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Nanocoatings Market – Forecast (2022-2027)

Nanocoatings Market size is forecast to reach US$22.5 billion by 2027, after growing at a CAGR of 20.1% during 2022-2027. Nanocoatings is a special type of nanoparticle coating that is made using carbon nanotubes which accelerate the reaction of forming activated oxygen from water by capturing the ultraviolet light in the presence of titanium dioxide. The nanocoatings help in enhancing the material and give flame retardant, anti-corrosion, anti-dust and many other features to the objects having nanocoatings. These are widely used in various end-use industries such as electronics, automotive, medical, marine coating and others. According to the International Organization of Motor Vehicle Manufacturers, the total car production is around 5,70,54,295 units and total commercial vehicle production is 2,30,91,693 in 2021 with an annual growth of 3% as compared to 2020. The rise in automotive production will eventually boost the demand for the Nanocoatings Market. However, due to covid 19 pandemic, the market has declined in 2020 owing to the shutdown of the manufacturing facilities to reduce the spread of the virus. But the market is expected to follow an increasing trend due to the growing consumption from the various end-use sector during the forecast period.

Report Coverage

The report: “Nanocoatings Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Nanocoatings Industry.

By Technology: Pre-treatment, Electrocoat, Liquid Coating (Waterborne, Solvent Borne, Coil Coating), Powder, Ultraviolet and OthersBy Substrate: Aluminum/Magnesium, Steel, Plastic & Plastic Composites, Wood & Wood Composites and OthersBy Product Type: Anti-Microbial Coating, Anti-Fingerprint Coating, Anti-Fouling Coating, Hydrophyllic Coating, Anti-corrosion Coating, Self-Cleaning Coatings and OthersBy End-use Industry: Auto, Transportation & Equipment (Automotive parts & Accessories, Wheels Heavy Duty Equipment and Others), Building & Construction (Extrusion Coatings, Interior Building Products and Others), Consumer Products & General finishes (Consumer Products, Kitchenware, Appliances and Others), Food & Packaging, Textile, Healthcare, Industrial (Industrial Bakeware & Molds, Energy Application, Office Furniture & Equipment, Electrical) and OthersBy Geography: North America (USA, Canada and Mexico), Europe (UK, Germany, Italy, France, Netherlands, Belgium, Spain and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia and New Zeeland, Indonesia, Taiwan, Malaysia and Rest of APAC) and Rest of the World: The Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa)

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Key Takeaways

North America is expected to register a CAGR of 21.2% during the forecast period (2022-2027). The increasing demand for automotive, electronic and other sectors is driving the Nanocoatings industry.

Growing demand for Nanocoatings in industrial purposes for energy and industrial bakeware & molds application is expected to boost the demand due to flame retardant, scratch proof, UV, chemical resistance and anti-corrosion characteristics during the forecast period.

Robust demand for Nanocoatings from various end-use industries such as automotive, marine, medical equipment, electronics and others owing to low emission of volatile organic compounds is expected to increase the demand during the forecast period.

Nanocoatings Market Segment Analysis – by Product Type

The self-cleaning Nanocoatings segments accounted for around 16% of the Nanocoatings Market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. The self-cleaning nano-coating is an innovative combination of super-hydrophilic nanoparticles, photocatalytic and anti-static features widely used in electronics, energy, food & packaging, construction, marine industry, military &defense, automotive, aerospace and healthcare. According to US Solar Energy Industry Association, more than 230,000 Americans work in solar at more than 10,000 companies in every U.S. state as of 2020. In 2021, the solar industry generated more than US$33 billion of private investment in the American economy. Also, 46.1GW of energy production is planned for 2022 of which nuclear contributes 2.2GW, solar 21.5 GW, natural gas 9.6GW, wind 7.6%, batteries 5.5GW and others 0.2GW according to the U.S. Energy Information Administration. Therefore, the growing energy installation will help to boost self-cleaning segments of nanocoatings demand during the forecast period.

Nanocoatings Market Segment Analysis - by End-Use Industry

The transportation segment accounted for approximately 21% of the Nanocoatings Market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. Nanocoatings is widely used in the transportation sector for auto parts, accessories, wheels and heavy-duty equipment coatings. Rising middle-class income, huge youth population and lightweight vehicles are boosting the demand for the automotive sector and in turn, boosting demand for nanocoatings products. According to India Brand Equity Foundation, the total production of passenger vehicles, three-wheelers, two-wheelers and quadricycles reached 1,860,809 units In January 2022. Also, the Government of India expects the automobile sector to attract US$ 8-10 billion in local and foreign investments by 2023. Thus, the increasing investments in the transportation sector are expected to drive the nanocoatings market size during the forecast period.

Nanocoatings Market Segment Analysis - by Geography

North American region held the largest portion of the Nanocoatings Market share in 2021 up to 38%, owing to the growing construction, automotive and electronics sector in the U.S, Canada and Mexico. The major factor responsible for the growth of Nanocoatings is less emission of volatile organic compounds which gives eco-friendly products. Nanocoating is widely used in auto parts, equipment, accessories, wheels, electronics components, construction material and others. According to the U.S Department of Commerce, the total construction spending during March 2022 was estimated at a seasonally adjusted annual rate of US$1,730.5 billion, with a rise of 0.1% above the revised February estimate of US$1,728.6 billion. According to Statistics Canada, about 1.6 million new motor vehicles registered in Canada in 2021 with an increase of 6.5% from 2020. Therefore, the growing construction, automotive and other sectors are boosting the Nanocoatings Market size during the forecast period.

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Nanocoatings Market Drivers:

increasing demand for Nanocoatings for Medical Devices applications

Nanocoatings are widely used in the coating of medical devices as it helps in the prevention of bacterial & fungal infection and smoothens the surface & performance of medical devices to meet the stringent needs of the medical device industry. Also, it helps to reduce abrasion between tissues & devices as many medical devices require non-stick coatings over-molded, biocompatible and other finishes to combat problems of infection. According to Medtech Europe, Organization, the global medical devices market share by the various countries in 2020 is as follows, U.S (41.6%), Europe (27.6), China (7.4%), Japan (7.2%), Canada (1.8%), South Korea (1.6%), India (1.3%) and others (11.6%). The rise in the demand and advancement in the technology of medical devices will boost the Nanocoatings Market due to its wear resistance and anti-microbial properties during the forecast period.

Growing electronics industry across the globe

The electronics sector is growing rapidly owing to increasing demand from emerging market economies. As a result, many countries are rising the production of more electronics and investment in the foreign production of electronics has increased dramatically. Also, growth in the electronics sector is primarily driven by innovation, with companies spending significant amounts on research and development (R&D) to make better products and to increase the efficiency of the manufacturing process. Nanocoatings play a vital role in the electronics sector as it is widely used for the coating of various devices such as consumer products, kitchenware, appliances and others. According to Invest India, the global electronics components market is expected to reach US$191.8 billion by 2022, of which the Asia Pacific region is anticipated to capture a dominant share globally. The growth in the electronic components sector will eventually help to boost the demand for the Nanocoatings Market during the forecast period.

Nanocoatings Market Challenges:

Volatile Price of Raw Material

Nanocoating is a premium product, so they are available at higher prices when compared to other coatings. The volatile price of raw materials such as silver, titanium dioxide, silicon and others is hindering the market growth. For instance, the average U.S. spot price for silicon metal was 444.38 cents per pound in February 2022, which is three times more than the average price in February 2021 according to the U.S. Department of the Interior and the U.S. Geological Survey. Owing to this factor, the product of nanocoatings comes at a higher price as compared to its alternative coatings, which tends to constrain the growth of the market.

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Nanocoatings Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Nanocoatings Market. Top 10 companies in the Nanocoatings Market are:

Buhler PARTEC GmbH

Bio-Gate AG

Eikos Inc.

Cima NanoTech Inc.

Inframat Corporation

Nanofilm Ltd.

Nanophase Technologies Corporation

Integran Technologies Inc.

Nanogate AG

Nanovere Technologies LLC

Recent Developments

In February 2022, The McMaster Manufacturing Research Institute (MMRI) and Alchemy develop innovative nanocoatings solutions to the challenges faced by many industries such as repelling water, dirt and ice while maintaining high transparency, mechanical durability and weather specifications for advanced sensor systems used in harsh environments.

In January 2021, Tesla NanoCoatings Launched NANO Non-Skid; Teslan that has 1105 Zn-CNT Single Coat Deck Epoxy New Technology Combining Carbon Nanotubes and Aggregate to eradicate the biggest offshore challenges of worker safety and maintenance.

In August 2020, Indian Tech Startup Muse Nanobots launched a nanotech coating for textiles that can inactivate the Coronavirus within five minutes of contact. Muse nanocoated textiles can offer enhanced protection for common people to travel and will provide great safety to frontline healthcare, hospital, hotels and restaurant workers.

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Short Fiber Thermoplastic Composites Market – Forecast (2021-2026)

Short Fiber Thermoplastic Composites Market size is forecast to reach US$15.3 billion by 2026, after growing at a CAGR of 3.2% during 2021-2026. Composite materials reinforced with short fibers such as glass fiber, carbon fiber, polybutylene terephthalate, and more, combine the unique properties of traditional polymer composite materials and the ability to produce high-tech products by casting under pressure in forms. These materials can be used for the production of parts of any difficult geometrical form while maintaining high mechanical characteristics at a low specific weight of the product. The high ease of recycling and manufacturing of short fiber thermoplastic composites is one of the major factors driving the industry. Rising demand from the aerospace and defense industries is another major driving factor for the market. However, the high cost associated with short fiber thermoplastic composites is hindering the growth of the market studied.

COVID-19 ImpactCOVID-19 has had a negative impact on short fiber thermoplastic composite demand in a variety of end-use industries, including aerospace and defense, transportation, wind energy, building, consumer and electronics products, and others. Due to supply chain disruptions such as raw material delays or non-arrival, disrupted financial flows, and rising absenteeism among production line staff, OEMs have been forced to function at zero or partial capacity, resulting in lower demand for thermoplastic composites. COVID-19's outbreak had a major effect on the automotive and aerospace industries. Automotive and aircraft production was disruptively halted as the demand gradually shrank, contributing to a major loss in the automotive. For instance, according to the European Association of Automobile Manufacturers, demand for new commercial vehicles across the EU remained low in June 2020 (-20.3%). With the decrease in automotive production, the demand for short fiber thermoplastic composites significantly decreased, which had a huge major impact on the market growth in 2020.

Report Coverage

The report: “Short Fiber Thermoplastic Composites Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the short fiber thermoplastic composites industry.By Fiber Type: Glass Fiber, and Carbon FiberBy Resin Type: Polyamide (PA), Polypropylene (PP), Polycarbonate (PC), Polyurethane (PU), Polystyrene (PS), Polybutylene Terephthalate (PBT), and OthersBy End-Use Industry: Transportation (Aerospace and Defense, Automotive, and Others), Electrical & Electronics, Consumer Goods, Energy & Power, and OthersBy Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)

Key Takeaways

Asia-Pacific dominates the short fiber thermoplastic composites market in 2020. The rising demand for short fiber thermoplastic composites can be attributed to the flourishing automotive, aerospace, and electronics sector in the region.

Short fiber thermoplastic composites are extensively utilized in transportation due to the wide application of short fiber thermoplastic composites as it offers a higher strength to weight ratio, recyclability, and can mold complex shapes.

Glass fibers are high in demand as they are low cost and can process with different resins. Glass fiber is largely used in wind energy, consumer goods, electronics, transportation, and other industries, which positively impact the market growth.

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Short Fiber Thermoplastic Composites Market Segment Analysis - By Fiber Type

The carbon fiber segment held the largest share of more than 55% in the short fiber thermoplastic composites market in 2020. The most flexible and commonly used material is carbon fiber. They have a wide range of properties, including high stiffness and excellent strength (up to 1,000 ksi). Pitch fibers, which are made from petroleum or coal tar pitches, have a moderate to extremely high stiffness and a low to negative axial thermal expansion coefficient (CTE). Their thermal conductivity is particularly useful in spacecraft applications that require thermal control, such as electronic instrument housings. As a result, the extensive properties of carbon fibers are a major factor driving their market. Carbon fibers are not only less impact-resistant than glass or aramid fibers, but they can also cause galvanic corrosion in metals they come into contact with due to their electrical conductivity, which restricts carbon fiber segment development.

Short Fiber Thermoplastic Composites Market Segment Analysis - By Resin Type

The polyamide segment held the largest share of more than 30% in the short fiber thermoplastic composites market in 2020. Polyamides (nylon) are high-performance plastics with high temperature and electrical resistance. They are commonly used in automotive and transportation industries, consumer products, and electrical and electronics applications, among others. Polyamide, in comparison to other polymers, can withstand higher temperatures and has been used to replace certain metal parts in under-the-hood automotive applications. Polyamide possesses characteristics such as high strength and stiffness at high temperature, good impact strength even at low temperature, good flow for easy processing, good abrasion and wear resistance, excellent fuel and oil resistance, good fatigue resistance, excellent surface appearance, better processability, electrical insulating properties, high water absorption, low dimensional stability, and more, which is boosting the demand for polyamide resins for various applications.

Short Fiber Thermoplastic Composites Market Segment Analysis - By End-Use Industry

The electrical & electronics segment held the largest share of more than 25% in the short fiber thermoplastic composites market in 2020 and is growing at a CAGR of 5.2% during 2021-2026. Short fiber thermoplastic composites are commonly used in the electrical and electronics industries to fabricate electrical cables, adapters, and electronics equipment. These composites are mostly used to reduce total part weight. They also have properties like high impact resistance, increased power, and longer endurance. The thermoplastic composites with short fibers are light, flexible, and resistant to heat and chemicals. As a result, they're used in the electronics industry for flexible cables and as a magnet wire insulating film. They also help to reduce the weight of housing electronics such as laptop computers and LCD projectors, as well as camera bodies and lenses. Short fiber thermoplastic composites are expected to dominate the market analyzed during the forecast period as a result of these factors.

Short Fiber Thermoplastic Composites Market Segment Analysis - By Geography

Asia-Pacific region held the largest share in the short fiber thermoplastic composites market in 2020 up to 42%, owing to the escalating demand for short fiber thermoplastic composites from the flourishing electrical & electronics industries in Asia-Pacific countries. The automotive industry in Asia-Pacific is growing at the fastest rate, with China, Japan, and India leading the way. According to China's National Integrated Circuit Development Promotion Outline, the Chinese government plans to spend heavily on the electronics industry, especially IC manufacturing and design. By 2022, China's IC output will grow at a rate of more than 14% per year on average. According to the Singapore Economic Development Board, Singapore has one of the most diverse semiconductor industries in the Asia Pacific. In 2015, the electronics industry attracted S$3.3 billion in fixed asset investments (FAI), accounting for 28.6% of all FAI in Singapore. India's share of global electronics manufacturing has increased from 1.3 percent in 2012 to 3 percent in 2018, according to Invest India. Furthermore, India's Consumer Electronics and Appliances Industry are expected to be the world's fifth-largest by 2025. By 2025, India's digital economy may be worth $800 billion to US$1 trillion, accounting for 18–23% of the country's total economic activity. Thus, with the expanding electronics industry, the demand for short fiber thermoplastic composites will also subsequently increase, which is anticipated to drive the short fiber thermoplastic composites market in the APAC region.

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Short Fiber Thermoplastic Composites Market - Drivers

Growing Aerospace SectorComposite materials, which are made up of a composite matrix reinforced with fibers, are used in modern aircraft because they have a higher strength-to-weight ratio than metals, allowing for lighter planes that use less fuel. The most common composite material on aircraft is comprised of a thermoset plastic and carbon fiber reinforcement. Composite materials with a thermosetting (cross-linked) matrix are commonly used materials in structural components in aerospace applications such as airframes and jet engines. China was the world's second-largest civil aerospace and aviation services market in 2019 and one of the fastest-growing markets, according to the International Trade Administration (ITA). Over the next 20 years, India is expected to have a market for 2,300 planes worth US$320 billion, according to Boeing. According to Boeing's current market outlook (BMO), the Middle East would need 2,520 new aircraft by 2030. Thus, with the increasing aerospace sector in various regions, the demand for short fiber thermoplastic composites will also substantially increase. And since short fiber thermoplastic composites are often manufactured using water-based resins, the increasing aerospace industry acts as a driver for the short fiber thermoplastic composites market during the forecast period. Growing Electric Vehicle MarketElectric vehicles (EVs) are environmentally friendly and contribute to the automotive industry's elimination of carbon emissions. The demand for hybrid vehicles and electric vehicles is expected to see high growth in the coming years owing to the increasing government initiatives. Various governments are launching programs to encourage people to switch to electric vehicles, each with its own set of policies. For example, the Norwegian government is offering a large package of subsidies totaling EUR 17,000 on the purchase of a compact class ICE car, while the UK government is offering a one-time premium of GBP 4,000-7,000 to buyers of vehicles emitting less than 75 g/km. Short fiber thermoplastic composites offer excellent strength and play a significant role in the weight reduction of vehicles. This makes them highly useful in the production of electric vehicle components. As a result, the increased demand for electric vehicles is driving up the demand for short fiber thermoplastic composites. Several companies are now working on the manufacture of thermoplastic composite parts. UNITI SWEDEN AB (Sweden) and KW Special Projects, for example, use digital twin technology and carbon fiber-reinforced thermoplastic composites to redefine vehicle design and development in 2019.

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Short Fiber Thermoplastic Composites Market - Challenges

High Cost of Raw MaterialsIn comparison to thermoset resins, thermoplastic resins used in the manufacture of short fiber thermoplastic composites are more expensive. The cost of raw materials accounts for a significant portion of the overall cost of these composites. The cost of raw materials, refining, and manufacturing thermoplastic composites are high, resulting in a high end-product cost. The high cost of thermoplastic composites is a big deterrent for OEMs in the supply chain. In addition, the machinery and equipment used to produce thermoplastic composites are costly, resulting in a high production cost. Thermoplastic composites have a wide range of uses in a variety of industries. They are, however, not commercially viable. If the cost of thermoplastic resins and the cost of production are decreased, the use of short fiber thermoplastic composites in many applications should be possible.

Short Fiber Thermoplastic Composites Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the short fiber thermoplastic composites market. Major players in the short fiber thermoplastic composites market are BASF SE, Lanxness, Arkema, Polyone Corporation, Mitsubishi Advanced Chemical Materials, SABIC, Solvay, Dupont, Toray Industries, and Celanese Corporation.

Acquisitions/Technology Launches

In June 2019, Mitsubishi Advanced Chemical Materials bought Advanced Polymer Technologies (US) to boost its engineering plastics technical development. The company would be able to provide better solutions to the aerospace and defense, medical, and electrical, and electronics industries as a result of this acquisition.

