Engineering Services Outsourcing Market Worth $9,398.95 Billion by 2030

 

Engineering Services Outsourcing Market Growth & Trends

The global engineering services outsourcing market size is anticipated to gain USD 9,398.95 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to record a CAGR of 24.6% from 2022 to 2030. The increasing demand for Information Technology (IT) services by various industries, such as automotive, manufacturing, retail & e-commerce, media & entertainment, and others, is exponentially driving the market growth.

The growing need for outsourcing services by companies to cut costs and optimally utilize the saved costs is expected to drive the market over the forecast period. The market has constantly been evolving in line with advancements in fields like the internet of things (IoT), connected computing, artificial intelligence (AI), and the sensing element, among other technologies. The intensifying competition to provide cutting-edge resolutions is driving service providers to finance aggressively in research & development.

Major ESO companies are also trying hard to emphasize mergers and acquisitions and bolstering the existing tie-ups with their clients to tap new business opportunities. For instance, in April 2022, the Kansas Department of Labor, a state agency for economic growth, chose Tata Consultancy Services Limited, an enterprise solutions provider, to build and run an advanced unemployment insurance system. The latter company is expected to support the state agency with the maintenance of its online systems and provide assistance during downtimes.

With the outburst of COVID-19, many organizations have faced the following lockdowns executed in almost all countries worldwide at the start of 2020. The aerospace industry has been adversely affected among the industry verticals due to the non-permanent shutdown of enterprises, production facilities, and daily operational logistics. On the other hand, the healthcare industry has been relatively unchanged as healthcare companies mainly worked on creating and developing advanced and custom Personal Protective Equipment (PPE) kits.

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Engineering Services Outsourcing Market Report

Engineering Services Outsourcing Market Report Highlights

• The designing part is expected to record the most elevated CAGR of around 26.5% for the next eight years
• The industrial part is anticipated for the most significant revenue share in 2021 and is anticipated to continue overpowering the market for the next eight years
• The Asia Pacific ESO market is anticipated for the highest revenue share of over 41.0% in 2021, with the effortless availability of fairly low-cost and skilled aids in countries like India, China, the Philippines, and other East Asian countries
• The testing service segment registered the highest revenue share of around 31.0% in 2021 and is anticipated to dominate the market over the next eight years

Pharmacovigilance Market Size Worth $17.36 Billion By 2030

 

Pharmacovigilance Market Growth & Trends

The global pharmacovigilance market size is expected to reach USD 17.36 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 10.3% from 2023 to 2030. The increasing incidence of Adverse Drug Reactions (ADR) is a key growth factor. ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year are due to ADR. Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug.

COVID-19 has undoubtedly thrown up numerous challenges as well as opportunities for pharmacovigilance service providers. Various companies are developing innovative platforms to gain a competitive edge. For instance, in December 2020, ArisGlobal and EVERSANA declared a strategic partnership to digitally transform end-to-end pharmacovigilance services globally.

The community involved in PV procedure has been quick to respond to the pandemic. Some companies are using big data analytics against COVID-19. Thus, this refers to a depth analysis of data from multiple sources. In April 2020, Saama Technologies offered its Life Science Analytics Cloud technology platform to support the consortium creation. The purpose is to fetch data from both current and future studies to slash the time required to discover a treatment by as much as 50%. Life Science Analytics Cloud is an artificial intelligence-powered platform. This represents the scope for future developments in this market.

According to the World Health Organization’s (WHO) report on pharmaceutical consumption, chronic disease medications accounted for a larger proportion of the total volume of drug consumption in non-hospital setups. Hence, there has been a significant rise in the number of medicines made available to healthcare consumers. The rising demand for drugs has significantly heightened the need for the development of novel therapeutics via extensive clinical trials, which is expected to serve this market with lucrative opportunities.

Moreover, leading pharma companies in developed countries are focusing on outsourcing PV services to reduce costs and minimize operational expenses. This is anticipated to provide an opportunity to contact research organizations in developing regions to gain more revenue share. Manufacturers are now focusing on remodeling their product development processes in an attempt to cater to patient needs across the globe. These factors are anticipated to fuel the demand for pharmacovigilance services during the forecast period.

The companies operating in the market are undertaking strategic initiatives, such as collaborations with PV service providers to gain access to medical information and manage PV workflows. For instance, In October 2021, The Whiteboard, an academy for training specialists in the clinical trials and drug development field, proclaimed a partnership with OviyaMedSafe, a worldwide drug safety service and pharmacovigilance consulting corporation.

Similarly, in September 2019, Accenture collaborated with Bayer to implement the company’s INTIENT Clinical platform to simplify and speed up its drug development processes, thereby widening its business. The company collaborated with BioCelebrate in the past to develop a platform for aggregating and analyzing clinical information for improving the efficiency of drug development, thus enhancing its R&D capabilities. Such initiatives help companies maintain their position and thereby support the market growth.

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Pharmacovigilance Market Report

Pharmacovigilance Market Report Highlights

• By product life cycle, phase IV held a dominant share of over 75.8% in 2022 owing to the extensive post-marketing surveillance of pharmaceuticals and an increasing number of ADR incidences in the market
• By service provider, contract outsourcing held a significant share of over 60.0% in 2022 owing to the shift in the focus of pharmaceutical companies toward outsourcing services to reduce operational cost
• Based on type, spontaneous reporting held the largest revenue share in 2022 due to its wide application in pharmacovigilance and benefits such as easy simulation of data sets for better drug comparison
• The biotechnology companies end-use segment is anticipated to exhibit a lucrative CAGR over the forecast period owing to increasing R&D for the development of novel biologics
• Asia Pacific is anticipated to register a lucrative CAGR of 10.8% over the forecast period. This is attributed to the availability of low-cost labor and the rising number of outsourcing companies in this region
• Industry participants are focusing on increasing R&D activities to develop better pharmacovigilance services. Moreover, companies are adopting strategies including new product launches, collaborations, and mergers & acquisitions to gain a competitive advantage

Wearable Medical Devices Market Worth $196.6 Billion By 2030

 

Wearable Medical Devices Market Growth & Trends

The global wearable medical device market size is expected to reach USD 196.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 28.1% from 2022 to 2030. Rising demand for hi-tech products and continuous health monitoring is fueling the market growth.

The increasing prevalence of obesity coupled with rising awareness about physical fitness is encouraging people to exercise and adopt other fitness-related activities. Wearable devices such as smart bands and smartwatches help in monitoring fitness parameters consisting of calories burned, footstep count, heart rate, and distance covered. The wearable devices companies offer guidance from experts who are certified dieticians or nutritionists, and hence, this business model is also generating hefty demand for these ancillary products and services.

