Textile Chemicals Market Size Worth $36.13 Billion By 2030

 

Textile Chemicals Market Growth & Trends

The global textile chemicals market is expected to reach USD 36.13 billion by 2030, as per the new report by Grand View Research, Inc., rising at a CAGR of 4.7% during the forecast period. The growth is majorly driven by increasing demand for textile products from major applications including apparel, home furnishing, technical textiles, and others.

Rapidly growing demand from the apparel industry is anticipated to propel the demand for the product during the forecast period. Home furnishing, specifically in developing economies, demanding modern and attractive furniture products is expected to have a positive impact on the growth of the market.

Numerous chemicals are used in the fabric manufacturing industry to offer a wide range of performance features during the production process, which are known as process chemicals. These end products include biopolishing enzymes, desizing enzymes, flame retardants, antiviral/antimicrobial agents, lubricating/anti-crease agents, water and oil repellents, printing auxiliaries, and softening agents.

Based on existing operations and technologies, new application areas for textile chemicals are being developed, wherein these products can help improve efficiency, promote cost reduction, reduce environmental impacts, and ensure the performance of formulations. Application sectors for the product include apparel, home furnishing, technical textiles, and others. STYLUS APPAREL, HYAK DESIGN GROUP, Suuchi Inc., TechniTextile Québec, and Stafford Textiles Limited are some of the major end-users in the market.

The manufacturing of textile chemicals is highly dependent on abundant availability and favorable costs of raw materials. In this market, successful commercialization of products such as yarn lubricants, finishing agents, coating & sizing agents, and others and investments in production capacity are some of the key strategies of the market players.

The market is highly competitive owing to the presence of a large number of manufacturers with a global presence. The leading product manufacturers include Dow, Huntsman International LLC, The Lubrizol Corporation, Archroma, Evonik Industries AG, and Solvay S.A.

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Textile Chemicals Market Report

Textile Chemicals Market Report Highlights

• Asia Pacific region witnessed the fastest growth rate of 4.9% in terms of revenue from 2022 to 2030. This faster growth rate is attributable to the increasing number of new manufacturers across the region in major economies such as India, China, and others.
• Treatment of finished products is expected to grow at a faster growth rate of 5.2% in terms of revenue from 2022 to 2030. The demand for these products is expected to rise during the forecast period as the process gives the products the desired properties, as well as improves the handling and aesthetic properties
• The coating is the highest process segment accounting for 71.16% share in terms of revenue from 2022 to 2030, as it can enhance or improve the fabric properties and characteristics.
• The coating & sizing product segment accounted for the highest share of about 37.91% of the total market volume in 2021. This high share is attributable to the growing demand for chemicals that improve or enhance their aesthetic properties and characteristics in the finishing treatment of processing textiles.
• Technical textile application is expected to grow at a faster growth rate of 5.1% in terms of revenue from 2022 to 2030. The demand for these products is anticipated to augment specifically from different industries such as transportation, agriculture, construction, and others.

Stainless Steel Market Size Worth $197.29 Billion By 2030

 

Stainless Steel Market Growth & Trends

The global stainless steel market size is expected to reach USD 197.29 billion by 2030, registering a CAGR of 7.4% during the forecast period, according to a new report by Grand View Research, Inc. Higher penetration of the product and its vital importance in numerous applications is expected to support the market growth, during the forecast period.

Stainless steel has extensive utilization in the automotive sector because of its visual appeal and corrosion resistance properties. Corrosion resistance helps its use in catalytic converters and exhaust silencers. These parts face exhaust gas attacks from the inner side and road dirt, salt, and water from the external side. In such cases, stainless steel is the best suitable material. Automotive applications of the product include fuel tanks, trim, gaskets, suspension systems, and bodies of the buses.

Characteristics of diverse stainless steel materials depending upon the application make them advantageous and preferable when compared to other materials. This is a major reason for their growing demand. For example, if we compare steel and aluminum since they are often considered alternatives in many applications, steel is preferable over aluminum because of its low cost, strength, and less likely to damp, bent, or warp.

Numerous applications have propelled the demand for stainless steel during these years and by enlargement in the end-use industries, the need for these materials is expected to increase further at a rapid rate. As a result, the production of the commodity is carried out on a large scale where iron ore is the key raw material. This ore is mined from the earth’s crust.

The increasing demand together with certain disadvantages, associated with conventional production processes such as the negative environmental effect of iron ore mining, has compelled vendors to opt for an alternative step, which is recycling. The phenomenal property of stainless steel can be recycled frequently without having any impact on the quality eventually promoting the stainless steel scrap industry.

Stainless steel scrap recycling has various benefits economically and environmental. Every ton of recycled steel saves 1.5 tons of iron ore, and 0.5 tons of coal, and reduces water consumption by 40.0%. In addition, carbon dioxide emissions are reduced by 50–60%. As a result, the advantages of metal recycling along with increasing demand for stainless steel in end-use applications are propelling the growth of the stainless steel market.

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Stainless Steel Market Report

Stainless Steel Market Report Highlights

• In terms of revenue, the Asia Pacific was the largest region in 2022 and is projected to remain the fastest-growing market during the forecast period. The region accounted for more than 68.0% of the total revenue in 2022 on account of industrial production for automotive, marine, construction, and consumer goods in the countries such as China, India, and Japan
• 300 series segment is projected to exhibit a CAGR of 7.7%, in terms of revenue, during the forecast period. The market is likely to be driven by the aerospace and marine industries on account of its properties such as thermal resistance and corrosion resistance
• Flat products segment accounted for a volume share of nearly 74.0% in 2022. The segment is projected to grow on account of the demand in consumer goods along with machinery & equipment industries, which is supported by the properties of stainless steel such as concentricity, straightness, and tolerance
• Building & construction application segment is likely to observe a lucrative growth of 7.6% during the forecast period on account of massive investment in infrastructure and housing sectors by the countries such as the U.S., China, and India
• The competitive rivalry within the industry is projected to increase with rising mergers & acquisitions, capacity expansion, in addition to network distribution

HVAC Systems Market Size Worth $234.94 Billion By 2030

 

HVAC Systems Market Growth & Trends

The global HVAC systems market size is anticipated to reach USD 234.94 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 6.3% from 2023 to 2030. The market is expected to expand at a CAGR of 6.3% from 2022 to 2030. The rising adoption of energy-efficient and renewable energy products is anticipated to be a significant driving factor for HVAC demand. Demand for eco-friendly systems, and advanced technology usage in products including software and automation, are a few key factors contributing to the industry’s success. The growing usage of ACs in homes, as well as offices, has favored the HVAC industry over the years. To further boost this demand, rising incomes and standard of living in several emerging economies have also driven business profitability in recent years.

The growing popularity of ductless HVAC(Heating, ventilation, and air conditioning) is also gaining traction and will create avenues for market growth over the mid-term. Installing ACs in buildings without ducts is an impossible task and this is where ductless systems come to save the day. These compact units can be installed almost anywhere devoid of ducts. Apart from new product development energy-efficient and tech-savvy products are also carving a niche for themselves in the market. For instance, products that work on geothermal technologies or renewable energy sources are helping consumers cut energy costs while benefitting OEMs meet sustainability targets.

