Global Industry Trends

During 2017–2018, electricity production from coal, natural gas, and crude oil grew by 370 million tonnes of oil equivalent (Mtoe), driving the global electricity generation during this period, says the International Energy Agency (IEA). Thus, despite the focus shift toward renewable energy, fossil fuels continue to hold the largest share in the earth’s energy mix. This is perhaps because power production from these sources requires technologies that have been known for over one century. Moreover, renewable technologies require a high investment, and many of them don’t produce electricity as efficiently; solar plants don’t work at night, while wind plants can only work on really windy days. Thus, with the rising oil and gas exploration and production (E&P) activities, the digital oilfield technology market size will likely grow from $26,570.4 million in 2017 to $34,871.6 million by 2023, at a 4.6% CAGR between 2018 and 2023. This will be because with the aging of oil and gas field

Pressure sensitive adhesives refer to elastomer copolymers or elastomers that are slightly crosslinked and strongly bond with a substrate. These adhesives do not undergo a liquid-to-solid transition to hold substances together. This class of adhesives can be synthetic or solvent-free natural resins having a viscoelastic property named 'tack'. Tack refers to the rapid wetting of a substrate by a polymer to create an adhesive bond during brief contact with the substrate under light pressure. Major advantages of these adhesives are environmental durability and instant bonding. One of the key growth drivers for the pressure sensitive adhesives market is the flourishing e-commerce sector. The prospering e-commerce industry, on account of the changing customer preferences and mounting purchasing power of people, is creating a huge requirement for packaging materials, especially paper board. This factor will, therefore, drive the market at a CAGR of 4% during 2019–2024. The market re

With the surge in fracturing activities, on account of the discovery of new reservoirs of shale gas, the requirement for frac sand, which is a proppant, is rising sharply. As per the Railroad Commission of Texas (RRC), the number of wells that were completed during January–March 2017 was 1,925 and this number will rise to 2,712 during January-March 2018. This subsequently increased the requirement for frac sand. According to various reports, the demand for the material is predicted to rise from 45 million tons in 2016 to 110 million tons in 2018.  This material is needed to break the pores in the reservoir for creating a vent, which will allow the shale gas to flow up to the surface. As frac sand is cheaper than other proppants, it is widely used all over the world. Besides this factor, the development of environment friendly and non-phenolic resin-coated materials is also creating lucrative growth opportunities for the players operating in the proppant market . As the phenolic-based r

People not only care for their own appearance but also that of the things they own, such as houses and automobiles. Thus, with the booming population pushing up the requirement for houses, vehicles, and a host of other practical and materialistic things, the paints and coatings market has a bright future ahead. As per P&S Intelligence, the sale of such materials valued $156,086.2 million in 2019, and this revenue is set to witness a 4.2% CAGR during 2020–2030, to reach $227,834.0 million by 2030. To accommodate the growing population, especially in Sweden, China, the U.S., India, Australia, Canada, and the U.K., residential, civil, commercial, and industrial infrastructure development projects are increasing in number. For instance, the Indian government allocated $24.27 billion (INR 1,69,637 crore) in the 2020–21 Union Budget for transport infrastructure development, which would boost the demand for paints and coatings. Similarly, smart cities are under construction around the wo

Due to the deteriorating soil quality, owing to deforestation, excessive mining, and extensive usage of chemical fertilizers, researchers are suggesting products such as biochar which can mitigate nitrogen leaching in ground water, increase the water absorption ability in soil, boost microbial count in soil, and reduce soil acidity. Additionally, the growing demand for greater agricultural productivity, on account of the surging need for more food products because of the soaring population in several countries, is fueling the requirement for biochar. Besides the aforementioned factors, the implementation of stringent environmental policies, growing demand for better soil fertility, and increasing enactment of government initiatives aimed at augmenting the crop yield are also pushing up the demand for biochar across the world. Biochar is utilized as a soil amendment and assists in enhancing soil fertility and retaining the quantity of carbon in soil. Although the char extracted from wi

