock resistance, which is why they are extensively deployed for a number of applications in the packaging industry. In addition to this, acrylic adhesives can be cured at room temperature, owing to which, production efficiency is increased. The PU category is expected to register the highest CAGR during the forecast period. Geographically, the Far East region dominated the packaging adhesives market in 2019.

In conclusion, the market is being driven by the expanding e-commerce industry and need for sustainable packaging adhesives.

Why Is Education Sector Increasingly Using Cut Size Uncoated Freesheet Paper?

December 29, 2020Cut Size Uncoated Freesheet Paper Industry, Cut Size Uncoated Freesheet Paper Market, Cut Size Uncoated Freesheet Paper Trends No comments

The growing paper industry in emerging economies, increasing sales of printers for professional and personal use, and advantages of uncoated freesheet paper over other grades of paper will increase the cut size uncoated freesheet paper market size from $16,122.3 million in 2017 to $18,483.6 million by 2023. The market is set to demonstrate a CAGR of 2.4% during 2018–2023 (forecast period). Cut size uncoated freesheet paper is a type of graphic paper that contains 10% mechanical pulp and 90% chemical pulp.

The paper industry is booming in emerging economies, such as India and Brazil, due to the increasing application of paper in the education sector. Paper is a prerequisite for education and literacy in developing countries; therefore, the demand for it is predicted to grow in India due to a surge in the number of school-going children in urban and rural areas. Besides, India aspires to increase its literacy rate from 70.0% to 90.0%, which will escalate the adoption of cut size uncoated freesheet paper for writing and printing purposes.

Geographically, the Asia-Pacific cut size uncoated freesheet paper market generated the highest revenue in 2017, and it is expected to maintain its dominance during the forecast period. This can be attributed to the increasing number of offices and schools in China and India. Moreover, the growing paper industry and increasing sales of printers in these countries are propelling the growth of the regional market. The emergence of new companies and educational institutes, along with the expansion of existing ones in India and China, is creating growth opportunities for the market players.

Thus, the increasing number of educational institutes in emerging economies will fuel the demand for cut size uncoated freesheet paper in the foreseeable future.

How is Increasing Adoption of Electric Vehicles (EVs) Contributing toward Surge of Global Lithium-Ion Battery Recycling Market?

December 29, 2020Lithium-Ion Battery Recycling Industry, Lithium-Ion Battery Recycling Market, Lithium-Ion Battery Recycling Market Growth, Lithium-Ion Battery Recycling Market Trends No comments

One of the major factors contributing toward the rising trend of recycling of lithium-ion batteries is the limited availability of lithium on the planet. In addition to this, the environmental damage caused because of lithium mining is further boosting the adoption of recycling methods for lithium-ion batteries. Furthermore, the large-scale water pollution caused due to the leakage of the chemical from industries into the water bodies and the lack of alternative substances that can provide the same functional characteristics as lithium are boosting the growth of the lithium-ion battery recycling market.

The largest end-users of lithium-ion batteries are electrical and electronics, power, and automotive industries. Amongst these, the automotive industry is expected to register the fastest growth in the lithium-ion battery recycling market during the forecast period, owing to the increasing incorporation of lithium-ion batteries in electric vehicles throughout the world. Moreover, many electric vehicle manufacturing companies are increasingly adopting recycled batteries in the EVs, because of the limited availability of lithium, thereby propelling the growth of the automotive industry in the lithium-ion battery recycling market.

There are multiple types of lithium-ion batteries used across the world— lithium-cobalt oxide (LCO), lithium-iron-phosphate (LFP), lithium-ion-manganese oxide (LMO), lithium-nickel-cobalt-aluminium oxide (NCA), and lithium-nickel-manganese-cobalt oxide (NMC). Out of these, the LCO batteries are predicted to record the highest growth in the lithium-ion battery recycling market, in terms of value, during the forecast period, on account of their large-scale utilization in the electronics sector and in various portable consumer electronics devices such as laptops, tablets, and mobile phones.

Hence, it is clear that the recycling of lithium-ion batteries will surge across the world in the forthcoming years, primarily because of the declining availability of lithium and the increasing requirement of lithium-ion batteries in various industries.

