Bulk Chemical Industry reports: April 2021

Wednesday, 14 April 2021

Paint Protection Film Market is Projected to Register 5.4% CAGR till 2028

The global Paint Protection Film Market size is projected to reach USD 428.09 million by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.4% during the forecast period. Increasing consumer awareness about vehicle paint protection against stone chipping, bug splatters, and abrasions is expected to trigger the demand for Paint Protection Films (PPFs).

On the other hand, ceramic coating technologies are likely to be used as a substitute to these films on account of their superior performance against abrasions and scratches, thus impacting the growth of the market. In addition, frequent discrepancies in raw material pricing as well as declining automotive production in several economies, such as the U.S., Korea, and Japan, are predicted to act as a restraining factor for the market players. However, the rapid growth of other end-use application sectors, such as aerospace & deference and electrical & electronics, is anticipated to provide new opportunities to them.

The global market is highly competitive on account of the easy availability of raw material and the strong presence of several key players with sufficient production capacities. Product sustainability, price, and durability are anticipated to be the key factors impacting the buyers’ decisions. The product is broadly available in retail as well as online platforms. Moreover, its installation necessitates expertise and specially trained employees for optimal results. Therefore, key industry participants are also focusing on after-purchase services. Some players have various established contracts with domestic installers to expand their geographical presence.

Related Press Release @ Paint Protection Film Market Report

Paint Protection Film Market Report Highlights

In 2020, automotive & transportation emerged as the largest application segment and accounted for over 72% of the global revenue share, in which a majority of the product demand is attained from the passenger cars segment due to its superior color protection characteristics
The aerospace & defense application segment is poised to register the fastest CAGR of 7.8% over the forecast period
The growth of this segment can be attributed to the increasing investments in the aircraft and defense sectors in China, U.S., and India
In 2020, the electrical & electronics application segment accounted for 4% of the overall market volume
This share resulted majorly from the demand for electronic gadgets, such as mobiles, laptops, tablets, and phablets, in emerging economies of Asia Pacific and Central & South America
In 2020, Asia Pacific was the leading regional market, in terms of volume as well as revenue, due to high product demand
The regional market will expand further at the fastest CAGR from 2021 to 2028 mainly due to a significant rise in automotive sales in emerging economies, such as China, India, Vietnam, Thailand, and South Korea

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Monday, 12 April 2021

Blow Molded Plastics Market Worth $98.7 Billion By 2028 | CAGR: 3.3%

The global Blow Molded Plastics Market size is anticipated to reach USD 98.7 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 3.3% over the forecast period. The global industry is expected to witness significant growth over the forecast period owing to increasing product demand from various application industries. In the past few years, there has been a significant growth in technologies and equipment for manufacturing these plastics, which has enabled manufacturers to cater to specific requirements of several application industries, such as automotive, building & construction, packaging, and others.

Polyethylene Terephthalate (PET) has several applications in the packaging industry including in manufacturing bottles intended for the packaging of food & beverage products. This is expected to drive its demand over the forecast period. During the Covid-19 pandemic, the demand for Polypropylene (PP) and PET is expected to grow on account of the increased usage of face masks, protective gowns, and packaging bottles for hand sanitizers.

Extrusion blow molded plastics was the largest and the fastest-growing technology segment in 2020. This technology is a revolutionary form of the blow molding process. One of the main advantages of this process is that it enables the manufacturers to increase output along with the efficiency of providing customized products. Moreover, lower mold cost as compared to other processes makes it a cost-effective technology.

Related Press Release @ Blow Molded Plastics Market Report

Blow Molded Plastics Market Report Highlights

The global market was valued at USD 75.7 billion in 2020 and is estimated to grow at a CAGR of 3.3% from 2021 to 2028
Polyethylene (PE) was the largest product segment in 2020. PE compounds are dominantly used across various industries and have been an integral material for the packaging industry
Acrylonitrile Butadiene Styrene (ABS) is estimated to emerge as the fastest-growing product segment from 2021 to 2028
This growth can be credited to the increasing demand for ABS from the automobile industry for the manufacturing of enclosures for electrical and electronic assemblies, automotive trim components, and protective headgears
Asia Pacific accounted for over 33% of the overall revenue share in 2020. China led the market in the Asia Pacific region
Favorable federal regulations by agencies, such as the Environmental Protection Agency (EPA), California Air Resources Board (CARB), and Scottish Environmental Protection Agency (SEPA), regarding carbon emissions along with the EU initiatives to develop blow molding applications for manufacturing lightweight and fuel-efficient cars are likely to boost the growth of the global market

Aromatherapy Market Overview, Growth Prospects and Outlook Report, 2028

The global Aromatherapy Market size is anticipated to reach USD 3.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.6% from 2021 to 2028. Rising awareness regarding the positive impact of essential oils on the well-being and health of consumers coupled with the growing demand for natural products is likely to boost aromatherapy market growth over the forecast period.

