Tag: Consumer Goods

Lithium Market Size Worth $4.93 Billion By 2027

The global lithium market size is anticipated to reach USD 4.93 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 1.9% from 2020 to 2027. Growing battery production across the globe on account of increasing demand from the end-use industries is anticipated to augment market growth.

Lithium is found in the form of compounds and not as a single element on account of its high reactivity. Of all its compounds, Li2CO3 is the most stable and is further used for preparation of other compounds. Demand for Li2CO3 persists owing to its high availability and low cost in comparison to others.

Increasing demand for lithium from end-use industries is propelling manufacturers to expand their production. For instance, in April 2019, General Lithium Corp announced about its plan to construct a plant for producing lithium carbonate equivalent (LCE) from spodumene mineral in China. The plant’s capacity is expected to be 60 kilotons of LCE per annum. The company aims at finishing the plant construction by end of 2020.

Growing demand for lithium, supported by its increasing production can be obstructed in 2020 owing to the coronavirus outbreak in the world. Battery is the major application of lithium and the temporary shutdown of major manufacturing facilities of consumer goods, electric vehicles, and batteries is anticipated to impact the market growth. However, certain Chinese manufacturers are expected to resume operations as of April 2020, which can be considered a positive sign.

There are various countries in the world that have been majorly hit due to the coronavirus outbreak. For example, Miners in Peru have halted their operations to prevent further spread of the virus. As of March 17, 2020, Chile, which is amongst the top 5 producers of lithium, reported over 200 coronavirus cases, which led to shutting down of schools, borders, and prohibition of gatherings. This resulted in disruption of the lithium supply chain, as SQM, one of the largest manufacturers in the market, reported the cut down of shipments to China by 2 kilotons.

Automotive accounted for the largest market share in 2019 on account of growing penetration of electric vehicles (EVs) in the industry, which is propelling the demand for lithium-ion (Li-ion) batteries. Growing demand from the battery sector, especially in China, has boosted lithium production. For example, in January 2020, Youngy announced its plan to build a plant in Kangding, Sichuan province worth USD 201 million for processing 1.05 million tons of lithium ore per annum.

The global market has been characterized by high competition owing to presence of major manufacturers in the industry. Albemarle, FMC Corporation, SQM, Tianqi Lithium, and few more players dominate the market. Mergers and acquisitions is a key strategic initiative in the market in order to gain a greater market share. For instance, a joint venture was announced in February 2019 between China’s Xinjiang TBEA Group Co Ltd and Bolivia’s Yacimientos de Litio Bolivianos for lithium production.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/lithium-market

Further Key Findings from the Study Suggest:

  • Asia Pacific anticipated to expand at the fastest CAGR across the forecast period in terms of volume owing to increasing government initiatives pertaining to adoption of electric vehicles, which is leading to growing production of li-ion batteries in the region
  • By application, grid storage is expected to emerge as the fastest growing segment with a revenue-based CAGR of 2.1% from 2020 to 2027 on account of growing emphasis towards clean energy, leading to increasing energy storage capacities in several nations
  • Li2CO3 accounted for the largest volume share of 60.0% in 2019 owing to its abundant availability and stability in nature
  • Consumer goods is expected to emerge as the second fastest growing segment with a volume-based CAGR of 4.0% from 2020 to 2027, considering increasing production of smartphones across the globe
  • Oversupply of lithium and advancements in the technology are leading towards decline in its prices. As a result, companies are postponing their capacity expansion plans. For instance, SQM postponed its planned expansion in Chile until late 2021 owing to weak lithium prices and quick evolution in battery requirements.

Ferrous Scrap Recycling Market Size Worth $111.9 Million By 2027

The global ferrous scrap recycling market size is anticipated to reach USD 111.9 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 1.7% from 2020 to 2027. Increasing secondary metal production is anticipated to augment market growth.

Scrap metal recycling plant and crane-Loading scrap in a truck

Crude steel is produced through basic oxygen converter and electric arc furnace (EAF), where the former follows the conventional method of production that includes raw materials, such as iron ore, metallurgical coal, limestone, and very less amount of scrap. However, in the EAF, scrap is the key raw material along with less energy consumption. According to the World Steel Association, crude steel production through the EAF process increased by 10.1% from 2017 to 2018. Growing steel production through the EAF process is a key driving factor for the market.