Automakers across the world are making notable investments in the research and development (R&D) on lightweight vehicles to enhance their fuel efficiency and maximize their power and speed. To reduce the overall vehicle weight, automobile manufacturers are replacing steel fixtures, such as nuts and bolts, with structural adhesives, which provide exceptional bonding. Thus, the burgeoning demand for lightweight vehicles, owing to the depleting fossil fuel reserves, will create a huge requirement for automotive adhesives and sealants worldwide. Additionally, the rising implementation of stringent vehicle safety standards and regulations by numerous governments will drive the automotive adhesives and sealants market at a CAGR of 7.0% during the forecast period (2020–2030). The market was valued at $7,438.2 million in 2019, and it is projected to generate $12,646.8 million by 2030 . As adhesives can absorb the impact of head-on collisions, rubber compounds are being used in non-structur

Biocidal products refer to active substances or compositions that are used to deter, render, destroy harmless microorganisms, or exert a controlling effect on hazardous organisms, by chemical or biological means. Based on their properties, such products can act as pesticides, disinfectants, or preservatives. There are two types of biocides– oxidizing and nonoxidizing. Oxidizing biocides, such as chlorine, sodium bromide, and peracetic acid, attack microorganisms by oxidizing the cell structure and disrupting nutrients by percolating through the cell walls. Whereas, nonoxidizing biocides attack microorganisms by interfering with reproduction, breaking the cell walls, or stopping the respiration process. The increasing requirement for such products for preserving personal care, healthcare, and home care products will drive the biocides market at a 4.4% CAGR during the forecast period (2019–2024). According to P&S Intelligence, the market will produce around 1,376.6 kilotons of bioci

With the increasing urbanization and industrialization rates, the demand for autoclaved aerated concrete is growing rapidly across the world. Due to their excellent characteristics such as low cost and the ability to sustain fire and earthquakes and availability in various sizes, autoclaved aerated concretes are being increasingly used in the construction industry. These products also reduce the construction time by 20%, as the blocks are available in multiple sizes. Furthermore, the increasing construction and infrastructural development activities in emerging economies such as those pertaining to the development of highways and roads, are also fueling the requirement for autoclaved aerated concrete blocks.  Besides the aforementioned factor, the increasing demand for sound-proof and green buildings is also fueling the requirement for autoclaved aerated concrete (AAC) blocks. The production of these blocks is non-polluting in nature, as they are made up of non-toxic materials and doe

Polyetheramines are colorless curing agents, which consist of polyether and amine moieties, and are used to increase the flexibility, toughness, hydrophobicity, or hydrophilicity of a variety of products. The application areas of this substance include resins, polyurea, epoxy coatings, composites, elastomers, inks, sealants, polyamides, and adhesives. Epoxy coatings are, in turn, used in fiberglass, carbon fiber, and several other composite materials. Polyetheramines are also utilized as fuel additives for cleaning carburetors, valves, and injectors. Among these, epoxy coatings are the most widely used products containing polyetheramines. Epoxy coatings and durable coatings can be used for durable paints, fiberglass, carbon fibers, and strong adhesives and coatings for metals and floors. These coatings are also used to seal the surface of fresh concrete and prevent the rapid loss of moisture. Other uses of polyetheramine include demulsification of oilfields, acid neutralization, and ce

Glass has become a substitute for many building materials, including wood, bricks, and polycarbonate, as it is environmentally sustainable and can increase the safety, security, and natural light influx in buildings. It offers high resistance to chemicals and electricity and protection from harmful solar radiation. Construction glass finds wide applications in doors, external walls, and windows as it is a translucent glazing material. Moreover, the advancements in glass manufacturing technologies have resulted in the production of lightweight and sturdy glass for the construction industry. The flourishing construction sector and surging need for environment-friendly building materials, due to the worldwide sustainability initiatives, will accelerate the construction glass market advance at a CAGR of 7.6% during forecast period. According to P&S Intelligence, the market stood at $81.9 billion in 2015. Moreover, the growing disposable income of the middle-class population will fuel

