Global Industry Trends

Digital inks are extensively used in the packaging industry in various regions such as Asia-Pacific (APAC), South America, the Middle East and Africa (MEA), and North America. Thus, the burgeoning requirement for packaged consumer goods, on account of the surging disposable income of people, mushrooming population of young people, and the soaring gross domestic product (GDP) of several countries, is driving the worldwide demand for digital inks . For instance, in India, the packaged food industry is predicted to double in value and generate a revenue of $70 billion by 2025.  Moreover, the ballooning usage of digital inks in tags and labels, flexible materials, and metal cans is further boosting their demand. Besides the aforementioned factors, the growing demand for ultraviolet (UV)-cured inks is also positively impacting the sales of digital inks across the world. UV-cured inks offer several benefits such as high curing speed, enhanced durability, and optimum print quality. These inks

Geothermal energy is generated from the heat energy stored under the crust of the Earth, using the steam produced from the hot reservoirs present beneath the surface. These power plants operate a high temperatures, within a range of 300 °F–700 °F, utilizing the hydrothermal resources that come from either hot water wells or dry steam wells. The steam produced by the hydrothermal resources is needed for the rotation of the turbine, to generate electricity. The increasing shift toward geothermal energy can be credited to the advantages offered by it over other non-conventional sources, including bioenergy, wind, and hydropower. Some advantages of geothermal energy are low atmospheric pollution, zero liquid pollution on the re-injection of the effluent liquid, less land usage, and high availability. These benefits will fuel the geothermal power market growth will at a CAGR of 11.6% during forecast period. The market was valued at $3,233.5 million in 2015, and it is expected to reach $6,5

Several end-use industries, such as chemical, power generation, and automotive, are increasingly using planar solid oxide fuel cells (SOFCs) due to the various advantages offered by such cells, such as fuel adaptability, high efficiency, and low sulfur oxide (SOx) and nitrogen oxide (NOx) emissions. The increasing adoption of these cells can be attributed to the surging enactment of stringent regulations in Germany, Japan, and the U.S. to curtail the generation of harmful emissions from such end-use industries. Additionally, these emission norms also aim to reduce the dependency of such countries on fossil fuels. Moreover, the rapid development of alternative power generation technologies is expected to fuel the planar solid oxide fuel cell market at a CAGR of 11.4% during forecast period. The market was valued at $379.9 million in 2015 and it is projected to reach $804.9 million by 2022. Governments across the world are concerned about the depletion of non-renewable resources. To ove

Titanium dioxide is an opaque, white, naturally occurring mineral that exists in crystalline form. This mineral is primarily used for paper filling or coating systems for increasing opacity. The small particle size, high light reflectivity, and low light absorption property of titanium dioxide make them ideal for obtaining exceptional opacity. Due to this reason, huge quantities of titanium dioxide are used in the paints and coatings industry. Thus, the surging sales of paints and coatings, due to the flourishing automobile industry, booming urban population, and rising construction expenditure, will boost the adoption of this mineral in the coming years.  Additionally, the increasing adoption of lightweight vehicles will drive the titanium dioxide market at a CAGR of 4.5% during the forecast period (2020–2030). According to P&S Intelligence, the market will generate $24,026.1 million revenue by 2030. The mounting sales of lightweight vehicles can be attributed to the escalating c

The increasing deployment of hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) is driving the demand for lead-acid batteries across the world. The clean and energy-efficient transportation provided by these vehicles is fueling their worldwide popularity. Moreover, with the enactment of strict emission norms for conventional vehicles by the governments of several countries, many electric vehicle manufacturers such as Nissan Motor Corporation, Tesla Inc., and Ford Motor Company are launching new and technologically advanced electric vehicles. As lead-acid batteries are used as the primarily power source in these vehicles, the surging deployment of these vehicles is propelling their demand across the globe. Besides this, the mushrooming popularity of non-conventional energy sources is also creating lucrative growth opportunities for the players operating in the lead-acid battery market. All European Union (EU) member nations have implemented countrywide renewable energy

