How Will Rapid Industrialization Drive Hydraulic Equipment Demand?

The Government of India completed the construction of 2,734 projects under the Smart City Mission till 2021. The government is currently working on the construction of 100 smart cities, 6 new ports and 14 coastal economic zones (CEZs). Likewise, Infrastructure Australia (IA) approved the construction of 44 new infrastructure projects in February 2021. The rising construction activities, on account of the booming population and mounting investments being made in the construction sector, will propel the need for hydraulic equipment in the coming years.

Additionally, the rapid industrialization in developing countries will drive the hydraulic equipment market growth during 2021–2030. According to P&S Intelligence, the market generated a revenue of $37 billion in 2020. For instance, the United Nations Industrial Development Organization (UNIDO) aims to offer institutional support to special economic zones (SEZs) and industrial and technology parks in Brazil. The UNIDO will help Brazil achieve sustainable development goal (SDG) 9, especially 9.2, by 2030 by increasing the contribution of the manufacturing sector in gross development product (GDP).

The end user segment of the hydraulic equipment market is classified into oil and gas, mining, metal and machinery manufacturing, marine, construction, automotive, agriculture, aerospace, and others. Under this segment, the agriculture category is projected to demonstrate the fastest growth during the forecast period, owing to the improvements brought about by hydraulic equipment in planting and harvesting. Additionally, the convenience offered by hydraulic equipment in plowing will also augment their popularity in the agrarian community.

Geographically, the Asia-Pacific region accounted for the largest share in the hydraulic equipment market in 2020, and it is also expected to demonstrate significant growth throughout the forecast period. The growth of this region can be credited to the increasing construction activities, accelerating industrialization rate, and mounting investments being made in the infrastructure sector of regional countries. Additionally, the booming industrialization will also create a considerable demand for hydraulic equipment in the region.

Therefore, the increasing construction activities and booming industrial sector in developing countries will create an enormous requirement for hydraulic equipment in the foreseeable future.

How Will Polyester Fiber Demand Propel Synthetic Fibers Industry Growth?

The synthetic fibers market boom from 2021 to 2030 will thrive on factors such as the surging use of polyester fibers in multiple applications, such as coated fabrics, tires, and fabrics for conveyor belts, and the escalating awareness about protection resources across the world. Moreover, the flourishing automotive sector will also steer the market growth, as automakers widely use recycled polyester fibers in vehicle carpets and seat covers.

The surging use of polyester fibers is one of the major factors driving the market growth. Polyester fibers are ideal for heavy-duty industrial applications, such as conveyor belts and car tire reinforcements, owing to their high strength and elasticity, low cost, and recyclability. Additionally, these fibers are also utilized in the production of vehicle carpets, door panels, seat fabrics, floors, roofs, and sides. These are also used in automobile safety belts, insulation materials, airbags, fuel filters, tires, and air filters.

According to P&S Intelligence, the polyester category, under the type segment, accounted for the largest share in the synthetic fibers industry in 2020, and it is projected to display notable growth in the upcoming years. This is primarily ascribed to the chemical and abrasion resistance properties of polyester fibers. Also, this material is widely used in the production of clothing, due to its high perspiration, easy wash, wrinkle-free, and shape retention properties. In addition, polyester is also used in safety belts and conveyor belts, coated fabrics, and car tire reinforcements.

Globally, the APAC synthetic fibers market generated the highest revenue in 2020, due to the high-volume production of nylon, polyester, and acrylic fibers in Japan, India, China, Taiwan, and South Korea. In addition, the lower price of synthetic fibers in comparison to natural fibers is also driving the market in the region. Owing to these factors, the regional market is also expected to demonstrate the fastest growth in this decade. 

Thus, the burgeoning demand for polyester fabrics will contribute to the market growth, worldwide.