Why Did Polyethylene Glycol Consumption Boom during COVID-19 Pandemic?

Pharmaceutical has always been one of the most-lucrative industries in the world as human health is paramount! Moreover, the rising prevalence of all kinds of acute and chronic diseases is driving the demand for medicated drugs. For instance, heart diseases and cancer carry an annual mortality of 17.9 million and 9.6 million, respectively, as per the World Health Organization (WHO). In recent years, these diseases have been two of the strongest driving forces behind the growth of the global pharmaceutical sector.

Considering this factor, P&S Intelligence expects the polyethylene glycol market revenue to rise massively from $4.5 billion in 2020. This is because polyethylene glycol, often abbreviated as PEG, is a key ingredient in pharmaceutical drugs, being consumed widely as a suppository base for capsules and tablets and as a solvent. Moreover, it is widely used in the production of ointments, which are popular among people with skin issues or wounds.

Asia-Pacific (APAC) is set to continue to remain the largest polyethylene glycol market in the coming years. Even though the region’s innovative pharma sector is not as large as that of North America and Europe, APAC is the largest producer of generic medicines. Moreover, European and North American pharma, personal care, and cosmetic companies are establishing manufacturing plants here to leverage the low raw material and labor costs and less-stringent environmental regulations.

Another key reason for the high consumption of PEG in the region is APAC’s massive construction industry, which continues to grow. Due to their large populations, China and India are rapidly constructing residential, commercial, and industrial infrastructure. PEG is a vital ingredient in water-based paints, coatings, and inks, which are witnessing a rise in their consumption due to their volatile organic compound (VOC)-free nature. Hence, with the booming construction activities in the region, the demand for polyethylene glycol will continue to burgeon.

Therefore, as more people fall prey to diseases and become conscious of their appearance, PEG consumption will rise further.

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Graphene Market To Exhibit Over 30% CAGR during 2020–2030

Graphene, an allotrope of carbon, finds largescale applications in the electrical and electronics sector, which is attaining new heights of prosperity due to the growing penetration of consumer electronics. Graphene is extensively used in print circuits, transistors, and microchips, owing to its high electrical conductivity and exceptional strength. In contemporary times, the usage of this carbon allotrope has substantially increased, owing to the surging demand for flexible devices due to the unique ability of graphene to allow devices to be folded and rolled as per the requirement. 

Besides, the widening application base of graphene in the medical sector will also drive the graphene market at a robust CAGR of 30.2% during 2020–2030. The market revenue stood at $84.7 million in 2020 and it is expected to reach $1,188.8 million by 2030. Owing to its thinness and excellent strength, graphene is ideal for the development of bioelectric sensory devices that are used to monitor cholesterol, glucose, and hemoglobin levels. Graphene is also used in the treatment of cancer cells, and for the development of therapeutic tools, dental implants, and prosthesis devices.

The form segment of the graphene market is classified into dispersion, powder, and others, such as graphene flakes, graphene oxides, and graphene sheets. Under this segment, the powder category generated the highest revenue during the historical period (2015–2020), and it is also projected to retain its dominance during the forecast period (2021–2030). The leading position of this category can be owed to the high preference for powdered graphene in sensors, storage batteries, and printing technologies.

According to P&S Intelligence, the Asia-Pacific (APAC) region accounted for the largest share in the graphene market in 2020, and it will also continue witnessing this trend throughout the forecast period. The dominance of the region can be credited to the increasing disposable income of people in regional nations and the widening application bases of this form of carbon in the automotive and electrical and electronics industries of India, China, and other Southeast Asian (SEA) countries. Also, automakers and electronics companies are increasingly using graphene in composite materials, which are used for lightweight vehicles and electronic devices, respectively.  

Therefore, the booming electrical and electronics sector and the surging need for medical devices will accelerate the production of graphene in the forthcoming years.

Read More: https://www.psmarketresearch.com/market-analysis/graphene-market

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Why Is Retail E-Commerce Sector Using Packaging Materials in Abundance?

The United Nations Population Fund (UNFPA) forecasts that the global population will grow from 7.7 billion in 2019 to 9.7 billion by 2050, and the life expectancy at birth will surge from 72.6 years in 2019 to 77.1 years by 2050. The burgeoning population is expected to purchase an enormous quantity of consumable and non-consumable products, which are available on online platforms and retail stores. With the rising shift toward digital platforms, owing to the growing internet penetration, people will rapidly shift toward retail e-commerce platforms.

Moreover, the increasing affordability of smartphones, on account of the rapid technological advancements in the consumer electronics industry, will help the retail e-commerce packaging market exhibit an exceptional CAGR of 12.1% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $23,987.7 million in 2020, and it will generate $74,873.0 million revenue by 2030. At present, the mounting investments being made by e-commerce firms for the innovation of packaging products are becoming a major market trend.

The end user segment of the retail e-commerce packaging market is classified into cosmetics and personal care, consumer electronics, furniture and home furnishing, food and beverages, fashion and apparel, and others, such as automobile, home and garden, healthcare, office supplies, and toy. Among these, the consumer electronics category accounted for the largest market share in 2020 because e-commerce platforms provide numerous offers and discounts on consumer electronic products. Additionally, the availability of customer support also fuels the demand for electronics as some traditional brick and mortar stores do not offer this service.

Geographically, the Asia-Pacific (APAC) retail e-commerce packaging market generated the highest revenue in 2020, owing to the booming population, growing e-commerce sector, and surging focus of people on the latest technologies. In 2020, China held the largest share in the APAC market due to the soaring popularity of online shopping, owing to the availability of lucrative discounts and increased convenience and security offered by such platforms. Whereas, the Indian market is expected to demonstrate the fastest growth in the region, on account of the flourishing e-commerce industry in the country. 

Thus, the booming world population and the mounting investments being made in the development of innovative packaging solutions will accelerate the usage of packaging materials in the retail e-commerce sector.

Read More: https://www.psmarketresearch.com/market-analysis/retail-e-commerce-packaging-market-analysis

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How Is Automotive Sector Fueling Water-Based Adhesive Specialty Tape Demand?

The International Organization of Motor Vehicle Manufacturers (OICA) states that the global automotive industry manufactured 21,787,126 commercial vehicles and 55,834,456 passenger cars in 2020. Further, the International Energy Agency (IEA) estimates that 78,000 electric buses, 7,000 electric buses, and 1,000 electric buses were registered in China, Europe, and the U.S., respectively, in 2020. It also reveals that the stock of battery electric vehicle (BEV) cars in China, Europe, and the U.S. in 2020 stood at 3.5 million units, 1.8 million units, and 1.1 million units, respectively. 

The expanding automobile and electric vehicle (EV) sectors will help the water-based adhesive specialty tapes market grow at a CAGR of 6.5% during 2020–2030. According to P&S Intelligence, the market revenue will surge from $5,093.2 million in 2020 to $9,514.9 million by 2030. Automakers around the world are increasingly using water-based adhesive specialty tapes, such as foam tapes, double-sided tapes, and protection tapes, due to the advancements in vehicle technology and the introduction of new automobiles, such as aluminum cars and smart cars.