Companies such as Google, Fitbit, Apple, and Nike are working toward the launch of new innovative products, thus portraying a high growth rate in the market. Smartwatches and wristbands are the current focal point of product development and innovation, leading to abundant availability of such instruments. For instance, HealthPatch, a product of Vital Connect, was launched in March 2014. The product is an adhesive patch that can be placed anywhere on the chest and is used to regulate biometrics such as heart rate, skin temperature, body posture, and activities like steps walked.

The COVID-19 pandemic somehow has positively impacted the market owing to the increasing demand for telemedicine. The WHO guidelines of social distancing and avoiding public gatherings increased the adoption of telemedicine among physicians for treating patients from a distance. The growth of telemedicine and expansion of applications to integrate Artificial Intelligence (AI) has led to market growth.

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Wearable Medical Device Market Report

Wearable Medical Devices Market Report Highlights

• The diagnostic devices segment dominated the market in 2021 owing to the increasing disposable income and awareness, and higher healthcare spending
• The strap/clip/bracelet segment dominated the market in 2021 and is expected to continue its dominance over the forecast period
• Home healthcare held a significant share of 54.5% in 2021 owing to the growing geriatric population triggering incidence rates of target diseases
• North America commanded a cumulative revenue share in 2021, due to the increasing application of home care and remote patient monitoring for regular, continuous, and long-term monitoring of patients
• The Asia Pacific region is expected to witness the fastest CAGR over the forecast period. This growth can be attributed to the growing awareness level, increasing disposable income, presence of a large population base, and rising incidence rate of chronic conditions

Rainscreen Cladding Market Size Worth $233.08 Billion By 2030

 

Rainscreen Cladding Market Growth & Trends

The global rainscreen cladding market size is expected to reach USD 233.08 billion by 2030, registering a CAGR of 7.0% over the forecast period, according to a new report by Grand View Research, Inc. The rising demand for the aesthetic appeal of new as well as renovated buildings and protection against fire, rainwater, and air is likely to drive the industry growth for rainscreen cladding structures. The growing need for enhanced moisture management and energy-efficient solutions for buildings is likely to propel the product demand. Shifting consumer trends toward the protection of exterior walls in residential, commercial, and non-residential buildings, including offices and institutions are boosting the product demand.

A large number of players are based in North American and European economies owing to the easy access to raw materials. Innovations and technological advancements in manufacturing and installations are the key factors for producers to sustain in the competition. The manufacturers have established contacts with the suppliers to secure material flow for the product manufacturing. Aluminum composite materials, fiber cement, and terracotta are widely used for manufacturing the rainscreen components owing to their high durability, fire & waterproof properties, and resistance to the growth of bacteria, fungi, and mold. However, unstable prices for raw materials and installation charges for the structure are expected to hamper the overall pricing for rainscreen claddings.

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Rainscreen Cladding Market Report

Rainscreen Cladding Market Report Highlights

• The demand for terracotta panels is expected to grow at a steady CAGR over the forecast period owing to their fire-resistant and thermal insulation properties that find applications in commercial and office constructions
• Europe dominated the market in 2021 on account of the recovery of its residential & commercial segments and increasing construction practices owing to an increase in immigration rates
• The growth of the North America regional market is attributed to the high demand from the residential sector, extensively developed manufacturing industry, and government initiatives to develop social infrastructure
• The office construction segment is expected to register the highest product demand during the projected period owing to rising employment rates and regional expansion of existing companies that require the construction of new office spaces
• Integrations, development of new technologies in manufacturing & installation practices, and introduction of innovative designs are the key strategies adopted by market players

Enzymes Market Worth $20.31 Billion By 2030 | CAGR: 6.5%

 

Enzymes Market Growth & Trends

The global enzymes market size is expected to reach USD 20.31 billion by 2030, registering a CAGR of 6.5% during the forecast years, according to a new study by Grand View Research, Inc. The rising consumption of functional food products on account of the increasing awareness regarding an individual’s health is likely to influence the demand during the forecast period positively. Carbohydrase is bifurcated as cellulose, amylase, pectinase, xylanase, and lactase. It is widely used as an ingredient in the formulation of carbonated drinks. The growing usage of different kinds of carbohydrase in the animal feed and pharmaceutical industries is further projected to boost the overall demand in the coming years.

In North America, the U.S. is dominating the regional market on account of the changing consumer preferences and rising demand for organic and nutritional food items from the food & beverage industry. Furthermore, the rising demand from the pharmaceutical and nutraceutical industries is anticipated to fuel the region’s growth during the forecast period. The industry is oligopolistic, with major players dominating it, such as DSM, Novozymes, and DuPont Danisco. There is a significant rise in the demand for high-quality specialty enzymes across the globe. Thus, raw material distributors and manufacturers are witnessing a spike in growth opportunities to offer uniform and superior-quality products via a systematic supply chain network.

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Enzymes Market Report

Enzymes Market Report Highlights

• The food & beverages segment accounted for the largest revenue share in 2021 due to the rising usage of enzymes in bakery and functional food products
• The industrial segment led the market in 2021 owing to the high product demand from the food & beverages, animal feed, detergents, and water treatment industries
• Microorganisms emerged as the dominant source segment in 2021 due to the growing demand for microbial enzymes worldwide
• North America is projected to witness substantial growth from 2022 to 2030 due to the rising R&D activities and the presence of numerous end-use application manufacturers in the region
• Pharmaceuticals emerged as the largest specialty type segment in 2021 on account of the increasing product usage in different applications including wound healing, diagnosing diseases, and killing disease-causing bacteria

Pet Wearable Market Size Worth $6.88 Billion By 2030

 

Pet Wearable Market Growth & Trends

The global pet wearable market size is expected to reach USD 6,888.1 million by 2030 and is set to expand at a CAGR of 14.3% from 2023–2030, according to a study conducted by Grand View Research, Inc. The market has experienced enormous growth as a result of the widespread use of electronic manufacturers’ research and the combination of mobile technology with wearables. The growth of wearables is just beginning to grow, and in the years to come, promises a major revolution in everyday interaction between pets and their owner.

The future of the pet wearable industry is predicted to witness a positive growth trajectory due to consumer expenditure that is motivated by personal factors. These include emotional attachment, reliance on pets for company, entertainment, and mental well-being.

Pet owners’ concern for their pets’ welfare is boosting pet wearables market growth opportunities. Additionally, an increase in the percentage of pet owners and the requirement to monitor their behavior in real-time will encourage more growth in the future. In order to regularly collect pet data, pet owners have recently increased their spending on high-tech gear. They can monitor the activities and health of their pets thanks to this crucial information.

