Plastic Market Size Worth $722.6 Billion By 2027

The global plastic market size is expected to reach USD 722.6 billion by 2027, expanding at a CAGR of 3.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing automotive production and subsequent rise in plastics consumption in automotive component fabrication because of regulatory policies pertaining to vehicular weight reduction and fuel efficiency is expected to drive the market over the forecast period. Plastic facilitate fuel saving in automotive applications on account of reduced car weight and density as compared to conventional materials such as metals or rubber.

Since the last decade, there has been a substantial demand for the products as replacement for metals and ferrous alloys across various industries such as consumer goods, automotive, and industrial machinery. The growth of the market criticality lies on various factors such as ever-increasing requirement of end users in terms of product specification and versatility influencing consumption dynamics. Other factors such as socio-political, production process, and feedstock availability events also have a significant impact on industry trends.

Rapidly developing construction and automobile markets in Asia Pacific is expected to increase the demand for plastic in interiors, exteriors, and under hood components. Its major applications include under hood components in the automotive industry, building interior and exteriors in the construction and infrastructure industries, and various applications in electronics and durables.

However, the outbreak of highly contagious COVID-19 across the globe is severely affecting manufacturing industries, which, in turn, is anticipated to negatively impact the growth of the market. As COVID-19 continues to spread across the world, work from home rules, order cancellations, and shipping complications are surging throughout the plastics industry.

End-use industries such as automotive, consumer electronics, furniture and bedding, and construction are witnessing a sharp decline in terms of demand and production. This is owing to the reducing discretionary spending, increasing spending on essential items such as food and medical products, factory shutdowns, limitations on supply and transport, and a slowdown in infrastructure development activities across the globe. This, in turn, is anticipated to hamper the market. Moreover, rising number of COVID-19 positive cases across the globe is expected to result in an increased demand for medical devices, thereby positively influencing the growth of the market in medical device application such as ventilators, testing equipment, gloves, and masks.

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https://www.grandviewresearch.com/industry-analysis/global-plastics-market

Further key findings from the report suggest:

Raw materials used in plastic include hydrocarbon fuels (coal, natural gas and crude oil), salt, and sand. PE production in North America is dependent mainly on natural gas, which is available at a very low cost in the region. PE producers in the region are, thus, highly competitive
Asia Pacific dominated the market during the forecast period from 2020 to 2027 and is projected to witness a CAGR of 3.9%
Polyether ether ketone is expected to witness a CAGR of 6.2% in terms of volume during the forecast period. They are widely used in engineering applications owing to their characteristics, which include being colorless and organic
Various strategic initiatives were recorded over the past few years in order to boost the growth of the market. For instance, in April 2020, Exxon Mobil Corporation announced to increase the monthly production of specialized polypropylene by 1,000 tons to meet the growing need for medical masks and gowns owing to the spread of coronavirus. This surge in the production of polypropylene is expected to help medical masks and gown manufacturers to produce an additional 20 million gowns or 200 million medical masks.

Surfing Apparel & Accessories Market Size Worth $1.56 Billion By 2027

The global surfing apparel and accessories market size is expected to reach USD 1.56 billion by 2027, expanding at a CAGR of 5.3% over the forecast period, according to a new report by Grand View Research, Inc. Increasing participation of people in water sports, coupled with growing popularity of surfing as a fitness activity, is a major factor driving the market.

Surfing has been highly perceived as a game of the youth and has emerged as an indicator of active and physically exhilarating sports among young minded people. Enthused by the opportunities existent in this space, a large number of players have been venturing in the surfing industry to develop technological advanced equipment and accessories, which will, in turn, have a positive influence on the surfing apparel market. For instance, in October 2016, Trinity Board Sport announced the launch of a surfboard based on parabolic rail system technology. The board offers 20%-30% more volume than a conventional surfboard, thus offering high degree of balancing and significant performance advantages.