Silane is an inorganic compound, specifically a pyrophoric, colorless, toxic gas with a repulsive smell, which acts as a precursor to silicon element. Moreover, it has the ability to offer excellent resistance to chemicals, ultraviolet (UV) rays, and water and outstanding adhesion, which make it suitable as an ingredient for paints. Thus, the need for silane has been increasing in recent times in the paints and coatings industry. Moreover, the requirement for paints and coatings is itself increasing across the world primarily due to the surging production of automobiles in emerging economies, such as India, Brazil, Indonesia, Thailand, and Malaysia. Therefore, the silane market is projected to grow at a CAGR of 4.3% during forecast period. According to P&S Intelligence, the market is expected to generate $2,047.0 million revenue in 2023 as compared to $1,577.9 million in 2017. Additionally, with the rising disposable income of people, their living standard is increasing, which has

Cinnamaldehyde is added to improve the taste of medicines and foods and used as a flavoring agent in candies, liquid refreshments, chewing gums, and ice creams. Moreover, the chemical is used in combating bad breath and tooth decay and curbing bacterial growth in oral cavities, owing to its antifungal and antibacterial properties. Additionally, the antidiabetic property of cinnamaldehyde helps in raising the plasma insulin level and reducing the plasma glucose level. Additionally, the chemical aids in preventing corrosion in steel and other iron alloys in corrosive fluids. Furthermore, the chemical is used in cosmetics and personal care items. The spurring demand for these products, especially in the emerging economies, owing to the booming geriatric population, is expected to drive the cinnamaldehyde market at a CAGR of 6.5% during the forecast period. The market stood at $183.7 million in 2016, and it is projected to reach $280.3 million by 2023. Moreover, the growing importance of

Dyestuffs refer to water-soluble inexpensive materials that are used to impart color to fabrics. These substances comprise of pigments, azo acids, dyes, and intermediates. Dyestuff producers constantly work to improve the properties of such substances to meet the demands of new kinds of fabrics. In recent years, the textile industry has been increasingly focusing on developing advanced dyeing machinery to overcome the environmental issues caused by the existing dyes. These improvements are a result of extensive research and development (R&D) activities carried out in the textile sector. The flourishing apparel industry is expected to drive the Association of Southeast Asian Nations (ASEAN) and South Asia dyestuff for textile market at a CAGR of 7.8% during the forecast period. The market revenue stood at $1,163.6 million in 2016 and it is projected to reach $1,938.9 million by 2023. The growth of the apparel sector can be attributed to the burgeoning demand for outerwear, innerwea

The soaring demand for bioplastics, increasing environmental problems caused by polyethylene terephthalate (PET) products, and rising research and development (R&D) activities by the market players are set to drive the bio-based PET market at a CAGR of 14.7% during the forecast period. The market was valued at $3,917.4 million in 2017, and it is projected to reach $8,682.6 million by 2023. Moreover, government initiatives to curb greenhouse gas (GHG) emissions have led to the increasing production of sustainable products, such as bio-based PET. The industry segment of the bio-based PET market is categorized into packaging, textile, automotive, electronics, and others, which include horticulture and medical. During the historical period (2013–2017), the packaging category accounted for the largest market share due to the high demand for bioplastics for packaging organic food and premium products. The application of PET material is further increasing here for the production of bottl

Due to the various advantages of self-levelling concrete over the conventionally used floor levelling concrete, it is increasingly being preferred across the world. Some of these advantages are its eight times faster setting characteristic than the traditional floor levelling concrete and its property of becoming suitable to be walked one a few hours after setting. Due to these characteristics, this material is increasingly being used in various residential and commercial applications. Additionally, the surging demand for repairment and renovation of hospitals, malls, offices, and schools is also pushing up the requirement for the material in the commercial sector. This is, in turn, causing a sharp surge in the global self-levelling concrete market . Self-levelling concrete consists of a mixture of water and powder having an exclusive flow viscosity that allows it to spread on its own before setting. Toppings and underlayment are the two main types of self-levelling concrete used globa