Despite being in its infancy, the pet wearable industry is seeing breakthroughs because of the spread of artificial intelligence and rising internet usage. Growth is also anticipated to be aided by the creation of low-cost sensors, smartphone applications, GPS, and other technologies. Additionally, these investments from major players in pet care and insurance will open up new growth opportunities.

The U.S. has a high pet wearable device penetration rate due to rising pet well-being awareness and rising pet care expenditures, which is anticipated to increase the industry as a whole. The American Pet Products Association estimates that U.S. spending on the pet sector was USD 97.1 billion in 2019 and will likely top USD $100 billion by 2021. Currently, the pet wearable industry is expanding primarily due to the pet wearable industry in the developing nations of Latin America, Asia Pacific, the Middle East, and Africa.

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Pet Wearable Market Report

Pet Wearable Market Report Highlights

• During the forecast period, the GPS-enabled pet wearable devices sector is expected to grow at the quickest CAGR of 15%. Key elements promoting category growth include tracking and monitoring
• With a CAGR of 62.01%, the tracking and identification category is anticipated to grow at the quickest rate. Demand is projected to be boosted by the requirement to monitor a pet’s pulse, temperature, and eating patterns as well as record their medical history
• As an early adopter of technology, North America’s pet wearables market is expected to account for nearly 30% of worldwide sales in 2022. The market for surface vision and inspection in the region is anticipated to increase with the help of the goods

Legal Marijuana Market Size Worth $102.2 Billion By 2030

 

Legal Marijuana Market Growth & Trends

The global legal marijuana market size is expected to reach USD 102.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 25.4% from 2023 to 2030. An increase in the rate of legalization of marijuana for medicinal and adult-use/recreational marijuana and the growing adoption of these products for the treatment of chronic ailments are the primary factors responsible for the growth of the market.

The oil and tinctures product segment held the largest revenue share of over 53.2% in 2022. Owing to its proven medical prowess in the treatment of various health indications and the increasing number of patients preferring it over usually prescribed medicines, governments of many countries are either legalizing or approving it for medicinal use. This is expected to be the key driver for the oil and tinctures segment.

The medical application segment captured the largest revenue share of over 82.6% in 2022 and is expected to grow at a significant CAGR during the forecast period. This can be attributed to the growing demand among the younger generation and patients for the prescription of cannabis for medicinal purposes. Medical marijuana is anticipated to grow at a steady rate throughout the forecast period owing to the legitimization in different geographies in comparison to recreational/ adult-use marijuana.

In the medical application segment, the chronic pain segment held the largest revenue share of over 25.0% in 2021. The medicinal use of cannabis has been embraced increasingly by governments and people all over the world. The sub-segment is expected to grow at a steady pace throughout the forecast period due to the increase in the use of marijuana for relieving pain symptoms across geographies.

North America led the market with a revenue share of over 78.8% in 2022. This is due to the fact that North America was one of the first regions to legitimize the use of medical and recreational cannabis owing to its vast consumer base. The COVID-19 pandemic has adversely affected the supply chain of legal cannabis as with other markets. The market also witnessed the effect of the supply chain disruptions during the pandemic. An increase in the number of countries legalizing it and an increase in the number of prescriptions filled for medicinal marijuana are an indication of the fact that the growth spur will continue post-pandemic.

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Legal Marijuana Market Report

Legal Marijuana Market Report Highlights

• In 2022, the oil and tinctures product type segment accounted for the largest revenue share of over 53.2% owing to the low price and ease of accessibility of flowers compared to other products
• Based on application, the medical segment accounted for the largest revenue share of over 82.6% in 2022 owing to the high demand among millennials and patients for medicinal marijuana
• In the medical application segment, the chronic pain segment accounted for the largest revenue share of over 25.0% in 2021 owing to the rising adoption by the governments and people all over the world

Dermatology Devices Market Size Worth $34.3 Billion By 2030

 

Dermatology Devices Market Growth & Trends

The global dermatology devices market size is expected to reach USD 34.3 billion by 2030, registering a CAGR of 12.30% over the forecast period, according to a new report by Grand View Research, Inc. Dermatology devices are expected to have a high demand due to rising beauty consciousness, increasing cases of skin diseases, and the growing influence of social media. The incidence of skin disorders, such as psoriasis, acne, eczema, and skin lesions, is continuously rising across the globe owing to irregular lifestyles and food habits. Melanoma is the deadliest form of skin cancer arising due to overexposure to the sun. Dermatology diagnostic devices help in the early diagnosis of melanoma.

The high prevalence of this skin condition is anticipated to contribute to market growth. For instance, in 2019, nearly 7,800 Canadians were estimated to be diagnosed with melanoma and nearly 1,300 Canadians were estimated to die due to melanoma. Obesity has become one of the major health concerns as well, for both the male and female populations. Hence, fat removal procedures are being highly adopted. Liposuction is considered an effective obesity treatment. A rise in disposable income levels is also another factor driving the product demand. In addition, technological advancements in laser treatments are increasing the application scope of these devices, thus boosting the demand by physicians and patients alike.

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Dermatology Devices Market Report

Dermatology Devices Market Report Highlights

• Treatment devices dominated the market in 2022 due to a rise in awareness regarding various aesthetic procedures & products, which led to increased adoption of both surgical and non-surgical cosmetic procedures
• Laser devices held a significant market share in 2022 due to their extensive usage in a variety of diseases and cosmetic treatments
• Skin cancer diagnosis held a substantial market share in 2022 on account of the high prevalence of this disease, particularly melanoma
• Skin rejuvenation is expected to have a lucrative growth over the forecast period due to the growing number of geriatric people opting for such treatment procedures
• The hospitals segment held the largest revenue share in 2022 owing to the advanced infrastructure and enhanced services offered in these settings
• North America was the dominant regional market in 2022 due to the increased beauty consciousness and awareness regarding aesthetic procedures

Sports Nutrition Market Size Worth $81.8 Billion By 2030

 

Sports Nutrition Market Growth & Trends

The global sports nutrition market size is expected to reach USD 81.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.4% from 2023 to 2030. The rising adoption of fitness activities and diet food is expected to contribute to the market growth.

The consumption of sports nutrition products by a large population pool is expected to drive the market. Moreover, the increasing number of health clubs and fitness centers is anticipated to positively contribute to the growth. For instance, Brazil had 29,125 fitness and health clubs operational in 2020, while Mexico had 12,817 health clubs. Furthermore, there has been a noticeable increase in the demand for fitness as consumers seek to exercise and reap the benefits of an active lifestyle.

