sramfact

[sramfact]

The global photoresist and photoresist ancillaries market size is estimated to be USD 4.1 billion in 2023 and projected to reach USD 5.3 billion by 2028, at a CAGR of 5.1%. Photoresists are light-sensitive materials used to pattern and etch substrates for the production of integrated circuits and electronic devices in the semiconductor and microelectronics industries. When exposed to light, they experience a chemical shift that enables the precise patterning of the underlying substrate. Ancillaries for photoresists are additives and chemicals that are used with photoresists to enhance the lithographic process. In the phases of cleaning, pre-coating, development, stripping, and post-processing, they are essential. This industry, which is fueled by improvements in semiconductor technology and the need for improved process yields, is strongly related to the demand for photoresists.

[sramfact]

Packaging tape printing involves the customization of adhesive tapes with logos, branding, or messages. This practice enhances brand visibility, improves security, and provides tamper-evidence for shipments. It's widely used across industries like logistics, retail, and e-commerce to promote brands and ensure the integrity and authenticity of packaged goods, reflecting a trend toward personalized and secure packaging solutions.

The report "North American Packaging Tape Printing Market by Product Type (Hot Melt, Acrylic Based), Material (Polypropylene, PVC), Printing Ink (Water Based, UV-Curable), Mechanism (Digital, Flexography), End-user (Food & Beverages, Consumer Durables) - Forecast ", the packaging tape printing market size was estimated to grow from USD 5.4 Billion in 2015 to reach USD 7.0 Billion by 2020, at an estimated CAGR of 5.4% from 2015 to 2020.

[sramfact]

Industrial tapes are specialized adhesive products used in manufacturing and construction to bond, seal, insulate, and protect materials. They come in various types, including duct, masking, electrical, and double-sided tapes, each designed for specific applications. These tapes offer high durability, strong adhesion, and resistance to environmental factors like heat, moisture, and chemicals, making them essential in numerous industrial processes.

The global “Industrial Tapes Market by Product Type (Aluminum Tapes, Others), End User (Manufacturing, Others), Application (Packaging, Others), Tape Backing Material (Polypropylene, Paper), Mode of Application (Pressure Sensitive, Solvent Based) - Forecast”, defines and segments the industrial tapes market with analysis and forecast of the global market size for industrial tapes till 2020. It also identifies the driving and restraining factors of the market with analysis of trends and opportunities.

[sramfact]

Activated carbon filters are porous materials used to purify air and water by trapping and removing contaminants through adsorption. They consist of activated carbon particles with a high surface area, providing an effective means of removing impurities such as chemicals, gases, odors, and organic compounds. 

The activated carbon filters market size is projected to grow from USD 267 million in 2020 to USD 330 million by 2025, at a CAGR of 4.4%. The activated carbon filters market has been gaining significance with its major application in water treatment and air purification; the duo being its major applications. Stringent government regulations implying directives for industrial water pollution and quality drinking water have led to fast growth and acceptance of activated carbon filter products. These regulations are being implemented in the regions of Europe and North America and also gaining importance in the APAC region. The policies and regulations implemented by different authorities for supporting the use of activated carbon filters are attributing to the growth of activated carbon filters market.

[sramfact]

The global pharmaceutical processing seals market is projected to grow from USD 2.1 billion in 2021 to USD 3.3 billion by 2026, at a CAGR of 10.0% during the forecast period. The favorable rules and regulations for pharmaceutical manufacturing in the developing regions such as APAC, the Middle East & Africa, and South America are expected to drive the pharmaceutical processing seals market. The consumption of pharmaceutical drugs is rapidly increasing at the global level especially, in the rapidly growing economies in APAC. In order to cater to the increasing demand for pharmaceutical drugs, there is an increase in the investments made in the pharmaceutical manufacturing equipment industry for capacity expansions and R&D activities. Expansion of the healthcare sector due to increasing population and improved awareness about quality healthcare are expected to drive the pharmaceutical industry and thus, boost the demand for pharmaceutical processing seals, globally.