With the increasing industrialization and urbanization rates in several countries, the demand for industrial and residential insulation is rising sharply across the world. In the manufacturing industry, thermal and acoustic insulation is extensively required in stacks, boilers, turbines, exhausts, and incinerators. This is why the expansion of the manufacturing sector, especially in the developing nations of APAC such as India, China, Malaysia, Indonesia, Thailand, and the Philippines, is positively impacting the demand for insulation. Besides, the surging investments being made in infrastructural development projects in developing countries such as India, China, Russia, and Brazil are creating lucrative growth opportunities for insulation producers across the world. In addition to this, the governments of many countries are taking measures for reducing the escalating energy costs and promoting energy efficiency, which is, in turn, pushing up the demand for insulation products in resi

According to the International Energy Outlook 2019 published by the U.S. Energy Information Administration (EIA), renewable energy sources will generate 49% of global electricity by 2050. In the coming years, the expanding capacity of renewable power plants will augment the need for centralized infrastructure to facilitate the continuous flow of electricity. This will, therefore, accelerate the development of virtual power plants (VPPs) to integrate the newly installed renewable energy power plants with the centralized electricity distribution infrastructure. Moreover, the soaring investments being made in the establishment of VPPs are expected to drive the virtual power plant market at a CAGR of 18.6% during the forecast period. The market revenue stood at $1,975.1 million in 2017 and it is projected to reach $5,510.2 million by 2023. For example, in 2018, Tesla Inc. announced its plan to establish a 250 MW VPP in Adelaide, South Australia. As compared to conventional energy power pl

The increasing awareness among the enterprises in Qatar about the protection of the physical assets has led to a high demand for facility management services. Since physical assets require huge investments, effective asset protection minimizes the operational expenditure on them and helps companies in achieving profitability. The surging requirement for asset protection has encouraged facility management service providing companies to integrate infrastructure, sustainable environment, real estate, technology, and people to achieve optimum efficiency. Moreover, the surging focus of the government on the diversification of its economy will drive the Qatar facility management market at a 16.4% CAGR during 2020–2030. The market was valued at $4,613 million in 2019, and it is expected to reach $21,975.1 million by 2030 . The government plans to boost its economic growth through the Qatar National Vision 2030, which is based on four key aspects, namely environment development, economic devel

The increasing construction of data centers has amplified the requirement for gensets, globally. The surging amount of data being generated and consumed has boosted the demand for infrastructure to support data access, analysis, and collation. In the coming years, the need for data centers is expected to surge, due to the growing usage of internet of things (IoT), accounting services, intelligent personal assistants, digital currencies, and autonomous cars. This will, further, amplify the need of generators, as they serve the prime and auxiliary power requirements for such places. Additionally, the surging requirement for these power-generating appliances from the construction sector will accelerate the genset market at 5.8% CAGR during 2020–2030. According to P&S Intelligence, the market value will rise from $17,592.6 million in 2019 to $27,863.0 million by 2030. Rapid industrialization in emerging economies and economic recovery in developed nations will result in the rise of co

Increasing awareness about the advantages of non-conventional energy sources has resulted in huge investments in the offshore wind energy sector. Moreover, the rapid depletion of fossil fuels and hazardous impacts of these conventional energy sources on the environment have encouraged more funding in the wend energy industry.  Governments across the world are making investments in the renewable energy to cater to the future energy demands, while minimizing the conventional energy supply. These factors help the offshore wind turbine market to grow from $24,683.3 million in 2019 to $68,869.3 million by 2026 . Offshore wind turbines are mostly installed at shallow-water-depth area, as this region is more convenient for installing windmills, in comparison to deep-water region. Moreover, repair and maintenance of turbines in shallow water are easier, as compared to turbines in deep-water and transitional areas. Additionally, the development of cost-effective and reliable foundations for off