The rising number of individuals suffering from obesity and increased awareness about health-related issues are expected to boost the demand for supplements during the forecast period. For instance, in North America, the incidence of obesity is growing at an alarming rate. According to the CDC, the prevalence of obesity in the U.S. was 41.9% from 2017 to 2020. Further, an increase in awareness about the role of nutritional supplementation in managing health and leading an active life is fueling the market growth. The increasing popularity of herbal and organic products is also a significant factor driving the market.

Increased use of social media platforms for the promotion of nutritional products by manufacturers and the partnerships undertaken by them with fitness influencers, bloggers, and nutrition influencers are expected to boost awareness about the products, thereby positively impacting the growth of the market during the forecast period. For instance, MyProtein hired celebrity nutritionist Arunav Bhattacharyya as a brand influencer to promote its brand in India.

Various initiatives such as the launch of new products and product innovations are being undertaken by manufacturers, which is driving the market. For instance, in February 2021, Clif Bar & Company launched snacking bars to expand its Luna bars product portfolio. These snack bars comprise prebiotics to support digestive health and act as healthy snacking alternatives or meal replacements. Moreover, the adoption of online platforms has increased considerably due to the COVID-19 pandemic. According to a survey conducted by United Nations Conference on Trade and Development and Netcomm Suisse eCommerce Association, online purchase of pharmaceutical and health products has increased by 9.0%. This, in turn, is driving the nutritional supplements market.

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Sports Nutrition Market Report

Sports Nutrition Market Report Highlights

• In 2022, by product, the sports supplements segment held the largest share due to the growing awareness about health and fitness among the adults
• In 2022, the post-workout application segment dominated the market owing to the various benefits offered by these products such as increased muscle strength and recovery
• In 2022, the powder formulation segment held the largest share due to the ease of consumption and longer shelf life of products
• In 2022, the adult consumer group segment held the largest share owing to the increased number of adults taking up fitness and exercise activities
• In 2022, the fitness enthusiasts end-user segment dominated the market due to the growing trend of fitness among the consumers
• The brick-and-mortar sales channel segment held the largest share in 2022 due to the customer preference to buy products through these stores
• In 2022, North America held the largest share of over 45.0% due to the availability of advanced healthcare facilities and high healthcare expenditure

Radiation Oncology Market Size Worth $21.14 Billion By 2030

 

Radiation Oncology Market Growth & Trends

The global radiation oncology market is expected to reach USD 21.14 billion by 2030, registering a CAGR of 12.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the market is attributed to the global rise in cancer burden, the growing geriatric population, and supportive reimbursement programs undertaken by the government and private organizations. Furthermore, the increasing technological innovation and advancement in radiotherapy offer lucrative opportunities for market growth.

The world is witnessing an increasing prevalence of cancer cases which is the key factor driving the radiation oncology market growth. For instance, according to Globocan, in 2020, more than 20.0 million people were diagnosed with cancer, and 10.0 million died of cancer. Moreover, the aging population is at high risk of cancer due to a weak immune system and comorbid conditions; thereby, the rising geriatric population further fuels market growth. For instance, in 2020, according to WHO estimates, the global geriatric population was approximately 1.0 billion and is expected to reach 2.1 billion by 2050.

Extensive research activities for the development of novel radiotherapy techniques and multidisciplinary therapeutic approaches are expected to lead to an increased survival rate and a more favorable prognosis of cancer. For instance, in December 2022, Elekta Unity demonstrated MR-Linac use for pancreatic tumors, where the first-ever patient was treated with new advanced radiotherapy motion management.

Similarly, in June 2020, Isoray signed a research agreement with the University of Cincinnati Physicians Company to study neck and head cancer treatment. The companies will evaluate the efficacy of Keytruda along with Cesium-131 post-surgical resection. Using such medical isotopes for cancer treatment may boost the research in developing a new target-specific radiation therapy system by understanding disease complexity & patients’ need, thereby widening the opportunity in the market.

Furthermore, supportive reimbursement and regulatory policies for radiation therapy are also expected to drive the radiation oncology market growth. For instance, in July 2021, the Centers for Medicare and Medicaid Services (CMS) developed a new Radiation Oncology Payment Model (RO-APM) for the diagnosis of cancer and radiotherapy services. It enhances the quality of care of the patients and reduces the annual Medicare expenditure.

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Radiation Oncology Market Report

Radiation Oncology Market Report Highlights

• By type, the external beam radiation therapy (EBRT) segment accounted for a 64.53% share of the radiation oncology market in 2022 due to the rapid technological advancement, and increased adoption in the treatment of various types of cancers
• Based on technology, in 2022 intensity-modulated radiotherapy (IMRT) segment dominated the market due to the increased availability of technologically advanced IMRT’s in countries with unmet treatment needs. However, brachytherapy is estimated to be the fastest-growing segment during the forecast period
• In 2022, EBRT segment held the highest market share in the application space. Moreover, EBRT segment is also anticipated to maintain its dominance during the forecast period
• North America dominated the global market in 2022 owing to the factors such as the increase in new cancer cases, high awareness among healthcare professionals about advanced radiotherapy, and better healthcare access in the region

Hyaluronic Acid Market Size Worth $16.8 Billion By 2030

 

Hyaluronic Acid Market Growth & Trends

The global hyaluronic acid market size is expected to reach USD 16.8 billion by 2030, expanding at a CAGR of 7.58%, according to a new report by Grand View Research, Inc. Factors, such as increasing concern of population regarding chemicals, desire to get quick and evident results, and shorter recovery time are high impact rendering drivers. The industry is evolving rapidly due to the increasing adoption of aesthetic procedures in developed and developing regions. Increasing the use of hyaluronic acid surfaces in cardiovascular implants, such as stents and vascular grafts, for improving compatibility coupled with the growing awareness about anti-aging products is fueling the growth.

The efficacy and evident results of hyaluronic acid-based dermal fillers are attracting this population base. Furthermore, the COVID-19 pandemic has changed the dynamics of many industries, with movement restrictions, social distancing, and revised practices becoming the “new normal.” As the cosmetic industry is gradually resuming its operations, a number of doctors have reported a significant increase in inquiries for aesthetic surgeries. Moreover, the lockdown has encouraged all professionals to use video-conferencing facilities, which has made people more conscious of their looks. In some cases, it has led people to opt for cosmetic treatments; this is termed the “Zoom Boom” or the “Zoom effect.”

Cosmetic surgeons across the world have witnessed a significant increase in the number of patients as a result of the pandemic, particularly in countries, such as the U.S., Australia, and Japan. North America held the maximum revenue share in 2022. Preference for short-treatment regimens, even though high-priced, and the prevalence of target diseases, such as osteoarthritis, are the key factors attributed to the high share. In 2022, the most lucrative product applications in the North America region were in the form of dermal fillers and viscos supplements for the management of osteoarthritis. Asia Pacific is anticipated to register the fastest CAGR during the forecast period.