Ferrous scrap recycling is a market with lots of growth potential owing to increasing concerns over sustainability and depleting non-renewable resources. As a result, recycling is the most viable and efficient option to continue the production of metals owing to rapidly accelerating demand and at the same time causing minimal impact on the environment.

The recycling process involves certain steps, which are, scrap metal collection at yards, sorting, passing through radiation detector, shearing, shredding, separation of ferrous materials, media separation, and baling. After passing through all processing steps, the obtained blocks of ferrous scrap are transported to steel mills for further processing and are used in production.

Ferrous scrap is collected through various sources, where the key markets include construction, automotive, consumer goods, and industrial goods. The construction industry is the major contributor towards scrap generation as ferrous products recovered from the sector can be used directly if the quality is not impacted or else are sent for recycling.

Automotive is the second major sector in the market, as the recovery rate of scrap from vehicles often lies between 95-100%. Over 25 million vehicles are recycled across the world annually generating a large amount of scrap. The car recycling industry is a large market as it not only helps in reducing carbon footprint but also provides thousands of jobs and generates revenue for the economy. Over 80% of materials in a vehicle are recyclable, of which, metal is most accessible. In the U.S., around 18 million tons of steel is reused that helps in reducing air pollution by 86% and water pollution by 76%.

Based on region, Europe held the largest share in the market owing to the technological advancements, coupled with the presence of various recyclers in the region. As a result, the region is the largest exporter of ferrous scrap in the world, helping developing nations, which are still under the process to organize their scrap and recycling markets.

The competitive scenario of the market is high owing to the extremely unorganized nature of the market. Integration across various stages of the value chain is witnessed, for instance, automotive players setting up their own shredding units. In 2019, Maruti Suzuki and Toyota Tshusho Group announced a joint venture to set up a vehicle dismantling and recycling unit in Noida, Uttar Pradesh, India by 2020-21.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/ferrous-scrap-recycling-market

Further key findings from the report suggest:

  • Asia Pacific anticipated registering the highest growth rate of 2.6%, in terms of revenue, across the forecast period, owing to increasing developments in scrap recycling in developing economies, like India
  • Europe held the largest volume share of 42.5% in 2019 owing to rapid development in the recycling industry of the region
  • The construction sector held the largest revenue share of more than 46.0% in 2019 due to increasing consumption of ferrous materials, such as steel, in the industry owing to its phenomenal properties
  • The consumer goods sector is anticipated to register the fastest growth rate of 2.1% in terms of revenue, during the forecast period, owing to rapid production of electronics and their short lifespan
  • The market is hit by the covid-19 pandemic, which can be indicated with low demand and declining prices of scrap because of restricted manufacturing and transportation across the globe as of 2020.

Non-ferrous Scrap Recycling Market Worth $308.5 Million By 2027

The global non-ferrous scrap recycling market size is anticipated to reach USD 308.5 million by 2027, expanding at a CAGR of 2.8%, according to a new report by Grand View Research, Inc. The growth of the market is attributed to increasing consumer awareness pertaining to recycling coupled with the rising production of secondary metals.

The primary production of metals is a capital intensive procedure and consumes lots of energy. Usage of scrap in metal production reduces manufacturing costs and energy consumption, making secondary metal production both economically and environmentally friendly. This compels the manufacturers to opt for secondary production, giving rise to more demand for scrap metal.

Based on metal, the market has been segmented into aluminum, copper, lead, and others. There are various types of non-ferrous metals of which aluminum and copper account for a higher share owing to their phenomenal properties. Such properties propel their use in various applications including construction, automotive, and consumer goods industries. As a result, these three sectors are the major contributors to the generation of non-ferrous metal scrap.

Aluminum is extensively used in the construction industry owing to its lightweight characteristics in various structures such as roofing, walls, door and window frames, and even handles. Its usage is increasing in the automotive industry as well in vehicle body frames. The metal has a high recovery rate from both the construction and automotive sectors, which makes its largest segment, in terms of volume, of the global market.

Non-ferrous accounts for a higher revenue share than ferrous scrap in the overall market owing to their high prices. However, the spread of the covid-19 pandemic has caused the prices of the metals to decline drastically. In India, prices of aluminum and copper dropped by 5% in February 2020 from January 2020. The pandemic caused the shutting down of manufacturing operations and restricting transportation, which resulted in low demand for these metals, resulting in a decline in prices.