There are various types of pharmaceutical processing seals available in the market, namely, O-rings, gaskets, lip seals, and D seals. These seals are available in different grades, shapes, and sizes. The O-rings segment dominated the pharmaceutical processing seals market owing to its high demand in pharmaceutical manufacturing equipment. O-rings are used in pharmaceutical industry for applications such as cryogenic, bioprocessing, cleaning, and sterilization. These seals are used in pharmaceutical industry in agitators and hydraulic cylinders. The reason for the growth of the O-rings segment is its cost-effectiveness and wide range of applications.

The pharmaceutical processing seals market in APAC is projected to register the highest CAGR between 2020 and 2026. The region is emerging as the fastest-growing market for pharmaceutical processing seals due to the growth of the healthcare sector in the region. In addition, the huge capital investment in capacity expansions, R&D, and new product developments across the pharmaceutical industry is boosting the demand for pharmaceutical manufacturing equipment, which will subsequently drive the pharmaceutical processing seals market in the region. The growth of the pharmaceutical industry is attributed to the shifting focus of pharmaceutical manufacturers toward the region owing to favorable regulatory conditions, developing healthcare industry, increasing population, and incidences of chronic diseases. Owing to the increased demand from the APAC market, Saint-Gobain S.A., Morgan Advanced Materials PLC and Garlock have expanded their sealing solution business in the region. These expansions are expected to help the company cater to the growing pharmaceutical processing seals market in the region.

The companies are constantly exploring opportunities for expansion in the APAC region due to favorable trade initiatives proposed by the governments of the countries in the region for the expansion of pharmaceutical industry. These initiatives will open new opportunities for pharmaceutical processing seals manufacturers in the region.

[sramfact]

The globalindustrial nitrogen generator marketsize is projected to reach USD 5.5 billion by 2026 from USD 4.2 billion in 2021, at a CAGR of 5.4% during the forecast period. The increasing demand for industrial nitrogen generator from the packaged and convenient food sector is driving the market. In addition, increasing demand from end-use industries such as food & beverage, transportation, medical & pharmaceutical, chemical, and manufacturing as well as increasing demand due to the growing consumer electronics sector is also driving the industrial nitrogen generator market. Growth in urbanization in the emerging economies, such as APAC, Middle East & Africa, and South America, are also driving the market. 

Based on end-use industry, the industrial nitrogen generator market is segmented into food & beverage, medical & pharmaceutical, transportation, electrical & electronics, chemical & petrochemical, manufacturing, packaging, and others. Food & beverage is the largest end-use industry of the industrial nitrogen generators market owing to the increased demand for better quality packaged food items, growth in demand for convenient foods, reduction in food wastage, and increasing urbanization in the emerging economies. In addition, the rise in income levels and the growth of the middle-class population are also driving demand for industrial nitrogen generators in the food & beverage industry. 

APAC is the largest market for industrial nitrogen generators. This large market share is primarily attributed to emerging economies, such as India, China, Indonesia, Malaysia, Singapore, Vietnam, and Thailand, in the region, where demand for packaged and convenient food products are increasing annually. Moreover, growth in population and increasing urbanization rate are also driving the market for quality processed food products and boosting industrial nitrogen generator consumption. In addition, growth in industrialization, increasing demand due to changing demographics, such as improving living standards, rising disposable incomes, and government initiatives to attract business investments in industries such as automotive, marine, oil & gas, and chemical are also driving the market for industrial nitrogen generators in the region.  

 The key players in the industrial nitrogen generator market include Parker Hannifin Corporation (US), Ingersoll Rand (US), Air Products and Chemicals, Inc. (US), Atlas Copco (Sweden), Air Liquide (France), Hitachi Industrial Equipment System Company (Japan), Inmatec (Germany), Linde Plc (UK), Novair SAS (France), and Oxymat A/S (Denmark). 