Increased focus on mental health coupled with the rising adoption of essential oils for the management of mental health problems is expected to drive the market. Furthermore, the growing acceptance of aromatherapy in medical facilities, including clinics and hospitals, is anticipated to augment the demand for aromatherapy diffusers and essential oils.

The demand for aromatherapy in-home use is likely to witness significant growth amid the COVID-19 crisis on account of the lockdown measures taken by various governments, resulting in people staying at home. Furthermore, the demand for aromatherapy in hospitals and clinics also witnessed growth owing to the increased utilization by institutions for treating COVID-19, infected patients.

The growing adoption of aromatherapy for alleviating conditions such as anxiety, depression, nausea, and insomnia during the lockdown is expected to impact market growth positively. The demand for essential oils, especially tea tree and eucalyptus oil is expected to witness growth amidst the pandemic on account of their antiseptic and antibacterial properties.

Related Press Release@ Aromatherapy Market Report

Aromatherapy Market Report Highlights

The demand for aromatherapy diffusers is expected to witness growth at an estimated CAGR of 8.8% from 2021 to 2028 owing to the growing preference for diffusers as they help in gaining the therapeutic benefits from essential oils
The relaxation application segment accounted for 23.2% of the global revenue share in 2020 on account of an increase in the number of people suffering from stress and anxiety coupled with a growing preference for natural treatment to get relief from stress
The e-commerce distribution channel segment is anticipated to witness growth at a CAGR of 12.2% over the forecast period on account of benefits associated with this channel, such as convenience, availability of a wide range of products, and ease-of-buying
In September 2020, Stadler Form Aktiengesellschaft expanded its products offerings by launching Zoe, a glowing energy-efficient aroma diffuser that uses ultrasound technology to emit essential oils in the room

Specialty Gas Market: Top Key Players, Trends, Scope and Segmentation, 2028

The global Specialty Gas Market size is expected to reach USD 18.22 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 8.8% from 2021 to 2028. Increased preference for specialty gases in the healthcare sector owing to an increased rate of applicability in medical applications is a driving factor for the strong market growth.

Increased rate of applicability in key applications such as manufacturing (welding and cutting, lighting, laser, chemicals), healthcare (medical devices, pharmaceutical drugs manufacturing, anesthetic), electronics (flat panel displays, semiconductor devices), and analytical and calibration instruments are expected to drive market growth.

The manufacturing and electronics industries are flourishing at an increased rate in emerging economies of Asia Pacific. Government initiatives to strengthen analytical testing capabilities, growing expenditure on drugs and medical devices by public health organizations, technological advancement, and government investments in the healthcare and electronics industries are increasing the demand for specialty gas.

Prevailing energy and environment-friendly practices coupled with growing societal awareness towards green products and solutions are anticipated to develop more stringent environmental and emission norms over the forecasted period. Furthermore, key players such as Air Liquide, Praxair, Inc., Linde AG, etc. are developing clean technologies and introducing innovative solutions that will lower emissions and pollutants.

Related Press Release @ Specialty Gas Market Report

Specialty Gas Market Report Highlights

Carbon gases was the largest segment by product capturing over 26% of the market share in 2020. Carbon gases are obtained from various natural sources and used by end-use industries such as chemicals, oil, food and beverages, etc. Majorly carbon dioxide and carbon monoxide have an increasing demand in the market owing to the high applicability rate in many industrial applications
The healthcare segment is anticipated to reach USD 4.66 billion in 2027. Specialty gases are used on large scale in devices such as nuclear magnetic resource imaging, magnetic resonance imaging, and ophthalmology, etc.
Asia Pacific region captured the largest regional segment in 2020 accounting for USD 4.20 billion owing to steady capacity expansions by surgical instruments, defense equipment, electronics, cotton, textiles industries, and a growing number of new applications of specialty gases is expected to drive market growth
The market is competitive with key participants involved in R&D and constant innovation done by the vendors has become one of the most important factors for companies to perform in this industry. Key manufactures include Air Liquide S.A., Air Products and Chemicals, Inc., Iwatani Corporation, Linde plc, and Messer Group GmbH.

Friday, 9 April 2021

Piling Machine Market Growth, Opportunities and Forecast To 2028 | Casagrande S.p.a, Watson Inc., BSP International Foundations

The global Piling Machine Market size is expected to reach USD 6.72 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.6% from 2021 to 2028. The development of privately-owned construction firms in the UAE, India, and China is anticipated to augment the spending in the construction industry, thereby surging the product demand over the coming years.