Construction and automotive are major shareholding sectors in terms of scrap generation; however, their growth rate is less when compared to consumer goods. Household appliances and other consumer goods have a short lifespan than structures and vehicles, owing to which these products tend to turn into scrap faster than products of the other sectors.

Asia Pacific accounted for the largest volume share in 2019 and this trend is anticipated to continue over the forecast period. The growth is augmented towards Japan, India, and Southeast Asian countries, which are taking efforts in improvising their recycling industry. The nations are inviting investments for the industry to propel market growth. For instance, in 2019, Jiangxi Copper Co. announced its plan to build a plant for producing refined copper in Malaysia, where scrap shall be used as a key raw material.

The growth of the non-ferrous scrap recycling industry is expected to be further propelled by government initiatives. For instance, on March 27, 2020, the Indian Ministry of Mines released a Draft National Non-Ferrous Metals Scrap Recycling Policy for emphasizing on the underdeveloped non-ferrous scrap recycling sector in the country. India is a huge hub of scrap generation; however, due to unorganized nature and less consumer awareness towards recycling, the country majorly relies on imports for its consumption. Such policies are expected to address the issues pertaining to recycling in the country.

The market is both highly competitive and unorganized in nature. The COVID-19 pandemic has largely impacted market growth and players of the industry as of 2020. Factors like shortage of workers, no demand from manufacturing plants, no inflow of scrap in yards owing to social distancing, and transport restrictions have led to the shutdown of many recycling centers. As of March 2020, non-ferrous scrap processors in China reduced their operating capacity to 40-50% owing to declining orders.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/non-ferrous-scrap-recycling-market

Further key findings from the report suggest:

  • Asia Pacific held the highest revenue share of over 45.0% in 2019 owing to increasing investments and initiatives towards generation and processing of non-ferrous scrap in the region
  • Automotive is anticipated to witness a CAGR of 2.9%, in terms of revenue, over the forecast period owing to the rise in the number of discarded vehicles every year across the globe
  • Copper held the largest revenue share of over 56.0% in 2019 owing to its high price compared to other metals and its increasing demand from construction and consumer goods sectors
  • Construction held the largest volume share of 36.0% in 2019 owing to high consumption of non-ferrous metals like aluminum, copper, and zinc in infrastructural developments and high recovery rate of these metals
  • Considering the increasing demand for non-ferrous metals, investments in the industry are evident. For instance, in March 2018, Meldgaard opened its facility in Denmark for recycling ash and heavy metal processing.

Elastomers Market Size Worth $109.2 Billion By 2025

The global elastomers market size is expected to reach USD 109.2 billion by 2025 expanding at a CAGR of 4.8%, according to a new study by Grand View Research, Inc. The market is anticipated to be driven by rising demand from several application areas including automotive, medical, consumer goods, industrial, and others. Moreover, the development of biodegradable grades of elastomers is anticipated to create lucrative growth opportunities for the market. Automotive application segment is expected to lead the market during the forecast period. Rising adoption for hybrid and Electric Vehicles (EVs) is influencing the product demand in this application. High-performance elastomers are used in EVs for better fuel-efficiency and reduced carbon emissions.

A number of manufacturers are engaged in substituting steel to compete in terms of operating range with internal combustion vehicles. In addition, various battery charging stations are installed to improve the operating range of EVs. Rising scale of automotive manufacturing coupled with increasing use of modified plastics is expected to act as a key driver for the market over the forecast period. Booming manufacturing sectors in China and India, particularly in automotive and electronics industries, will drive the APAC regional market. Thermoplastic Elastomers (TPEs) are fully recyclable and capable of reprocessing, which is expected to boost development in the electrical and electronics segments in packaging and wire and cable fields.