The resin type segment of the water-based adhesive specialty tapes market is categorized into acrylic polymer ethylene (APE) emulsion, vinyl acetate ethylene (VAE) emulsion, polyvinyl acetate (PVA) emulsion, polyurethane dispersion (PUD), styrene butadiene (SB) latex, and others. Under this segment, the PVA emulsion category generated the highest revenue in 2020, owing to the low cost, excellent biodegradation resistance, and high initial tack properties of this resin. Moreover, PVA resins also produce hard and clear films that can withstand petroleum fuels, water, oil, and grease. 

Globally, the Asia-Pacific (APAC) region accounted for the largest share in the water-based adhesive specialty tapes market in 2020, and it is also projected to retain its dominance in the forecast years (2021–2030) as well. This can be ascribed to the booming electrical and electronics, healthcare, and automotive sectors, mounting disposable income of people, and flourishing economy in regional countries. For instance, the Organisation for Economic Co-operation and Development (OECD) states that the average household net adjusted disposable income per capita of Australia is $32,759 a year. 

Thus, the flourishing automotive and healthcare industries will result in the largescale adoption of water-based adhesives specialty tapes in the coming years.

Read More: https://www.psmarketresearch.com/market-analysis/water-based-adhesive-specialty-tapes-market

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Compressed Air Energy Storage Market to Register Growth due to Increasing Dependence on Alternative Ways for Generating Power

It is highly unlikely that the demand for energy will ever decrease. The way the population around the globe is increasing, the energy requirement will only increase. However, the conventional ways of generating energy are now unable to fulfil this rapidly growing need for power. In addition to this, the excessive utilization of non-renewable resources has resulted in global warming. The International Energy Association has estimated that for keeping global warming below 2 degree Celsius, about 266 GW of energy is required to be stored by 2030, globally, rising from 176.5 GW in 2017. 

It is due to these factors that the demand for alternative ways of generating and storing clean energy is increasing day by day, which, in turn, is resulting in the growth of the compressed air energy storage market. The dependence on renewable sources for generating energy is rising across the globe. Different form of renewable energy, such as solar and wind, are largely dependent on energy storage systems, owing to which, the need for adopting different types of storage systems is rising as well. One of such systems is the compressed air energy storage, which is based on gas turbine cycle. 

Excessive power is utilized for compressing air by making use of a rotary compressor, which is then stores in an underground chamber. In case power is needed, the compressed air is released from the chamber and is passed through an air turbine, which produces electricity from the flowing high-pressure air. Different types of compressed air energy storage are diabatic, adiabatic, and isothermal. Out of all these, the demand for diabatic type is predicted to increase considerably in the years to come. This is majorly ascribed to the simple design and lower operating cost of this type, as compared to isothermal and adiabatic compressed air energy storage systems. 

In addition to this, isothermal and adiabatic compressed air energy storage systems are still in the developmental phase, which is why, the industry is dominated by diabatic compressed air energy storage systems. When geography is taken into consideration, North America is predicted to emerge as a major compressed air energy storage market in the near future, which is primarily due to the surging requirement for electricity storage systems in the region. According to the Environmental and Energy Study Institute, the U.S. produced 4 billion megawatt-hours of electricity, however only 431 megawatt-hours of power was stored in 2017. 

In conclusion, the demand for compressed air energy storage systems is growing due to the surging population, increased consumption of fossil fuels, rapid degradation of the environment, and rising dependence on alternative resources for generating energy. 

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How Is Construction Sector Augmenting Hydraulic Equipment Demand?

Developing countries, especially in the Asia-Pacific (APAC) region, are observing a significant surge in the number of manufacturing plants, owing to the easy availability of low-cost raw materials and labor, and flexible environment protection laws in these nations. The increasing number of factories in such nations is expected to steer the hydraulic equipment market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated $37 billion revenue in 2020.

Moreover, the rising construction activities in developing countries, on account of heavy investments being made in the development of offices, apartments, and civic infrastructure, will also result in widescale usage of hydraulic equipment worldwide. Additionally, the increasing number of government housing projects, owing to the booming global population, is also expected to encourage the adoption of hydraulic equipment in the forthcoming years. For instance, the United Nations Department of Economic and Social Affairs (UNDESA) predicts that the world population will reach 8.6 billion by 2030 and 9.8 billion by 2050.

The type segment of the hydraulic equipment market is bifurcated into mobile hydraulics and industrial hydraulics. Under this segment, the mobile hydraulics category generated a higher revenue in 2020, and it is also expected to demonstrate considerable growth throughout the forecast years. This can be attributed to the burgeoning need for hydraulic power at remote locations and difficult terrains and the increasing advancements in hydraulics technology. Also, mobile hydraulics are used to lift heavy loads in several end-use sectors.

Globally, the APAC region has emerged as the largest user of hydraulic equipment in recent years, owing to the accelerating industrialization rate, mounting investments being made in the infrastructure sector, and surging construction activities. For example, the Australian Government allocated $2.5 billion to the Local Roads and Community Infrastructure Program through the 2021–2022 budget. Moreover, easy control and constant torque irrespective of speed changes offered by hydraulic equipment are also encouraging their adoption in the region.

Thus, the escalating industrialization rate and the expanding construction sector will propel the adoption of hydraulic equipment in the foreseeable future.

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How Is Electrical and Electronics Industry Facilitating Oxygen-Free Copper Demand?

The Government of France has set up a target of increasing plug-in electric vehicle (PHEV) (passenger vehicles) and battery electric vehicle (BEV) (passenger vehicles) stock to 1.8 million and 3 million, respectively, by 2028. Likewise, Indonesia aims to expand the electric vehicle (EV) stock (passenger vehicles) to 2 million units by 2030. Similarly, the New Zealand government aspires to introduce 64,000 EVs (passenger cars) by 2025. The increasing number of EVs, on account of the growing need to reduce vehicular emissions, will, therefore, augment the need for oxygen-free copper products worldwide.

Moreover, the expanding electrical and electronics industry will also steer the oxygen-free copper market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated nearly ~$20.0 billion revenue in 2020. The growth of the electrical and electronics industry can be ascribed to the rising demand for consumer electronics, especially in developing countries, due to the mounting disposable income of people. For instance, the gross national disposable income of India increased from INR 1,73,15,933 crore during 2017–2018 to INR 1,92,37,943 crore during 2018–2019.

The grade segment of the oxygen-free copper market is bifurcated into oxygen-free and oxygen-free electronic. Under this segment, the oxygen-free bifurcation held the larger market share in 2020, and it is projected to maintain its lead in the forecast years as well. The dominance of this category can be attributed to the increasing use of oxygen-free copper in electromagnets, magnometers, and other semiconductors and magnifying demand for EVs, owing to the rising government support toward the EV industry.

Globally, the Asia-Pacific (APAC) region accounted for the largest share in the oxygen-free copper market in 2020, and it is also expected to retain its dominance throughout the forecast period. This can be primarily owed to the burgeoning demand for semiconductor and electronic devices in the developing countries of APAC, such as Bangladesh, China, and India. In addition, the booming EV demand, on account of the rising public and government focus on curtailing greenhouse gas (GHG) emissions, is also a key contributor to the market growth in the region.

Therefore, the surging adoption of EVs and prospering electrical and electronics industry will facilitate the usage of oxygen-free copper all over the world in the upcoming years.