Rising concerns over the adverse effects of underwater piling operations on marine life are foreseen to result in a negative impact on the demand for vibratory driver piling machines over the forecast period. The implementation of stringent noise and vibration control norms in residential areas and offshore locations is expected to result in high R&D spending for the development of low-noise and vibration machines, which is expected to positively impact the market growth.

Favorable government incentives for the deployment of alternative energy sources in the U.S. have resulted in the increasing installation of solar farms. The rising popularity of using self-propelled pile drivers for installing foundations for solar panels is expected to fuel the demand for other piling machines, mainly driverless piling machines.

Rising concerns regarding the effects of vibrations on the marine environment during piling operations have resulted in the enforcement of stringent regulatory norms in the U.K., Germany, the U.S., and New Zealand for the protection of the aquatic ecosystem. This is expected to result in the increasing demand for systems with lower vibrations.

Related Press Release@ Piling Machine Market Report

Piling Machine Market Report Highlights

By product, impact hammer accounted for 29.71% share of the global revenue in 2020 on account of its easy operations and low price compared to other systems
Based on piling method, the drilled percussive segment is estimated to expand at a CAGR of 3.4% from 2021 to 2028 on account of its inexpensiveness and reliability for drilling holes for pile installations
China accounted for the largest share in Asia Pacific in 2020 owing to the increasing need for residential and commercial buildings, such as industrial facilities, complexes, hospitals, hotels and restaurants, and retail spaces, to cater to the growing population
The market in Canada is estimated to expand at a CAGR of 2.5% from 2021 to 2028 on account of its transition from a natural resources-based economy to a high-tech, service-based economy
Strategies adopted by market participants include distribution network expansion, new product developments, mergers & acquisitions, and partnerships in order to gain a competitive edge in the market

Fertilizer Catalyst Market Growth, Opportunities and Forecast To 2028 | Süd-Chemie India Pvt. Ltd., Thyssenkrupp AG, BASF SE

The global Fertilizer Catalyst Market size is expected to reach USD 3.3 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 2.4% from 2021 to 2027. The market is expected to be driven by the growing application in the production of fertilizers and the need for improving process efficiencies.

The demand for ammonia and hydrogen gas in the agricultural and industrial sectors is rising, thereby positively impacting the market growth. Moreover, favorable regulations and subsidies offered by the government have led to an increase in the adoption of catalysts. Nickel-based catalyst is the most significant product in the market space on account of its high efficiency. They are used in the Ostwald process of ammonia production. North America and the Asia Pacific collectively are anticipated to be the key markets for nickel-based catalysts worldwide. The demand for nickel-based catalysts is anticipated to grow on the account of their affordability and the ability to eliminate methane from the process.

Canada, South Africa, and Russia are likely to emerge as the major manufacturing locations for fertilizer catalysts due to the availability of raw materials. These countries are marked with the presence of large volumes of precious metal deposits. The major advantage associated with these countries is the availability of raw materials. Raw material procurement cost is the major cost incurred by a large number of catalyst manufacturers. The countries are also major exporters of fertilizers globally owing to the access to raw materials and the presence of large manufacturing facilities.

Related Press Release @ Fertilizer Catalyst Market Report

Fertilizer Catalyst Market Report Highlights

The nickel-based product segment is expected to expand at the fastest CAGR of 2.2%, in terms of volume, from 2021 to 2027 due to its application as a substitute for iron-based products and the increasing demand for fertilizers
The rhodium-based product segment is expected to witness considerable growth in the years to come owing to the growing demand for rhodium-based catalysts in hydrogenation reactions
The urea production process segment is expected to witness significant growth over the forecast period owing to the growing demand for urea-based fertilizers
In the Asia Pacific region, India is anticipated to exhibit the fastest growth rate of 2.6%, in terms of volume, from 2021 to 2027 owing to the rising demand for nitrogenous fertilizers
In October 2019, Albemarle Corporation and ExxonMobil together created a platform called “Galexia” for the refining industry to provide a transformative hydroprocessing suite of catalysts and service solutions. This platform is aimed at enhancing the company’s business operations in order to cater to the customers’ demand in an effective manner

Thursday, 8 April 2021

Industrial Pumps Market Share, Growth and Future Analysis

The global Industrial Pumps Market size is expected to reach USD 81.87 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.9% from 2021 to 2028. Rising product demand from the water and wastewater, oil and gas, and chemical industries on account of the rapid population growth and industrialization across the globe is anticipated to drive the market.

