Paper Products Market Size Worth $275.1 Billion By 2025

The global paper products market size is expected to reach USD 275.1 billion by 2025 with a CAGR of 0.3%, according to a new report by Grand View Research, Inc. Major factor driving the market includes rising demand for paper packaging in the FMCG, pharmaceutical, and hospitality industries. Growing awareness about the adverse effects of using plastic packaging is also boosting the demand for paper products. The packaging paper application segment accounted for 51.58% of the global market in 2018 and is also expected to witness the fastest CAGR from 2019 to 2025. Leading brands are replacing plastics in their product packaging with paper. For instance, in October 2017, Apple launched iPhone 7 with 84% less plastic content in its packaging than in the packaging of iPhone 6.

Growing hospitality and tourism industry across the globe is further expected to drive the market. Factors like increasing usage of tissue paper in restrooms and dining areas coupled with rising hygiene concerns among consumers are anticipated to augment the product demand. Moreover, increasing number of installations of new equipment by key manufacturers will support market growth. For instance, in May 2017, Georgia-Pacific announced installation proposal of new tissue machine, which is expected to start by 2019. Key manufacturers focus on expanding their product portfolio to capture larger market share and ensure sustainability within the U.S. market. For instance, in November 2018, Cascades Inc. launched a product range named Cascades PRO Signature. The product range includes brands, such as Cascades PRO Tuff Job, which has high absorbing capability and can be reused.

Additionally, capacity expansion has also been a prominent trend within the market. For instance, in March 2018, SOFIDEL, an Italian manufacturer of tissue papers, announced that it would initiate the construction of its second tissue mill at Inola/Oklahoma in U.S. The proposed facility will have a production capacity of 120,000 tons per year. The market is highly competitive with the presence of many private level brands. Some of the major companies in this market are Kimberly-Clark Corporation; Procter & Gamble; Georgia-Pacific; KP Tissue, Inc.; Essity Aktiebolag (publ); Cascades, Inc.; Irving Consumer Products Limited; Clearwater Paper Corporation; and First Quality Enterprises, Inc.

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https://www.grandviewresearch.com/industry-analysis/paper-products-market

Further key findings from the study suggest:

In terms of revenue, packaging paper application is projected to ascend at the highest CAGR of 0.6% from 2019 to 2025
Asia-Pacific led the global paper products market in 2018 in terms of revenue and accounted for 36.65% of the overall market share
With increasing disposable income levels in emerging countries like India and South Korea, the APAC regional market is anticipated to witness the highest CAGR from 2019 to 2025
The industry is highly competitive with the presence of many local and international companies. Some of the key companies include Kimberly-Clark Corp.; Procter & Gamble; KP Tissue, Inc.; Cascades, Inc.; and Georgia-Pacific
These companies focus on new product launch and technological innovations to estimate existing and future demand patterns and to maintain their industry positions

Temperature Controlled Packaging Solutions Market Worth $16.8 Billion By 2025

The global temperature controlled packaging solutions market size is expected to reach USD 16.8 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.3% over the forecast period. Increasing demand for the frozen and fresh foods including fruits and vegetables, dairy products, beverages, bakery and confectionery, meat, and pre-cooked meals is expected to promote the market growth. Furthermore, increasing application of temperature controlled packaging for the shipment of drugs, vaccines, biologics, and biological samples in developed economies, including U.S. and Germany, is projected to have a strong impact on the growth.

Asia Pacific is expected to witness significant growth in the upcoming years due to expansion of the pharmaceutical and food and beverage industries in emerging economies, including China and India. Furthermore, increasing number of organized retail has augmented the demand for food packaging in the abovementioned countries.

Innovation has been a crucial part of the industry. Over the past few years, manufacturers have been emphasizing on R&D of the products. For instance, in 2018, Softbox Systems Ltd introduced MAX range containers. The Tempcell MAX range containers are for single-use with improved coolant barrier system. The water-based model has been replaced by an internal barrier film to enhance thermal retention. However, Silverpod MAX is a recyclable coolant system with a solar barrier film. Similarly, in July 2017, Sonoco Products Company launched a new range of reusable packaging, ChillTech, for the shipment of pharmaceutical and biological products. It provides temperature control from 2 to 6 days.

