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Chemicals & Materials Market - Industry Trends, Outlook, Regulatory Bodies & Regulations and Key Market Players
The industry of chemicals & materials forms the basis of various industries such as construction, transportation, food and beverages, pharmaceuticals, electronics, healthcare, utilities, and oil & gas. The market consists of a number of components and sub components within its large portfolio. A chemical compound is a distinct substance or compound that is artificially manufactured or purified, whereas a material is a compound from which other complex materials are made. Chemicals, organic and inorganic in nature, form the building blocks of different kinds of materials. Widely used materials include ceramics, adhesives, metals, composites, polymers, and glasses. . Chemicals and materials, independently or in combination with each other find a wide range of application across various end-use industries such as automotive, power & energy, agriculture, food & beverages, instrumentation, consumer goods, aerospace & defense, healthcare, and IT. The global chemicals and materials market has wide range of application areas such as dental silica, flow aids, crop protection, animal nutrition, active pharmaceutical ingredients, dietary supplements, preservatives, flame retardants, surface ingredients, and matting agents among others.
Asia Pacific is expected to retain its dominant position in the chemicals & materials market over the forecast period (2016 – 2024), spearheaded by China, India, and Japan due to rampant growth of end-use industries.
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Chemicals & Materials Market Outlook – Surge in Electronics and Construction Chemicals Industries Augmenting Market Growth
Increasing demand for electronic devices across the globe, especially in key regions such as North America, Asia Pacific and the Middle East, is driving demand for electronic chemicals. Electronic chemicals such as PCB laminate, silicon wafer, specialty gases, and wet chemicals are widely used in a wide number of electronic applications such as computers, electronic circuit, diodes, capacitors, home appliances, and entertainment systems. Asia Pacific contributes the largest share in electronics market, which is the largest end-user segment for electronic chemicals. Countries in the region that boost market growth include China, Japan, Taiwan, South Korea, and India. However, the markets in North America and Europe are expected to witness slower growth rate over the forecast period.
Construction chemicals are chemicals used to enhance the quality of the structure by providing resistance against dry heat and wet climate, and protection against fire. Population explosion in countries such as India and China, along with rapid economic growth in these countries, has fueled demand for infrastructure and construction, in turn increasing the number of infrastructural development activities. This, in turn, creates a highly conducive environment for growth of the chemicals and materials market.. Growing urbanization, lends demand for construction chemicals such as concrete admixtures, adhesives, and sealants, in turn, fueling growth of the chemicals and materials market. North America and Europe markets are expected to witness moderate growth rate, due to stagnant economy of the developed countries. However, the market in the Middle East is expected to witness significant growth due to high investment in infrastructure development and abundant raw materials reserves within the region.
Chemicals & Materials Market Challenges – Reduce Environmental Impact
Effective and eco-friendly mode of waste disposal, adopted by various regions, act as a key challenge for chemicals & materials manufacturing companies. Stringent laws are enforced on the disposal, only after treatment of all wastewater, gases, and semi-solid waste. The Ministry of Environment and Forest (MoEF) of India, on December 23, 2010, implemented water prevention and control pollution act 1974 and air prevention and control pollution act 1981. These impose stringent regulatory framework for manufacturers and end-users regarding production, import, export, and storage of hazardous chemicals & materials. This significantly increases costs associated with production, which in turn affects profitability of manufacturers in this highly competitive market, in turn inhibiting market growth.
Key players in the chemicals & materials market include BASF-SE, The Dow Chemical Company, Sinopec, SABIC, ExxonMobil, Formosa Plastics, LyondelBasell Industry, DuPont, Ineos, Bayer, Mitsubishi Chemicals, Royal Dutch Shell, LG Chem Ltd., Braskem, Air liquid, AkzoNobel, The Linde Group, Sumitomo Chemicals, Mitsui Chemicals, Evonik Industries. The chemicals & materials industry is highly fragmented, with a large number of global players and regional players. In the recent past, the market has witnessed a trend of consolidation through strategic mergers and acquisitions. For instance, in March, 2017, the European Union approved the proposed merger of Dow Chemical and DuPont as part of a US$ 62 billion deal. The companies were subsequently segmented into three separate publicly traded companies, which focus on agriculture, material science, and specialty chemicals, respectively.
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Gin Market - Size, Share, Outlook and Opportunity Analysis, 2018–2025
Gin is an alcoholic beverage deriving its flavor from juniper berries. Gin is produced by a two-step process by re-distillation of a neutral spirit. Botanicals and natural extracts are added to the neutral spirit to obtain the final product. The neutral spirit is derived from grains such as rye, wheat, corn or barley. The most commonly utilized botanicals include coriander seeds, angelica root, lemon peel, cassia, and orris roots among others.
Gin is the favored drinks for cocktails and blends with other beverages. It is popularly consumed along with tonic water or blended into cocktails with other spirits. This has increased its popularity and it is among the fastest growing alcoholic spirits.
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Market Dynamics
Increasing number of adults and young population and high disposable income of consumers are the major factors driving growth of the market. Innovation in products due to high demand for alcoholic beverages with changing taste and preferences is key factor for growth of the gin market. New gin products with unique botanicals has witnessed rising sales in recent times. Furthermore, advancements in distribution channels such as availability of separate counter for females, outlets on airports, online sales, and a growing tourism sector are some of the factors boosting growth of the gin market.
Growing population of female alcohol consumers, rising number of bars and restaurants, and growing demand from emerging economies are key driving factors for the gin market. Additionally, with increasing number of millennials shifting from beer and to spirits, the market for gin is expected to witness a positive growth trend during the forecast period. According to the Distilled Spirits Council, gin supplier revenues in the U.S. rose by 2.2% during the period 2016-17.
Market Outlook
North America is gaining significant traction in the alcoholic beverage market, owing to increasing trend of alcohol consumption among young adults, which increases demand for high-quality alcoholic beverages. According to National Institute on Alcohol Abuse and Alcoholism (NIAAA), in 2015, around 6.2% of adult population was reported to be consuming alcoholic beverages in the U.S. Furthermore, according to the Distilled Spirits Council, the gin sales volume in the U.S. was pegged at about 9.87 million 9 liter cases in 2017.
Europe was the second-largest market for gin in 2016. Increasing alcohol consumption across Europe is projected to bolster the market growth for gin. Alcoholic beverages market in this region is led by France, followed by Germany, Italy, UK, and others. The high consumption rate of alcohol has also been recorded in the economies such as Estonia, Belarus, and Lithuania in this region. According to the World Bank Group, in 2015, Belarus consumed 17.1 liters per person per capita as compared to world average of 6.3 liters per person per capita. According to the Wine and Spirit Trade Association (WSTA), sales of gin in the U.K. was valued at US$ 1.9 billion in 2017.
Key Market Players and Brands
The world’s largest selling gin brands by revenue include Larios, Seagram’s, Beefeater, Tanqueray, Bombay Sapphire, and Gordon’s. According to Diageo plc, the company’s gin brand, Tanqueray, witnessed growth in all regions. The brand exhibited a growth of 9% worldwide and double digit growth across Europe.