Rapid technological advancements have resulted in augmenting the reliability of the pumps, enhancing basic process tasks, and providing a long-term reduction in everyday operating processes. These rising advancements have also resulted in the reduced energy consumption, enhanced pump performance, and reliability, thereby augmenting the product penetration.

Rising investments by the key pump manufacturers to develop low-cost manufacturing processes and advanced technology that focuses on higher productivity are anticipated to boost market growth over the forecast period. Furthermore, increasing expenditure on the development of infrastructure in various countries is expected to have a positive impact on market growth.

The investments in the chemical industry slowed down in 2020 on account of the containment measures implemented by various governments to limit the spread of COVID-19, coupled with the declining crude oil prices. In addition, the delay in the construction of approved chemical projects caused due to the intensifying COVID-19 situation globally is likely to hamper the market growth.

Related Press Release @ Industrial Pumps Market Report

Industrial Pumps Market Report Highlights

The centrifugal pump product segment held the largest revenue share in 2020 owing to its characteristics, including high flow rate deliverability, the capability of raising pressure inside pump casing, and high transmission velocity
The water and wastewater application segment accounted for the largest share of 24.7% in 2020 owing to the rising demand for lift and sewage pumps attributed to the expanding industrial platforms and accumulation of wastewater in large volumes
Asia Pacific accounted for the largest share of 44.9% in 2020 on account of the increasing investments in manufacturing projects, coupled with the expanding chemical and power generation industry in the region
The market in India is expected to expand at a CAGR of 5.1% from 2021 to 2028 owing to the presence of a robust chemical industry, coupled with the rapid growth of the manufacturing sector

Pharmaceutical Glass Packaging Market: Industry Demand, Analysis and Future Trends 2028

The global Pharmaceutical Glass Packaging Market size is expected to reach USD 30.87 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.6% over the forecast period. The product demand is projected to be driven by the growth in the pharma industry in emerging regions, such as Asia Pacific.

The cost-sensitivity in the healthcare sector and the growing significance of biotech drugs have resulted in the establishment of stringent regulations related to drug delivery products. Many pharmaceutical drug manufacturing companies are focusing on increasing the shelf life of a drug and are therefore making investments in the research and development of glass vials. The newly-developed products are expected to boost the demand for glass vials.

Generic drugs has been the fastest-growing drug type segment and is expected to maintain rapid growth over the forecast period. This is due to the significant increase in the volume of generics, which is estimated to face a change in the market dynamics primarily due to the increased competitive intensity and customer consolidation in the U.S., which has a strong presence of several global pharma companies.

Glass packaging is highly preferred in the pharma industry as it is easy to sterilize with heat and does not react with most of the drugs and medicines being chemically inert. The colored glass can protect the medicines from different wavelengths including UV rays. In addition, the raw material is easily available and can be recycled, which has made it an ideal for the packing of pharma products.

The market in North America is expected to witness steady growth on account of the presence of several global players in the region. With the rising volume of generic drugs, glass packaging is being increasingly adopted owing to the preexisting established supply chain. The recent outbreak of Covid-19 had a positive impact on the global market due to growing product usage for the packing of immunity-boosting drugs.

Related Press Release @ Pharmaceutical Glass Packaging Market Report

Pharmaceutical Glass Packaging Market Report Highlights

In terms of revenue, the generic drug type segment is projected to ascend at the fastest CAGR of 9.5% over the forecast period
Distrust in the quality of unbranded generic medicines by physicians/patients, high out-of-pocket patient spending for drug purchases, and insufficient government promotion of unbranded generics are likely to promote the use of branded generic drugs over the coming years
Ampoules product segment accounted for a significant revenue share in 2020. Ampoules have been widely used for the primary packaging of injectables
Glass delamination has been a growing concern and has been highlighted by the FDA for better compatibility testing of container & drug
However, the development of glass vials that reduces the chances of delamination and breakage is estimated to result in the continuation of the trend of vials occupying a major market share over the coming years
Companies in the market are trying to improve the product strength to reduce breakage during the filling of these vials. In September 2019, Corning Inc. got approval from the FDA to market its Corning Valor Glass, which enables superior chemical durability and improves resistance to breakage, damage, and particulate contamination

Oxidized Polyethylene Wax Market Growth, Opportunities and Forecast To 2028 | Baerlocher GmbH, The Lubrizol Corp., SCG Chemicals Co., Ltd.

The global Oxidized Polyethylene Wax Market size is expected to reach USD 1.04 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a compound annual growth rate of 4.8% over the forecast period. The global market is expected to witness substantial growth over the forecast period owing to the increase in the demand from end-use applications, such as plastics, coatings, hot melt adhesives, rubber processing, and printing. Nontoxic nature, high thermal stability, and excellent dispersion have increased product consumption in the aforementioned segments.