[sramfact]

The global concrete restoration market size is estimated to be USD 15.0 billion in 2021 and is projected to reach USD 20.4 billion by 2026, at a CAGR of 6.2%. The high growth of concrete restoration can be attributed to the growing number of construction repair projects globally due to the rising population, rapid urbanization, and increased economic growth in some regions. Emerging markets like China, the UAE, and India are showing remarkable growth due to the aforementioned factors. This has been a decisive factor in theconcrete restoration market growth, especially in regions like North America and Europe, where concrete restoration products' usage is relatively high. By 2026, many new companies will emerge from China, having low-cost concrete restoration products and, thus, offer heavy competition to the existing market players.

Based on material type, the concrete restoration market is segmented into shotcrete, quick setting cement mortar, concrete fiber, and others. Quick setting cement mortar dominated the concrete restoration market in terms of value. This market is divided into water & wastewater treatment, dams & reservoirs, roads, highways & bridges, marine, buildings & balconies, and others based on target applications. Roads, highways & bridges dominated the concrete restoration market in terms of value.

Based on target application, the marine application is projected to register the highest CAGR, in terms of value, during the forecast period. The concrete used in the marine industry is exposed to numerous harsh conditions, including physical and chemical attacks. The projected growth shows that most target applications will grow at a high CAGR from 2021–2026, overcoming the adverse effects of global lockdowns and economic standstill caused by the COVID–19 pandemic.

The Asia Pacific is expected to witness the highest growth at a CAGR of 7.2% between 2021 and 2026. The increasing economic growth and rapid increase in population are expected to boost the concrete restoration market in this region significantly. In terms of value, Europe is the second-largest market for concrete restoration worldwide and is projected to witness a CAGR of 5.9% during the forecast period

Major players such as Sika (Switzerland), Mapei S.p.A (Italy), Master Builders Solutions (Germany), Fosroc (UAE), BASF SE (Germany), Pidilite Industries (India), RPM International (US), Fyfe (US), Saint-Gobain Weber S.A. (France), and The Euclid Chemical Company (UK), among others, have framed their strategies to penetrate and create bases in the emerging markets.

[sramfact]

The report "Hydrochloric Acid Market is projected to grow from USD 2.5 billion in 2022 to USD 3.4 billion by 2027, at a CAGR of 6.6% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the hydrochloric acid market is attributed to many small-scale applications including household cleaning, constructing buildings, and processing leather. Further, hydrochloric acid has been used to dissolve calcium carbonate, for example, to descale kettles and remove mortar from masonry. When used on brickwork, the interaction between the acid and the mortar only lasts until the entire amount of acid has been converted, producing calcium chloride, carbon dioxide, and water.

Synthetic hydrochloric acid is a chemical substance, an aqueous solution of hydrogen chloride gas. It is colorless to pale yellow and has strong corrosive qualities and an unpleasant odor. The process of burning chlorine in hydrogen and subsequently absorbing hydrogen chloride into water results in synthetic hydrochloric acid. A synthetic grade of hydrochloric acid is offered on the market with a concentration ranging from 33.3% to 35.5%. The synthetic grade of hydrochloric acid meets with European Standard EN939 for the use of a material used for water treatment. Such a high-quality product can be used in procedures that treat water for both industrial and domestic use and in highly demanding industries such as food and cosmetics.

BASF SE (Germany), Covestro AG (Germany), Olin Corporation (US), Westlake Chemical Corporation (US), Occidental Petroleum Corporation (US), Formosa Plastics Corporation (Taiwan), Tata Chemicals Limited (India), AGC Chemicals (Japan), ERCO Worldwide (Canada), Detrex Corporation (US) are the key players operating in the hydrochloric acid market. Acquisitions, expansions, contracts, agreements & partnerships, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the hydrochloric acid market.

[sramfact]

The report "Plywood Market by Type (Hardwood and Softwood), Application (Construction and Industrial), Uses Type (New Construction and Rehabilitation), and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2027", Plywood market size is projected to reach USD 73.3 billion by 2027 from USD 54.2 billion in 2022 growing at a CAGR of 6.2%. The Asia Pacific region is the largest market for plywood across the globe. The market in the Asia Pacific has been studied for China, India, Japan, South Korea, Taiwan, Thailand, Malaysia and the Rest of Asia Pacific (Australia, Indonesia, and others). Among these countries, China accounted for the largest share of 80.0% of the Asia Pacific plywood market in terms of value.