Increasing demand for gin has resulted in adoption of strategies by key players such as mergers and acquisitions to enter new markets and seek to increase market share. For instance, Gruppo Campari in 2017, acquired premium gin manufacturer, Bulldog Gin, for US$ 58 million. In 2014, Davos Brands acquired Aviation American Gin. Organic growth strategies included new product launches. For instance, Diageo plc launched Gordon’s Premium Pink Gin in the U.S., Europe, and Australia in 2017 and early 2018. The product targets the young populace in the aforementioned regions.
Major players operating in the global gin market include San Miguel Corporation, Pernod Ricard, Diageo plc, Bacardi Limited, William Grant & Sons Ltd., Gruppo Campari, and Beam Suntory, Inc.
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Molybdenum Market – Size, Share, Outlook and Opportunity Analysis, 2018 – 2025
Molybdenum is a silver-grey colored metal that is hard, malleable, and ductile in nature with excellent strength at high temperature, high melting point, and high thermal conductivity. It is highly resistant to heat, which makes it useful in the production of alloys of iron and steel. Molybdenum is extracted from molybdenite and the major molybdenite deposits are in the U.S., China, Canada, and Chile. According to the U.S. Geological Survey (USGS), China, Chile, the U.S., Peru, Mexico, and Armenia accounted approximately 95% of total global molybdenum production in descending order.
Market Dynamics
Molybdenum is used in stainless steel, commonly in the range of 2 to 4%, which helps in improving the resistance to pitting in chloride environments and to fissure in Fe-Cr-Ni alloys and Fe-Cr alloys. This is one of the major factors driving growth of the molybdenum market. Furthermore, increasing demand for various steel such as stainless steel, structural steels, and others, particularly in China, fuels growth of this market. According to the World Steel Association, China is the largest producer of steel, by producing 803.8 million metric tons in 2015 and it was increased to 808.4 million metric tons in 2016.
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However, molybdenum fumes and dust produced during metalworking or mining may be toxic if ingested, which is expected to hinder growth of the global molybdenum market.
Market Trends
Among end-use industries, the automotive segment is expected to witness a significant growth in the near future. Molybdenum alloy is used in various automotive parts such as vehicle’s flywheel, clutch, and other parts, owing to its excellent strength to weight ratio, which makes molybdenum a vital material in automotive vehicles. Growing automotive industry results in increasing demand for molybdenum, thereby fueling the molybdenum market growth. According to the India Brand Equity Foundation (IBEF), the automobile market was valued at US$ 74 billion in 2015 and is expected to increase up to US$ 300 billion by 2026.
Among applications, the fertilizer segment is expected to show a significant growth in the global molybdenum market over the forecast period. Various manufacturers are focusing on launching new products and plant expansion to expand their product portfolio and to cater to increasing consumer demand, which in turn is driving growth of this segment. For instance, in April 2018, Artal Agrinutrients launched Artal Rice, which is a liquid mixture of molybdenum, boron, and zinc to improve yield and to increase number and size of grains.
Market Outlook
North America holds a significant position in the global molybdenum market growth, owing to growing oil and gas industry in the region. Shale gas revolution has paved path to increasing exploration and production activities in this region. According to the U.S. Energy Information Administration, the total shale production in the U.S. in 2014 was 13.4 trillion cubic feet, which raised up to 15.2 trillion cubic feet in 2015. Increasing offshore E&P activities in shallow and deep water contributed to the growth of oil and gas chemicals in this region.
Furthermore, increasing mining production of molybdenum results in growth of the molybdenum market. According to the United States Geological Survey (USGS), in the U.S., mine production in 2016 was 35,800 metric tons, which increased up to 44,600 metric tons in 2017.
Asia Pacific is expected to be the fastest growing region in the global molybdenum market over the forecast period. This is owing to increasing demand for stainless steel in various end-use industries such as automotive, energy and heavy industries, and others in emerging economies such as China. According to the Department of Industry, Innovation and Science, a department of the Australian Government, stainless steel production in China was around 25 million tons in 2016, whereas, Japan was the second largest market for stainless steel production accounting for 3.3 million tons in 2016.
Key Players
Some of the leading players operating in the global molybdenum market include Centerra Gold Inc., Codelco Mining Company, China Molybdenum Company Limited, Freeport-McMoRan Inc., Anglo American plc., Cronimet Group, Jinduicheng Molybdenum Group Co., Ltd., Shaanxi Non-Ferrous Metals Holding Group Co., Ltd, Antofagasta plc., Grupo México, and S.A.B. de C.V.
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Mobile Phone Accessories Market - Size, Share, Trends and Forecast to 2026
Mobile phone accessories consist of products responsible for enhancing the appearance and productivity of a mobile phone. Some of the mobile phone accessories include, headphone, protective cases, power bank, portable speakers, and others.
Market Driver:
The increasing adoption of smartphones worldwide is one of the key factors driving growth of the market. For instance, according to the Coherent Market Insights analysis, the sale of smartphone in 2014 was 367,334.7(thousand units) and reached to 403,109.4 (thousand units) in 2015 worldwide.
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Furthermore, increasing disposable income that promote consumers to highly spend on media, entertainment, networking, and mobile communication is major factor contributing in increasing demand for smartphones, which in turn is expected to propel growth of the mobile phone accessories market. Use of portable devices such as smartphones, tablets, and others for listening music increases the demand for accessories such as headphones, Bluetooth and WiFi speakers, which is expected to drive growth of the mobile accessories market during the forecast period (2018-2026).
However, increasing incidence of hearing impairment in users is one of the major factors affecting growth of the mobile phone accessories market. For instance, according to the study conducted by the American Academy of Otolaryngology, in April 2018, increasing usage of cell phone over 60 minutes per day could result in damaging hearing ability. Moreover, according to the World Health Organization (WHO), over 5% of the world’s population suffers from hearing impairment. Hence, all these factors will adversely affect growth of the market.
Mobile phone protective case accounted for the largest market share in 2017
On the basis, of product type the protective case accounted the largest market share in 2017 and expected to remain largest during the forecast period (2018-2026), owing to increasing demand of wireless accessories. The factor attributed to growth of the market is technological advancements in various audio devices that have transformed the fashion of listening music. This factor is expected to increase demand for wireless audio devices such as portable Bluetooth speakers. Moreover, Bluetooth speakers provide hassle free maintenance, increased durability, and good functionalities that attract consumer towards the adoption of Bluetooth for their devices. Such high adoption of wireless devices is expected to fuel growth of the market during the forecast period (2018-2026).
Asia Pacific mobile accessories market accounted for the largest market share during forecast period.
Asia Pacific exhibited the largest market share over the forecast period, owing to increasing number of smart phones users in emerging economies such as India and China. For instance, according to the Coherent Market Insights analysis, 28.5% people in India used smartphones in 2016 and the number increased to 32.3% in 2017. Similarly, China registered 52.9% smartphone users in 2016 and the number increased to 56.8% in 2017. The rise in number of smartphone users in Asia Pacific is due to increasing number of internet users in the developing economies such as India and China. For instance, according to the Internet World Stats, in China, number of internet users in 2015 was 705.9 million and it increased to 721.4 million in 2016.Similarily, in India the number of internet users was 354.1 million in 2015 and it increased to 462.1 million in 2016. Therefore, increasing number of internet users is expected to boost sales of smartphones, which in turn is expected to propel demand for mobile phone accessories in the region.