The growing geriatric population in China and Japan provide a large customer base for anti-aging products and services. Rising awareness about product applications and efficacy also fuels the demand. In addition, increasing disposable income levels are further supporting the region’s expansion. Europe has undergone impressive changes over the last 2 years. The growing demand is witnessing increasing price competition owing to new entrants. The WHO recently announced the obesity epidemic in the U.K. and Germany. The relationship between the increasing aging population and obesity is a potential driver for the Europe regional sector

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Hyaluronic Acid Market Report

Hyaluronic Acid Market Report Highlights

• The osteoarthritis segment dominated the global industry and accounted for the maximum share of the overall revenue in 2022
• The rising obesity resulting in osteoarthritis and joint pain has increased the demand for hyaluronic acid injections as a treatment
• Hyaluronic acid acts as a shock absorber or a cushion and lubricates the joints, thus helping in proper functioning
• There are a number of ophthalmic surgical products that use hyaluronan/hyaluronic acid as an active ingredient
• These include Vitrax, Healon, Amivisc Plus, Amvisc, Hylan G-F20, and Opegan
• The increasing prevalence of age-related eye diseases, dry eye syndrome, adult-vision impairments, and chronic diseases, such as diabetes, are major factors leading to segment growth

Education Technology Market Size Worth $348.41 Billion By 2030

 

Education Technology Market Growth & Trends

The global education technology market size is expected to reach USD 348.41 billion by 2030, growing at a CAGR of 13.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The process of learning is evolving gradually in line with advances in technology. From virtual classrooms to massive open online courses (MOOCs), the education technology (EdTech) industry is transforming rapidly, thereby leading to an influx of massive investments worldwide. Having realized the potential of leveraging the advances in technology to enhance the process of learning, governments across the world are encouraging the incumbents of the education industry to undertake various initiatives aimed at integrating EdTech into the overall education system.

For instance, in January 2022, the Delhi government took the initiative to install 20,000+ smart classrooms in the school by installing 16 smart classrooms in Shaheed Amir Chand Sarvodaya Vidyalaya. The initiatives toward deploying smart classrooms enhance the teaching-learning process and let students access all online learning resources. The classrooms would have modern cameras installed for the live recording of sessions which teachers and students would further access for future needs.

The proliferation of smart devices and the continued rollout of internet connectivity drive the growth of the global education technology market. The growing awareness about the advantages of integrating the latest technologies in education systems is also contributing to the growth of the market. Developed economies, including the U.S., U.K., and Germany, are focusing on introducing innovative EdTech offerings, supporting education administration, reducing teacher workload, and engaging students and the community.

On the other hand, emerging economies focus on ensuring easy and convenient access to educational opportunities for the citizens. EdTech holds immense potential to ensure access to education for the rapidly growing population, particularly in emerging economies. For instance, in December 2022, Google LLC, an American multinational technology company unveiled Courses, a new feature that will strive to bring a structured learning experience on YouTube, a global online video-sharing and social media platform.

The education industry is on the cusp of a digital revolution. In the age of digitization and automation, conventional teaching methods are not the only available options for educating students. Advances in the latest technologies, such as AI, robotics, and AR/VR, and their potential integration into learning are anticipated to transform conventional teaching techniques.

For instance, in March 2022, 3RDFLIX Visual Effects Pvt. Ltd. (Practically), an EdTech firm, acquired Foradian Technologies. (Fedena) a school management software platform. This acquisition would let schools use collaborative and innovative tools for teaching, such as simulations, Augmented Reality, and 3D Videos for education. These cross-curricular learning opportunities can enable institutes and teachers to streamline resource commitments while encouraging students’ knowledge development through practical and cross-curricular applications.

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Education Technology Market Report

Education Technology Market Report Highlights

• North America dominated the market in 2022, accounting for the largest share of global revenue. Some of the major higher institutes and educational organizations across North America are increasingly shifting their focus from legacy EdTech education system toward online-based EdTech solutions
• The K-12 segment led the market in 2022 owing to the growing trend of game-based learning in the K-12 sector. Integration of AI in schools and universities to automate activities, such as grading subjects and providing feedback, is anticipated to propel the demand for EdTech offerings
• The business segment accounted for the largest share of the global revenue in 2022. The high share can be attributed to the increasing partnerships and collaborations done by various market players to expand their product portfolio and strengthen their position in the global market
• The hardware segment led the market in 2022. The widespread use of mobile devices and tablets is leading to the use of gamification and immersive learning in educational institutions for an interactive and enhanced learning experience
• The on-premises segment led the market in 2022, accounting for the highest share of global revenue owing to the reliability and scalability of usage in the EdTech market.

Remote Patient Monitoring System Market Worth $16.9 Billion By 2030

 

Remote Patient Monitoring System Market Growth & Trends

The global remote patient monitoring system market size is expected to reach USD 16.9 billion by 2030, according to a new report by Grand View Research Inc. It is projected to register a CAGR of 18.5% from 2023 to 2030. The COVID-19 pandemic has had a significant impact on the remote patient monitoring system. The main drivers for this market are the increasing geriatric population, cost-effective treatment, and the rising prevalence of chronic conditions. The breakout of COVID-19 has propelled the demand for remote patient monitoring devices and services as healthcare facilities were burdened with COVID-19-infected patients. Key players like Smiths Medical reported that the demand for their home monitoring devices substantially increased during the pandemic.

The amalgamation of telehealth with remote patient monitoring services is expected to further boost market growth. The Asia Pacific is also projected to be a key revenue generator in the coming years. The region is backed by developing countries such as China, South Korea, and Thailand which are witnessing an increase in the number of chronic diseases owing to lifestyle changes. Cardiovascular disease is among the leading cause of death in these countries. The remote patient monitoring system is expected to play a key role in the early detection and timely management of these diseases.

