The Ceramic Wall Tiles Sector Is on Track to Reach a Noteworthy Market Size of $240.9 Billion by the End of the Decade

 

Ceramic Wall Tiles Market Growth & Trends

The global ceramic wall tiles market size is expected to reach USD 240.9 billion by 2030, registering a CAGR of 7.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Ceramic wall tiles are gaining high demand from residential and commercial applications to replace traditional wall covering materials including paint and wallpapers. Easy accessibility, superior dirt & heat resistance, and affordable pricing of these products are likely to drive the market.

Ceramic wall tiles are finding increasing adoption in newer residential application settings, such as living rooms, lobby, and bedrooms, on account of their low cost, low maintenance, and high durability. Rising demand for ceramic wall tiles as a cost-effective alternative to conventional stone materials, such as granite and marble, is likely to propel their demand in commercial constructions including corporate offices, hotel lobbies, and museums.

Ceramic tiles are considered to be eco-friendly as they are completely manufactured using natural materials, such as clay and sand, along with other recycled materials. Moreover, these wall tiles also help in reducing energy utilization in modern constructions on account of their insulating properties. Growing demand for environmentally sustainable building materials is expected to generate a progressive demand for the product.

Consumers are experimenting with design, colors, and patterns to ensure a unique look of building structures. As a result, manufacturers are compelled to adopt advanced printing and production technologies to develop modern designs and textures. Product variation, tile quality, and unique designs coupled with established distribution networks are expected to be the key factors favoring growth of the major market players.

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Ceramic Wall Tiles Market Report

Ceramic Wall Tiles Market Report Highlights

• The healthcare application segment is expected to expand at a CAGR of 7.6% over the projected period, in terms of revenue.
• The residential segment accounted for the largest revenue share of 44.0% in 2022 in the ceramic wall tiles market and is expected to expand at the fastest CAGR of 8.4% during the forecast period.
• The rapid growth of the tourism industry in the Asia Pacific region has resulted in the strong expansion of the HORECA segment, owing to healthy growth of tourism industry in the UAE, Saudi Arabia, and Egypt
• The market players are likely to target the developing markets such as India, China, and Southeast Asian countries to tap the robust market opportunities resulting from the rapid growth of construction sector.

Key Ceramic Wall Tiles Company Insights

The market is characterized by the presence of both small-scale and large-scale players, resulting in an intense level of competition. China, India, Spain, Italy, and Brazil have emerged as global manufacturing hubs for ceramic tiles. On the other hand, developed countries, such as the U.S., the U.K., and Germany, are largely dependent on imports to address product demand.

Market players are undertaking several innovative initiatives and awareness campaigns to educate consumers regarding the advantages of ceramic wall tiles over traditional materials such as paints and wallpapers. For instance, the Tile Council of North America coordinated the Why Tile campaign launched in April 2017, with the primary aim of educating consumers about the benefits and positive aspects of ceramic tiles.

Industry players are developing lightweight products in large sizes and with smaller thickness. They are also investing in training programs for contractors for installing extra-large tiles. Furthermore, market players showcase their product portfolios through various exhibitions, such as Coverings, Cersaie, and CeramBath, to increase product adoption in end-use applications.

Key Ceramic Wall Tiles Companies:

• Porcelanosa Grupo A.I.E.
• Panariagroup Industrie Ceramiche S.p.A.
• Mohawk Industries, Inc.
• Kajaria Ceramics Limited
• China Ceramics Co., Ltd.

The Commercial Food Dehydrators Sector Is on Track to Reach a Noteworthy Market Size of $868.4 Million by the End of the Decade

 The global commercial food dehydrators market size is anticipated to reach USD 868.4 million by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 7.1% over the forecast period. Growing demand for eatables with an improved shelf life is expected to boost the product demand over the forecast period. In addition, increasing awareness pertaining to the benefits associated with food dehydrators is expected to drive the market.

Food dehydrators reduce the water content from the eatables, which deems the eatable inhabitable for bacteria and prevents spoilage. This process of dehydration increases the shelf life of the eatables and aids in preservation. This process positively influences the import and export of eatables by drastically reducing their weight and elevating trade operations.

A major challenge faced by the market is the availability of other methods of food preservation. In addition, the availability of improved substitutes as compared to food dehydrators is expected to hamper the market growth. However, growing awareness pertaining to the product is likely to aid market growth over the forecast period.

In 2018, Europe was the dominant market with 35.2% revenue share owing to growing demand for packaged eatables. However, Asia Pacific is expected to overtake the region to take the lead in 2025, with a 36.7% share in terms of revenue owing to increasing demand for eatables with longer shelf life especially in China and India.

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Further key findings from the report suggest:

• In terms of value, the market is anticipated to reach USD 868.4 million by 2025, on account of factors such as increasing demand for eatables with longer shelf life and growing food service establishments
• The horizontal technology segment dominated the market in terms of revenue in 2018 and is expected to continue its dominance over the forecast period owing to its ease of use, improved performance, and operational benefits
• The commercial food dehydrators market in Europe is anticipated to reach USD 308.4 million by 2025. Increasing disposable income contributes to increasing demand for packed eatables with longer shelf life, which will eventually boost the market
• The market is dominated by numerous players including Tribest Corporation; Koolatron Corporation; Excalibur Dehydrator; National Presto Industries, Inc.; Lem Products Holding LLC; and Hamilton Beach Brands, Inc.

The Cell Separation Sector Is on Track to Reach a Noteworthy Market Size of $13.75 Billion by the End of the Decade

 

Chemiluminescence Immunoassay Market Growth & Trends

The global chemiluminescence immunoassay market size is expected to reach USD 13.75 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.9% from 2021 to 2028. The high prevalence of chronic diseases, several advantages of chemiluminescence immunoassay (CLIA) technique, and approval and launch of novel CLIA solutions are anticipated to be the major factors driving the market.

Key players in the market are implementing organic and inorganic growth strategies for the development, launch, and distribution of novel CLIA solutions. For instance, in February 2020, Snibe Diagnostic, a China-based immunoassay manufacturer, received CE marking for its new MAGLUMI 2019-nCoV (SARS-CoV-2) IgM/IgG CLIA kits. In another instance, in January 2018, DiaSorin partnered with Germany-based Qiagen and added Qiagen’s QuantiFERON-TB diagnostic test portfolio to its LIAISON family of fully automated chemiluminescence immunoassay analyzers. Such initiatives by major players are anticipated to significantly support the market growth. However, the high setup cost of automated chemiluminescence immunoassay systems is expected to be a major factor hindering the market growth.