Apart from efficiency, technology is also making this a lucrative market. Building automation systems are popular among contractors and architects. Therefore, the demand for Building Automation Systems (BAS) is gaining traction, as such creating avenues for the market. Further, ACs are no longer operated manually but can be controlled remotely with a smartphone, PC, or tablet. This functionality and smart feature is also emerging as a popular trend in the market creating revenue streams for manufacturers.

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HVAC Systems Market Report

HVAC Systems Market Report Highlights

• The ventilation systems segment captured more than 15.0% of the overall revenue share in 2022. The growing importance of maintaining optimum indoor air quality is expected to drive segment growth over the forecast period
• The cooling systems segment emerged as the dominant segment in 2022 and accounted for 54.8% of the total revenue share in the same year. Urbanization of tropics and sub-tropic regions of the world will give rise to energy demand to meet thermal comforts. As such the cooling segment will witness a healthy demand over the forecast period
• The booming real-estate sector will create opportunities for HVAC in both residential and commercial sectors; however, commercial demand instigated by increased spending on infrastructure will witness a CAGR of more than 6.8% from 2023 to 2030
• Asia Pacific dominated the market and accounted for a revenue share of more than 46.3% in 2022. Rising temperatures and industrial growth in the region will favor demand over the forecast period
• Since the outbreak of coronavirus, key players operating in the market are focused on introducing products that can improve the air quality. In February 2020, Havells India Ltd. launched Grande heavy Duty Air conditioner under its brand Llyod. The AC features Catechine coated dust filter and Green Bio air filter along with anti-bacterial Eva Coils, which enhances the room air quality

Antimicrobial Additives Market Size Worth $5.63 Billion By 2030

 

Antimicrobial Additives Market Growth & Trends

The global antimicrobial additives market size is expected to reach USD 5.63 billion by 2030, registering a CAGR of 8.9% according to a new report by Grand View Research, Inc. The demand is ascending at a prominent rate owing to increasing product consumption in medical devices & equipment and other end-use industries, such as packaging, food & beverage, healthcare, personal care, and electronic goods. They are majorly utilized to enhance the physical as well as chemical properties, increase shelf life & aesthetic value of materials, and minimize the risk of microbes, such as MRSA and legionella.

The product demand is expected to increase majorly in the healthcare and packaging application industries owing to the COVID-19 pandemic. The continuously rising demand for healthcare and packaging products due to increasing cases of COVID-19 will positively impact the market growth. The Asia Pacific is expected to dominate the global market due to the presence of major healthcare product manufacturers in the region.

According to the U.S. Centers for Disease Control and Prevention (CDC), each year about 1 in 25 patients is diagnosed with at least one health-related infection. Medical devices, such as urinary catheters, vascular access devices, or enteral feeding tubes, are particularly susceptible to the colonization of bacteria, which can enter the bloodstream. Thus, medical device manufacturing companies are focusing on using antimicrobial additives for blending with medical device polymers as these additives are highly successful in preventing bacterial colonization on the surface of device components.

Based on type, the global market is segmented into organic and inorganic. Inorganic was the prominent segment and accounted for around 52.0% of the global revenue share in 2021. The inorganic type of segment is expected to witness significant growth due to the high demand for silver, copper, and zinc based additives. Silver-based products are used as antimicrobial agents owing to their properties, such as non-toxicity, continual performance for a long duration, eco-friendly nature, and protecting microbial growth.

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Antimicrobial Additives Market Report

Antimicrobial Additives Market Report Highlights

• In terms of revenue, the inorganic type of segment accounted for the highest share in 2022 and is expected to expand at the fastest CAGR during the forecast period
• The healthcare end-use segment dominated the global market and accounted for more than 26.0% of the overall revenue in 2022.
• Asia Pacific accounted for the largest revenue share in 2022 and is estimated to register the fastest CAGR from 2023 to 2030. The growth of the Asia Pacific market can be credited to the robust manufacturing base of the healthcare and textile industries across China, India, and Japan
• The industry is highly competitive and various strategic initiatives were recorded over the past few years to boost the market growth. For instance, in November 2019, Sanitized AG partnered with Bodo Moller Chemie for the distribution of its “Sanitized” antimicrobial additives in the Eastern Europe market. In August 2020, Sanitized AG aligned with CHEMLOGIS, this is a strategic sales partnership for antimicrobial polymer additive products for the market in Mexico.

Virtual Production Market Size Worth $6.78 Billion By 2030

 

Virtual Production Market Growth & Trends

The global virtual production market size is expected to reach USD 6.78 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 18.2% from 2023 to 2030. The rising popularity of virtual production in the media and entertainment industry, combined with its capabilities to create high-definition visuals and real-time virtual environments, is the key factor propelling the growth of the market.

The technology enables filmmakers to reduce the demand for on-set production teams and crew members by integrating virtual background environments into live-action footage. This allows for a significant reduction in video production costs. For instance, in 2020, after the covid-19 pandemic, filmmakers in the Hollywood industry found the hi-tech solution of shooting without gathering 100s of people on set. The use of techniques such as cloudbusting, stagecraft LED setup, and robotic camera to shoot actors remotely, known as the Solo Cinebot has helped the filmmaker a lot. Technological advancement in virtual production helps broadcasters improve their operational efficiency with the least physical presence of technicians in the broadcasting room.

For instance, in March 2020, Sky Sports implemented a virtual production suite, which has enabled its teams to create content and stream it remotely. The suite connected 48 virtual workstations and an equal number of direct-to-workstation connections for remote editing, simultaneous live programming, and the distribution of live clippings directly on social media platforms. Although virtual production can produce a film with better visuals and low production costs, it also poses some challenges, especially from the lack of training and experience among industry professionals.

For instance, in May 2022, Mo-Sys Academy, a manufacturer of virtual production solutions in the U.K. announced the launch of a new virtual production course. This course intends to close the skills gap in the virtual production sector, which is experiencing a surge in demand for trained technicians.

With the advent of artificial intelligence, virtual production technology has witnessed significant improvements in the quality of its computer-generated graphics. Design and visualization of all complex scenes in a three-dimensional model have become convenient, further editing and reviewing in a real-time environment. The technology positively impacts the market by reducing the transportation and logistics costs of crew members and equipment. It enables filmmakers to capture on-set live-action scenes through simul-cams or virtual cameras and seamlessly merge computer-generated 3D graphic elements with the film’s live-shooting footage to conclude with the final visual effects.

The evolution of VFX technologies and the growth of animation are boosting the entertainment industry. For instance, in July 2022, Netflix, a subscription streaming service and production company in the U.S. announced a plan to acquire Animal Logic, an Australian animation, and visual effects digital studio. This initiative will help Netflix accelerate its efforts to develop end-to-end animation production capabilities.

Furthermore, artificial intelligence facilitates pre-production support that helps to accelerate video production work. In the previous decade, pre-production works heavily relied on unstructured box office data and limited demographic information related to viewers, leading to less engaging video content development. However, now artificial intelligence can generate insights from large data sets collected from various platforms to understand the proposed content’s acceptance and interest.