In May 2019, Polyone Corporation unveiled new thermoplastic composite products. To meet highly challenging design and performance requirements, it introduced Complete LFT formulations, which is a thermoplastic composite with PEEK and PP as a base resin.

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Flame Retardant for Aerospace Plastic Market – Forecast (2022 – 2027)

Flame Retardants for Aerospace Plastics Market size is estimated to reach US$ 21.2 million by 2027, growing at a CAGR of 4.6% during the forecast period 2022-2027. Flame retardants are chemical compounds that are added to polymers like polyphthalamide, epoxy resin, carbon fiber reinforced polymer to make them fire-resisting. The plastics made with the integration of such flame retardants like aluminum hydroxide with polymers make it withstand high temperature, hence making it ideal for an aerospace application that requires high-temperature resistance in outer space. Some plastic like Carbon fiber reinforced plastics is a major user of flame retardants and it has various aerospace applications from the cockpit to the empennage. Hence drivers for flame retardant for an aerospace plastic market that positively impacts its growth are rapid demand for lightweight & cost-effective material in aerospace applications, growing safety concerns relating to the flammability of aerospace components made from conventional materials like metal, wood. However, as the flame retardants are highly toxic, so therefore the regulations imposed by the government organizations like U.S Environment Protection Agency relating to their usage have hampered the growth of flame retardants for aerospace plastics industry.

COVID-19 Impact

COVID-19 pandemic had negatively impacted the flame retardant for the aerospace plastic market on a global level, as the restrictions and lockdown imposed by governments all across the globe caused a shortage of labor, decrease in the supply of spare parts due to import-exports restriction, and shutdown of various production plants. Hence all this hampered the productivity of the aerospace sector and reduced the demand for new aircraft. For instance, as per the 2021 report of the General Aviation Manufacturers Association, the Global business jet deliveries declined 20.4% to 644 aircraft in 2020 due to the COVID-19 pandemic. As per the 2021 finance report of Boeing, the company saw 40% less funding towards new aircraft deliveries in 2020 compared to 2019, and also the company reduced production of aircrafts 787s & 777s while halting production of 737max. As there was a decrease in the demand and production of new aircraft, hence this reduced demand for flame retardant plastics like carbon fiber reinforced plastics that are highly used for making aircraft bodies. Hence such reductions have negatively impacted the flame retardant for the aerospace plastic market.

Report Coverage

The report: “Flame Retardant for Aerospace Plastic Market – Forecast (2022 – 2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Functional Anti-Static Additive Market.

By Flame Retardant Type – Metal Hydroxide (Aluminum Hydroxide, Magnesium Hydroxide), Boron Compounds, Phosphorous based (Organophosphorus, Halogenated flame retardant), Melamine based, Others (Silicon-based, Phosphates based). By Application Type - Interior components, Aircraft Fuselage, Engine Pylons, Access doors, Aircraft Flooring, Wings Edges, Others. By Aircraft Type – Military, Heavy Aircraft (Commercial Airliner, Cargo), General Aviation (Light Weighted, Helicopter), Others. By Geography - North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherland, Spain, Russia, Belgium, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), Rest of the World (Middle East, Africa).

Key Takeaways

Usage of innovative manufacturing techniques like additive manufacturing, in which aircraft parts can be produced using less material thereby making aircraft light weighted & high performance has provided growth opportunities in flame retardants for the aerospace plastic market.

Europe dominates the flame retardants for the aerospace plastic market, as the region has countries like the UK, France, Germany, Spain showing a significant increase in their air commute, new orders for aircraft and components.

With the demand for commercial aircraft continuously growing especially in developing markets, so this has led to an increase in demand for smart new materials, electric propulsion, evolving technologies. Hence such new demands will replace the usage of metal by flame retardants plastics in the commercial aircraft segment.

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Flame Retardant for Aerospace Plastic Market Segment – By Flame Retardant Type

Metal Hydroxide held the largest part in flame retardant for an aerospace plastic market in 2021, with a share of over 30%. This is owing to factors like aluminum hydroxide which is commonly used as flame retardant has a very low rate of flame spreading, heat release, smoke production, it is cost-effective, corrosion-resistant and its coating creates phosphorous rich crosslink-aromatic char which provides smoke suppression. Hence it is widely used in commercial aircraft segment in edges of wings or tails, lip skin of nacelle. In 2021 Airbus received an order of 255 new A321neo aircraft from U.S private equity firm Indigo Partners, and in December 2021, Los Angeles-based Air Lease Corporation provided an order of 111 aircraft to Airbus covering Airbus models like A220, A320, A330, A350. With the increase in demand for new commercial aircraft, the usage of fire-resistant materials in such aircraft will increase, thereby promoting demands of metal hydroxides like aluminum hydroxide as flame retardants in the aerospace industry.

Flame Retardant for Aerospace Plastic Market Segment – By Application

Aircraft fuselage held the largest share in flame retardants for an aerospace plastics market in 2021, with a share of over 40%. This can be attributed to factors like the usage of polymers including carbon fiber reinforced polymer whose mixture with flame retardants creates carbon fiber reinforced plastics that has unique properties like it does not corrode as metals do, less maintenance cost, high strength & stiffness and is low weighted. Hence due to such unique properties, it has high aerospace application in making aircraft fuselage and less maintenance means more flight time, thereby making carbon fiber planes more profitable. For instance in 2021, 50% of the main body of the new generation, 777max of Boeing consists of carbon reinforced fiber plastic which makes aircraft light weighted and fuel-efficient. The company plans to introduce such material in other passenger aircraft like 737 MAX, whose production is aimed to increase up to 31% in 2021. The increase in usage of such highly engineered plastics will positively impact the flame retardant for the aerospace plastic market.

Flame Retardant for Aerospace Plastic Market Segment – By Aircraft Type

Heavy aircraft held the largest share in flame retardants for the aerospace plastics market in 2021, with a share of over 35%. This is owing to factors like, increase in the production rate of heavy aircraft types like a commercial airliner in major aircraft manufacturers like Airbus, Raytheon Technologies, United Aircraft Corporation, Boeing, etc. owing to an increase in domestic and international traveling volume. For instance, in 2021, Boeing delivered 79 commercial aircraft in the second quarter compared to 20 deliveries in 2020, showing an increase of 79%, while Airbus delivered 172 aircraft in the second quarter in 2021 compared to 72 in 2020, showing an increase of 54%. Hence with the increase in the demand for heavy aircraft like a commercial airliner, the demand for effective materials like aluminum hydroxide that as flame retardant can be used in carbon fiber planes will also increase, thereby showing a positive impact on flame retardant for the aerospace plastic market.

Flame Retardant for Aerospace Plastic Market Segment – By Geography

Europe held the largest share in flame retardant for the aerospace plastic market in 2021, with a share of over 40%. This is owing to factors like the region headquartering of one of the largest aircraft manufacturers i.e., Airbus that has more than 12 manufacturing sites in Europe in countries like the UK, France, Germany, Spain, and Italy. Hence with the increase in demand for defense & commercial aircraft and their components in the region, the demand for flame retardants to be used in such aircraft components will increase. For instance, in 2021 Airbus increased the production rate of A320 Family aircraft from 43 aircraft in Q3 to 45 in Q4 in the production plant in France, Germany, Toulouse, and it increased the monthly production rate of A322 from 5 to 6 aircraft per month in Montreal, Quebec, Mobile. Hence with such an increase in the production rate of European countries, the demand for flame retardants to be used in them would also increase thereby positively impacting the flame retardants for the aerospace plastic market in the European region.

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Flame Retardant for Aerospace Plastic Market Drivers

Rapid demand for lightweight material

Commercial air transport is growing rapidly in developing markets like India and with new aircraft replacing old ones, the demand for lightweight and cost-effective material like carbon fiber reinforced plastic has increased as such materials have low maintenance and provide proper weight management in aircraft. Hence it is for this reason that various companies like Boeing, Airbus has started replacing the metallic structure of their aircraft with carbon fiber reinforced plastic, and more innovative material like polyamides, polycarbonates are also being used in interior components, seat covers, etc. For instance, in 2021 the majority of construction in a new fleet of commercial aircraft like Airbus350 consisted of a composite material like carbon fiber reinforced plastic and other advanced materials due to which A350 successfully reduced the airframe maintenance cost by 40% and it delivered 25% less operating cost to operators in upper widebody market segment. As carbon fiber planes require less maintenance, so they would be used more flight time.

The growing importance of flame retardants in the aviation sector

Confined and compact spaces in aircraft make it imperative to minimize fire hazards, as flammability is considered a major cause of aircraft accidents. Hence this major problem can be prevented by proper utilization of flame retardant fibrous material that would be used in aircraft design, manufacturing, and in its interior furnishing. Hence such material has good chemical strength, resists smoke gas toxicity and the coating of flame retardants enables it to withstand high temperature. With the growing safety concern in the aerospace sector, the demand for such flame retardant fibrous material like carbon fiber reinforced plastic has increased, and due to technological advancements, flame retardants of various types are being introduced in the market by major manufacturers. For instance, in 2021 RTP Company launched a new series of flame retardant products that can be used application in air handling spaces, LANXESS launched a glass fiber reinforced plastic compound made of 92% sustainable raw material.

Flame Retardant for Aerospace Plastic Market Challenges

Stringent Regulations laid by Organizations

Flame retardants though require flame resisting benefits when applied to materials, but consist of chemicals which when exposed to the human body can have adverse health effects. Hence it causes cancer, impacts the immune system, neurologic dysfunction, and endocrine thyroid disruption. Hence to prevent the adverse impact of flame retardant on human or animal life, certain regulations have been laid down by governments and organizations. For instance, in January 2021, U.S Environment Protection Agency issued phenol, isopropylated phosphate, or PIP 3:1 rule under the Toxic Substance Control Act, which restricts the industrial usage of flame retardants. Moreover, in October 2019 European Union adopted regulation 2019/2021 a package of eco-design requirements for electronic displays, which would restrict the usage of halogenated flame retardants in plastic enclosures. Hence such restrictions have hampered the usage of flame retardants in aerospace plastics.

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Flame Retardants for Aerospace Plastics industry outlook

The companies to develop a strong regional presence and strengthen their market position, continuously engage in mergers and acquisitions. Flame Retardants for Aerospace Plastics top 10 companies

PolyOne Corporation

RTP Company

Israel Chemicals

Royal DSM

Huber Engineered Material

LANXESS

Clariant Corporation

Solvay

DIC Corporation

Rio Tinto

Recent Developments

In 2021, Clariant Corporation announced its establishment flame retardants production facility in China for expansion of its Exolit OP flame retardants. By establishing local production capacity, Clariant greatly enhances the speed at which it can provide solutions to its customers in China.

in 2021, LANXESS signed a contract to acquire Solvay U.S phosphorous additives business. Hence such acquisition will enable the company to increase the production of flame retardants in the North American region.

Relevant Reports

Non-Halogenated Flame Retardant Chemicals Market Report Code – CMR 66963

Alumina Trihydrate (ATH) Flame Retardant Market Report Code – CMR 1014

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Biofungicides Market – Forecast (2022-2027)

Biofungide Market size is estimated to reach US$3.9 billion in 2027 and is forecasted to grow at a CAGR of 15.1% during 2022-2027. The term Biofungicides refers to those fungicides that contain the microorganism as an active ingredient and are used to control fungal bacteria in plants especially in agriculture. These microorganisms are found naturally in the soil, making them an environmentally friendly alternative to chemical fungicides. Biofungicides are used as a pest control method through folia spray of biofungicides during the cultivation of cereals & grains, fruits & vegetables, oilseeds & pulses, flower crops, and others. They help to increase the fertility of the soil and extend the life of flowers and fruits. In addition, the biofungicide easily decomposed sunlight, plants, or various microorganisms in the soil. The introduction of sustainable products in organic farming had a positive impact on farmers around the world, greatly contributing to the growth of the industry. Farmers switching to advanced farming systems such as hydroponic systems, aquaponics has a positive impact on global biofungicides market.

COVID-19 Impact

The covid-19 has disrupted agricultural industry with decreased supply of agricultural inputs. The disruption in supply chain has reduced the availability of fertilizers, agricultural implements, and other inputs. The closure of several manufacturing units of biofungicides during lockdown has created a tentative market friction between demand and supply.

A sudden outbreak of the coronavirus has hit the global market as governments take steps to close roads and reduce overcrowding. The development is generally expected to be reflected in the disruption and decline in productivity and organic farming due to lack of resources, shortage of workers, and government-sanctioned crop closures.

The global market continues to be challenged by the economic consequences associated with the epidemic. However, the results are not the same for all markets and not all are bad. For example, the timely closure of Chinese agriculture supplier plants including foliar spray implements could help producers from India, Europe, and North America fill the void and expand their order. However, supply chain disruptions have led to problems with organic farming community with the purchase of immature goods from several manufacturers, especially companies relying on Chinese raw materials are expected to face major planning challenges.

Report Coverage

The report: “Biofungicides Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Biofungicides Industry.

By Form: Granules, Wettable powder, and Aqueous Solution. By Type: Plant/Botanical and Microbial. By Mode of Application: Soil treatment, Foliar spray, Seed treatment, Root dipping, Post-harvest application, and Irrigation. By Species: Trichoderma, Bacillus, Streptomyces, Pseudomonas, and Other species (Saccharomyces , Aureobasidium, and Coniothyrium). By Crop Type: Oilseeds & pulses, Cereals & grains, Fruits & vegetables, and Other crops (Flower crops, and Turf & ornamentals). By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East and Africa).

Key Takeaways

North America dominates the biofungicides market, owing to the number of market players operating in the proximity coupled with higher affordability of farmers to purchase biofungicides.

Soil treatment is the most widely adopted mode of application of biofungicides due to the development of soil treatment methods. In addition, many fungal diseases occur in the soil and root areas of the plant, which slows plant growth and ultimately leads to plant death. Therefore, farmers use soil treatment solutions to ensure a healthy crop yield.

Microbial based biofungicides is observed to be efficient in terms of their mechanism of action than botanical biofungicides. They act against pathogenic fungi by parasitism. Easy production of microbial biofungicides at manufacture level is another factor that has led to an increase in the penetration.

The major opportunity for this market is high research spending and developing eco-friendly products especially plant based biofungicide products.

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Biofungicides Market Segment Analysis – By Form

The wettable powered biofungicide segment held the largest share in the biofungicides market in 2021 and is expected to grow at a CAGR of 9.7% during the forecast period. Flexibility in use, long shelf life, and affordable prices have led to a high popularity of the wettable powder form in the market. Farmers can use wet powder as a direct sprayer on the ground, or it can be mixed with water to use as foliar spray. It can also be mixed with seeds before sowing, or it can be mixed with any liquid and sprayed over the soil from time to time. The pros of wettable biofungicides, which has led to a high popularity among the rest of form on the market for biofungicides.

Biofungicides Market Segment Analysis – By Crop Type

The fruits & vegetable segment held the significant share of 35% in global biofungicides market in 2021 and is expected to grow at a CAGR of 15.7% during the forecast period Increasing cereal & grain production as it is consumed as a global staple and the high profit associated with organic grain cultivation is expected to increase the use of biofungicides among the organic farming practitioners. The growing environment concerns with cultivation of organic fruits and vegetables due to growing awareness about the use of biofungicides coupled with long-term benefits of the organic product is predicted to fuel the growth of the biofungicides market in cereal & grain segment. In addition, the environmentally friendly and higher economies of several cereal & grains is expected to increase the use of biofungicide products for crop production.

Biofungicides Market Segment Analysis – By Geography

The North America region held the largest share more than 45% in the biofungicides market in 2021, owing to the presence of various players in the region. Shifting from conventional agriculture sustainable agriculture and the presence of key players in the North American region are factors expected to drive the market growth of biofungicides market. The North American region is one of the largest producers of organic fruit and vegetables. In addition, the increased use of adoption of integrated pest management (IPM) solution is expected to further the market growth of biofungicides market in the region. Moreover, strict rules and regulations regarding the use of chemicals that protect plants from harming the environment from harmful effects drive the regional market. Strong demand of bio-based materials for crop protection drives the biofungicide sales in regional markets. In addition, a strong focus on the use of plant-based fungicides to improve yields and pest resistance is expected to have a positive impact on North America market growth.

Asia Pacific region is projected to witness fastest growth rate in the upcoming years. Owing to governments support the use of natural agri-inputs even in this pandemic. They present a variety of strategies and subsidiaries to ensure increased acceptance of eco-friendly Agri-inputs. For example, in March 2020, the Reserve Bank of India (RBI) introduced a new rate, that is, crop loans and agricultural conditions were granted for three months by bank unions to reduce the interest rate on agriculture loans by 3%.

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Biofungicides Market Drivers

Increasing in Organic Farming Practices

Organic farming is increasingly being promoted as an alternative to conventional methods to reduce the overall impact on the environment. A promising path to sustainable agricultural growth is expected to benefit future growth of biofungicides with a strong demand for crop protection products. Countries, especially those with strong agricultural foundations such as India, Thailand, Netherlands, and Israel are slowly changing from green transition to evergreen transformation. Moreover, Growing demand for organically grown food is growing, not only because of increasing consumer demand, but also because of increased income to spend on foods, as well as advanced farming practices that make natural harvests more dynamic. According to APEDA(agriculture and processed food products export development authority, ) the total area under organic farming was surveyed to be 3,669,801.33 Hectare in 2020 and has increased to 4,339,184.94 Hectare in 2021. As a result, the growing demand for organic food has increased the area under organic farming, worldwide. The role of organic farming will be critical in promoting this change due to its natural friendliness, economy, producers, and features that are convenient for the consumer. In addition, rising consumer demand for food (organic food products) that do not contain synthetic pesticides is predicted to boost market growth.

Adverse Effects of Synthetic Pesticides on Environment and Human Health

The use of synthetic pesticides has documented extensive and widespread damage to the environment. Therefore, a number of government agencies have banned or restricted the use of certain chemical ingredients to avoid harmful effects on the environment, human and animal health. The presence of synthetic fungicides in agricultural soils can cause adverse effects soil organisms, such as worms and microorganisms, and the important functions of these organic matter is responsible including biological degradation, nutrient depletion cycling. Therefore, any adverse effects caused by mold residues can have a lasting effect on the fertility and health of agricultural soils. Similarly, synthetic fungicide residue. Synthetic fungicide has the potential to cause adverse effects on structure of biodiversity and function of the aquatic environment. Many governments are highly supportive and provide funding to increase the organic farming practice use in order to reduce the environmental impact of pesticides. Strong emphasis on government and other stakeholders on organic and sustainable farming practices has increased the adoption of bio-based crop protection chemicals. For an instance, government of India has announced 425 per farmer to purchase organic inputs under Paramparagath Krishi Vikas yojana (PKVY) scheme. Growing concerns about the negative impact on use of chemical pesticides are expected to boost sales of sustainable solutions. This is one of the major factors making environmentally conscious farmers are shifting from synthetic pesticides to biofungicides over the foreseen period.