Due to the surging requirement for microcellular plastics in the healthcare and food packaging industries, their sales are soaring sharply all over the globe. Moreover, these plastics are also extensively used in the transportation, electronic, and toy manufacturing industries, on account of the fact that they have better and enhanced characteristics than the conventionally used materials such as lesser material consumption. The mushrooming requirement for high performance materials in various end-use industries is also boosting the sales of microcellular plastics. Apart from the aforementioned factors, the boom in the construction industry in several countries, on account of the soaring investments being made in infrastructural development and construction projects, is also positively impacting the demand for microcellular plastics across the world. These plastics are majorly used in scaffolding, which is basically a temporary structure that is set up during construction activities s

The rising requirement for reducing the reliance on gas, coal, and oil for power generation is massively pushing up the demand for energy storage systems. These systems are required in renewable-energy power plants for dealing with the variable power outputs provided by renewable energy sources. These systems smoothen out the power supply, thereby ensuring that the electricity needs are met during the peak hours. Apart from this, storage technologies also enable quick power discharge to the grid. This rapid response is necessary for ensuring that the grid remains stable during hours of peak energy demand. Unlike the conventionally used fossil fuel-based energy production systems that take a long time to produce and deliver power, these storage technologies help utilities save time. As a result, the global energy storage market size stood at 171,039.3 Megawatts (MW) in 2019 and it is predicted to rise to 240,956.9 MW by 2030. According to the estimates of the market research company, P&

According to several sources, the world is home to more than 3 billion people with smartphones. Originally introduced to the developed world, they are now more-widely used in developing countries owing to their shifting manufacturing base to the latter and their dropping prices as a result. Moreover, people around the world are witnessing a rise in their purchasing power, which has played a vital role in propelling the sale of such consumer electronics. Thus, P&S Intelligence expects the conductive polymers market revenue to grow from $4,441.7 million in 2017 to $7,341.2 million by 2023, at an 8.7% CAGR between 2018 and 2023. This is because these materials have become essential for such products, especially the lightweight and high-performance ones. Simply put, conductive polymers are plastic-like materials that conduct electricity and show optical properties that can be modified as per requirement. Thus, with the rising sale of consumer electronics in emerging economies, the con

The surging usage of high temperature elastomers in the automotive industry is propelling their sales around the world. Moreover, with the boom in the automotive industry, especially in the Latin American and Asia-Pacific countries, the demand for these elastomers is rising sharply. These elastomers are extensively used in gaskets, boots, seals, dampers, and hoses, on account of their various beneficial characteristics such as resistance to automotive lubricants and heat, flexibility, and durability. Besides, these elastomers are also heavily used in the oil and gas, healthcare, electrical, transport, and aerospace industries. For example, they are used for producing seat covers, tyres, and specialty rubber in the transport industry. On the other hand, in the consumer goods, electronics, and healthcare industries, they are used as additives, on account of their beneficial traits. Additionally, these elastomers also have several applications in the construction industry. Furthermore, m

Polyimide (PI) films are made of a polymer of imide monomer, known as, polyimide. These films are widely used in the production of heat resistant electronics components, such as pressure-sensitive tape, flexible printed circuit (FPC), and wires, due to their exceptional chemical resistance, high dielectric constant, and excellent temperature resistance. In addition, these films are also used in aerospace engineering and photovoltaics domain, owing to their high heat resistance, low thermal expansion, and great mechanical strength. Other properties of polyimide films such as low weight, excellent tensile strength, flexibility, durability, water sorption, and damp-proof usage also make them viable for the electronics, industrial, aerospace, military, and medical sectors. Moreover, the cost-effectiveness and cut-through resistance characteristic of such films have led to their largescale usage in these industries. Owing to these reasons, the polyimide films market is expected to progress

As per the Automotive Aftermarket Suppliers Association (AASA), the global automobile industry loses nearly $12.0 billion every year due to sales of counterfeit products, such as compression systems, lighting systems, steering linkages, suspension components, brake pads, and batteries. To combat this financial loss, vehicle manufacturers are increasingly using coding and marking systems to code part numbers or put anti-counterfeit labels on vehicle parts. Automobile manufacturers are currently opting for invisible yet scannable anti-counterfeiting printing inks and barcodes to combat the threat of counterfeits. Apart from the automobile sector, the food and beverages industry is also using coding and marking systems in abundance, due to the burgeoning sales of bottled water, packaged food, dairy products, and fruit juices. Thus, the booming demand for such food items is expected to fuel the coding and marking systems market at a CAGR of 6.4% during 2020–2030. According to P&S Inte