For example, Netflix creates video content based on accurate, personalized recommendations and observations of its users’ behavior, such as surfing history, claims, and data actions like pausing or rewinding videos. Also, in April 2021, the company decided to invest USD 17 billion to create a dedicated database to develop original content based on its platform’s collected data. Artificial intelligence technology can also help understand scripts and screenplays to recognize the locations described and suggest real-world locations where directors can imagine and create realistic computer graphic imagery locations.

The growing implementation of virtual production in the gaming industry also works well for the market. Factors such as leveraging a three-dimensional environment, increased focus of companies on developing compact and comfortable virtual gaming devices, and constant technological innovation on virtual production platforms, such as 3D audio, untethered virtual reality headsets, and cloud scalability, are expected to drive market growth across gaming applications.

Furthermore, introducing an immersive experience allows for 360° views of graphic content and a new level of gaming interaction, enabling players to control and modify the gaming environment through their senses. This made the interaction with the video games smoother for the player. Hence the increased application of virtual production technology in games is expected to propel the growth of the market.

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Virtual Production Market Report

Virtual Production Market Report Highlights

• In terms of end-user, the movie segment is expected to contribute a significant amount of revenue to the market over the forecast period. The growth can be attributed to the rising demand for visual effects and a three-dimensional model in movies
• In terms of components, the software segment is expected to grow at a significant rate owing to the inclusion of artificial intelligence. The inclusion is expected to improve the performance of animation and graphics quality
• The North American region holds the maximum revenue share of 37.0% in 2022. The growth is attributable to the increasing adoption of advanced VFX and virtual production technologies coupled with the high implementation of virtual production by leading regional film studios, such as Viacom CBS, Walt Disney Studios, NBC Universal, and Warner Media.

Calcium Carbonate Market Size Worth $74.64 Billion By 2030

 

Calcium Carbonate Market Growth & Trends

The global calcium carbonate market size is expected to reach USD 74.64 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.6% from 2023 to 2030. Calcium carbonate is a compound that is commonly found in rocks, such as limestone and dolomite. The product is extracted by quarrying or mining and is further processed to form precipitated calcium carbonate (PCC) or ground calcium carbonate (GCC).

The product is extensively used in various applications including paper, paints and coatings, food, health-related products, and building and construction materials. The COVID-19 pandemic impacted both the production and consumption of calcium carbonate. However, the demand is high in the healthcare market and related industries, mainly in the paper industry due to rising concerns regarding personal hygiene, which is boosting the demand for tissue papers.

The global market is highly competitive owing to the presence of numerous established players in the industry that are integrated across the value chain. In January 2021, Audax Private Equity announced the completion of the sale of Gabriel Performance Products to Huntsman Corporation. The competitive scenario is intense for the market as major players have reported losses during the first half of 2020. For example, Mineral Technologies reported a loss of 14.44% and Imerys reported a loss of 15.3% in their revenue for Q2 2020.

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Calcium Carbonate Market Report

Calcium Carbonate Market Report Highlights

• Asia Pacific accounted for the largest revenue share in 2022 and is expected to grow further on account of the rising focus on the development of the manufacturing sector in the region. Government initiatives for the development of the manufacturing sector by offering incentives and inviting FDIs are expected to benefit market growth. For example, in May 2020, Mineral Technologies signed an agreement with Satia Industries Ltd. to build a 42 kiloton per annum satellite PCC plant in Punjab, India. Satia Industries Ltd. is a renowned papermaker in India that will utilize Mineral Technologies’ PCC as a filler to enhance the opacity, bulk, and brightness of paper.
• The paper application segment was the largest application segment in 2022 and accounted for a revenue share of more than 41.8%. Growing concerns over sustainability and hygiene are driving the paper industry. For instance, initiatives undertaken to ban single-use plastic products have propelled the consumption of paper in packaging applications. In addition, the growth of this application segment is attributed to the high demand for paper from the packaging and healthcare industries
• The Middle East & Africa is anticipated to register a significant CAGR during the forecast period on account of rapid growth in the construction industry that is propelling cement production in the region

LED Lighting Market Size Worth $168.87 Billion By 2030

 

LED Lighting Market Growth & Trends

The global LED lighting market size is anticipated to reach USD 168.87 billion by 2030, expanding at a CAGR of 11.0% from 2023 to 2030, according to a new study by Grand View Research Inc. Demand for LED lighting devices like A-lamps and T-lamps is anticipated to rise in response to rising customer demand for energy-efficient lighting solutions. Clients are attracted to LED lighting due to its benefits like lower heat emission, brighter light, energy savings, and low cost. The advantages of LED lighting over other types of lighting, coupled with the increasing demand from the building industry for both residential and commercial applications, are factors likely to propel the market growth.

Additionally, automakers are concentrating on releasing cars with a distinctly contemporary appearance to draw in buyers. LED lighting solutions give manufacturers the freedom to create goods with intricate designs in small, aesthetically pleasing packages, which has led to a high rate of adoption of LED lighting solutions by the automotive industry. The target market is anticipated to expand as a result of the increased adoption of LEDs by automakers in headlights, fog lights, and interior illumination applications.

The LED lighting industry is anticipated to grow favorably as a result of an obvious increase in industrial construction activities and increased demand for energy-efficient lighting solutions. However, the global COVID-19 pandemic has slowed down infrastructure development and building operations, resulting in low demand for LED lighting. Low consumer understanding of installation costs is another factor impeding the market’s expansion.

The market was adversely affected by COVID-19. Severe lockdowns imposed by governments at places of employment, including manufacturing facilities, caused significant disruption in the supply chain and further halted the production of lights. However, after the government removed the enforced regulation in the second quarter of 2021, the LED lighting industry began to flourish.

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LED Lighting Market Report

LED Lighting Market Report Highlights

• The demand for innovative lighting solutions that would improve the aesthetics of hotels and resorts while also reducing energy usage is being driven by the world’s booming hospitality industry
• Due to rising demand from the commercial and industrial sectors, the LED luminaires category is anticipated to maintain its dominance on the global market, holding more than 55.18% of the revenue share in 2022
• In 2022, the Asia Pacific region accounted for a significant revenue share of 43.61%. This can be ascribed to the quick rise in infrastructure-building projects in emerging nations as well as growing consumer knowledge of the advantages of LED, such as their energy efficiency, bright light, and low price

Automated Test Equipment Market Size Worth $8.94 Billion By 2028

 

Automated Test Equipment Market Growth & Trends

The global automated test equipment market size is expected to reach USD 8.94 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 3.3% from 2021 to 2028. Increasing adoption of System on Chip (SoC) coupled with high demand for consumer electronics is anticipated to drive the growth. Growing electronic content in automotive sector and penetration of smartphones is expected to drive the market. Furthermore, the demand for Automated Test Equipment (ATE) in manufacturing industry as the test equipment save the manufacturing cost and helps in eliminating the defective devices is projected to continue fueling the market.

Miniaturization has spurred demand across various semiconductor manufacturing companies. Additionally, considerable technological advancements coupled with design complexity and the need for adequate testing is expected to positively impact the growth. Developments in semiconductor manufacturing processes along with expansion of wireless networks in developing nations is expected to provide significant growth opportunities for the global market.