Why Is Geothermal Energy Being Preferred To Produce Electricity?

December 23, 2020Geothermal Power Market, Geothermal Power Market Growth, Geothermal Power Market Share, Geothermal Power Market Size, Geothermal Power Market Trends No comments

To harness the potential of geothermal energy for generating electricity, the International Renewable Energy Agency (IRENA) is working in coordination with the Global Geothermal Alliance (GGA). GGA is a global platform that was created at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in December 2015. GGA aspires to increase the installed capacity of geothermal power generation by five times and double the geothermal heating capacity by 2030. It also serves as a platform for co-operation, dialogue, and coordinated action between policymakers and geothermal industry stakeholders globally.

Due to this strong support from international organizations and increasing focus of governments on energy security and energy independence, the installed capacity of geothermal plants has increased globally, from 9,9992 Megawatts (MW) in 2010 to 13,909 MW in 2019, as per IRENA. Because of this growth, the geothermal power market will advance at a CAGR of 11.6% during 2016–2022, which will take the market revenue from $3,233.5 million in 2015 to $6,518.9 million by 2022.

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Globally, the Asia-Pacific geothermal power market installed the largest capacity of geothermal power plants in 2015 to meet the growing demand for energy in the region. Three of the world’s largest geothermal power producers — the Philippines, Indonesia, and New Zealand — are in APAC. Additionally, P&S Intelligence projects that the region will lead the industry in the foreseeable future due to the increasing focus of the government on exploring the potential of geothermal energy, reducing the dependence on fossil fuels, and meeting the increasing demand for energy, by optimizing non-conventional sources.

Thus, the growing focus on renewable sources of energy and increasing support from governments and international organizations will lead to the widespread adoption of geothermal energy worldwide.

Why is Waste Heat Recovery Market Predicted to Surge in Asia-Pacific in Coming Years?

December 22, 2020Waste Heat Recovery Industry, Waste Heat Recovery Market, Waste Heat Recovery Market Growth, Waste Heat Recovery Market Trends No comments

The ability of waste heat recovery to reduce the cost of operations in numerous industries is one of the major factors responsible for the surge in the demand for waste heat recovery across the globe. Since the last few years, there has been a huge increase in the cost of input energy materials such as oil and gas, electricity, and coal and this has consequently increased the operational cost of an industry. Waste heat recovery promotes efficient utilization of the available energy and provides climate protection solutions, thereby leading to sustainable development.

The other major factors boosting the adoption of waste heat recovery techniques in industrial processes are the rising government initiatives aimed at encouraging the incorporation of waste heat recovery for promoting the efficient use of energy and reducing the pollution levels, technological advancements in waste heat recovery processes, and the enactment of strict laws and regulations by the governments of several countries for reducing the greenhouse gas emissions. Driven by these factors, the global waste heat recovery market is expected to register huge growth in the coming years.

Globally, Europe registered the highest adoption of waste heat recovery systems and processes in the past, owing to the presence of a large number of environmental regulations aimed at curbing harmful industrial emissions and the earlier introduction of waste heat recovery technology in this region. Asia-Pacific (APAC) is expected to record rapid growth in the adoption of this technology in future, primarily on account of the flourishing cement industry in the region. The presence of strict environmental regulations and the huge energy demand are the other factors propelling the growth of waste heat recovery market in the region.

Therefore, it can be concluded that due to the burgeoning need for effective energy utilization and rising awareness regarding environmental pollution caused by industrial emissions, the demand for waste heat recovery technology will surge in future.

Why are Wire/Rod Thermal Spray Materials Preferred over Powder Materials?

December 21, 2020Thermal Spray Materials, Thermal Spray Materials Developments, Thermal Spray Materials Growth, Thermal Spray Materials Market, Thermal Spray Materials Trends No comments

Thermal spray materials are available in two types — wire/rod and powder. Of these, wire/rod thermal spray material offers better quality coating than the powder one. The wire/rod spraying processes involve the applications of ceramic-based, metal-based, and polymer-based wires/rods. These wires or rods are fed into guns or torches that are heated above their melting points to generate molten droplets. After this, the molten droplets are dispatched in a stream of gas and cast over the surface for coating purpose.