India and China have experienced close to double-digit GDP growth in recent years, as well as a population boom. The stable economy and growing building and construction industry has augmented the growth of plywood in India and China. Furthermore, furniture sector is one of the main consumers of plywood in India. During the 2018 to 2023, it is predicted that the India furniture market by commercial sector will have a CAGR of 11.97%. India is the fourth-largest consumer of furniture worldwide and the fifth-largest producer of furniture. The Indian furniture industry is estimated to be worth $8 billion, represents 0.5% of the GDP in 2022 according to IBEF (Indian Brand Equity Foundation). The domestic organized industry has roughly 5000 businesses, and there are almost 10,500 furniture imports. The industries that contribute most to the sectors growth include real estate, housing & hospitality, and consumer base growth.

Major players operating in the plywood include Georgia Pacific LLC (US), Boise Cascade Company (US), Weyerhaeuser Company Ltd (US), UPM-Kymmene Oyj (Finland), Svezza Forest Ltd (Russia), PotlatchDeltic Corporation (US), Greenply Industries Ltd (India), Century Plyboards India Ltd. (India), Austral Plywoods (Australia), and others.

[sramfact]

The globalplywood market size is projected to grow from USD 54.2 billion in 2022 to USD 73.3 billion by 2027, at a CAGR of 6.2%. The increasing demand for plywood from end uses, such as building & construction, packaging, industrial, and furniture sector, drives the market. Demand for multifarious plywood is encouraged by many companies to formulate different developmental strategies in the plywood market to expand their footprint in the market. The companies have adopted various strategies, such as investment & expansion, merger & acquisition, new product launches, and joint ventures to increase their global presence and maintain sustained growth in the plywood market.  

The plywood market in the Asia Pacific is forecasted to register the highest CAGR, in terms of value, between 2022 and 2027. Asia Pacific is a rapidly developing region that offers many opportunities for various industry players. Most of the leading players in North America and Europe are planning to move their production base to this region because of the availability of inexpensive raw materials, low production costs, and the need to serve the local market better. The demand for premium products is increasing in the region with the growth in the middle-class population. Government initiatives are also helping in the growth of the wooden sectors. These factors will play an important role in driving the plywood market.

There are various small, medium, and large players operating in the market. Some of the major market players include Boise Cascade Company (US), Weyerhaeuser Company Ltd (US), Upm-Kymmene Oyj (Finland), Sveza Forest Ltd (Russia), Austral Plywoods Pty Ltd (Australia), Potlatchdeltic Corporation (US), Greenply Industries (India), Metsä Wood (Metsäliitto Cooperative) (Finland), Centuryply (India), Austin Plywood (India). They have adopted various developmental strategies such as investment & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their share in the market.

[sramfact]

The global steel wire market size was USD 93.2 billion in 2020 and is expected to reach USD 124.7 billion by 2025, projecting a CAGR of 6.0% between 2020 and 2025. Steel wires are increasingly used in the construction, automotive, energy, industrial, agriculture, and other end-use industries. The increasing demand of construction end-use industry drives the demand for steel wire. However, the outbreak of COVID-19 has created ripples across various application industries leading to reduced demand for steel wire. Due to the lockdown scenario in Europe and North America, the demand for steel wire from construction, automotive, industrial and other industries have declined sharply in the first half of 2020. 

The construction is the largest end-use industry of steel wire in terms of value. The steel wires offer increased strength to concrete, increase life span, increased crack resistance, reduces construction time in construction industry. These factors drive the demand of steel wires in variety of applications in construction end-use industry. 

The China is the largest market for steel wire  in the world, in terms of both value and volume. The trend is expected to be the same during the forecast period. The country is home to some of the major steel wire manufacturers. The growing construction industry, automotive industry and industrial activities in the region are propelling the market for steel wire  in the China. With Germany, the US, Spain, India being the most affected countries, the entire supply chain in the steel wire industry is disrupted globally. The lockdown of international borders has reduced the demand for steel wire in Europe and North America. 