The growth of ATE market is primarily driven by semiconductor manufacturing companies which focus on cost-effective testing. Semiconductor manufacturing companies no longer consider fabrication costs as a factor for profit margin in semiconductor chip manufacturing. Semiconductor companies focus on improving their fabrication technology and look for efficient ways of testing to reduce losses due to damages. Advancements in smartphones, tablets, and SoC-based products is creating demand for greater functionality in ATE. As connected devices get smaller, more powerful, and multifaceted; they face design, application, and fabrication challenges, increasing the product demand.

Increasing design complexities along with major technological inventions such as advanced Design for Test (DFT) and adaptive testing are some of the key factors driving the automatic test equipment market. Moreover, recent innovations in Internet of Things (IoT) devices, autonomous vehicles, along with significant changes in the defense and aerospace sectors have significantly transformed the market dynamics.

Non-memory automated test equipment product segment is expected to hold significant market share over the forecast period owing to the increasing number of microcontroller-based applications and demand of the automotive sector. Revenue from IT and telecommunications sector is projected to witness significant growth in the forthcoming years. Asia Pacific accounted for the largest market share in 2019 and is expected to register the fastest growth over the forecast period, owing to the rising number of semiconductor industries in the region. Key market players include Aemulus Holdings Bhd (“Aemulus”); Chroma ATE Inc.; and Teradyne Inc.

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Automated Test Equipment Market Report

Automated Test Equipment Market Report Highlights

• The growth of automated test equipment market is driven by the significant use of the test equipment in automotive and semiconductor industry
• In the product segment, Non-memory ATE held the largest market share in 2019 and is estimated to witness the second-fastest growth over the forecast period owing to the expansion of consumer electronics, growing number of microcontroller-based application, and other such factors
• In the vertical segment, IT and telecommunication is estimated to continue holding the largest market share in the forthcoming years, owing to the increased focus on effective communication
• The automotive segment is expected to witness considerable growth over the forecast period owing to the increasing integration of the electronic devices in the automobile industry
• North America is estimated to witness substantial growth over the forecast period owing to the high investment in aerospace and defense couple with technological innovations
• Key market players include Aemulus Holdings Bhd (“Aemulus”); Chroma ATE Inc.; Aeroflex Inc. (a subsidiary of Cobham plc); Astronics Corporation; Advantest Corporation; LTX-Credence Corporation (Xcerra Corporation); Teradyne Inc.; STAr Technologies Inc. (a subsidiary of Innotech Corporation); Tesec Corporation; Roos Instruments, Inc.; Marvin Test Solutions Inc.; and Danaher Corporation. Teradyne Inc.; LTX-Credence Corporation (Xcerra Corporation); and Advantest Corporation dominated majority of global market share

Waterproof Breathable Textiles Market Worth $2,859.3 Million By 2030

 

Waterproof Breathable Textiles Market Growth & Trends

The global waterproof breathable textiles market size is expected to reach USD 2,859.3 million by 2030, expanding at a revenue-based CAGR of 5.7%, according to a new report by Grand View Research, Inc. Increasing demand for comfortable and high-performance apparel that provides protection from environmental factors such as wind and rain is expected to propel market growth over the forecast period.

Waterproof breathable textiles are lightweight, durable, and easy to dry and care, which makes them ideal for outdoor activities. Increasing participation in activities such as camping, fishing, hiking, hunting, kayaking, and boating is expected to propel the demand for protective clothing and accessories such as raincoats, windbreakers, tents, footwear, thereby impacting the industry positively.

Technological advancements in the textile industry to produce apparel using biomimetic and smart breathable fabrics are expected to contribute to market growth. Additionally, the technological advancements in the areas of cost-effective manufacturing of waterproof breathable textiles are expected to boost the demand for these products.

Major industry participants are making considerable investments in the development of eco-friendly products to cater to the rising preference for sustainable apparel. Furthermore, rapid changes in consumer preferences in terms of fashion trends are nudging the manufacturers to strengthen their merchandising capabilities.

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Waterproof Breathable Textiles Market Report

Waterproof Breathable Textiles Market Report Highlights

• In 2022, the polyurethane segment accounted for a revenue of USD 717.6 million of the market in terms of volume, on account of its durability, versatility, and low-cost properties, which makes it suitable for manufacturing cost-effective waterproof breathable textiles
• The general clothing and accessories segment is projected to witness a revenue-based CAGR of 5.5% over the forecast period owing to rising demand for the clothing products with lightweight, high strength, waterproof, and insulating properties
• The membrane segment accounted for revenue of USD 1,363.9 million in 2022, on account of its superior vapor permeability and waterproofing properties thereby making it suitable for application in manufacturing of lightweight waterproof apparels
• Burgeoning consumption for the sports apparels coupled with anticipated rise in demand for winterwear and protective footwear are expected to propel the growth of the market in U.S. at a CAGR of 6.6% over the forecast period
• Considerable improvements in the production technologies such as production of extremely thin membranes, membrane incorporation method, and coating techniques are having a significant impact on waterproof breathable textiles market growth
• Leading manufacturers are collaborating with specialists in the fields of biochemistry, chemistry, material research, and graphic design to improve the properties and functionalities of the products.

Brushless DC Motor Market Size Worth $30,862.4 Million By 2030

 

Brushless DC Motor Market Growth & Trends

The global brushless DC motor market is expected to reach USD 30,862.4 million by 2030, registering a compounded annual growth rate (CAGR) of 6.5% from 2023 to 2030, according to a study conducted by Grand View Research, Inc. These motors are thermally resistant, require low maintenance, and operate at low temperatures, eliminating any threat of sparks. Low-cost maintenance, high efficiency at lower costs, and the rising adoption of Electric Vehicles (EVs) are some of the key factors driving the product demand over the forecast period.

The emergence of sensor-less controls for brushless DC (BLDC) type is likely to boost the durability and reliability of the product, thereby reducing the number of mechanical misalignments, electrical connections, as well as the weight and size of the end product. These factors are further estimated to drive market growth over the forecast period. Furthermore, the growing production of vehicles, globally, to cope up with the rising demand is anticipated to have a positive impact on the market growth.

The product is extensively used in motorized vehicle applications, such as in sunroof systems, motorized seats, and adjustable mirrors. In addition, these powertrains are extensively being preferred for performance applications in vehicles, such as chassis fittings, power-train systems, and safety fittings, owing to simple structure, fewer maintenance requirements, and extended operational life. Thus, increasing product adoption by the automobile industry for multiple applications is anticipated to drive the market over the forecast period.

Rising product usage in EVs in mechatronic systems, primarily in batteries for accumulators and power electronic converters, owing to advantages, such as high operating speed, compact size, and quick response time, will also augment the market growth. The production of EVs is on the rise, globally, supported by government initiatives to encourage the usage of non-conventional fuels and effectively reduce the adverse impacts of carbon emissions. Thus, the increasing EV production is anticipated to directly influence the product demand over the forecast period.