These thermal spray materials are largely used in industries such as oil & gas, energy and power, aerospace, medical devices, electronics, automobile, and industrial gas turbines. Additionally, these materials are employed in mining, textile manufacturing, food processing, rubber production, and industrial manufacturing units. The surging usage of thermal spray materials in the automotive, aerospace, and energy and power sectors is expected to increase the size of the thermal spray materials market from $1,860.8 million in 2018 to $2,869.2 million by 2024, while demonstrating a CAGR of 7.4% during 2019–2024.

Additionally, new spray technologies, such as non-destructive testing (NDT), and rising adoption of processes, such as kinetic spraying, are expected to increase opportunities in the thermal spray materials market. Kinetic spraying or cold gas dynamic spray process is one of such new spray methodologies, in which solid particles strike substrate at high velocities to develop a coating on the surface of the substrate. Besides, the process is extremely favorable because of its compatibility with monocrystalline materials and metals, and alloys of titanium; and the ability to showcase a deposition efficiency of 90%.

Thus, the increasing applications of thermal spray materials and technological advancements in the spraying processes are expected to boost the demand for these materials in future.

How are Growing Civil Infrastructural Activities Driving Polymer Concrete Industry?

December 18, 2020Polymer Concrete Industry, Polymer Concrete Industry Share, Polymer Concrete Industry Trends, Polymer Concrete Market, Polymer Concrete Market Forecast No comments

The construction industry has been witnessing swift growth since the past few years, especially when it comes to civil construction projects. The plays a crucial role in the global economy and activities pertaining to the industry are important for achieving socioeconomic development goals of providing employment, shelter, and infrastructure. Owing to this, governments of several countries are investing heavily in the development of civil construction projects, including buildings, water reservoirs, bridges, sewer systems, roads, airports, and tunnel. Take for instance Germany, which invested about $129.6 billion for the development of 189 strategic infrastructure projects in 2017.

Because of all these factors, the demand for polymer concrete across the globe is growing as well. According to a P&S Intelligence report, the global polymer concrete market is projected to attain a revenue of $2,964.0 million by 2023, increasing from $1,975.8 million in 2017, advancing at a 7.1% CAGR during the forecast period (2018–2023). Polymer concrete is a mixture which makes use of types of epoxy binders for curing and hardening into places. It cures via a chemical reaction with the polymer material. Polymer concrete exhibits different kinds of beneficial properties according to the resin that is utilized for making it.

The demand for polymer concrete was the highest for civil infrastructure in the past, which can be owing to the growing number of infrastructural activities in emerging economies, including Brazil, China, and India. Geographically, North America has been the largest polymer concrete market in the past, which is primarily because of the growing number of repair and restoration in the region. Within North America, the U.S. has been the largest user of polymer concrete in the past. Moreover, due to increasing infrastructural activities, the demand for polymer concrete is projected to grow significantly in Middle East and Africa during the forecast period.

In conclusion, the growing number civil infrastructural activities are driving the demand for polymer concrete around the globe.

How is Rising Adoption of Second-Hand Vehicles Driving Automotive Refinish Coatings Market?

December 17, 2020Automotive Refinish Coatings Industry, Automotive Refinish Coatings Market, Automotive Refinish Coatings Market Size, Automotive Refinish Coatings Market Trends No comments

As the disposable income of people is rising across the globe, the sale of vehicles is increasing as well. It would have been hard to imagine a few years backs that vehicles could be owned by people belonging to lower classes as well. However, vehicles are becoming cheaper, thanks to technological advancements in the automotive industry, and therefore, the consumer base for vehicles is not limited to the elite class anymore. In addition to this, people who are not able to afford brand new vehicles always the option of buying second-hand vehicles, which are cheap and often in good enough condition to function properly.

It is because of these factors that the demand for automotive refinish coatings is growing. These coating provide an aesthetic appeal to vehicles, along with protecting them against different weather conditions and corrosion. Furthermore, automotive refinish coatings can also provide a whole new look to a used vehicle, thereby making it nearly as good as a new vehicle. These coatings are also utilized for vehicle maintenance and repair. Owing to this, the global automotive refinish coatings market is projected to generate a revenue of over $11,099.7 million by 2023, rising from $7,855.3 million in 2016, witnessing a 5.1% CAGR during the forecast period.