Steel wires are segmented based on form in to non-rope form and rope form. The  non-rope form of steel wire accounted for a largest share in the steel wire market. The construction and automotive industries are two major consumers of steel wires due to high usages in applications such as concreter reinforcement, masonry reinforcement, roads & bridges, tire cord, and among others. The demand for non-rope form of steel wire  is expected to see a decline in 2020 due to the pandemic.

[sramfact]

The global hydrochloric acid market is projected to grow from USD 2.5 Billion in 2022 to USD 3.4 Billion by 2027, at a CAGR of 6.6% during the forecast period. The increasing demand for hydrochloric acid in food and beverage, steel, chemical, and oil & gas provides momentum for the growth of the hydrochloric acid market.

By application, steel pickling accounted for largest market for hydrochloric acid. Hydrochloric acid is mainly utilized as pickling agent for dissolving metal oxides, corrosion products, and other impurities from the surface of metal. Hydrochloric acid is preferred over other acids for pickling operation as it offers less pickling time, strong chemical solubility, and is suitable for pickling operation at room temperature. The steel industry is growing steadily owing to increase in demand from building & construction and automotive industry. The growth in steel pickling application in steel industry further expects to propel the demand for hydrochloric acid during the forecast period.

By end-use industry, chemical industry account for largest market for hydrochloric acid. Hydrochloric acid is used as a reducing agent, catalytic reagent, and hydrolyzing agent in organic chemistry. It is used in the preparation and identification of many important organic & inorganic compounds. Hydrochloric acid is utilized in production of polyvinyl chloride resins, polycarbonate resin, calcium chloride, and others.

The Asia Pacific is projected to be the largest and fastest-growing hydrochloric acid market followed by North America and Europe. Increase in demand from China and India expects to drive the demand for Hydrochloric acid in the region. China is second largest importer of hydrochloric acid after the U.S. The increasing population has led to the food & beverage, chemicals, and steel, and oil & gas industry growth, which will drive the hydrochloric acid market. China emerged as one of the world’s manufacturing hubs, with relatively low raw materials and labor prices. This has led to considerable investments in the manufacturing sector. Additionally, the remarkable growth of the manufacturing sector in the Asia Pacific provides momentum for the development of the hydrochloric acid market. The abundance of raw materials, low utility cost, lenient regulation, and low cost of production, among others, are some of the factors that support the growth of the manufacturing industry in the Asia Pacific.

[sramfact]

The unsaturated polyester Resin (UPR) market size is estimated to be USD 9.6 billion in 2021 and is projected to reach USD 12.9 billion by 2026, at a CAGR of 6.1% between 2021 and 2026. The demand and use of UPRs are rapidly increasing due to the growth in construction, and wind energy industries. The economical price of UPR is also helping the resin to hold its position in the industry.

Technological advancements are making the UPR market to grow and become the preferred choice among other resins. UPRs with low dielectric constant and high thermostability was prepared. The wide applications and low cost of UPR will provide a better service and lessen the problem faced before. This contribution will provide a new way for obtaining both thermostability and good electrical properties.

APAC is the largest and fastest-growing UPRs market. The low labor costs in the region are expected to drive the market. APAC is projected to register the highest CAGR during the forecast period. The market is expected to witness significant growth in automotive, construction, aerospace, electrical & electronics, and industrial assembly sectors in countries such as China, India, and South Korea. China is the largest country-level market in this region There has been a shift of the manufacturing base to the APAC region because of low-cost production and the ability to better serve local emerging markets.

North America is the second-largest region in the market. The region focuses on regular advancement of R&D and continuously work on innovation which is helping the region to capture the second-largest share. US is the fastest-growing market in North America. President Joe Biden’s coronavirus relief package is expected to spearhead the US construction industry in the coming years, which is expected to help the UPRs market to grow. In July 2020, the United States-Mexico-Canada Agreement (USMCA) came into force. The Agreement will create reciprocal trade supporting high-paying jobs for Americans, more balanced, and will grow the North American economy.