They are also highly UV- and ozone-resistant, which increases their scope for outdoor wiring applications. Major types of TPEs include Styrene Block Copolymer (SBC), Thermoplastic Polyurethanes (TPU), Thermoplastic Polyolefins (TPO), Thermoplastic Vulcanizates (TPV), Copolymer Esters (COPE) and other TPEs. Development of innovative TPEs is projected to boost product scope in undiscovered applications and help increase the market share. Emphasis on waste reduction is anticipated to foster the replacement of conventional raw materials with recyclable and sustainable TPEs, which is also likely to boost segment growth.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/elastomers-market

Further key findings from the study suggest:

  • Asia Pacific led the global elastomers market and is also anticipated to witness the fastest CAGR of 6.1% during the forecast period from 2018 to 2025
  • China is the fastest-growing country in the global market due to huge growth potential as it is characterized by high demand, as well as production, of elastomers; mainly TPEs
  • The growth of the elastomers market in China is majorly supplemented by high demand from the footwear industry
  • Extensive R&D activities in the field of developing eco-friendly grades have led to the creation of several improved product grades, which is expected to help boost the market
  • Recently, PolyOne Corp. announced to initiate TPE production at its production facility in Pune, India, which will allow the company to cater to the domestic consumer needs

Biodegradable Plastic Market Worth $7.6 Billion By 2027

The global biodegradable plastic market size is projected to reach USD 7.6 billion by 2027, rising at a revenue-based CAGR of 9.4% during the forecast period, according to a report by Grand View Research, Inc. Increasing use of biodegradable products, owing to strict governmental laws for prohibiting use of conventional plastics and growing awareness among public toward their ill-effects is boosting the market growth.

Hand holding light bulb against nature on green leaf with icons energy sources for renewable, sustainable development. Ecology concept. Elements of this image furnished by NASA. (Hand holding light bulb against nature on green leaf with icons energy s

Biodegradable plastics are made of renewable raw materials and decompose in the environment within a reasonable period of time. Many of these require biodegradable additives to enhance the biodegradation process and some require a specific environment to disintegrate. Time taken by plastics to decompose depends upon various factors such as raw materials used and environmental conditions such as moisture and temperature.

The starch-based segment led the global biodegradable plastic market, since they are used in various applications such as packaging, consumer electronics, agriculture, automotive, and textiles. Polylactic Acid (PLA) is also one of the most consumed products, which is used in 3D printing, mulch film, and packaging.

Ban on plastics by European Commission is anticipated to drive the packaging segment growth over the forecast period. Novel applications of biodegradable products in the medical sector for drug encapsulation and medical surgeries are also being increasingly practiced.

People across the globe, are facing grave issues of waste as conventional plastics take hundreds of years to decompose. To tackle this issue several countries have banned the use of single-use plastic products and are promoting eco-friendly biodegradable products. Ban of non-reusable conventional plastics in many regions, especially in Europe and North America, is estimated to propel the market demand. Additionally, improving standard of living and increasing disposable income in developing countries are likely to augur well for the market in Asia Pacific and Central and South America.

Key players are investing in research and development activities in order to create improved products that are strong and can be easily decomposed in natural environment. Many companies have integrated value chain to serve customers better and improve company profits.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/biodegradable-plastics-market

Further key findings from the report suggest:

  • The Polyhydroxyalkanoate (PHA) segment is projected to expand at a significant CAGR of 10.0% in terms of revenue during the forecast period, owing to increasing use of PHA in medical and other applications
  • Packaging is the largest end-use segment, followed by the agriculture sector, owing to replacement of conventional plastics in food packaging such as boxes, wraps, cups, plates
  • Europe is the largest region in terms of revenue as well as volume. However, Asia Pacific is expected to emerge as the fastest growing region
  • Major players in the biodegradable plastic industry include BASF SE, NatureWorks LLC, Mitsubishi Chemical Corporation, Carbion, and Biome Technologies plc.

Stretch And Shrink Film Market Size Worth $21.72 Billion By 2027

The global stretch and shrink film market size is expected to reach USD 21.72 billion by 2027, exhibiting a CAGR of 5.5% during the forecast period, according to a new report published by Grand View Research, Inc. Rising demand for lightweight material for industrial packaging is expected to drive the growth. Factors such as superior packaging properties, such as improved printability, easier application, and robust package sealing capabilities of the films are anticipated to further fuel the growth.