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https://www.grandviewresearch.com/industry-analysis/temperature-controlled-packaging-solutions-market

Further key findings from the report suggest:

On the basis of product, insulated shippers are expected to witness the fastest growth and register a CAGR of 8.7% from 2019 to 2025
Food and beverage accounted for 49.3% share in the global temperature controlled packaging solutions market in 2018. The healthcare application segment is expected to witness the fastest growth and expand at a CAGR of 8.8% from 2019 to 2025
North America held the largest share of more than 40% in terms of revenue in 2018. This is attributed to highadoption rate of temperature packaging in the healthcare industry of U.S. and Canada
Key competitors in this industry include Cold Chain Technologies, Inc.; Cryopak Industries Inc.; Softbox Systems Ltd.; DGP Intelsius; AmerisourceBergen Corporation; DHL International GmbH; Envirotainer AB; Sonoco Products Company; APEX Packaging Corporation; and Inmark Temperature Controlled Packaging. Product innovation is expected to remain one of the key strategies adopted by industry participants over the next few years.

Almond Protein Market Size Worth $491.2 Million By 2025

The global almond protein market size is anticipated to reach USD 491.2 million by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.8% during the forecast period. The growth is driven by rising consumption of plant based protein due to a rise in risk of heart diseases, cancer, and Trimethylamine N-oxide (TMAO) which occur due to consumption of animal based protein.

The changing perception of health among consumers and growth in products catering to the health of sportspersons and athletes are further accelerating the market growth. The beverages market, which includes protein shakes and smoothies for muscle recovery and general health held the largest share and is expected to register the highest CAGR of 5.9% from 2019 to 2025. Moreover, in 2016 sports nutrition was the largest and fastest growing protein application segment.

U.S., U.K., Germany, and China, among others are the major consumers of almond protein market. U.S. remains dominant player in both production and consumption of almonds. In 2018, U.S. consumed 315,736 MT of almonds which was the highest followed by India which consumed 82,915 MT of almonds.

The demand is expected to increase in Asian countries owing to the large skincare market which is moving towards the application and integration of natural ingredients in cosmetics. For instance, hydrolyzed sweet almond protein is an almond protein which is used as an ingredient in hair and skin conditioning products. Asia Pacific is anticipated to witness the highest CAGR of 6.0% over the forecast period due to growing urbanization and inclination of consumers towards a healthy lifestyle.

In 2018, the online segment held the largest market share of more than 60%, which is expected to remain constant over the forecast period. Rising penetration of e-commerce and low cost of online startups are major factors spurring the growth of this segment.

The leading market players are InovoBiologic Inc.; Celtic Sea Minerals; Marigot Ltd.; Maxicrop USA; BioFlora, LLC; Alesco S.r.l.; Humates And Seaweeds Pvt Ltd; HMHS Solutions Limited; and Sar Agrochemicals & Fertilizers Pvt. Ltd amongst others.

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https://www.grandviewresearch.com/industry-analysis/almond-protein-market

Further key Findings from the Study Suggest:

Beverages segment is expected to expand at the highest CAGR of 5.9% over the next few years
Online distribution channel accounted for the largest revenue share of more than 60% and is forecasted to expand at the highest CAGR of 5.9% over the forecast period
Growth of online segment is due to rising penetration of e-commerce and low cost of startups
North America is anticipated to hold the largest market share for almond protein over the forecast period.

Men’s Skincare Products Market Size Worth $18.92 Billion By 2027

The global men’s skincare products market size is anticipated to reach USD 18.92 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.2% from 2020 to 2027. Rising awareness among males regarding personal grooming is driving the demand for men’s skincare products globally. At a macro level, increasing disposable income has been favoring market growth over the years.

Premiumization emerged as the latest trend within the market in the recent past. With the growing demand for premium products, manufacturers are increasingly focusing on achieving green formulations under the premium category. Demand for men’s skincare solutions is likely to be principally driven by the growing popularity of organic and natural products with natural extracts. Furthermore, packaging is expected to play a key role in creating their demand. In this respect, men’s skincare products packaged using sustainably sourced materials are more likely to gain popularity in the foreseeable future.

Male consumers around the world, most notably baby boomers, are increasingly venturing into the luxury space. This is likely to encourage manufacturers to increasingly focus on manufacturing premium skincare solutions shortly. In addition, baby boomers are considered a viable target by skincare brands that offer health-oriented solutions, such as anti-residue rinse and cleansing conditioners.

Demand for cleansers and face wash and sunscreen outpacing that of shave care essentials suggests that the trend of male grooming is moving beyond the basics of fragrance and shaving. In recent years, an increasing number of men have started paying more attention to their grooming habits and appearance, thereby encouraging manufacturers of men’s skincare essentials to venture into relatively novel categories, such as facial masks and serums.