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Surge in Cosmetics Industry Propelling Demand for Cosmetic Chemicals

The requirement for cosmetic products has surged sharply in recent years, owing to the increasing disposable income of people and their rising consciousness toward looks and appearance. The increasing concerns being raised over physical appearance, hair loss, gray hair, and skin health and rapidly evolving hairstyling trends are making people spend heavily on cosmetics. Moreover, the soaring investments being made by cosmetic producers, such as Eastman Chemical Company, The Dow Chemical Company, Croda International Plc, Givaudan S.A., Evonik Industries AG, Bayer AG, and Lonza Group, on the commercialization of premium skincare, personal care, beauty products, and haircare, are also driving the cosmetic chemicals market.

Additionally, the rising public awareness about various superior beauty products, grooming therapies, and treatment procedures, evolving fashion trends, and mushrooming population of urban people, especially millennials, are also fueling the expansion of the cosmetics industry, which is, in turn, augmenting the demand for cosmetic chemicals around the world. Many organizations are conducting exhaustive research and development (R&D) activities in order to develop innovative and advanced products, thereby propelling the cosmetic chemicals market to unprecedented heights. P&S Intelligence, a market research organization based in India, found that the value of the industry reached $20.0 billion in 2020 because of these factors.

Emollients and moisturizers, emulsifying and thickening agents, colorants and pigments, non-ionic, cationic, amphoteric, anionic, and surfactants are the most widely used cosmetic chemicals across the world. Amongst these, the demand for emollients and moisturizers was observed to be the highest in the past, owing to the fact that emollients, such as glycerin, zinc oxide, mineral oil, petrolatum, and olive oil, are heavily used for producing lotions, lipsticks, creams, and moisturizers.

Globally, the sales of cosmetic chemicals were found to be the highest in the Asia-Pacific (APAC) region during the last few years. This was because of the existence of several large- and small-scale cosmetic producers and suppliers of various associated chemicals in the region. Additionally, cosmetic chemical producers in the region are increasingly focusing on developing technologically advanced ingredients for producing advanced cosmetic products. Across the world, cosmetic chemicals market players are focusing on product launches to augment their revenue and expand their customer pool. For example, BASF SE developed Luviset 360, which is a new styling polymer that provides styling performance in six unique ways, in May 2020. 

Thus, the demand for cosmetic chemicals will undoubtedly shoot up in the upcoming years, primarily because of the booming sales of cosmetic products all over the world.

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Boom Expected in Global Synthetic Rubber Market in Near Future

The global synthetic rubber market revenue stood at $31.0 billion in 2020, and the market is expected to exhibit huge expansion in the coming years. The market is being propelled by the rising demand for automotive tires, mushrooming requirement for long-lasting rubber, ballooning production capacity of many rubber manufacturers, and surging investments being made by them. Additionally, the booming automotive industry and the implementation of initiatives by several governments for increasing disposable income of citizens, facilitating industrialization, and fueling economic progress are also driving the market.

The soaring manufacturing and sales of automobiles, especially in developing nations, such as India and China, is fueling the expansion of the automotive industry. For instance, as per the India Brand Equity Foundation (IBEF), the automotive industry in India is predicted to reach a revenue of INR 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026. As rubber and rubber products are extensively used in the automobile industry in various applications, such as body sealing systems, vehicle anti-vibration systems, suspension systems, fluid transport systems, fused components, flat seals, O rings, and adhesives and sealants, the surge in the industry is positively impacting their demand.

In addition, many components in the engine compartment, such as engine seals and hoses in air conditioning systems, are produced from high-grade synthetic rubber. Owing to these factors, the expansion of the automotive industry is propelling the synthetic rubber market across the globe. Depending on product type, the market is divided into polybutadiene rubber (BR), butyl rubber (IIR), acrylonitrile-butadiene rubber (NBR), styrene-butadiene rubber (SBR), ethylene-propylene-diene rubber (EPDM), and styrene block copolymer (SBC).

This is ascribed to the ballooning requirement for replacement tires, owing to the soaring sales of two-wheelers and four-wheelers all over the world. Geographically, the Asia-Pacific (APAC) region contributed the highest revenue to the synthetic rubber market in the years gone by. This was because of the high requirement for synthetic rubber in the tire and construction industries. Moreover, leading automakers are rapidly setting up their manufacturing facilities in the APAC countries in order to strengthen their position in the industry. Currently, the automotive industry is surging in China, on account of the growing demand for clean automobiles, which is also fueling the expansion of the regional market.

Hence, the market will exhibit rapid expansion in the forthcoming years, mainly because of the booming sales of automobiles all over the world.

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Demand for Self-Healing Materials Shooting Up in Europe

The growing adoption of self-healing materials in electronics and automotive industries is driving their demand across the globe. These materials assist in increasing the lifespan of various systems, as they quickly repair the damages and recover. In the automotive industry, these materials (self-healing elastomers) are used for making anti-scratch polyurethane coatings, which are applied on the bodies of automobiles. Whereas, self-healing asphalt is extensively used in the construction industry. Owing to these factors, the surge in the construction and automotive industries is fueling the global demand for these materials.

Besides, these materials also provide long-term financial benefits, due to their self-repairing characteristics, which further propels their requirement in various industries, thereby causing the expansion of the global self-healing materials market. As per the market research firm, P&S Intelligence, the value of the market surged to $1.1 billion in 2020. Coatings, concrete, polymers, fiber-reinforced composites, asphalt, metals, and ceramics are the most commonly used self-healing materials across the world.

This is attributed to the extensive use of these materials in the building and construction sector, primarily in non-residential buildings. Globally, the demand for these materials was observed to be the highest in Europe during the last few years, and this trend will continue in the coming years as well. This is credited to the existence of numerous self-healing material producing companies, surging research and development (R&D) activities in this domain, mushrooming use of these materials in the automotive industry, and implementation of government initiatives for improving product security in various fields in the region. 

In recent years, the players operating in the self-healing materials market, such as Acciona S.A., The Goodyear Tire & Rubber Company, BASF SE, Huntsman International LLC, Applied Thin Films Inc., NEI Corporation, Autonomic Materials Inc., AkzoNobel N.V., and Covestro AG have focused heavily on product launches in order to gain an edge over their rivals and augment their revenue. For example, Autonomic Materials conducted a thorough examination of its self-healing materials with the help of protective coating systems in January 2020. It was proved via multiple trials that low-volatile organic compound (VOC) water-borne self-healing coatings are very useful for imparting resistance against corrosion and they are as good as their solvent-borne counterparts. 

Thus, the demand for self-healing materials will rise enormously in the upcoming years, mainly because of their cost-effectiveness and surging construction activities and manufacturing of automobiles all over the world.

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Increasing Construction Activities Driving Non-Destructive Testing and Inspection Market Growth

The World Health Organization (WHO) forecasts that “nearly 68% of the world’s population will reside in urban areas by 2050”. The booming urban population is resulting in the large-scale construction of housing units and public infrastructure facilities. In contemporary times, developing countries, such as Mexico, China, Brazil, and India, have become construction hubs, due to the soaring urban population and rising government focus on creating new-age infrastructure for citizens. Moreover, the expanding hospitality industry in developing countries, owing to the upcoming sporting events, will lead to the construction of new hotels and shopping complexes.