Key companies
Major players operating in the global mobile accessories market include, Samsung Electronics Co., Ltd., Sony Corporation, Panasonic Corporation, Apple, Inc., JVC Kenwood Corporation, Plantronics, Inc., Bose Corporation, Griffin Technology, Otter Products, LLC, Sennheiser Electronics GmbH & Co. KG and others.
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Spin-On Hydraulic Filter Market - Size, Share, Trends and Forecast to 2026
Spin-on hydraulic filters are available in four configurations such as single cartridge in-line, in-line with two parallel cartridge on the same axis, in-line with two parallel cartridge mounted side-by-side, and single cartridge flange for installation to the tank cover. Moreover, spin-on hydraulic filters are easy to service due to the disposable filter cans, which can be replaced by a replacement element. The spin-on hydraulic filters are sized based on the liquid flow passing through the filters at a particular pressure drop. Furthermore, factors such as liquid type, viscosity, and the quality & efficiency of filter media are to be considered while sizing filters.
Market Drivers:
Rapidly increasing vehicle production across the globe leading to rising demand for spin-on hydraulic filters is one of the major factors propelling growth of the spin-on hydraulic filter market. For instance, according to the International Organization of Motor Vehicle Manufacturers’ statistics, in 2016, vehicle production in the world accounted for 97,302,534 units in 2017, as compared to the production in previous year, which was around 94,976,569 units.
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Agriculture machinery segment is expected to exhibit the highest CAGR over the forecast period (2018-2026)
Among application, agriculture machinery segment is expected to exhibit the highest CAGR by 2025. The spin-on hydraulic filters are used in agriculture machinery to filter hydraulic fluids and lubricating oils in power units. Agriculture equipment, which uses the hydraulic filters takes lubricant consolidation, which consists of fluid filters. A fine mesh suction filter protects hydraulic components from contaminants generated by the gear drives mainly due to the wear on gears, wet brakes, and clutches. The spin-on hydraulic filters in return line ensure the level of oil cleanliness the system requires. These filters aid in high corrosion environments. Moreover, use of these filters in agriculture vehicles benefits in providing absolute filtration of the oil for hydrostatic drive and protection against damages from cavitation under adverse conditions.
Aftermarket segment is expected to account for the largest market share by 2026
Among distribution channel, aftermarket segment accounted for the largest share in the global spin-on hydraulic filter market in 2017. As per the data published by the Automotive Aftermarket Products Expo (AAPEX) in 2018, global automotive aftermarket industry accounted for US$ 740 billion with around 1.2 billion units of vehicles on the road. Furthermore, the industry is expected to exhibit annual growth rate of around 3.4% over the forecast period.
The Middle East, Latin America, and Africa regions are expected to exhibit the highest CAGR in the market over the forecast period
The growth of spin-on hydraulic filter market in the Middle East and Africa is attributed to increasing vehicle production. For instance, according to Export.gov (The International Trade Administration (ITA), U.S. Department of Commerce manages Export.gov), Saudi Arabia is the largest market for automotive and auto parts market in the Middle East, accounting for an estimated 40% of all vehicles sold in the region. Moreover, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), vehicle production was 1,515,396 in 2017, which increased by 18.19% from 2016. Therefore, growing vehicle production will increase the demand for spin-on hydraulic filters in this region.
Latin America spin-on hydraulic filter market is witnessing growth due to increasing production of vehicles in this region. For instance, according to the Brazil Nation Association of Automobile Manufacturers Anfavea, the production of cars in Brazil increased by 14.6% in the first three months of 2018, as compared to in 2017, as manufacturers ramped up output to meet growing domestic demand. Therefore, increasing vehicle production is proportionally increasing the demand for spin-on hydraulic filters in this region, thereby boosting growth of the market in this region.
Key companies
Major players operating in the global spin-on hydraulic filter market include Parker Hannifin, Eaton Corporation Plc., Mahle Gmbh, Schroeder Industries, LLC, Yamashin Filter Corp., Bosch Rexroth AG, Donaldson, Baldwin Filters, Inc., Ikrol S.r.l., Cim-Tek Filtration, Olaer Group Limited, Xinxiang Aviation Industry (Group) Co., Ltd., SOFIMA FILTER, OMT SPA, Marion Fluid Power, Wix Filter, Hydac International Gmbh, SMC Corporation, Lenz Inc., HiFi Filter, Filtrec, and EPE Ltdons.
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About Coherent Market Insights:
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Reef Aquariums Market - Size, Share, Outlook and Opportunity Analysis, 2015 – 2026
Reef aquariums is a marine aquarium that displays live marine invertebrates, corals including hammer coral, candy cane coral, pulse coral and frogspawn coral. It also has various types of fish such as clownfish, tangs, and gobies, which play an important role in maintaining the tropical coral reef environment. A reef aquarium requires turbulent water movement, intense lighting, and more stable water chemistry.
Thus reef aquariums consist of various components such as lighting, stand, sump, refugium, canopy, Filtration, and water movement. However, small water volume and fluctuations in water quality require extra attention as compared to aquariums of larger water volume.
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However, high cost of the reef aquariums is one of the major restraining factor for growth of the global market.
Market Outlook
Asia Pacific held a dominant position in the global reef aquariums market in 2017, and it is expected to retain its dominance during the forecast period, owing to increasing consumer preferences towards reef aquarium due its benefits. Filtration in reef aquarium help to remove phosphate, iron, and nitrate from water and provide natural food source. It helps to remove discoloration of the water and remove dissolved matter such as organic to help purify the water in the reef system.
Key Trends
Key players are introducing new product and technology in the market for business expansion and product development. For instance, in May 2018, EHEIM presented the EHEIM LED control, a new wireless electronic lighting control system for setting (via WLAN) lighting scenes and light intensity as in nature. The controller operated via tablets or PC and smartphone without an app. Furthermore, the EHEIM stream control is a new electronic control system which is used for flow pumps and circulation for simulating natural water flows in the aquariums.
Key Players
Key players operating in the global reef aquariums market include, Jebao, API, Aqua Design Amano Co.,Ltd., EHEIM GmbH & Co. KG, AZOO, Interpet, JUWEL Aquarium AG & Co. KG, Arcadia, Tropical Marine Centre Limited, OASE GmbH, D-D The Aquarium Solution Ltd., and Spectrum Brands, Inc.
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Foam Roller Market – Global Industry Insights, Trends, Outlook and Opportunity Analysis, 2015 - 2026
Foam rollers are used to apply pressure on certain body parts for relieving pain. It is used in workouts to improve muscle recovery and increase flexibility. It helps in preventing muscle soreness and tightness. Foam rollers are used to massage muscles, in self-acupressure, as a yoga prop, and core strengthening and stretching exercises.
Market Dynamics
Growing health awareness and increasing participation in physical fitness activities is driving growth of the global foam roller market. For instance, according to Sports England, which is public body under the Department for Culture, Media and Sport, 229,400 more people played sport in 2016 than they did in 2015 in the U.K.