With regards to sales/distribution channels for men’s skincare solutions, offline distribution channels such as supermarkets and hypermarkets and convenience stores are likely to remain the most preferred platforms throughout the forecast period. Recent years have witnessed key developments in the offline distribution space. For instance, in December 2016, Philips and L’Oréal launched a male grooming club to showcase their items to male travelers at Singapore Changi Airport. Such developments are likely to take place over the forecast timeframe, given the intensity of competition within the market.

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https://www.grandviewresearch.com/industry-analysis/mens-skincare-products-market

Further key findings from the report suggest:

The shave care segment grabbed 32.7% share of the overall revenue in 2019
In terms of distribution channel, supermarkets and hypermarkets held the largest share in 2019 and are expected to maintain its lead throughout the forecast period
Product innovation is a key strategy deployed by majority of market players to stay abreast of the competition.

Hand Wash Market Size Worth $10.73 Billion By 2027

The global hand wash market size is expected to reach USD 10.73 billion by 2027, expanding at a CAGR of 6.4% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness among consumers regarding the effectiveness of hand washing in terms of eliminating all types of germs and some viruses is one of the key factors fueling the market growth. Additionally, recent outburst of COVID-19 has re-emphasized the urgency of regular hand wash at the global level. All the world leaders and governments have been promoting the significance of hand hygiene in unison. These factors have spurred the demand for hand wash products, which is expected to continue during the forecast period.

Increasing social campaigning and initiatives pertaining to importance of hand wash by renowned organizations are also expected to drive the market. For instance, awareness initiatives by the World Health Organization, including SAVE LIVES: Clean Your Hands annual global campaign, launched in 2009, Clean Care is Safer Care program from 2005 to 2015, and Infection Prevention and Control campaign from 2015 to 2017, were aimed to galvanize the importance of hand hygiene in reducing health care-associated infection.

Many manufacturers such as Brittanies Thyme, Puracy, and MADEOF LLC have been venturing into organic hand wash to attract customers who are largely influenced by products made from natural ingredients. These market players have been benefitting by transparent listing of important details, such as constituents, shelf life, and production processes. Organic hand wash products are free from parabens and sulfates that are known to cause rashes and irritation on the skin. These products contain plant based extracts, such as neem, honey, extra virgin oil, eclipta, castor seed oil, and coconut oil.

The commercial end-use segment held the largest market share in 2019 and is expected to maintain its lead over the forecast period. This is attributed to increasing demand for hand hygiene products from the hospitality industry, healthcare industry, and restaurants. The e-commerce distribution channel segment is expected to register the fastest CAGR of 7.7% from 2020 to 2027. Increasing internet and smartphone penetration across the globe is a major reason for the market growth.

Asia Pacific accounted for the largest share of more than 32.0% in 2019 owing to growing awareness among people regarding hand hygiene. In addition, increasing promotional events by the government and global organizations will fuel the demand for hand wash products in the region. For instance, in 2018, the World Health Organization asked the Southeast Asian countries to promote the practice of good hand hygiene, which could help prevent sepsis, a life-threatening disease that affects almost 30 million people globally every year.

Europe is expected to expand at the fastest CAGR of 6.6% from 2020 to 2027. According to the European Centre for Disease Prevention and Control (ECDC), healthcare-related infections, including those caused by bacteria resistant to antibiotics, have been increasing the public health problems in Europe, which is expected to drive the demand for hand wash products in the region.

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https://www.grandviewresearch.com/industry-analysis/hand-wash-market

Further key findings from the study suggest:

Rising importance of regular hand wash practices among consumers due to increase in the number of influenza like diseases, such as COVID-19, is boosting the growth of the hand wash market
Hand wash products have been gaining traction among consumers as these products have been considered to be more impactful for providing deep hand cleaning as compared to other alcohol-based disinfectants and sanitizers
By end use, the residential segment is expected to expand at a CAGR of 6.2% from 2020 to 2027. Manufacturers such as Reckitt Benckiser, Unilever, Amway, and Procter & Gamble have been categorically marketing and advertising their products focusing on the spread of diseases and infections caused by poor hand hygiene, thus boosting the segment growth.

Carob Powder Market Size Worth $69.8 Million By 2027

The global carob powder market size is expected to reach USD 69.8 million by 2027, expanding at a CAGR of 5.0% over the forecast period, according to a new report by Grand View Research, Inc. Growing popularity of carob powder as a healthier alternative to cocoa powder in the bakery and confectionery sector is expected to remain a key factor driving the industry. Furthermore, growing demand for gluten-free diet in developed economies, including U.S., Germany, France, and U.K., is projected to promote the spending on carob powder as a natural ingredient in the commercial and household sectors in the near future.