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Brushless DC Motor Market Report

Brushless DC Motor Market Report Highlights

• The brushless DC motor is expected to grow significantly on account of the benefits of these motors such as durability, low power consumptions, and less maintenance.
• Less than 750 watt brushless DC motor segment is expected to witness rapid growth from 2023 to 2030, which can be primarily ascribed to their extensive applications in numerous motor vehicles and household devices applications.
• Motor vehicles extensively use these for variety of applications. Increased production of automobiles and e-vehicles across the globe is anticipated to positively impact the growth of motor vehicle segment over the forecast period.
• The industrial machinery segment held 24.2% of the global market in 2022. Numerous industrial machines deploy brushless DC motors owing to advantages offered such as high efficiency, low power consumption and low maintenance costs among others.
• Asia Pacific is expected to emerge as the fastest-growing regional market, whilst registering a CAGR exceeding 7.8% from 2023 to 2030. Increasing industrialization in developing nations such as China, India and South Korea has fueled the adoption of brushless DC motor in the region.
• The key players capturing major market share include ABB Ltd, Ametek Inc., Johnson Electric and Nidec Motor Corporation, among others. Numerous companies are focusing on developing low-maintenance and eco-friendly products in order to gain a competitive edge.

Endoscopy Devices Market Size Worth $81.0 Billion By 2030

 

Endoscopy Devices Market Growth & Trends

The global endoscopy devices market size is expected to reach USD 81.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a compounded annual growth rate (CAGR) of 7.5% from 2023 to 2030. Growing adoption of minimally invasive endoscopic procedures by medical professionals to look into the esophagus, colon, and stomach and also its application to perform biopsies and sclerotherapy are some of the factors boosting the market growth. In addition, the increasing trend of adopting disposable endoscopes to reduce the chances of cross contaminations is also anticipated to fuel the growth of the market over the forecast years.

In 2021, based on product, the endoscopy visualization systems segment accounted for the highest revenue share of 36.5% of the market. This is attributed to the growing adoption of High Definition (HD) visualization systems by medical professionals for better imaging results during endoscopic procedures. In addition, continuous technological advancements of endoscopy visualization systems for the treatment and diagnosis of complex health conditions such as cancer, functional gastrointestinal disorders, lung disorders, and urinary disorders also support segment growth.

Based on application, the Gastrointestinal (GI) endoscopy segment dominated the market in 2022 in terms of revenue owing to the increasing burden of gastrointestinal diseases and the rising geriatric population. In addition, increasing recommendation by medical professionals to perform endoscopic procedures as the first line of diagnosis option for gastrointestinal disorders is also one of the major factors supporting the segment growth. The hospitals segment accounted for the highest revenue share of 47.1% in 2022. This is attributed due to the larger number of endoscopic procedures performed in the hospitals than in other end-use segments.

In addition, favorable reimbursement policies and the high availability of government and private hospitals performing endoscopy procedures are some of the prominent factors anticipated to drive the segment growth. North America dominated the market in terms of the revenue share of 41.8% in 2022. The highest revenue share of this region is attributed due to the increasing adoption of advanced endoscopic devices and the high availability of modern healthcare facilities performing minimally invasive surgical procedures. In addition, growing functional gastrointestinal disorders and other chronic diseases such as cancer also are the major factors driving market growth in this region.

Furthermore, the COVID19 pandemic has significantly impacted the market owing to the cancellation and postponement of elective procedures. Moreover, the fear of getting infected with the COVID-19 virus also reduced the number of surgical procedures which in turn led to the de-growth of the endoscopy devices adoption in 2020. For instance, according to a study published in the Arab Journal of Gastroenterology in 2020, the number of endoscopy procedures decreased about 50% during the COVID19 pandemic in the majority of countries all over the globe.

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Endoscopy Devices Market Report

Endoscopy Devices Market Report Highlights

• The market is anticipated to be valued at USD 81.0 billion by 2030 owing to the growing adoption of minimally invasive endoscopic procedures by medical professionals in comparison with open surgeries
• The endoscopy visualization systems segment dominated with highest revenue share in 2022 owing to growing adoption of High Definition (HD) visualization systems by medical professionals for better imaging results during endoscopic procedures
• In 2022, the Gastrointestinal (GI) endoscopy segment accounted for the highest revenue share owing to the growing burden of functional gastrointestinal diseases and rising geriatric population
• Hospitals accounted for the highest revenue share of 47.1% in 2022, owing to favorable reimbursement policies and high availability of government and private hospitals performing endoscopy procedures
• North America accounted for the largest revenue share of 41.8% in 2022, owing to increasing adoption of advanced endoscopy devices and high availability of modern healthcare facilities performing minimally invasive surgical procedures

Complementary And Alternative Medicine Market Worth $694.22 Billion By 2030

 

Complementary And Alternative Medicine Market Growth & Trends

The global complementary and alternative medicine market size is expected to reach USD 694.22 billion by 2030 and is expected to expand at 25.1% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising prevalence of neurological illnesses and cancer is one of the major factors driving the growth of the global complementary & alternative medicine industry.

Furthermore, the expanding government initiatives and activities are contributing to the growth and development of the global complementary & alternative medicine industry. Globally, governments are establishing advantageous rules and legislation for the manufacturing and marketing processes, which is driving the expansion of the global industry.

Complementary & alternative medicine (CAM) differs from traditional or standard medical interventions. It employs herbs, homeopathic remedies, acupuncture, massage therapy, and preventative care. Furthermore, complementary & alternative medicines are widely utilized to treat a variety of illnesses such as pain, exhaustion, cancer, and nausea, and increasing public understanding of the benefits of natural substitute therapies which is further boosting the market growth.

For instance, In December 2019, Modern Acupuncture launched a new clinic in Florida, making it the second Modern Acupuncture location in Florida and the 54th in the U.S. This is in line with the company’s vision to spread the clinic’s acupuncture services across the country and strengthen its market position.

Despite significant efforts to provide effective COVID-19 therapy and prophylaxis, many people continue to become infected. This could be accounted for by the ongoing virus changes and, as a result, the vaccine’s efficiency. As a result, long-term immune enhancement is a promising approach to combating SARS-CoV-2 infection.

Medicinal plants and some other complementary & alternative therapies have been utilized successfully in treating a wide range of health issues. Several studies have shown the efficacy of cupping therapy, natural products, and acupressure against SARS-CoV-2. Hence, it will create a positive impact on the market.

The market has expanded significantly as a result of new products being introduced in response to rising treatment demand and ongoing innovation. For instance, in 2019, Optum acquired DaVita Medical Group. This investment will go toward the advancement of novel therapies for children, as well as physicians, healthcare providers, physiotherapists, and chiropractors.

Furthermore, approximately two-thirds of the populations in most developed and developing countries reported using an alternative or complementary therapy. Furthermore, increased investment in advanced technology research and an expansion of the number of emerging economies are expected to give advantageous prospects for the market throughout the projection period.