Furthermore, the high prevalence of chronic diseases in key regions and increasing awareness regarding these diseases in emerging economies are anticipated to upsurge the demand for novel diagnostic solutions, including chemiluminescence immunoassay. According to the data published by the American Cancer Society, in 2020, an estimated 1.8 million new cases of cancer were diagnosed in the U.S. and around 606,520 people died due to the disease. In addition, as per the data published by the WHO in November 2020, HIV emerged as a major global public health issue and around 37.9 million people around the globe were living with the disease.

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Chemiluminescence Immunoassay Market Report

Chemiluminescence Immunoassay Market Report Highlights

• Based on product, consumables dominated the market in 2020 owing to their high demand in therapeutic drug monitoring, endocrinology, and disease diagnosis
• In terms of application, the infectious disease segment held the largest share in 2020 owing to the high prevalence of such diseases and the launch of novel CLIA assays for infectious disease diagnosis
• By end use, in 2020, the hospitals segment accounted for the largest share in 2020 owing to the increasing hospitalizations, along with the rising prevalence of chronic diseases
• In North America, the U.S. held the largest share in 2020 owing to the developed healthcare infrastructure, the high adoption of technologically advanced CLIA systems, and the strong geographical presence of prominent players
• Asia Pacific is expected to expand at the fastest CAGR during the forecast period. The emergence of local players in developing markets, such as India and China, is primarily driving the regional market

List of Key Players of Chemiluminescence Immunoassay Market

• DiaSorin S.p.A.
• Abbott Laboratories
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• Immunodiagnostic Systems
• Siemens Healthineers
• Beckman Coulter Inc.
• F. Hoffmann-La Roche AG
• Inova Diagnostics, Inc.
• Maccura Biotechnology Co., Ltd.
• Ortho Clinical Diagnostics

The Cell Separation Sector Is on Track to Reach a Noteworthy Market Size of $17.43 Billion by the End of the Decade.

 

Cell Separation Market Growth & Trends

The global cell separation market size is expected to reach USD 17.43 billion by 2030, registering a CAGR of 9.94% over the forecast period, according to a new report by Grand View Research, Inc. The increasing demand for biopharmaceuticals, such as recombinant therapeutic proteins, is anticipated to boost market growth. The key players focus on the development & commercialization of advanced products to cater to the needs of researchers and healthcare professionals, which is projected to drive the demand for cell isolation products in the near future.The usage of cellular therapies is increasing for the treatment of prominent diseases, including neurological diseases, such as amyotrophic lateral sclerosis, Parkinson’s disease, spinal cord injury, and renal, skeletal, & autoimmune diseases, such as multiple sclerosis, type 1 diabetes, & Crohn’s disease.

In recent years, there has been an increase in funding from government organizations for cell-based research owing to its ability to treat & manage conditions, such as cancer and other chronic diseases. The global market witnessed an upward momentum during the pandemic. For instance, in 2020, Seattle Children’s Research Institute’s researchers used immunoprecipitation, identified by flow cytometry (IP-FCM) test, to study the immune response of COVID-19-infected patients. As per the experiment, blood samples were collected from 24 COVID-19-positive patients to compare with blood samples of 30 healthy individuals, and the compared samples were run through the IP-FCM test.Furthermore, increasing investments and government funding have helped boost the availability of technologically advanced processes for cell isolation & biopharmaceutical production. These advancements have resulted in an increased demand for cell separation procedures, thus propelling the market growth.

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Cell Separation Market Report

Cell Separation Market Report Highlights

• The consumables product type segment held a major revenue share of 61.94% in 2023. The increasing investments in R&D by biopharmaceutical and biotech companies are a major factor propelling the segment growth
• The biomolecule isolation application segment held the largest share of 29.5% in 2023 since it is a pivotal step in research on cancer, HIV, and other autoimmune diseases
• The human cell type segment is anticipated to have a significant growth rate of 12.47% during the forecast period. The fast growth is due to the rising focus on human and cancer stem cell research and varied applications of isolated human cells
• The centrifugation technique type segment held the highest market share of 42.3% in 2023. The availability of various centrifuges provides technicians with a wide range of options catering to their specific needs
• North America dominated the global market with a revenue share of 39.8% in 2023 owing to increasing demand for new technologies, a large pool of key players, increasing development of vaccines and therapeutics, along with advanced healthcare infrastructure

Key Cell Separation Companies:

• Thermo Fisher Scientific, Inc.
• BD
• Danaher
• Terumo Corp.
• STEMCELL Technologies Inc.
• Bio-Rad Laboratories, Inc.
• Merck KGaA
• Agilent Technologies, Inc.
• Corning Inc.
• Akadeum Life Sciences

Carbon Fiber Tapes Market Size Worth $4.9 Billion By 2027 | CAGR: 13.4%

 

Carbon Fiber Tapes Market Growth & Trends

The global carbon fiber tapes market size is expected to reach USD 4.9 billion by 2027, expanding at a CAGR of 13.4%, according to a new report by Grand View Research Inc. The rapidly rising demand for advanced materials with superior strength to weight ratio in the transportation sector is expected to bolster the market over the forecast period.

Carbon fiber tapes are emerging as one of the crucial materials in facilitating the automotive industry to curb vehicle emission, execute lightweight construction, and extend the range of e-mobility. However, the usage of the product in automotive applications is still in its nascent stage and is expected to offer excellent potential for the future.

Advancements in automated tape laying process are leading to facilitating the manufacturing of composites that are at par with steel in terms of structural integrity at a fracture load. Employment of software-controlled machine systems enables tapes laying for the creation of layup containing intricate shapes, thereby posing positive growth opportunities for the market.

Key end-users in the value chain are involved in process improvement research for the production of composite parts through tapes, especially for the automotive and aerospace sector. The aforementioned efforts are expected to enhance the processing speed, reduce the part cost, thereby boosting the adoption rate of the product in various end-use industries.

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Carbon Fiber Tapes Market Report

Carbon Fiber Tapes Market Report Highlights

• The prepreg form segment accounted for USD 1.4 billion revenue in 2019 owing to the superior mechanical properties offered by the product
• The automotive end-use segment is expected to witness a notable CAGR of over 13.5% over the forecast period on account of rapidly rising usage of composite materials in replacing metal components in automotive
• n North America, the market was valued at USD 664.7 million and is projected to witness a CAGR of 13.0% over the forecast period owing to the presence of robust manufacturing base for aerospace and automotive
• Key players in the industry are focusing on expanding the production capacity to cater to the exponentially rising demand for the product across various end-use industries including sports and leisure
• Researchers are also involved in the development of carbon fiber recycling process to preserve the length of the fiber after the process, which, in turn, is expected to support the industry players to explore the true potential of the material.