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Remote Patient Monitoring System Market Report

Remote Patient Monitoring System Market Report Highlights

• The cardiac rhythm monitor segment is expected to witness a significant CAGR over the forecast period owing to the increasing incidence of cardiac conditions globally
• The home healthcare segment is projected to witness a CAGR of 22.0% over the forecast period owing to a rise in the number of patients accessing remote monitoring due to the COVID-19 pandemic
• In Asia Pacific, the market is expected to showcase high growth potential due to the presence of large unmet needs in emerging economies such as China and India
• This region is also backed by Japan, which has one of the highest numbers of 65+ year-old adults at a global level

Biotechnology & Pharmaceutical Services Outsourcing Market Worth $108.0 Billion By 2030

 

Biotechnology & Pharmaceutical Services Outsourcing Market Growth & Trends

The global biotechnology and pharmaceutical services outsourcing market size is expected to reach USD 108.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.5% from 2022 to 2030. The COVID-19 pandemic has significantly impacted Biotechnology and Pharmaceutical third-party service providers as well as clinical trials, resulting in trial delay, suspensions, and terminations. The global crisis has stressed the need for virtual trials and leveraging technology and software solutions. The recovery from the pandemic has led to increasing adoption of machine learning-based platforms, artificial intelligence, automation in drug manufacturing, and innovative trial designs are projected to transform the CRO and CMO landscape in the coming years.

Biopharmaceutical and pharmaceutical investments in novel and innovative therapies, for instance, regenerative medicine, are driving the R&D activity together with drug development services. The high demand for biologics along with small molecules has led to the expansion of service portfolios of Contract Manufacturing Organizations (CMOs)/Contract Research Organizations (CROs) for biotechnology and pharmaceutical production. Small pharma/ biotech companies are facing challenges while performing in-house development, manufacturing, regulatory affairs, product maintenance, product design and development, product testing and validation, and training and education such as lack of substantial expertise and expensive capability. This in turn has created lucrative opportunities for the growth of CMOs and CROs. Contract services are growing and becoming strategic, targeted, and planned. These factors are expected to play a pivotal role in enhancing the share of CMOs/CROs in the overall market.

Growing pricing pressure, regulatory challenges, and patent expiration have led to shrinking margins in the biotech and pharmaceutical industry. Contract services are considered a “strategic competitive weapon” among the companies, as these services help overcome these issues. These services offer cost saving to their clients as choosing sustainable suppliers could lead to reduced costs in the long run. They also help save time utilized in the operations and management of a production and research facility. Contract research and manufacturing allows low-cost product development and manufacturing cost of a product. Furthermore, outsourcing services assist in overcoming trade barriers and facilitate the entry of firms into the foreign market. Owing to these advantages, several firms choose to outsource services rather than investing capital in production equipment and hiring skilled labor.

The biologics industry has grown substantially in recent years to include novel product types including nanobodies, rDNA, synthetic vaccines, fusion proteins, soluble receptors, immunoconjugates, and immunotherapeutics. Owing to the revolutionization of disease therapy through biologics, this sector has also provided many opportunities to explore hybrid structures that combine biologics with well-defined chemical entities. The significant growth of biologics is expected to drive the demand for outsourcing of biologics development and manufacturing.

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Biotechnology & Pharmaceutical Services Outsourcing Market Report

Biotechnology & Pharmaceutical Services Outsourcing Market Report Highlights

• The consulting segment is expected to dominate the market with a share of 19.5% in 2021. Owing to the increase in the number of fraudulent cases, discrepancies in intellectual property rights, and rise in technological innovations
• Based on service, the others segment is expected to witness the highest CAGR of 6.4% over the forecast period owing to increasing focus on generic and biosimilar in developing regions
• The pharma segment is expected to witness a CAGR of 5.7% over the forecast period as the pharmaceutical companies outsource internal activities at a larger scale due to rising pricing pressure, and growth of generics in the industry
• North America dominated the market and accounted for the largest revenue share of 53.8% in 2021 due to the presence of a large number of biotechnology and pharmaceutical companies and the quality of services offered by the CROs and CMOs in the region
• In Asia Pacific, the market is anticipated to register the highest CAGR of 6.1% over the forecast period owing to improved regulatory frameworks, the high scope for cost savings, and the presence of cheap skilled personnel

Non-destructive Testing Market Size Worth $34.2 Billion By 2030

 

Non-destructive Testing Market Growth & Trends

The global non-destructive testing market size is anticipated to reach USD 34.2 billion by 2030, registering a CAGR of 7.9% over the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to witness significant growth over the forecast period. The growth is ascribed to the increasing manufacturing in the developing as well as developed nations.

The use of non-destructive testing (NDT) helps detect the faults precisely, reducing the product/component failure probability as well as costs incurred in the repairs of the components. The use of NDT also speeds up the process of manufacturing as the possible faults are eliminated beforehand. The key factor expected to drive the growth of the market is the technological advancements in non-destructive testing methods. Improvements in the techniques have ensured deviation-free fault detection and have reduced the complexity involved in the testing procedures considerably.

The ultrasonic testing segment is expected to witness significant growth over the forecast period. This growth is ascribed to the ease of handling the equipment, availability of skilled technicians, and precise fault detection. The manufacturing segment is expected to deploy NDT techniques extensively over the forecast period owing to the increasing awareness regarding their use.

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Non-destructive Testing Market Report

Non-destructive Testing Market Report Highlights

• The market is expected to exhibit a CAGR of 7.9% over the next eight years owing to a rise in manufacturing-related activities globally
• The services segment accounted for the largest revenue share of over 75.6% in 2022. The high upfront cost of non-destructive equipment coupled with technical complexities involved in their deployment/installation is the major reason influencing end-users to outsource their non-destructive testing operations
• Rapid industrialization, especially in developing economies has significantly contributed to the growth of the market
• The ultrasonic testing segment is expected to witness a significant CAGR of 8.3% over the forecast period owing to the benefits such as ease of handling and precise results
• The automated ultrasonic testing (AUT) segment is expected to witness a significant CAGR of 10.5 % over the forecast period owing to the aggressive efforts being pursued by NDT equipment and service providers to devise innovative inspection technologies and serve their customers more efficiently
• The manufacturing vertical segment was the dominant segment in 2021 and is expected to witness a healthy CAGR of 9.0% over the forecast period owing to the increased manufacturing activities, primarily in Asia Pacific
• North America dominated the market in 2021 and accounted for the largest revenue share of more than 36.0%, owing to the extensive adoption of NDT techniques in the region

Oleochemicals Market Size Worth $39.08 Billion By 2030

 

Oleochemicals Market Growth & Trends

The global oleochemicals market size is expected to reach USD 39.08 billion by 2030, expanding at 7.1% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by the increasing demand in the global markets for biopolymers.

The global oleochemical industry remains robust and is largely dependent on the movement of application markets. Personal care and cosmetics take up a majority share of the market on a global scale due to increasing consumer awareness about the benefits of using personal care products and increased expenditure on cosmetic products. Seeking the opportunity, globally, several multinational brands have emerged with premium cosmetic and personal care products to capture a significant share of the market.

