Acrylic Surface Coating Market to Register Growth due to Expanding Construction Industry

The low levels of volatile organic compounds (VOCs) in acrylic surface coatings have led to their increasing adoption. This can be ascribed to the growing awareness about the harmful effects of VOCs, like cancer and respiratory illnesses. On account of these reasons, governments of various countries have amended norms to lower the VOC emission levels, which are coercing the manufacturers to develop eco-friendly coatings. Moreover, the amplifying environmental concerns have encouraged manufacturers and customers to shift toward acrylic products.

Furthermore, the increasing usage of coatings for decorative purposes will escalate the acrylic surface coating market at a CAGR of 5.2% during forecast period. The market was valued at $24,121.1 million in 2015, and it is expected to reach $34,720.3 million by 2022. These coatings are used for raising the aesthetic value of vehicles, interior and exterior walls, and furniture. As a result, the high-volume adoption of decorative coatings can be owed to the rapid urbanization and surge in the disposable income, globally. Moreover, the rising investments in the infrastructure sector, especially in developing nations, will boost the utilization of such products in the foreseeable future.

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The coatings offered by these companies are mostly applied on plastics, concrete, and metals. The manufacturing sector across the world is shifting toward acrylic coatings from oil-based coatings , as acrylic emulsions provide better color fastness, shorter drying time, and higher gloss and color retention than oil-based products. Moreover, this shift can be ascribed to the neurological and cellular damage caused by the VOCs contained in oil-based emulsions. Owing to such benefits, coating companies are developing special-purpose automotive original equipment manufacturer (OEM) and construction coatings.

According to P&S Intelligence, Asia-Pacific (APAC) will dominate the acrylic surface coating market in the coming years, while also displaying the fastest growth. This can be attributed to the vast consumer base, stringent norms for the utilization of environment-friendly coatings, and huge investments in the infrastructure sector. Besides, the growing automotive industry and rising purchasing power in the region will propel the adoption of such materials. For instance, China is one of the leading automobile manufacturing hubs, therefore uses large quantities of coatings to enhance the aesthetic appeal of vehicles.

Thus, the environment-friendly nature of acrylic surface coatings will boost their application in the automobile, construction, and furniture sectors worldwide.

Source: https://www.psmarketresearch.com

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Asia-Pacific Pharmaceutical Fine Chemicals Market Set for Prosperity in Near Future

The global pharmaceutical fine chemicals market attained a value of $100.3 billion in 2019 and is predicted to exhibit a CAGR of 6.2% from 2020 to 2030. The surging geriatric population is a key factor fueling the progress of the market. This is because the people belonging in the age group—65 years and above are very vulnerable to various diseases such as those affecting the musculoskeletal, nervous, cardiovascular, and endocrine systems and infections. 

According to the United Nations, the total geriatric population in the world in 2019 was 703 million and this number is predicted to rise to 1.5 billion by 2050. Thus, with the growing population of elderly people, the requirement of drugs would increase, which would propel the advancement of the market.

Proprietary Drugs Set to Dominate Market till 2030

Under the drug type segmentation of the pharmaceutical fine chemicals market, the proprietary category is expected to hold the highest market share in the future years. This is attributed to the fact that the commercialization of these drugs is very expensive, because of the requirement of exhaustive R&D (research and development), efficient quality control procedures, regulatory compliance, and patenting and marketing mechanisms. Furthermore, the various ingredients used in these drugs must be of superior standards and have approval from regulatory bodies so that the products are safe and effective.

In 2019, the pharmaceutical fine chemicals market recorded the highest growth in North America, as this region is one of the biggest producers of pharmaceutical products across the world. Furthermore, the healthcare expenditure in this region is significantly higher than in any other region in the world. However, the market will demonstrate the fastest growth in Asia-Pacific (APAC) during the forecast period, on account of the increasing measures being taken by the governments of many APAC countries for boosting their pharmaceuticals production and the huge investments being made in R&D activities for finding the treatment for several incurable diseases.

In the recent years, the players operating in the pharmaceutical fine chemicals market has been actively involved in various facility upgradation and expansion activities to:

• Attain greater cost-effectiveness and flexibility in operations 

• Meet the increasing demand for pharmaceutical-grade products from global and regional customers 

• Work in compliance with the regulations and policies for certain environmental conditions for pharmaceuticals production 

• Increase research and development activities in the different domains of pharmaceutical development

• Conduct effective and logical contract research and analytics in the field of pharmaceuticals and chemicals production

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Why will Sales of Biocidal Products Rise Sharply in Asia-Pacific in Near Future?

Biocides refer to microorganisms or chemical substances that intend to deter, render harmless, destroy, or exert a controlling effect on any harmful organism by biological or chemical means. These compounds can act as pesticides, disinfectants, or preservatives for several end-use applications. As the excessive usage of this chemical can be harmful to humans, the biocidal products are regulated under the Biocidal Products Directive of the European Union (EU). Under the 98/8/EC directive of the EU, such products are classified into 22 types, based on their applications.

The increasing global population and the rising disposable income of people in several countries are massively pushing up the sales of consumer products such as detergents, paints, furniture, cosmetics, and building materials, which is, in turn, fueling the surge in the demand for biocides across the world. Biocides are used in these products for enhancing their quality and performance and increasing their shelf life. Hence, with the growing usage of these compounds in consumer products and water treatment plants, the global market for biocides will register rapid expansion in the coming years.

Additionally, the soaring consumption of consumer products, on account of the rise in disposable income and macroeconomic growth, will fuel the adoption of biocides, globally. Manufacturers of consumer goods use biocidal products to eliminate or prevent microbial growth, as they serve as preservatives, sterilant, and disinfectants in the production processes. Moreover, the booming world population will also increase the prospects of biocides, due to the large-scale production of consumer products. Apart from this, the chemical also finds wide application in industrial plants of home care, healthcare, and personal care products.

According to P&S Intelligence, the Asia-Pacific biocides market will exhibit the fastest growth in the foreseeable future. This can be ascribed to the high-volume application of biocides in water treatment plants of India, China, and other southeast Asian countries. The increasing demand for treated water for industrial and residential applications from these nations will amplify the adoption of the chemical in the coming years. The industrial capacity of these nations is surging at a notable rate, which, in turn, is propelling the utilization of biocidal products in the region.

Thus, the burgeoning consumption of consumer goods and the escalating requirement for portable water will propel the adoption of biocides in several end-use industries.