Therefore, the expanding construction industry, especially in emerging economies, is expected to support the non-destructive testing and inspection market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated ~$9 billion revenue in 2020. In recent years, the integration of the internet of things (IoT) with NDT and inspection systems has become a major market trend, as this technology will improve NDT and inspection procedures conducted at regular intervals during the lifetime of an object.

The method segment of the non-destructive testing and inspection market is categorized into eddy current testing, liquid penetrant testing, magnetic particle testing, radiographic testing, ultrasonic testing, and visual testing. Under this  segment, the ultrasonic testing category is projected to generate the highest revenue during the forecast period, owing to the high accuracy of this NDT and inspection method. High-frequency sound waves are used in the ultrasound testing method to detect defects in ceramics, metals, composites, and plastics. 

In the forecast period, the Asia-Pacific (APAC) non-destructive testing and inspection market will demonstrate the fastest growth, due to the increasing deployment of automation solutions in the manufacturing sector of India and China and the booming infrastructure sector in the region. Among APAC nations, India is expected to display the fastest growth in the forecast years, on account of the ongoing Make in India campaign of the central government and the soaring number of smart city projects in the country.

Thus, the booming construction sector is creating a huge requirement for NDT testing and inspection systems in the world.

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Why Is Polypropylene Used in Industrial Sector for Packaging?

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.

The type segment of the polypropylene market is bifurcated into copolymer and homopolymer. Of these, the homopolymer category generated higher revenue in 2020, and it is projected to continue this trend throughout the forecast period (2021–2030). This can be primarily credited to the high strength-to-weight ratio of this polypropylene, which makes it stronger and stiffer than copolymer polypropylene. Additionally, the excellent weldability and high-chemical resistance properties of this product make it ideal for corrosion-resistant structures. 

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.

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What are Factors Fueling Popularity of Lithium-Ion Power Tool Batteries?

Power tool batteries are the devices that supplement various instruments and tools such as circular saws, band saws, hammer drills, impact wrenches, impact drivers, and crimpers. These batteries provide greater working efficiency to the users on account of their easier handling due to mobility. They also mitigate shock hazards and reduce trips. According to a report produced by the National Council on Compensation Insurance (NCCI), these batteries significantly reduced the compensation claims of workers in the last few years.

A key factor fueling the surge in the sales of power tool batteries is the growing usage of various cordless instruments in the construction and automotive industries and the surging utilization of power tools in residential applications across the world. The construction and automotive industries are increasingly incorporating the use of mobile equipment for enhancing the efficiency of the manufacturing processes and mitigating shock and tripping hazards. Besides this, the usage of power tools is rapidly increasing in residential applications mainly because of the rising labor costs.

The sharp rise in the labor costs in many countries has increased the popularity of the do-it-yourself (DIY) approach amongst the people, with regards to fixing household appliances and setting up furniture and other home accessories, which has, in turn, caused a sharp surge in the sales of user-friendly power instruments. Additionally, the increasing usage of cordless power instruments in various household renovation and remodeling projects, especially in the developed nations, is tremendously boosting the requirement of power tool batteries. 

Due to the aforementioned factors, the global power tool batteries market is predicted to exhibit rapid expansion in the coming years. Nickel–metal hydride, lithium-ion, and nickel-cadmium are the most commonly used types of power tool batteries throughout the world. Out of these, the utilization of the lithium-ion batteries is presently being observed to be the highest in power tools, primarily due to their longer lifespans on one charge and lesser vulnerability to voltage depression, which is a common occurrence in the nickel-cadmium power tool batteries. 

The other factors contributing toward the growing popularity of lithium-ion batteries are their lower maintenance requirements and lighter weights as compared to the other batteries. In addition to this, these batteries experience fewer occurrences of self-discharge and are thus used more widely than the other batteries. Power tool batteries are extensively used in commercial, industrial, and residential sectors, out of which, the usage of these batteries has been historically higher in industrial and commercial applications than the residential ones all over the globe. 

The main reason behind the large-scale utilization of these batteries in the industrial and commercial sectors is the widespread usage of power tools in cutting, drilling, grinding, sanding, metalworking, driving (fasteners), polishing, and various other processes. Furthermore, the soaring investments being made by the governments of several countries in infrastructural development and construction activities are pushing up the demand for these tools. Geographically, the power tool batteries market is advancing rapidly in North America, as per the findings of the market research firm, P&S Intelligence. This is ascribed to the increasing automobile sales and expanding manufacturing industry in the region.

Hence, with the growing usage of power tools in various residential, industrial, and commercial applications, the sales of power tool batteries will boom all over the world in the forthcoming years.

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Why Is Military Sector Deploying Flywheel Energy Storage Systems?

Developing countries, such as China, India, Brazil, South Africa, and Russia, are generating a huge requirement for constant electricity supply, owing to the accelerating industrialization rate. To meet the vast electricity demand, flywheel energy storage systems are being deployed in power plants, due to their excellent discharge cycles, low maintenance, and high load bearing characteristics. Additionally, the extensive need for backup power sources and large-scale integration of intermittent power sources will also encourage the deployment of flywheels in the upcoming years.  

Moreover, the rising need for appropriate energy storage technology to power military operations, ground vehicles, navigation communications, weapons, and their associated intelligent systems will facilitate the flywheel energy storage market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated around $300.0 million revenue in 2020. A flywheel energy storage system improves the stability of military weapons and vehicles and facilitates current penetration in power systems.

The application segment of the flywheel energy storage market is classified into distributed energy generation (DEG), uninterruptable power supply (UPS), and others, such as power quality improvement systems, frequency regulators, voltage regulators, and circuit breakers. Under this segment, the UPS category held the largest market share in 2020, and it is projected to exhibit significant growth during the forecast period. This can be owed to the soaring need for effective power backup alternatives, especially in emerging economies, and burgeoning demand for continuous electricity supply across industries.

Whereas, the Asia-Pacific (APAC) flywheel energy storage market is expected to demonstrate the fastest growth during the forecast period. This will be due to the escalating demand for continuous power supply and the increasing number of government initiatives to supply clean energy. For instance, the Ministry of New and Renewable Energy, under the Government of India, has initiated the Jawaharlal Nehru National Solar Mission (JNNSM) to scale up the sizes of solar power plant projects in the country. The Ministry has also rolled out several schemes for small wind energy and hybrid systems (SWES) to increase wind energy capacity in India. 

Therefore, the soaring electricity demand in developing countries and the rising need for appropriate energy storage technology in the military sector will facilitate the deployment of flywheel energy storage systems worldwide. 

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Why Are Governments Encouraging Vehicle Owners to Replace Conventional Fuels with Biodiesel?

Biodiesel is an eco-friendly fuel which can be produced domestically and utilized in diesel engines with minimal or no alterations to fuel or engine systems. In comparison to conventional fuels, biodiesel emits lesser carbon dioxide (CO2) and other greenhouse gas (GHG) emissions and they are free of aromatic and sulfur compounds. Owing to the environment-friendly trait of this clean fuel, several governments are encouraging its usage in vehicles. Additionally, the surging focus of many countries on reducing dependence on foreign oil reserves will also fuel the consumption of biodiesel in the forthcoming years.