1,3-butylene glycol is widely used as a humectant in cosmetic products due to its ability to serve as a viscosity-reducing component. Moreover, the usage of this organic compound helps in stabilizing volatile compounds, such as flavors and fragrances, by fixing their cosmetic formulations, thereby helping in aroma retention. Additionally, the compound also prevents the spoilage caused to cosmetic formulations by microorganisms. Besides, the excellent distribution coefficient of this organic compound results in lowering the content of applied preservatives, thereby improving the efficacy of the cosmetic formulations. Thus, the surging consumption of cosmetic products owing to the mounting disposable income and booming geriatric population will help the 1,3-butylene glycol market advance at a CAGR of 5.0% during 2020–2030. According to P&S Intelligence, the market was valued at $139,994.9 thousand in 2019, and it is expected to reach $227,057.5 thousand by 2030. As per the World Age

In 2018, the Construction Industry Value Chain report of the International Finance Corporation, which works under the World Bank, had said that more than 75% of the infrastructure needed in 2050 hasn’t even been constructed yet. This reflects a massive growth in the global construction industry in the coming years, which would propel the demand for all kinds of construction chemicals and materials. One of the most-important such materials is concrete, which forms the literal ‘building blocks’ of buildings and other pieces of infrastructure. This is why the polymer concrete market size has been projected by P&S Intelligence to rise to $2,964.0 million by 2023 from $1,975.8 million in 2017, at a 7.1% CAGR between 2018 and 2023. This is because with the increasing focus on the safety and durability of structures, conventional concrete is being replaced with polymer concrete. Such material uses a polymer to bind everything together, instead of lime-type cements. The key advantages of

The technology of TV displays has evolved significantly from the cathode ray tubes of the mid-20th century to the liquid crystal displays (LCDs) and light-emitting diodes (LEDs) of the first decade of the 21st century. With efforts on to make the displays even better, organic light-emitting diodes (OLEDs) have been invented, which are rapidly becoming popular in TVs, smartphones, laptops, tablets, and automotive displays. This is because of the several advantages OLED screens offer, including brighter pictures, larger viewing angles, ability to work in a wider temperature range, and lower power consumption. Moreover, OLEDs are so thin that they can be used for curved and folded screens, which are becoming rapidly popular, especially in wearable devices and other consumer electronics. Similarly, transparent displays, which are helping revolutionize advertising activities, have become possible due to OLEDs. P&S Intelligence cites these advantages and the constant research being put i

With the increasing income of people and surging gross domestic product (GDP) of countries, the sales of automobiles are rising. This is, in turn, pushing up the requirement for automotive refinish coatings, especially in developing countries such as China and India. For example, in China, due to the growing GDP, the sales of four-wheelers rose by 28.03 million in 2016. This massively propelled the demand for refinish coatings, as they were required in abundance for vehicle repair and maintenance.  Besides the aforementioned factors, the growing deployment of recreational vehicles (RVs) is also fueling the growth of the automotive refinish coatings market. In recent times, the sales of RVs have increased sharply, especially in Europe and North America, primarily because of the increasing disposable income of people. For example, the global RV shipment rose from 28,346 units in 2015 to 33,398 units in October 2016. With the burgeoning requirement for RVs, automakers are focusing on vari

Specialty chemicals or performance chemicals are used in the production of numerous goods in several end-use industries. Such chemicals are directed toward specific services and consumer needs, rather than general use. These chemical products add significant value to a wide range of products, such as detergents, electronics, paints, and petroleum products. For example, automakers use such chemicals as fuel additives to enhance fuel properties. Likewise, the pharmaceutical industry uses specialty chemicals as active ingredients in numerous creams and lotions.  The escalating industrialization rate in Asia-Pacific (APAC) countries, owing to the booming middle-class population and mounting disposable income of people, will fuel the APAC specialty chemicals market at a CAGR of 5.7% during 2018–2023. According to P&S Intelligence, the market was valued at $259.6 billion in 2017 and it is expected to reach $361.0 billion revenue by 2023. The surging number of manufacturing units in the 