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How Is Urbanization Amplifying Construction Chemical Sales?

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

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

According to P&S Intelligence, APAC will register the fastest growth in the construction chemicals market due to the mounting need for these chemicals in the emerging economies of China and India. China is regarded as the construction capital of the world. The huge government investments in infrastructure projects will boost the requirement for construction chemicals in the country in the coming years, especially in its major cities, such as Shanghai, Hong Kong, Macau, Guangzhou, Chengdu, and Beijing.

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

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Why Is Aerospace Sector Increasingly Using Ceramic Matrix Composites?

Ceramic matrix composites (CMCs) are being increasingly used for the production of automotive components. The rising consumption of CMCs can be owed to their low weight. In the coming years, as the demand for lightweight vehicles escalates owing to their exceptional fuel efficiency, the usage of CMCs will rise in the automotive industry. Moreover, the less-polluting characteristics that these materials impart to automobiles will boost their adoption in the foreseeable future.

Moreover, the high strength-to-weight ratio and excellent mechanical properties of CMCs have resulted in their increasing consumption in the aerospace sector. These composites are used in high-speed machine parts, jet engine fans, power transmission lines, fighter aircraft ventral fins, and helicopter rotor blade sleeves to increase the overall reliability and efficiency of the aircraft. This factor will drive the ceramic matrix composites market at a CAGR of 13.7% during the forecast period. The market stood at $1,891.3 million in 2015, and it is expected to reach $6,006.1 million by 2024.

Automotive, marine, industrial, aviation, refining, production, and exploration are the major application areas of ceramic matrix composites. Out of these, the usage of these materials was observed to be the highest in aerospace applications in the past years. Moreover, the utilization of these materials in aerospace applications will increase significantly in the forthcoming years. This is credited to the various benefits provided by CMCs such as thermal protection to aircraft structures such as wings, empennage, and fuselage.

According to P&S Intelligence, North America utilized the highest volume of ceramic matrix composites in the past owing to their vast application in the aerospace and defense sector of the U.S. Besides, the growth of the electronics sector in the continent will boost the requirement for these materials. The Asia-Pacific ceramic matrix composites market will witness the fastest growth in the coming years due to the soaring expenditure on the defense sector, booming investments in space exploration, and rising energy consumption in the emerging economies of India and China.

Thus, the escalating demand for lightweight vehicles and increasing production of aircraft will boost the consumption of CMCs in the coming years.

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Lead-Acid Batteries Sales Rising with Increasing Demand for UPSs

Around the world, the population continues to grow, which is leading to the rising demand for electricity, among almost all other things. More people and houses mean more electrical appliances in use, which is putting immense pressure on national grids. In a large number of countries, especially the developing ones, the energy being produced is still way lesser than required. Thus, the existing grids regularly witness high-load conditions, which lead to power cuts for short and long durations.

As power cuts disrupt the day-to-day life, the demand for equipment that can continue to provide power in case of outages has been steadily increasing. Therefore, uninterruptible power supply (UPS) sales are increasing around the world. Since these devices draw electricity from lead–acid batteries, P&S Intelligence has forecast a 3.7% CAGR for the lead–acid battery market during 2018–2023. At this rate, the revenue generated from the sale of these energy storage systems will likely rise from $56.9 billion in 2017 to $70.7 billion by 2023.

Individual homes can still deal with a power cut, but there are several settings, such as hospitals, factories, public transport facilities, and data centers, that cannot. Therefore, a continuous supply of electricity is even more important at these places, which is either achieved via on-site generators or high-power UPSs with large batteries. Other than UPSs, other applications of lead–acid batteries are utilities, automotive, oil and gas, telecommunications, construction, leisure, mining, marine, and military. Among these, the largest application area is automotive, due to the rapidly increasing sale of vehicles Across the globe.

Globally, the sales of lead-acid batteries will increase rapidly in the Asia-Pacific region in the near future, on account of the rapidly expanding automotive industry, the growing usage of electric vehicles, and the rising disposable income of the people residing in the regional countries such as India and China. The ballooning sales of these batteries will cause the boom of the lead-acid battery market in this region in the coming years. 

Hence, it can be said without any doubt that the sales of lead-acid batteries will soar all over the world in the upcoming years, mainly because of the growing deployment of electric and hybrid electric vehicles in several countries, on account of the rising implementation of favorable government policies, increasing spending power of people, and the surging consumer awareness of the environmental damage caused because of the usage of fossil fuel-powered vehicles. 

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Waterless and Natural Dyestuff Trending in South Asian and ASEAN Nations

In 2014, the Indian government announced plans to set up integrated textile parks and offer financial support to small and mid-size textile companies. In the same way, Indonesia plans to generate $75 billion from textile exports by 2030 and increase its share in the worldwide textile exports by 5%. Such moves are expected to give a massive boost to the textile industry, which would lead to a rapid rise in the demand for various raw materials used here, including yarn and dyestuff.

P&S Intelligence credits these government efforts while forecasting that the ASEAN & South Asian dyestuff for textile market will grow from $1,163.6 million in 2016 to $1,938.9 million by 2023, at a 7.8% CAGR during forecast period. Dyes are soluble substances that are used to color textiles, apart from concrete and plastics. Before being applied to a substrate, these dyes are converted into an aqueous solution, i.e., mixed into a solvent.

Currently, the demand for these materials in South Asian and Association of Southeast Asian Nations (ASEAN) member countries is rising on account of the growth in the apparel popularity. With an increase in the disposable income and influence of the Western culture, sales of jeans, outerwear, innerwear, T-shirts, dresses, shorts, children’s wear, trousers, and socks are surging in South and Southeast Asian nations. Moreover, these nations are witnessing rapid population growth, which is another reason behind the increasing demand for textiles and, in turn, dyestuff.

Apart from reactive dyes, the demand for natural dyes is also increasing in the textile industry of South Asian and ASEAN countries. Synthetic dyes often contain volatile organic compounds (VOCs), which not only harm the environment but also cause deadly human diseases, such as cancer. This is why dyes made from plants, animal secretions, insects, fruits, and minerals are rapidly becoming popular. These are biodegradable, offer a smooth finish to fabrics, protect the wearer against ultraviolet (UV) radiation, and possess antimicrobial and anti-inflammatory properties.