According to the World Health Organization, 650 million adults were obese in 2016, globally. Rise in instances of obesity and growing awareness of health complications due to obesity such as high blood pressure, heart diseases, and osteoarthritis is increasing focus of people on exercise. Increasing adoption of exercise is in turn increasing demand for exercise equipment such as foam rollers.
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Market Outlook
Foam roller market in North America is estimated to grow at a significant pace during the forecast period (2019-2026). Moreover, the U.S. held the highest market share in 2017 in the North America foam roller market. This is attributed to increasing number of people actively involving in sports and exercise. According to the U.S. Department of Labor, Bureau of Labor Statistics, daily average participation in sports and exercise grew up to 3.6% in 2015, as compared to that in 2003. According to the National Collegiate Athletic Association (NCAA), in the U.S., over 460,000 student athletes compete in over two sports activities, every year.
Europe held significant market share in the global foam roller market in 2017. Increasing government investments in training programs and facilities that make it easier for people to play sports and develop their talent is burgeoning growth of this market. For instance, in 2017, Sport England received US$ 68 Bn from the U.K. government and National Lottery funding to invest in projects that will create opportunity to play sports.
Key Players
Players operating in the foam roller market are launching new innovative products to cater to increasing demand for their products. For instance, in July 2017, TriggerPoint launched GRID VIBE premium vibrating foam roller consisting for pain reduction and muscle relaxation.
Key players operating in the global foam roller market include Implus Footcare LLC, Technogym S.p.A., Yes4All, RumbleRoller, Adidas AG, Joinfit Hong Kong, LuxFitProducts, Master of Muscle, and ProSource.
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Telescopic Boom Lift Market - Size, Share, Outlook and Opportunity Analysis, 2018 – 2026
Telescopic boom lift are known as an aerial work platform. Telescopic boom lift is primarily used for jobs that require extended reach with maximum range and can move its axel 360 degrees. Telescopic boom lift can travel automatically during aerial operation with maximum work height between 40 and 80 feet. Features of telescopic boom such as active oscillating axel system, dual fuel or diesel engine options, 360-degree continuous turntable rotation, platform rotators, out-and-up articulating jib options, powerful in driving force and large in load capacity and others are increasing its adoption among end users.
Rising Construction of skyscrapers driving growth of the telescopic boom lift market
The gradual increase in number of people living in urban areas has resulted in the building of skyscrapers, which led to rise in demand for telescopic boom lift. These lifts have gained popularity in the construction of skyscrapers due to their compact nature and ease of handling and accessibility. Telescopic boom lift is ideal choice for constructing skyscrapers where telescopic boom lift is used to lift workers, tools and materials to reach extended heights to complete work requirement. For instance, according to Coherent Market Insights, in 2017, the total number of 200-meter-plus buildings around the world reached to 1,319, which increased by 12.3% from 2016.
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High Price of telescopic boom lift is hindering the market growth
End users of telescopic boom lift prefer to maintain the exiting boom lifts and do not invest in new machines due to their high cost. Furthermore, due to the high cost of telescopic boom lift, end users prefer renting telescopic boom lift instead of purchasing one. Renting telescopic boom lift is more economical choice, as renting offers lower maintenance and also flexibility for users to access a full fleet of machinery, rather than limiting to one model. Hence, high price of telescopic boom lift is hindering the market growth.
Global Telescopic Boom Lift: Regional Insights
The global telescopic boom lift market is driven by growing demand for construction across the region especially in Asia Pacific. The government is investing in the development of infrastructure as well as private sector for investing in mega constructions is driving the global telescopic boom lifts market growth. The telescopic boom lifts are widely used in road construction, mining operations, airports, ports construction, and others. According to India Brand Equity Foundation (IBEF), in 2016, construction equipment industry revenue in India was US$ 3billion. Whereas, volume sale of construction equipment is growing by 96,730 units in 2018 from 76,000 units in 2016.
Global Telescopic Boom Lift: Competitive Landscape
Some of the key players operating in the global telescopic boom lift include Terex Corporation, JLG, Prangl, Hunan Sinoboom Heavy Industry Co., Ltd., MEC, Niftylift (UK) Limited, Tadano Ltd., Kato Works Co., Ltd., Aichi Corporation, and Haulotte Group.
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Titanate Praseodymium Target Market - Size, Share, Outlook, 2018 – 2026
Titanate praseodymium target is a metal target available with minimum purity level of 99.9% to 99.999%. Titanate praseodymium target is available in wide range of shapes such as circle, rectangular, wafer, and tubes amongst others, which is used in flat panel display, optical discs, automotive and architectural glass, solar cells, semiconductors, electron microscopy, and others. Wide range of its applications is in turn fueling growth of the titanate praseodymium target market.
Market Outlook
The market in Asia Pacific region is expected to witness significant growth in terms of value over the forecast period, owing to growing demand from solar energy end-use industry, which in turn is expected to drive growth of the titanate praseodymium target market. According to the United Nations, World Bank Group, in China, the Renewable Energy Development Project on wind power and solar energy supported the sale of solar powered systems to around 400,000 rural households and institutions in China in 2011.
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However, fluctuating prices of raw material is expected to hinder growth of the titanate praseodymium target market. For instance, in 2009, the cost of praseodymium in China was US$ 18 per kg and increased its cost up to US$ 163 per kg in the first quarter of 2012.
Furthermore, North America witnessed substantial growth in the global titanate praseodymium target market in 2017. This growth is attributed to growing application of titanate praseodymium target in automotive glass coupled with growth of the automobile industry. According to U.S. International Trade Administration (ITA), the U.S. is the world’s second-largest market for vehicle sales and production. In 2017, the light vehicle sales reached 17.1 million units in the U.S.
Key Market Players
Key players operating in the global titanate praseodymium target market include, TESTBOURNE LTD, China Rare Metal Material Co., Ltd., Cathay Advanced Materials Limited, ACI Alloys, Inc., China Leadmat Advanced Material Co., Ltd., and Vacuum Engineering & Materials.
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Emulsion Pressure Sensitive Adhesive Market – Size, Share, Outlook and Opportunity Analysis 2015 - 2026
Pressure sensitive adhesives adhere on surfaces on application of pressure. Emulsion pressure sensitive adhesives consists of emulsion polymers including acrylics, polyvinyl acetate, and ethylene vinyl acetate. It is commonly used in labelling, tapes, and packaging.
Ethylene vinyl acetate and polyvinyl acetate segments held significant market share in 2017 in the global emulsion pressure sensitive adhesives market. They are widely used in construction, paperboard packaging, envelopes, and labels, owing to its advantages such as low cost and non-toxicity.
Acrylic polymers segment is gaining traction in the global pressure sensitive adhesive market due to its advantages such as high tack and peel strength, good mechanical stability, and cohesive strength. They are widely used in envelopes, decal, label applications, and medical tapes.
