Global Industry Trends

The widescale installation of photovoltaic (PV) modules, continuous research and development (R&D) in solar cell technologies, and advent of crystalline silicon solar technology are expected to drive the solar encapsulant market at a CAGR of 28.4% during the forecast period (2018–2023). The market generated a revenue of $1,036.0 million in 2017 and it is projected to generate $4,555.4 million by 2023. Moreover, the escalating awareness among people regarding the benefits of the solar cell technologies will propel market growth in the coming years. The material category of the solar encapsulant market is classified into ethylene vinyl acetate (EVA), polyvinyl butyral (PVB), polyolefin elastomer, and others. Among these, the EVA category generated the highest revenue in 2017. Manufacturers of PV cells prefer EVA over other encapsulating materials, as it offers higher adhesive strength, higher elasticity, and better protection against delamination and corrosion. Whereas, the PVB cate

For any mechanized process, energy is needed, and for all non-engine objects, the energy comes from electricity. Thus, with the world’s population set to reach 10.9 billion by 2100 from 7.7 billion in 2019, as per the World Population Prospects 2019 report of the United Nations (UN), the demand for electricity is going to keep burgeoning. There is only one problem, especially in developing countries: electricity production is already insufficient to meet the needs of the present population, and the demand–supply gap is only expected to widen. Similarly, in several developed countries, the power grid infrastructure is aging, thereby leading to substantial transmission losses. Therefore, with the rising demand for electricity and aging transmission infrastructure, the diesel genset market is predicted to generate $21,929.9 million by 2030 compared to $13,773.0 million in 2019. According to P&S Intelligence, the value increase would be at a CAGR of 6% over the forecast period (2020–2

A range of chemicals are added to concrete, cement, and other construction materials to keep everything intact and increase the strength of the final mixture. These are used in large quantities in the civil repair and construction sectors. Therefore, the surging rate of urbanization in emerging economies has led to the large-scale consumption of such chemicals in these countries, as they make buildings more durable. Moreover, the rising need for infrastructure development in developing nations on account of the booming population will amplify the consumption of construction chemicals. People in emerging economies are migrating from rural to urban areas in search of better employment opportunities and standard of life. Owing to the economic, social, and environmental changes brought about by urbanization, it becomes difficult to meet the requirements of the growing urban population, especially in the areas of housing, transportation, and energy. To meet the rising needs, developing nati

The burgeoning requirement for consumer electronic devices, on account of the booming population and the surging per capita income, especially in the developing countries such as India, Indonesia, Brazil, and China, is driving the demand for liquid crystal polymers (LCPs) across the world. With products such as smartphones, computers, microwaves, and iPhones rapidly becoming indispensable parts of households, the demand for LCPs is shooting up sharply all over the globe.  This is because these polymers contribute heavily toward the development of these products, on account of their excellent mechanical and electrical properties. Moreover, the ballooning sales of these products are making companies such as Kuraray Co. Ltd., Sumitomo Chemical Co. Ltd., Celanese Corporation, and Toray Industries Inc. increase their LCP production and research and development (R&D) activities. Besides these factors, the soaring sales of automotive components and medical equipment are also fueling the

Lubricants are viscous fluids that are used in several industrial applications for proper functioning of machines and their components. Just like any other industry, the mining sector requires machinery in abundance for its efficient functioning. This sector uses lubricants for quarry and mining applications. With the surging consumption of mineral oil lubricants and increasing mining activities in developing countries like China and India, the sales of lubricants are expected to boom in the coming years. At present, the mining sector is showing high preference for bio-based lubricants, on account of rising environmental concerns. The increasing use of these lubricants in the coal mining industry and rising consumption of coal in the power sector in countries like Indonesia, China, and India will drive the lubricants market for mining and quarry applications at 5% CAGR during 2017–2023. The market size is expected to grow from $1,890.0 million in 2016 to $2,610.0 million by 2023. More

Biodegradable mulch film is prepared from fermentation wastes and citric acid and is an alternative to traditional plastic film. This film has exceptional degradation and mechanical properties, which help in enhancing the soil quality. The film, based on the combination of polyvinyl alcohol (PVA) polymeric modification and hydrogen peroxide (H2O2) oxidation technologies, is used to mitigate the pollution caused by the fermentation of traditional plastic mulch film and industrial wastes. Moreover, water vapor barrier property of the film also helps in improving soil enzyme activity, soil microbial community structure, and crop yield. Thus, growing awareness regarding the advantages of biodegradable mulching and adverse effects of inorganic mulching will propel the biodegradable mulch film market at 9.4% CAGR during 2017–2023. According to P&S Intelligence, the market stood at $34,145.1 thousand in 2016 and it is expected to reach $64,039.0 thousand by 2023. Inorganic mulching mater