Thus, with the growth in the demand for apparel and government efforts to boost the textile sector, the requirement for dyestuff will keep increasing in South and Southeast Asian countries. 

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Lightweight Automotive NVH Materials Improving Overall Ride Experience

Automotive noise, vibration, and harshness (NVH) materials are substances or agents that can reduce or block NVH originating from automobile parts, such as steering wheel, engine box, accelerator, brake paddles, armrest, steering wheel, and floor and seat, of a vehicle. Automakers use rubber, metal sheet, polyvinyl chloride (PVC), felt, resins, cork, and fiberglass to reduce or block NVH at the places where it is sensed. Among these, rubber has been accepted as an ideal NVH material, due to its high density and uniformity.

Additionally, the largescale production of lightweight vehicles has increased the consumption of NVH materials, globally. Customers have increased their preference for lightweight vehicles, as these automobiles help in saving energy, reducing brake and tire wear, cutting down emissions, improving fuel economy, and controlling NVH. Thus, the surging demand for these automobiles will fuel the automotive NVH materials market at a CAGR of 7.2% during 2018–2023. According to P&S Intelligence, the market was valued at $7,579.8 million in 2017 and it is expected to reach $11,467.5 million by 2023.

Globally, the Asia-Pacific region has emerged as the largest consumer of automotive NVH materials, owing to the high production capacity of automobiles of the regional automotive industry. Moreover, low labor, raw material, and production costs will also accelerate the sales of NVH materials in APAC. China is one of the largest automotive hubs that produced 21,360 million units of passenger cars and 4.36 million units of commercial vehicles in 2019. Similarly, India produced 3,434,013 passenger vehicles and 752,022 commercial vehicles in 2019–2020.

Moreover, to cater to the accelerating demand for automotive NVH materials from different regions, the key market players, such as DowDuPont Inc., Borgers SE & Co. KGaA, Huntsman Corporation, Mitsui Chemicals Inc., Exxon Mobil Corporation, 3M Company, Sumitomo Chemical Company Limited, Covestro AG, BASF SE, and Lanxess AG, are focusing on developing advanced materials for the automobile sector. For example, Covestro AG has implemented high-tech materials like polycarbonate and polyurethane to reduce unwanted vibration and sound in vehicles.

Thus, the largescale adoption of lightweight vehicles and the development of new materials by the key players will boost the adoption of automotive NVH materials in the coming years.

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India Set to Witness Explosive Demand for Specialty Chemicals in Coming Years

Due to the surging population levels and the soaring consumer spending, the sales of specialty chemicals are rising sharply in Asia-Pacific. The increasing population of middle-class people, the growing disposable income of people, rapid industrialization, and the expansion of the manufacturing sector are creating huge requirement for specialty chemicals in this region. Besides this, the launch of several infrastructural development projects is also pushing up the sales of specialty chemicals in the APAC region.

These infrastructure projects include the construction of residential and commercial buildings, schools, hospitals, malls, warehouses, shopping complexes, highways, railroads, roads, and manufacturing facilities. Specialty chemicals are heavily used in the construction industry in the form of pigments, resins, coatings, surfactants, paints, additives, varnishes, and adhesives and sealants. Because of this reason, the growth in the construction industry is positively impacting the demand for specialty chemicals all over the APAC region.

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This is driving the advancement of the Asia-Pacific specialty chemicals market. Specialty chemicals or performance chemicals, as they are sometimes called, are extensively used in the manufacturing processes of several products. They are low-volume chemical items that add significantly high value to various products. These chemicals are mainly used as ingredients in manufacturing processes and can also be used to produce a diverse range or products such as electronics goods, petroleum products, paints, and detergents.

In the coming years, the sales of specialty chemicals will rise enormously in India. This will be because of the rising urbanization, the surging disposable income, and the growing requirement for enhanced aesthetics in various residential buildings in the country. Specialty chemicals are extensively used in several industries such as automotive, food and beverage (F&B), electronics, personal care, and construction. One of the major trends currently being witnessed in the industry is the shifting of production bases to APAC.

Hence, it can be said with full surety that the demand for specialty chemicals will soar in the APAC region in the upcoming years, mainly because of their ballooning usage in the construction and infrastructural development activities and automotive, personal care, and electronics industries.

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Europe and Asia-Pacific Set to Witness Boom in Methionine Sales in Coming Years

The ballooning requirement for animal feed in the poultry industry is causing a sharp surge in the global demand for methionine. Moreover, the soaring consumption of eggs and meat is pushing up the demand for methionine across the world. Methionine helps majorly in the development and growth of the digestive track of various animals, which, in turn, plays a major role in increasing the muscle mass of the animal. This improves the egg production of various poultry animals.

Because of the above-mentioned reasons, the sales of methionine are growing sharply across the world. This is propelling the advancement of the global methionine market. Methionine is mainly available in two forms- powder and liquid. Between the two, the demand for liquid methionine is predicted to surge sharply in the upcoming years. The adoption of liquid methionine in animal diets considerably improves the morphology and the growth performance of the gastrointestinal tract of piglets.

One of the major trends currently being witnessed in the market for methionine is the development of bio-methionine. Methionine is primarily produced from petrochemical sources, where it is usually very hard to handle raw materials. Furthermore, many companies are increasingly using new innovative and technologically advanced biochemical processes for producing methionine from various essential raw materials, on account of their environment-friendly characteristics and sustainability advantages over the conventionally used petrochemical sources.

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Geographically, the sales of methionine will rise enormously in Europe and Asia-Pacific in the upcoming years, as per the forecast of P&S Intelligence, a market research company. This will be a result of the existence of well-established methionine producing companies, the rapid modernization of the animal husbandry industry, and the soaring production of livestock, poultry, and pork in these regions. In North America, the demand for this material will be the highest in the U.S. in the future.

Hence, it can be said with surety that the demand for methionine will shoot up across the world in the forthcoming years, mainly because of the surging consumption of eggs and meat and the ballooning requirement for greater poultry production, on account of the soaring population levels in many countries.

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Food and Beverage Industry Uses High Volume of Can Coatings

With the expansion of the food and beverage industry, the demand for can coatings is rising explosively across the world. Due to the surging disposable income of people, the boom in the global population, the rising public awareness about healthy eating habits, and the increasing implementation of stringent government regulations regarding food safety, the food and beverage industry is exhibiting rapid expansion across the world. This is consequently pushing up the demand for can coatings.