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Market Dynamics
Emission of volatile organic compounds are low in emulsion pressure sensitive adhesives, as compared to solvent-based pressure sensitive adhesives. Volatile organic compounds are toxic to environment and human health. Moreover, regulatory bodies such as the U.S. Environment Protection Agency and European Commission has stringent regulations on volatile organic compound emissions. For instance, Directive 1999/13/EC of the European Commission limits the emission of volatile organic compounds. Increasing environment concern and regulations is a major factor driving growth of the global emulsion pressure sensitive adhesive market.
Advantages of emulsion pressure sensitive adhesives such as ease of handling, non-flammable, free of organic solvent, environmentally compliant, and cost-effective is aiding in growth of this market, globally.
Growing demand for emulsion pressure sensitive adhesives in labelling and packaging is propelling growth of the global emulsion pressure sensitive adhesives market. According to Coherent Market Insights, e-commerce packaging market was valued at US$ 21.43 billion in 2016 and is expected to surpass US$ 33.89 billion by 2025. This growth in the e-commerce packaging industry is increasing demand for various packaging materials including emulsion pressure sensitive adhesives, thereby driving the market growth globally.
Market Outlook
Asia Pacific is expected to be the fastest growing emulsion pressure sensitive adhesive market over the forecast period (2019-2026). This is attributed to increasing demand for emulsion pressure sensitive adhesives from packaging industry, especially in India and China. According to the Indian Institute of Packaging (IIP), packaging industry in India is estimated to reach US$ 73 billion by 2020 from US$ 32 billion in 2015.
Increasing demand from end-use industries such as construction, automobile, and healthcare is aiding in growth of the emulsion pressure sensitive adhesive market in Asia Pacific. According to the International Organization of Motor Vehicle Manufacturers (OICA), sales of new vehicles in China was 28 million units in 2016, which increased to 29 million units in 2017.
Key Players
Key players operating in the global emulsion pressure sensitive adhesive market include Avery Dennison Corporation, Ashland Global Specialty Chemicals Inc., Dyna-Tech Adhesives Inc., Arkema Group, 3M Company, H.B. Fuller Company, Franklin International, Inc., and Powerband Industries Pvt. Ltd. among others.
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Tire Curing Press Machine Market - Size, Share, Outlook and Opportunity Analysis, 2018 – 2026
Tire curing press machine is a machine used for giving a final shape to green tires by applying pressure. The machine generates heat that stimulates chemical reaction between rubber and other materials. Tire curing press machine offers several advantages such as precise control and maximum efficiency, quick bladder change, reduced mould damage, increased bladder life, ease of maintenance, and increased productivity of tires.
Increasing demand for green tires, owing to emission control is one of the major factors driving growth of the market
Increasing demand for green tire owing to emission control is one of the major factors driving growth of the global tire curing press machine market. Use of green tire in vehicles offer low rolling resistance and improved fuel efficiency, which further helps in decreasing emission from the vehicle. Therefore, such advantages of green tires is further expected to increase production of green tires in the near future. This factor in turn is expected to inadvertently increase demand for tire curing press machine. Furthermore, tire curing press machine does not require regular maintenance, which helps to reduce overall operational and maintenance cost. Therefore, all these factors contribute to growth of the tire curing press machine market over the forecast period.
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However, lack of awareness among the manufacturer about the benefits of tire curing press machine is one of the factors hampering growth of the tire curing press machine market.
Global Tire Curing Press Machine Market: Segment Trends
Among product type, the hydraulic tire curing press machine segment is expected witness significant growth with highest CAGR over the forecast period. The hydraulic tire curing press machine offers smoother operation as compared to mechanical tire curing press machine, as it generates less noise during curing process. Moreover, the press is easy to operate, requires low maintenance cost, and less space as compared to mechanical tire curing press machine. Therefore, these factors are propelling demand for hydraulic tire curing press machine segment in the market over the forecast period.
Global Tire Curing Press Machine Market: Regional Insights
The global tire curing press machine market in Europe accounted for the largest market share in 2017, and expected to retain its dominance over the forecast period. This is owing to the presence of key manufacturers such as Lanxess, Evonik Industries AG, Continental Tire AG in the region, especially in Germany. Moreover, stringent government rules and regulation for reducing greenhouse emission from vehicles is one of the major factors responsible for increasing production of green tire in Europe. For instance, in April 2009, the European government passed EU Regulation No 443/2009, which states that an average CO2 emission for new passenger cars is 130 grams per kilometer and is expected to be reduced to 95 grams per kilometer by 2021. Moreover, in November 2017, the EU set an emissions target for 2020, which is 147 gram of Co2 per kilometer for light commercial vehicles. Silica and Nano materials are used for manufacturing green tires. According to a report published by SciELO, 2017, use of silica and Nano materials results in 20% reduction in rolling resistance of the tire, which in turn lowers greenhouse gas emission. Increase production of green tires, which in turn is propelling demand for tire curing press machine in Europe.
The global tire curing press machine market in Asia Pacific is expected to witness significant growth with highest CAGR over the forecast period. This is owing to investments by key players in the region for increasing production of green tires. For instance, in January 2017, according to the press release of Continental AG, the company invested US$ 289.63 million to start a new plant in Thailand. The plant manufactures green tires for passenger cars and light-weight trucks. Such investments are expected to propel growth of the global tire curing press machine market in Asia Pacific.
Global Tire Curing Press Machine Market: Competitive Landscape
Key players operating in the global tire curing press machine market include, Larsen & Toubro Limited, Harburg-Freudenberger Maschinenbau GmbH, Mitsubishi Heavy Industries Machinery Technology Corporation, McNeil & NRM, Inc., Alfred Herbert (India) Ltd., Specific Engineering Corporation Pvt. Ltd., Rogers Industrial Products Inc., Cima Impianti S.p.a., Guilin Rubber Machinery Co., Ltd., Greatoo Intelligent, and Ling Long Tire.
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Bacillus Coagulans Market - Size, Share, Trends and Forecast to 2025
Bacillus coagulans is a bacteria utilized as a probiotic. The bacteria’s ability to withstand harsh acidic environments has led to its adoption in probiotics, which specifically targets the human digestive system. It is useful in alleviating stomach ailments, constipations, flatulence, abdominal pain, and irritable bowel syndrome. Due to the bacteria’s efficacious properties, it finds application in both human and animal nutrition. Other beneficial properties include improved immunity, prevention of respiratory disorders, and anti-carcinogenic agent.
Asia Pacific held the largest revenue share in the global bacillus coagulans market in 2016. The region was valued at US$ 236 million in 2016. The region is also projected to be the fastest growing with a CAGR of 7.91% over the forecast period. This can be attributed to rising healthcare spending by the populace in the region. According to the EU Business Avenues in South East Asia, the healthcare spending in ASEAN countries was estimated to be around US$ 110.78 billion in 2014.
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The emerging economies of ASEAN, China and India are expected to be the key markets for bacillus coagulans, as these are major consumers of functional food and beverages. Moreover, increasing geriatric population in these economies is one of the major factors driving growth of the market. According to the Economic and Social Commission for Asia Pacific (ESCAP), the total number of elderly people is expected to double by 2050, which will be around 1.3 billion from 547 million in 2016. Japan is the largest consumer of probiotics, owing to its wide usage in herbal medicine for maintaining health and treating diseases, which is further driving overall growth of the market in Asia Pacific. Also, in economies such as India, lack of public spending on healthcare has led to booming healthcare costs. This has led to increasing adoption of healthcare products, which are aimed at forestalling ailments and diseases. These factors are projected to bolster bacillus coagulans market growth.