Outdated power plants are a major source of environmental pollution and are extremely inefficient. Owing to these disadvantages, several governments are implementing stringent regulations to shut down outdated power plants. Even though these plants are inactive, they need power on rent for the redevelopment process. The increasing number of outdated power plants will fuel the power rental market at a CAGR of 10.3% during forecast period. The market was valued at $9,167.6 million in 2017 and it is projected to reach $16,855.5 million revenue by 2023. Additionally, the burgeoning demand for power from developing countries, such as India, China, South Korea, Thailand, Turkey, Qatar, and Brazil, will also augment the market growth during the forecast period. These countries are witnessing technological advancements and a huge influx of foreign investments in the construction industry, owing to which, the need for rented power is likely to surge in the forecast years. At present, the abund

The extensive usage of carbon fiber composites in aircraft manufacturing is pushing up the demand for aerospace composites across the world. Aircraft manufacturing companies are focusing heavily on high-performance and lightweight structural materials for reducing their operational costs and improving the fuel economy of their aircrafts. Due to the various beneficial traits of carbon fiber composites such as high stiffness and tensile strength and low weight, they are increasingly being used in the aerospace industry. Apart from the above-mentioned factor, the expansion of the manufacturing sector in the developing countries such as India, Indonesia, and China, due to the rising urbanization rate, surging disposable income of people, and mushrooming middle-class population, is also creating lucrative growth opportunities for the aerospace composite manufacturers. Furthermore, with the growing popularity of air travel, the sales of commercial aircrafts are rising and the air traffic vo

Methionine, one of the nine essential amino acids, serves as a precursor to every sulfur-containing amino acid and their derivates. It is constantly regenerated from homocysteine through one-carbon metabolism. This amino acid is extensively found in chicken breast, eggs, salmon, mahi-mahi or dolphinfish, and halibut, spinaches, asparagus, mushrooms, zucchini, and dairy products. Additionally, methionine also acts as an antioxidant by providing sulfur atoms in cysteine synthesis. Inadequate intake of methionine can, therefore, have an adverse impact on the synthesis of cysteine, and hence glutathione (GSH), one of the primary endogenous antioxidants. Owing to the high-volume methionine content in eggs and meat, the poultry industry is creating a high demand for animal feed, as this substance helps in the development and growth of the digestive tract of animals that are vital for enhancing muscle mass and increasing egg production of poultry animals. Thus, the surging consumption of anim

Printing inks are pastes or liquids that are used to color a surface to produce text, a design, or an image. These inks contain dyes or pigments that are widely used to color newspapers, cardboard, ceramic tiles, and books and magazines.  The dyes or pigments of these inks are mixed with water, oil, or solvents to form liquids or pastes. Such inks are used in the labeling and packaging, publication, and commercial printing applications all over the world. The surging consumption of packaged food items, on account of the changing lifestyle and increasing work pressure, will steer the APAC printing inks market at a CAGR of 4.6% during forecast period. According to P&S Intelligence, the market has the potential to reach $7,000.2 million by 2023 from $5,344.1 million in 2017. Moreover, the escalating gross domestic product (GDP) of APAC nations, soaring disposable income of people, and booming youth population will fuel the consumption of packaged food items, which is a key applicatio

Historically, the sales of diesel exhaust fluids (AdBlue) were driven by the extensive deployment of medium- and heavy-duty commercial vehicles such as mining and construction vehicles and trucks. However, the increasing enactment of stringent vehicular emission norms by the governments of several countries and the growing requirement for higher fuel efficiency, especially in the European, Asian, and North American countries are fueling the requirement for these fluids in passenger vehicles as well.  Additionally, the mushrooming sales of heavy-duty vehicles such as trailers and trucks, on account of the rising industrialization rate and the rapidly improving logistics infrastructure in order to ensure the timely delivery of products in remote areas, are also fueling the demand for these fluids across the globe. As per reports, nearly four million trucks are predicted to be sold globally by 2023. This will subsequently cause the expansion of the diesel exhaust fluid market.  Besides th