Primer & filler, clearcoats, and basecoats are the major automotive refinish coatings, among which, the demand for clearcoats was the highest in the past. Clearcoats are utilized for protecting the basecoat and providing a shiny look to the vehicle. These coatings also provide durability, scratch resistance, and protection against environmental damage to the overall coating. Epoxy, polyurethane, acrylic, and alkyd are the resin types utilized for making automotive refinish coatings. As polyurethane provides benefits such as fairly smooth surface, thick coating, chipping resistance, and chemical resistance, its demand was the highest in the past.

Geographically, Asia-Pacific has been the largest automotive refinish coatings market in the past and is further expected to retain its position in the global domain during the forecast period. This can be ascribed to the surging demand for passenger cars, commercial vehicles, and two-wheelers in developing countries, including India and China. Additionally, the commercial fleet in the region is growing on account of the rising disposable income of people and increasing logistics demand.

Hence, the demand for automotive refinish coatings is rising because of the rising vehicle sales and increasing adoption of second-hand vehicles.

Growth of the Coding and Marking Systems Market in India

December 16, 2020Coding and Marking Systems Market in India, Coding Systems Market in India, Marking Systems Market in India No comments

In 2018, the Indian coding and marking systems market attained a value of $45.8 million and is predicted to generate $77.0 million in 2024, registering a 9.0% CAGR during the forecast period.

When technology is taken into consideration, the continuous inkjet category dominated the Indian coding and marking systems market in 2018, both in terms of value and volume. The reason for this is that continuous inkjet offers several benefits, including cost effectiveness, ability to run for long hours with requiring minimum servicing, and ability to print character on virtually any material. Because of these benefits, the utilization of these printers is increasing in the aerospace and food & beverages sectors. The category is further projected to grow at the fastest pace during the forecast period.

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A key trend being witnessed in the Indian coding and marking systems market is the replacement of analog technologies with digital coding solutions. Traditionally, the coding and marking requirements were taken care of by analog technologies in the Indian manufacturing and processing sector. However, in the recent years, due to the rising complexity in coding ad marking requirements for product packaging and the availability of digital coding and marking systems, the situation has changed. For instance, continuous inkjet printers are being preferred over manual systems by the users for printing on bottles and packages.

The Indian coding and marking systems market is consolidated in nature, with a few players holding a major share of the market. Some of the major players operating in the market are Danaher Corporation, Domino Printing Sciences plc, Control Print Limited, and Dover Corporation.

How can Agricultural Adjuvants Enhance Productivity on Agricultural Fields?

December 14, 2020Agricultural Adjuvants, Agricultural Adjuvants Industry, Agricultural Adjuvants Market, Agricultural Adjuvants Market Trends No comments

The worldwide population has been rising at a swift pace since the past few years. As per the United Nations Department of Economic and Social Affairs, in 2017, the global population reached 7.6 billion and is projected to grow by 30.9% in the next 33 years, reaching 9.8 billion by 2050. Attributed to this, the demand for food products across the globe is also growing widely. Farmers are looking for ways to increase agricultural yield to cater to the needs of the growing population.

Owing to this, the global agricultural adjuvants market size is predicted to reach a value of $5,485.1 million by 2030, increasing from $3,106.7 million in 2019, progressing at a 5.5% CAGR during the forecast period. Agricultural adjuvants enhance the efficiency of fungicides, insecticides, and herbicides, and further aid in removing unwanted pests and preventing plan diseases. These products are important for increasing the productivity on agricultural fields.

The major functions of agricultural adjuvants are utility adjuvants and activator adjuvants, between which, the demand for activator adjuvants is predicted to rise considerably in the near future. These adjuvants are ideal for a number of applications because of their ability to increase the solubilization and decrease the surface tension. Different types of activator adjuvants are oil-based and surfactants, between which, the demand for surfactants was higher in 2019. These products have superior emulsifying properties, and some surfactants can also alter the crystalline structure and viscosity of the stem surface and leaf.