Biofungicides Market Challenges

High Cost Associated with Biofungide Products

The high cost and lower awareness of the biofungicide products are among major market challenges. According to International trade centre, the unit price traded for organic fungicides are approximately US$7.5 per KG whereas conventional fungicide is traded at US$3.5 per KG. Many farmers, especially in developing regions, are familiar with chemical-based agricultural products, and are unwilling to use organic fungicide products due to financial constraints. This continues to be a challenge for biofungicide suppliers over the years. Lower level of eco-friendly pesticides product acceptance, compared with chemical products in developing countries, is limiting the market growth. To add-on, the traditional and common agri-inputs market is well-established on a global scale with the bright presence of important bullies. However, the biofungicide sector is characterized by a number of complex startups with adequate funding, appropriate infrastructure, and market access. Research & development activities are performed by these nascent players and often feel the volatility of local demand that may delay market growth.

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Biofungicides Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the biofungicides market. Biofungicides market top 10 companies are:

BASF SE

Bayer AG

Syngenta AG

Marrone BioInnovations

Koppert Biological Systems

Certis USA LLC

Valent Biosciences

Novozymes A/S

Biotech International Ltd

Certis USA LLC

Symborg S.L.

Recent Developments

In April 2020, Marlon launched a biofungicide named Pacesetter, for crops such as corn, soybeans and wheat. The active ingredient is Reynoutria extract, which works in combination with common fungicides to improve plant health.

In August 2021, Syngenta AG has launched Taegro, a new biofungicide, aimed at protecting vines and horticultural plants from diseases, including powdery mildew and gray rot. The Product is extracted from Bacillus amyloliquefaciens species, a naturally occurring bacteria.

In March 2020, Bayer Crop Science, the world's leading seed producer and Life Science Company recently launched its first biofungicide, Serenade. Serenade contains QST713, a microorganism, which is a gram-positive rod-shaped bacterium that is widely distributed in various habitats. It boosts a strong resistance to stress, which is widespread over soils and plants.

Relevant Reports

Fungicide Market Report Code: AGR 94221

Seed Treatment Fungicides Market Report Code: AGR 15457

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Coalescing Agent Market - Forecast (2022-2027)

The Coalescing Agent Market size is forecast to reach US$ 1.6 billion by 2027 after growing at a CAGR of 5.1% during 2022-2027. Coalescing agents are plasticizers or stabilizers that offer an even dispersion for resin or polymer. These agents are used in dispersion paints for the formation of polymeric films at ambient temperatures and later stabilize the paints when the water or solvent evaporates. A wide variety of coalescing agents such as methoxy propylene glycol ethers, dipropylene glycol butyl ether, and ester alcohols are utilized in the formulation of paints and coatings which are later used in several applications in multiple industries. Coalescing agents find their extensive use in the construction sector where they are implemented in exterior wall façade paint, interior flat architectural coatings, flooring, and other construction products. The construction sector is expanding globally with increasing construction activities and this is expected to drive the market’s growth during the forecast period. For instance, according to the report by India Brand Equity Foundation, India received FDI in the construction development sector (townships, housing, built up infrastructure, and construction development projects) amounting to USD 26.14 billion between April 2000 and June 2021. Furthermore, coalescing agents are massively used in the automotive sector in the production of several auto paint products such as topcoats, automotive thinners, interior and exterior refinish coating. The automotive sector is expanding globally with increasing production and sales of vehicles and this is expected to influence the market’s growth during the forecast period. For instance, according to the 2021 report by the European Automobile Manufacturers Association, passenger car registrations surged 25.2% in the European region in the first half of 2021. The strict regulations regarding the harmful emission from coalescing agents might affect the market’s growth.

COVID-19 Impact

The coalescing agent market was severely impacted due to the COVID-19 pandemic. The market came across several challenges in the form of supply chain scarcity and factory shutdown which hampered the market’s growth. The market players had to implement multiple measures to withstand the unprecedented circumstances amid the pandemic. Moreover, the stagnant growth in several end-use sectors such as automotive and construction further restricted the market’s growth. The coalescing agent market grew decently towards the end of 2020. Going forward, the market is expected to have robust growth due to the massive expansion of end-use sectors such as construction and automotive.

Report Coverage

The “Coalescing Agent Market Report - Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the coalescing agent market industry.

By Type: Hydrophobic Coalescing Agents and Hydrophilic Coalescing Agents By Form: Liquid and Solid (Powder, Granule, Others) By Application: Paints and Coatings, Caulks, Sealants, Adhesives, Inks, and Others By End Use: Automotive (Passenger Vehicle, Commercial Vehicle, Light Commercial Vehicles, Heavy Commercial Vehicles), Construction (Residential, Commercial, Office, Hotels and Restaurants, Educational Institutes, Others), Packaging, Paper, Textile, Marine, Personal Care, Pharmaceuticals, and Others By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).

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Key Takeaways:

The construction sector is driving the coalescing agent market’s growth. As per the November 2021 stats by Council on Foreign Relations (CFR), the US Congress announced an investment amount of $1 trillion for the up-gradation of physical infrastructures such as bridges and roads.

The automotive sector is expected to influence the market’s growth during the forecast period. According to the June 2021 stats by European Automobile Manufacturers Association, registrations of passenger cars in the European region surged by 53.4% in May 2021 compared to the same period last year.

The Asia-Pacific region is expected to witness the highest demand for coalescing agents owing to the booming construction sector in the region. As per the stats by India Brand Equity Foundation, India received FDI in construction (infrastructure) activities amounted to US$25.38 billion between April 2000 and June 2021.

Coalescing Agent Market Segment Analysis - By Application

The paints and coatings application segment held the largest share in the coalescing agent market in 2021 and is growing at a CAGR of 5.6% during the forecast period. Coalescing agents are plasticizers that help in the formation of polymeric films during the formulation of paints and coatings and later stabilize the coating solution. A wide variety of coalescing agents such as methoxy propylene glycol ethers, dipropylene glycol butyl ether, and ester alcohols are used in the production of paints and coatings which are later utilized in various other industrial applications. These agents offer numerous properties, ranging from good stability, flexibility, enhanced efficiency, surface tension-lowering ability, water resistance, among others. Owing to such robust properties, developments regarding the expansion of coalescing agent portfolio is increasing. For instance, as per the April 2021 journal by URAN Publishing Service Ltd., advanced coalescing agent was developed successfully as a replacement to volatile coalescent in the formulation of paints. Such increasing development of coalescent agents is expected to increase their use in the paints and coating application, in turn driving the market’s growth during the forecast period.

Coalescing Agent Market Segment Analysis - By End Use

The construction sector dominated the coalescing agent market in 2021. Coalescing agents are used in the construction sector for the production of a wide range of paint and coating products. Coalescing agents are utilized in the preparation of interior flat architectural coatings, elastomeric roof coating, exterior wall façade paint, and several other construction products. The use of coalescing agents in construction paints and coatings helps in protecting the buildings and large infrastructures from UV, lowers the carbon footprint, and withstands many adverse conditions. The construction sector is booming globally with increasing project announcements and rising investments, and this is expected to influence the market’s growth during the forecast period. For instance, as per the August 2021 report by Eurostat, the building construction segment in the European Union and Euro Area expanded by 3.8% and 3.1% respectively in June 2021. Similarly, according to the July 2020 stats by Engage Communicate Facilitate (ECF), the number of build-to-rent units completed or in development increased seven-fold to over 140000 in the UK in June 2019. Such massive expansion in the global construction sector is expected to increase the requirement of the coalescing agent in the production of construction paints and coatings, ultimately driving the market’s growth during the forecast period.

Coalescing Agent Market Segment Analysis - By Geography

The Asia-Pacific region held the largest share in the coalescing agent market in 2021, up to 32%. The high demand for coalescing agents is attributed to the expanding construction sector in the region. A wide variety of coalescing agents such as methoxy propylene glycol ethers and dipropylene glycol butyl ether are used massively in the region’s construction paints and coatings. The construction sector in the region is exhibiting tremendous growth and this is expected to stimulate the demand for coalescing agents during the forecast period. For instance, as per the stats by InvestIndia, the real estate sector in India is projected to reach USD 1 trillion by 2030, contributing 13% to India’s GDP. Similarly, as per the Q4 2020 Global Construction Monitor report by the Royal Institution of Chartered Surveyors, the construction market in Asia-Pacific witnessed positive momentum (+8). Such a huge boost in the region’s construction sector is expected to catapult the demand for a coalescing agent during the forecast period.

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Coalescing Agent Market – Drivers

Expanding automotive sector is driving the market’s growth

The automotive sector is one of the important markets for coalescing agents. These plasticizers are used in the formulation of topcoats, automotive thinners, interior and exterior refinish coatings in the automotive sector. The automotive sector is expanding with increasing vehicle numbers and this is expected to influence the market’s growth during the forecast period. According to the report by India Brand Equity Foundation, passenger cars dominated the Indian auto sector in 2020 with a market share of 12.9% of over 20.1 million vehicles. Similarly, as per the July 2021 stats by the European Automobile Manufacturers Association, in June 2021, passenger cars registrations grew, with Germany witnessing the highest demand in the segment with a 24.5% surge. Such massive expansion in the global automotive sector is expected to increase the use of coalescing agents in the formulation of auto paints and coatings, in turn propelling the market’s growth during the forecast period.

The increasing construction activities influencing the market’s growth

The construction sector is one of the largest markets for coalescing agents. A wide spectrum of coalescing agents such as methoxy propylene glycol ethers, dipropylene glycol butyl ether, and ester alcohols find their extensive use in the production of construction paints and coatings which are later utilized for decorative purposes and offering protection to building surfaces against harsh conditions. The construction activities globally increasing robustly and this is expected to drive the market’s growth during the forecast period. As per the report by Federal Reserve Economic Data, total spending in the residential construction segment in the US stood at USD 657,608 in September 2020 compared to USD 642,031 in August 2020. Similarly, according to the 2021 stats by India Brand Equity Foundation, India is projected to become the world’s third-largest construction sector by 2022. Such increasing activities in the global construction sector is expected to bolster the use of coalescing agents in the formulation of construction paints and coatings, ultimately driving the market’s growth during the forecast period.

Coalescing Agent Market – Challenges

The strict regulations regarding harmful emission from coalescing agents might hamper the market’s growth

The coalescing agents are associated with the release of volatile organic compounds which has been a challenge and this might affect the market’s growth during the forecast period. Various governing bodies globally regulate the use of coalescing agents in the formulation of paints and coatings. According to the data by European Patent Office (EPO), coalescing agents are the primary source of volatile organic compounds. EPO strictly regulates the use of volatile coalescing agents such as ester alcohols which affect the environment severely. Such strict regulations regarding the harmful emission from coalescing agents might hamper the market’s growth during the forecast period.

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Coalescing Agent Market Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the Coalescing Agent Market. Global Coalescing Agent top 10 companies include:

Clariant AG 2. Solvay 3. Elementis 4. Oxiteno 5. Evonik Industries 6. Synthomer Plc 7. The Dow Chemical Company 8. BASF SE 9. Cargill 10. Arkema S.A

Recent Developments

In November 2020, Elementis announced its partnership with NXTLEVVEL Biochem for the development and sale of bio-based coalescing agents.

In October 2020, Oxiteno launched its new coalescing agent, coalescent ULTRAFILM 5000, for high-performance waterborne paint

In April 2020, Clariant AG launched of its new VOC-free coalescing agent, Genagen COA, for decorative coatings.

Relevant Reports

Decorative Coating Market - Forecast(2022 - 2027)

Report Code: CMR 0106

Construction Chemical Additives Market - Forecast(2022 - 2027)

Report Code: CMR 0051

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Micronutrients Market – Forecast (2022-2027)

The Micronutrients Market size is estimated to reach US$11.2 billion by 2027, after growing at a CAGR of 9.5% during the forecast period 2022-2027. Micronutrients play a significant role in plant growth in fertilization, flower initiations, disease resistance and fruit set. Zinc, iron, manganese and chlorine are a few of the vital micronutrients for the optimum productivity of plants and development. The deficit in such micronutrients results in reduced productivity and defects in plants. Also, micronutrients are the key dietary elements required for the proper functioning of the human body. Micronutrients are the major part of enzyme systems in plants and play a remarkable role in redox reactions. These are used for the synthesis of vitamins and provide the required minerals. According to US Food and Agriculture Organization, in 2019, global fruit production went up to 883 million tonnes, showing a 54% increase and global vegetable production was 1,128 million tonnes showing a 65% increase compared to 2000. Thus, the growth of agricultural production will boost the demand for micronutrients. Many industries across the globe have faced several challenges due to the COVID-19 pandemic. According to the Food Industry Asia report, in 2020, the agri-food sector of the Philippines contracted by 4% while Thailand’s agri-food sector shrank by 6%. With the pause in production and distribution, the demand and consumption of micronutrients have hampered to an extent.

Report Coverage

The report: “Micronutrients Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Micronutrients industry.

By Type: Plant Micronutrients (Boron (B), Zinc (Zn), Manganese (Mn), Iron (Fe), Copper (Cu), Molybdenum (MO) and Chlorine (Cl)) and Pharmaceutical (Water-Soluble Vitamins, Fat-Soluble Vitamins, Macrominerals and Trace Minerals). By Form: Chelated Micronutrients (Ethylenediaminetetraacetic Acid (EDTA), Hydroxyethylethylenediaminetriacetic Acid (HEDTA), Ethylenediamine Di-2-hydroxyphenyl Acetate (EDDHA), Diethylenetriamine Pentaacetic Acid (DTPA), Cyclohexanediaminepentaacetic Acid (CDTA), Nitro-Triacetic Acid (NTA) and Others) and Non-Chelated Micronutrients. By Application: Plant (Foliar Sprays, Soil Application, Fertigation and Seed Treatment) and Human Vitamin (Food Sources, Supplements and Others). By Crop Type: Agriculture [Cereals & Grains (Wheat, Barley, Rice, Corn, Sorghum and Others), Oilseeds and Pulses (Soybean, Groundnut, Rapeseed, Sunflower and Others), Fruits & Vegetables (Apple, Banana, Pears, Watermelon, Peppers, Tomatoes and Others), Horticultural Crops and Others] and Healthcare. By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (the Middle East and Africa).

Key Takeaways

The significant increase in demand for boron micronutrients owing to its improving functional integrity of plant cell membranes is expected to provide a significant growth opportunity to increase Micronutrients market size in coming years.

The surge in production of cereals and grains is driving the growth of micronutrients market. For instance, according to the Ministry of Agriculture of India, the production of rice accounted for 102.36 million tonnes in 2020-21.

Global increase in agricultural output is providing ample growth opportunities for the industry players in near future in Micronutrients industry. Moreover, an increase in the adoption of micronutrients as dietary elements is boosting the market growth.

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Micronutrients Market Segment Analysis – By Type

The plant micronutrient segment is expected to grow at the fastest CAGR of 10.7% during the forecast period in the Micronutrients Market. Micronutrients are an essential element for normal plant growth. Most of the soil provides the required nutrition to the plants, however, changes in agricultural methods need the external dose of micronutrients. Boron is considered one of the most important nutrients needed for membrane stability which supports the integrity of plant cell membranes. These are used for the synthesis of vitamins and provide the required minerals. It can be used for a wide variety of crops such as peach, soybean, corn, tobacco, grains, cotton and sunflower among many others. Thus, several benefits associated with the use of boron micronutrients are boosting the growth and are expected to account for significant micronutrients market share.

Micronutrients Market Segment Analysis – By Crop Type

The agriculture segment held the largest micronutrients Market share in 2021, with a share of over 65%. Cereals and grains are considered the primary source of nutrients supplied to the human body. Many developing countries are dependent upon cereals and grains for their nutritional needs and it is the major source of calories. The demand for micronutrients is significantly increasing in the cereals crop owing to an increase in the optimum yield of major cereal crops. Copper, manganese, zinc and iron are the essential micronutrients in cereal crops. According to The Food and Agriculture Organization of the United Nations, the global cereal production has grown by 7 million tonnes in July 2022 compared to the previous month which accounted for 2792 million tonnes. Thus, the increase in production and demand for cereals and grains is boosting the market growth of micronutrients market.

Micronutrients Market Segment Analysis – By Geography

Asia-Pacific held the largest micronutrients market share in 2021, with a share of 44%. This growth is mainly attributed to the increase in demand for micronutrients in cereals and grains, oilseeds and pulses, fruits and vegetables and horticultural crops. The presence of numerous developing countries such as China, India, Indonesia and Malaysia among others are the major countries supporting the growth of the market. The surge in demand for food, increase in population and growth in arable land and agricultural output in this region is boosting the demand for micronutrients. Also, there is a significant demand for micronutrients as dietary elements in this region. According to Asia Development Outlook 2021, currently, fruits and vegetables account for 32% of production value in agriculture with which India and Indonesia being the top producers of fruits and vegetables. Thus, the significant demand for several crops in this region also boosts the growth of micronutrients market.

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Micronutrients Market Drivers

Growing agricultural output across the globe

During the past few years, the agriculture industry has evolved with the implementation of advanced technologies, green practices and sustainable production across the globe. Agricultural practices are developing across the globe in order to provide perse food, meet the fast-increasing food demand and provide nutritious food. Micronutrients are used for the synthesis of vitamins and provide the required minerals. According to United Nations Food and Agriculture Organization (FAO), Agricultural Outlook 2019-2028, the world demand for agricultural products is estimated to grow by 15% over the coming decade. Over this period, the demand for cereals for food is estimated to grow by 150 million tons. However, changing climatic conditions, the spread of crop diseases and new plant-breeding techniques require effective nutrients, and this, in turn, increases micronutrients market size.

Surge in demand for effective fertilizers

The several types of agrochemicals and plant growth regulators help to increase the productivity of the crops. The rapid increase in agricultural activities on account of the high demand for food items from the growing population has increased the consumption level of plant hormones. Micronutrients are widely used in fertilizers and enable the production of balanced fertilizers with required micronutrients which ensure optimal development of the plants. The change in food preferences demands more resource-intensive production and requires maximum output from the invested resources. According to the National Horticulture Database published by National Horticulture Board, fruit production in India stood at 99.07 million metric tonnes during 2019-20. It accounted for 6.66 million hectares of area under cultivation of fruits. Micronutrients are essential in different aspects of plant growth. Thus, an increase in demand for effective fertilizers boosts the growth of micronutrients market size.

Micronutrients Market Challenge

Flourishing demand for organic fertilizers

During the past few years, there is an increase in demand for sustainable products and the agriculture industry is not the exception. Organic fertilizers have gained a significant demand as it provides essential nutrients to plants and develops healthy soil. These fertilizers can be animal-based, plant-based and mineral based. It improves the water movement into the soil and enhances soil fertility. Whereas, the application of micronutrients needs to be observed and application should be discontinued if it reaches the level of deficiency. Few of the micronutrients should be used in lower rates as they can have residual effects. Thus, an increase in demand for organic fertilizers may hamper the market growth of micronutrients market.