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This is why the demand for the recycling of these cans is exploding, which is subsequently driving the advancement of the global can coatings market. Between interior and exterior, which are the two main types of can coatings, the demand for the former was higher in the past. This was because of the high usage of these coatings for lining the internal surfaces of cans to prevent direct contact between the contents of the can and the can metal. 

During the forecast period, the Asia-Pacific region is expected to demonstrate the fastest growth in can coating consumption, due to the increasing government expenditure on industrial developments, food safety, hygiene, and health in India, South Korea, and China. These coatings are applied in metallic packaging to offer characteristic design, aesthetic appeal, quality, reliability, sustainability, and protection to several products in industries like healthcare, personal care, and food and beverage. Therefore, the development of these industries is projected to boost the demand for can coatings in the region. 

Hence, it is safe to say that the demand for can coatings will skyrocket all over the world in the upcoming years, on account of the growing usage of cans in the food and beverage industry.

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India Set to Witness Boom in Paints and Coatings Sales in Coming Years

Paints and coatings are extensively used in vehicles for aesthetic and protection purposes. Several types of paints and coatings materials are applied on various vehicle components and also over the body of the automobile in order to improve its efficiency, resistance to various environmental conditions, and durability. With the surging per capita income of people in the emerging economies such as India and China, the sales of personal vehicles are rising sharply.

This is why the rapid advancement of the construction industry in the developing countries is positively impacting the demand for paints and coatings. Due to these factors, the Asia-Pacific paints and coatings market is registering huge growth. Depending on resin type, the market is divided into polyester, acrylic, epoxy, and polyurethane categories. Out of these, the polyurethane category is predicted to exhibit the highest CAGR in the market in the future years.

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This will be because of the fact that these coatings have various advantages over the other types of coatings such as negligible pot life issues, low energy costs, rapid cure speed, and low environmental impact. Moreover, these coatings are used heavily in industries such as wood works, shipping, and aerospace. Across the globe, the APAC paints and coatings market will exhibit the fastest growth in India in the future, as per the forecast of the market research company, P&S Intelligence.

The main factors fueling the progress of the industry in this country are the rapidly expanding construction industry and the soaring private and government spending on residential and commercial construction applications and projects there. As per reports, the Airport Authority of India is aiming to build city-side infrastructure at as many as 13 regional airports around the country. The surge in the manufacturing sector is also positively impacting the sales of paints and coatings in the country. 

Thus, it can be said with certainty that the demand for paints and coatings will explode in the region in the coming years, primarily because of the surging construction activities and the mushrooming sales of automobiles in the region.

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Why Are Indonesian Manufacturers Showing High Preference for Digital Coding and Marking Systems?

Coding and marking requirements in the manufacturing and processing sector of Indonesia were traditionally met with the use of analog technologies. However, in recent years, manufacturers here have shifted to digital coding and marking solutions owing to the increasing complexities in product packaging. As a result, the country has now shifted toward high-tech, sensitive printers. Now, manual systems are being substituted with continuous inkjet printers for working on product packaging.

In particular, the tobacco industry is generating a high demand for such modern and sophisticated coding solutions to ensure the quality of the end products, owing to the rising emphasis on cleanliness. Modern coding technologies facilitate enhanced readability and high-resolution printing for automatic labeling and direct-to-the-box applications. Thus, the coding and marking systems market in Indonesia is expected to grow from $27.4 million in 2017 to $48.7 million by 2023, at a CAGR of 10.1% during the forecast period.

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The application segment of the Indonesian coding and marking systems market is classified into polyethylene terephthalate (PET) bottles, metal parts, metal cans, bags, wooden materials, flexible films and foils, plastic and rubber parts, rigid plastic containers, extrusions, glass bottles and containers, shrink wrap, paperboard, retail-ready packaging, corrugated packaging, and others, including pouches, cases, and trays. In 2017, the PET bottles category held the largest market share due to the extensive use of these bottles for the packaging of beverages.

In 2017, Jakarta accounted for the largest share in the Indonesian coding and marking systems market. Jakarta creates a high demand for packaged food and beverage products, construction items, and metal goods owing to its vast population. As it is the most-populous city in Indonesia, it records the highest demand for coding and marking solutions to provide quality assurance to end users. The increasing demand for these products will foster the requirement for such coding and labeling systems in the forecast years as well.

Thus, the bolstering tobacco and food and beverage industries in Indonesia will boost the adoption of coding and marking systems in the coming years.

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Why Are Ethanolamines Being Used as Surfactants?

With the boom in the demand for surfactants, the sales of ethanolamines are surging sharply across the globe. This is because these compounds are extensively used as surfactants and emulsifying ingredients in various personal care products such as shampoos, laundry detergents, and soaps. The increasing disposable income of people, especially in the developing nations, is massively boosting the sales of personal care products, which is, in turn, pushing up the requirement for ethanolamines. 

Additionally, the growing public awareness about the various benefits of using herbicides in farming processes is predicted to propel the sales of ethanolamines all over the world. This is subsequently fueling the expansion of the global ethanolamines market. As a result, the valuation of the market is predicted to surge from $2,933.5 million in 2019 to $5,079.0 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 5.0% between 2020 and 2030.

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Globally, the ethanolamines market recorded the highest growth in the Asia-Pacific (APAC) region in the past years and this trend will continue in the coming years as well, as per the estimates of P&S Intelligence, a market research company based in India. This is ascribed to the huge investments being made by major chemical producing companies in the regional countries such as South Korea, Indonesia, and India and the growing disposable income of the people residing in this region.

Hence, it can be said with full surety that the demand for ethanolamines will shoot up across the world in the future years, mainly due to their growing usage as surfactants and in herbicides and the ballooning demand for agrochemicals around the world.

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Antioxidants of Palm Methyl Esters Enhancing Quality of Cosmetic Products

Palm oil is a vegetable oil that is converted to biodiesel through transesterification process utilizing methanol as a catalyst. As palm methyl ester derivatives are bi-based products, their demand in applications such as solvents, personal care products and cosmetics, soaps and detergents, and lubricants and additives is increasing. As per a P&S Intelligence report, valued at $1,443.4 million in 2018, the global market for palm methyl ester derivatives is predicted to surpass $2,106.7 million by 2023, advancing at a 6.4% CAGR during the forecast period. 