Moreover, the surging concerns over reducing GHG emissions are expected to propel the biodiesel market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated $39.0 billion revenue in 2020. For example, the U.S. Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) jointly finalized the Phase 2 greenhouse gas emission and fuel economy standards for medium- and heavy-duty vehicles for model years to reduce CO2 emissions by around 1.1 billion metric tons in the U.S. between 2021 and 2027.

The application segment of the biodiesel market is classified into fuel, power generation, and others, such as military, mining, and healthcare. Under this segment, the fuel category generated the highest revenue during the historical period (2015–2020), and it is expected to display the fastest growth during the forecast period. This can be credited to the increasing focus of the agriculture, automotive, and marine industries on using clean fuels, owing to the burgeoning need to reduce the emission of toxic pollutants. 

Globally, the European region accounted for the largest share in the biodiesel market in 2020, owing to the surging number of government regulations for mitigating greenhouse gas (GHG) emissions. For example, the Euro VI vehicle emission standards limit the emission of NOx, hydrocarbon (HC), and carbon monoxide (CO) from gasoline-powered light-duty vehicles to 0.06 g/km, 0.1 g/km, and 1.0 g/km, respectively. Euro VI norms also allow the emission of 0.08 g/km of nitrogen oxide (NOx), 0.17 g/km HC+NOx, and 0.5 g/km of CO from diesel-powered light-duty vehicles in the region. 

Thus, the toughening vehicular emission regulations and rising government focus on mitigating GHG emissions will encourage the adoption of biodiesel across the world.

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Non-Woven Adhesive Sales Booming in Ageing World

With rapid advancements in healthcare and medical sciences, the average life expectancy of people has increased massively. It has consequently caused a sharp surge in the population of geriatric people all over the globe. As geriatric people are highly vulnerable to various diseases that can make them bedridden or affect their physical movements, their rising population is positively impacting the demand for diapers, especially in developed nations, such as Japan, the U.S., and several Western European countries. 

Apart from the mushrooming geriatric population, the rising prevalence of chronic diseases, such as cancer and diabetes, is also augmenting the burden on the healthcare sector, which is, in turn, fueling the expansion of the global non-woven adhesives market. Thus, in order to provide affordable healthcare to people and mitigate their healthcare expenses, several governments are increasing their healthcare expenditure, thereby fueling the expansion of the healthcare sector. As per various estimates, the global healthcare expenditure is expected to rise from $8.5 trillion in 2018 to more than $10 trillion by 2022.

This is expected to push up the requirement for non-woven adhesives, owing to their high absorption rate and ability to provide secure and safe fixation and sterile dressing, that massively reduces the chances of contamination. Moreover, the use of these adhesives in wound dressing products helps healthcare practitioners in providing improved wound protection. The growing requirement for these adhesives in the healthcare sector is one of the major factors fueling the expansion of the non-woven adhesives market, with the market already reaching a revenue of $2.0 billion in 2020.

Thus, the sales of non-woven adhesives will soar in the coming years, primarily because of their ballooning requirement in the healthcare sector, mushrooming population of geriatric people, rising incidence of chronic illnesses, growing consciousness of people toward hygiene, and burgeoning need for baby care products all over the world.

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How Is Rising Packaged Food Demand Driving 1,5-Cyclooctadiene Consumption?

According to the World Bank, the strength of the global workforce stood at 3.386 billion in 2020. This populace is creating an extensive demand for processed food products that are packaged in polystyrene, which is manufactured by using 1,5-cyclooctadiene. Thus, the burgeoning demand for processed food is expected to create a huge requirement for 1,5-cyclooctadiene. Additionally, the surging preference for online shopping of groceries and packaged meals will also boost the consumption of 1,5-cyclooctadiene in the upcoming years.

Moreover, the escalating use of agrochemicals, to increase the yield and prevent crop losses, will help the 1,5-cyclooctadiene market grow during the forecast period (2020–2030). According to P&S Intelligence, the market generated around $210.0 million in 2020. The chemical compound is primarily used in the production of fertilizers and insecticides that are being used to establish an organic sustainable agricultural ecosystem. Furthermore, the increasing requirement for food crops, owing to the soaring population, also contributes to the market growth worldwide.

The application segment of the 1,5-cyclooctadiene market is classified into solvents, elastomers, catalyst ligands, chemical intermediates, specialty chemicals, and others, such as plastics, protective coatings, paint and dyes, and adhesives and sealants. Among these, the catalyst ligands category generated the highest revenue in 2020, and it is expected to continue witnessing this trend throughout the forecast period. This can be owed to the increasing consumption of 1,5-cyclooctadiene in the production of polymers, dichloro(1,5‐cyclooctadiene) palladium, Co(1,5-cyclooctadiene) (cyclooctenyl), cyclooctadiene iridium chloride dimer, and an array of petrochemicals, which can be widely used as catalyst ligands.

Geographically, the Asia-Pacific (APAC) region accounted for the largest share in the 1,5-cyclooctadiene market during the historical period (2015–2020), and it is projected to retain its dominance during the forecast years as well. The leading position of APAC can be attributed to the surging per capita income and the escalating demand for personal and home care products in India, China, South Korea, and Thailand. For instance, the World Bank estimated that the per capita income of Thailand surged from $7,296.9 in 2018 to $7,817.0 in 2019. 

Thus, the rising consumption of packaged food and the escalating use of agrochemicals will create an enormous requirement for 1,5-cyclooctadiene in the upcoming years.

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Why Is Industrial Sector Shifting toward 3D Printing High-Performance Plastics?

The aerospace and aviation industries are increasingly using 3D printing high-performance plastics to produce aircraft components as they help in reducing weight, increasing strength, and developing complex and customized designs of such parts. The surging demand for aircraft to ferry a large number of passengers and extensive volume of goods will, therefore, create an extensive requirement for 3D printing high-performance plastics in the foreseeable future. With the soaring disposable income and worsening work-life balance, people are opting for air travel, owing to which the aerospace and aviation sectors are witnessing significant growth.

Moreover, the increasing shift of the industrial sector from traditional manufacturing to 3D printing is expected to contribute to the prosperity of the 3D printing high-performance plastics market during the forecast period (2021–2030). According to P&S Intelligence, the market generated around $73.5 million revenue in 2020. In comparison to traditional manufacturing, mass production through 3D technology is cheaper. Moreover, the deployment of 3D technology helps in the creation of complex shapes without additional costs and offers zero material wastage.

At present, end users are using polyamide (PA), polysulfone (PSU), polyetherimide (PEI), polyamide-Imide (PAI), reinforced high-performance plastic (HPP), polyethersulfone (PES), polyphenylsulfone (PPSU), and polyetheretherketone (PEEK) and polyetherketoneketone (PEKK) to manufacture customized and complex components. In recent years, PA was consumed in the highest quantity due to exceptional shock resistance, stability, and rigidity exhibited by it. This 3D printing high-performance plastic is used in the production of medical prostheses, injection molds, and several components of aircraft, vehicles, and robots. 

The application segment of the 3D printing high-performance plastics market is classified into functional part manufacturing, prototyping, and tooling. Among these, the prototyping category generated the highest revenue in 2020, and it is projected to maintain its dominance in the forecast years as well. This can be ascribed to the ability of 3D printers to rapidly create multiple replicas of a design through product testing, thereby, saving a considerable amount of money and time in running the tests with a functional prototype.