Strategic Growth on the Horizon: Catheter Stabilization Devices Market to Reach $2.4 Billion By 2030

 

Catheter Stabilization Devices Market Growth & Trends

The global catheter stabilization devices market size is expected to reach USD 2.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.3% from 2022 to 2030. The increasing usage of catheters, growing demand for minimally invasive surgeries, increasing prevalence of lifestyle-related diseases, rising number of surgeries being performed, and population aging are key contributors to market growth.

Intravascular catheters have become an essential part of patient care in hospitals and other healthcare settings. According to the Joint Commission, 3 million central venous catheters (CVC) are used in the U.S. annually, and around 250,000 CVCs are used in the U.K. annually. However, the rising use of catheters increases the risk of bloodstream infections related to its usage. Dislodgement, migration, accidental removal, or occlusion of catheters may lead to infections and complications and may pose a risk to patient safety. Thus, the surging number of catheter placements is one of the key contributors to the growth of this market.

Growing awareness among healthcare professionals and the increasing need to reduce the burden of catheter-associated infections are also expected to boost the adoption of stabilization devices. Catheter securement is crucial for reducing related infections & complications and thus, is gaining significance in patient care. Various national and government organizations, such as the CDC, Australia, and New Zealand Urological Nurses Society (ANZUNS), and Occupational Safety and Health Administration (OSHA), issue guidelines that recommend the use of securement devices in the treatment of patients.

The emergence of COVID-19 had slowed the market growth. The reason for this is a shortfall of raw materials for manufacturing equipment, supply chain slowdowns, manufacturing, and supply unit shutdowns, and a decrease in inpatient admissions to medical facilities. The COVID-19-affected patients were given priority, which resulted in the cancellation and delaying of all surgical treatments

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Catheter Stabilization Devices Market Report

Catheter Stabilization Devices Market Report Highlights

• The arterial securement devices segment held the majority of the revenue share in 2021 due to the frequent and widespread use of arterial catheters in modern healthcare practices
• CVC securement devices are expected to exhibit the highest growth during the forecast period due to their increasing usage in cardiac procedures
• Hospitals dominated the end-use segment in 2021 due to the large number of surgeries performed in hospitals and a high prevalence of infections
• North America dominated the global catheter securement devices market owing to increasing awareness levels, aging population, and large usage of catheters
• According to the Health Resources and Services Administration (HRSA), approximately 39,000 transplants were done in the U.S. in 2021. This statistic suggests a considerable demand for urinary catheter stabilization equipment, which is utilized in renal transplantation surgeries.

List of Key Players of Catheter Stabilization Devices Market

• C.R. Bard, Inc.
• Baxter
• 3M
• Centurion Medical Products.
• B Braun Melsungen
• Merit Medical
• Systems, Inc.
• ConvaTec, Inc.
• TIDI Products LLC.
• Smith’s Medical

Strategic Growth on the Horizon: Capnography Devices Market to Reach $1.31 Billion By 2030

 

Capnography Devices Market Growth & Trends

The global capnography devices market was valued at USD 618.1 million in 2022 and is expected to reach a value of USD 1,312.4 million by 2030. The introduction of regulatory guidelines for procedural sedation and the growing adoption of capnography inpatient monitoring due to higher reliability & efficiency are anticipated to propel the market growth over the forecast period. In addition, associated advantages, such as ease of usage, minimally invasive nature, and medical efficiency, are also driving the product demand, thereby supporting market growth. Moreover, rising cases of respiratory diseases needing continuous patient monitoring are expected to fuel the product demand in the coming years.

The pandemic has enhanced product sales as the demand for remote respiratory monitoring equipment soars. The COVID-19 pandemic had a positive impact on the overall market as companies, such as Medtronic, witnessed increased product demand during the pandemic. Some companies, such as Capsule Technologies, also received product approvals for their capnography monitors during the pandemic, which further resulted in positive market growth. Moreover, the increasing geriatric population and changing lifestyles further positively impact the market growth. Features, such as cost-effective and non-invasive devices, make it an ideal procedure for respiratory monitoring. The market is highly competitive and a limited number of players have a high level of dominance over the total revenue share.

The most notable market participants are Medtronic, Smiths Medical (acquired by ICU Medical Inc.), Masimo Corp., etc., and account for a considerable share owing to their product offerings to the market. Advancements in technology have paved the way for the innovation of portable, efficient, and automatic devices. For instance, in April 2021, Masimo proclaimed that it has received FDA 510(k) clearance for its Radius PCG, a portable capnograph. The device comes with wireless Bluetooth connectivity. Key companies are involved in the establishment of extensive distribution systems as well as in mergers &acquisitions to capture a larger share of the market. For instance, in January 2021, Koninklijke Philips N.V. announced the acquisition of Capsule Technologies, Inc., hence enhancing its position in the patient care management solutions for the hospitals’ industry.

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Capnography Devices Market Report

Capnography Devices Market Report Highlights

• Hand-held capnography dominated the product segment of the overall capnography device market in 2022, owing to associated benefits such as portability, light-weighted, ease of use, and treatment efficiency.
• The micro stream capnography segment is expected to grow at the fastest CAGR of 9.5%. This can be attributed to the fact that this technology is more effective and easier to incorporate as compared to side stream & main stream capnography.
• Capnography devices find the largest application in sedation and emergency medicine owing to, its usage to optimize prehospital ventilation, correct pediatric emergencies and as a prognostic indicator to maintain pulmonary blood flow
• Asia Pacific region is anticipated to register rapid growth with a CAGR of 10.7% in coming years owing to high unmet needs, increasing patient awareness levels, and improving healthcare infrastructure.
• Hospitals dominated the end-use segment of the capnography device market owing to the shifting of preference of hospitals from conventional patient monitoring devices to capnography.
• Key players operating in this market include Smiths Medical (acquired by ICU Medical Inc.), Dragerwerk AG & Co. KGaA, Welch Allyn, Masimo, Koninklijke Philips N.V., Medtronic
• Moreover, stringent norms for product approval and post-approval performance monitoring which are regulated by authorities such as the U.S. FDA and American Academy of implant may act as a threat for new participants

List of Key Players of Capnography Devices Market

• Masimo
• Smiths Medical (acquired by ICU Medical Inc.)
• Dragerwerk AG & Co. KGaA
• Welch Allyn (Hill-Rom Holdings, Inc.)
• Koninklijke Philips N.V.
• Medtronic
• Nonin Medical, Inc.
• Nihon Kohden Corp.
• BD
• Diamedica Ltd.
• Edan Instruments, Inc.
• ZOLL Medical
• Edan Instruments Inc.
• GE Healthcare
• Hamilton Medical
• Mindray Medical
• Schiller
• Avante
• Bionics
• BPL Medical Technologies
• Burtons Medical Equipment Ltd.
• Criticare Technologies Inc.