Some of the key derivatives of palm methyl ester include methyl caprylate, methyl myristate, methyl laurate, methyl stearate, methyl palmitate, methyl linoleate, and methyl oleate. In recent years, methyl oleate has been used in the highest volume because of its importance as a solvent in industrial cleaners, lubricant for metal and precision cleaning, and surfactant in personal care products. Most of these derivatives are derived from palm kernel oil (PKO) and crude palm oil (CPO). Of these, the consumption of PKO has increased significantly, majorly as a raw material for producing the final formulations of detergents, food and beverages, and pharmaceuticals.

These products and oils find application in several end-use industries due to the presence of antioxidants and healthy unsaturated fats in them. Thus, the application segment of the palm methyl ester derivatives market is categorized into soaps and detergents, solvents, personal care products and cosmetics, lubricants and additives, food and beverages, and others. Among these, the soaps and detergents category will hold the largest market share in the forecast period on account of the growing usage of laurates, oleates, and palmitates in the production of soaps and detergents.

Furthermore, Latin America, North America, and the Middle East and Africa (MEA) will also hold considerable shares in the palm methyl ester derivatives market during the forecast period. This can be owed to the large-scale usage of these derivatives for producing industrial chemicals, personal care products, and food and beverages. The North American market will be led by the U.S., as it imports high volume of palm methyl esters and palm oil for use as precursors in the formulations that are consumed in personal care and cosmetics, industrial chemicals, and agricultural formulations.

Thus, the switch toward natural cosmetic products and biodiesel will amplify the application of palm methyl derivatives in the coming years.

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Why Is Chloromethanes Consumption Rising in Chemical Industry?

Chloromethane is used as a raw material for manufacturing industrial solvents that are processed for the production of dimethyldichlorosilane, which serves as a precursor to silicones. These silicones are used in the production of lubricants, medicine, sealants, cooking utensils, and adhesives. Other derivates of chloromethane like methyltrichlorosilane and trimethylsilyl chloride are also utilized as solvents in butyl rubber manufacturing and petroleum refining. The surging production of such compounds will fuel the market for chloromethanes at 3.4% CAGR during 2019–2024. The market is expected to rise from $2,675.9 million in 2018 to $3,286.9 million by 2024.

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Currently, the market is highly consolidated with the presence of few major players, wherein AkzoNobel N.V. is the leader. This company has a rooted presence across the world and has plans to drive its production capacity. In July 2018, AkzoNobel N.V laid down its plan to increase its production capacity by 50%, by 2023, by expanding its capacity in Frankfurt, Germany. Additionally, companies like Dow Inc., Shin-Etsu Chemical Co. Ltd., Ercros S.A., Solvay SA, Occidental Petroleum Corporation, Tokuyama Corporation, AGC Inc., and KEM ONE also account for a substantial market share.

According to P&S Intelligence, the Asia-Pacific region will use the highest volume of chloromethanes in the foreseeable future, due to the largescale production and consumption of the compound in China and India. China accounts for the maximum consumption in the region, as it is one of the largest producers of chemicals and intermediates, pharmaceutical products, and agrochemicals. Moreover, the advancement of the end-use industries of chloromethanes across the region will boost the adoption of the compound in the coming years.

Thus, the growth of the end-use sectors like pharmaceutical, chemical, and agriculture will propel the demand for chloromethanes in the foreseeable future.

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Increasing Oil and Gas E&P Activities Fueling Global Demand for Well Cementing

With the surge in exploration and production (E&P) activities in both unconventional and conventional oil and gas reserves, the demand for well cementing is growing rapidly all over the world. Moreover, because of the recovery of crude oil prices, the oil and gas industry is booming, which is, in turn, propelling the requirement for well cementing. The soaring E&P investments in countries such as China, Russia, Brazil, and the U.S. are fueling the expansion of the well cementing industry. 

Besides the aforementioned factors, the high-volume production in the oil reserves in the Arctic region is also positively impacting the demand for well cementing across the world. As per the United States Geological Survey (USGS), nearly 90.0 billion barrels of undiscovered oil, 44.0 billion barrels of undiscovered natural gas liquid, and 1,669 trillion cubic feet of gas are present in the Arctic region. Currently, the Arctic Ocean is directly accessed by Canada, the U.S., Russia, Denmark, Iceland, and Norway.

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Due to the above-mentioned factors, the demand for well cementing is rising sharply across the world. This is fueling the progress of the global well cementing market. The valuation of the market is predicted to grow from $7,577.6 million in 2018 to $10,065.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.7% between 2019 and 2024. Well cementing is used in shale gas, oil, and gas wells.

The well cementing market has a highly consolidated nature, owing to the presence of few key players. These players are mostly multinational corporations (MNCs) that operate at a large scale. The major players in the market include Halliburton Company, Baker Hughes, and Schlumberger Limited. Other companies offering well cementing services are Gulf Energy SAOC, Consolidated Oil Well Services LLC, China Oilfield Services Limited, Nine Energy Service Inc., Halliburton Company, Magnum Cementing Services Ltd., Schlumberger N.V., Calfrac Well Services Ltd., and Weatherford International plc.

Thus, increase in E&P activities and discovery of new oil and gas reserves are expected to drive the growth of the market during the forecast period.

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How is Manufacturing Sector Fueling Surge of Indian Metal Bonding Adhesives Industry?

The rapid advancement in the manufacturing sector is causing a steep rise in the sales of metal bonding adhesives in India. As per the India Brand Equity Foundation, the country’s manufacturing sector rose to $91.2 billion in valuation from April 2000 to June 2019, mainly because of the increasing foreign direct investments in the country. Additionally, the implementation of several government initiatives such as Make in India is propelling the progress of the sector.

As these adhesives are extensively used in the manufacturing of various healthcare devices and equipment such as surgical equipment, X-ray machines, implantable devices, and biosensors, the ballooning sales of medical devices are massively boosting the demand for these adhesives. This is, in turn, driving the progress of the Indian metal bonding adhesives market. The market valuation is predicted to surge from $198.9 million in 2019 to $343.6 million by 2030.

Furthermore, the market is predicted to advance at a CAGR of 5.2% between 2020 and 2030. Depending on resin, the Indian metal bonding adhesives market is divided into epoxy, acrylic, cyanoacrylate, anaerobic, rubber, and polyurethane. Out of these, the epoxy category is predicted to exhibit the fastest growth in the market in the future years. This would be because of the growing usage of epoxy adhesives for bonding the metal sheets used in automobiles and trains. 