Based on product, surf apparel held the largest share of 77.3% in 2019 and is expected to maintain its lead over the forecast period. Increasing product innovation by leading manufacturers, such as Quiksilver, Channel Islands Surfboards, and Firewire Surfboards, is fueling the segment growth. For instance, in July 2019, Billabong, an Australia-based company announced the launch of a graphene-enhanced surfing apparel named Furnace Graphene. This product is intelligently designed where graphene wrapped yarns trap and retain heat more efficiently, thereby offering warmth to the wearer.

North America emerged as the largest regional market and accounted for a share of 47.3% in 2019. Predominating presence of a well-established water sports/surfing infrastructure in the region is one of the key factors driving the market.

Asia Pacific is expected to be the fastest growing market with a CAGR of 6.0% from 2020 to 2027. International tourist arrivals and tourist expenditure on water sports have set the tone for surfing sports in the region. Many prominent beaches in the region such as Kuta beach in Indonesia, Weligama beach in Sri Lanka, Pansea in Thailand, and Bai Dai beach in Thailand have been gaining traction among the tourists as a popular destination for surfing. These practices have increased the visibility and acceptability of the sport in the region.

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https://www.grandviewresearch.com/industry-analysis/surfing-apparel-accessories-market

Further key findings from the study suggest:

By product, surf accessories are expected to expand at the fastest CAGR of 5.7% from 2020 to 2027. Increasing demand for accessories, such as wetsuit booties and reef socks, among professional surfing enthusiasts has been driving the segment
Online distribution channel is projected to expand at the fastest CAGR of 5.9% from 2020 to 2027. The online retailers offer a wide range of surfing apparel and accessories with special pricing and great discounts seasonally offered, which is a key factor enhancing the segment growth
Asia Pacific is anticipated to be the fastest growing market with a CAGR of 6.0% from 2020 to 2027 as a result of changing consumer viewpoint towards adventure water sports
Major manufacturers are adopting various methods for developing eco-friendly outdoor clothing or apparels. For instance, in November 2019, Finisterre, a U.K.-based company, collaborated with Innovate UK’s Knowledge Transfer Partnership and the University of Exeter to design wetsuit techniques that would save close to 380 tons of discarded wetsuits sent to landfill every year in U.K.

Automotive Interior Leather Market Size Worth $46.84 Billion By 2025

The global automotive interior leather market size is projected to reach USD 46.84 billion by 2025, according to a new study by Grand View Research, Inc., progressing at a CAGR of 6.5% during the forecast period. Boom in automotive manufacturing industry, particularly in emerging economies of Asia Pacific, coupled with rise in demand for artificial leather is poised to propel the market over the forecast period.

Considerable shift in consumer preference towards artificial leather for applications in the automotive industry is likely to drive the market over the forecast period. Development of bio-based leather is further anticipated to unfold ample growth opportunities for the market. Renewable biobased sources used for manufacturing of biobased variants include cellulose and vegetable oil. Petroleum-based and other toxic chemicals are not incorporated into its production process.

Upholstery dominated the global automotive interior leather market in 2017 and is expected to maintain its position over the forecast period. Massive adoption of the product in interiors as an upholstery material is driven by various merits offered by it such as softer feel, premium finish, and durability. Market players are engaged in supplying kits that contain pre-sewn upholstery covers designed as per each vehicle need.

Leather is among the most preferred materials for manufacturing automotive carpet. It is a naturally-derived material, which is durable and delivers a premium finish to the vehicle. They are easy to maintain and easy to clean. Several unique properties imparted by it such as softness and ability to repel stain are estimated to augment the demand for automotive interior leather in carpet application.

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https://www.grandviewresearch.com/industry-analysis/automotive-interior-leather-market

Further key findings from the repot suggest:

China is the largest producer as well as largest consumer in the global market in 2017. It is projected to rise at a CAGR of 6.8% over the forecast period. China is also among the largest luxury markets, globally. Consumers in the country prefer genuine leather to synthetic leather in automotive interior
India is among the fastest growing economies in Asia Pacific. Favorable government policies, availability of cheap labor, and rising disposable income are attracting investments in the automotive manufacturing industry
Genuine leather held considerable revenue share on account of its massive demand in manufacturing upholstery for high-end luxury vehicles. Its ability to impart premium finish to vehicle leads to improved aesthetics
Key players include Eagle Ottawa, LLC, Alphaline Auto, DK Leather Corporation Berhad, and Wollsdorf Leder Schmidt & Co Ges.m.b.H.
In January 2014, GST Autoleather Inc. and Tata International Limited signed an agreement to enter into a joint venture company named JV Automotive Leather Company, which has its registered headquarters at Mumbai. The company has its operations office situated at Dewas, India to cater to surging demand for the product across domestic as well as international original equipment market.