Globally, the North American 3D printing high-performance plastics market generated the highest revenue during the historical period (2015–2020), and it is expected to continue witnessing this trend during the forecast years as well. This dominance can be ascribed to the increasing research and development (R&D) investment, owing to the surging focus of market players on technological advancements in the region. Besides, the flourishing automotive, aerospace, and robotics sectors will also contribute to the regional market growth. 

Thus, the expanding and aviation industries and the rising preference for 3D technology over traditional manufacturing will encourage the adoption of 3D printing high-performance plastics worldwide.

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Why Does Biochemical Industry Require Chitosan?

Chitosan refers to a semisynthetic material that is obtained through the deacetylation of chitin. It comprises N-acetyl-glucosamine (acetylated monomer) and glucosamine (deacetylated monomer) monomers, which are linked through β-,4 glycosidic bonds. At present, a considerable volume of this material is used as food preservative to extend shelf life of perishable food items, owing to its non-toxic property. Unlike traditional preservatives, such as formalin, chitosan is more biocompatible and does not lead to cancer, lung diseases, and skin disorders.

Thus, the increasing use of chitosan as food preservative will support the chitosan market growth during the forecast period (2021–2030). Moreover, the surging use of this chemical in drug delivery systems, on account of its ability to reduce enzyme degradation, facilitate the uptake of drugs by target tissues or cells, prolong cycle time, and increase water solubility and stability of drugs, will also contribute to the market growth exponentially. According to P&S Intelligence, the market generated $1.8 billion revenue in 2020.

In recent years, chitosan producers have focused on product launches to cater to the evolving needs of customers. For instance, in March 2020, Bioavanta Ltd., an organization involved in the research of chitosan nanoparticles, introduced Novochizol, a chitosan nanoparticle technology. This technology can be used for delivering and confining any potential of anti-COVID-19 drugs to the lungs of critically ill patients. Similarly, Axio Biosolutions Private Limited, KitoZyme LLC, FMC Corporation, Bio21 Co., Advanced Biopolymers AS, and Golden-Shell Pharmaceutical Co. Ltd. are also engaging in product launches to meet the requirements of existing and potential customers. 

Globally, the Asia-Pacific chitosan market generated the highest revenue during the historical period (2015–2020), and it is also expected to exhibit the fastest growth during the forecast period. This can be credited to the surging focus of market players on R&D and the increasing prevalence of chronic diseases in the region. Additionally, the mounting investments being made by private and government organizations of India, China, and Malaysia in the water treatment sector will also steer the demand for chitosan in APAC.

Therefore, the surging need for non-toxic food preservatives and the burgeoning demand for bioactive materials are expected to fuel the consumption of chitosan across the world.

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What Are Various Industrial Enzymes and Where Are They Used?

The working of the human body is not as mystical as many believe; it is, in fact, a result of a wide range of chemical reactions, just like those carried out in a laboratory! Therefore, metabolism is essentially a chemical reaction or a combination of chemical reactions that happen without our knowledge. Now, just like a reaction carried out in a laboratory can be sped up with a catalyst, the human body produces enzymes for the same purpose.

With time, these enzymes have found wide usage in many industries, with the growing focus on organic products and the need to reduce the consumption of chemicals derived from fossil fuels. As a result, from about $5.7 billion in 2020, P&S Intelligence expects the industrial enzymes market to witness substantial growth during the forecast period (2021–2030). Among the earliest uses of enzymes in industrial production are brewing, dough fermentation, baking, and meat marination (for instance, with natural yoghurt).

Moreover, one of the most-significant uses of enzymes in this sector is brewing. Everyone is familiar with the usage of yeast for the purpose, but it is the actual enzymes within yeast that accomplish the process. The starch contained by malted barley is broken down into glucose sugar molecules and maltose by amylase. Other major applications of enzymes in the food and beverage industry are grain processing, protein processing, dairy production, fat and oil processing, and vegetable and fruit processing. Moreover, amylase, xylanase, cellulase, pectinase, lipase, protease, glucosyltransferase, polygalacturonanace, arabinanase, chymosin, and beta-glucanase are important for food additive companies.

However, North America dominated the industrial enzymes market over the historical period (2015–2020) because of its huge food and beverage and pharmaceutical industries, which are now using an increasing volume of enzymes as a replacement for synthetic chemicals. Moreover, the U.S. is the largest producer of biofuel in the world, registering an output of 13.93 billion gallons in 2020, as per the Department of Energy (DoE). Additionally, many U.S. states have specific laws and incentive programmes to boost the usage of biofuels, which is driving the consumption of industrial enzymes.

Hence, with the expanding application area of enzymes, the demand for them in industries will burgeon.

Read More: https://www.psmarketresearch.com/market-analysis/industrial-enzymes-market

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How Is Rapid Urbanization Facilitating Construction Equipment Sales?

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.

Currently, construction equipment manufacturers are widening their product portfolio to reach out to a greater number of construction companies. For instance, in March 2019, Komatsu Ltd. launched the PC30E-5, a new electric mini excavator, in Japan to target the rental industry. Other companies engaging in product launches include Volvo Construction Equipment, Deere & Company, Caterpillar Inc., Sany Heavy Industry Co. Ltd., Liebherr AG, Doosan Infracore, Terex Corporation, Joseph Cyril Bamford Excavators Ltd., and Hitachi Construction Machinery. 

Globally, the Asia-Pacific 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: https://www.psmarketresearch.com/market-analysis/construction-equipment-market

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How Is Rapid Urbanization Encouraging Domestic Pump Deployment Worldwide?

The United Nations (UN)-Water 2021 report states that nearly 2.3 billion individuals reside in water-stressed countries, of which 733 million live in critically and high water-stressed countries. Further, the World Health Organization (WHO) forecasts that by 2025, half of the world's population will be living in water-stressed areas. Thus, the reducing availability of water, primarily on account of the lowering groundwater level, will facilitate the increasing adoption of domestic pumps in individual households and residential societies.

Moreover, the booming urban population will also drive the domestic pump market at a CAGR of 2.8% during 2020–2030. The market was valued at $2,912.9 million in 2020 and it is expected to generate $3,832.0 million revenue by 2030. According to the United Nations Department of Economic and Social Affairs (UNDESA), nearly 68% of the global population will reside in urban areas by 2050. Further, the United Nations Conference on Trade and Development (UNCTAD) estimated that approximately 51.1% of people in developing countries and around 80.5% of people in developed nations lived in urban areas in 2019.

The application segment of the domestic pump market is classified into groundwater intake, heating, hot water recirculation, rainwater harvesting, wastewater, and water pressure boosting. Under this segment, the groundwater intake category accounted for the largest market share in 2020, owing to the declining groundwater level. As groundwater is the primary source of drinking water and for other household activities, house owners and residential societies are installing domestic pumps for feasible extraction of water from beneath the Earth’s surface.

According to P&S Intelligence, the Asia-Pacific domestic pump market generated the highest revenue in 2020, due to the presence of a vast population and exponential surge in the number of housing projects in the region. Moreover, the easy availability of electricity required for operating such pumps will also contribute to the market growth in APAC. Additionally, the low-cost pricing strategy by Chinese manufacturers encourages the adoption of domestic pumps in the region. 