Over the past few years, the buyers have been shifting their focus towards the incorporation of healthier ingredients, including carob powder, which contains fiber, calcium, protein, and no saturated fats. These features are expected to promote the utility of carob powder as an ingredient for manufacturing various confectionery products.

The B2C (Business-to-Consumer) segment is expected to expand at the fastest CAGR of 6.7% from 2020 to 2027. As consumers worldwide are becoming more interested in healthier food options, they are practicing baking at home to avail the actual nutrition benefits. Moreover, increasing demand for artisanal bakery and confectionery products is expected to contribute to the segment growth in the coming years.

Asia Pacific is expected to expand at the fastest CAGR of 6.1% from 2020 to 2027. Millennials have been increasingly adopting a healthy lifestyle in the countries, including China, Japan, and South Korea, owing to which they are shifting towards healthier food products. Moreover, shifting consumer preferences for the consumption of sugar-free alternatives owing to growing prevalence of diabetes in countries, such as India and China, are expected to increase popularity of carob powder in the upcoming years.

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https://www.grandviewresearch.com/industry-analysis/carob-powder-market

Further key findings from the report suggest:

Organic products are expected to expand at the fastest CAGR of 5.5% from 2020 to 2027. This growth is attributed to increased importance of organic-labelled products in the food and beverage industry at the global level
The B2C application segment is expected to register the highest CAGR of 6.7% from 2020 to 2027. Growing consumer awareness regarding the health benefits of carob flour, coupled with high visibility of these products, is expected to contribute to the segment growth
Europe held the largest share of 40.2% in 2019. Strong presence of health-conscious consumers in key countries, including Germany, U.K., and France, is expected to prompt the consumption of carob powder as an alternative intermediate for manufacturing confectionery products at the domestic level
Key market players include THE AUSTRALIAN CAROB CO.; The Carob Kitchen; Frontier Co-op.; Oak Haven Inc.; Barry Farm Foods; NOW Foods; Ingredients UK Ltd; Jedwards International, Inc.; OUASDI INTERNATIONAL; and Alpine Herb Company Inc.

Vegan Sauces, Dressings & Spreads Market Worth $365.8 Million By 2027

The global vegan sauces, dressings & spreads market size is expected to reach USD 365.8 million by 2027, expanding at a CAGR of 8.2% over the forecast period, according to a new report by Grand View Research, Inc. Rising adoption of vegan lifestyle owing to increasing awareness pertaining to adverse environmental effects of eating habits is expected to drive the market. New products launches have also been acting as a catalyst for the market growth.

For instance, in December 2019, Il Mulino, a New York-based Italian restaurant, launched plant-based sauces, including Organic Tomato Basil, Marinara, Bolognese, Vodka, and Pomodoro. These come in small batches and include San Marzano tomatoes and cold-pressed EVOO from Abruzzi as major ingredients. These products are priced between USD 12 and USD 15.

Moreover, in January 2020, Tesco through Wicked Kitchen launched vegan sauces and dressings, including beetroot dressing, siracha, teriyaki, Asian style BBQ, mango, and horseradish and mustard. Similarly, in October 2019, LEON has launched a new range of sauces, including mayonnaise, beetroot ketchup, chili, and brown, through 600 Sainsbury’s stores. The company is focused on inspiring people to consume plant-based food. The company claims its products are free of artificial ingredients.

Additionally, in October 2019, French Cravings launched a range of vegan dips through Walmart. Most of these dips are derived from almond and cashew. These dips are available in various flavors including Kickin’ Queso Style Cashew, Zesty Ranch Cashew, Creamy Dill Cashew, Creamy Garlic Almond, Spicy Garlic Almond, Organic Creamy Vanilla Cashew Dip, Organic Chocolate Mousse Cashew Dip, and Smokehouse Almond. The company is focusing on expanding its buyer base by targeting those customers who have been shifting towards veganism.

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https://www.grandviewresearch.com/industry-analysis/vegan-sauces-dressings-spread-market

Further key findings from the report suggest:

Based on product, the sauces segment was valued at USD 90.4 million in 2019. This is attributed to increasing adoption of the product in various cuisines across the globe
Plant-based dressings are expected to register the fastest CAGR over the forecast period owing to increasing dependence on salads as meals globally
Online distribution channel is expected to witness the fastest growth from 2020 to 2027. The convenience pertaining to direct to customer delivery and access to a large variety of flavors are expected to drive this channel in the years to come
North America and Europe jointly accounted for more than 65.0% share of the global revenue in 2019. Growing importance of vegetarianism in developed countries, such as U.S., Germany, U.K., France, and Canada, is expected to have a positive impact on the market growth in these regions.