With the rapid urbanization and industrialization, developed and developing countries are witnessing economic growth. This has been reflected in the increase in the global gross domestic product (GDP) per capita from $5,499.151 in 2000 to $11,441.733 in 2019, as per the World Bank. Among many things, this has resulted in the increasing demand for processed food and beverages, which have traditionally been more expensive than unprocessed products, such as fresh agricultural produce. Among the processed food and beverage products witnessing an increasing demand are sauces, condiments, soft drinks, energy drinks, and spices and seasonings. P&S Intelligence says that the growing food and beverage industry is to be a key factor to propel the ultraviolet (UV)-metallized caps and closures market from $297.0 million in 2017 to $378.9 million by 2023, at a 4.2% CAGR between 2018 and 2023. This is because UV metallization is widely done on the container and bottle caps and closures used in

The increasing construction activities in several countries, on account of the rising urbanization, rapid economic growth, and surging disposable income of people, are pushing up the requirement for finished products across the globe. The infrastructure sector has grown massively in developing countries such as India and China and various African countries during the last few years and this upward growth trajectory is predicted to continue in the coming years as well. This will create huge requirement for manufacturing and construction machinery such as lifts, construction systems, and cranes, which will, in turn, push up the demand for industrial brakes in the coming years. In addition to this, the developing nations have witnessed huge investments in mineral exploration projects during the last several years. Moreover, these investments are predicted to soar in the future years as well. This will fuel the expansion of the mining sector in the coming years.  These countries are using

The mushrooming usage of hexamine in several industries such as rubber, pharmaceutical, explosives, and fuels is a major factor responsible for its soaring sales across the world. Moreover, the booming population in several countries is pushing up the demand for medical and pharmaceutical products. This is due to the fact that the surging population is causing poverty, which is, in turn, propelling the incidence of various diseases such as neurological disorders and urinary tract infections. Apart from the aforementioned factors, the rising requirement for hexamine in the plastic industry is also contributing toward the surging sales of the material throughout the world. It is used in plastic synthesis and heavily required in the packaging and construction industries, on account of these industries being prominent end users of plastics. With the surging population level, the number of construction and infrastructural development projects is increasing rapidly in many countries around t

The Middle East and Africa specialty chemicals market will grow at a CAGR of 5.3% during the forecast period (2018–2023), owing to the surging use of agrochemicals in African countries and increasing construction activities for the establishment of new commercial centers, industrial plants, and housing units. Moreover, the revival of the oil and gas industry will facilitate the market growth in the foreseeable future. According to P&S Intelligence, the market was valued at $11,406.4 million in 2017 and it is projected to reach $15,491.2 million by 2023. Agriculture is the dominant industry in most of the African countries and there has been a substantial development in this sector, in recent years. Advancements in agricultural practices have encouraged the African farmers to shift toward modern agricultural practices like usage of fertilizers, fungicides, pesticides, and insecticides. Increasing use of these products will boost the demand for specialty chemicals during the forecas

 With the mushrooming usage of paints and coatings in automobiles for aesthetic and protection purposes, their demand is skyrocketing in the Asia-Pacific (APAC) region. Moreover, paints and coatings are also being extensively used by automakers for improving the durability and efficiency of vehicles. In addition to this, paints and coatings also improve the resistance of automobiles to various environmental conditions. According to the China Association of Automobile Manufacturers (CAAM), China registered 28.88 million new vehicle sales in 2017.  Thus, the booming automobile industry, especially in China and India, is driving the demand for paints and coatings in APAC. Apart from this, the rising industrialization rate and the increasing construction activities are also fueling the demand for paints and coatings in APAC. This is subsequently propelling the growth of the Asia-Pacific paints and coatings market. As a result, the market value is expected to surge from $92.5 billion in 201

The production of high-value crops, such as vegetables, fruits, ornamental crops, and nuts, requires micronutrients. These horticulture crops use larger quantities of micronutrients than other agronomic crops on a per-hectare basis. Moreover, the increasing acquisition of farmlands by large corporates has led to the widescale adoption of such materials. Thus, the growing practice of horticulture farming will accelerate the agricultural micronutrients market at a 7.5% CAGR during 2018–2023. The market stood at $5,848.0 million in 2017, and it is expected to reach $9,009.2 million by 2023. Additionally, the growing practice of contract farming, due to the rising support from governments in emerging economies, such as India, will fuel the adoption of such products globally. This type of farming involves an agreement between food processing companies and farmers to supply agricultural products at predetermined costs. Under this agreement, the companies need to provide extensive production

