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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