Intumescent Coatings Market To Reach $1.73 Billion By 2030

 

Intumescent Coatings Market Growth & Trends

The global intumescent coatings market size is expected to reach USD 1.73 billion by 2030 to expand at a CAGR of 5.3% from 2023 to 2030 according to a new study by Grand View Research, Inc. Extensive usage of passive fire protection for steel structures used in offshore & onshore extraction and purification & refining in the oil & gas industry is the key factor boosting the market growth. In addition, rising shale gas exploration coupled with expanding oil & gas industry in North America is expected to propel the product demand over the forecast period. The market is characterized by the presence of a large number of raw material suppliers leading to an increase in the switching ability of the manufacturers and boost the bargaining power.

However, volatile prices of the raw materials, such as epoxy resins is expected to restrain the growth to some extent. Moreover, several regulations limiting the presence of Volatile Organic Compounds (VOCs) in the formulation is further expected to hinder market growth. On the other hand, development of advanced products that are compliant with the regulations set by the European Commission is expected to drive the demand over the next seven years. The market in Asia Pacific witnessed a significant expansion owing to increased oil & gas exploration activities, particularly in the South China Sea.

Furthermore, infrastructure development in emerging economies including India, Indonesia, and Vietnam is likely to contribute to the market development over the forecast period. However, the recent outbreak of COVID-19 has disrupted supply chains and sharply curtailed product demand. Restriction in transportation and supply due to slowdown or halting of factories, partial or nationwide lockdowns in several countries and slowdown in construction activities in order to restrain the spread of the pandemic is expected to negatively impact market growth.

Water-based intumescent coatings segment is anticipated to progress at substantial growth rate during the forecast period. Water-based intumescent coatings are primarily used where solvent-based coatings are expected to react with the substrate. They are ideal primers owing to properties such as excellent thermal and corrosion resistance. In addition, they are flame resistant and have low toxicity owing to their low VOC content and low hazardous air pollutant emissions. The use of water-based coatings is projected to increase during the forecast period due to stringent legislation regarding the solvents present in paints & coatings in the U.S. and other mature European countries. Several companies in the market are working towards the development of new fast-drying coatings product. Companies such as Alfa Laval and Hellenic Petroleum are using fast-drying water-based coatings for heat exchangers, train wagons, piping, and tanks. These coatings comply with strict VOC regulations and are suitable for shorter production turnaround time.

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Intumescent Coatings Market Report

Intumescent Coatings Market Report Highlights

• Asia Pacific dominated the overall market and is expected to maintain its dominance over the forecast period
• The oil & gas segment witnessed the fastest growth rate with a CAGR of 5.4% due to rising investments in exploration activities, deep-water projects, marginal fields, and refining capacity expansion
• The water-based coatings segment witnessed the fastest growth rate with a CAGR of 5.5%
• In September 2022, PPG Industries, Inc. introduced new PPG PITT-CHAR NX intumescent coating, which offers additional properties of lightness and thinness, specifically in onshore and offshore environments. The new product is expected to bring increased value to the customers

Key Intumescent Coating Companies:

• Akzo Nobel N.V.
• Jotun
• Contego International Inc.
• Hempel A/S
• No-Burn Inc.
• Nullifire
• The Sherwin-Williams Company
• Carboline
• Albi Protective Coatings
• Isolatek International
• Rudolf Hensel GmbH
• PPG Industries, Inc.
• 3M
• Sika AG
• Tor Coatings

Chemical Distribution Market To Reach $403.2 Billion By 2030

 

Chemical Distribution Market Growth & Trends

The global chemical distribution market size is expected to reach USD 403.2 billion by 2030, registering a CAGR of 6.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by rising demand for a variety of specialty and commodity chemicals from numerous end-use industries around the world.

The consumption of specialty goods like CASE (coatings, adhesives, sealants, and elastomers), polymers and resins, agrochemicals, and building chemicals, which are currently used in small amounts, is expected to increase significantly in the future years. Since the regional governments monitor these substances closely, only a few producers create them.

Most end-use sectors, including those in construction, automotive, infrastructure, electronics, and medicines, utilize specialty and commodity chemicals. Due to accelerating industrialization, particularly in China, the demand for chemicals has increased quickly throughout the Asia Pacific region. Significant demand for electronic-grade raw materials has resulted from the country’s rising electronics output and customers’ increasing purchasing power, which is helping the chemicals distribution industry thrive.

On the contrary, in order to attain structurally efficient cost, market share, and competitive advantage, small and large manufacturing enterprises are expected to form strategic alliances with foreign players. This would enable them to better serve their worldwide customers. Furthermore, the acquisition has been a crucial strategy for chemical firms looking to expand their customer base and fortify their supply chain.

Another issue that presents a barrier in the supply chain for chemicals is the dependence of manufacturers on suppliers for the safe delivery of non-bulk and loose chemical substances and managing varied logistics requirements, including repackaging and custom blending. The National Association of Corporate Directors (NACD) and other regulatory bodies supervise the implementation of safety standards for product transportation and distribution across North America, while REACH oversees safety requirements in Europe.

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Chemical Distribution Market Report

Chemical Distribution Market Report Highlights

• Specialty chemicals product type witnessed the fastest growth rate of more than 7%, owing to the rising product application in specific end-use industries like pharmaceuticals, polymers, mining, food & feed, and paints & coatings
• Pharmaceuticals end-use industry witnessed a notable growth rate of 7.4% on the account of increasing investments in developing economies and the growing importance of human health and its associated issues, especially after the COVID-19 outbreak
• Synthetic rubber witnessed a significant growth rate of nearly 5.5%, due to its vast applicability in the production of conveyor belts, industrial goods, tires, clutches, and engine bearings among others
• Downstream chemicals witnessed the highest CAGR of 6.2%, among other end-uses, on the account of its usage in the petrochemicals industry around the world
• Geographically, Asia Pacific dominated the market in 2023 owing to the booming end-use industries such as mining and automotive in the region

List of Key Players in the Chemical Distribution Market

• Univar Solutions Inc.
• Helm AG
• Brenntag AG
• Ter Group
• Barentz
• Azelis
• Safic Alan
• ICC Industries, Inc.
• Jebsen & Jessen Pte. Ltd.
• Quimidroga
• Solvadis Deutschland GmbH
• Ashland
• Caldic B.V.
• Wilbur Ellis Holdings, Inc.
• Omya AG
• IMCD
• Biesterfeld AG
• Stockmeier Group
• REDA Chemicals
• Manuchar

Flow Chemistry Market Size Worth $3.75 Billion By 2030

 

Flow Chemistry Market Growth & Trends

The global flow chemistry market size is expected to reach USD 3.75 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 11.2% from 2022 to 2030. Advantages over batch reactors and growing investments in the pharmaceutical and chemical industries are projected to boost the market growth.