The rapid expansion of the semiconductor and electronics industry is one of the major factors responsible for the mushrooming sales of electroceramics across the world. This is because electroceramics are extensively used for manufacturing electronic devices and semiconductors such as data storage devices, sensors and actuators, power distribution devices, and capacitors. Electroceramics are technologically feasible and have the ability to maintain economic viability and optimize size and space constraints in various final products such as computers, laptops, and smartphones. This is why they are increasingly being used for manufacturing electronic appliances. Apart from the growth of the semiconductor and electronics industry, the boom in the automotive industry is also positively impacting the demand for electroceramics across the globe. The ballooning sales of automobiles in various countries such as Argentina, Brazil, India, Thailand, and Russia are pushing up the requirement for

A number of factors, such as the increasing construction of energy-efficient buildings, rising government support for net-zero-energy buildings (NZEBs), and surging deployment of district heating and cooling (DHC) equipment for reducing the consumption of energy during the transportation of fluids, are projected to propel the growth of the pre-insulated pipes market at a CAGR of 9.7% during 2019–2024 (forecast period). According to P&S Intelligence, the market generated revenue of $5,568.5 million in 2018, and it is expected to reach $9,597.9 million by 2024 . One of the prime factors propelling the market is the surging government support for the construction of NZEBs. The construction industry is projected to record significant growth in the coming years. Thus, government and private organizations across the globe are focusing on reducing the energy consumption of the built structures. Pre-insulated pipes are integral to energy systems and offer a solution to reduce the energy fo

The soaring generation of waste products is augmenting the pollution levels, which is, in turn, fueling rapid environmental degradation. As a result, the governments of several countries are enacting policies aimed at mitigating waste material production or better managing the disposal of these waste materials. For instance, the Chinese government banned the imports of as many as 24 kinds of waste materials including non-industrial plastic wastes, in the country in December 2017.  Furthermore, the rising public awareness about environmental consequences of plastic waste generation and disposal, the mushrooming demand for environment-friendly waste disposal methods, and the growing popularity of domestic recycling, especially in various North American and European countries, are also propelling the demand for plastic recycling processes throughout the world. This is driving the expansion of the global plastic recycling market. The market valuation is predicted to surge from $41,238.8 mi

The burgeoning requirement for paints and coatings in the construction industry is one of the major factors fueling the demand for acrylates across the world. Moreover, because of this reason, the boom in the global construction industry, on account of the surging population levels and the increasing urbanization rate, is causing a massive rise in the sales of acrylates across the world. Many countries are making huge investments in infrastructural development projects. As per the estimates of P&S Intelligence, a market research company based in India, the valuation of the acrylates market will grow from $10,949.9 million in 2018 to more than $12,593.8 million by 2024. Furthermore, the market is predicted to advance at a CAGR of 4.9% from 2019 to 2024. Butyl Acrylate, 2-ethylhexyl acrylate, ethyl acrylate, and methyl acrylate are the most widely used types of acrylates all over the world.  Out of these, the demand for butyl acrylate will rise rapidly in the forthcoming years. Thi

The transportation sector is switching from traditional fasteners to structural adhesives, due to the surging preference for high structural strength vehicles like automobiles, ships, and airplanes. This shift can be owed to the lower cost, better fuel economy, eco-friendliness, and lesser weight of structural adhesives, as compared to fasteners. In addition, these adhesives also have the ability to lower differential expansion rates, a natural, watertight, and inert protective barrier between potentially corrosive metals. Thus, these benefits will fuel the adoption of structural adhesives in the coming years. In addition, the rising application of structural adhesives in the infrastructure sector will drive the structural adhesives market at 5.2% CAGR during 2019–2024. The market was valued at $11,677.9 million in 2018 and it is expected to reach $15,683.0 million by 2024 . These products are used to bind several surfaces and for repairing roads, railways, and bridges, owing to their

With the surge in pollution levels, the demand for renewable and clean energy is rising sharply across the world. Moreover, the lack of availability of large land areas, on account of the soaring population levels across the globe, is massively boosting the popularity of advanced power generating technologies that are not only eco-friendly but also don’t require large land areas for power production. This is one of the major factors fueling the popularity of floating solar panels across the world.  The adoption of these panels allows solar power producers to cut down on costs associated with land acquisition. Moreover, these panels have a low lease price, owing to which, they are increasingly being preferred in various countries over the conventionally used ground-based solar panels. Besides these factors, the increasing implementation of various schemes and initiatives and strict environmental regulations by the governments of several countries is also positively impacting the demand