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Micronutrients Industry Outlook

The top 10 companies in the Micronutrients market are -

BASF SE

AkzoNobel

Nufarm

Nutrien Ltd.

Yara International ASA

Coromandel International Limited

Corteva Inc.

Western Nutrients Corporation

The Mosaic Company

Nouryon

Recent Developments

In December 2021, Nouryon, a specialty chemical leader, opened its Agricultural Application Development Center in Itupeva, Brazil.

In March 2021, The Mosaic Company has entered into a partnership with Sound Agriculture to develop a novel nutrient efficiency products. The companies have developed the proprietary mix of Sound Agriculture’s bio-inspired chemistry and key micronutrients.

In April 2019, BASF SE has signed an agreement with Quadra Chemicals Ltd., a major chemical and ingredient distributor in order to distribute BASF’s micronutrients products in Canada.

Relevant Reports

Agricultural Micronutrients Market Report Code: AGR 78084

Fertilizers Market Report Code: AGR 0007

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Commercial Roofing Materials Market – Forecast (2021-2026)

Commercial Roofing Materials Market size is forecast to reach US$ 14.2 billion by 2026, after growing at a CAGR of 6.1% during 2021-2026. Globally, the development of efficient and advanced technology in roofing materials, and increasing popularity of environmental friendly roofing technologies is driving the demand for commercial roofing materials market. Also, rising demand for single-ply roof membranes such as thermoplastic polyolefin, ethylene propylene diene monomer, and polyvinyl chloride, owing to its cost-effective fast-track construction and lightweight in commercial roofing is anticipated to drive the market growth. Furthermore, the increasing usage of spray polyurethane foam in construction renovations & remodeling activities will upsurge the growth of the commercial roofing materials industry in the forecast period.

Impact of Covid-19The COVID-19 outbreak wreaked havoc on the commercial sectors, posing significant economic challenges. As a result of the government's strict steps to slow the spread of the corona virus, construction production growth slowed, creating widespread concern and financial distress for the commercial roofing materials industry. Several ventures remained incomplete as a result of a shortage of funding. The ongoing construction activities also faced challenges such as supply chain disruption, a shortage of subcontractors and materials, and contract terminations to cut costs, all of which slowed the demand of the commercial roofing materials over the forecast period.

Report Coverage

The reports: “Commercial Roofing Materials Market Report – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the commercial roofing materials market.By Material Type: Single-Ply Membrane Roofing (Thermoplastic Polyolefin (TPO), Ethylene Propylene Diene Monomer (EPDM), Polyvinyl Chloride (PVC), and Others), Spray Polyurethane Foam Roofing, Metal Roofing, Shingle Roofing (Asphalt Shingles and Architectural Shingles), Solar Panel Roofs, Built-Up Roofing, Modified Bitumen Roofing, Green Roofing, and OthersBy Roof Type: Low Sloped Roofs, Flat Roofs, and Pitched RoofsBy End Use: Commercial Buildings (Office, Hospitals and Healthcare, Educational Institutes, Hotels and Restaurants, Banks and Financial Institutions, Airports, Hyper and Super Market, Shopping Malls, and OthersBy Geography: North America (U.S., Canada, and Mexico), Europe (U.K., Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)

Key Takeaways

The Asia-Pacific region dominated the commercial roofing materials market owing to the increase in adoption of commercial roofing for application in newer industrial vertical and emerging economies such as China, India and others.

Rising investments in the renovation and construction of social infrastructures such as hospitals, government offices, educational buildings, and correctional facilities is estimated to drive demand for commercial roofing materials in the forecast period.

The rapidly expanding use of roofing materials in the construction of energy efficient buildings such as green buildings is projected to present enormous market opportunities for the growth of the market.

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Commercial Roofing Materials Market Segment Analysis - Material Type

Spray Polyurethane Foam are extensively used in the commercial roofing materials market. SPF is most commonly used to re-roof existing buildings in the commercial sectors. Although SPF is hardly a new commodity, both open-cell and closed-cell foam applications have continuously evolved, as construction teams are capable of improving energy efficiency, internal comfort and reliability in all kinds of constructions. Also, SPF insulation is commonly considered environmentally friendly, particularly as an efficient thermal and air insulation because of its outstanding energy efficiency benefits. The production and use of these goods is often done by a zero ozone depletion mechanism that does not overly impact the outdoor environment. Thus, it is anticipated that the rising demand for spray polyurethane foam in commercial roofing activities will upsurge the growth of the market in the upcoming years.

Commercial Roofing Materials Market Segment Analysis - Roof Type

Commercial flat roofs held the largest share in the commercial roofing materials market in 2020. Commercial flat roofs is highly preferred as it is more cost effective to build than pitched roofs or steep slope roofs because they require less material due to the fewer square feet to be covered. Roofing materials such as thermoplastic polyolefin, ethylene propylene diene monomer, and polyvinyl chloride owing to their durability and high quality are increasingly used in flat roofs. Since flat roofs are smoother and faster to build, it can lead to considerable savings for the construction owner, which often adds to the convenience of the next commercial renovation of the roof. Also, owing to the reflective properties flat roofs help reduce energy waste from cooling costs. Thus, due to the above-mentioned properties, the demand for commercial roofing materials in flat roofs is anticipated to rise over the forecast period.

Commercial Roofing Materials Market Segment Analysis - End Use

Office building held the largest share in the commercial roofing materials market in 2020 and is projected to grow at a CAGR of 5.7% during the forecast period 2021-2026. The roof of an office is an important building structure, as it offers protection and enhances the attractiveness of the building. The major factor driving the demand for roofing materials for commercial purposes is increased government and institutional funding for the construction of buildings in emerging economies. For instance, the W&W Group announced that they are investing in the Kornwestheim site in Germany and are planning to build seven office buildings with courtyards by 2023. Thus, with the growth of new office buildings the commercial roofing materials market is anticipated to rise in the upcoming years. The other key factors driving demand for commercial roofing materials include increasing use of roofing products in the construction of green buildings as well. In addition, advanced commercial roofing products are demanded at an increasing rate because they are thought to have comparatively lower environmental impact. Increasing investments by major technology firms such as Google, Microsoft and Amazon in the construction of data centers are also projected to favorably impact the future demand for commercial roofing materials market.

Commercial Roofing Materials Market Segment Analysis - Geography

Asia Pacific held the largest share with 42% in the commercial roofing materials market in 2020. Rapid increase in the commercial construction activities has raised the demand for commercial roofing materials in this region. Moreover strict government regulations to boost building energy performance, increased durability, easy installation and increased urbanization in developing countries such as China, India, and Japan have raised the growth of the market. Building industry is expected in China to rise by 5% on an annual average in real terms between 2019 and 2023, according to the International Trade Administration. In addition, the Japanese government is working with private firms to implement new building technology in the construction sector, using Information and Communication Technologies (ICT), according to the Government of Japan. Thus, it is anticipated that with the rising growth of commercial buildings in Asia-pacific region the market for commercial roofing materials will also upsurge over the forecast period.

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Commercial Roofing Materials Market Drivers

Increasing use of metal roofing in commercial buildingsMetal roofing systems in commercial buildings are by far the most common method of roofing. Owing to its high durability it has become the most preferred roofing material for commercial buildings. Also, these roofing materials are recyclable and when color coated can be very attractive compared to shingles. Metal roofing is easier to clean and keep their appearance over time although they are more costly than asphalt roofs. Metal roofing systems suppliers pre-coat the metal with almost every possible coating. There are various options such as waterborne acrylic coatings, solvent-borne aluminum, rubberized aluminum, solvent-borne styrene-ethylene butylene styrene (SBS), polyurethane and various others, for the coating of metal roofing systems. Thus, the growing demand for metal roofing due to such properties is anticipated to boost the commercial roofing materials growth over the forecast period.Rising commercial construction activitiesThe growing commercial construction activities across various regions are estimated to drive the market demand for commercial roofing materials. The high demand for roofing goods and the rising need to refurbish and rebuild old buildings and monuments is expected to drive the global commercial roofing materials market growth. Also, upsurge in new construction activities is anticipated to raise the growth of the commercial roofing materials market over the forecast period. According to the Bureau of Energy Efficiency, commercial construction in India is rapidly expanding, at more than 9% per year, largely driven by strong service sector expansion. In 2030, the nation is expected to already face a situation that varied radically from developing countries in more than 50% of the building stocks that would remain. Also, as per the Australian Bureau of Statistics, the value of non-residential buildings (US$4,110.8) rose by 27.5%, to the highest level in four months as of March 2021. Thus, with the rapid expansion of several commercial construction activities the market is estimated to rise in the projected timeframe.

Commercial Roofing Materials Market Challenges

Effects of roofing materialsThe initial cost of various roofing materials is typically higher than that of other commercial roofing materials. Thus, resurfacing worn-out roofs takes a significant amount of time, energy, and resources, which affects the growth of the market. Additionally, climate change can have a huge effect on the roofing materials quality. Some materials, for instance, are unable to endure intense heat and ultraviolet radiation from sunlight but are easily damaged by repeated freeze-thaw cycles. Bituminous shingles can get damaged if they are installed during freezing temperatures and since they are not of top quality, they are more prone to wind lifting and can quickly break at varying temperatures. Moreover, the toxic emissions produced while the manufacturing of roofing materials such as spray polyurethane foam is also considered one of the major factors restraining the growth of the market. Thus, due to the above-mentioned factors the market for commercial roofing is anticipated to face hurdles in the forecast period.  

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Commercial Roofing Materials Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in commercial roofing materials market. Major players in the commercial roofing materials market are Roofscapes Inc., Atlas Roofing Corporation, Genflex Roofing Sytems, Braas Monier Building Group, Etex, Boral Ltd., LafargeHolcim, TAMKO Building Products, Saint Gobain SA, Johns Manville, and Carlisle Companies Inc among others.

Acquisitions/Technology Launches

In January 2021, LafargeHolcim has announced the acquisition Firestone Building Products (FSBP), a US-based leader in commercial roofing and building envelope solutions (US). This acquisition will help the company, LafargeHolcim to become the global leader in innovative and sustainable building solutions.

Relevant Reports

Roofing Market

Report Code: CMR 1054

Residential Roofing Market

Report Code: CMR 0552 For more Chemicals and Materials related reports, please

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Thermoplastic Polyester Elastomer Market – Forecast (2021-2026)

Thermoplastic Polyester Elastomer Market size is forecast to reach US$1.22 billion by 2026, after growing at a CAGR of 3.8% during 2021-2026. Thermoplastic Polyester Elastomers, (TPE-E) combines the properties of high-performance elastomers and flexible polymers. These high-strength materials, also known as thermoplastic rubbers, are known for their ability to withstand multiple flex cycles and their resistance to a variety of solvents and lubricants. TPE-Es have a strong impact strength even at low temperatures and can withstand temperatures up to 300°F. PET resin is one of the most frequently used thermoplastics, especially in the packaging industry. In outdoor conditions, thermoplastic elastomers (TPE) and ethylene propylene diene monomer (EPDM) rubber both provide sealing and insulation. They can be molded into specific shapes or produced from sponge or solid material sheets and extrusions. Polyester (polyethylene terephthalate (PET)) is the most common fiber used in automobile textile production. The growing use of TPE-Es in suspension bushings for automotive performance applications because of its greater resistance to deformation when compared to regular rubber bushings is expected to drive the market in the forecast period.

COVID-19 Impact

Currently, due to the COVID-19 pandemic, the Plastic and the rubber industry were affected in multiple ways. There was a supply disruption of raw materials. A delay in farming activities and latex collection further exacerbated the problem. Critical inputs like plastic, carbon black, and rubber compounds were in short supply due to global economic turmoil and import restrictions. For a sector dominated by MSMEs that do not often have solid business continuity planning, the delay in farming activities also resulted in liquidity and working capital concerns. They rely on consistent cash flows to cover their working capital needs and pay their employees. The industry's prospects were further harmed by worldwide market volatility. During the pandemic, however, the market is steadily rebounding due to the growth of TPE (Thermo Plastic Elastomer) in the medical, as well as food and beverage packaging industries.

Thermoplastic Polyester Elastomer Market Report Coverage

The report: “Thermoplastic Polyester Elastomer– Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Thermoplastic Polyester Elastomer market.

By Application: Rubber seals, Belting, Tubing, Bushing and Gears, Conveyer, Geophysical, Industrial, Material Handling, Wire and Cable, Others. By End-Use Industry: Aerospace, Automotive (Passenger Vehicles (PV), Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)),Electrical and Electronics (Medical Devices, Smart Phones, Computer Electronics, Home Appliances, and Others), Marine,Sports and Leisure, Energy (Wind Energy, Solar Energy, and Others), and Others By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)

Key Takeaways

The Thermoplastic Polyester Elastomer (TPE-E) market in Asia-Pacific is dominated by the region's rising use in a variety of applications in the automotive, medical, construction, and other industrial markets.

The varieties of TPE-Es and their modification options provide the foundation for a wide range of material qualities, allowing for cost-effective processing in a wide range of industries.

TPE-E is easy to mold or extrude onto rigid thermoplastic materials, making it ideal for product soft-touch grips. TPE-Es can also be used to make bottle cap liners and seal rings. It's also good for vehicle parts, wire and cable insulation, HVAC systems, and home appliances.

The biggest opportunity for this market in practically every key industry is increasing need for TPE-Es in densely populated nations like China and India, where demand is growing every day.

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Thermoplastic Polyester Elastomer Market Segment Analysis – By Application

Belting segment held the largest share in Thermoplastic Polyester Elastomers Market in 2020 and is growing at a CAGR 4.5% during 2021-2026. Drive Belts, Conveyor Belts, Weighing Belts, Process Belts, Vacuum Belts, Vacuum Timing Belts, Thermo Belts, Food Processing Belts, ATM-Bill Ejector Belts, and Credit Card Transfer Belts are all made with Hytrel, a thermoplastic polyester elastomer with great durability and flexibility. A metal and x-ray detecting conveyor belt is being developed using DuPont Hytrel TPC-ET thermoplastic elastomer. DuPont Performance Materials teamed up with Esbelt, a conveyor belt manufacturer, to develop a unique, effective polymer that allows for food contamination detection. The new conveyor belt improves food makers' capacity to demonstrate due diligence by controlling the quality of the product on the belt using metal and x-ray detection. Based on the special properties of TPO and TPEE coatings, Habasit P line belts were designed specifically for the tobacco industry. Belt surfaces are critical in tobacco processing because they must serve a variety of functions while enduring harsh environmental conditions such as humidity, sand or dirt, and mechanical impacts. As a result, the increased use of TPEEs across a variety of core sectors is expected to boost the market in the next years.

Thermoplastic Polyester Elastomer Market Segment Analysis – By End-Use Industry

Automotive segment held the largest share in the Thermoplastic Polyester Elastomer market in 2020 and is growing at a CAGR of 6.2% during 2021-2026. Polyester (polyethylene terephthalate (PET)) is the most common fibre used in automobile textile production. According to the SVOA Materials Science & Technology Journal, global TPEEs manufacturing capacity surpassed 150,000 tons per year in 2019, while market demand surpassed 120,000 tons. TPE-E (thermoplastic polyester elastomer) is a thermoplastic polyester elastomer (TPE-E) that is utilized in fabric designs for car seating. Arnitel's TPEEs resin has been utilized on numerous Ford vehicles, including the Mondeo, S-Max, Galaxy, and Focus, and Arnitel's TPEEs have recently been selected as the vacuum brake tube material for Fiesta cars. Thus the growing use of TPEEs in Automotive is evidently going to flourish the market in the forecast period.

Thermoplastic Polyester Elastomer Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the Thermoplastic Polyester Elastomer Market in 2020 up to 43%, owing to the accelerating automotive industries in the region. According to the International Organization of Motor Vehicle Manufacturers, China produced 25.2 million automobiles in 2020, while India produced 3.9 million, with 25.7 million and 3.8 million automobiles sold in China and India, respectively. China remains the world's largest vehicle market, with the Chinese government projecting that car production will hit 30 million units by 2020 and 35 million by 2025. In 2018, nearly 27 million automobiles were sold in China, according to the China Association of Automobile Manufacturers. The Made in China 2025 program, which aims to transition the country's industry from low-cost mass production to higher-value-added advanced manufacturing, includes automobiles, including new Energy Vehicles (NEVs). The government's target for NEVs is to create 1 million electric and plug-in hybrid cars in China by 2020, with local production accounting for at least 70% of the market. Chinaese government is making a huge investment in the automotive industry which can lead to Thermoplastic Polyester Elastomer Market growth in the forecast period.

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Thermoplastic Polyester Elastomer Market Drivers

Increasing Automotive Production

Thermoplastic Polyester Elastomers are increasingly being used to replace their equivalents in the production of the inside and exterior of automobiles due to their specific strength and modulus. Thermoplastic Polyester Elastomers are becoming more popular in the vehicle industry due to their superior strength-to-weight ratio and are used in a range of applications in the industry, including automotive hoses, seats, gears, and brake systems, among others. China is the world's largest automobile market, with the Chinese government projecting that car production will reach 30 million units in 2020 and 35 million by 2025. As a result, increased automation will necessitate more automotive components, which will drive the Thermoplastic Polyester Elastomers market during the forecast period.

Use of Thermoplastics in Commodity Sector

Commodity The term thermoplastic refers to the least priced thermoplastics, such as polypropylene and certain grades of polyethylenes, that account for the majority of total plastic production. Elastomeric polymers have a high degree of elasticity, which makes them less prone to breaking or cracking. In fact, depending on the substance, elastomers can reversibly extend up to 700 percent. Wires and cables, photographic and magnetic tape, apparel, reusable bags, medical trays, and seeding trays are all examples of commodity products that can benefit from the high tensile strength and tear resistance of elastomers. period. As a result of the diverse uses of commodities in everyday life, the plastics market is predicted to grow, which would favorably impact the Thermoplastic Polyester Elastomers market over the forecast period.

Thermoplastic Polyester Elastomer Market Challenges

Higher Price of raw materials:

Extrusion and injection molding are the two most common TPE manufacturing processes. Injection molding allows for incredibly quick and cost-effective fabrication. The TPE-raw E's material costs are substantially greater. The reason for this is its high production cost; while producing TPE-E, the apparatus and equipments used are more expensive, and they also demand a lot of maintenance. As a result of this feature, the product has a greater price than its alternative materials, which tends to limit the market's growth.

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Thermoplastic Polyester Elastomer Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Thermoplastic Polyester Elastomer Market. Thermoplastic Polyester Elastomer Market top companies include:

1) A. Schulman, Inc. 2) BASF SE 3) Celanese Corporation 4) Chang Chun Group 5) Covestro AG 6) DuPont 7) Entec Polymers 8) LG Chem 9) Mitsui Chemicals Inc 10) PolyOne Corporation and others.