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Complementary And Alternative Medicine Market Report

Complementary And Alternative Medicine Market Highlights

• By intervention, traditional alternative medicine or botanicals dominated the market with a share of 34.19% in 2022. Botanicals are among the prominent forms of alternative treatment practices, inclusive of natural and herbal treatment supplements, coupled with therapeutic interventions, incorporating herbs, oils, and other curative supplements
• By distribution method, the direct sales segment held a larger share in 2022. Due to the rapid growth in medical tourism, direct sales therapy is anticipated to dominate the market. Government funding is assisting in this development by upgrading treatment facilities and supporting alternative medicine
• Europe held the larger share in 2022. CAM has gained immense popularity across Europe, including a wide range of procedures less dependent on modern medication, such as acupuncture. Thus, boosting the industry’s growth

Lactic Acid Market Worth $5.80 Billion By 2030 | CAGR 8.0%

 

Lactic Acid Market Growth & Trends

The global lactic acid market is estimated to reach USD 5.80 billion by 2030 and is anticipated to expand at a CAGR of 8.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. Growth can be attributed to increasing demand for this product in various end-use industries, including industrial, food & beverages, and pharmaceuticals, especially in emerging economies such as India, China, and Indonesia. Additionally, demand for this product as a feedstock in the production of polylactic acid (PLA) is anticipated to drive the market globally.

Various raw materials used for the production of lactic acid include carbohydrates such as corn, sugarcane, sugar beet, and tapioca. Large share of this product produced globally is obtained through the fermentation process owing to its lower production costs as well as rising consumer awareness regarding sustainable and environmentally friendly products. The production process is commercially mature with a significant number of manufacturers including Corbion, NatureWorks LLC, Galactic, and Henan Jindan Lactic Acid Technology Co., Ltd using it.

The raw materials used for the commercial synthesis of this product include maltose or starch, lactose, sucrose, and glucose. These raw materials are derived from various feedstock such as barley malt, whey, molasses, and beet sugar, which are used to produce lactic acid via microbial fermentation. The cost of raw material is a key factor to be considered in the fermentation process for the commercial production of this product. They may specifically cater to application areas such as industrial, food & beverage, pharmaceuticals, personal care, chemicals, and agrochemical products.

Polylactic acid is predominantly used to manufacture microwaveable containers, including disposable cutlery and food containers. Multiple beneficial properties, such as improved aesthetic appeal, and resistance to grease & oil, among others, is positively influencing the demand for polylactic acid in the formulation of food packaging products across the globe, further triggering the lactic acid demand.

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Lactic Acid Market Report

Lactic Acid Market Report Highlights

• In 2022, sugarcane emerged as dominant raw material segment by contributing over 38% revenue share, owing to abundant availability in nature, low cost, and environmentally friendly alternative
• In 2022, corn emerged as the second largest raw material segment and is projected to grow at a CAGR of 8.2% by 2030, owing to rising awareness for sustainable products in the major end-use industries
• In 2022, PLA emerged as the dominant application segment in terms of both volume and revenue, owing to the rising usage in the manufacturing of biodegradable & biocompatible products
• In 2022, North America emerged as the largest regional market, where the high revenue share is due to the presence of major personal care & cosmetic industry in this region specifically in the U.S.

5G Services Market Worth $2,208.25 Billion by 2030 | CAGR: 56.7%

 

5G Services Market Growth & Trends

The global 5G services market size is estimated to reach USD 2,208.25 billion by 2030, registering a CAGR of 59.4% from 2023 to 2030, according to a new study by Grand View Research, Inc. The rapidly rising demand for ultra-reliable and low-latency data networks capable of providing enhanced mobile connectivity is estimated to boost the market growth over the forecast period. The potential adoption of 5G services for remote patient monitoring and remote surgery applications is also anticipated to propel market growth from 2022 to 2030. The 5G wireless technology is expected to completely transform the transportation and logistics industry by providing seamless Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) connectivity.

As such, the need to ensure strong, seamless, and uninterrupted connectivity with autonomous vehicles is estimated to drive the adoption of 5G services. Furthermore, robust deployment of 5G network infrastructure is estimated to improve the operational efficiencies in several IoT use cases, including smart homes, smart cities, and industry 4.0. Hence, the rising need for high bandwidth to provide reliable communication to IoT devices is expected to elevate the overall market growth over the forecast period. In some countries, such as the U.S., China, and Japan, the trend of monitoring energy systems of buildings remotely is rising gradually. This is expected to open new opportunities for rolling out 5G services over the forecast period.

As such, the growing need for remote asset monitoring, drone control, coordination, and smart grid control is anticipated to fuel the growth of the ultra-Reliable Low-Latency Communications (uRLLC) segment over the forecast period. Key market players, such as AT&T Inc., China Telecommunications Corp., and Verizon Communications, are investing in rolling out 5G infrastructure to provide low-latency services for faster Machine-to-Machine (M2M) communication. However, these market players are expected to deliberate before making investments owing to the high 5G spectrum prices. Stringent government regulations and policies pertaining to the 5G wireless technology are also expected to hinder market growth.

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 5G Services Market Report

5G Services Market Report Highlights

• The enhanced Mobile Broadband (eMBB) communication type segment is anticipated to hold the largest market share by 2030.This growth is credited to the rising focus of key market players on rolling out high-speed and low-latency data networks for residential and commercial applications, such as video conferencing, virtual meeting, Virtual Reality (VR) & Augmented Reality (AR) gaming
• The consumer segment is expected to register the highest CAGR due to the increasing commercialization of the 5G services for consumer applications across various countries, including the U.S., China, Japan, Germany, and South Korea.
• The manufacturing segment is expected to register the fastest CAGR over the forecast period due to the growing need for seamless connectivity to drive industrial devices including robots and actuators
• The U.S. is anticipated to dominate the North America regional market from 2023 to 2030 owing to the rising demand for higher data speeds for several end-use applications including M2M communications, energy & utility management, and smart mobility management
• Market incumbents are focusing on mergers and acquisitions for delivering 5G services to strengthen their presence and expand their product portfolios
• However, due to the global COVID-19 pandemic, the governments across key countries have postponed the auction for 5G spectrums. This may hamper the market growth over the forecast period

Enterprise Governance, Risk And Compliance Market Worth $134.86 Billion By 2030

 

Enterprise Governance, Risk And Compliance Market Growth & Trends

The global enterprise governance, risk and compliance market size is projected to reach USD 134.86 billion by 2030, registering a CAGR of 13.8% from 2023 to 2030, according to a new study by Grand View Research Inc. GRC and EGRC help businesses by implicating policies and procedures for mitigating risks and adopting a better workflow. Enterprise governance and risk compliance (EGRC) regulate organizations by identifying, controlling, and monitoring risks and hazards which might occur in the critical business environment. Enterprise governance risk and observations ensure that the company adheres to strict norms and maintains the standards for complete growth and prosperity.

Enterprise governance risk & compliance plays a critical role in businesses in multiple industries; however, the government authorities’ stringent regulations are increasing, resulting in increased demand for EGRC. The compliances are formulated to ensure drives work with accountability and take crucial measures for overcoming risk. The future of any business depends on how actively companies understand the internal and external factors to make decisions with the help of EGRC guidelines. The increase in data breaches across industries has escalated information security. The development of sectors that perform complex transactions has driven the adoption of EGRC, which is essential for market growth.

The software segment of the EGRC market by component is expected to occupy the largest share in 2022 and is anticipated to maintain its dominance over the forecast period. Implementing enterprise governance risk and compliance software helps businesses enhance performance, gain visibility, and minimize risk and compliance costs. The services segment is expected to have a significant CAGR during the forecast period 2023–2030, attributed to the evolution of advisory, software-as-service solutions, and integration, resulting in improved performance and implementation.