North America was the second largest market for bacillus coagulans in 2016. The region was valued at US$ 53 million in 2016 and is projected to exhibit a CAGR of 6.2% over the forecast period. U.S. is projected to be the major growth driver in this region over the forecast period, owing to increasing use of functional food and dietary supplements. According to the U.S. Pharmacopeia Convection, dietary supplements were used by around 80% of the adults in the U.S in 2016.
Among application, functional food segment accounted for 34% of the market and was valued at US$ 144.3 billion in 2017. The segment is expected to be the largest and the fastest growing over the forecast period. The dominant position of the segment can be attributed to the bacterium’s easy formulation in any form. Functional food such as breakfast cereals, gels, bars, and gummies are popular products infused with bacillus coagulans. Dairy products, sports beverages, and baked goods are also popular applications of bacillus coagulans. The bacteria is highly stable at high temperatures and is viable during high temperature processes such as baking.
The global bacillus coagulans market is characterized by the presence of large scale manufacturers. Strategic mergers and acquisitions, product innovations, and joint ventures among others are some of the key strategies adopted by key players to ensure long-term sustenance in the market. Some of the major players operating in the market include Ganeden, Sabinsa Corporation, UAS Laboratories, Sanzyme, Mitsubishi Chemical Foods Corporation, Mystical Biotech Pvt. Ltd., Aumgene Bioscience, and Unique Biotech Ltd.
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Agricultural Colorants Market - Size, Share, Outlook and Opportunity Analysis, 2018 – 2026
Agricultural colorants are dyes and pigments used in several applications such as tracking, product coloring for dried flowers, seed coating, landscaping, ice-melt & deicing, fertilizers, dried flowers, and others. Coloring prevents in enhancing cosmetic appeal, identification or distinction amongst different product varieties, monitoring consistency, and uniformity of products.
Drivers and Restraints
Increasing demand for agricultural colorants from fertilizer industry to avoid application errors and to differentiate between qualities, is expected to fuel the growth of agricultural colorants market. According to the World Bank Organization, the global consumption of total fertilizer production was 89.78% in 2014 and reached to 94% in 2015.
Furthermore, regulations to use colorants in pesticides treated seeds, to avoid misuse of treated seeds is propelling growth of the agricultural colorants market. For instance, according to the U. S. Code of Federal Regulations, 40 CFR 153.155 states that pesticide products that are used for treating seeds should contain an U.S Environmental Protection Agency dye to impart unnatural color to seeds, unless exempted under the Federal Food, Drug, and Cosmetic Act for residues of the pesticide.
However, several agricultural colorant manufacturers avoid use of colorant to reduce the overall price of their product, which is one of the restraining factor for the agricultural colorants market growth.
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Market Trends
Among product type, the pigment segment is expected to witness significant growth in the global agricultural colorants market and is expected to retain dominant position over the forecast period. This is attributed to development of innovative products and techniques by various manufacturers. For instance, in December 2016, Clariant, introduced Agrocer white pigment preparation at CSS 2016 and Seed Expo, America’s largest seed industry conference. Pigment preparation offers color strength, easy dispersibility, and long shelf life.
Key market players are focused on expanding their pigment production capacities, owing to increasing demand for pigments. For instance, In February 2017, Heubach GmbH announced expansion of its anticorrosive plant in the U.S located near Philadelphia, Pennsylvania by 4,000 tons.
Among application, seed treatment segment witnessed substantial growth in the global agricultural colorants market in 2016, as it offers low-cost crop protection solution. The low prices of major crops such as wheat, corn, and soybean has led to decreased profit margins for farmers. The low dosage nature of seed treatments results in lower use of pesticides and fertilizers translating into significant cost savings for farmers, in turn driving the seed treatment segment growth. Moreover, seed treatment does not require equipment and significant manpower unlike spraying, further fueling the growth of this segment.
Market Outlook
The market in Asia Pacific is expected to witness significant growth in terms of value and is expected to retain dominant position over the forecast period. This is attributed to growing international trading of dyes and pigments. According to Destination Marketing Association International (DMAI), the colorants exports was US$ 2.3 billion in 2009 – 2010 and reached to US$ 4.9 billion in 2017.
Furthermore, Europe witnessed substantial growth in the global agricultural colorants market in 2017. This growth is attributed to increasing use of agricultural colorants in gardening activities for aesthetic appeal, which in turn propels demand for turf and ornamental plants. According to The Horticultural Trades Association (HTA), in 2016, consumers in the U.K. spent around US$ 1.64 billion on garden plants, US$ 1.99 billion on garden care, and US$ 1.7 billion on garden leisure.
Key Trends
Key players are focusing on adopting various inorganic growth strategies such as mergers and acquisitions, joint ventures, partnerships, marketing, and new product launches to strengthen their foothold in the global agricultural colorants market. For instance, in 2012, Clariant launched Agrocer pigment for seed coloration, a range of colorants for the agricultural industry.
Market players
Key players operating in the global agricultural colorants market include, BASF S.E., Clariant International AG, Sensient Technologies Corporation, Lanxess Aktiengesellschaft, DIC Corporation, Chromatech Incorporated, Organic Dyes and Pigments LLC, Aakash Chemicals and Dyestuffs, Inc., Brett-Young Ltd., and Germains Seed Technology, Inc.
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Betaine Market – Size, Share, Outlook and Opportunity Analysis, 2018 - 2025
Betaine is an amino acid, which is available in both natural and synthetic form. Natural betaine is commonly derived from sugar beet and its derivatives such as vinasses and molasses. Synthetic betaine such as is widely available in the market. Betaine is consumed as dietary supplement and used in animal nutrition, personal care products, food & beverages, and pharmaceutical industry. Wide range of applications of betaine is due to its ability to donate methyl group and act as an osmolyte.
Market Dynamics
Betaine reduces risk of cardiovascular diseases, improves liver function & detoxification, and aids in digestion, therefore it is used as a popular dietary supplement. Rising health awareness among consumers and growing demand for nutritional supplements are driving growth of the global betaine market. For instance, according to Council for Responsible Nutrition, 68% of the American population consumed dietary supplements in 2015.
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Growing demand for sports nutrition is also increasing betaine demand as it improves muscle power endurance and accelerates muscle growth and fat loss. For instance, according to a study by Coherent Market Insights, global sports nutrition market is estimated to reach US$ 48.87 billion by 2025 from US$ 27.85 billion in 2016.
Increasing demand for betaine and its derivatives in pharmaceutical industry is fuelling growth of the betaine market as betaine hydrochloride is used in the treatment of hypochlorhydria, hyperkalemia, liver disorders, homocystinuria and gastrointestinal disturbances. Thus, growth in pharmaceutical industry is aiding growth of the betaine market. According to International Federation of Pharmaceutical Manufacturers & Associations, global pharmaceutical market is expected to reach US$ 1,430 billion by 2020.