The COVID-19 pandemic has accelerated the need to move away from chemical commodities to specialty chemicals as per the requirement of customers. Moreover, the adoption of continuous manufacturing has increased due to the supply chain disruptions caused by the pandemic, which is expected to augment the demand for flow chemistry over the forecast period.

Significant reductions in trash output and the eradication of non-renewable industrial methods are global environmental concerns. As a result, major economies are enacting policies to mitigate environmental damage. Several governments are implementing policies to meet the targets for reducing greenhouse gas emissions.

Continuous Stirred Tank (CST) reactor systems require little human involvement to operate, resulting in reduced labor costs associated with their deployment. Furthermore, both reactor systems have a high output rate, which leads to reduced production costs. The aforementioned factors are likely to boost the demand for CST reactor systems over the forecast period.

The growing pharmaceutical industry has positively impacted the market for several years on account of the increase in the number of potent and orphan drugs. Moreover, the need for process safety, reduction of investment cost, and quality standards are likely to augment the demand for flow chemistry over the forecast period.

The growing use of microreactors in the specialized chemical, fine chemical, and other petrochemical industries has helped to significantly reduce environmental impact while also lowering manufacturing costs. Microreactors are used in the bulk chemicals industry to produce several chemicals such as styrene and Ethylene Oxide (EO), which is expected to boost the market growth.

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Flow Chemistry Market Report

Flow Chemistry Market Report Highlights

• The pharmaceuticals application segment is anticipated to expand at a lucrative CAGR of 12.0% from 2023 to 2030, in terms of revenue, due to the growing demand for technology that uses renewable energy sources and reduced manufacturing cost
• By reactor type, microreactor is expected to witness significant growth over the forecast owing to the increasing demand for environmentally-friendly equipment and the ability to increase selectivity
• Asia Pacific is estimated to expand at a significant CAGR of 12.4% over the forecast period on account of the rapidly growing petrochemical industries and a rise in academia and research in South Korea and Australia
• In Europe, Germany accounted for the largest revenue share of over 30.0% in 2021 owing to the advanced infrastructure, growing pharmaceutical and chemical industries, and skilled workforce
• Companies such as Am Technology, CEM Corp., Biotage AB, Syrris Ltd., and Vapourtec Ltd. are strategizing to strengthen their geographic presence by mergers and acquisitions or capacity expansions in Asia Pacific

Some prominent players in the flow chemistry market include:

• Am Technology
• CEM Corporation
• Milestone Srl
• Biotage AB
• Syrris Ltd.
• Vapourtec Ltd.
• ThalesNano Inc.
• Hel Group
• Uniqsis Ltd.
• Chemtrix BV
• Ehrfeld Mikrotechnik BTS
• Future Chemistry Holding BV
• Corning Incorporated
• Cambridge Reactor Design Ltd.
• PDC Machines Inc.
• Parr Instrument Company

Medical Plastic Market Size To Reach $87.6 Billion By 2030

 

Medical Plastic Market Growth & Trends

The global medical plastic market size is expected to reach USD 87.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 7.4% from 2024 to 2030. The demand for medical device packaging is likely due to the increased need for in-house and advanced medical devices. Plastics including polyethylene, polypropylene, and polycarbonate are increasingly being utilized in the medical device manufacturing The growth of the home healthcare sector on account of the low costs involved as compared to hospital care and intensive care contributes to a rise in the demand for medical devices and multiple hospital associated tests as well.

The growth of the home healthcare sector on account of the low costs involved as compared to hospital care and intensive care has resulted in a rise in the demand for medical devices. The increasing demand for medical devices can also be attributed to the various types of medical tests conducted by hospitals for diagnostic purposes.

Healthcare spending in the country is likely to accelerate in the near future owing to the growing awareness about healthcare. The rise in demand is driven by the aging population (65 years of age or above), growing prevalence of chronic diseases, infrastructure enhancements and technological advancements in medical plastics market.

The strengthening of the Western European economies is expected to result in an increased provision of healthcare expenditure in the annual budgetary proposals. Moreover, Northern European economies such as Germany, the UK, and Sweden are projected to exhibit an increase in healthcare expenditure, thereby leading to a growth in the production of medical devices. However, the growth is expected to be supported by political unrest in Europe’s transition economies such as Russia and Ukraine.

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Medical Plastic Market Report

Medical Plastic Market Report Highlights

• Based on product, the Polyphenylsulfone (PPSU) segment dominated the market in 2023, due to the heat and chemical resistance of PPSU. These plastics possess high strength and durability, making essential surgical tools.
• Asia Pacific possessed a high market share in 2023, due to increasing healthcare expenditure. However, Governments in China, India and Japan are investing heavily, to prevent rising chronic diseases and upgrading healthcare infrastructures. Per capita healthcare spending is elevating, setting the stage for healthcare revolution in the region.
• Regulations are the key factor influencing the medical device industry, thereby influencing the medical plastics market in Europe and North America. Rising government concerns regarding the offering of high-quality, safe, and effective medical devices are expected to have a negative impact on the market growth over the forecast period.

Air Compressor Market Size To Reach $34.10 Billion By 2030

 

Air Compressor Market Growth & Trends

The global air compressor market size is anticipated to reach USD 34.10 billion by 2030, registering a CAGR of 4.7% from 2023 to 2030. Air compressors are used in various industries, such as food and beverages, home appliances, oil and gas, semiconductors and electronics, healthcare, manufacturing, and energy. The rising need for the reduction of CO2 emissions and stringent regulations pertaining to environmental conservation is anticipated to boost market growth. Moreover, eco-friendly, reliable features, ease of handling, and low maintenance costs offered by the product are propelling its demand.

The onset of the COVID-19 pandemic resulted in lockdowns and declining investments across industries and verticals, which hampered the growth of the market. However, after a short slowdown, the market is expected to rebound and witness a healthy growth rate in the post-pandemic era.

The growing consumer awareness regarding product quality, the need for improved air quality, and supportive government policies on energy conservation are anticipated to boost the market growth. At workplaces, air compressors are required to comply with the Occupational Health & Safety (OHS) regulations, which would positively impact the market over the forecast period.

Oil-free air compressors are expected to emerge as the fastest-growing lubrication segment. The growth is attributed to the increased proliferation in the manufacturing sector. Moreover, oil-free compressors reduce the operating costs by evading compressor oil separator elements and down-streaming filter replacement costs.

Asia Pacific dominated the market for air compressor in 2020 owing to rapid industrialization in emerging economies, such as India and China. The need for efficient and next-generation compressors has propelled the product demand across different industries in the region.