[sramfact]

The global automotive plastics market for passenger cars size is projected to grow from USD 21.1 billion in 2021 and is projected to reach USD 30.8 billion by 2026, at a CAGR of 7.9%. The demand for automotive plastics is mainly driven by the increase in passenger car production and the increasing utilization of automotive plastics in vehicle designs. Plastics offer a maximum weight reduction for automobiles, which in turn reduces carbon emissions. These could be the major reasons propelling the market.

The shift towards the use of bioplastics in vehicle production, the use of anti-microbial plastics and additives, the use of composites and PMMA, and the growing trend of vehicle electrification have increased the demand for automotive plastics across the globe. The development of 3D printing technology is expected to act as a new opportunity for the automotive plastics market for passenger cars to grow. However, the high cost of capital and infrastructure for re-engineering plastics is expected to hinder market growth during the forecasted period. 

The under-bonnet is the fastest-growing application segment of the automotive plastics market for passenger cars during the forecast period. Automotive plastics used in the manufacturing of under-bonnet components of passenger cars include Polypropylene, PBT, polyamide, and other engineered plastics. The use of plastics in under-bonnet applications provides high durability, high-temperature resistance, strength, and rigidity to automobiles. The under-bonnet segment includes components such as the battery, onboard chargers, connectors, cables, electric motor, anti-lock braking system, hoses, hydraulic booster unit, load-sensing valve, master cylinder, metering valve, fuel delivery modules, intake manifolds, brackets, duck work, accumulator pistons pressure differential valve, proportioning valve, and thermal management system which require plastics in their manufacturing.

Polyamide is the fastest-growing product type segment of the automotive plastics market for passenger cars during the forecast period, owing to its enhanced properties, such as impact strength and superior surface finish. Commonly used grades are PA 6 and PA 66. It has various properties such as high stiffness, strength, dimensional stability, high temperature and abrasion resistance, and low friction characteristics, along with chemical, flame, abrasion, creep, and fatigue resistance. Moreover, owing to their excellent strength and toughness at the time of exposure to hot and automotive fluids, polyamides are used for automotive thermal management and other applications areas including gears, bushes, cams, bearings, and weatherproof coatings, etc.

BASF SE (Germany), SABIC (Saudi Arabia), LyondellBasell Industries Holdings BV (Netherlands), LG Chem (South Korea), DuPont (US), Covestro AG (Germany), Evonik Industries AG (Germany), Solvay (Belgium), Arkema SA (France), Borealis AG (Austria), LANXESS (Germany), DSM (Netherlands), Toray Industries Inc. (Japan), Mitsui Chemicals (Japan), Celanese Corporation (US), Toyota Boshoku Corporation (Japan), Faurecia SA (France), TOYODA GOSEI Co., Ltd. (Japan), INEOS (UK), Sumitomo Chemicals Co. (Japan), Ltd., UBE Industries (Japan), Mitsubishi Engineering Plastics Corporation (Japan), Formosa Plastics Corporation (Taiwan), EMI Chemi Holdings (China), and Momentive Performance Materials (US) are some of the leading players operating in the automotive plastics market for passenger cars. These players have adopted the strategies of acquisitions and partnerships to enhance their position in the market.

[sramfact]

The global methanol market size is estimated to grow from USD 24.0 billion in 2020 to USD 26.6 billion by 2025, at a CAGR of 5.5% during the forecast period. The market is projected to witness decent growth in the near future, owing to the wide application in various end-use industries of methanol ranging from automotive to the pharmaceutical industry. Increasing demand from APAC will further drive the growth of the global methanol market.   

Automotive is the largest market of methanol, with a 24.6% share, globally. Alcohol-based fuels have been used in automotive applications, for many years. Methanol can be used directly in internal combustion engines of vehicles and aircraft, showing similar efficiency to diesel engines. Earlier, methanol was used as an anti-freezing agent in a car’s cooling system, but then it has been replaced with more effective alternatives, such as propylene or ethylene glycol. However, it is still popular as a windshield water fuel. Methanol is a desirable choice as a transportation fuel due to its efficient combustion, ease of distribution, and wide availability worldwide. 