Due to their features such as high resistance to chemicals, extreme temperatures, oil, stress, moisture, and other solvents and excellent compatibility with various metals, epoxy adhesives are being heavily used in the country. When application is taken into consideration, the Indian metal bonding adhesives market is categorized into automotive, industrial machinery, industrial maintenance, construction, and consumer appliances. Amongst these, the automotive category recorded the highest growth in the market in the past, as per the market research firm, P&S Intelligence. 

Hence, it can be safely said that the sales of metal bonding adhesives will explode in India in the coming years, primarily because of their mushrooming requirement in the automotive industry and various manufacturing operations. 

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Increasing Number of Onshore Oilfields Fueling Sales of Pump Jacks

With the surge in the number of mature oilfields around the world, the demand for pump jacks is growing rapidly, especially in the petroleum industry. A majority of these oilfields have already reached their saturation points and therefore, produce very less oil. As these wells cannot be restarted economically once they are closed down, they are kept alive with the help of pump jacks. These devices enable the extraction of even the last few barrels of oil from these fields. 

Moreover, the usage of pump jacks considerably extends the lifespan of these wells by enhancing the pumping efficiency, without augmenting the operational cost. Computer-based technologies are being adopted for monitoring and analyzing the pump systems in real-time rapidly with minimum human involvement. The adoption of these automated technologies for ensuring efficient and smooth oil extraction from mature oilfields is emerging as a major trend. The growing popularity of onshore oil drilling is also propelling the demand for pump jacks.

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As onshore oil drilling has higher cost-effectiveness than offshore oil drilling, it is being increasingly preferred by oil and gas exploration and production companies around the world. Additionally, a large number of aging oil wells are onshore, which is further boosting the requirement for pump jacks. North America is home to numerous mature onshore oil wells, where pump jacks can be utilized extensively for achieving higher operational efficiency and extracting the remaining oil from the wells.

Due to the above-mentioned factors, the sales of pump jacks are soaring all over the world. This is, in turn, fueling the expansion of the global pump jack market. Onshore and offshore oil wells are the major application areas of pump jacks. Between the two, the requirement for pump jacks will rise at a faster rate in onshore oil wells in the coming years, as per the estimates of P&S Intelligence, a market research company based in India. 

North America held the largest share in the pump jack market in 2016, and it is also expected to witness the highest CAGR during the forecast period. This is because the region is home to the largest number of mature oil wells and numerous companies offering pump jacks. In addition, to cater to the rising demand for oil, the wells are being used for longer than before, for which utilizing pump jacks is important, as with time, the natural pressure of the well reduces. Apart from the U.S., E&P activities are increasing in Canada, which is driving the demand for pump jacks in the continent.

Hence, as more oil wells mature and the demand for the commodity increases, more pump jacks will be bought by E&P companies around the world.

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Demand for Tobacco Packaging Growing due to Increased Consumption of Cigarettes

According to a report by P&S Intelligence, the global market for tobacco packaging attained a value of $19,134.6 million in 2019, and it is predicted to progress at a 3.7% CAGR during the forecast period (2020–2030). The market is growing due to the rising adoption of tobacco products, owing to the increasing work life stress, and surging requirement for premium tobacco products. In terms of material type, the market is divided into metals, paper, plastics, and wood. 

Out of these, the paper division is expected to account for the largest share of the market till 2030, as paper is mostly preferred for packing cigarettes. Furthermore, cigarettes are the most consumer tobacco products across the globe. According to the estimations by the World Health Organization, 6 trillion cigarettes were manufactured in 2019 and were consumed by 1 billion people. Paper and paperboard materials are further eco-friendly, which is why, they are used more for the packaging of tobacco and other end-products. 

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Geographically, the tobacco packaging market is being dominated by the Asia-Pacific region during the historical period (2014–2019) and is further expected to hold the major share of the market during the forecast period as well. The consumption and production of tobacco is incredibly heavy in China, and the country is responsible for the production of almost a third of all cigarettes across the globe. This is predicted to drive the regional domain in the coming years. 

The surging work pressure across the globe is a major driving factor of the tobacco packaging market. As the work pressure is increasing, people are increasingly consuming tobacco-based products, as the nicotine, the psychoactive mood-altering chemical, present in the products stimulates the release of dopamine in the body. A sensation of pleasure and relaxation is created by this, which helps in relieving stress. Hence, people are widely adopting tobacco-based products for coping with increasing amount of stress. 

A key trend being registered in the tobacco packaging market is the increasing popularity of e-cigarettes. Owing to the cost-efficiency, no production of ash, cartridge strength and flavor customization flexibility, considerably fewer chemicals, fewer health issues, no fire risk, almost no teeth staining, ease of use, and odor-free nature, e-cigarettes are popular among people between the ages of 15–20 years. The increasing adoption of these products is opening up wide opportunities for the players operating in the domain. 

In conclusion, the surging work-related stress and rising popularity of e-cigarettes are predicted to drive the market.

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Single-Cylinder Pumpsets Helping Drive Agricultural Productivity in India

The population of India, which is already the second-highest in the world, rose to 1.36 billion in 2019 from 1.35 billion in 2018, and it will further increase to 1.7 billion by 2050, says the United Nations (UN). This is putting immense pressure on the agrarian community to feed the rising number of mouths, which hasn’t been easy considering the rapid urbanization taking place in the country. As cities are growing and rural lands are transforming into urban zones, farmlands are giving way to buildings and roads.

Additionally, for a long time, most of the farmers in India have depended on seasonal rains, but with time, irrigation is being practiced to grow crops round the year. As a result of all these factors, the market for Indian single-cylinder pumpset is forecast by P&S Intelligence to grow from $1,126.8 million in 2019 to $1,834.3 million by 2030, at a 5.3% CAGR between 2020 and 2030. Pumps are an important tool to draw water from underground sources and irrigation canals and route them to fields.

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Apart from agriculture, pumpsets are used in many sectors, such as water & wastewater management, oil & gas, power generation, and metal & mining. All these sectors are growing on account of the government support in the form of the allowance for foreign involvement, policy framework, and direct and indirect investment. For instance, 100% foreign direct investment is now allowed in oil & gas upstream (exploration & production) and downstream (refining) operations.