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Air Compressor Market Report

Air Compressor Market Report Highlights

• The stationary air compressor segment accounted for over 60.5% market share in 2023, while the portable segment is anticipated to emerge as the fastest-growing segment from 2024 to 2030
• The oil-filled compressor segment is likely to lead the market over the forecast period. These compressors are widely adopted for commercial applications by the chemical, energy, and manufacturing industries
• The rotary segment will dominate the market share over the forecast period. These compressors offer continuous airflow at different discharge pressure and operate through positive displacements. Furthermore, features such as easy maintenance and longer product life are expected to fuel the demand for these compressors over the forecast period
• Asia Pacific held the largest market share in 2023. The growing oil and gas sector in countries such as China and India is, in turn, expected to lead the growth of the market

Respiratory Protective Equipment Market To Reach $24.68 Billion By 2030

 

Respiratory Protective Equipment Market Growth & Trends

The global respiratory protective equipment market size is expected to reach USD 24.68 billion by 2030, registering a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. Stringent government regulations and the emergence of the COVID-19 pandemic leading to awareness among consumers is expected to boost the product demand over the forecast period. The emergence of new biological viruses, such as COVID-19, Middle East Respiratory Syndrome (MERS), and Severe Acute Respiratory Syndrome (SARS), along with a shift in a trend toward proactive measures in the healthcare sector is expected to propel the product demand over the forecast period.

The rising awareness, in the post-pandemic scenario, about infectious biological hazards is likely to influence the market growth. Moreover, the use of respiratory protection, such as Powered Air-purifying Respirator (PAPR) and Self-Contained Breathing Apparatus (SCBA), is expected to increase as end-user activities begin to normalize. Increasing concern regarding compensation costs on account of the rising number of injury cases in various industries, such as manufacturing, transportation, and chemicals, is anticipated to promote the adoption of workplace safety regulations. In addition, growing concerns regarding high-risk activities in the construction and manufacturing sectors are expected to drive RPE demand over the forecast period.

A majority of the market players are focusing on manufacturing APRs, such as disposable masks and N95 respirators, owing to their low costs and widescale application in the industrial sector. In addition, companies are partnering with raw material suppliers, automotive OEMs, etc. to manufacture APRs given their increasing demand across the globe. Major market players like 3M and Honeywell International Inc. are expected to further strengthen their forward and backward integration with more players following suit. This is likely to provide a competitive advantage and consolidate market shares, especially in the unpowered air-purifying respirator market segment.

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Respiratory Protective Equipment Market Report

Respiratory Protective Equipment Market Report Highlights

• The APRs segment is anticipated to grow at the fastest CAGR from 2024 to 2030, in terms of revenue, on account of stringent government regulations, especially in developing countries in Asia Pacific
• The healthcare end-use segment accounted for the largest revenue share in 2023 owing to the pandemic leading to a rise in demand for disposable filtering masks, such as N95 masks and surgical masks
• The market in Asia Pacific is projected to grow at the fastest CAGR over the forecast period on account of the growing usage of respiratory protection in construction, mining, and oil & gas industries
• Germany accounted for 22% of the Europe market revenue in 2021 on account of the growth of the construction industry due to the government’s push for developing green infrastructure,which boosted the product demand
• The industry participants focus on the research and development of new technologies for product manufacturing and integration across various stages of the value chain to gain a competitive edge in the market

Flavors And Fragrances Market To Reach $44.6 Billion By 2030

 

Flavors And Fragrances Market Growth & Trends

The global flavors and fragrances market size is expected to reach USD 44.6 billion by 2030, expanding at a CAGR of 5.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by the rising demand for natural products and aroma chemicals from the personal care & cosmetics products and food & beverages industries. The global industry for fragrances & flavors is expected to register remarkable growth over the forecast period owing to the increasing product demand in toiletries, cosmetics, beverages, and food application industries. The increasing use of flavors in the pharmaceutical, dietary supplements, and nutraceutical sectors is also projected to augment industry growth.

The health & wellness trend in the industry is expected to magnify the preference for natural flavor ingredients. Growing disposable income levels in emerging economies are also anticipated to augment the product demand for soaps & detergents, perfumes, toiletries, and cosmetics. Natural products are considered therapeutic, healthy, and safe. Manufacturers of natural fragrances often charge a “green premium” on their products. The demand for synthetic ones is also expected to rise, as they emit strong fragrances, offer greater freedom of creativity to manufacturers, and are long-lasting. Moreover, synthetic products are less expensive as compared to natural products.

The COVID-19 pandemic had an adverse impact on the global industry on account of the supply chain disruptions, complete & partial lockdown of manufacturing facilities, and lack of availability of labor as well as raw materials. Countries around the world had to restrict global trade due to which, imports and export were affected. However, since the first half of 2021, countries rapidly adjusted their economies and kept the agriculture and food industries in focus, thus stabilizing the industry growth. New product launches, a growing number of retail stores, and economic prices of convenience food and personal care products are also expected to be highly influential factors contributing to the industry’s growth

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Flavors And Fragrances Market Report

Flavors And Fragrances Market Report Highlights

• The natural product type segment will register the fastest growth rate from 2024 to 2030 owing to a rapid shift from the usage of synthetic and lab-processed products to more natural products, especially in the emerging markets
• The fragrances application segment will register the fastest growth rate during the forecast years due to growing usage in the pharmaceutical, hospitality, home care, and personal care & cosmetics industries
• Asia Pacific will emerge as the largest as well as the fastest-growing region during the forecast period
• The growth is attributed to the increased product demand from the nutraceutical, dietary supplements, pharmaceuticals, and food processing industries
• In addition, changes in consumer preference along with rising demand for exotic flavors are expected to have a positive impact on the regional market

Molded Pulp Packaging Market To Reach $9.10 Billion By 2030

 

Molded Pulp Packaging Market Growth & Trends

The global molded pulp packaging market size is expected to reach USD 9.11 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.7% over the forecast period 2024–2030. This is attributed to the increasing demand for environment-friendly packaging solutions by end-user industries and rising environmental concerns among consumers about single-use plastic.

Plastic is one of the majorly used materials for packaging in various industries including food & beverage, healthcare, cosmetics & personal care, and consumer goods. However, plastic is a non-biodegradable, unsustainable material, and can have an adverse impact on the life of humans as well as animals. In addition, the recycling rate of plastic waste products is low as compared to the consumption rate, which ultimately pollutes land, ocean, and drinking water.

Over the years, numerous regulatory agencies and governments around the world have put limitations on the formation of plastic waste in an effort to reduce this enormous amount of plastic waste produced annually. Several retail chains and food service operators are expected to shift from plastic packaging to molded pulp packaging in order to meet the growing consumer demand for biodegradable packaging. Thus, these factors are expected to fuel the demand for molded pulp packaging over the forecast period.