The introduction of superior shrink and stretch film materials, such as linear low-density polyethylene (LLDPE), extended polyethylene (EPE), and high-density polyethylene (HDPE) is expected to further strengthen the pallet holding abilities of the films. In addition, the development of bio-degradable stretch and shrink films by leading manufacturers in a bid to counter the challenges of film disposal is expected to drive the demand. The light weight of the product results in a substantial decrease in the transportation cost thereby elevating the profit margins, resulting in the higher adoption of such packaging materials by the leading end-use industries.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/stretch-and-shrink-films-market

Further key findings from the report suggest:

  • LLDPE is expected to witness robust CAGR of over 5.1% from 2020 to 2027. The demand was driven by superior pallet unitization characteristics of LLDPE shrink films. The LLDPE resin-based stretch films are expected witness rise in demand owing to the increased damage resistance during product transportation
  • Stretch and shrink film is expected to register highest CAGR of more than 5.5% from 2020 to 2027. The growth is expected to be driven by increasing demand for hoods in industrial packaging and consumer goods packaging. Also, ease of packaging achieved by these hoods are is expected to drive the demand
  • Sleeves and labels is expected to witness robust growth on account of rising demand for the product in beverage industry. Also, easier product marketing and branding owing to the ease of application of the labels onto the bottle is expected to attract major beverage manufacturers towards the product segment
  • Food and beverages application accounted for 41.95% of overall revenue share in 2019, driven by the increasing demand for high strength, low weight packaging materials. In addition, ease of packaging material sterilization is expected to drive the demand in food packaging
  • Asia Pacific was valued at over USD 5.97 billion in 2019 owing to rapid growth of the application industries such as food and beverage and consumer goods
  • In addition, growing import and export activities by the developing economies, such as India and China are expected to drive the demand for low weight packaging material for pallet unitization of industrial goods
  • Major key players operating in the stretch and shrink film market are Dow, Bemis, and LyondellBasell.

Nylon Monofilament Market Is Expected to Reach USD 1.89 Billion by 2020

The global nylon monofilaments market is expected to reach USD 1.89 billion by 2020, according to a new study by Grand View Research, Inc. Growth of key end-use industries such as automotive, fishing, and consumer good in Asia Pacific and Latin America is expected to remain a key driving factor for the global nylon monofilament market. Growing nylon monofilament application development in the medical industry is also expected to have a positive impact on market growth over the forecast period. The threat of substitutes from other polymers such as PVDF and polypropylene is expected to remain a key challenge for market participants over the next six years.

Nylon 6 and nylon 66 commanded a major share in the global market. Together, they accounted for over 85% of total market volume in 2013. Nylon 6 is expected to witness the highest growth of 5.3% from 2014 to 2020. Global demand for nylon 66 based monofilaments is expected to exceed a market worth USD 850 million by 2020.

Click the link below:
http://www.grandviewresearch.com/industry-analysis/nylon-monofilament-market

Further key findings from the study suggest:

  • Global nylon monofilament market demand was 337 kilo tons in 2013 and is expected to reach 476.4 kilo tons, growing at a CAGR of 5.2% from 2014 to 2020.
  • Consumer goods were the largest application segment and accounted for 29.9% of total consumption in 2013. Increasing nylon monofilament demand for manufacturing sports equipment is expected to drive this segment. Medical is expected to witness the highest growth rate of 5.8% from 2014 to 2020. The development of novel applications in the medical industry is expected to spur growth for this segment over the forecast period.
  • Asia Pacific emerged as the leading regional market and accounted for 64.1% of total market volume in 2013. Asia Pacific is expected to maintain its lead position in the global market over the forecast period. Growth of fishing and automotive industries in China, India, and Indonesia is expected to drive the regional market. Central & South America is expected to witness the highest growth of 5.4% from 2014 to 2020. Positive outlook on the regional automotive industry and growing healthcare expenditure particularly in Brazil and Argentina is expected to spur growth in the region.
  • Major industry participants have been focusing to develop environmental friendly and superior nylon monofilaments. Key companies have also been developing proprietary products to cater to specific end-use markets. Some major companies operating in the global market include Hinafil India Ltd., Ashley Polymers Inc., Engineered Monofilaments Corporation, Superfil Products Ltd., Toray Monofilament Co. Ltd., Perlon Monofil GmbH, Wenzhou Ruichang Special Monofilament Factory, Luftkin Enterprise Co. and Ningbo Judin Special Monofilament Co. Ltd.