Moreover, under the Make in India initiative, the government hopes to transform the country into a global manufacturing hub. Thus, as industries grow, so will the demand for single-cylinder pumpsets, both during the construction of the facilities, as well as once they are functional. Water is required in almost all industries, which reflects a rapidly rising demand for pumpsets in the future. As a downside, industrialization leads to the discharge of massive volumes of effluents into waterbodies.

Hence, with the demand for agricultural products rising in India, the sale of single-cylinder pumpsets will grow too.

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Over 7% CAGR Predicted in Global Graphite Market During 2020–2030

The global graphite market is predicted to witness a 7.4% CAGR between 2020 and 2030 to reach $36,889.1 million in 2030 from $19,092.9 million in 2019. This would be a result of the increasing demand for lithium-ion batteries, which is itself a result of the rising sales of electric vehicles (EVs). Due to the increasing awareness regarding carbon emissions and the depleting fossil fuel reserves, governments around the world are offering their support for EVs.

Due to the hampering of automotive production and construction activities, the graphite market has witnessed a slowdown during the COVID-19 pandemic. This allotrope of carbon is widely consumed during the production of automotive Li-ion batteries and construction machinery. Additionally, due to the partial closure of the metallurgy industry, the demand for graphite refractories and electrodes has also dropped.

In the past, the larger share in the graphite market was held by the synthetic bifurcation, on the basis of type. Synthetic graphite is widely used in the electrodes of electric arc furnaces, which are used for smelting purposes in the metallurgy industry. The reasons behind the preference for synthetic graphite over the natural variant are the former’s better thermal shock resistance, higher thermal expansion, and ability to withstand high temperatures.

Asia-Pacific generates the highest revenue in the graphite market presently, and the future scenario will be unchanged. APAC is the world’s manufacturing and EV powerhouse, where this material has a high significance. Additionally, even consumer electronics batteries contain graphite, and with the rising sale of laptops, tablets, and smartphones in India, China, Japan, and South Korea, the consumption of graphite is consistently rising here.

Key Findings of Global Graphite Market Report

• Growing steel production driving graphite usage

• Synthetic form of material more popular than natural form

• Graphite use in pebble-bed nuclear reactors is key industry trend

• Automotive sector displaying highest potential for graphite adoption

• Seeing fragmented market nature, players engaging in acquisitions

• Highest graphite consumption being witnessed in Asia-Pacific

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Northern India Expected to Witness Boom in Indian Aerosol Market in Coming Years

The Indian aerosol market reached a valuation of $526.28 million in 2019 and is predicted to generate a revenue of $891.13 million by 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will progress at a CAGR of 6.0% between 2020 and 2030. One of the major factors driving the progress of the market is the growing requirement for aerosols in the manufacturing and automotive industries.

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This represented an increment of 6.3% from the sales of automobiles recorded in the previous year (29,094,447 vehicles). Similarly, as per the India Brand Equity Foundation (IBEF), because of the surge in the income of the middle-class populace and the population of young people, the sales of automobiles are predicted to rise enormously in the coming years. This will, in turn, push up the demand for aerosols in the country in the coming years.

The boom in the Indian manufacturing industry is also positively impacting the growth of the Indian aerosol market. As per the IBEF, the manufacturing industry in the country is exhibiting rapid advancement, because of the burgeoning customer demand for various consumer electronic products, machinery, and electrical equipment. Moreover, as per the Ministry of Commerce and Industry, the increasing per capita income of people will fuel the expansion of the Indian cosmetics and beauty products sector in the coming years.

The Indian aerosol market registered the highest growth in the northern part of the country in the past years and this trend is likely to continue in the future years as well. This will be a result of the increasing preference of customers for various personal hygiene products such as antiperspirants/deodorants in this region. Additionally, the growing requirement for home care and aerosol-based car care products will propel the market advancement in this region in the coming years.

Hence, it is safe to say that the market will grow explosively in the forthcoming years, primarily because of the rising requirement for aerosol-based products in the manufacturing and automotive industries and the surging sales of personal hygiene products in the country. 

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Why will Antimicrobial Additives Market Exhibit Lucrative Growth in Asia-Pacific in Future?

The antimicrobial additives market stood at $1,753.2 million in 2019, and it is projected to reach $3,784.3 million by 2030, displaying a CAGR of 7.4% during the forecast period (2020–2030). This market thrives on the escalating threat of bio-resistance in patients owing to the intake of antibiotic drugs and surging incidence of pathogen transmission from human-to-human contact. Besides, the increasing awareness among customers regarding health issues and growing adoption of these additives in the food and beverages, aviation, healthcare, mining, packaging, and construction sectors will fuel the market growth.

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The increasing consumer awareness about general hygiene and microbial spread will propel the demand for antimicrobial additives in the coming years. Thus, the large-scale consumption of these products in the medical sector will support the antimicrobial additives market growth. The increasing incidence of life-threatening ailments, such as COVID-19, and the constant threat of healthcare-associated infections (HAIs) have generated awareness among people regarding the causes and prevention of diseases. Therefore, the healthcare industry is developing products containing antimicrobial additives to prevent the spread of these diseases.

The material type segment of the antimicrobial additives market is classified into foam, plastics and polymers, paper, paints and coatings, textiles and fabrics, rubber, laminates, and ceramics. Under this segment, the plastics and polymers category accounted for the largest market share in 2019, and it is projected to be the frontrunner in the forecast period too. This can be ascribed to the burgeoning demand for plastics and polymers from medical instrument manufacturers. These materials are replacing conventional materials in anesthetic equipment and surgical ventilators, as they can minimize the risk of infections by containing the spread of contaminants.

In 2019, North America dominated the antimicrobial additives market, owing to the existence of key market players, expansion of end-use industries, and high awareness regarding the advantages of such chemicals. Additionally, the increasing government support for research and development in the field has also contributed to the growth of the regional market. The Asia-Pacific market is expected to witness the fastest growth during the forecast period. This can be majorly attributed to the continuous advancements in technology and high-volume production of healthcare, construction, packaging, and food and beverage products.

Thus, the rising awareness about health issues and increasing production of medical devices and equipment will fuel the market growth in the foreseeable future.

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Why Are Paints and Coatings Manufacturers Using Crotonic Acid-Based Thickener?