Betaine is used in animal nutrition as an osmoregulator to reduce negative effects of coccidiosis and heat stress. Growing demand for animal feed and its additives, globally is propelling growth of the global betaine market. According to Coherent Market Insights study, global animal feed additives market was pegged at US$ 16.27 billion in 2016, and is expected to expand at a CAGR of 4.43% during the forecast period (2018-2025).
Regulations on the use of betaine in various applications is hindering growth of the global betaine market. For instance, EU Regulation 2015/1060 of July 2015, regulates authorization of betaine hydrochloride and betaine anhydrous as feed additives for animal species. Furthermore, 21CFR310.540 of the U.S. Food and Drug Administration regulates use of betaine hydrochloride as over-the-counter (OTC) stomach acidifiers.
Betaine Market Outlook
North America held the highest market share in the global betaine market in 2017. Growing consumption of dietary supplements is a major driver for growth of this market in North America. For instance, according to Council for Responsible Nutrition, 76% adults in the U.S. consumed dietary supplements in 2017. Moreover, according to Canadian Community Health Survey, 45.6% of the Canadians consumed health supplements in 2015.
Asia Pacific is the fastest growing betaine market during the forecast period (2018-2025), owing to growing demand for nutraceuticals and healthcare products in China, Japan, South Korea, and India. According to International Trade Association (ITA), China is the second-largest pharmaceuticals market in the world with a total pharmaceuticals sales value of US$ 108 billion in 2015.
Europe held a significant market share in the global betaine market in 2017, with countries such as Germany, France, and U.K. as the major growth in the region. This is attributed to growing demand for betaine in personal care products and food and beverages. Natural betaine is used in personal care products, owing to its various advantages such as moisturizing effect, controlling water balance in skin, strengthening skin barrier, reducing mechanical and chemical irritation, and anti-inflammatory effect. According to Cosmetics Europe, European cosmetics market value by retail sales was US$ 89.57 billion and was the largest cosmetics market in the world in 2016.
Key Players
Players operating in the global betaine market are focusing on research and development, partnerships, and other strategies to develop new products and expand business. For instance, in July 2015, BASF and Solazyme, Inc. launched an algal betaine surfactant obtained from microalgae oil, to be used as personal care product. Furthermore, in April 2018, Cellucor launched C4 on-the-go carbonated pre-workout drink, which contains betaine as one of the active ingredient.
Key players operating in the global betaine market include American Crystal Sugar Company, BASF SE, DowDuPont Inc., Lubrizol Corporation, Nutreco N.V., Amino GmbH, Kao Corporation, Solvay S.A., Stepan Company, and Evonik Industries AG among others.
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Drinkable Peanut Powder Market - Size, Share, Trends and Forecast till 2026
Peanut powder contains sufficient amount of protein, vitamin E & niacin, fiber, and manganese, which makes it nutritional plant-based protein supplement. Peanut powder is made by pressing peanuts and it is free from natural oil.
Advances offered by drinkable peanut powder such as nutritional value and high protein supplement are driving the global drinkable peanut powder market. For instance, the protein fat ratio in peanut powder is (6gm protein: 1.5gm fat) along with fiber. 15gm of peanut powder contains 8gm of protein and 70 calories.
Peanuts powder used in nutritional snack-food and confectionery product to improve its nutrition. Peanuts contain high protein (34gm/100gm) as compare to dairy products (1.6gm/100gm), eggs (13gm/100gm), and meat (26gm/100gm), which makes peanut a healthy nutritional snack food and helps to improve nutritional value of protein powder. Peanut with Coenzyme Q10 helps to enhanced working capacity of heart.
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The global drinkable peanut powder market was valued at US$ 505.19 million in 2017 and is anticipated to register a CAGR of 4.91% in terms of revenue, over the forecast period to reach US$ 728.87 million by 2025.
The major growth driver for drinkable peanut powder market is demand for food processing across the globe owing to increasing drinkable peanut powder demand. For instance, according to the United States Department of Agriculture (USDA), food processing industry in Japan was valued at US$ 216.1 billion in 2016. As peanut powder contains functional compounds such as protein, fiber and antioxidant that are used as a functional ingredient in food processing industry.
Peanut powder shakes segment held significant market share of drinkable peanut powder market in 2017 and is expected to exhibit positive growth during the forecast period. This is owing to shakes being one of the easiest and convenient ways to increase protein intake, which helps to support muscle growth and other body functions such as tissue repairing and building. Furthermore, people also prefer shakes over other energy drinks.
Supermarket segment is expected to exhibit the highest growth in the peanut powder market. This is due to availability of varieties and flavors in these channels. For example, peanut powder is available in flavours such as chocolate, honey, unsweetened and banana. Major retailers around the globe focus on unique marketing activities to increase product sales. For example, Big Bazar, a major retailer in India, celebrated National Nutritional Week in 2016. This program showcased ready-to-drink and ready-to-food products in its stores across the country.
Asia Pacific exhibited positive growth in the global drinkable peanut powder market in 2016 and it is expected to increase during forecast period, Major driving factors responsible for growth of peanut powder market are increasing awareness about peanut powder for application in protein shakes and smoothies among health conscious consumers. Consumers in countries such as China and India are adopting peanut powder as a healthy snack for weight management and to aid in reducing symptoms of cardiovascular disease. Peanuts are polyphenol antioxidant and source of resveratrol, which could aid in lowing risk of heart diseases, cancers, degenerative nerve diseases, tumours and inflammation.
Europe is third-largest consumer of peanut powder after North America and Asia Pacific. European peanut powder market is expected to exhibit growth during the forecast period, due to shift in consumption pattern, where consumers prefer vegetable sources and plant sources of protein instead of meat. According to CBI - Ministry of Foreign Affairs, Europe’s estimated peanut (groundnut) consumption is 550,000 tons per year and imports show a growing market with an annual increase of 1.2% in volume (4.3% in value) from 2011 to 2015. Furthermore, European peanut import market showed growth with an annual increase of 1.2 % in volume and 4.3% value in peanut from 2011 to 2015 according to CBI - Ministry of Foreign Affairs.
Some of the major companies operating in the global drinkable peanut powder market are Golden Peanut and Tree Nuts, J.M. Smucker Company, Santa Cruz Organic, Bell Research Companies, Inc., Peanut Butter & Co., Sukrin Ltd., Protein Plus, LLC, and Nutrinity Foundation.
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Loose Fill Polystyrene Packaging Market - Size, Share, Trends and Forecast till 2025
Loose fill packaging is important for safe shipping of packaged goods, as they fill empty spaces in the box and prevent products from moving during transportation. There are various types of loose fill packaging material available in the market including biodegradable, recyclable, and environmental friendly filling material. Rising awareness regarding environmental concerns has led to popularity of these grade of polystyrene loose fill packaging worldwide. For instance, Topa Packaging, manufactures a biodegradable expanded polystyrene (EPS) loose fill material under the brand name Flo-Pak Green.