Environment Health & Safety Market Size Worth $88.39 Billion By 2027

The global environment health & safety market size is expected to reach USD 88.39 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to witness a CAGR of 6.9% during the forecast period. Rising public awareness regarding environmental issues over the past few years has resulted in the development of environment protection laws which is expected to drive the market growth.

The EHS (environment health & safety) services and software aid companies to meet the standards established by environmental bodies such as Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and Resource Conservation and Recovery Act (RCRA). Increasing pressure from society and the government on companies to operate in an environment-friendly manner owing to the rising awareness regarding the negative implications of pollution is likely to fuel the growth of the EHS market.

The rise in stringent government regulations in U.S. and Europe is likely to boost the demand for environment health and safety significantly. Furthermore, increased integration of technological megatrends such as the Internet of Things (IoT), big data, data analytics, and mobility is anticipated to boost the demand.

The majority of competitors are focused on differentiating business based on their area of expertise and their geographical presence across the globe. Hence, major players such as Golder Associates, ERM, and AECOM have gained a competitive edge over other service providers on account of their broad service portfolio and abundant workforce.

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https://www.grandviewresearch.com/industry-analysis/environmental-health-and-safety-market

Further key findings from the report suggest:

The demand for EHS service in wastewater is anticipated to witness a CAGR of 6.7% in terms of revenue, from 2020 to 2027, on account of the increasing number of laws regarding the discharge of wastewater containing zinc, lead, and mercury
Construction industry is estimated to reach USD 14.09 billion by 2027 owing to the ability to assist construction companies in monitoring their environmental impact along with ensuring the safety of workers
EHS software accounted for 3.3% of the market share in terms of revenue in 2019 owing to its ability to assist the EHS market players in risk analysis and taking proactive measures for avoiding unfortunate incidents at the workplace
Japan is estimated to witness a CAGR of 7.6% from 2020 to 2027, in terms of revenue, on account of the rapid industrial growth coupled with the presence of stringent regulations for environmental health and safety in the country
Major environment health & safety market players follow an integrated approach and provide distribution and fabrication services for custom applications to offer a wide range of products at competitive prices

Wood & Laminate Flooring Market Size Worth $90.46 Billion By 2025

The global wood and laminate flooring market size is expected to reach USD 90.46 billion by 2025, expanding at a CAGR of 5.3%, according to a new report by Grand View Research Inc. Factors such as the natural look and feel offered by solid wood flooring coupled with the growing need for aesthetic improvements in the construction interiors is likely to augment the growth.

Solid wood flooring is commercially available in various wood species, patterns, and designs, thus is gaining traction in high-end construction applications. Engineered wood flooring is composed of multiple wood layers and can provide look and feel similar to solid wood floors. Durability, high-gloss and colored and textured finishes of laminate floors are some of the properties expected to drive the growth.

Improved acoustics, combined with ease of refinishing over a period of time are the major contributing factors for the growing demand for solid wood floorings. The pricing structure varies according to the wood species used. However, high cost associated with solid wood flooring is anticipated to divert the consumer base toward laminated variant.

The market is characterized by several multinational and a large number of domestic players engaged in the production and distribution of wood flooring. Prominent market players focus on providing installation and maintenance services to the customers to sustain in the highly competitive industry.

