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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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How Is Construction Sector Augmenting Hydraulic Equipment Demand?

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

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

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

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

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

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

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

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

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

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

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

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