The global pandemic in the year 2020 created a positive impact on molded pulp packaging owing to increasing demand for eggs from the retail chain followed by the rise in demand for doorstep deliveries of fresh fruits & vegetables, and eggs. The rise in egg consumption was due to a variety of factors such as a boost in at-home baking and an increase in demand for healthy proteins. As the food service outlets were closed in most places in the world, egg producers shifted the supply to supermarkets. The standard molded fiber pulp packaging for eggs sold at supermarkets saw significant pressure on inventory leading to a shortage. The shortage has eventually diminished as more people have relaxed and the panic buying & hoarding of eggs has significantly reduced.

The industry players are adopting several strategies including mergers & acquisitions, joint ventures, and partnership agreements to increase the customer base and individual market share. For instance, in November 2022 CKF Inc announced an acquisition of Packright Manufacturing Ltd., a packaging manufacturer company. This acquisition will help the company to strengthen its position in the sustainable packaging market.

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Molded Pulp Packaging Market Report

Molded Pulp Packaging Market Report Highlights

• The wood pulp dominated the market in the source segment in 2023 owing to the rising awareness of sustainable packaging among consumers as the wood pulp is considered sustainable due to its 100% degradable properties
• However, higher production costs and abundant availability of substitute sustainable packaging solutions in the market restraint the growth of the molded pulp packaging industry to some extent
• The transfer type segment accounted for the highest market share due to its wide application in the food & beverage industry as it offers anti-shock properties of this packaging restraint damage or breakage to the products, especially beverage bottles and egg trays.
• Molded pulp clamshells segments is expected to dominate the product segment over the forecast period 2023–2030. Plastic clamshells offer higher moisture barrier ability than molded pulp packaging, declining use of single-use plastics is hindering the growth of the market for plastic clamshells. For instance, some countries across the world have banned the use of plastic clamshells for packing eggs. Therefore, such bans on plastic clamshells are likely to positively impact the growth of the market for molded pulp clamshells
• The food packaging application segment is dominating the market. Increasing consumption of vegetables, eggs and fruits by diet-conscious population has been driving worldwide, which, in turn, is expected to bolster these exports and imports between countries, thus, requiring molded pulp packaging
• New product developments coupled with mergers & acquisitions, and capacity expansions are some of the strategies adopted by players. For instance, in June 2022, Huhtamäki Oyj announced its plans to invest USD 100.0 million to expand the production capacity of its molded fiber product manufacturing unit in Indiana, the U.S.

Dashboard Camera Market Size To Reach $7.64 Billion By 2030

 

Dashboard Camera Market Growth & Trends

The global dashboard camera market size is expected to reach USD 7.64 billion by 2030, registering a CAGR of 9.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to an increasing adoption of dashboard cameras in automobiles worldwide. This technology is being incorporated in several commercial as well as personal vehicle dashboards, as it empowers the driver to take control of the vehicle’s security and enables them to record incidents such as collisions, theft, and vandalism. In September 2023, Cobra Electronics introduced the RAD 700i-connected radar detector, which offers advanced features at an affordable price point.

Rising awareness about in-car safety, along with favorable government initiatives, is expected to drive the global market over the forecast period. Law enforcement agencies traditionally used dashboard cameras and car DVRs across the world. Nevertheless, as per the recent trends, they are increasingly installed in both passenger and commercial vehicles. The surge number of fraudulent insurance claims and medical compensation by means of fake car accidents has been a crucial factor in boosting the adoption of dashcams in vehicles, prompted by insurance companies. Insurance companies have now started accepting camera footage to resolve disputes regarding insurance claims. Also, insurance companies in some countries, such as the U.K. and Japan, are offering discounts on insurance premiums for installing a camera in a vehicle.

Dashcams are switched on in the driving mode and parking autonomously and, therefore, can record the incidents automatically. However, recording any unauthorized movement in or near the parked vehicle tends to drain the vehicle’s external battery due to the continuous use of dashcams. This has prompted the development of energy-efficient dashcams that help in overcoming such challenges. Several energy-efficient dash cams offer enhanced features, such as timer and voltage cut-off functions, that enable automatic turning off the camera and voltage drop below the cut-off value. For instance, the Thinkware Dash Cam T700 is a great option for those looking for a reliable and advanced dash camera. It comes equipped with a built-in super night vision mode, which ensures high-quality footage even in low-light conditions. Additionally, the camera includes energy-saving parking recording features that help conserve power while still capturing important moments. The motion detection and impact detection features in its parking surveillance mode make it a great choice for those looking for added security and peace of mind.

Dashboard cameras, also known as dashcams, are gaining popularity in commercial fleets after being popularized in police vehicles. The businesses are promoting the installation of cameras and considering the many advantages they offer. By gathering important data in the event of hit-and-runs, accidents, traffic infractions, and insurance fraud, these cameras can aid in reducing rising insurance costs and aiding law enforcement agencies to resolve cases quickly by offering recordings as evidence.

The owners of commercial fleets can keep an eye on every driver and vehicle’s activities though dashcams. For instance, an AI dashcam developed by Verizon enables sending real-time alerts to vehicle fleet owners, which helps them to monitor the vehicle’s location. Also, owing to the installation of a dashcam in each vehicle, fleet owners can monitor driver behavior in real-time. This allows them to identify any risky driving habits and provide feedback to help improve their performance on the road. Additionally, dashcams can help protect drivers from false claims of misconduct or accidents, as they provide an objective record of what happened. Moreover, some cameras relate to other complementary technologies, such as telematics and recorders. These devices are gaining wide acceptance, as they are inexpensive, simple to operate, and easy to install.

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Dashboard Camera Market Report

Dashboard Camera Market Report Highlights

• The demand for 2-channel dash cams worldwide is expected to grow during the forecast period owing to their capability of recording from the front as well as the inside of the vehicle. Prominent players are now concentrating on enhancing the convenience and user-friendliness of car DVRs by incorporating additional features, such as the inclusion of night vision cameras, high-endurance battery life, and expandable storage capacity in their offerings
• Advanced dashboard cameras come with Wi-Fi connectivity, GPS support, and parking motion detection. These features are expected to drive the demand for advanced dashboard cameras over the forecast period
• The market has seen a significant increase in demand for high-quality video recording. Full HD and 4K video quality have become the new standard, as drivers and fleet owners seek to capture clear and detailed footage for safety, security, and legal purposes
• As the demand for high-quality video recording increases, more drivers are investing in cameras that can capture Full HD and 4K video for safety, security, and legal purposes. This has led to the growth of the market in the personal application sector
• The market is experiencing growth in the in-store distribution channel, as more retailers stock these devices due to increasing demand from consumers. This trend is expected to continue as dash cameras become more popular for their safety benefits and ability to capture evidence in the event of an accident
• Asia Pacific market has experienced exponential growth fueled by the demand for advanced driver assistance functionalities, such as seamless wireless connectivity, lane departure warning systems, blind-spot detection, and collision avoidance systems.

