Global Industry Trends

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

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