Relevant Reports

Thermoplastic Elastomers Market

Report Code: CMR 0098

Thermoplastic Elastomer (TPE) Gaskets Market

Report Code: CMR 1056

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Automotive Plastics Market – Forecast (2022-2027)

The Automotive Plastics Market size is estimated to reach US$53.8 billion by 2027 after growing at a CAGR of 5.4% during the forecast period 2022-2027. Automotive Plastics are specialty plastic materials that are used to enhance the safety, performance, and functionality of vehicles. Automotive plastics such as polypropylene (PP), polycarbonate (PC), polyvinyl chloride (PVC), polyurethane (PU), acrylonitrile butadiene styrene (ABS), and others have flourishing applications in automotive interiors, exteriors, under the bonnet, and other vehicle components. The superior properties of plastics such as flexibility, corrosion resistance, thermal insulation, and noise reduction for applicability in light commercial vehicles for maximum fuel efficiency are creating a drive in the automotive plastics industry. The covid-19 pandemic disrupted the growth and functioning of the market. The halt in production, demand and supply gap, and other lockdown restrictions resulted in a slowdown. However, with robust demand and recovery in major end-use industries, along with growing automotive vehicle production, the automotive plastics market is anticipated to rise during the forecast period.

Report Coverage

The report: “Automotive Plastics Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the automotive plastics market.

By Type: Polyurethane (PU), Polypropylene (PP), Polyvinyl Chloride (PVC), Polyamide (PA), Polycarbonate (PC), Polybutylene Terephthalate (PBT), Acrylonitrile-Butadiene-Styrene (ABS), Polyethylene (PE), Polyethylene Terephthalate (PET), and Others

By Process: Injection Molding, Blow Molding, Extrusion, Vacuum Forming, and Others

By Application: Dashboard, Lighting, Glass Interlayer, Interior Trim, Bumper, Door Handles, Upholstery, Fuel System, Under the Hood, and Others

By End-Use Industry: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles (Buses, and Trucks), and Off-road Vehicles

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East [Saudi Arabia, UAE, Israel, and Rest of the Middle East], and Africa [South Africa, Nigeria, and Rest of Africa])

Key Takeaways

Asia-Pacific dominates the automotive plastics market, owing to flourishing lightweight automotive production, established base for light electric vehicles, and rising demand for passenger vehicles in APAC, thereby boosting its growth in the APAC region.

The passenger vehicles (PV) sector is rapidly growing in the automotive plastics industry due to the rising applicability of plastics such as PP, PU, PVC, PE, and others for various automotive components, along with growing urbanization and demand for light vehicles for transportation, thereby driving the market.

The rising emphasis on fuel efficiency and lightweight automotive vehicles to reduce carbon emissions and limit fuel consumption creates a drive for the automotive plastics market during the forecast period.

However, the recyclability issues and emergence of alternatives such as bioplastics, carbon fiber-based plastics, soy, and hemp-based polymers, and others create major challenges and growth slowdown in the automotive plastics market.

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Automotive Plastics Market Segment Analysis – By Type

The Polypropylene (PP) segment held the largest share in the automotive plastics market in 2021 and is forecasted to grow at a CAGR of 5.7% during the forecast period 2022-2027. The growth of polypropylene (PP) plastic in automotive applications is due to its advantages and preference over other automotive plastics. The superior features of PP such as fuel efficiency, cost-effectiveness, lightweight, and high suitability for low-friction applications boost its demand compared to other engineered plastics options that are not cost-effective and lightweight. Moreover, the versatility and preference of PP for light vehicles and fuel-efficient vehicles over other automotive plastics such as polyurethane (PU), acrylonitrile butadiene styrene (ABS), and others are thereby propelling the demand for polypropylene automotive plastics. Polypropylene plastics are used in various automotive components such as dashboards, upholstery, interior trim, car seats, hard plastic parts, and others. With the increasing applicability of polypropylene in automotive to manufacture light and low-cost vehicles, the demand for polypropylene plastics is also substantially rising, thereby supporting the segment growth.

Automotive Plastics Market Segment Analysis – By End-Use Industry

The passenger vehicles (PV) segment held a significant share in the automotive plastics market in 2021 and is forecasted to grow at a CAGR of 6.3% during the forecast period 2022-2027. Automotive plastics such as polycarbonate (PC), polypropylene (PP), polyvinyl chloride (PVC), and others have major applicability in the passenger vehicles for interior trim, lighting, bumper, seating, and others. The passenger vehicle sector is rapidly growing owing to urbanization, demand from the middle-class segment, and an increase in demand for passenger cars, two-wheelers, and three-wheelers as public transportation. According to the Society of Indian Automobile Manufacturers (SIAM), the domestic sales of passenger vehicles in India rose from 2,711,457 units in 2020-21 to 3,069,499 units in 2021-22. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total passenger car production rose from 55,834,456 units in 2020 to 57,054,295 units in 2021. With the flourishing production and increase in demand for passenger cars across the globe, the demand for automotive plastics is anticipated to grow rapidly for applications in exterior, interior components, and others thereby will boost the growth of the passenger vehicles (PV) industry in the automotive plastics market during the forecast period.

Automotive Plastics Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the automotive plastics market in 2021 up to 43%. The robust growth of automotive plastics in APAC is due to flourished automotive vehicle production, growing vehicle manufacturing units, and high demand for specialty plastics in automotive across major counties such as China, India, Japan, and others. The automotive industry, majorly the passenger vehicles and light commercial vehicles sector is growing due to the high demand for fuel-efficient vehicles among the middle-class segment and urbanization. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total automotive production increased from 3% in 2021 after a fall of 2% in China and increased by 30% in 2021 after a decline of 25% in India in 2020. Furthermore, initiatives such as Make in India and Automotive Mission Plan 2026 plan to boost the automotive sector in India and offer a contribution of 12% by automotive in the GDP by 2026. With the increase in automotive vehicle productions and vehicle manufacturing base, majorly for cars and LCV, the demand for automotive plastics such as polypropylene, polyvinyl chloride, polycarbonate, and others for applications in automotive interior, bonnet, exterior parts, and others is anticipated to grow. This will boost the growth of the automotive plastics industry in the Asia-Pacific during the forecast period.

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Automotive Plastics Market Drivers

Bolstering Growth of Light Weight and Fuel-Efficient Materials in Vehicles

The demand for lightweight and fuel-efficient vehicles is growing rapidly. The emphasis by the government on carbon emission and efficiency is boosting the adoption of lightweight and efficient automotive vehicles. Automotive plastics such as polypropylene (PP), polyurethane (PU), and others offer lightweight bodies to the vehicle and have applicability in vehicle roof, engine, fuel tank, lighting, seating, and others, thereby reducing the fuel consumption and carbon emissions. For instance, regulations mandate that the average fuel economy must meet 54.5 miles per gallon in the United States by 2025. Furthermore, the development of light materials such as lighter PP, polymethyl methacrylate (PMMA), biodegradable plastic composites, and others provide lightweight to the automotive body and reduces fuel consumption. Thus, with rising emphasis on lightweight and reduction in carbon emissions, the demand for automotive plastics for applications offering lightweight vehicle components is growing, thereby driving the market.

Rising Production of Electric Vehicles

Automotive plastics such as polypropylene, polycarbonate, acrylonitrile butadiene, polyurethane, and others have major applications in the electric vehicle for various interior, bonnet components, and exterior parts. The electric vehicle sector is growing rapidly with the increase in government initiatives for vehicle electrification and stringent emissions norms for fuel-based vehicles for carbon emissions. For instance, Honda announced plans to invest US$40 billion in the development of electric vehicles and launch 30 EVs by 2030 in India. According to the International Energy Agency (IEA), the global electric car sector saw a growth of 43% in 2020 compared to 2019, hitting a 10 million mark. Furthermore, the number of electric cars on the roads was 16.5 million in 2021, triple the number in 2018. With the increase in demand and production for electric vehicles, the application of automotive plastics such as polypropylene (PP), polyurethane (PU), and others is growing to offer lightweight and fuel efficiency for EVs, thereby driving the market and providing major growth in the market.

Automotive Plastics Market ChallengesRecycling Issues and Emergence of Alternative for Automotive Applications

Automotive plastics face recycling issues owing to factors such as the lack of advanced recyclable technology. This creates environmental impacts and solid waste accumulation, thereby hindering the demand. Furthermore, the emergence of alternatives such as carbon fiber for applications in automotive creates a major challenge in the market. The rising usage of materials prepared from natural fibers, soy and hemp fibers, sheet molding compounds, and others poses a major threat to automotive plastics such as polypropylene, polyurethane, PET, and others. Thus, with the issues in recycling and the threat from other alternative materials, the automotive plastics market faces a major slowdown and challenge.

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Automotive Plastics Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the automotive plastics market. Automotive plastics top 10 companies are:

BASF SE

LyondellBasell Industries Holdings BV

Covestro AG

Evonik Industries

Solvay SA

Arkema SA

LG Chem

Teijin Ltd.

Dupont

SABIC

Recent Developments

In February 2022, the Celanese planned to acquire the mobility and materials division of DuPont, which produces thermoplastics and elastomers with a large share for automotive applications, thereby boosting the product portfolio and growth in the market.

In December 2021, the Total Energies and Plastic Omnium entered into a partnership for the development of recyclable PP plastic material for applications in the automotive industry. This innovative and recycled PP material will provide reduced carbon emissions and has flourishing applicability and demand in 0electric vehicles, thereby offering growth in the market.

In May 2021, the Covestro AG launched recycled polyethylene terephthalate (rPET) or fused granule technology. This launch has major applications in the automotive industry for interior vehicle parts, thereby boosting the demand and growth in the automotive plastics market.

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Automotive Plastic Fasteners Market

Report Code: CMR 53208

Recycled Plastics Market

Report Code: CMR 88916

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Polyolefin Catalyst Market – Forecast (2021-2026)

Polyolefin catalyst market size is forecast to reach $3.6 billion by 2026, after growing at a CAGR of 4.9% during 2021-2026. The polyolefin polymerization using the Ziegler-Natta catalysts, polyolefin has become one of the most important polymers produced industrially. In particular, polyethylene, polypropylene and ethylene propylene diene monomer (EPDM) rubber have been widely used for catalysis. The rapid growth of the packaging industry has increased the demand for polyolefin catalysts; thereby, fueling the overall market growth. In addition, increased R&D investment on new manufacturing technologies, along with capacity expansion for polyolefin plants, would also boost product demand in the coming years. Furthermore, the flourishing automotive and packaging industry is also expected to drive the polyolefin catalyst industry substantially during the forecast period.

Polyolefin Catalyst Market COVID-19 Impact

Companies were moving steadily towards their sustainability targets before COVID-19. However, a multitude of industries around the world, especially the packaging industry, have been adversely affected by the coronavirus pandemic. Innovative developments have been developed by packaging companies that are environmentally friendly, reusable, and biodegradable. Concerns over the hygiene and safety of recycled packaging, however, have temporarily stalled the progress of the packaging industry towards a healthy, evolving and circular supply chain. The use of polyolefin catalysts such as single-site catalyst and ziegler-natta catalyst for injection molding also suddenly halted, contributing to a major loss in the polyolefin catalysts market. Thus, there was a disruption in the supply and demand of packaging materials owing to the pandemic, which largely impacted the polyolefin catalyst market.

Report Coverage

The report: “Polyolefin Catalyst Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the polyolefin catalyst Industry.

By Resin: Polyethylene (High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Linear Low-Density Polyethylene (LLDPE), and Others), Polypropylene (PP), and Ethylene Propylene Diene Monomer (EPDM) Rubber.

By Catalyst Type: Ziegler-Natta catalyst, Single Site catalyst (Metallocene, and post-Metallocene), Chromium catalyst, and Others.

By Application: Injection Molding, Extrusion Molding, Blow Molding, Films, Fibers, Foam, and Others.

By End-Use Industry: Automotive (Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), and Others), Packaging (Food & Beverages, Cosmetics, and Others), Medical & Healthcare (Medical Packaging, Bone Substitute, Drug Delivery, Tissue Adhesive, and Others), and Others.

By Geography: North America (U.S., Canada, and Mexico), Europe (U.K, Germany, France, Italy, Netherland, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa).

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Key Takeaways

Asia-Pacific dominates the polyolefin catalyst market, owing to the increasing demand for the packaging materials in the region. The increasing per capita income coupled with the population growth is a key factor in the region's rising personal care and cosmetic products industry.

The demand for packaging has pushed steadily towards lightweight and translucent materials. This has resulted in a rising market for films with polyolefin.

The increasing commercial performance of polyolefin materials in various end-user segments, including automotive, food and beverage and packaging, among others, is expected to contribute significantly during the forecast period to the overall demand for catalysts.

Polyolefin Catalyst Market Segment Analysis - By Resin

The polypropylene and polyethylene segment held a significant share in the polyolefin catalyst market in 2020 and is growing at a CAGR of 5.6% during 2021-2026. Polypropylene is being utilized in everything from drinking straws and food containers and reusable water bottles, to thermal underwear, roofing materials, marine ropes and carpet. Polypropylene, the polymerized embodiment of propylene, is both solid and versatile (hence its use in drinking straws), highly resistant to heat (making it useful in laboratory research applications) and lightweight. By polymerizing ethylene, polyethylene (PE) is formed. It is the most common type of plastic that occurs everywhere, from plastic bags and bottles to electrical cable insulation and water pipes. Such wide application of polypropylene and polyethylene is the major factor driving the segment growth.

Polyolefin Catalyst Market Segment Analysis - By Catalyst Type

The Ziegler-Natta catalyst segment held the largest share in the polyolefin catalyst market in 2020. Because of their wide use in the production of polypropylene, high density polyethylene, and linear low-density polyethylene, Ziegler-Natta catalysts are the most common. Ziegler-Natta catalyst is used by over 90% of global polypropylene production, while ziegler-Natta catalyst is used by more than 50 percent in all cases in polyethylene production. Another big catalyst used mostly to manufacture high density polyethylene is the Phillips or chromium catalyst (HDPE). The catalyst used for the development of polypropylene is mainly a titanium-based ZN catalyst enabled by aluminium alkydes and external donors, whereas the catalyst used for HDPE comprises titanium, Phillips and metallocene systems. Linear low density polyethylene use over 80% of Ziegler Natta catalyst and metallocene catalyst at a lesser extent.

Polyolefin Catalyst Market Segment Analysis - By Application

The film segment held the largest share in the polyolefin catalyst market in 2020 and is growing at a CAGR of 5.4% during 2021-2026. Among the different polymers that are used in film extrusion, polyethylene (HDPE, LDPE and LLDPE) is the main polymer. PVC films are increasingly being replaced by polyolefin films because they are safer for food packaging and more stable in a wide range of temperatures. In 2018, approximately 2.53 million tonnes of plastic films and sheets were manufactured in Japan, according to the Ministry of Economy, Trade, and Industry, Japan, reflecting a small increase from about 2.46 million tonnes in 2016. This increase can be attributed to the increasing packaging industry in various regions. Thus, the continuous growth of these industries has made films the largest and fastest-growing segment under the application segmentation of the market during the forecast period.

Polyolefin Catalyst Market Segment Analysis - By End-Use Industry

The packaging segment held the largest share in the polyolefin catalyst market in 2020 and is growing at a CAGR of 5.9% during 2021-2026, owing to the increasing usage of polyolefins in the packaging industry. Polyolefins are chemically inert and do not react with the contents of the material. This makes them perfect food packaging materials. No hazardous chemicals, additives or goods are present that can be ingested by the contents of the packaging and thus consumed by the consumer. Polyolefins, when in contact with food, are extremely healthy. It can then be used to manufacture anything from lightweight food packaging wrap to much heavier film for agricultural use, depending on the thickness of the film. According to the Sea-Circular Organization, the packaging industry in China is projected to record a Compound Annual Growth Rate (CAGR) of 13.5 percent during the forecast period (2021-2026). It is anticipated that the flourishing packaging industry will accelerate the growth of polyolefin catalyst market for manufacturing packaging materials.

Polyolefin Catalyst Market Segment Analysis - By Geography

Asia-Pacific region held the largest share in the polyolefin catalyst market in 2020 up to 38%, owing to the flourishing food & beverage industry, which is boosting the demand for packaging materials in the region. According to the United States Department of Agriculture (USDA), in 2018, the total value of all retail food and beverage sales in Japan was $479.29 billion (¥53,339 billion), an overall increase of 2.3 percent. According to the United States Department of Agriculture (USDA), China’s food processing industry continued to grow in 2017. Revenue climbed to $1.47 trillion, an increase of 6.3 percent compared with the previous year. The rising disposable income has resulted in the increasing demand for the food and beverage industry in various regions, which is further driving the growth of the packaging material in the region. And with the increasing demand for packaging materials in the region, the demand for polyolefin to manufacture packaging materials will substantially increase, which will then drive the polyolefin market growth in Asia Pacific during the forecast period.

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Polyolefin Catalyst Market Drivers

Increasing Automotive Production

Polyolefins in automobiles have experienced a great deal of interest in the recent years, and their applications have been increasing with a tendency of further growth compared with other materials used in automobiles. The major advantages of polyolefin catalysts are their functionality, cost-effective manufacturing methods, and comparatively lower fuel consumption. In automobiles, the polyolefin catalysts are largely used in the internal and external areas, in the engine section, and in the bodywork. The automotive production is increasing. For instance, the Automotive Mission Plan 2016-26 (AMP 2026) initiatives is launched by the Indian government to boost the automotive industry in the country. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), the production of passenger cars in Africa was 776,967 in 2018, which then rose to 787,287 in 2019, an increase of 1.3%. Thus, increasing automation production will require more polyolefin catalyst, which will act as a driver for the polyolefin catalyst market.

Increasing Demand for Polyolefins from the Healthcare Industry

In the medical and healthcare sectors, polyolefin catalysts has recently gained traction as they are easy to fabricate into useful products and have increasing design capability. They also have the potential for use in many applications because of their excellent cost/performance values such as low density, easy recyclability, and diverse processability. Biomedical applications of these POs are in medical implants, medical devices, and in the production of pharmaceutical consumables in the form of packaging materials; vials, bottles, and syringes. And the growing investment in healthcare services is strengthening the healthcare industry. For instance, in 2018, the Australian Government announced to drive a new era of better health care in Australia and will invest $1.3 billion in the Health and Medical Industry Growth Plan. According to the European Commission, public expenditure on healthcare and long-term care is expected to increase by one-third by 2060 in Europe. Thus, the polyolefin catalysts market growth will be spurred by the rapid expansion of the healthcare industry across the regions

Polyolefin Catalyst Market Challenges

Volatility in Crude Oil Prices

Polyolefin catalyst is a derivative of crude oil and its domestic price is highly susceptible to the prices of its crude oil-derived feedstock. Both polyethylene and polypropylene are produced from crude oils; thus, increases in feedstock prices in turn hamper the overall production, adversely affecting the market for catalysts. In the last few years, there has been volatility in the price of crude oil. For instance, the price of crude oil has decreased from $98.95/bbl in 2014 to $52.39/bbl in 2015 and increased from $43.73/bbl in 2016 to $71.31/bbl in 2018 and then decreased to $64.21/bbl in 2019, according to the BP Statistical Review of World Energy. And because of this uncertainty in crude oil prices, the price of polyolefin catalysts also increases, which is expected to be a significant challenge for the polyolefin catalyst market manufacturers during the forecast period.