Therefore, the depleting groundwater reserves and the escalating urban population will encourage the deployment of domestic pumps worldwide.

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What Are Applications of Fluoropolymers in Electrical & Electronics Industry?

Fluoropolymers are fluorocarbon-based polymers having solid bonds of carbon and fluorine. These polymers are either homopolymers or copolymers, and they have thermoplastic properties as they contain a semi-crystalline structure. This means that these polymers become viscous or liquid at specific temperatures, after which they can be molded and shaped according to need. Fluoropolymers also exhibit strong resistance to acids, bases, and solvents. As fluorine provides better stability than chlorine, fluoropolymers are impervious to conventional media.

Owing to all such advantages, they are widely used in the automotive and electrical and electronics sectors, which will aid the fluoropolymer materials market in advancing at a 5.1% CAGR during forecast period. According to P&S Intelligence, the market size was 336.9 kilotons in 2015. The electrical and electronics industry uses these materials, primarily polytetrafluoroethylene (PTFE), to coat and insulate electronic cables, data communication cables, and automotive cables and in jacketing and semiconductor fabrication.

Similarly, the automotive sector uses the thermoplastic and elastomer forms of fluoropolymers in the production of seals, O-rings, wire insulations, fuel tank filler necks, diaphragms, and vapor and fuel management hoses. Apart from this, the photovoltaic (PV) industry utilizes fluoropolymer materials in large quantities owing to their moisture resistance, photostability, chemical and environmental resistance, flexibility, durability, and electrical isolation. Essentially, the increasing installation of solar power plants owing to the advancements in technology, stringent government regulations, and rapid shift toward non-conventional energy will fuel the requirement for these polymers in the coming years.

The APAC fluoropolymer materials market is also set to witness the fastest growth in the foreseeable future, which can be primarily ascribed to the rapid industrialization in the region. Moreover, the expansion of the automotive, construction, and electrical and electronics industries will fuel the adoption of fluoropolymer materials in the coming years. Besides, the rapid infrastructure development, high living standards, and high purchasing power of people have led to the large-scale consumption of these materials.

Thus, the strong resistance offered by fluoropolymer materials against bases, acids, solvents, weather, and heat has led to their wide adoption in the electrical and electronics, PV, automotive, aerospace, and chemical and industrial processing sectors.

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Why will Sales of Automotive Elastomers Soar in North America and Europe in Future?

One of the major factors driving the worldwide demand for automotive elastomers is the implementation of stringent environmental regulations in several countries for mitigating CO2 emissions. Moreover, many international organizations are increasingly enacting strict guidelines for reducing greenhouse gas emissions. For instance, many organizations in Europe and North America are enacting policies that mandate the production and incorporation of lightweight materials in automobiles in order to mitigate CO2 emissions and achieve the preset emission targets by 2025.

Similar policies have been enacted by the governments of various countries in the Asia-Pacific (APAC) region. China, which is the largest emitter of greenhouse gases in the region, intends to introduce policies for controlling its emission levels. Other countries in the region such as India, Indonesia, and Australia, are also enacting regulations for reducing the effects of climate change by mitigating the generation of carbon emissions. The enactment of these policies is creating lucrative growth opportunities for the players operating in the automotive elastomers market.

Likewise, the permissible combined fuel economy for trucks and cars for 2016 was 35.5 miles per gallon (mpg) and this is set to be increased to 54.5 mpg by 2025. Owing to these factors, the value of the automotive elastomers market surged to $10,015.2 million in 2015, while the market will exhibit a CAGR of 5.9% from 2016 to 2022, as per the estimates of P&S Intelligence, a market research company based in India. There are mainly two types of elastomers used in automobiles—thermoplastic and synthetic. 

This was because of the rapid expansion of the automotive industry and the large-scale adoption of lightweight materials by automobile manufacturers in the region. In the coming years, the sales of automotive elastomers are predicted to surge in North America and Europe. This is credited to the boom in the automotive industry, enactment of strict emission regulations, and rising popularity of high-performance automobiles in these regions. In North America, the demand for these elastomers was the highest in the U.S. in 2015. 

Hence, the demand for automotive elastomers will shoot up in the forthcoming years, mainly because of the increasing implementation of strict emission regulations by various international organizations and governments and the expansion of the automobile industry.

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How Is Rampant Construction Driving Demand for Centrifugal Water Pumps?

The worldwide population is expected to grow to 10.9 billion by 2100 from 7.7 billion in 2019, says the United Nations (UN) in its World Population Prospects 2019 report. Along with food and air, water is the most important for the survival of the human species. But, with the rising population, the availability of clean water for drinking and other household purposes is reducing. “2.3 billion people live in water-stressed countries, of which 733 million live in high and critically water-stressed countries.”, says the UN.

As per P&S Intelligence, the increasing demand for this precious resource will drive the centrifugal water pump market in the coming years. In such pumps, a rotating disc with blades (known as vanes), much like a turbine (but working opposite to it), pushes water forward. This, along with easy availability and cost-effectiveness, is why centrifugal variants are the most-popular type of domestic pumps in the world. Moreover, the design of this pump is simple, and it can accommodate numerous types of heads, for varying capacities.

Due to all these reasons, Asia-Pacific (APAC) is the largest centrifugal water pump market currently. Even though only 35% and 61% of the Indian and Chinese populations lived in cities in 2020, as per the World Bank, their absolute urban population is the highest in the world. This is why these countries’ cities’ demand for potable water is the highest. Even otherwise, they are the two most-populated countries in the world; much of their rural population is not connected to a municipal water supply system, which is why a large number of people use individual centrifugal pumps at their houses.

Moreover, APAC also accounts for the highest industrial production and large-scale construction. With water being important in these sectors, the demand for industrial-grade centrifugal pumps is booming. As high-rises are being built in large numbers, the demand for pumps at construction sites is increasing so that water can be lifted to the higher storeys. Same is the reason that after the buildings and their individual units are leased out, water pumps are installed to aid in the human consumption of water.

Thus, with the burgeoning population, the installation of centrifugal water pumps will increase.

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Why Are Electronics Manufacturers Using Barium Nitrate?

An extensive volume of barium nitrate is being used in the production of ceramic powder, which is an essential ingredient for electronic components such as capacitors, semiconductors, and superconductors. Ceramic powder coating is used in the electronics industry for device packaging, specialized mechanical components, superconductor devices, and semiconductor devices. Thus, the burgeoning demand for electronic products, on account of the rising disposable income of people and soaring need for technologically advanced devices, will create a huge requirement for this salt globally.

Moreover, its increasing usage as a pyrotechnic colorant will help the barium nitrate market progress at a CAGR of 5.5% during 2016–2022. The market was valued at $2,368.3 million in 2015, and it is expected to generate $3,451.8 million revenue by 2022. The pyrotechnics/fireworks industry uses generic barium nitrate products as an oxidizer, to make green fireworks. Additionally, the compound is also used in tracer bullets, which enable the shooter to trace the trajectory of a bullet with the naked eye.