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Enterprise Governance, Risk And Compliance Market Report

Enterprise Governance, Risk And Compliance Market Report Highlights

• Enterprises of all sizes are implementing EGRC software to stay ahead of their competitors in the market. Organizations have made it obligatory to install EGRC software, considering the importance of data protection
• The software segment is projected to occupy the largest share of the market and the highest CAGR owing to many companies offering software solutions across the globe.
• The Small and Medium Enterprise (SME) segment is anticipated to lead growth, registering the highest CAGR for the period 2023–2030
• The integration segment of the enterprise governance, risk & compliance market by services is expected to register the highest CAGR during the forecast period, owing to enhanced functionalities of integrated services
• Risk management is expected to occupy the largest share of the enterprise governance, risk and compliance market segment, as it helps organizations manage audits with the help of compliance
• The Telecom & IT segment of the enterprise governance, risk and compliance market by vertical is expected to register the highest CAGR during 2023–2030, attributed to increased cyberattacks and adoption of new technologies in the industry.
• Asia Pacific market will witness substantial growth during the forecast period. Major countries contributing to the region’s growth include Japan and China. The rapid increase of digital technology in the area will provide extra access to transformation to solve economic and social factors

Agriculture Equipment Market Worth $236.04 Billion By 2030

 

Agriculture Equipment Market Growth & Trends

The global agriculture equipment market size is projected to reach USD 236.04 billion by 2030, registering a CAGR of 5.0% from 2022 to 2030, according to a new study by Grand View Research Inc. Shortage of labor worldwide particularly in Western Europe and the U.S. will play a key role in driving the adoption of agriculture equipment over the forecast period. Furthermore, shortage of labor in the field of agriculture equipment and telematics to monitor tractor performance and improve farm yield is also anticipated to propel the growth of the market. Apart from advancements in the agriculture equipment space and shortage of labor shortage, the growing population to meet the global food requirements will also be a major factor, increasing demand in the long term.

Favorable government initiatives to reduce the financial burden on farmers or incentivize agriculture equipment purchase will also be a major factor driving the growth of the market. For instance, the Pradhan Mantri Krishi Sinchai Yojana (PMKSY) and Pradhan Mantri Kisan Samman Nidhi (PMKSN) schemes in India aimed at offering financial assistance to low-income farmers. Apart from schemes supporting agricultural activities in the emerging economies, COVID-19 pandemic assistance from developed countries/regions, such as the United States and European Union in 2020 eased the financial burden of farmers in 2020. For instance, the announcement of the Pandemic Assistance for Producers initiative in the U.S (2020) and negotiations on European Union Common Agricultural Policy in Europe (2021).

The COVID-19pandemic hampered the growth of the market for agriculture equipment in H1 2020. A government-imposed lockdown and stringent regulations impeded business activities worldwide, including the agriculture equipment industry, consequently impacting sales. Several key players in the market, including AGCO Corporation, Deere & Company, and KUBOTA Corporation reported a dip in sales from Q1 2020 to Q2 2020. Although the year 2020 witnessed a slight dip, it was offset by the economic revival post-Q2 2020.

In 2021, the market recorded double-digit growth owing to the pent-up demand and backlog orders resulting from the pandemic. This trend will continue over the short term to meet backlogs from 2020 and replace aging equipment over the forecast period. Although, the overall market statistics paint a rosy picture over the short-term, supply chain disruptions could still pose a threat due to low inventory levels at an OEM level.

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Agriculture Equipment Market Report

Agriculture Equipment Market Report Highlights

• Tractors captured a sizeable portion of the overall market in 2020, with the market size expected to surpass USD 80.0 billion by 2030. Tractors are essentially high-cost equipment, thus contributing to their high market share
• Harvesting and threshing are important farming processes, owing to which the segment captured over 20% revenue share in 2021.This trend is expected to continue over the forecast period
• Asia Pacific led the market in 2021, a trend expected to continue over the mid-term. The regional CAGR is expected to exceed 5% from 2022 to 2030. Policies that favor farmer welfare and modernization of farming techniques particularly in developing countries will drive regional growth
• OEMs in this space are expected to witness short-term challenges owing to supply chain disruption and shortage of semiconductors in agriculture equipment which may lead to production delays

Flexible Packaging Market Size Worth $373.34 Billion By 2030

 

Flexible Packaging Market Growth & Trends

The global flexible packaging market size is expected to reach USD 373.34 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2023 to 2030. Growing consumer driven demand for packaged food and beverage products owing to its convenience and ease of consumption is expected to drive market growth.

Flexible packaging products are lightweight, take less space in transportation, are cheaper to manufacture, and use less plastic, thus present more environmentally friendly profile than rigid products. Increasing emphasis on use of sustainable packaging products globally is expected to bolster the demand for flexible packaging products during the forecast period.

The global cosmetic and personal care industry is characterized by the growing awareness pertaining to health and wellness coupled with increasing demand for natural, chemical-free, and organic products. Thus, rising green consciousness are expected to drive the demand for organic and natural skincare products over the forecast period, which, in turn, is anticipated to boost the demand for flexible packaging solution such as plastic tubes and pouches.

Growing demand for cost effective shipping of commodities is expected to augment growth of flexible packaging products such as flexitanks over the forecast period. Moreover, increase in trade activities in countries of Asia Pacific is expected to drive market growth in the region over the forecast period.

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Flexible Packaging Market Report

Flexible Packaging Market Report Highlights

• Plastics dominated the flexible packaging industry with share of 69.0% in 2022 owing to the property of the material for being modified by co-polymerization to match exact packaging requirements of various products along with easy availability and cost effectiveness
• The food and beverages application segment dominated the market and accounted for a revenue share of 55.0% in 2022 as this packaging solution offers easy transportation, convenient storage, and disposal for food and beverage products. Growing consumption of snacks like chips, sausages, and bread, coupled with the expanding food retail industry and new product launches in emerging markets, is expected to increase the demand for flexible packaging
• The bioplastic material segment is expected to witness the highest CAGR during the forecast period. Prevalence of stringent government regulations particularly in North America and Europe is expected to positively impact the demand for environment friendly material, thus positively impacting its demand in the flexible packaging market
• Asia Pacific accounted for the highest market share in 2022 and is also expected to progress at the highest CAGR over the forecast period owing to high growth in the application industries. In China and India, the food and beverage industry is expected to grow due to population growth, rising disposable incomes, and rapid urbanization, thus benefiting the sales for flexible packaging in the region
• Key companies are increasingly offering custom packaging solutions to end-use companies; besides, key companies are increasingly focusing on the use of recycled materials as they offer complete sustainability. New product developments, with mergers and acquisitions, and expansion of production capacity are some of the strategies adopted by players

Automotive Wrap Films Market Size Worth $28.89 Billion By 2030

 

Automotive Wrap Films Market Growth & Trends

The global automotive wrap films market size is expected to reach USD 28.89 billion by 2030, registering a CAGR of 22.2%, according to a new report by Grand View Research, Inc. The rising global population and the increasing disposable income are expected to have a positive impact on the demand for automotive wrap films over the forecast period.