The global lithium-ion battery market will exhibit lucrative growth in the coming years, as per the forecast of P&S Intelligence, a market research firm based in India. The increasing usage of electric vehicles (EVs), the rising implementation of favorable government policies regarding the deployment of EVs, the growing requirement for lithium-ion batteries in the renewable energy sector, and the ballooning adoption of these batteries in consumer electronics products are the main factors fueling the expansion of the market. Due to the deteriorating air quality levels and the fluctuating oil prices, consumers are increasingly preferring to buy electric vehicles over the conventional oil and gas-powered vehicles. In addition to this, the governments of several countries are promoting the utilization of these vehicles in order to mitigate the rising environmental degradation. As per the Global EV Outlook 2018, the sales of electric passenger cars grew by 57% from 2016 to 2017 and sto

Well cementing refers to the service that helps in preventing the movement of fluid from the reservoir to the wellbore. Cementing of wells also supports and protects the well casing. Oilfield service companies offer well cementing services for completing new wells and sealing lost circulation areas or zones where there is an absence of fluid movement or less fluid flow within the well. These companies offer remedial, primary, and other services.  As these services are primarily required in the well completion process, the surging number of well completions, primarily on account of the rising exploration and production (E&P) activities in conventional and unconventional gas and oil reserves, will drive the global well cementing market at a CAGR of 4.7% during the forecast period. The market value stood at $7,577.6 million in 2018, and it is projected to reach $10,065.4 million by 2024. Moreover, the soaring E&P investments in Russia, China, the U.S., and Brazil will augment the

Graphene is used during the manufacturing of hemoglobin-, cholesterol-, and glucose-measuring bioelectric sensory devices, owing to the fact that this material is thin and strong. Other application areas of the compound in the medical sector include cancer treatment, therapeutic tools, prosthetic devices, dental implants, and deoxyribonucleic acid (DNA) testing. Further, extensive research is being conducted to explore the usage of graphene nanomaterials, in combination with medications, vaccine carriers, and nano adjuvants, to enhance the efficiency of the human immune system. Thus, propelled by the widening application area of the material in the medical industry, the global graphene market, which generated $87.5 million in 2019, is predicted to grow to $646.8 million by 2030. Additionally, between 2020 and 2030 (forecast period), the market is expected to witness a healthy CAGR of 20.2% . Powder Form to Witness Fastest Growth during Forecast Period The powder division would witness

According to a report by P&S Intelligence, the global market for bismuth nitrate is predicted to register significant growth in the years to come. The growth of the market can be owing to the rapid expansion of the pharmaceutical sector in the Asia-Pacific region (APAC), which, in turn, is due to the increasing research & development investments and rising consumption of medicated drugs with bismuth nitrate formulation. Moreover, various medical manufacturers are setting up their production facilities in China and India, which is also predicted to drive the market.  On the basis of grade, the bismuth nitrate market is divided into, industrial grade, pharmaceutical grade, and others. Out of these, the highest CAGR is projected to be witnessed by the pharmaceutical grade division in the years to come, which is due to the high-volume consumption of bismuth nitrate in medicated drugs. The compound has the ability to prevent different sorts of kidney damage to patients during chemo

Currently, the global automotive industry is plagued by the issue of greenhouse gas (GHG) emissions, which are the key reasons behind air pollution, ozone depletion, global warming, and climate change. As a result, countries around the world have implemented stringent regulations to control the expulsion of GHGs into the atmosphere. Many of these regulations, including the Tier 4 Emissions Standards of the U.S., Euro VI regulations of the European Union (EU), and Bharat Stage VI (BS6) regulations of India, mandate the usage of cleaner fuels. As a result of the widespread concerns regarding air pollution, P&S Intelligence expects the market for levulinic acid to grow from $27.2 million in 2019 to $60.2 million by 2030, at an 8.8% CAGR between 2020 and 2030 (forecast period). This is because the derivatives of this acid, particularly ethyl levulinate, is used as a fuel additive to lower the amount of sulphur emissions from diesel. Around the world, most commercial vehicles, includin