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https://www.grandviewresearch.com/industry-analysis/wood-and-laminate-flooring-market

Further key findings from the report suggest:

Wood flooring segment is expected to expand at the fastest CAGR of 5.5% over the forecast period owing to the product properties that result in the superior aesthetics in residential and commercial building interiors
Residential flooring application for wood and laminate flooring dominated the market with a share of 70.11% in 2018 and is anticipated to witness a considerable CAGR owing to increasing construction of single-family and multi-family structures
The revenue for laminate flooring in North America stood at USD 3.48 billion in 2018 and is likely to register notable growth over the forecast period on account of growing trend of using wood-like flooring available at lower cost
Europe accounted for the a revenue share of 40.3% in 2018 owing to the abundant availability of varied wood species and a wide acceptance of the products to prevent cold temperature
In November 2017, Mohawk Industries, Inc. acquired Godfrey Hirst Group. This acquisition enhanced Mohawk’s products reach and geographical presence, especially in Australia and New Zealand

Cigar & Cigarillos Market Worth $21.02 Billion by 2025

The global cigar and cigarillos market size is expected to reach USD 21.02 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 3.1% during the forecast period. Implementation of heavy taxes and increasing price of conventional cigarettes drive the product demand. Increasing number of consumers prefer cigars as they have better reputation and lower price, which is projected to positively influence growth.

The mass segment held major market share of global market owing to the growing popularity of cigars and cigarillos among the young consumers. Moreover, growing number of female consumers in the developed countries is expected to fuel the demand for mass products over the forecast period. However, the premium segment is expected to expand at the highest CAGR over the next seven years. Presence of luxury hotels and bars with cigar lounges, in developed countries, such U.S., U.K., and China have made comeback, thus, the consumption has increased drastically.

The flavored product segment is expected to expand at a CAGR of 3.2% over the forecast period. Many new consumers prefer flavored cigars as the taste is perceived to be better than the natural tobacco flavored products. Moreover, many consumers are migrating from other tobacco products including conventional cigarette to cigar and cigarillos. In addition, many companies have launched various flavored product to attract consumers, fueling the demand.

North America was the largest consumer in the cigar and cigarillos market in 2018. Growing demand for premium products in U.S. has helped the region gain major share. U.S. was the largest consumer in the world, accounting for more than 55% share of overall market. Followed by U.S., Germany and China are the largest markets. Growing number of young billionaires coupled with rising number of cigar lounges are the key factors driving the growth in China.

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https://www.grandviewresearch.com/industry-analysis/cigar-cigarillos-market

Further key findings from the report suggest:

In terms of revenue, the premium product segment is projected to ascend at a CAGR of 3.3% over the forecast years
The mass product segment led the global market with an overall revenue share of over 82.3% in 2018
Flavored segment was valued at USD 4.93 billion in 2018, is projected to exhibit a high CAGR in the next few years
North America led the global cigar and cigarillos market in 2018, with 57.0% of revenue share and is projected to continue leading over the forecast period
Growing number of young consumers including men and women is further expected to propel the growth
The market is highly competitive in nature. Major companies include Altria Group, Inc.; Habanos S.A.; Scandinavian Tobacco Group A/S; Gurkha Cigars; Swisher International, Inc.; Agio Cigars; Swedish Match AB; OETTINGER DAVIDOFF AG; Drew Estate; and Trendsettah USA, Inc.
Various manufacturers are concentrating on new product launches, capacity expansions, and technological innovations to cater to the existing and future demand patterns from upcoming product segments.

Food Colors Market Size Worth $2.97 Billion By 2025

The global food colors market size is expected to reach USD 2.97 billion by 2025, according to a new report by Grand View Research, Inc. Growing demand for colored food products owing to their aesthetic appeal and increasing use in end user industries is expected to drive the demand for food colors over the forecast period.

Growing demand for the product across various industries such as beverages, bakery & confectionary, and dairy products is likely to have a positive impact on the utilization of food colors in the foreseeable future. The demand for food colors for the production of canned products is also estimated to drive the industry growth.

Growing consumer demand for low-fat food is another factors which is expected to supplement the market growth in near future The rising adoption of processed food by consumers across the globe is estimated to translate into the growth in demand of the product. In addition, rising demand for alcoholic and non-alcoholic beverages is likely to drive the market growth over the forecast period.

Rising disposable incomes and changing lifestyles due to rapid urbanization are likely to have a positive influence on the market over the forecast period. Ongoing product innovation, consumer preference for high-quality products, and solidification of government regulations is likely to propel the growth in the next few years.