Additionally, the fluctuating petrochemical prices are one of the major factors driving the shift in the trend toward sustainable chemicals. Moreover, the consumption of oleochemicals is expected to rise significantly in the coming years as a consequence of increasing demand for personal care products, pharmaceuticals, and food items.

Major firms that are vertically integrated throughout the value chain continue to define the market dynamics. The oil palm plantation, which includes independent farmers or plantation businesses, is where the value chain originates. Large worldwide firms with extensive presences across the value chain, like Vantage Specialty Chemicals; Emery Oleochemicals; Ecogreen Oleochemicals; and Kao Corporation, hold a sizeable share of the global oleochemicals industry.

Vegetable and animal oils & fats are utilized as common raw materials in the production of oleochemicals. They come from petrochemical feedstock as well. Rapeseed oil is a significant vegetable oil, as are those made from palm, castor, sunflower, soybean, peanut, and corn. Any fluctuations in the prices and availability of these raw materials affect the overall cost of production and as a result, increase the end cost of the product

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Oleochemicals Market Report

Oleochemicals Market Report Highlights

• The fatty acid methyl ester segment is expected to register the fastest growth rate of more than 8.7% during the forecast period, owing to the increase in demand for biodiesel and detergents as it is used in the production of these products
• The personal Care & Cosmetics application segment witnessed the fastest growth rate of approximately 7.9% due to the growing demand for oleochemicals in anti-aging and organic products to maintain an aesthetic appeal
• Asia Pacific region is expected to grow at the fastest growth rate of 7.8% from 2023 to 2030, on the account of overall development in the end-use application industries like personal care & cosmetics, food processing, pharmaceutical, and consumer goods
• In countries like India, China, Indonesia, and Malaysia, there has been a rapid increase in the number of food processing, cosmetics, pharmaceutical, and textile startup companies. This is expected to create a lucrative growth opportunity for various oleochemicals in the industry
• The global oleochemicals industry is highly competitive due to the presence of various dominant manufacturing companies such as Evonik Industries AG; Wilmar International Ltd.; Kao Chemicals Global; Corbion, Cargill; Incorporated; and Godrej Industries

Textile Market Size Worth $1,420.3 Billion By 2030 | CAGR: 4.0%

 

Textile Market Growth & Trends

The global textile market size is anticipated to reach USD 1,420.3 billion by 2030, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. The rising consumer awareness levels coupled with rapidly changing trends in the fashion industry are projected to drive market growth. The rise in the e-commerce platforms that support sales and distribution of different types of products manufactured by the textile industry is also expected to drive the demand for textile-related products, thereby augmenting the market growth. In addition, stringent regulations to ensure labor or worker safety in various application industries are propelling the demand for Personal Protective Equipment (PPE), which requires wool or treated cotton as a raw material.

This, in turn, will boost the market further. In addition, technological advancements and the employment of a large number of skilled and unskilled labor involved in the product manufacturing from materials, such as natural fibers, polyesters, nylon, and others, are acting as a growth driving factor for the global market. Furthermore, the increasing concerns regarding the environment are also fueling the demand for sustainable and natural fibers, such as cotton, hemp, linen, silk, and others, which, in turn, is adding growth prospects to the overall market. The cotton raw material segment is expected to grow at a significant CAGR, in terms of volume, over the forecast period. This growth can be attributed to the high production and availability of cotton across various prominent regions including North America, Europe, and Asia Pacific.

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Textile Market Report

Textile Market Report Highlights

• In 2021, the fashion application segment accounted for the maximum revenue share and is likely to ascend at a significant CAGR during the forecast period
• Rapidly changing fashion trends coupled with the demand for high-quality apparel in sports activities is likely to boost the segment growth
• In 2021, Asia Pacific emerged as the largest regional market owing to the presence of large raw material-producing countries, such as China, India, Australia, and Japan
• In North America, the revenue for the natural fibers product segment stood at USD 54.8 billion in 2021 and is anticipated to gain a higher share in the coming years due to the rising demand from the fashion, sports, and apparel industries
• Prominent players in the market are establishing business units in the raw material-producing regions for easy procurement as well as low-cost labor
• Moreover, supportive government policies, such as trade agreements and investment within the countries, are expected to influence the market

Ammunition Market Worth $36.75 Billion By 2030 | CAGR: -5.6%

 

Ammunition Market Growth & Trends

The global ammunition market size is expected to reach USD 36.75 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to decline at a CAGR of -5.6% from 2023 to 2030. Increasing investments in defense equipment by militaries on account of the rise in geopolitical tension across the globe are anticipated to drive the demand for ammunition in the estimated time. Increasing procurement of artillery and mortar platforms by the Indian Army over the next ten years through several development platforms is expected to raise the number of ammunition over the forecast period. Additionally, the rise in hostilities is expected to ascend the demand for ammunition in the Middle Eastern countries in the projected time frame.

Technological innovations for the replacement of brass-based bullet cases using polymer-based bullet cases are expected to offer growth prospects to the market. The application of polymer materials in bullets reduces the ammunition weight by over 40%, wherein the impact of the same is unaffected, thereby making the ammunition lighter and more accurate when compared to conventional bullets. Rising geopolitical issues, warlike situations, and increasing terrorist activities across the globe are leading to the rise in stockpiling of ammunition by prominent militaries and armed forces. This strategy is likely to offer cost savings as the ammunition is purchased in high volume at cheap prices. This is anticipated to support the market growth in the estimated time.

Hunting in the European Union has led to an accumulation legacy of lead discharged from spent ammunition. This lead exhibits harmful toxic effects on the wildlife, environment, and humans who consume the hunted game meat. Thus, non-toxic lead substitutes for both shotgun and rifle ammunition have been developed and required in some jurisdictions of the European Union. In the European Union, more than 25 companies manufacture or distribute lead-free shotgun ammunition and further 14 companies distribute lead-free rifle ammunition. However, the wide transition in terms of using lead-free ammunition has been resisted by ammunition-making and hunting communities in the region.

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Ammunition Market Report

Ammunition Market Report Highlights

• By caliber, small caliber emerged as the second largest segment in 2022 majorly due to a wide range of applications including assault rifles, handguns, and pistons
• Based on product, the centerfire segment accounted for the largest revenue share in 2022 and is projected to witness the fastest growth over the forecast period as it is defined as a universal standard in most of the defense forces across the globe
• On the basis of end use, the defense segment emerged as the largest segment in 2022 majorly due to rising ammunition procurement by homeland security forces
• The industry in Asia Pacific is expected to register an exponential CAGR of 3.8% over the forecast period, primarily due to the upgrading of defense forces across countries such as China, India, Australia, and Singapore
• The U.S. led the North American market in 2022 and is expected to grow substantially during the forecast years, mainly due to rising defense expenditure in the economy, coupled with intensive training activities conducted by the country’s defense forces

Phosphate Fertilizer Market Size Worth $176.06 Billion By 2040

 

Phosphate Fertilizer Market Growth & Trends

The global phosphate fertilizer market size is estimated to reach USD 176.06 billion by 2040, registering a CAGR of 5.7% from 2022 to 2040, according to a new report by Grand View Research, Inc. Growth can be attributed to increasing demand for fertilizers for usage in agricultural applications and is expected to drive the growth of the market during the forecast period.