There were 36,486 food and beverage processing factories in the U.S. in 2017, as per government sources. Some of the world’s largest food and beverage companies are based in the U.S., which results in massive production and export volumes. This industry is strongly regulated by the Food and Drug Administration (FDA), which mandates that all product details, including ingredient list and nutritional values, batch number, manufacturer contact information, and manufacturing and expiry dates, be clearly mentioned on the packaging. Due to such strict regulations, the U.S. coding and marking systems market will likely grow to $860.6 million by 2023 from $558.4 million in 2017, at a 7.6% CAGR between 2018 and 2023, says P&S Intelligence. This is because it is these systems that print the required information on the primary and secondary product packaging. Moreover, with people becoming more aware of natural and organic ingredients and their nutritional values, they read the product packa

“The roughly 4.5 billion low-income people in developing countries collectively spend more than $5 trillion a year… They spend $2.3 trillion a year on food and beverages alone.” These stats by the World Bank clearly reflect a bright future for the global food and beverage industry. Moreover, as per a recent article in Forbes, amid the falling consumer spending during the COVID-19 pandemic, non-alcoholic beverages and food were among the goods that saw a rising demand, mainly because of the lockdown frenzy making people stockpile such goods at homes. With the growing food and beverage industry, P&S Intelligence expects the can coatings market revenue to increase to $2,588.9 million by 2023 from $2,100.6 million in 2017, at a 3.5% CAGR between 2018 and 2023. This is because cans are one of the most-common food and beverage containers, being widely used for soft drinks and beers, sauces, processed meats, raw ingredients, such as olives and tomatoes, pet food, baby food, energy drinks

Flocculants and coagulants refer to the chemicals that are used to separate solids from water during the water treatment process. Flocculants accelerate the clumping of particles, which amplifies the water treatment process, whereas coagulants neutralize the electrical charges present in the water and accumulate the dissolved materials to form larger particles that can be eliminated through filtration, clarification, or any other solid elimination process. Separation of solid particles from water is easier through the flocculation process than the coagulation process, as the former combines the small clumps developed during coagulation to form larger clumps, which are easier to remove. The consumption of such water treatment chemicals will amplify in the coming years due to the burgeoning demand for clean water. Thus, the augmenting need for clean water, owing to the mounting health concerns, will aid the flocculants and coagulants market to exhibit a CAGR of 5.4% during 2018–2023. Th

The global centralizers and float equipment market reached a revenue of $991.6 million in 2018 and it is expected to attain a value of $1,439.3 million by 2024. Furthermore, as per the estimates of P&S Intelligence, a market research company based in India, the market will advance at a CAGR of 6.3% from 2019 to 2024 (forecast period). The market is being driven by the increasing exploration of oil and gas reserves, burgeoning requirement for oil and gas products, and recovery in worldwide crude oil prices.  Centralizers are basically casing tools which are used for retaining uniformity of the cement sheath around the pipe. In simpler terms, these tools play the role of a seal between casing and wellbore. On the other hand, float equipment is used to reduce strain on derrick and provide a landing platform for top and bottom cementing plugs and backpressure valve for preventing the flowing back of the cement into the inner diameter of the well casing. Moreover, with the increasing e

Polytetrafluoroethylene (PTFE), commonly known as Teflon, is a fluoropolymer used in the production of electronic products such as barb insulators, cable ties, connectors, battery binders, circuit breakers, brush holders, and semiconductor devices. The increasing use of the material in the electrical and electronics industry can be attributed to the chemically inert, non-flammable, and non-toxic features of PTFE. Moreover, the hydrophobicity, non-reactivity, good insulating property, and low coefficient of friction of the material makes it ideal for nonstick coating for cookware. Additionally, the rising application of the fluoropolymer in the medical sector is expected to drive the polytetrafluoroethylene market at a CAGR of 5% during the forecast period (2019–2024). The market revenue stood at $2,197.8 million in 2018 and it is projected to reach $2,953.6 million revenue by 2024. PTFE has substituted conventional plastics in several medical applications as it is a biocompatible mate