Currently, the requirement of end-use industries for this chemical is met by Xilan Chemicals Co. Ltd., Jiaocheng Sanxi Chemical Co. Ltd., Angene International Ltd., Tennants Distribution Ltd., Hummel Croton Inc., Solvay, Hebei Xinji Chemical Group Co Ltd., SNDB, Basstech International Llc, and Sakai Chemical Industry Co. Ltd. Nowadays, these companies are primarily focusing on improving the product quality, reducing product cost, and enhancing supply reliability, to reach out to a greater number of customers across the world.

According to P&S Intelligence, Asia-Pacific (APAC) led the barium nitrate market in the preceding years, and it is expected to retain the leading position in the upcoming years. This can be attributed to the flourishing electronics industry, on account of the mounting disposable income of people, and escalating use of the compound in the fireworks sector. Additionally, the consumption of barium nitrate in military and pyrotechnics applications is increasing in the region.

Thus, the escalating demand for electronics and firecrackers and the booming glass industry will fuel the adoption of barium nitrate worldwide.

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Why Are Food and Beverage Companies in Germany Using Coding and Marking Systems?

Coding and marking systems provide product-related information on the packaging, such as manufacturing and expiry dates, price, batch number, and other related information, to customers. Coding and labeling enable the identification and tracking of ingredients through multiple stages of the manufacturing process. These systems are being increasingly adopted in the pharmaceutical industry in Germany owing to the surging awareness among manufacturers on the advantages of citing the drug information on the package and owing to the increasing penetration of blister packaging in this sector.

Additionally, coding and marking systems are being deployed by food and beverage companies across the country. Such companies use these systems to print product details on packaged food items, bottled water and alcoholic and soft drinks, and milk packets. Thus, the burgeoning demand for pharmaceutical products and packaged food and beverages will help the German coding and marking systems market demonstrate a CAGR of 5.7% during 2018–2023. According to P&S Intelligence, the market was valued at $290.6 million in 2017, and it is expected to generate $409.4 million revenue by 2023.

At present, end-use industries, such as electrical and electronics, food and beverages, cosmetics and personal care, automotive and aerospace, healthcare, chemical, textiles, and packaged consumer goods, are shifting from conventional printing to digital printing. The shift toward digital printing solutions, such as continuous inkjet, can be attributed to their ability to print high volumes of characters with a limited quantity of ink. Additionally, the lesser time consumed and lower inventory waste generated by digital printing solutions will augment their usage in Germany.

Thus, the expanding pharmaceutical industry, burgeoning demand for packaged food items and beverages, and escalating automobile production will propel the adoption of coding and marking systems in Germany.

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How are Strict Government Regulations Driving Demand for Renewable Chemicals?

The increased use of fossil fuels has left the environment in a detrimental state. Their excessive utilization has led to high carbon emissions, which in turn, is the cause for the depletion of the ozone layers. Ascribed to these, the need for shifting to eco-friendly alternatives has increased substantially across the globe. Technological advancements are certainly of importance in such a scenario, as new green technologies can help in decreasing the use of fossil fuels. 

All these factors are resulting in the growth of the renewable chemicals market. Renewable chemicals are derived from sources of carbon that can be replaced swiftly. These chemical are made using renewable feedstock such as microorganisms, biomass, and agricultural raw materials. The use of renewable chemicals is increasing owing to the fact that they can potentially be utilized as a substitute for chemicals that are derived from petroleum.

Consumers these days are also becoming more aware regarding the condition of the environment and therefore are focusing on sustainable products. Due to this, the focus on renewable resources, including renewable chemicals, has been rising. Furthermore, governments of several countries are also implementing regulations for curbing environmental damage. For example, the European Commission has introduced the REACH regulatory mechanism to protect the environment and human health from the risks posed by petroleum-based chemicals. In addition to this, the low-cost and abundant availability of feedstock are also expected to drive the market. 

Different renewable chemical types are organic acids, alcohols, platform chemicals, ketones, and biopolymers. These chemicals are utilized for a number of purposes in various industries such as surfactants and lubricants, consumer goods, resins, and plastics. Renewable chemicals are produced utilizing a number of processes including dehydrative transformation, thermo-chemical conversion, fermentation and bioconversion, enzymatic hydrolysis, product separation and bioconversion, production of Fischer-Tropsch diesel, acid hydrolysis, reductive transformation, and gasification/fermentation. 

Renewable chemicals are used for a number of applications, such as textiles, transportation, communication, food safety, housing, environment, health & hygiene, recreation, agriculture, and bio-medical. The increasing environmental concerns and strict government regulations are resulting in the growing use of renewable chemicals for applications in environment, agriculture, and bio-medical sectors. Moreover, the rising requirement for chemicals for supporting several industrial processes is creating the need for eco-friendly alternatives. 

Geographically, the European region is expected to emerge as a major renewable chemicals market in the years to come, ascribed to the stringent government norms that are promoting the use of environment-friendly chemicals. Apart from this, the adoption of these chemicals is also expected to rise considerably in the Asia-Pacific (APAC) region in the years to come. The need for clean chemicals to support several manufacturing processes is growing in the region. Moreover, the surging pollution levels, increasing greenhouse gases, and faster rate of oil depletion in APAC are driving the demand for renewable chemicals. 

In conclusion, the market is being driven by the surging environmental concerns and strict government regulations.

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Why is Asia-Pacific Primary Consumer of Coating Resins?

A number of developing countries, including China and India are registering strong economic growth, because of which, the government is becoming more inclined towards spending on building world class infrastructure. The disposable income of people is rising as well, thereby allowing them to migrate to urban cities. Ascribed to all this, the construction industry across the globe is growing rapidly, as large number of commercial and residential buildings are being built for facilitating the increasing number of people coming to urban areas. A large number of products are utilized during the construction process, hence, the expansion of the industry is creating demand for these products as well. 

Coating resins is one of the materials that are utilized for providing finishing touches to different kinds of products. In addition to this, these organic compounds also protect surface of materials from extreme environmental conditions. Other than the construction industry, coating resins are also used in automotive, marine, and furniture industries. The swift expansion of the automotive industry is also a key factor that is driving the demand for coating resins. The production of vehicles around the world is increasing, as a larger number of people are now focusing on buying private vehicles, thereby driving the growth of the global coating resins market. 

There are various types of coating resins, namely saturated polyester resins, acrylic, polyurethane, vinyl, unsaturated polyester resins, amino, and epoxy. Out of these, the demand for acrylic coating resins has been considerable up till now, which can be attributed to the high elasticity, solubility, and versatility of these coating resins. In addition to this, acrylic coating resins are water resistant and non-toxic in nature, which makes them the preferred choice. In terms of technology, coating resins are further of different types, including high solid, water-borne, radiation cured, solvent-borne, and powder coating, among which, the demand for water-borne coating resins is predicted to rise considerably in the years to come.

This is owing to the rising demand for these products from furniture and automobile manufacturers, as they are cost-effective and exhibit superior adhesion properties. Among the key applications areas, including vehicle refinishes, architectural, automotive, marine, and industrial, the demand for coating resins was considerable high for applications in the architectural sector. This is because of the rising requirement for residential construction across the globe. Geographically, Asia-Pacific (APAC) emerged as he largest coating resins market in the past because of the increasing need for repair and renovation of commercial buildings, schools, houses, and malls in the region. Furthermore, the rise in foreign and government investments is also driving the growth of the market in APAC. 

In conclusion, the demand for coating resins is growing due to the expanding construction and automotive industry across the world.

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