Lithium Market Size Worth $4.93 Billion By 2027

The global lithium market size is anticipated to reach USD 4.93 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 1.9% from 2020 to 2027. Growing battery production across the globe on account of increasing demand from the end-use industries is anticipated to augment market growth.

Lithium is found in the form of compounds and not as a single element on account of its high reactivity. Of all its compounds, Li2CO3 is the most stable and is further used for preparation of other compounds. Demand for Li2CO3 persists owing to its high availability and low cost in comparison to others.

Increasing demand for lithium from end-use industries is propelling manufacturers to expand their production. For instance, in April 2019, General Lithium Corp announced about its plan to construct a plant for producing lithium carbonate equivalent (LCE) from spodumene mineral in China. The plant’s capacity is expected to be 60 kilotons of LCE per annum. The company aims at finishing the plant construction by end of 2020.

Growing demand for lithium, supported by its increasing production can be obstructed in 2020 owing to the coronavirus outbreak in the world. Battery is the major application of lithium and the temporary shutdown of major manufacturing facilities of consumer goods, electric vehicles, and batteries is anticipated to impact the market growth. However, certain Chinese manufacturers are expected to resume operations as of April 2020, which can be considered a positive sign.

There are various countries in the world that have been majorly hit due to the coronavirus outbreak. For example, Miners in Peru have halted their operations to prevent further spread of the virus. As of March 17, 2020, Chile, which is amongst the top 5 producers of lithium, reported over 200 coronavirus cases, which led to shutting down of schools, borders, and prohibition of gatherings. This resulted in disruption of the lithium supply chain, as SQM, one of the largest manufacturers in the market, reported the cut down of shipments to China by 2 kilotons.

Automotive accounted for the largest market share in 2019 on account of growing penetration of electric vehicles (EVs) in the industry, which is propelling the demand for lithium-ion (Li-ion) batteries. Growing demand from the battery sector, especially in China, has boosted lithium production. For example, in January 2020, Youngy announced its plan to build a plant in Kangding, Sichuan province worth USD 201 million for processing 1.05 million tons of lithium ore per annum.

The global market has been characterized by high competition owing to presence of major manufacturers in the industry. Albemarle, FMC Corporation, SQM, Tianqi Lithium, and few more players dominate the market. Mergers and acquisitions is a key strategic initiative in the market in order to gain a greater market share. For instance, a joint venture was announced in February 2019 between China’s Xinjiang TBEA Group Co Ltd and Bolivia’s Yacimientos de Litio Bolivianos for lithium production.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/lithium-market

Further key findings from the report suggest:

  • Asia Pacific anticipated to expand at the fastest CAGR across the forecast period in terms of volume owing to increasing government initiatives pertaining to adoption of electric vehicles, which is leading to growing production of li-ion batteries in the region
  • By application, grid storage is expected to emerge as the fastest growing segment with a revenue-based CAGR of 2.1% from 2020 to 2027 on account of growing emphasis towards clean energy, leading to increasing energy storage capacities in several nations
  • Li2CO3 accounted for the largest volume share of 60.0% in 2019 owing to its abundant availability and stability in nature
  • Consumer goods is expected to emerge as the second fastest growing segment with a volume-based CAGR of 4.0% from 2020 to 2027, considering increasing production of smartphones across the globe
  • Oversupply of lithium and advancements in the technology are leading towards decline in its prices. As a result, companies are postponing their capacity expansion plans. For instance, SQM postponed its planned expansion in Chile until late 2021 owing to weak lithium prices and quick evolution in battery requirements.

Powder Coatings Market Size Worth $19.9 Billion By 2027

The global powder coatings market size is expected to reach USD 19.9 billion by 2027, at a revenue-based CAGR of 7.0% from 2020 to 2027, according to a report by Grand View Research, Inc. The market is expected to witness significant growth over the forecast period primarily owing to superior properties of powder coatings over conventional paints including high resistance to corrosion, chipping, and abrasion, durability, cost-effectiveness, excellent finishing, and reduced processing time.

Growing purchasing power, high living standard, and rapid urbanization is expected to drive the consumer goods sector, thereby driving product demand over the forecast period. Powder coatings are used in consumer goods such as refrigerators, washer tops and lids, air-conditioner cabinets, water heaters, range housings, dishwashers, microwave oven cavities, and freezer cabinets.