Customer Relationship Management Market To Reach $163.16 Billion By 2030

 

Customer Relationship Management Market Growth & Trends

The global customer relationship management market size is expected to reach USD 163.16 billion by 2030, registering a CAGR of 13.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The continuous demand for innovative solutions to collate critical customer data, analyze customer information, and transform it into a better customer experience strategy are driving factors for customer relationship management (CRM) solutions across all sizes of businesses.

These solutions help organizations in obtaining and manage customer feedback and data through a centralized platform. These insights can further help companies in defining the areas of improvement, transforming challenges into opportunities, generating improved responses, and further enhancing the overall customer experience. Understanding customer behavior is essential for businesses of all sizes.

Given that the general public frequently spends quality time on various social networking platforms, such as Twitter, Facebook, Pinterest, LinkedIn, and Snapchat, among others, organizations have recognized that social networking platforms can provide a great opportunity to gauge changing customer behavior and the way customers interpret information about products or services.

Social customer relationship management (CRM) can particularly assist businesses at this stage in positively engaging customers and increasing brand awareness. Customer engagement is becoming increasingly important to businesses. As a result, customer engagement is increasingly becoming an important component of CRM activities. This would supplement the growth of the customer relationship management market during the forecast period.

The ongoing demand for the optimized implementation of advanced technologies such as predictive and prescriptive analytics to optimize current operational processes is a key driving factor for CRM solution investments and innovation. For instance, in September 2021, Salesforce.com, Inc. announced the collaboration with Slack, a business communication platform, to enable the sales team to collaborate in real-time to close more deals from anywhere. Furthermore, with this integration, marketing teams and agency partners can collaborate in a shared digital workspace.

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Customer Relationship Management Market Report

Customer Relationship Management Market Report Highlights

• The CRM analytics segment is anticipated to expand at a significant CAGR of 13.7% during the forecast period. Artificial Intelligence (AI) and its applications, machine learning, and the increasing use of business intelligence and analytics integration in CRM software are expected to drive segment growth over the forecast period
• The cloud segment dominated the market in 2022 and accounted for a revenue share of around 55%. The segment is expected to maintain its dominance throughout the forecast period as it provides numerous benefits such as cost efficiency, accessibility, and virtually no equipment costs. Furthermore, the increasing use of mobile applications is expected to accelerate the segment’s growth
• The Small & Medium Enterprises (SMEs) segment is anticipated to register a CAGR of 15.5% over the forecast period. The growing adoption of advanced technologies and minimizing business challenges are driving the implementation of customer relationship management solutions in SMEs globally
• The IT & telecom segment is likely to register the highest CAGR of 15.6% during the forecast period. Competency requirements, high capital expenditure, improved customer service processes, and better sales projections are key factors driving customer relationship management solution adoption in the IT & telecom segment
• Asia Pacific is expected to reach USD 35,416.0 million by 2030 due to the increasing awareness about ground-breaking marketing strategies and sales tools to enhance customer engagement, and the rise in the number of social media platforms, and smartphone usage.

Construction Equipment Market To Reach $363.23 Billion By 2030

 

Construction Equipment Market Growth & Trends

The global construction equipment market is expected to reach USD 363.23 billion by 2030 and is anticipated to grow at a CAGR of 8.4% during the forecast period, according to a new report by Grand View Research, Inc. The increasing investments made by governments across the globe in the development of public infrastructure is one of the major factors expected to fuel the market growth. Additionally, the demand for construction equipment is predicted to rise owing to the increased residential and commercial construction activity caused by the growing population in emerging countries.

Due to stricter emissions rules and expensive fuel prices, the construction industry is rapidly shifting to electric solutions. International legislative challenges, the exponential growth of suppliers and services catering to the rising demand for electric construction equipment, and the emergence of new technologies such as advances in battery technology have reduced the price of manufacturing electric construction equipment, making it more affordable for OEMs of all sizes. For instance, the European (EU) Stage V Emission Regulations and the China VI Emission Standard serve as illustrations of the effort to reduce exhaust emissions from mobile equipment used off-road.

The introduction of advanced telematics systems represents a significant breakthrough for the construction industry. The latest telematics systems facilitate seamless remote monitoring and control of construction equipment. For instance, in April 2023, Bobcat Company announced the launch of its latest innovation, the Machine IQ telematics system, which allows users to access the information of their machines anytime, anywhere, and using any device. By leveraging Bobcat Company’s Machine IQ telematics system, users can remotely monitor the health of their machines; track vital data; and optimize maintenance, security, and performance to maximize productivity while safeguarding their valuable investment.

Manufacturers are focusing on enhancing operator comfort, productivity, safety, and visibility by integrating innovative technologies in wheel loaders. For instance, in June 2023, DEVELON, a brand of HD Hyundai Infracore, introduced 7 Series wheel loaders in North America at CONEXPO-CON/AGG 2023. The loader provide enhanced operator productivity, safety, and visibility. The loader is equipped with technologies such as object detection Around View Monitor (AVM) camera system and transparent bucket.

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Construction Equipment Market Report

Construction Equipment Market Report Highlights

• The material handling machinery segment dominated the market in 2023 and is expected to register a highest over the forecast period. The growth can be attributed to the rise of e-commerce which has led to surge in warehousing and logistics operations.
• Electric construction equipment is anticipated to register the highest growth rate from 2024–2030. Governments across the globe are implementing regulations and providing incentives to promote the widespread adoption of electric construction equipment.
• <100 HP led the market in 2023 owing to the rising use of compact construction equipment in emerging economies like Asia Pacific, Latin America, and Africa.
• Asia Pacific dominated the market in 2023. The governments in the region are concentrating on enhancing their transportation and construction infrastructures. To speed up their economic growth, these governments are significantly funding numerous infrastructural projects which is expected to drive the demand for construction equipment in Asia Pacific.
• In October 2023, Liebherr-International AG presented battery-electric wheel loader at trade fair — Ecomondo, held in Rimini, Italy. The L 507 E battery-electric wheel loader provides similar performance as a standard wheel loader. It is ideal for use in areas where exhaust and low noise values are particularly important, such as in the city, on roads, or in production facilities.

Key Construction Equipment Companies:

• Caterpillar, Inc
• CNH Industrial America LLC.
• Deere & Company
• Doosan Corporation
• Escorts Limited
• Hitachi Construction Machinery Co., Ltd.
• Hyundai Construction Equipment Co., Ltd.
• J C Bamford Excavators Ltd.
• Komatsu Ltd.
• KUBOTA Corporation
• LIEBHERR
• MANITOU Group
• SANY Group
• Terex Corporation
• AB Volvo
• Wacker Neuson SE
• XCMG Group
• Zoomlion Heavy Industry Science&Technology Co., Ltd.