The absence of any notable substitute to the product results in negligible threat of product substitution. However, the industry is expected to witness internal substitution with natural food colors being increasing used as a substitute for synthetic food colors. The market is expected to witness a degree of uncertainty due to high degree of volatility observed in the prices of raw material.

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https://www.grandviewresearch.com/industry-analysis/food-colorants-market

Further key findings from the report suggest:

Natural food colors are expected to reach USD 2.50 billion by 2025, owing to growing awareness among consumers regarding the health benefits associated with the product.
CSDs and non-alcoholic beverages is estimated to be the fastest growing application with a growth rate of 6.4% over the forecast period, on the account of rising demand for juices, soft drinks, and carbonated soft drinks in emerging economies.
The demand for the product in Asia Pacific is expected to reach a value of USD 868.0 million by 2025 in the wake of growing food and beverage industry in the region.
The companies have adopted different approach to compete with each other. For example, Allied Bioitech Corporation have adopted a mono-product approach. It is global supplier for carotenoids and manufactures & distributes only on product.

Heavy Duty Road Filtration Aftermarket Industry Worth $1.01 Billion By 2024

The heavy duty road filtration aftermarket industry is expected to reach USD 1.01 billion by 2024, according to a new report by Grand View Research, Inc. Rising environmental concern across countries coupled with new norms issued by the government is expected to aid the aftermarket sales for heavy duty road filtration products over the forecast period.

To curb the alarming effect of air pollution, regulatory agencies has prescribed norms & tests against the automobiles. Filters used in these vehicles are an effective way to prevent these pollutions. As a result, these rules and regulations are mainly intended to ensure the proper functioning of emission systems.

Aftermarket sales of heavy-duty on-road transportation have the ability to curb the sulfur dioxide emissions levels. However, high cost associated with OEM filters is anticipated to be the major restraining factor for the overall market over the next eight years. Nevertheless, research and innovations are being carried out that would have the ability to reduce the amount of time and money, taken during manufacturing and testing sessions.

Special techniques along with expertise are also required for the installation and maintenance of aftermarket filters. Also, special attention has to be taken by vehicle owners when they tend to select filters which would match with their vehicles. Companies such as Donaldson and Clarcor are spreading awareness and technical support reach to customers that give them a better idea towards filter usage in their vehicles.

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http://www.grandviewresearch.com/industry-analysis/heavy-duty-road-filtration-aftermarket-industry

Further key findings from the report suggest:

Fuel filters are presumed to be the fastest growing product segment growing at a CAGR of 7.1% over the forecast period. The role of fuel filters is mainly to collect contaminants, debris and moisture in the fuel system that allows the clean filtered fuel to enter the engine.
Construction application segment is presumed to grow at a CAGR of 7.1% over the next eight years. Various filter types are used in construction machines that primarily protect their hydraulic systems against unnecessary wear.
Europe accounted for above 25% of the market in 2015 and is expected to continue the similar trend over the forecast period. Though the European aftermarket for heavy duty filtration is declining owing to changing economic conditions in Spain and France, it still holds a majority portion of the production of automotive and hence, the aftermarket sales.
The industry is fragmented in nature with the presence of both regional and international market participants. This had resulted in increased competition between the manufacturers and the distributors also.
Key companies in the industry include Cummins Filtration. MANN+Hummel, UTI Filters, Parker Hannifin Corporation, Donaldson, and SOFEGI Group.

Software Defined Storage Market Worth $17,461.9 Million By 2024

The software defined storage (SDS) market size is expected to reach USD 17,461.9 million by 2024, according to a new study conducted by Grand View Research, Inc.

The emergence of the Big Data technology is anticipated to impel growth in the global software defined storage market. Technological propagation, coupled with benefits such as high flexibility and cloud storage, is instrumental in keeping the industry prospects upbeat. The technology facilitates the efficient management and control of complex networks through proficient resource data traffic management.

The advancements in the cloud technology, its availability, and wider access to cloud-based platforms are favorably impacting the industry. Various enterprises across the globe are experiencing the need for minimizing infrastructure development and data storage center costs which are significantly contributing toward the expansion of the industry.