Methanol is used in the large-scale production of petrochemicals. The growth in petrochemical demand in APAC is driving the methanol market. The use of petrochemicals in end-use industries such as automotive and construction is the main driving force for the methanol market. In the petrochemical industry, organic chemicals with the largest production volume are methanol, ethylene, propylene, butadiene, benzene, toluene, and xylenes. Ethylene, propylene, and butadiene, along with butylene, are collectively called olefins. Methanol is a forerunner to a variety of chemical products and is generally referred to as primary petrochemical.

Celanese Corporation (Texas), BASF SE (Germany), Methanex Corporation (Canada), SABIC (Saudi Arabia), PETRONAS (Malaysia), Mitsubishi Gas Chemical Company (Japan), and Mitsui & Co., Ltd. (Japan) among others are the leading methanol manufacturers, globally. These companies adopted expansion, joint venture, and merger & acquisition as their key growth strategies between 2016 and 2020 to earn a competitive advantage in the methanol market. 

[sramfact]

The global asphalt additive market is projected to grow from USD 3.4 billion in 2021 to USD 4.7 billion by 2026, at a CAGR of 6.8% from 2021 to 2026. An increase in road construction projects along with the growing usage of asphalt additives in roofing applications is some of the major key factors driving the growth of the asphalt additive market across the globe. 

Based on type, the rejuvenators segment is expected to grow at the highest CAGR during the forecast period, in terms of value. Increasing use of recycled materials, such as Reclaimed Asphalt Pavement (RAP) and Recycled Asphalt Shingles (RAS) in the asphalt pavements application, has resulted in the growing demand for rejuvenator asphalt additives to restore the strength and durability of aged binders. Rejuvenators are being widely used to improve properties, such as viscosity, of aging binders. The growth of this segment is due to the increased use of recycled road material for pavement application globally.

Based on technology, the warm mix technology of the global asphalt additive market is expected to grow at the highest CAGR from 2021 to 2026, in terms of value. The demand from warm mix technology segment is rising due to various properties that have made it more attractive than other asphalt mixes. Less energy is needed to heat the asphalt mix, and less fuel is required to produce warm-mix asphalt.  Also, it is environment-friendly as it produces fewer emissions, thus improving the working conditions at asphalt pavement sites. These properties will further increase its market share in the technology sector.

Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Ingevity Corporation(US), and BASF SE (Germany) are some of the leading players operating in the asphalt additive market. These players have adopted the strategies of expansions, new product developments, acquisitions, and collaboration to enhance their position in the market. 

[sramfact]

The global biocomposites market size was USD 24.4 billion in 2021 and is expected to reach USD 51.2 billion by 2026, projecting a CAGR of 16.0% between 2021 and 2026. Biocomposites are increasingly used in the transportation end-use industry as they decrease weight and increase fuel efficiency. Automotive manufacturers are increasingly using biocomposites in various automobile models. The regulatory legislation imposed by the EU and other countries, such as the US, India, and Japan; are expected to increase the use of biocomposites, primarily in the automotive end-use industry. The EU legislation sets mandatory emission reduction targets for new cars to improve fuel economy and reduce the CO2 emissions.

The US has also imposed stricter Corporate Average Fuel Economy (CAFE) and tailpipe emission standards for the automobile sector. The proposed mandate raised CAFÉ standards to 39 mpg for passenger cars by 2016 and 54.5 mpg by 2025. China and Japan have also announced vehicle fuel economy regulations. Brazil, India, Mexico, and South Africa are expected to initiate similar measures in the near future. The above-mentioned factors and increased incorporation of biocomposites are expected to increase their demand mainly in the automobile sector.

The automotive industry focuses on stringent regulations, such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES) by the US and European governments, respectively, for vehicle manufacturers. According to the United States Environmental Protection Agency (EPA), the transportation industry in the US is one of the largest contributors to greenhouse gas emissions. The US government has, thus, made it a critical concern for automakers to follow the average miles per gallon standard for their vehicles. A similar situation is prevalent in other regions across the globe. In order to reduce carbon dioxide (CO2) emissions, automakers focus significantly on producing lightweight vehicles to comply with government regulations and enhance fuel efficiency.