Rapidly growing packaging industry is propelling growth of the global loose fill polystyrene packaging market. For instance, according to the data provided by the Central Government of India, the packaging industry was pegged at US$ 25 Bn in 2016 and is expected to reach US$ 30 Bn by 2020, at a growth rate of 15% per annum. Thus, the overall growth of the packaging industry is anticipated to support the market growth of loose fill polystyrene packaging market as well.
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Furthermore, rising internet penetration rate, coupled with shifting consumer preference from offline retail channels to e-commerce are driving growth of online retailing which in turn, is supporting growth of the loose fill polystyrene packaging market. For instance, according to the data provided by the Internet World Stats, the total number of internet users has increased from 3,079 million in 2014, to 4,157 million in 2017. In the total count of internet users around the world, Asia Pacific and Europe contributed 48.7% and 17.0 % share, respectively, in 2017, according to the Internet World Stats.
Based on application, the market is segmented into consumer goods packaging, pharmaceutical packaging, cosmetics & personal care products packaging, and others (handicrafts, stationary, and office supplies). In 2017, consumer goods packaging segment dominated the market and is anticipated to maintain its position during the forecast period. This dominance is attributed to rising sales of consumer goods worldwide. According to the National Bureau of Statistics of China, in 2017, total retail sales of consumer goods, in China reached US$ 508.9 Mn, and it was 9.4% higher than the previous year.
Asia Pacific held the dominant position, in terms of revenue share, in the global loose fill polystyrene packaging market in 2017 and represented a market share of 44.1%. Rapidly growing end-use industries such as pharmaceuticals, cosmetics, and personal care industry in the region is leading to growth of the market in the region. For instance, according to the data provided by the International Trade Administration (ITA), in Japan, total market for cosmetics and personal care products was valued at US$ 13.2 Bn, in 2015.
Furthermore, increasing demand for pharmaceutical products is majorly driven by steadily growing geriatric population in Asia Pacific. According to the World Bank, growth rate of the geriatric population in East Asia is higher as compared to other parts of Asia Pacific. In 2010, over 211 million residents were recorded under the category of geriatric population in East Asia, out of which, China accounted for 130 million residents. Growing pharmaceutical industry is anticipated to support demand for loose fill polystyrene packaging for application pharmaceutical sector.
Mergers & acquisitions, strategic business collaboration, and product development are the key business strategies adopted by major players in the market to retain their presence. For instance, in December 2015, Storopack Inc. announced a business deal with Sealed Air Corp. and CPI, to enhance its existing business of loose fill packaging in the U.S. and Canada.
Major players operating in the global loose fill polystyrene packaging market include Alsamex Products Ltd., Nefab Group, XPAC Technologies Pte Ltd., Salazar Packaging Inc., Storopack Inc., Free-Flow Packaging International Inc., Imperial Dade, Samuel Grant Group Ltd., and Styro Tech Ltd.
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Automotive Trailer Wheel Rims Market - Global Industry Insights, Trends, Outlook, 2018 – 2026
Automotive trailer wheel rim is the exterior edge of a vehicle that holds the tire. The materials used for manufacturing those rims include steel, aluminum alloy, and magnesium among others. It is characterized by its design, diameter, and width. It provides support to the tire of the vehicle. It also performs various functions such as acting as a supporting link to the suspension unit of the vehicle.
Growing automotive industry is one of the major factors driving growth of the automotive trailer wheel rims market
One of the major factors attributed to growth of the market is rising production of vehicles worldwide. For instance, according to the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced in 2016 was 95 million units, which increased to 97 million units in 2017, globally. Therefore, increasing number of vehicles on road is leading to rising demand for automotive trailer wheel rims. Moreover, players in the market are developing advanced and innovative rims, in order to sustain in the market. For instance, the Maxion Wheel, a world leader in the light-weight wheel market, currently supply aluminum wheel rims to every major OEM in the world. The benefits offered by aluminum material over the steel material is that they are often several pounds lighter per wheel, which means quicker acceleration and faster stopping. Moreover, less weight also means less strain on suspension components. In extreme driving conditions, alloy wheels are able to dissipate heat away from brake components than their steel counterparts. Hence, these factors will propel growth of the automotive trailer wheel rims market.
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Global Automotive Trailer Wheel Rims Market: Segment Trends
Among vehicle type, passenger vehicles segment accounted for the largest market share in 2017 and is the fastest growing segment, owing to increasing sales of these vehicles worldwide. According to the International Organization of Motor Vehicle Manufacturers, the total units of passenger cars sold in 2015 was 69 million, which increased to 72 million in 2016, globally. Furthermore, increasing R&D investment by original equipment manufacturer (OEMs) will improve riding quality and also reduce overall weight of the vehicles, which in turn will make the vehicles fuel efficient. Hence, increasing sales of passenger vehicles will inadvertently increase the demand for automotive trailer wheel rims, thereby fueling growth of the market.
High maintenance cost is one of the major factors restraining growth of the automotive trailer wheel rims market
One of the major factors hindering growth of the global automotive trailer wheel rims market is the high maintenance cost that has to be incurred. For instance, according to Coherent Market Insights’ analysis, the cost incurred for straightening a bent rim is around US$ 75 or less whereas the cost incurred for repainting wheel rim requires over US$ 200 per wheel and cost incurred in entire replacement of wheel rim was over US$ 500. Therefore, high cost acts as a barrier for growth of the global market.
Global Automotive Trailer Wheel Rims Market: Regional Insights
Asia Pacific automotive trailer wheel rims market is expected to grow at a highest CAGR over the forecast period (2018–2026). This growth is attributed to presence of emerging economies such as India, China, and Japan in the region positioned as growth engines in the automotive sector. Owing to increasing vehicle production in economies such as China and India, the demand for automotive trailer wheel rims in this region has also increased. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in India, the total number of vehicles produced in 2015 was 4.16 million and it increased to 4.48 million in 2016. Similarly, in China, the total number of vehicles produced in 2015 was 24.5 million and it increased to 28.1million in 2016. Moreover, the manufacturers of wheel rims such as Maxion wheels, Voxx wheels, Hitachi metals, and others are setting up their plants in this region, which in turn increases the demand for automotive wheel rims and further drives growth of the market. For instance, in January 2018, the Maxion Wheel set up new manufacturing plant in India for manufacturing wheels for passengers cars. Hence, all these factors will help in boosting growth of the automotive trailer wheel rims market in this region.
Global Automotive Trailer Wheel Rims market: Competitive Landscape
Major players operating in the global automotive trailer wheel rims market include TSW alloys Wheels, Maxion wheels, Voxx Products, MHT Luxury Wheels, Hitachi Metals Ltd., Zhejiang Wanfeng Auto Wheel Co., Ltd, Sota Offroad, Accuride International Inc., Vossen Wheels, Inc., and Auto Wheel & Rim.
Key players such as TSW alloys, Maxion wheel, Accuride International Inc., and others adopted product development strategies, in order to strengthen their position in the market. For instance, in September 2016, Maxion Wheels, the world’s leading wheel manufacturer, launched the industry’s lightest commercial vehicle steel wheel in the European market. The Gen34 22.5” x 9.0” steel wheel weighs 34 kilograms. This strategy will help the company to serve innovative products to their customers, thereby helping them to gain competitive edge in the market.
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