Automotive plastic wrap films are used for advertising, brand marketing, and the personalization of trucks, buses, and passenger cars. The flourishing global sign & graphics industry owing to the increasing demand for mobile advertising is expected to drive the application of these films. The lower cost of automotive wrap films than vehicle paints is also fueling the growth of the market.

Mobile advertising has emerged as an affordable and effective means of advertising over the past few years. Using automotive wrap films allows conversion of any vehicle including car, bus, and truck into a moving billboard, thus facilitating an increased number of views per day. Automotive wraps, being eye-catching and more detailed compared to other advertising mediums, attract a large number of viewers.

Flourishing construction, transportation, and industrial sectors are anticipated to increase the sales of trucks and other earth-moving vehicles worldwide in the coming years. Factors such as the rising demand for vehicle branding and increasing sales of heavy-duty vehicles in North America are expected to have a positive impact on the growth of the market for automotive wrap films over the forecast period.

Asia Pacific is expected to register the highest demand for automotive wrap films over the forecast period. Increasing disposable income of the middle-class families in emerging economies of the region, including Thailand, Indonesia, India, and Malaysia, is anticipated to be a key driving factor for the growth of the market.

The outbreak of the highly contagious COVID-19 across the globe severely affected the manufacturing industries, which, in turn, impacted the growth of the market in 2020. With the spread of COVID-19 across the world, work-from-home rules, order cancellations, and shipping complications surged throughout the plastics industry, impacting the market growth.

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Automotive Wrap Films Market Report

Automotive Wrap Films Market Report Highlights

• In 2021, passenger cars emerged as the largest segment and accounted for a revenue share of 53.81%. Spot graphics and lettering are also very popular among drivers for advertising as well as personalization. In addition, rising disposable income and changing consumer lifestyle are expected to drive the demand over the forecast period
• The U.S. emerged as the largest market in North America in 2021. Automotive wrap films are increasingly being used for application on taxis, vans, trucks, boats, RVs, trailers, and buses in the U.S. Increasing number of automotive vehicle production and rising popularity of camouflage wraps are also expected to augment the demand
• Europe is the second largest market for automotive wrap films after North America owing to the presence of some major manufacturers. A color change or paint-replacement film for vehicles is current trend in Europe. Drivers prefer automotive wrap films over paint owing to low cost and high performance as compared to the vehicle paint market
• The India market is expected to witness significant growth, driven by the rapidly growing automotive industry. In addition, growing consumer disposable income has led to the high demand for affordable and personalized cars

 

Europe MRO Distribution Market Growth & Trends

The Europe MRO distribution market size is expected to reach USD 259.16 billion by 2030, registering a CAGR of 2.8%, according to a new report by Grand View Research, Inc. The rise in scheduled maintenance and increasing investments in repair operations are expected to ascend the market growth over the forecast period.

Prominent European industries have adopted integrated repair, maintenance, and operation service concepts for improvements in the equipment and services in critical operations. Many industrial units adopted this change post-recession period and are likely to continue in the projected time. Therefore, the demand for Maintenance, Repair, & Overhaul (MRO) distribution is expected to remain high.

The untapped markets are benefitted owing to the emergence of e-commerce platforms in the European region, thus the penetration of MRO products in the region has escalated. Moreover, the established players in the region have adopted the strategy of acquiring small-scale players to enhance the market presence.

Major players in the regional market are employing several strategies focusing on digital marketing, pricing, product placement, and communication to improve supply channels and enhance sales operations. These enhanced sales processes and standardized sales tools are anticipated to upscale the MRO industry growth in the upcoming future.

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Europe MRO Distribution Market Report

Europe MRO Distribution Market Report Highlights

• The machine consumables product segment accounted for the largest share of 30.2% in 2020 on account of the increasing focus of the end-users on the maintenance and upkeep of critical equipment in order to maintain and enhance their performance and operational lifetime
• The external MRO service type segment is anticipated to witness the fastest growth from 2021 to 2028 owing to the increasing contracts to third-party MRO service providers by the product manufacturers to increase the geographical operation
• The preventive/scheduled maintenance type segment accounted for the largest share of 58.8% in 2020 and is projected to witness significant growth over the forecast period owing to its rising adoption in order to reduce the breakdown and maintenance time
• The machinery and equipment application segment is projected to expand at the fastest CAGR from 2021 to 2028 on account of the growing demand from a diverse range of industry verticals, including construction, automotive, and metalworking
• Germany accounted for the largest share of 21.8% in 2020 owing to the high adoption of preventive and scheduled MRO among the manufacturers operating in the country

Hand Sanitizer Market Size Worth $10.84 Billion By 2030

 

Hand Sanitizer Market Growth & Trends

The global hand sanitizer market is expected to reach USD 10.84 billion by 2030, expanding at a CAGR of 6.8%, according to a new report by Grand View Research, Inc. Rising prevalence of regular hand washing and sanitization among consumers owing to the recent COVID-19 pandemic has been driving the demand for hand sanitizer market.

Major sanitizer manufacturers have been ramping up their production capacity as well as improvising the supply change strategies to cater to the unprecedented spike in sanitizers worldwide. According to a report by Adobe Analytics, the demand for hand sanitizer in the U.S. spiked to 1,400% between December 2019 and January 2020. The U.S. government further promotes the usage of hand care products in order to increase awareness as well as avoid health issues among consumers.

Moreover, there are consumers who need special attention to fight the rising infection caused by the COVID-19 pandemic. The ones who have been already suffering from severe diseases namely HIV before the pandemic hit. In wake of this, companies are taking initiatives to help fight infection for the ones who cannot take care of themselves. For instance, in January 2021, Reckitt Benckiser donated 35,000 bottles of Dettol hand sanitizer to Russian HIV community centers in Moscow, Voronezh, Kaluga, Kursk, Orel, and Vladimir. Hence, initiatives like these will further drive the market for hand sanitizers.

Gel based hand sanitizer held the largest segment in 2021 and is expected to maintain dominance over the forecast period. These hand sanitizers come in a variety of fragrances that appeal to customers of all ages. Furthermore, hand sanitizer gels frequently contain moisturizing ingredients that help keep hands soft and limit the product’s harsh effects on the skin. These products are also easier to spread and drip less than spray or liquid counterparts, which contributes significantly to segmental market trends.

The hypermarket & supermarket segment contributed a majority of the share to become a larger division in the global revenue in 2021. The increasing penetration of independent retail giants such as Walmart, and Costco among others is boosting product visibility and attracting a larger consumer base. Consumers prefer to physically verify these products before buying, which is driving the sales through this channel. The hand sanitizer market is highly fragmented with the presence of a large number of regional and local players.

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Hand Sanitizer Market Report

Hand Sanitizer Market Report Highlights

• Foam based hand sanitizer is projected to register the fastest growth due to a more cost-effective option for large organizations as it dispenses less amount of product per pump
• Online channel is anticipated to register the fastest growth during the forecast years owing to promising growth exhibited by e-commerce platforms, including Amazon, Walmart, Alibaba, and other such service providers
• Asia Pacific is expected to register the fastest growth during the forecast period, with brands rolling out sanitizers due to rising hygiene practices in countries including China and India