This allows the pesticide to penetrate easily. Agricultural adjuvants are used for fruits & vegetables, cereals & grains, and oilseeds & pulses, out of which, their demand was highest was cereals and grains in 2019. Along with the increasing population, the land for crop cultivation has also become scarce. Owing to this, the pressure for maximizing yield on the available farmlands has been surging all over the globe. This is further leading to the increased use of agricultural adjuvants for growing cereals and grains.

In conclusion, the growing population and need for eco-friendly adjuvants are leading to the growth of the market.

How is Growing Installation of District Heating and Cooling Systems Driving Pre-Insulated Pipes Market?

December 11, 2020Pre-Insulated Pipes Industry, Pre-Insulated Pipes Market, Pre-Insulated Pipes Market Growth, Pre-Insulated Pipes Market Share, Pre-Insulated Pipes Market Size No comments

New solutions which can help in reducing the consumption of energy are being developed increasingly. One of such developments is of district heating and cooling (DCH), which is essentially an outside source for delivering heat to or removing it from a building. DHC systems are being adopted extensively in developed nations, as they provide several advantages over systems for individual buildings, such as decreased emissions, greater reliability and safety, and higher fuel flexibility, primarily in utilizing alternative fuels such as biomass. These systems make use of pre-insulated pipes for maintaining the temperature of the fluid flowing through and in and out of them. Therefore, due to the rising adoption of district heating and cooling systems, the demand for pre-insulated pipes is also increasing.

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According to a P&S Intelligence report, in 2018, the global pre-insulated pipes market reached a value of $5,568.5 million, and it is predicted to generate revenue of $9,597.9 million by 2024, advancing at a 9.7% CAGR during forecast period. Pre-insulated pipes, also known as bonding pipes or insulated pipes, are made up of three layers, namely outer jacket, carrier pipe, and insulation layer. These pipes can be installed below the ground or above the ground. As below-ground-installed pipes are less prone to damage by calamities, require less structural support, and are easy to install, their demand was higher in 2018.

North America made the most use of these pipes in the past, which is majorly ascribed to the rising adoption of DCH systems in the downtown districts of Canada and the U.S. and expansion of the domestic construction and chemical processing industries. In addition to North America, the demand for pre-insulated pipes is also expected to considerably increase in the European region in the near future. The primary reasons for this would be the rising adoption of green building standards and codes, increasing number of construction projects, and large-scale construction of nearly zero-energy buildings (NZEBs).

Hence, the growing need for energy efficiency is leading to the increasing requirement for pre-insulated pipes.

How is Growing Construction Industry Driving Plasticizers Market?

December 10, 2020Plasticizers Industry, Plasticizers Market, Plasticizers Market Research, Plasticizers Market Share, Plasticizers Market Size No comments

The construction industry has been witnessing rapid growth, on account of the increasing disposable income of people and growing focus of governments of different countries on infrastructural development. This is creating wide demand for raw material in the construction industry. A major product that is utilized in the construction industry is poly vinyl chloride (PVC). The wide usage of this product in the construction industry is attributable to its advantages such as good resistance to ultraviolet light and temperature. In order to make PVC softer, manufacturers make use of different kinds of plasticizers.

Ascribed to these factors, the global plasticizers market size is predicted to generate a revenue of $16,700.6 million by 2024, increasing from $13,967.9 million in 2018, progressing at a 3.5% CAGR during the forecast period. Plasticizers are odorless and colorless esters which are utilized for increasing the elasticity of materials, majorly PVC. Plasticizers make PVC bendable and flexible and increase its durability, thereby ensuring high performance for about 50 years. Plasticizers are produced by reacting an alcohol with an acid, including phthalic anhydride and adipic acid. The choice of acid and alcohol determines the type of ester that will be produced and thus the type of plasticizer.

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Owing to health concerns, several developed countries have banned the utilization of major phthalate plasticizers, particularly in products that are used by children under the age of three. This is leading to the increasing adoption of different non-phthalate products, including 1,2-cyclohexane dicarboxylic acid diisononyl ester, maleates, terephthalates, and adipates. Major end users of plasticizers are toys & child care products, wires & cables, medical equipment, automotive parts, films & sheets, and flooring, roofing, & cladding. The largest demand for plasticizers in the past was created for wires & cables, as these products make use of flexible PVC for insulation and protection.