With the expansion of the packaging industry, the demand for corrugated boxes is growing rapidly across the world. As per Interpack Emerging Market Outlook, the valuation of the global packaging industry was $839 billion in 2015. The ballooning requirement for manufactured goods such as television sets, smartphones, and consumable items like candies is pushing up the demand for corrugated boxes, on account of the fact that these boxes have very high structural strength and are highly resistant.  Furthermore, the value of the packaging industry grew to over $900 billion in 2019, on account of the rise in the popularity of online shopping and on-demand delivery services. Moreover, it is currently exhibiting rapid expansion, in spite of the ongoing COVID pandemic. Corrugated boxes are widely used for shipping applications as they are stronger than the traditionally used cardboard box packaging and are highly pressure-resistant. Moreover, corrugated boxes are extensively used for transpor

With the expansion of the automotive industry, the demand for metal finishing equipment is surging sharply across the world. The ballooning sales of automobiles, especially in the emerging economies such as India, Mexico, Indonesia, and China, is one of the major factors responsible for the boom in the automotive industry. Metal finishing equipment are heavily used for protecting automotive components such as power steering systems, under-the-hood components, and air conditioning components from corrosion. This is why the mushrooming sales of vehicles are positively impacting the demand for metal finishing equipment across the world. Besides this, the surge in the aerospace industry is also fueling the demand for metal finishing equipment. Metal finishing equipment are being heavily used by many aircraft manufacturers for improving the quality and lifespan of aircraft components. Moreover, many international aviation safety organizations are making the usage of metal finishing equipme

With the growing popularity of ready-to-eat food items, on account of the changing food consumption patterns in several countries, the demand for food preservatives is growing rapidly all over the world. This is, in turn, pushing up the demand for sorbic acid , as it is extensively used as a food preservative, because of its ability to inhibit the growth of mold and fungi, that may spoil and contaminate the food items, efficiently.  Moreover, sorbic acid does not affect the flavor of the final product, which further boosts its popularity as a food preservative in foods such as cheeses, fresh produce, refrigerated meats, baked products, and wines. Apart from this factor, the rapid expansion of the pharmaceutical industry, especially in the Asia-Pacific (APAC) region, is also positively impacting the demand for sorbic acid across the world. The compound is heavily used as an antimicrobial preservative in this industry. Furthermore, the region’s healthcare expenditure is predicted to grow

Due to a growing emphasis on a higher fuel economy, heavy materials, such as glass and metals, are being replaced by lighter variants, including polycarbonate (PC), in the automotive industry. As a result, the global polymer market size is expected to increase from $533.6 billion in 2019 to $838.5 billion by 2030 , at a 5.1% CAGR between 2020 and 2030. This is because PC and other polymers have excellent electrical, mechanical, insulating, optical, and chemical properties, as well as a high strength-to-weight ratio and elasticity and corrosion resistance. During the COVID-19 crisis, automotive plants across the world were shut down, in compliance with government mandates. This drastically reduced the demand for various raw materials, thus affecting the polymer market negatively. However, the demand for these materials in the food processing, packaging, pharmaceutical, and personal care sectors remained strong, as these industries are considered essential, therefore continued to operate

The antimicrobial additives market stood at $1,753.2 million in 2019, and it is projected to reach $3,784.3 million by 2030, displaying a CAGR of 7.4% during the forecast period (2020–2030). This market thrives on the escalating threat of bio-resistance in patients owing to the intake of antibiotic drugs and surging incidence of pathogen transmission from human-to-human contact. Besides, the increasing awareness among customers regarding health issues and growing adoption of these additives in the food and beverages, aviation, healthcare, mining, packaging, and construction sectors will fuel the market growth. The increasing consumer awareness about general hygiene and microbial spread will propel the demand for antimicrobial additives in the coming years. Thus, the large-scale consumption of these products in the medical sector will support the antimicrobial additives market growth. The increasing incidence of life-threatening ailments, such as COVID-19, and the constant threat of he

Growth factors like finite resources of lithium and rising preference for electric vehicles (EVs) are projected to propel the lithium-ion battery recycling market growth , with a CAGR of 18.3%, during the forecast period (2020–2030). In addition to the limited amount of lithium, along with mining leads to water pollution due to leakage of chemicals in water sources, recycling of battery is becoming prevalent as there is no alternative substance that has functional characteristics like lithium. Another factor behind the growth of the lithium-ion battery recycling market is increasing use of lithium-based energy storage devices in laptops, tablets, and mobile phones. Widening application of lithium batteries in the electrical and electronics industry offers a lucrative opportunity for the recycling market. Moreover, finite resources of lithium are insufficient for meeting the demand for storage devices from the consumer electronics sector. Therefore, to cater to the expanding electrical