Crotonic acid is one of the prime ingredients used in the production of paints and coatings, due to its ability to form copolymers when combined with other chemical compounds. Moreover, when crotonic acid monomer is copolymerized with other compounds, it leads to the formulation of a thickener, which is utilized in glossy emulsion paints. Such paints offer protective coatings and additional glowing effect to the interiors and exteriors of buildings. Thus, the rising demand for emulsion paints will boost the production of the acid in the coming years.

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Moreover, the rapid growth in the adhesives industry will drive the crotonic acid market at 7.9% CAGR during 2021–2025. The market is expected to grow from $592.0 million in 2020 to $853.7 million by 2025. Copolymers obtained after mixing crotonic acid with vinyl acetate are used in the formulations of adhesives. For instance, the production of hot melt adhesives usually involves the grafting of crotonic acid and acrylic acid on to metallocene ethylene–octene copolymers. Moreover, technological developments have resulted in the formulation of improved adhesives that offer phenomenal bond strength, performance, and flexibility under a wide range of temperature. 

Geographically, China accounted for the largest share in the crotonic acid market in 2020 and it is expected to observe the same trend during the forecast period. Moreover, the Chinese market is also expected to demonstrate the fastest growth in the coming years. This can be attributed to the burgeoning demand for paints and coatings and adhesives for repair and renovation of residential and commercial units. Besides, the escalating requirement for this acid as plasticizers, fungicides, and intermediaries in the chemical, agricultural, and pharmaceutical industries will boost the market growth.

Thus, the growing consumption of adhesives and paints and coatings in various sectors will accelerate the production of crotonic acid in the foreseeable future.

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How Will R&D Activities Enhancing Quality of Solar Encapsulants?

The widescale installation of photovoltaic (PV) modules, continuous research and development (R&D) in solar cell technologies, and advent of crystalline silicon solar technology are expected to drive the market for solar encapsulant at a CAGR of 28.4% during the forecast period. The market generated a revenue of $1,036.0 million in 2017 and it is projected to generate $4,555.4 million by 2023. Moreover, the escalating awareness among people regarding the benefits of the solar cell technologies will propel market growth in the coming years.

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Governments and private enterprises across the world are constantly focusing on R&D activities to enhance the solar energy sector. These activities are directed at improving the durability and efficiency of solar cells. These efforts have resulted in the development of third-generation PV modules that have the potential to overcome current performance and efficiency limits. Constant technological innovations in solar cell technology along with surging energy need have led to the significant decline in the cost of PV modules in recent years.

Globally, the Asia-Pacific region led the market during 2014–2019, and the regional market will also register the fastest growth during the forecast period. This can be primarily owed to the surging production capacity of solar modules by leading manufacturers in the region. Over the years, manufacturers have shifted their production base from European nations to China, on account of price inflation of solar products in Europe. Moreover, easy availability of low-cost skilled labor and favorable government policies in APAC will also account for the increasing penetration of solar encapsulants.

Additionally, North America is also expected generate considerable revenue in the solar encapsulant market in the coming years. This can be attributed to the widescale installation of solar panels in commercial and residential buildings, largescale establishment of solar cell production units, and strong presence of established players in the region. Furthermore, Europe will also account for significant market share, on account of the increasing presence of encapsulate film manufacturers, surging investments in solar cell technologies, and growing support from governments to strengthen the solar energy ecosystem in the region. 

Thus, the constant developments in solar cell technologies and the gradual shift toward solar energy will accelerate the consumption of solar encapsulants in the coming years.

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How Are Energy Storage Systems Reducing Burden on Fossil Fuels?

The increasing focus on renewable energy sources, dipping cost of batteries, and rising international outcry over pollution caused by conventional energy sources will drive the market for energy storage at a CAGR of 3.3% during the forecast period (2020–2030). The market had a capacity of 171,039.3 megawatts (MW) in 2019 and it is expected to expand its capacity to 69,917.6 MW by 2030. Additionally, high costs for securing energy will facilitate the market growth in the coming years. 

Countries across the world are reducing their dependency on conventional energy sources like coal, gas, and oil and growing their focus on non-conventional sources. Renewable energy sources, like solar and wind, have variable outputs, which need storage technologies to smoothen the electricity supply from multiple sources. Unlike non-renewable energy sources, which take more time to ramp up and deliver full power, the storage technologies can quickly discharge power to grids. The rapid response is vital for ensuring the stability of the grids in situations of sudden demand.

According to P&S Intelligence, the Asia-Pacific (APAC) region led the market in 2019, due to the rise in engineering, procurement, and construction (EPC) activities in Japan, India, and China. Governments of these nations are rapidly installing smart grid community systems for electricity delivery. On the other hand, in the coming years, the Latin American and African energy storage market will register significant growth, due to the growing inclination toward battery storage systems and pump hydro electrical systems (PHESs). 

Thus, the reducing dependency on traditional energy sources and the increasing reliance on renewable energy sources to meet the sheer power demand will amplify the installation of energy storage systems, globally.

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How Will Lifestyle Changes Boost Charcoal Market Growth?

Rising use of charcoal in recreational cooking, soaring application of carbon product in silicon production, and surging demand for the product in water treatment plants will accelerate the charcoal market at 1.9% CAGR during the forecast period (2019–2024). At this growth rate, the market is expected to increase its revenue size from $5,882.8 million in 2018 to $6,566.5 million by 2024. Currently, the market is highly fragmented, due to the presence of numerous players such as Royal Oak Enterprises LLC, Parker Charcoal Company, Timber Charcoal Company LLC, and Maurobera SA.

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Owing to lifestyle changes and emergence of new cooking techniques, people across the globe are consuming barbecued food products, characterized by live cooking setting and complemented with a vibrant ambience and extensive buffet spread. Slow-cooked briskets, spare ribs, pork shoulders, and chicken thighs are common at barbecue restaurants. This change in food preference has increased the number of barbecue restaurants at a rapid pace, especially in developing countries like China and India. These restaurants are expected to consume high volume of charcoal as the basic fuel in coming years.

In 2018, the Latin American charcoal market generated the highest revenue, globally. This is driven by the expansion of the food industry that is fueled by the escalating popularity of barbecue food, surge in cement production, and rapid industrialization in the region. Furthermore, it is expected that the market in Brazil will display the fastest growth in the region in the forecast period, due to the development of construction industry and increased production of iron, steel, and other metals, where charcoal is widely used.

Thus, the changes in lifestyle and eating habits are expected to fuel the demand for charcoal in coming years.

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