Manufacturing firms are using 3D printing to explore opportunities offered by additive manufacturing. Production units are integrating additive manufacturing into their organization to yield faster and better results. Over the years, 3D printing has gained popularity in additive manufacturing, which was previously based on the subtractive process in which wasted raw materials are reused several times. For example, automotive production facilities use left-over metal sheets to develop metal plates to be reused for the manufacturing of other parts. However, in recent years, the usage of 3D printing materials has escalated, due to the growing adoption of 3D printing technology. According to P&S Intelligence, the 3D printing materials market stood at $558.4 million in 2017 and it is expected to surpass $1,365.6 million by 2023. Educational institutions are using 3D printing to boost the cognitive ability of students and transform their ideas into physical form. This printing technolog

As the preference and needs of people change, so must the design of and functionalities offered by various products. To achieve this, even the manufacturing technology must change, because the processes once relevant won’t always continue to be for long. Thus, with the increasing demand for customized products that not only suit people’s varied requirements but also complement their personality, industrialists are rapidly innovating their technology. P&S Intelligence, therefore, considers the need for mass product customization a key factor that will propel the 3D printing filament market from $693.1 million in 2019 to $7,082.0 million by 2030 , at a healthy 26.8% CAGR during 2020 and 2030. This is because 3D printing, or additive manufacturing, is a modern production technology that reduces the need for pre-casting and making molds for customizing products. This not only speeds up the actual manufacturing process but also makes it cost-effective for companies, which ultimately lea

The most-important factors helping in the growth of the tobacco packaging market are the rising demand for tobacco products and increasing popularity of premium tobacco products. As a result, the revenue generated from the sale of packaging materials used on tobacco products is expected to increase from $19,134.6 million in 2019 at a CAGR of 3.7% during the forecast period (2020–2030). A wide range of tobacco products are consumed around the world, including cigarettes, cigars, chewing tobacco (called gutkha in India), and bidis. Thus, the key reason behind the growth of the tobacco packaging market is the rising usage of tobacco products. Nicotine, the key chemical in tobacco leaves, is a mood-altering and psychoactive compound, which fires up the dopamine receptors in the brain. The release of dopamine causes happiness, a feeling the body and the mind can never get enough of. Thus, with the increasing stress level across the globe due to work pressure, family pressure, peer pressure

The global green chemicals market attained a valuation of $9,540.0 million in 2019 and it is predicted to generate a revenue of $18,474.2 million by 2030 . Furthermore, the market will progress at a CAGR of 6.6% between 2020 and 2030, as per the forecast of the market research company, P&S Intelligence. The major factors driving the advancement of the market are the growing popularity of bio-based packaging and the rapidly depleting reserves of fossil fuels around the world. Besides the aforementioned factors, the mushrooming demand for ready-to-go food items is also fueling the surging popularity of organically packaged and bio-based packaging foods, especially in countries such as Germany, the U.K. and the U.S., which is, in turn, propelling the expansion of the green chemicals market across the globe. This is because green chemicals are heavily used in these packaging materials. This is subsequently creating lucrative growth opportunities for green chemicals producing companies

The adoption of medical adhesives is increasing, owing to the surging health awareness and enhancing macroeconomic factors in developing countries, across the world. Over the years, the economic conditions of India, Brazil, and China have significantly improved, on account of the rising gross domestic product (GDP) of these countries. Economic betterment has fueled the demand for medicines, medical devices and equipment, personal protective equipment (PPE) kits, and pharmaceutical products in these nations. Producers of these medical products require adhesives to provide accurate structure and strength to these items.  Moreover, the outbreak of COVID-19 has amplified the need for medical products like PPE kits, masks, syringes, and blood and saline tubes, which require adhesives in large quantities. The increasing requirement for such products, on account of rising impact of this pandemic will fuel the medical adhesives market at 2.3% CAGR during 2020–2030. The market was valued at $8,