Asia Pacific emerged as the fastest-growing region and is expected to witness a CAGR of 7.8%, in terms of revenue, over the forecast period. Increasing demand for consumer goods such as washing machines and refrigerators in countries such as India, China, Vietnam, Philippines, and Thailand are expected to boost demand for powder coating in these applications. Growing demand for automobiles in emerging markets such as China and India coupled with favorable FDI norms by governments is expected to facilitate investment in the region.

North America was the third-largest market and held a market share of 21.9%, in terms of revenue, in 2019. Expanding automotive industry in U.S. and rising concerns regarding VOC emissions released from the coatings used in automobile production are expected to boost the demand for powder coatings in the region.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/powder-coatings-market-analysis

Further key findings from the report suggest:

  • Epoxy-Polyester (Hybrid) is expected to be the fastest growing resin type during the forecast period from 2020 to 2027
  • Consumer goods application occupied the largest revenue share on account of rising demand for domestic appliances in emerging countries such as India, China, Vietnam, Philippines, and Thailand. This, in turn, is expected to boost the demand for powder coatings in the coming years
  • Major key players in powder coatings market includes Akzo Nobel N.V; The Sherwin-Williams Company; PPG Industries, Inc.; BASF SE; DSM; Valspar; Axalta Coating Systems; Arkema S.A.; and Bayer AG.

Injection Molding Machine Market Size Worth $22.45 Billion By 2025

The global Injection Molding Machine Market, estimated to develop by a 3.5% CAGR in forthcoming years. This molding machine is utilized to manufacture the products fabricated from diverse materials such as ceramic, rubber, metal and plastic. The machine comprises two most important parts known as clamping unit and an injection unit. The injection unit is similar to an extruder while the clamping unit is related to the process of the mold. Injection molding machines are able to tie up the molds either on the vertical or the horizontal position. These molding machines are available in three categories. These categories are all electric injection molding, hydraulic injection molding and hybrid injection molding machine. These machines offer a variety of advantages within the process for example greater amount of energy effectiveness, better accurateness and enhanced flexibility.

Growing requirement for long lasting and lightweight products, together with growing acceptance from packaging and automobile manufacturing industries is expected to motivate the development of the market for injection molding machine, in the forthcoming years.

Increasing significance of lightweight materials in automobile manufacturing is projected to increase the utilization of plastic materials in manufacturing of automobile components. Sequentially, it will motivate the global market for injection molding machine. Increasing industrial development, technical progression and fast growing population have increased the demand for automobiles in developing nations. These molding machines are used in manufacturing of under hood applications, exterior & interior decorative components and electronic sub assemblies.

Injection molding machines are able to manufacture well-organized packaging by way of extreme accuracy for composite and brittle products, comprising mobile phones, electronic goods and other items. Increasing demand for these products is projected to increase the development in global market for injection molding machines.

Various nations have started avoiding plastics, because of the growing heap of plastic garbage. This is a most important issue that restricts the development of the global market for injection molding machine.

Furthermore, the manufacturing of injection molding machines needs a huge investment. From the technological point of view, custom made machines have gained tremendous popularity among consumers thereby sufficing to their needs. This is turn increases the lead time for manufactures. Yet, the updated technology is able to meet up the demand and complete the necessity of the varied choices of the customers.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/injection-molding-machine-market

Further key findings from the report suggest:

  • Asia Pacific is expected to direct the global market in forthcoming years. The region holds a principal share of the market since the past years. Taiwan, India and China are amongst the major markets that are expected to power the global industry of injection molding machine in forthcoming years. Foreign direct investment (FDI), fast speed of urban development and increasing population in rural and city areas have boosted the local demand for electronics, consumer products and automobile manufacturing.
  • The U.S.A is one of the most important consumers in the global market for injection molding machine as automobile industry enormously generates the majority demand for these molding machines.
  • Some of the companies for Injection Molding Machine Market are: Husky Injection Molding Systems Ltd., Milacron Holdings Corp., Sumitomo (SHI), Haitian International Holdings Limited, Arburg GmbH & Co. KG, Nisei Plastic Industrial Co. Limited, Demag Plastics Machinery GmbH, Chen Hsong Holdings Limited and Engel Austria GmbH.