Phosphorus rocks are the key raw materials used to manufacture phosphate fertilizers. Globally, the U.S. is the leading producer and consumer of phosphate rocks, which are primarily used for the manufacturing of the product. Rising global demand for food is a significant factor driving the growth of phosphate fertilizer market.

Governments of major agrarian economies such as Brazil and India support the use of the product to improve crop yields. This has encouraged farmers and local entrepreneurs in these countries to increase the consumption of phosphate grades. In 2020, amid the COVID-19 pandemic, the prices of primary raw materials such as ammonia and sulfur increased sharply owing to supply restrictions and refinery curtailments.

The Asia Pacific is expected to register significant growth in the coming years owing to the agriculture, food, and horticulture industries as they are the key sectors for economic development, accounting for a substantial GDP share.

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Phosphate Fertilizer Market Report

Phosphate Fertilizer Market Report Highlights

• The Asia Pacific is projected to have growth over the forecast period due to increasing agricultural production. In revenue terms, the APAC market is expected to expand at a CAGR of 5.8% between 2022 and 2040
• The global market will grow significantly owing to the factors such as increased demand from agricultural producers for a fertilizer that provides necessary nutrients such as nitrogen and potassium
• Cereals and grains appeared as the largest application segment in 2022 and is anticipated to grow at a CAGR of 5.8% between 2022 and 2040. The use of phosphoric fertilizer in cereals and grains is majorly increasing in the production of wheat owing to its increased demand

Lubricants Market Worth $180.21 Billion By 2030 | CAGR: 3.7%

 

Lubricants Market Growth & Trends

The global lubricants market size is estimated to reach USD 180.21 billion by 2030, registering a CAGR of 3.7% over the forecast years, according to a new report by Grand View Research, Inc. The product demand is expected to increase in the coming years due to an increase in the number of vehicles on the road and high-performance requirements in a vehicle. Furthermore, manufacturers are also moving and expanding their production facilities in developing countries due to several factors, including lower infrastructure and labor costs. This, in turn, is anticipated to accelerate industry growth during the projected period. Lubricant is a key product due to its high demand from application industries, especially industrial and automotive.

Key manufacturing companies produce various types of lubricants, such as engine oils, transmission fluids, gear oils, greases, compressor oils, brake fluids, and process oils. A few oil majors, such as British Petroleum, Shell, Ashland, Inc. & ConocoPhillips, have established their subsidiaries Castrol, Pennzoil, Valvoline & Kendall with broader product portfolios. This allows these companies to mark their presence in desired application markets.APAC has emerged as one of the largest consumers of lubricants owing to the rapidly growing automotive industry along with industrial development in the region. The most extensively used products in the Asian market include automotive engine oils, greases, and hydraulic fluids.

The government initiatives of various countries in the Asia Pacific to boost domestic manufacturing activities as an attempt to reduce the reliance on imports and improve the sustainability of the industrial sector in emerging economies, such as India, Vietnam, Indonesia, and Thailand, are expected to drive product consumption in the expanding industrial sector. The emergence of bio-based lubricants is the latest trend in the global industry. Major companies are investing in bio-lubricants since several regulations have been formulated by authorities, such as EPA, to reduce emissions from vehicle engines. Companies, such as Chevron & ExxonMobil, are directly involved in the manufacturing of products for specific applications.

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Lubricants Market Report

Lubricants Market Report Highlights

• In 2021, processed oil emerged as the dominant type of industrial application segment owing to its diversified usage in various industries especially, in the tire industry
• Automotive & industrial are the major application segments. The demand for high-performance engines in the automotive industry is one of the key factors driving the product demand in the automotive sector
• Increasing industrial production in emerging markets of Asia Pacific and Latin America is anticipated to drive industrial lubricants demand over the forecast period
• Mining, unconventional energy, and chemicals industries are projected to be among the largest markets for industrial lubricants
• Asia Pacific is projected to grow at the highest CAGR over the forecast years owing to the presence of several car manufacturing companies in China, India, and Japan

Waterproofing Membranes Market Worth $40.15 Billion By 2030

 

Waterproofing Membranes Market Growth & Trends

The global waterproofing membranes market size is likely to reach USD 40.15 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.1% from 2023 to 2030. Growing advancement in infrastructure and construction activities coupled with a rise in demand for wastewater and water management is expected to drive the market. Biomembranes are expected to witness a high adoption trend in the coming future owing to the increasing product demand in green-building construction. In addition, government support to replace old buildings with new ones is opening new growth avenues for the construction industry, which, in turn, is adding growth to the market.

The market is highly dependent upon the dynamic of the raw material supply chain. Although all types of products including cementitious, bituminous, polyurethane, and others are used for manufacturing waterproofing membranes, cementitious liquid applied membrane and bituminous sheet membranes are the most commonly used waterproofing membrane in the market. The industry exhibits several mature players controlling the significant market share. However, increasing competition from a large number of small and local manufacturers from Asia Pacific is expected to increase the market competition. The market players put high stress on using sustainable raw materials to ensure an environmentally friendly image to their clients.

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Waterproofing Membranes Market Report

Waterproofing Membranes Market Report Highlights

• The liquid applied membrane product segment led the market and accounted for more than 63.9% share of the global revenue in 2022, on account of its thermal-reflective properties for any exterior surface application
• The polyurethane liquid applied waterproofing membrane segment is expected to witness the fastest CAGR of 9.1% in terms of revenue during the forecast period, owing to seamless finish and easy and fast installation procedure
• The roofing application segment held the largest revenue share of 31.8% in 2022., owing to its high exposure to changing climatic conditions and leakages across residential, commercial, and industrial buildings
• Asia Pacific accounted for the largest revenue share of 32.1% in 2022., owing to increasing investment in residential and commercial construction due to rapid industrialization and growing population
• The majority of the manufacturers have started emphasizing sustainable and corrosive protective raw materials for producing waterproofing membranes to increase their market presence. In addition, growing infrastructure in the developing markets of China, India, Brazil, and others are adding rapid growth to the construction sector, thereby adding growth prospects for the market