Chlorine is extensively used in the chlorination process required for the manufacturing of polyvinyl chloride (PVC), due to the enhanced thermal stability and higher melt viscosity offered by this gas during the production process. Huge quantities of PVC are used in windshield system components in the automotive industry, non-breakable components in the medical sector, and piping and siding applications in the building and construction industry. Thus, the rising usage of PVC in these application areas will augment the consumption of chlorine in the foreseeable future. Additionally, the spurring demand for treated water is expected to drive the chlorine market at a CAGR of 5.2% during the forecast period (2020–2030). The market stood at $36,845.0 million in 2019, and it is projected to reach $63,121.6 million by 2030 . Developing countries, such as Brazil, Thailand, and India, are increasingly focusing on raising public awareness regarding the harmful effects of consuming contaminated w

Factors such as the rapidly growing pharmaceuticals industry in Asia-Pacific (APAC) and the rising use of magnesium stearate in the personal care sector are projected to propel the growth of the magnesium stearate market at a CAGR of 5.3% during the forecast period (2020–2030). According to P&S Intelligence, the market generated $1,492.3 million revenue in 2019, which is expected to reach $2,637.6 million by 2030. Moreover, the market is witnessing the surging consumption of this chemical as a food additive in the food and beverages industry.  One of the prime factors propelling the magnesium stearate market is the rapid growth in the pharmaceuticals industry in APAC. Pharmaceutical drug manufacturers are widely using magnesium stearate as an inactive ingredient, to avoid the sticking of ingredients to manufacturing tools. Additionally, this chemical also serves as a low-cost release agent in the industry. With the rise in the production of pharmaceuticals in the developing countr

According to the World Population Prospects 2019, by the United Nations, the global population is likely to grow from 7.7 billion in 2019 to 9.7 billion by 2050. The surging population will create additional demand for food crops, cash crops, and horticulture crops in the coming years. The rising need for these crops will amplify the usage of adjuvants in the agricultural sector, as these agrochemicals help in enhancing productivity. This will, therefore, aid the agricultural adjuvants market to grow from $3,106.7 million in 2019 to $5,485.1 million by 2030, registering a CAGR of 5.5% during 2020–2030. Moreover, the soaring investments and capital flow in the agriculture sector, to develop new products for attaining higher yield and better crop quality, will also drive the agricultural adjuvants demand in the coming years. In recent years, there has been a considerable rise in direct investments in the agricultural industry. Moreover, the escalating focus on farm robotics, farm manage

The rising pressure on the agriculture sector, on account of the burgeoning population; and increasing government support for the industrial sector are expected to drive the Indian single-cylinder pumpset market at a 5.3% CAGR during the forecast period (2020–2030). According to P&S intelligence, the market was valued at $1,126.8 million in 2019 and it is projected to reach $1,834.3 million by 2030 . Currently, the market is dominated by Kirloskar Oil Engines Ltd., owing to its well-established distribution network across the nation. The rising pressure on the agriculture industry, on account of the surging population, fuels the Indian single-cylinder pumpset market growth during the forecast period. According to the World Population Prospects 2019, the population of India is estimated to rise from 1.36 billion in 2019 to 1.45 billion by 2050. The vast population pool will generate high demand for cash crops, horticulture crops, and food crops, owing to which the usage of pumpsets

With the boom in the packaging industry, the demand for polyester hot melt adhesives is growing rapidly across the world. This is because these adhesives are extensively used in packaging applications, because of their high stability and temperature resistance. Moreover, the expansion of the packaged food and beverage industry, on account of the rising popularity of packaged foods, dairy products, bottled water, and fruit juices is positively impacting the worldwide demand for polyester hot melt adhesives. These adhesives are also heavily used in the packaging of medial tapes, wound dressing materials, and band-aids. Apart from the surging packaging industry, the soaring requirement for lightweight automotive materials is also driving the demand for polyester hot melt adhesives across the world. Conventionally, the automobile industry relied heavily on mechanical fasteners such as welds, bolts, and nuts for bonding automotive components and parts. However, these days, the popularity o