North America Dispensing Pumps Market Worth $986.6 Million By 2027

The North America dispensing pumps market size is expected to reach USD 986.6 million by 2027, registering a CAGR of 4.9% during the forecast period, according to a new report by Grand View Research Inc. Growing demand for the product for dispensing a variety of food products including oils, ketchup, food condiments is projected to drive the market growth.

An increasing number of eateries, restaurants, bars, café, and other space is anticipated to raise the consumption of food products and thereby is likely to have a positive impact on the market. Favorable regulations for the establishment of new businesses in the region coupled with the growing trend for the consumption of fast food is likely to support the demand.

Changing consumer preferences towards a healthy lifestyle and consumption of organic food have propelled the manufacturers to invest in natural food treatment and the use of eco-friendly packaging systems. Also, a stringent regulatory framework regarding food safety has compelled the producers to use high-quality dispensing pumps that comply with food contact norms.

The region is home to a large number of manufacturers and small and medium enterprises. The companies mainly focus on innovation for developing eco-friendly, cost-effective, and low-maintenance solutions for a wide range of applications. Furthermore, the companies offer specialized mechanisms for pumps.

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https://www.grandviewresearch.com/industry-analysis/north-america-dispensing-pumps-market

Further key findings from the study suggest:

The > 30 cc product segment is expected to expand at a CAGR of 5.6% over the forecast period on account of rising use in PET bottles largely used in office spaces, public utility spaces, restaurants, cafes, hotels, public buildings
In 2019, the revenue HORECA end-use segment stood at USD 222.7 million owing to wide-ranging use of a medium to large-sized pet bottles with dispensing pumps an outflow range from 4 cc to 8 cc and 9 cc to 30 cc
In Mexico, the demand for dispensing pumps in cosmetics and personal care application is anticipated to expand at a CAGR of 6.6% owing to the rapid growth of beauty care and cosmetics industry within the country
In 2019, the 0 – 3 cc product segment accounted for about 40.6% of the total demand in the North America region owing to its wide-ranging applications in household packaging systems and for its low-spillage and leak-proof properties
The manufacturers produce their products based on standard specifications by end consumers such as the basis of dosage outflow, dimension, size, and product material

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 Li₂CO₃persists 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.

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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.

Waste Recycling Services Market Size Worth $80.30 Billion By 2027

The global waste recycling services market size is projected to reach USD 80.30 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.2% from 2020 to 2027. Rising awareness regarding proper disposal of waste to safeguard the environment and human health has resulted in the emergence of various disposal methods and techniques.

Growth in the urban population and rising disposable incomes are expected to promote the growth of the housing sector at the domestic level across the globe. As a result, improvement in the housing industry is expected to increase the penetration of these recycling services in the residential sector, which, in turn, is likely to boost the market growth over the forecast period.

Rising investments in various industries and stringent regulations pertaining to discharges from these industries are some of the key factors driving the demand for waste recycling services in the industrial applications across the globe. In addition, growing demand for agro-based products and organic foods is expected to stimulate the product demand over the forecast period.

Governments around the world are adopting the public-private partnership (PPP) model to match the operational expertise provided by the private sector. Government-led initiatives are anticipated to boost the market growth, which, in turn, is expected to generate increased demand for these services over the coming years.

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https://www.grandviewresearch.com/industry-analysis/waste-recycling-services-market

Further key findings from the report suggest:

In terms of product, the plastic recycling is projected to expand at the fastest CAGR of 7.1% from 2020 to 2027 owing to several initiatives taken by environmentalists, governments, and non-profit organizations to reduce plastic waste across the globe
By product, the electronic waste accounted for 16.7% share of the overall revenue in 2019 as manufacturers are focusing on recycling, disposing, and reusing to ensure a sustainable future both in developed and developing economies
By application, the municipal segment held the largest share of 60.2% in 2019 owing to rising investment in waste recycling services in the municipal sectors of developing economies, including India, Turkey, China, Bangladesh, and Thailand
Asia Pacific is projected to witness robust growth over the forecast period due to rapid industrialization, increasing population, and economic growth, resulting in increased waste generation over the coming years
The market has been witnessing key developments by the key players in terms of technological advancements and sustainability in order to save the operational cost and increase the profit margins.