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Polyolefin Catalyst Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polyolefin catalyst market. Major players in the polyolefin catalyst market are W.R. Grace, Univation Technologies, LLC, LyondellBasell Industries N.V., Johnson Matthey Inc., TOHO Titanium Company Limited, Idemitsu Kosan Co., Ltd., INEOS Group, Mitsui Chemicals, Inc, Clariant AG, Evonik Industries, DuPont, Inc., DORF-KETAL Chemicals India Private Limited, AGC Chemicals Inc., and NOVA Chemicals Corporation.

Acquisitions/Technology Launches

In March 2020, LyondellBasell signed definitive agreements to expand in China with the Liaoning Bora Enterprise Group through a 50-50 joint venture. Under the agreement, the partners formed a Sino-foreign joint venture, the Bora LyondellBasell Petrochemical Co. Ltd, which operated a 1.1 million metric tons per annum ethylene cracker and associated polyolefin derivatives complex in Panjin, China.

In November 2019, PQ Group Holdings Inc. signed an agreement with INEOS Polyolefin Catalysts to commercialize certain polyethylene catalysts to customers of selected processes. This collaboration expanded PQ’s current catalyst product offering to its customers. In addition, enabled PQ to access new customers through an enhanced product offering and associated technical support.

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Polyolefin Foam Market – Forecast (2021 - 2026)

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Thermoset Molding Compound Market – Forecast (2022-2027)

Thermoset Molding Compound Market size is projected to reach US$11.4 billion by 2027, after growing at a CAGR of 6.8% during the forecast period 2022-2027. Thermosetting molding compounds such as phenolic resins, epoxy resins, polyester resins, urea formaldehyde and melamine formaldehyde possess properties such as good electrical insulation, corrosion and heat resistance, which make them an ideal material for a variety of end-use applications. A thermoset molding compound is widely employed in the electrical & electronics industry. Since the global electrical & electronics industry is growing, it is supporting the thermoset molding compound industry growth. The Japan Electronics and Information Technology Industries Association (JEITA) forecasted that the production by the global electronics and IT industries would grow by 2% year-on-year in 2020 to reach US$2,972.7 billion and would grow by 7% year on year in 2021 to reach a record US$3,175.6 billion. Factors such as the need for lighter weight in aerospace and transportation drive the growth of the thermosetting molding compound market. Several end-use industries in the Thermoset Molding Compound industry suffered negative effects as a result of the novel coronavirus pandemic, which had a direct impact on the Thermoset Molding Compound market size in the year 2020.

Thermoset Molding Compound Market Report Coverage

The “Thermoset Molding Compound Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Thermoset Molding Compound industry.

By Type: Phenolic Resins, Epoxy Resins, Polyester Resins, Urea Formaldehyde, Melamine Formaldehyde and Others. By End-use Industry: Automotive [Passenger Vehicles (PV), Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV)], Aerospace (Commercial Aircrafts, Military Aircrafts and Others), Electrical & Electronics (Antennas, Circuit Breakers, Switchgears and Others) and Others. By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Belgium and the Rest of Europe), Asia-pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World (the Middle East and Africa).

Key Takeaways

Asia-pacific dominates the Thermoset Molding Compound market, owing to the increase in investment in the electronics sector and transportation infrastructure in Asia-pacific. This increase can be attributed to the increasing per capita income and growing population in Asia-pacific.

The market is expanding as a result of the positive attributes of Thermoset Molding Compounds, such as their anti-corrosiveness, increased heat resistance and toughness, which make them ideal for use in electrical and electronic applications.

The emergence of nanotechnology, these compounds' superior performance in comparison to their alternatives and the surge in interest in lightweight and fuel-efficient cars offer the sector promising growth prospects.

However, it is estimated that the high investment cost of Thermoset Molding Compounds may impede the expansion during the forecast period.

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Thermoset Molding Compound Market Segment Analysis – by Type

The phenolic resins segment held a significant share in the Thermoset Molding Compound market share in 2021 and is estimated to grow at a CAGR of 6.9% during the forecast period 2022-2027, due to their improved properties. Phenolic resins are appropriate for use in insulation due to their low thermal conductivity. Due to its water resistance, high thermal stability and fire resistance, phenolic resin is used as a permanent binder and adhesive for wooden building panels as well as a binder for mineral wool insulation. By altering the manufacturing catalyst, phenolic resin's properties can be altered for each application. As a result, the demand for phenolic resin-based Thermoset Molding Compound is on a significant upsurge, thereby driving segmental growth.

Thermoset Molding Compound Market Segment Analysis – by End-use Industry

The electrical & electronics segment held a significant share in the Thermoset Molding Compound market share in 2021 and is projected to grow at a CAGR of 7.4% during the forecast period 2022-2027. The electrical and electronics industries benefit from thermoset molding compounds such as phenolic resins, epoxy resins, polyester resins, urea formaldehyde and melamine formaldehyde because they effectively insulate against electricity and heat. A strong molding material with strong dielectric properties, thermal shock resistance, corrosion resistance, arc resistance and electrically insulating properties is required for parts like circuit breakers, electrical enclosures or housings, covers, relays, switches, insulators and motor components. Furthermore, various electrical & electronic products such as covers, housings and circuit breakers require a molding material that protects sensitive internal electronics and components. This is accelerating the demand for Thermoset Molding Compound in the industry, which is subsequently propelling the segment growth.

Thermoset Molding Compound Market Segment Analysis – by Geography

Asia-pacific held the largest Thermoset Molding Compound market share of up to 42% in 2021, owing to the bolstering growth of the electrical & electronics sector in Asia-pacific. For instance, the consumer electronics and home appliance sector in India generated $9.84 billion in revenue in 2021 and is projected to grow to US$21.18 billion by 2025, according to the India Brand Equity Foundation (IBEF). The global electronics industry is expected to produce 7% more in 2021 than it did in 2020, reaching US$3,175.6 billion, according to the Japan Electronics and Information Technology Industries Association (JEITA). China's electronic information manufacturing sector experienced steady growth in revenue and profits last year, according to the February 2022 report. According to the Ministry of Industry and Information Technology, operating revenue for the sector reached approximately 14.1 trillion yuan (roughly $2.2 trillion) in 2021, an increase of 14.7 percent from the previous year. With the increasing electrical & electronics production, the demand for molding materials significantly increased, which accelerated the demand for Thermoset Molding Compound in Asia-pacific.

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Thermoset Molding Compound Market Drivers

Increasing Automobile Production:

Thermoset Molding Compound provides lightweight materials for use in automotive manufacturing. The high-end vehicle manufacturers use carbon fiber composites to provide an enhanced finish. According to the Germany Trade & Invest (GTAI), German passenger car and light commercial vehicle OEM generated foreign market revenue of EUR 274 billion in 2021, an increase of ten percent over 2020. The International Organization of Motor Vehicle Manufacturers (OICA) estimates that heavy truck production in Europe increased by 31%, from 236,328 units in 2020 to 308,300 units in 2021. India's domestic automobile production increased between FY16 and FY20 at a compound annual growth rate (CAGR) of 2.36 percent, with 26.36 million vehicles produced in FY20, according to the India Brand Equity Foundation (IBEF). With the increasing automobile production, the demand for lightweight automotive components is also increasing, thereby acting as a driver for the Thermoset Molding Compound market during the forecast period.

Flourishing Aerospace Sector:

In the aerospace industry, Thermoset Molded internal components are used within the cabins of civilian, commercial and military aircraft as they aid in making aircraft lightweight. The demand for aircraft is on an upsurge in various regions. According to Boeing's current business forecast, the Middle East would need 2,520 new aircraft by 2030. Also, according to Boeing India, there is a demand for 2,300 aircrafts worth US$320 billion over the next 20 years. According to Boeing, in 2020, 8,995 aircraft fleets were delivered in North America. It is estimated to reach 10,610 fleets by 2039. Considering the importance associated with lightweight airplanes, it is expected that the increasing aerospace industry would act as a driver for the Thermoset Molding Compound market.

Thermoset Molding Compound Market Challenge

Fluctuating Raw Material Prices:

The raw materials often used for the production of Thermoset Molding Compounds are the downstream products of crude oil, such as epoxy resins. During the previous few years, the price of crude oil has been extremely volatile. The price of Brent crude oil has increased from US$43.73/bbl in 2016 to US$71.31/bbl in 2018 and then decreased to US$64.21/bbl in 2019 and US$41.84/bbl in 2020, according to the BP Statistical Review of World Energy. The volatility in the price of oil has caused fluctuation in the prices of raw materials for the manufacturing of thermoset molding compounds. Thus, the fluctuation in the price of crude oil has a direct influence on the price of the Thermoset Molding Compounds, which is a significant challenge for the market during the forecast period.

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Thermoset Molding Compound Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Thermoset Molding Compound market. The top 10 companies in the Thermoset Molding Compound market are:

Ashland Global Holding Inc.

BASF SE

Eastman Chemical Company

Evonik Industries AG

Hexion Inc.

Huntsman Corporation

Kolon Industries Inc.

Kyocera Chemical Corporation

Plastics Engineering Company

Rogers Corporation

Recent Developments

In March 2021, BASF announced a partnership with Sumitomo (SHI) Demag to create the first fully-automated, all-electric injection moulding cell for new high-performance polymer manufacturing.

In April 2020, Evonik announced the completion of the Marl expansion of its polyamide plant. The substance also combines quality and performance with excellent parameter estimation, uses very little water, has great structural correctness and has excellent UV resistance.

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Synthetic Resin Market – Forecast (2022-2027)

The Synthetic Resin Market size is projected to reach a value of US$521.6 billion by the end of 2027 after growing at a CAGR of 4.8% during the forecast period 2022-2027. A synthetic resin is a chemical substance that is synthesized to closely resemble the properties of its natural counterpart. Synthetic resins based on polyethylene, polyvinyl chloride, formaldehyde, aliphatic, and glycidyl amine occur in a wide range of products, such as plastics, paints, and varnishes. Products that are manufactured with synthetic resins provide better long-term corrosion protection of metal substrates because of their increased durability, owing to which its market demand is being spurred. The growth can be attributed to the increasing demand for paints, coatings, adhesives, and sealants from the bolstering building and construction industry across various regions globally. However, the increasing adoption of bio-based resins as an eco-friendly alternative over the coming years is anticipated to impede the global synthetic resins market growth over the forecast period.

Synthetic Resin Market COVID-19 Impact

The COVID-19 epidemic negatively impacted the synthetic resin demand in a variety of end-use industries, including automotive, aerospace, construction, and more. Due to the closure of non-essential businesses, the outbreak had a significant impact on the aerospace, automotive, and construction industries. As demand for automobiles and aircraft dwindled, production was abruptly halted. For instance, according to the International Organization of Motor Vehicle Manufacturers, global automotive production will fall by 16 percent in 2020. Due to the impact of the COVID-19 pandemic, Toyota Motor Corporation's global vehicle manufacturing in 2020 was flat at 12.6 percent year over year. Furthermore, during the pandemic, construction output was drastically decreased. According to the Office for National Statistics, the construction industry in the United Kingdom was 11.6 percent lower in July 2020 than it was in February 2020. In August 2020, the level of project construction in the United Kingdom was 10.8% lower than in February 2020. Due to this the demand for paints, coatings, adhesives, and sealants significantly reduced, which impacted the Synthetic Resin Market revenue in 2020.

Report Coverage

The report: “Synthetic Resin Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments of the Synthetic Resin Market.

By Form: Solid, Liquid, Emulsion, and Dispersion.

By Type: Thermosetting Resins (Polyester, Vinyl Ester, Epoxy, Phenolic, Urethane, and Others), and Thermoplastic Resins (Polycarbonate, Acrylic, Nylon, Polyethylene, Polyvinyl Chloride, Polyethylene Terephthalate, Polypropylene, Polybutylene Terephthalate, Vinyl, and Others).

By Application: Packaging, Printing Inks, Pipes & Hoses, Walls & Floors, Wood Finishes, Sheets & Films, Medical Devices, Paint & Coatings, Adhesives & Sealants, Electronic Fabrications, Transportation Components, and Others.

By End-use Industry: Transportation (Automotive, Aerospace, Locomotive, and Marine), Food & Beverage (Fruits & Vegetables, Dairy, Bakery, Confectionery, Poultry, Drinking Water, Soft Drinks, and Others), Personal Care & Cosmetic (Body Care, Face Care, Eye Care, Nail Care, Fragrances, and Others), Building & Construction (Residential, Commercial, Industrial, and Infrastructural), Oil & Gas (On-shore, and Off-shore), Energy Generation (Wind Energy, Solar Energy, and Others), Electrical & Electronics (Generators, Transformers, Circuit Breakers, and Others), Military & Defense (Helmets, Bulletproof Jackets, and Others), Medical & Healthcare (Connectors, Surgical Equipment, Blood Reservoirs, and Others), and Others.

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (the Middle East, and Africa).

Key Takeaways

Asia-Pacific dominates the Synthetic Resin Market, owing to the increasing transportation and construction industry in the region. The increasing per capita income and evolving lifestyle of individuals coupled with the rising population are the major factors expanding the transportation and construction industry in APAC.

Excellent properties such as toughness, resistance to several environmental factors, stability, and flame resistance, are making synthetic resin more popular in the electrical and electronics industries for manufacturing components such as printed circuit boards, electrical encapsulation circuits, components, and assembly materials.

Synthetic resins are being used in the oil & gas industry as they are an ideal match for the challenges of withstanding high-pressure, high-temperature environments. Thermoset resins have excellent thermal stability in high-pressure and high-temperature environments, allowing for more modular and robust product offerings with longer service existences.

However, increasing the adoption of bio-based resins over synthetic resins on account of their eco-friendly nature is acting as a major challenge for the global synthetic resins market during the forecast period.

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Synthetic Resin Market Segment Analysis – by Type

The thermoplastic resins segment held the largest share in the Synthetic Resin Market in 2021 and is forecasted to grow at a CAGR of 4.9% during the forecast period 2022-2027. Reheating, remolding, and cooling thermoplastics without causing chemical changes is possible. The primary benefit of thermoplastics is their broad range of uses. Thermoplastics are materials with high strength, low weight, and low processing costs. Furthermore, thermoplastic materials are relatively simple to manufacture in large quantities and with high precision. Thus, all these advantages associated with thermoplastic resins are majorly contributing to its segment growth. However, the main disadvantage of using thermoplastics instead of metals is that they have a lower melting point. When low-quality thermoplastics are exposed to the sun for long periods, they can melt. This factor is restricting the thermoplastic resin segment growth over the forecast period.

Synthetic Resin Market Segment Analysis – by End-use Industry

The transportation segment held a significant share in the Synthetic Resin Market in 2021 and is forecasted to grow at a CAGR of 5.6% during the forecast period 2022-2027, owing to the increasing usage of synthetic resins in the transportation component. The transportation industry demand high-reliability synthetic resins. Synthetic resins are known to provide excellent mechanical strength, structural support, and durability. The synthetic resin manufactured components withstand the initial impact force of installation, as well as the repeated stress of inspections and repairs. They also have high shear, compressive, flexural, and tensile strength to withstand the stresses of takeoff, flight, and landing. Synthetic resins even exhibit high strength at elevated operating temperatures and also provide insulation from heat when used to separate two components due to which they are extensively used in the transportation sector. Moreover, synthetic resins offer excellent electrical insulation properties and low toxicity/burn characteristics which minimize the damage and risk in the case of fire or explosion. Due to all these extensive characteristics of synthetic resins, it is being widely used in the transportation sector, which is anticipated to drive the Synthetic Resin Market during the forecast period.

Synthetic Resin Market Segment Analysis – by Geography

Asia-Pacific region held the largest share in the Synthetic Resin Market in 2021 up to 41% and is forecasted to grow at a CAGR of 6.2% during the forecast period 2022-2027, owing to the increasing transportation industry in APAC countries. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), automotive production and Vietnam grew by 1.2 percent and 5.5 percent from the previous year to 5,71,632 and 2,50,000 units, respectively, in 2019. In November 2020, Boeing forecasted that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aircraft services over the next 20 years. According to India Brand Equity Foundation (IBEF), India’s domestic automobile production increased at a 2.36 percent CAGR from FY16 to FY20, with 26.36 million vehicles produced in FY20. Between FY16 and FY20, domestic automobile sales increased at a 1.29 percent compound annual growth rate (CAGR), with 21.55 million vehicles sold in FY20. According to the Japan Automobile Manufacturers Association (JAMA), automobile production in Japan increased in November from 6,67,462 units in October to 6,90,311 units. Thus, the growth of the global Synthetic Resin Market in the region is being aided by the increasing transportation sector in APAC, thereby dominating the market in the Asia-Pacific region.

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Synthetic Resin Market Drivers

Government Initiatives Bolstering the Growth of the Building & Construction Sector

Synthetic resin-based paints, coatings, adhesives, and sealants are often employed in residential buildings in applications such as windows, walls, doors, floors, and more. The governments are taking initiatives to increase building & construction activities. For instance, Kansai International Airport in Japan will spend about 100 billion yen ($911 million) by 2025 to upgrade the larger terminal, to increase space for international flights at the country's No. 2 hub. The Indian Union Budget of February 2020 aims to build 100 new airports by 2024 as part of the Centre's Udan scheme to help with growing air traffic. The health facility revitalization component of the national health insurance indirect grant in South Africa has been allocated R4.6 billion over the medium term (2020-2021). A fraction of this budget will go toward the planning and construction of the Limpopo Central Hospital in Polokwane, which is set to open in 2025/26. The Ministry of Housing and Urban Development (MoHUA) has been given Rs 50,000 crore (US$6.8 billion), and a fund of Rs 25,300 crore (US$3.5 billion) has been set up to help complete stalled housing projects. The Indian government has launched a project called the “Pradhan Mantri Awas Yojana (PMAY) program”, which aims to provide affordable housing to all urban poor people by 2022 through financial assistance. Such government initiatives are set to increase the demand for paints, coatings, adhesives, and sealants in the residential construction sector, and further drive the Synthetic Resin Market growth during the forecast period.