Furthermore, the growing demand for wires & cables in different industries, such as electrical & electronics, automotive, and construction, is projected to result in the rising need for plasticizers in the years to come. Geographically, Asia-Pacific (APAC) has emerged has the largest plasticizers market in recent years, which can be owing to the growth of the manufacturing, healthcare, construction, chemicals, urban infrastructure, and various other endues industries in countries including Indonesia, China, India, and various Southeast Asian countries.

Hence, the demand for plasticizers is majorly being driven by the expansion of the construction industry all across the globe.

What are Top Two Factors Driving Demand for Acrylates?

December 09, 2020Acrylates Market, Acrylates Market Report, Acrylates Market Share, Acrylates Market Size No comments

Acrylates are basically the esters or salts of acrylic acids, which are made from the acrylate monomer, that generally consists of esters containing vinyl groups, which are two carbon atoms double bonded to one another and directly joined to the carbonyl carbon of the ester group. These compounds have a wide array of beneficial traits such as transparency, toughness, super-absorbency, hardness, and flexibility, owing to which, they are extensively used in various applications such as those pertaining to cosmetics, paints and coatings, diapers, orthopedics, textiles, and adhesives.

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“The other major factor responsible for the increasing sales of acrylates is the ballooning requirement of acrylic esters in adhesives and sealants across the world”. Due to these factors, the revenue attained from the worldwide sales of acrylates was $10,949.9 million in 2018 and this number is predicted to rise to $12,593.8 million in 2024. Furthermore, “the global acrylates market will demonstrate a CAGR of 4.9% between 2019 and 2024”, as per the forecasts of the market research firm, P&S Intelligence.

Apart from being used in paints and coatings and sealants and adhesives, acrylates are also widely used in leather chemicals, textile chemicals, and acrylic fibers. Out of these, the usage of these compounds was found to be the highest in paints and coatings in the past and this trend will also continue in the forthcoming years. This is mainly credited to the rising utilization of acrylate-based emulsions, that act as solvents, binders, additives, and pigments in several types of paints all over the world.

Globally, APAC was the largest acrylates market in 2018, and it is expected to maintain the trend during the forecast period. This can be mainly attributed to the presence of established players, increase in the demand for water-based paints & coatings, and rise in infrastructure development activities, which has spearheaded the demand for acrylates. Considering the future industry scenario, China is expected to lead the region’s market, generating revenue worth $6,805.0 million in 2024.The country’s high-volume downstream product manufacturing capabilities and rising living standards and per capita income would boost the demand for acrylic formulations, which act as the building blocks for thousands of polymer intermediates used in surface coatings, textiles, adhesives, and plastics.

What Major Trends are Currently being Observed in Global Diesel Genset Industry?

December 08, 2020Diesel Genset Industry, Diesel Genset Industry Growth, Diesel Genset Industry Share, Diesel Genset Industry Size, Diesel Genset Market No comments

The consumption and development of data is increasing on a daily basis all across the globe, because of which, the need for supportive infrastructure for collating, analyzing, and supplying services in the form of data centers is growing as well. In addition to this, innovations in technologies and adoption of intelligent personal assistants, digital currencies, autonomous cars, internet of things, accounting services are also resulting in the surging amount of data. This rising development of data centers is, in turn, leading to the growing demand for diesel gensets to cater to prime and auxiliary energy requirements.

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A diesel genset, or diesel generator set, is a system where a diesel engine works along with an electric generator for generating power. Some of the major components of a diesel genset are an alternator, a control panel, fuel delivery system, a canopy or enclosure, and a cooling and exhaust system. As the name suggests, these systems make use of diesel as a fuel for producing power, and they are utilized for both backup and prime power needs. Owing to this, the global diesel genset market is expected to attain a value of $17,821.3 million by 2024, rising from $12,656.2 million in 2018, advancing at a 5.8% CAGR during the forecast period (2019–2024).