Enterprises across diverse verticals are generating excessive data, creating the need for effective data storage management solutions. SDS solutions offer high agility and robustness to businesses along with cost and time efficiency.

The industry is projected witness significant growth in the developing markets of South America and the Asia Pacific regions, owing to the strong growth of the small-scale industries. The need for improving the efficiency and business processes in data centers is driving the demand for SDS solutions in small and medium-sized enterprises.

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http://www.grandviewresearch.com/industry-analysis/software-defined-storage-sds-market

Further key findings from the study suggest:

The BFSI segment dominated the global software defined storage industry, accounting for over 17% of the market share in 2015. The large-scale data generation in the banking and financial institutions and the need for incessant data availability are leading to the large-scale adoption of SDS solutions in the BFSI sector.
The North American regional market accounted for over 40% of the global revenue share in 2015. The strong presence of software defined storage solution vendors in the region is expected to contribute to the industry growth in the region. Asia Pacific is expected to emerge as the fastest-growing regional market. The rise of small-scale industries in the developing markets of India and China is driving the regional growth.
Small and medium-sized enterprises accounted for over 30% of the global revenue share in 2015. The growth of Small and Medium-Sized Business (SMB) units across the globe, owing to the favorable government initiatives, is substantially driving the demand for SDS solutions among the small and medium-sized enterprises.
The major vendors include Brain Corporation (U.S.), Hewlett-Packard (U.S.), HRL Laboratories, LLC (U.S.), Intel Corporation (U.S.), Numenta, Inc. (U.S.), and Vicarious FPC, Inc. (U.S.). Industry vendors are emphasizing on new product developments and forming technology alliances to gain a competitive edge in the industry.

Cancer Supportive Care Drugs Market Size Worth $22.9 Billion By 2026

The global cancer supportive care drugs market size is projected to reach USD 22.9 billion by 2026, as per a new report by Grand View Research, Inc. It is expected to progress at a CAGR of 1.0% over the forecast period. Supportive care in cancer focuses on prevention and management of symptoms and side-effects associated with cancer and its treatment.

Key side effects caused by cancer treatment include anemia, neutropenia, nausea and vomiting, pain, and bone metastasis. Rise in the number of people suffering from the effects of anti-cancer therapies will drive the market, globally. The higher efficacy of supportive care drugs, such as colony stimulating factors (G-CSFs), opioid analgesics, erythropoietins, and antiemetic drugs, among others is anticipated to drive growth of the global cancer supportive care drugs market. High efficiency of these drugs in controlling the adverse effects of cancer and its treatment is projected to drive the demand in near future.

G-CSFs and ESAs therapeutic classes are witnessing a fundamental shift from biologics to biosimilars. The market for cancer pain, chemotherapy induced nausea and vomiting, and cancer induced bone diseases will grow significantly during the forecast period, due to new product launches and high unmet needs. The cancer pain market is estimated to witness a shift from opioids to non-opioids therapies. The shift will be backed by patent loss, high mortality, addiction, and major safety issues associated with narcotic agents.

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https://www.grandviewresearch.com/industry-analysis/cancer-supportive-care-drugs-market

Further key findings from the report suggest:

Some of the key market players are Amgen, Merck, Novartis, Johnson & Johnson, Roche, Helsinn Healthcare, Heron Pharma, Tesaro, and Purdue Pharma. Amgen led the global cancer supportive care market in 2018, capturing over 30% market share
By therapeutic class, the global ESAs market for CIA was valued at USD 1,838 million in 2018 and is expected to decline with a CAGR of 6.0% over the forecast period. The biologics segment is anticipated to lose its market share due to patent expiration of major brands such as Epogen
North America led the cancer supportive care drugs market in 2018 and is expected to maintain its position during the forecast period
Asia Pacific is expected to witness lucrative growth over the forecast period, owing to improvements in healthcare infrastructure and increasing government initiatives
Late stage pipeline products include non-opioids such as Tanezumab and HTX-011. Newer immunotherapies directed against PD-1 ligands and PD-L1 proteins have shown to be more effective with a superior safety profile