Bolstering Growth of Personal Care & Cosmetics and Food & Beverages Sector

Synthetic resins are often used to manufacture packaging materials for various end-use industries such as food, cosmetics, pharma, and more. Due to rising consumer demand and increasing per-capita income of individuals, the personal care & cosmetics and food & beverage industry is booming in various regions. According to the India Brand Equity Foundation (IBEF), the beauty, cosmetics, and grooming market in India in 2025 will have grown from US$6.5 billion to US$20 billion. According to the International Trade Administration, Thailand's beauty and personal care goods market was valued at around US$6.2 billion in 2018 and is projected to grow to US$8.0 billion by 2022. Thailand's beauty and personal care sector is projected to grow at a rate of 7.3 percent per year from 2019 to 2022. According to the China Chain Store & Franchise Association, the food and beverage (F&B) sector in China reached $595 billion in 2019, up 7.8% from 2018. In 2019, Canadian poultry farmers manufactured a record 1 493.5 million kilograms of chicken, turkey, and stewing hens, according to Statistics Canada, up 1.7 percent from 2018. Since the personal care & cosmetics and food & beverage sector industries are booming, the demand for packaging is also significantly increasing. Thus, the increasing personal care & cosmetics and food & beverage sector act as a driver for the synthetic resins market during the forecast period.

Synthetic Resin Market Challenge

Shift Towards Bio-based Resins

Many resin manufacturers have shifted away from synthetic resins to bio-based resins due to the globalization of the economy, increased awareness of carbon footprints, increased emphasis on sustainable systems, and the evolution of product lifecycle analysis. Bio-resins have a lot of potential. They reduce reliance on petrochemicals and allow manufacturers who use them to promote greener products due to price volatility. Furthermore, they have a better entire life cycle than petrochemical-based resins, with a lower carbon footprint, lower manufacturing toxicity, and less reliance on fossil fuels. Businesses are constantly launching bio-resins in the market as a result of this shift. SABIC, for example, launched a new portfolio of bio-based ULTEMTM resins in November 2021 in Saudi Arabia, which offers sustainability benefits while delivering the same high performance and processability as incumbent ULTEM materials. These ground-breaking polyetherimide (PEI) materials are the industry's first certified renewable high-performance, amorphous polymers. Thus, such advantages of bio-based resins over synthetic counterparts and constant product launches of bio-based resins are anticipated to restrict the Synthetic Resin Market growth.

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Synthetic Resin Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Synthetic Resin Market. Synthetic Resin Market's top 10 companies are:

Huntsman International LLC

MCC Chemicals Inc.

UPC Technology Corporation

Bayer AG

DSM

Sinopec Corporation

Formosa Plastics Group

Purolite

The Dow Chemical Company

BASF SE

Recent Developments

In May 2021, Adani Group, an Indian conglomerate, announced plans to build a 2 million tonne/year coal-to-polyvinyl chloride (PVC) plant in Mundra, Gujarat, for Rs 292 billion ($4 billion). PVC grades such as suspension PVC (resin), chlorinated PVC (C-PVC), and emulsion PVC are produced in the proposed project (paste).

In June 2020, in the Asia Pacific, Dow developed and launched a newly formulated post-consumer recycled (PCR) plastic resin for collation shrink film applications. The new resin contains 40 percent PCR, resulting in a film that performs similarly to those made with virgin resins. XUS 60921.01 is a product made with recycled plastics collected domestically in China by Dow's strategic recycling partners and manufactured at Dow's external manufacturing site in Nanjing, China.

In February 2019, in Navi Mumbai, Maharashtra, India, Arkema opened a new polyester resin manufacturing facility. A dedicated laboratory was included in this new facility to offer both application development and technical support. The facility will enable Arkema to better serve customers in India's fast-growing powder coating market, as well as the Gulf Region and neighboring countries.

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Wax Market Report – Forecast (2022-2027)

The Wax Market size is forecast to reach US$11.3 billion by 2027, after growing at a CAGR of 2.7% during the forecast period 2022-2027. Wax is an ester of long-chain fatty acids along with long-chain monohydric alcohols. It can be divided into multiple categories such as paraffin wax, shellac wax, mineral wax, stearate wax, and more. They are used in a wide range of industries which include packaging, Cosmetic & Personal Care, automotive, building & construction, pharmaceutical, food & beverage, textile, rubber, and other industries. According to recent insights published on Interpack in 2020, the global packaging industry is expected to grow by an annual rate of 3.5% within the next four years. An increase in demand for wax from the packaging and textile industries acts as the major driver for the market. On the other hand, fluctuating prices of raw materials may confine the growth of the market.

COVID-19 Impact

There is no doubt that the COVID-19 lockdown has significantly reduced manufacturing, and production activities as a result of the country-wise shutdown of manufacturing sites, shortage of labor, and the decline of supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of raw materials in 2020 due to a lack of operations across multiple countries around the world. However, the COVID-19 pandemic has increased the demand for packaging all over the world. For instance, recent insights from Flexible Packaging states that the food packaging industry witnessed a sharp increase in demand during the pandemic due to the high number of consumers turning into online groceries shopping. By the end of 2021, U.S. online grocery sales accounted for12.4% of the country’s overall e-commerce sales. It further states that the U.S. digital grocery buyers grew up to 137.9 million in 2021, a growth of 4.8% in comparison to 2020. Supermarkets witnessed a huge surge in demand for packaging materials for the wrapping of food and other grocery products. Hence, such an increase in demand for packaging is expected to increase the demand for wax as it is primarily used as plastic additives in the production of plastics used for packaging. This is most likely to lead to market growth in the forecast period.

Report Coverage

The report: “Wax Market Report – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Wax Industry.

By Type: Paraffin Wax, Shellac Wax, Mineral Wax, Stearate Wax, Beeswax, Soy Wax, Carnauba Wax, Others. By Form: Flakes, Granules, Powder, Others. By Application: Adhesive, Sealers, Polishes, Binders, Inks & Coating, Lubricants, Candles, Food Additives, Others. By End-Use Industry: Packaging, Cosmetic & Personal Care, Automotive, Building & Construction, Pharmaceuticals, Food & Beverage, Textile, Rubber, Others. By Geography: North America (USA, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World (the Middle East, and Africa).

Key Takeaways

Adhesive application in Wax Market is expected to see the fastest growth, especially during the forecast period, owing to its increasing demand from the packaging industry. Properties of wax such as high melting point, high stability, and low melt viscosity make it ideal for the production of hot melt adhesives.

Wax has a wide range of properties which include excellent thermal stability, high softening point, high melting point, high chemical resistance, perfect lubrication, which makes it ideal for use in packaging, cosmetics, and textile industries.

Asia-Pacific dominated the Wax Market in 2021, owing to the increasing demand for Wax from the packaging and cosmetic sectors of the region. According to a recent study published on Interpack, Asia accounted for the highest world share of packaging sales in 2020, an increase of 7.4% in comparison to 2019.

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Wax Market Segment Analysis – By Application

The Adhesive application held the largest share in the Wax Market in 2021 and is expected to grow at a CAGR of 2.8% between 2022 and 2027, owing to the increasing demand for adhesives from the packaging sectors in multiple regions across the world. According to a recent study published by the European Adhesive and Sealant Industry in 2020, the adhesives sector saw an increase in the production of adhesives across multiple regions. Asia-Pacific saw an increase of 36.8%, Europe by 34.5%, North America by 23.1%, the Middle East by 1.3%, and Africa by 1.1% in 2020. In this way, such an increase in the production of adhesives across the globe is expected to increase the demand for wax since it is primarily used for the production of adhesives, thus, leading to market growth in the upcoming years.

Wax Market Segment Analysis – By End-Use Industry

Cosmetic & Personal Care held the largest share in the Wax Market in 2021 and is expected to grow at a CAGR of 2.9% between 2022 and 2027, owing to the increasing demand for wax in the production of cosmetics, and skincare products. For instance, according to a study published on Fashion Network, skincare and sun care products produced an average annual growth of 5.6% in 2020. Furthermore, recent insights from World's Top Exports states that countries like France, Singapore, South Korea, and the US sold some of the largest amounts of exported beauty and skincare goods during 2020 with shipments valued at US$ 9 billion, US$ 6.2 billion, US$ 6.1 billion, and U$ 5.1 billion respectively. European countries sold the highest amount of exported beauty and skincare goods during 2020 with shipments valued at US$ 26.7 billion, which indicates around 44% of the global total. This is followed by Asian exporters with related shipments at 43%, and North America by 10.7%. Since, wax such as paraffin wax, and shellac wax are used in cosmetic products for stabilizing formulations and emulsions in the product along with boosting their consistency and viscosity, it plays a major role during the production of cosmetics, and skincare products. Thus, the increasing growth of the cosmetic & personal care industry is expected to accelerate the growth of the market during the forecast period.

Wax Market Segment Analysis – By Geography

The Asia Pacific held the largest share in the Wax Market in 2021 up to 30%. The consumption of wax is particularly high in this region due to its increasing demand from the packaging and cosmetics sectors. Wax is primarily used as a plastic additive in the production of plastics used for packaging. For instance, China holds the largest market share around the world when it comes to food packaging. According to a recent study published on Interpack, the consumption of food packaging is expected to increase to 447,066 million in 2023. Likewise, it also states that the Chinese packaging companies such as 3D, SIP, and WLCSP alone achieved a revenue of around US$5.88 billion with end packaging. According to the Packaging Industry Association of India, the Indian packaging industry was valued at around US$ 50.5 billion in 2019 and is expected to increase up to US$ 204.81 billion by the end of 2025. It further states that packaging is considered to be one of the industries with high growth in India and is rising at 22-25% per year.

Furthermore, wax such as paraffin wax, and shellac wax is used in cosmetic products to thicken formulations. It is used to provide stability to skincare & cosmetic products along with providing emollient and protective qualities and helps in boosting their consistency and viscosity. For instance, a recent study published by the Indian Ministry of Economy and Industry states that the beauty and personal care industry in the country reached over US$ 10 billion in 2021, and is most likely to grow by around 6% in the upcoming years. Likewise, Shiseido, a leading cosmetics and beauty brand in Japan, published a report which stated that the net sales of the company based on cosmetics and personal care products reached around 267.2 billion yen (US$ 2.4 billion) during the fourth quarter of 2020, and it is expected to rise in the upcoming years as well.

In this way, the growth of packaging and cosmetics industries in the region is expected to increase the demand for wax such as paraffin wax, shellac wax, mineral wax, and stearate wax, thus, resulting in the growth of the market during the forecast period.

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Wax Market Drivers

An increase in demand from the packaging industry is most likely to increase demand for the product

According to PMMI (The Association for Packaging and Processing), the North American beverage industry is expected to increase by 4.5% from 2018 to 2028, with the United States leading the beverage packaging sector. Likewise, recent insights from the Packaging Federation of the United Kingdom states that the UK packaging manufacturing industry reached an annual sales of GBP 11 billion (US$ 15.2 billion) in 2020, owing to the increasing demand for packaging from multiple sectors of the region. In this way, an increase in demand for packaging activities is expected to increase the demand for wax during the production of plastics required for packaging. This is most likely to lead to the growth of the market in the upcoming years.

An increase in demand from the textile industry is most likely to increase demand for the product

Wax emulsions are primarily used as softeners and sizing aids in the textile industry. The wax emulsion generates bright color, high gloss, high tensile strength, and high elasticity in the fabric. For instance, in July 2021, India announced the Non-Woven Fabric Manufacturing Expansion Project worth INR 220 million (US$ 2.9 million) in Himachal Pradesh. A recent article published on fibre2fashion states that Vietnam’s garment manufacturing business accounts for around 70% of the majority of businesses. It also states that the import of textiles and clothing by the United States increased by 26.79 % up to US$41.689 billion during the initial five months of 2021. Likewise, the value of U.S. man-made fiber, textile, and clothing shipments reached about $64.4 billion in 2020. Furthermore, in 2021, United Nations Environment Programme (UNEP) announced the commencement of a new project that is targeted to provide the approval of eco-innovation along with the use of Product Environmental Footprint (PEF) within textile SMEs in Kenya, South Africa, and Tunisia.

In this way, an increase in demand for various textile operations across the world is expected to increase the demand for wax such as paraffin wax, shellac wax, and more, for post-finishing of textiles in order to make the fabric have excellent smoothness, softness, and gloss. This is most likely to drive market growth in the upcoming years.

Wax Market Challenges

Fluctuating prices of raw material prices may cause an obstruction to the market growth

Crude oil is the primary raw material used in the production of petroleum-based wax which includes paraffin wax, microcrystalline wax, and petroleum jelly. According to recent insights published in the Journal of Cleaner Production in 2021, a supply deficit of 0.6% in crude oil was observed in 2020. Furthermore, it also states that this deficit is most likely to increase by 8% or 0.18 million tons by 2030 across the globe, owing to the increase in demand for crude oil-based biofuels for transportation. Due to this imbalance in the supply-demand chain of crude oil, its prices are most likely to hike or fluctuate in the upcoming years. Hence, the fluctuating prices of crude oil which is significantly required in the production of wax may confine the market growth.

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Wax Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Wax Market. Wax top 10 companies include:

China National Petroleum Corporation

Exxon Mobil Corporation

Royal Dutch Shell PLC

Akzo Nobel NV

Lubrizol Corporation

Honeywell International Inc.

Cargill, Inc.

BASF SE

Evonik Industries AG

Calumet Specialty Products Partners LP

Recent Developments

In June 2021, Braskem, a Brazil-based chemical company, launched its first renewable-sourced polyethylene wax. The new product can be used as a viscosity modifying agent in numerous formulations. It can be used for a wide range of applications such as the production of adhesives, coatings, cosmetics, and various compounds.

In September 2020, Lubrizol Corporation announced the development of PTFE wax additives that contains less than 25 ppb PFOA in order to meet new PFOA regulations (as stated in ANNEX I of Regulation (EU) 2019/1021 under the Stockholm Convention on POPS).

Relevant Reports

Wax Emulsion Market – Forecast (2022 - 2027) Report Code: CMR 0604

Microcrystalline Wax Market – Forecast (2021 - 2026) Report Code: CMR 12653

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Bioceramics And Piezoceramics Market – Forecast (2022 – 2027)

The Bioceramics And Piezoceramics Market size is estimated to reach US$25.6 billion by 2027 and is projected to grow at a CAGR of 6.5% during the forecast period 2022-2027. Bioceramics And Piezoceramics are ceramic materials made from chemical compounds such as alumina, hydroxyapatite, lead zirconate titanate or calcium phosphate. Bioceramics And Piezoceramics have high demand in major end-users such as medical & healthcare, automotive and aerospace sectors. Factors such as the growth of the automotive sector, an increase in dental patients and the growing number of aircraft deliveries are driving the growth of the Bioceramics And Piezoceramics industry. However, the availability of ceramics substitutes in the medical field is anticipated to pose a challenge in the market growth of bioceramics, thereby negatively impacting the Bioceramics And Piezoceramics Market size. The lockdown implemented because of COVID-19 decreased the market revenue of Bioceramics And Piezoceramics since there was a significant drop in its demand from major medical & healthcare and automotive sectors. This affected the Bioceramics And Piezoceramics industry outlook.

Bioceramics And Piezoceramics Market Report Coverage

The “Bioceramics And Piezoceramics Market Report – Forecast (2022 – 2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Bioceramics And Piezoceramics Industry.

By Grade – Medical Grade and Commercial Grade.

By Type – Bioceramics (Bioinert Ceramics, Bioactive Ceramics and Bioresorbable Ceramics) and Piezoceramics.

By Application – Implants, Instruments (Surgical and Diagnostic), Actuators, Sensors (Conventional Vibration Detectors and Ultrasonic Transmitter) and Others.

By End-use Industry – Automotive (Passenger Vehicles, Light Commercial Vehicles and Heavy Commercial Vehicles), Medical & Healthcare (Orthopedics, Dentistry and Others), Aerospace (General, Military and Others), Electrical & Electronics and Others.

By Geography - North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and the Rest of the World (the Middle East and Africa).

Key Takeaways

Asia-Pacific dominates the Bioceramics And Piezoceramics Market, owing to the rapid increase in automotive production and hip replacement surgeries in the region which continues to propel its market demand.

High mechanical performance of Bioceramics And Piezoceramics is driving their usage in major end-use industries, thereby stimulating the market growth of such ceramics types.

The availability of substitutes for Bioceramics And Piezoceramics can hamper their usage in the medical & healthcare sector, thereby negatively impacting the Bioceramics And Piezoceramics industry outlook during the forecast period.

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Bioceramics And Piezoceramics Market Segment Analysis – by Grade

The medical grade held the largest share in the Bioceramics And Piezoceramics Market in 2021 and is expected to grow at a CAGR of 6.4% during the forecast period 2022-2027. Medical grade Bioceramics And Piezoceramics that are made from either calcium phosphate, alumina or lead zirconate titanate, have high-temperature stability and mechanical strength. Due to such rich features, these ceramics types have high applicability in the medical & healthcare sector in dental restoration and for repairing damaged bone parts related to hip and knee. The growing number of orthopedic surgeries and rising awareness of oral care has accelerated the demand and usage of medical-grade Bioceramics And Piezoceramics which is contributing to the segment growth during the forecast period.

Bioceramics And Piezoceramics Market Segment Analysis – by End-use Industry

The medical & healthcare sector held the largest share in the Bioceramics And Piezoceramics market share in 2021 and is forecasted to grow at a CAGR of 6.8% during the forecast period 2022-2027. In the medical & healthcare sector, bioceramics and piezoceramic, due to their strong bonding nature, are used as medical implants in orthopedic surgeries. Due to the fast aging of the population and growing acute or chronic trauma cases, the number of orthopedic surgeries has increased over the years. According to a report published by the America Academy of Orthopedic Surgeons, in 2021, the number of orthopedic surgeries increased by 18.3% in comparison to 2020. Furthermore, according to Organization for Economic Co-operation and Development, in 2019, the number of hip replacement surgeries in Germany stood at 244,590, showing a 3.2% increase. With such an increase in orthopedic surgeries, the demand and usage of Bioceramics And Piezoceramics for implant applications are also anticipated to increase, thereby positively impacting the market growth in the medical & healthcare sector.

Bioceramics And Piezoceramics Market Segment Analysis – by Geography

Asia-Pacific held the largest share in the Bioceramics And Piezoceramics Market share in 2021 up to 44%. The region is witnessing an increase in orthopedic surgeries and automotive production which is fueling the demand for Bioceramics And Piezoceramics for implant, sensors and actuator applications. According to the International Organization of Motor Vehicle Manufacturers, in 2021, automotive production in China increased by 3% while India’s production increased by 30%. Furthermore, according to Organization for Economic Co-operation and Development, in 2019, the number of hip replacement surgeries in Australia stood at 43,375 which showed a 5% increase in comparison to the 2013 number. The growing automotive production and orthopedic surgeries have created a surge in the demand for Bioceramics And Piezoceramics in the Asia-Pacific region, which would positively impact the growth of the Bioceramics And Piezoceramics Market during the forecast period.