The growing usage of diesel gensets in countries such as Ghana, Algeria, Nigeria, and various other Latin American and African countries is resulting in the growth of the diesel genset market. This is due to the insufficiency of grid infrastructure in these countries. Other than this, the demand for these gensets is also growing in the U.S. because of the aging grid infrastructure. Attributed to this growing requirement for backup and standalone power requirements, a number of companies in the domain are investing for developing their products.

In conclusion, the demand for diesel gensets is rising due to the growing number of data centers around the globe.

Why will Green Chemicals Market Exhibit Exponential Growth in Asia-Pacific in Future Years?

December 07, 2020Green Chemicals Industry, Green Chemicals Market, Green Chemicals Market Share, Green Chemicals Market Size No comments

The rapidly depleting fossil fuel reserves, increasing incorporation of bio-based packaging materials, and increasing environmental damage caused because of the usage of inorganic chemicals are the major factors responsible for the soaring utilization of green chemicals across the world. As a result, the global green chemicals market size is predicted to advance at a CAGR of 6.6% from 2020 to 2030 and grow, in value, from $9,540 million to $18,474.2 million from 2019 to 2030, as per the estimates of the market research firm, P&S Intelligence.

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On the basis of application, the green chemicals market is divided into personal care, agriculture, automotive, packaging, food and beverages, electrical and electronics, textiles, construction, and paints and coatings categories. Out of these, the personal care category is predicted to register the fastest market growth in the coming years. This is because of the rising public awareness about the various advantages of the bio-based personal hygiene and beauty products over the conventionally used synthetic beauty products such as negligible damage to the skin.

One of the major factors fuelling the growth of the market is the growing concerns regarding environmental degradation and the subsequent rise in the usage of eco-friendly green chemicals. These chemicals are produced from animal or plant wastes, that are easily biodegradable and available in abundance in nature. They have the necessary characteristics which make them suitable for use in place of the fossil fuels-based chemicals in a plethora of applications such as those pertaining to the automotive, food and beverages, personal care, agriculture, textiles, and packaging industries.

Therefore, because of the increasing environmental damage, in the form of depleting ozone layer and global warming, and the decreasing fossil fuel reserves across the world, the demand for environment-friendly chemicals such as green chemicals is certain to surge throughout the world in the years to come.

How is Growing Product Demand from Food & Beverages Industry Driving Magnesium Stearate Market?

December 06, 2020Magnesium Stearate Market, Magnesium Stearate Market Demand, Magnesium Stearate Market Growth, Magnesium Stearate Market Share, Magnesium Stearate Market Size No comments

According to a study conducted by P&S Intelligence, the global magnesium stearate market size is projected to reach a value of $2,637.6 million by 2030, increasing from $1,492.3 million in 2019, advancing at a 5.3% CAGR during the forecast period (2020–2030). The market is growing due to the swift expansion of the pharmaceuticals industry in Asia-Pacific and the rising consumption of magnesium stearate in the personal care industry. In terms of form, the market is divided into flakes and powder, between which, the powder division held the larger share of the market in 2019.

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The demand for powdered magnesium stearate is high in the pharmaceuticals industry, which can be ascribed to its growing utilization as an ideal release agent during the drug manufacturing process. This compound prevents the sticking of tablets to the manufacturing equipment and thus, makes the production process time-saving and efficient. Furthermore, the use of powdered magnesium stearate is also growing in cosmetic products, including foundations, pressed powders, and eye shadow, since it has the ability to function as an anti-caking agent.

Geographically, the Asia-Pacific (APAC) region dominated the magnesium stearate market in 2019, which can be ascribed to the increasing demand of this compound from food & beverages, pharmaceuticals, personal care industries, and plastics industries. Chemical industries in APAC are increasingly focusing focus on expanding their facilities for meeting the surging demand from end-use verticals. In addition to this, the growing requirement for medicated capsules and tablets, owing to the surging prevalence of various diseases, is also predicted to result in the increasing requirement for magnesium stearate in APAC during the forecast period.

Hence, the market is being driven by the rising consumption of magnesium stearate in food and beverages and personal care industries.

Read more: https://www.psmarketresearch.com/market-analysis/magnesium-stearate-market-growth