The mushrooming use of chloromethanes as a raw material for producing industrial solvents is driving its demand across the world. Large quantities of this compound are processed for producing dimethyldichlorosilane and various associated organosilicon compounds. Dimethyldichlorosilane basically serves as a precursor to the silicones that are heavily used for producing medicines, sealants, adhesives, lubricants, and cooking utensils and also in electrical and thermal insulation. In addition to this, several other derivatives of chloromethane such as trimethylsilyl chloride and methyltrichlorosilane are heavily used as solvents in various chemical processes. Many exporters and producers of chloromethanes are rapidly setting up their warehouses and plants, respectively, in the Latin American (LATAM) and Middle East and Africa (MEA) regions, primarily because of the presence of a well-established agriculture industry and an untapped pharmaceutical industry and surging oil and gas explorati

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

The surging use of low-tack adhesives (LTAs) in reclosable packaging solutions, due to their high-adhesion property, is fueling the production of packaging adhesives across the world. Moreover, the cost-effectiveness and better usability of LTAs are also fueling their adoption by packaging product manufacturers. Unlike zipper sales, LTAs are not required to be precisely aligned to be reclosed. Furthermore, these new types of adhesives do not collect crumbs, dust, or other product pieces like traditional packaging adhesives.  Moreover, the large-scale consumption of adhesives in the food and beverage packaging sector, primarily on account of the increasing customer awareness regarding health, will also fuel the packaging adhesives market at a CAGR of 4.6% during 2020–2030. According to P&S Intelligence, the market was valued at $10,426.9 million in 2019 and it is projected to reach a revenue of $17,137.4 million by 2030. The usage of packaging adhesives in the food and beverage sec

The global bromine market generated a revenue of $1,864.3 million in 2019. Furthermore, it will advance at a CAGR of 5.7% between 2020 and 2030, as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the growing usage of bromine compounds for reducing mercury emissions, surging utilization of environment-friendly polymeric flame retardants, and the soaring adoption of clear brine fluids during drilling for oil and gas.  Clear brine fluids are heavily used in gas and oil drilling activities, on account of their ability to reduce the temperature and bottom hole pressure in the borewells. Many soluble salts are added to them after taking into consideration the clarity, temperature/pressure freeze points, and freezing points of the wells. Brines exhibit high wellbore stability in the salt, lesser fine-hole formation, fill, and gauge damage, and faster shale penetration than the other fluids. When application is taken into cons

The global retail e-commerce packaging market was valued at $19,022.7 million in 2019, and it is expected to attain a revenue of $68,388.1 million by 2030 . Furthermore, the market will progress at a CAGR o 12.1% from 2020 to 2030, as per the forecast of P&S Intelligence, a market research company based in India. The factors driving the expansion of the market are the increasing population in several countries and the growing affordability of smartphones and internet connections.  Another major factor fueling the growth of the retail e-commerce packaging market is the increasing affordability of smartphones and internet connections, mainly because of technological advancements and innovations and the surging competition in the telecommunications industry in several countries. This is, in turn, driving the advancement of several digital industries such as e-commerce, which is subsequently propelling the demand for packaging products across the world, thereby powering the expansion o

The increasing production of steel, due to the mushrooming requirement for steel products in end-use industries such as automotive, residential (household use), construction, and oil & gas, is fueling the global demand for graphite. As per the World Steel Association, the worldwide crude steel production increased from 1,814 million tons in 2018 to 1,869 million tons in 2019. Graphite exhibits high corrosion resistance and excellent strength and durability at extreme temperatures. As natural graphite is cheaper than synthetic graphite and lithium titanate, the mushrooming sales of Li-ion batteries are driving the worldwide demand for graphite. This is, in turn, causing the expansion of the global graphite market. As a result, the revenue of the market is predicted to rise from $19,092.9 million in 2019 to $36,889.1 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 7.4% from 2020 to 2030. Depending on application, the market is divided into refractories,