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Bioceramics And Piezoceramics Market Drivers

Bolstering Growth in Automotive Sector:

Alumina-based Bioceramics And Piezoceramics have high applicability in the automotive sector where they are used in sensors and actuators applications. Rapid urbanization, technological upgradation and growing investment are fueling automotive production. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2021, global automotive production stood at 80.1 million units showing a 3% increase in comparison to the previous year. Furthermore, according to the same data, automotive production at the regional level also witnessed significant growth. For example, in South America, production increased by 18% whereas, in Africa, it showed a 16% boost in 2021. Such bolstering growth of the automotive sector has accelerated the demand and usage of alumina-based Bioceramics And Piezoceramics for actuators and sensors applications, thereby propelling the growth of Bioceramics And Piezoceramics industry during the forecast period.

Increase in Dental Patients:

Bioceramics And Piezoceramics are made from calcium phosphate or lead zirconate titanate. They have tensile and compressive strength due to which they have major applicability in dentistry for dental implants and fillings. Growing cases of substance abuse and tooth decay have resulted in an increase in dental patients and services related to such patients. For instance, according to American Dental Association, in June 2022, dentistry services in the US increased by 1.9% on account of the growing population of dental patients. Furthermore, according to General Statistics of Northern Ireland, in 2021, the number of dental patients increased by 64% in Northern Ireland. The increase in the number of dental patients would stimulate demand and usage of Bioceramics And Piezoceramics for making dental implants, thereby positively impacting the Bioceramics And Piezoceramics industry growth.

Bioceramics And Piezoceramics Market Challenge:

Availability of Substitutes:

Bioceramics And Piezoceramics have major applicability in the medical & healthcare sector for bone replacement and dental implants. However, they have low wear and abrasion resistance. Substitutes such as titanium and polyethylene have high wear and abrasion resistance, due to which they are gaining traction in implant applications. For instance, titanium is used in hip prostheses and polyethylene in acetabular cups. The availability of such substitutes would limit the Bioceramics And Piezoceramics usage in implant applications, thereby reducing their market share in the medical & healthcare sector. That would negatively impact the Bioceramics And Piezoceramics Market size during the forecast period.

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Bioceramics And Piezoceramics Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Bioceramics And Piezoceramics Market. The top 10 companies in the Bioceramics And Piezoceramics Market are:

CoorsTek Inc.

CeramTech GmbH

Kyocera Corporation

Morgan Advance Material

Saint-Gobain Ceramic Material

Depuy Synthes

Septodont

Ultradent Products.

CTS Corporation

HC Starck GmBH

Recent Developments

In June 2022, CTS Corporation acquired Ferroperm Piezoceramics which is a manufacturer of high-performance piezoceramics components for the medical, industrial and aerospace sectors.

In May 2022, Septodont announced a new product BioRoot which is a Bioceramics root canal sealer that prevents unfavorable bacteria growth near teeth and increases its bioactivity.

In March 2022, Tata Steel acquired a 90% stake in Bioceramics manufacturer - Ceramat. Such an acquisition would enable the company to enter the medical field and provide Bioceramics-based medical instruments.

Relevant Reports

Technical Ceramics Market

Report Code – CMR 16059

Electronic Ceramics & Electrical Ceramics Market

Report Code – CMR 0653

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Melt Electrospinning Fibres Market – Forecast (2022-2027)

The Melt Electrospinning Fibres market size is estimated to reach a value of US$1.8 billion by the end of 2027 after growing at a CAGR of 4.8% during the forecast period 2022-2027. Melt electrospinning is a manufacturing method that blends with polycaprolactone, polyvinylidene difluoride polypropylene, polystyrene and polylactide acid to create fibrous structures from polymer melts for use in filtration, textiles and tissue engineering. Melt Electrospinning fibers are in high demand due to the need for low-cost raw ingredients and the efficiency of electrospinning technology for mass production, which drives the market growth of melt electrospinning fibers. Moreover, melt electrospinning fibers' mechanical qualities and compatibility with biomedical equipment are driving their usage in a variety of end-use industries, including the medical, life science and energy sectors. The covid-19 pandemic majorly impacted the melt electrospinning fibers market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as medical, water treatment and others, the melt electrospinning fibers' market size is anticipated to grow rapidly during the forecast period.

Melt Electrospinning Fibres Report Coverage

The report: “Melt Electrospinning Fibres Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the melt electrospinning fibers Industry.

By Raw Material: Polyamides, Polyesters and Polyolefins. By Fibre Type: Microfibers and Nanofibers. By Application: Water Treatment, Photocatalytic, Biological sensing, Wound dressing, Batteries and fuel cells, Supercapacitors, Solar cells and Others. By End-use Industry: Medical & Healthcare, Water and Environment, Energy Generation (Wind Energy, Solar Energy and Others) and Others. By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (the Middle East and Africa).

Key Takeaways

Asia-Pacific dominates the Melt Electrospinning Fibres market size, owing to the increasing medical & healthcare industry in the region. A larger need for medical and adult incontinence products has arisen from the region's aging population and increased prevalence of chronic diseases, which is expected to increase the market size for melt electrospinning fibers.

Increasing government investment in the water treatment sector will further drive the market growth of melt electrospinning in the water and environment industry.

The main driver propelling the melt electrospinning market in the energy generation industry is the eco-friendliness and affordability of melt electrospinning fibers.

The melt electrospinning fibers market is expected to be restrained by factors such as the complexity of the design and operation process.

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Melt Electrospinning Fibres Market Segment Analysis – By Fibre Type

The Nanofibers Segment held a significant share in the Melt Electrospinning Fibres market share in 2021 and is expected to grow at a CAGR of 4.9% during the forecast period 2022-2027, owing to the increasing demand from various end-use industries. Nanofibres offer high specific areas, excellent porosities and excellent flexibility in surface functions, making them appropriate for a wide range of applications including material reinforcement, sensor devices, catalysis, energy storage, filtration and many more, thereby driving the market growth of melt electrospinning fibers in nanofibers industry. Thus, these extensive properties compiled with increasing application in the medical and water treatment industry are majorly driving its segmental growth. Thus, the use of melt electrospinning fibers in various end-use industries will propel the melt electrospinning fibres market size.

Melt Electrospinning Fibres Market Segment Analysis – By End-use Industry

The Medical& Healthcare segment held a significant share in the Melt Electrospinning Fibres market share in 2021 and is projected to grow at a CAGR of 5.2% during the forecast period 2022-2027. The high demand for melt electrospinning fibers in the medical & healthcare sector is influenced by its growing application such as in medical components & devices, tissue engineering and regenerative medicine and wound dressings, which is anticipated to make a significant contribution to the worldwide market's expansion. For instance, In October 2021, Healthium Medtech invented a surgical wound dressing that incorporates patented infection control technology. Stryker increased its expected R&D spending in 2021 from USD 0.98 billion to USD 1.23 billion. Medtronic, another major producer of medical equipment, reported investing 2.49 billion dollars in R&D in 2021 as opposed to 2.33 billion dollars in 2020. With the robust growth of the medical & healthcare industry, the demand for melt electrospinning fibers for application in, medical devices, wound dressing and others in medical & healthcare will rise.

Melt Electrospinning Fibres Market Segment Analysis – By Geography

The Asia-Pacific segment held a significant share in the Melt Electrospinning Fibres market share in 2021 up to 43%. The growing infrastructural development, rising per capita income of the individuals, higher domestic demand along with the availability of low-cost labor is the major factor driving the healthcare sector in the region. According to International Trade Administration, the market for medical devices expanded dramatically in the APAC region from 2019 to 2020, rising from US$82.9 billion to US$88.6 billion. As per Invest India, the Indian medical device industry is positioned for tremendous expansion, with the market anticipated to reach $50 billion by 2025. According to Invest India, the pharmaceutical industry in India is expected to reach US$65 billion by 2024 and US$120 billion by 2030. The Average Index of Industrial Production of Manufacturing of pharmaceuticals, medicinal chemicals and botanical products in the FY 2021-22 is 221.6 and has grown by 1.3 percent. With the robust growth of the medical & healthcare industry in Asia-Pacific, the demand for melt electrospinning fibers for application in, medical devices, wound dressing and others in medical & healthcare will rise.

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Melt Electrospinning Fibres Drivers

Increasing Government Investments Towards Water Treatment Sectors:

The demand for Melt Electrospinning Fibres is rapidly growing as the demand for water treatment is rapidly increasing worldwide. Therefore, the rising government investments to improve water and wastewater treatment will drive the growth of the melt electrospinning fibers industry. For instance, In July 2020, the United States Department of Energy's (DOE) Office of Energy Efficiency and Renewable Energy (EERE) announced a US$ 20 million investment opportunity to develop technology innovations that strengthen America's water infrastructure and enable advanced water resource recovery systems that could be net energy positive. Furthermore, the US Department of Agriculture (USDA) stated on July 7, 2020, that it will invest US$ 307 million in 34 states and Puerto Rico to upgrade rural drinking water and wastewater infrastructure. According to the Ministry of External Affairs, India will invest $270 billion in water supply over the next 15 years. As a result, increased government investments in Water Treatment is expected to boost the melt electrospinning fibers market share throughout the forecast period.

Increasing Demand from Energy Sector:

Increasing demand for melt electrospinning in the energy sector is driving the market growth of melt electrospinning fibers. According to the India Equity Foundation, Renewable energy generation reached 13.15 billion units (BU) in January 2022, up from 11.51 BU in January 2021. According to U.S. Energy Information Administration, Total annual wind energy generation in the United States increased from approximately 6 billion kilowatt-hours (kWh) in 2000 to approximately 380 billion kWh in 2021. With the robust growth of the energy industry, the demand for melt electrospinning fibers for application in, wind energy and solar energy in the energy sector will rise. Thus, with the high growth of melt electrospinning fibers in the energy sector, it is anticipated that the demand for the melt electrospinning fibres industry will flourish during the forecast period.

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Melt Electrospinning Fibres Challenges

Complexity of the Design and Operation Process:

There are numerous limits and hurdles to using melt electrospinning, such as the greater complexity of the design and operation process, bigger fiber diameter and a lack of portable marketed melt electrospinning gear. Additionally, the melt electrospinning process is required to sustain high temperature as it blends with polycaprolactone, polyvinylidene difluoride polypropylene, polystyrene and polylactide acid. This is limiting the market growth of melt electrospinning fibers. Furthermore, unstable surface tension and spin line cohesive fractures have been observed as problems in generating electrospun fibers of uniform diameter on the submicrometer scale. As a result, the complexity related to the design and operation process limits the market growth of the melt electrospinning market.

Melt Electrospinning Fibres Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the melt electrospinning fibers market. The top 10 companies in the melt electrospinning fibers market are:

ESpin Technologies (US), 2. SNS Nano Fiber Technology (US), 3. Ahlstrom Corporation (Finland), 4. DuPont (US), 5. Hollingsworth & Vose (US), 6. Donaldson Company, Inc. (the US), 7. ACS Material (US), 8. Teijin Limited (Japan), 9. Toray Industries, INC. (Japan) 10. Catalytic Materials LLC (US)

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Paraphenylenediamine Market

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Chemical Protective Clothing Market

Report Code: ESR 0301

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The building and construction tapes market size is forecast to reach US$5.3 billion in 2027 after growing at a CAGR of 4.3% during 2022-2027. Double sided tape is anticipated to contribute immensely to the building and construction tapes market in the forecast period.

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Pyrotechnic Chemicals Market – Forecast (2022-2027)

The Pyrotechnic Chemicals Market size is estimated to reach more than US$2.8 billion by 2027, after growing at a CAGR of 4.2% during the forecast period 2022-2027. A pyrotechnic composition is a substance or mixture of substances such as calcium nitrate, cinnamic acid, potassium chlorate, potassium nitrate and others that produce an effect through heat, light, sound, gas, or a combination of these as a result of non-detonative self-sustaining exothermic chemical reactions. The industry is expected to grow significantly over the forecast period due to increased use of the product in construction and mining activities. The increasing number of infrastructure development projects in developing countries is expected to drive demand for pyrotechnic chemicals. The covid-19 pandemic majorly impacted the Pyrotechnic Chemicals Market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as construction and others, the Pyrotechnic Chemicals industry is anticipated to grow rapidly during the forecast period.

Pyrotechnic Chemicals Market Report Coverage

The “Pyrotechnic Chemicals Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Pyrotechnic Chemicals industry.

By Type: Proximate Pyrotechnics, Consumer Pyrotechnics and Display Pyrotechnics.

By Application: Fireworks, Safety Matches, Oxygen Candles, Automotive Airbags, Gas-Pressure Blasting and Others.

By End-Use Industry - Transportation (Automotive, Aerospace, Marine and Locomotive), Building & Construction (Residential, Commercial, Industrial and Infrastructure), Mining Industry, Consumer Goods, Entertainment Industry and Orders.

By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (the Middle East and Africa).

Key takeaways

Asia-Pacific dominates the Pyrotechnic Chemicals Market size. The increase in demand from applications such as fireworks, oxygen candles and others, is the main factor driving the region's growth.

One of the primary factors contributing to the Pyrotechnic Chemicals Market's favorable outlook is significant growth in the automotive industry around the world.

The flourishing building and construction industry is boosting the demand for Pyrotechnic Chemicals for applications, thereby driving the Pyrotechnic Chemicals industry.

However, Health Hazards related to Pyrotechnic Chemicals are limiting the Pyrotechnic Chemicals Market growth.

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Pyrotechnic Chemicals Market Segment Analysis – by Application

The Fireworks held a significant share in the Pyrotechnic Chemicals Market share in 2021 and is projected to grow at a CAGR of 4.5% during the forecast period 2022-2027. Pyrotechnic chemicals such as calcium nitrate, cinnamic acid, potassium chlorate and others are used to make fireworks. Global trends in spectacular fireworks are boosting the pyrotechnics chemical market. For instance, every year on July 4th, a massive fireworks display to celebrate American independence requires a significant amount of engineering and creativity in the pyrotechnics sector. With the rise in fireworks production across the globe, the demand for pyrotechnic chemicals is anticipated to rise for various applications, which is projected to boost the pyrotechnic chemicals industry’s growth during the forecast period.

Pyrotechnic Chemicals Market Segment Analysis – by Application

Automotive held a significant share in the Pyrotechnic Chemicals Market share in 2021 and is projected to grow at a CAGR of 4.9% during the forecast period 2022-2027. Pyrotechnics chemicals are used in a variety of automotive applications, including airbags and belt pretensioners. Increasing demand for transportation is driving the Pyrotechnic Chemicals Market. According to the Energy Information Administration (EIA), by 2035, there will be 1.7 million automobiles worldwide. According to the International Organization of Motor Vehicle Manufacturers (OICA), automobile output increased by 10% in the first nine months of 2021, to 57.26 million vehicles, up from 52.15 million units in the same period last year. With the rise in automotive production across the globe, the demand for pyrotechnic chemicals is anticipated to rise for various applications, which is projected to boost the pyrotechnic chemicals industry growth in the automotive industry during the forecast period.

Pyrotechnic Chemicals Market Segment Analysis – by Geography

The Asia-Pacific held a significant share in the Pyrotechnic Chemicals Market share in 2021 up to 38.9%. The flourishing growth of pyrotechnic chemicals is influenced by its major applications across major industries, along with growing development in automotive production and developing the base for pyrotechnic chemicals in APAC. The automotive sector in Asia-Pacific is rapidly growing due to a flourishing base for automotive manufacturers, demand for automotive compounds and production rise. According to India Brand Equity Foundation, in 2021, the Indian passenger car market was valued at US$ 32.70 billion and it is expected to grow to US$ 54.84 billion by 2027. According to International Trade Administration, China remains the world's largest vehicle market in terms of both annual sales and manufacturing output, with domestic output expected to reach 35 million vehicles by 2025. Thus, the growth of pyrotechnic chemicals in the region is being aided by the increasing automotive sector in APAC, thereby dominating the market in the Asia-Pacific region.

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Pyrotechnic Chemicals Market Drivers

Rising Demand for Consumer Goods:

Pyrotechnics are used in a wide range of consumer goods applications, including oxygen candles, fireworks and others. Increasing demand for the variety of consumer goods across the globe is driving the Pyrotechnic Chemicals Market in the consumer goods industry. For instance, In January 2021, Fireworks, based in Silicon Valley, has now launched in India. According to India Brand Equity Foundation, the market for consumer durables in India is expected to reach US$ 34 billion by 2025. With the rise in consumer goods production across the globe, the demand for pyrotechnic chemicals is anticipated to rise for various applications, which is projected to boost the pyrotechnic chemicals industry growth.

Bolstering Growth of the Defence and Military Industry:

Pyrotechnic chemicals are widely used in military applications. When a large amount of noise, light, or infrared radiation is required, military pyrotechnics are used for missile decoy flares, flash powders and stun grenades, thereby driving the pyrotechnic chemicals market. Moreover, an increase in government spending will also propel market growth. According to Delhi Policy Group, Overall defense expenditure for FY 2021-2022 is Rs.3,62,345.62 Crore (US$ 49.6 billion), an increase of Rs.24,792.62 Crore (US$ 3.4 billion) over FY 2020-2021 Budget Estimates in India. According to the Military of Defence, UK, in 2020/21, the government spend £42.4 billion on defense, a £2.5 billion increase over the previous year. With the increasing military and defense industry, the demand for pyrotechnic chemicals will also likely increase, as a result of which the pyrotechnic chemicals industry will be flourished over the forecast period.

Pyrotechnic Chemicals Market Challenge

Stringent Regulations:

The presence of stringent regulations is expected to hinder the Pyrotechnic Chemicals industry's growth over the forecast period. For instance, the Consumer Product Safety Commission is authorized to regulate hazardous substances, including fireworks devices, under the Federal Hazardous Substances Act (FHSA; 15 U.S.C. 1261-1278). Pyrotechnic Chemicals caused significant harm to humans, animals and the environment as a result of the noise and pressure released during mining operations. Moreover, Volatile raw material costs such as calcium nitrate, cinnamic acid and potassium chlorate, complexity and safety of manufacturing processes all add to the cost of the finished product, which is expected to have a negative impact on market growth over the forecast period. Thus, these are some of the key obstacles to the Pyrotechnic Chemicals industry.

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Pyrotechnic Chemicals Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Pyrotechnic Chemicals Market. The top 10 companies in the Pyrotechnic Chemicals Market are:

Solar Industries India

Melrose Pyrotechnics

Zambelli Fireworks

Pyro Company Fireworks

Angelfire Pyrotechnics

Howard & Sons

Skyburst

Entertainment Fire-works

Supreme Fireworks

Celebration Fireworks

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