It is used in masterbatches in other applications including polymer processing, leather, textile, metalworking industries, and tire manufacturing. The market growth is also driven by rising product demand in the coatings and rubber processing industries. The rising usage of hot melt adhesives in various consumer goods applications, such as furniture making, shoe manufacturing, packaging, baby diapers, and cigarettes, is expected to be one of the major drivers. Moreover, the rise in demand for paperboard & paper and building boards is likely to contribute to the market development.

Ethylene and petrochemical waxes are the main raw materials used in the manufacturing of polyethylene (PE) wax, which is further oxidized to manufacture the product. The major demand for printing ink across the globe arises from printed packaging products, followed by newspaper printing and printed advertisements. Solvent, water, and oil-based inks are used along with wax in digital printing, offset printing, and flexo printing processes. Furthermore, with the high penetration of print manufacturing companies globally, such as DIC India, Toyo Ink, Wikoff Color, and Ruco, the demand is likely to rise over the coming years.

Asia Pacific is one of the largest plastic manufacturing regions globally. The high demand for commodity plastics in the region, such as PVC, PE, and PU, has boosted the application of PE waxes. The demand for products that have applications in the infrastructure and industrial sectors is growing rapidly. The paints and coatings industry is expected to be the major contributor to the regional market growth, owing to the presence of a large number of emerging economies making significant investments in infrastructure development.

Related Press Release @ Oxidized Polyethylene Wax Market Report

Oxidized Polyethylene Wax Market Report Highlights

The unstable price of crude oil, from which petroleum wax is derived, significantly affects the stability of PE wax production across the globe
In terms of volume, the high-density product segment accounted for the largest share of the market in 2020 and is expected to retain its lead throughout the forecast period
The paints & coatings application segment dominated the global market and accounted for more than 21% of the overall revenue share in 2020
Asia Pacific accounted for more than 12% of the global share, in terms of volume, in 2020. Increasing consumption of the product in the industrial and infrastructural industries is assisting the market growth in the region
In April 2020, Lubrizol Corp. joined hands with Nike, Inc. by donating Thermoplastic Polyurethane (TPU) polymers, an essential element in PPE kits, to produce and donate Powered Air-Purifying Respirator (PAPR) lenses and full-face shields for frontline healthcare workers during the COVID-19 pandemic

Ultra High Molecular Weight Polyethylene Market Worth $4.43 Billion By 2028

The global Ultra High Molecular Weight Polyethylene Market size is anticipated to reach USD 4.43 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 12.3% over the forecast period. Increasing product demand from the medical & prosthetics application is expected to significantly drive the market during the forecast period. The product has been witnessing increasing acceptance as prosthetics in the medical industry for the past few years.

This rising acceptance can be attributed to its favorable physical and chemical properties, such as higher flexibility as compared to metals, and superior strength. Technological advancements have resulted in prosthetics having a longer operational life and being more comfortable for users. Over the recent years, the market participants have taken active steps to process ultra high molecular weight polyethylene (UHMWPE) and improve its properties. The product is majorly used for hip, knee, and spine implants.

The Asia Pacific region is anticipated to progress at the fastest CAGR of 13.1% over the forecast period. China led the regional market in 2020 and is anticipated to witness significant growth during the forecast period owing to the rising product demand in applications including medical grade & prosthetics, filtration, batteries, fibers, additives, and membranes. The increasing efforts by the government to improve public access to healthcare services and the rising incidences of chronic diseases are the major factors driving the product demand in medical-grade & prosthetics applications in the country.

In addition, increasing government expenditure to improve infrastructure and accessibility in rural and urban areas is expected to fuel the demand for medical devices. The aforementioned factors are projected to augment the demand for UHMWPE in the country over the forecast period. However, the recent outbreak of Covid-19 in countries, such as India, China, and Japan, are affecting the product demand in fibers, batteries, additives, and other applications owing to the slowdown in manufacturing activities, restrictions in supply & transport, and declining demand from end-use consumers, which is expected to hamper the overall market growth.

The fiber application segment is anticipated to progress at a robust growth rate over the forecast period. The product is used in the form of fibers for various applications, which include cut resistance gloves, ropes & fishing nets, protective armor, sports & leisure goods, and sling & braids. A surge in demand for high tenacity multifilament polyethylene yarns is expected to benefit the overall demand over the forecast period. In addition, increasing adoption of medical-grade UHMWPE fiber in cardiovascular, orthopedic, and trauma applications, such as implantable cardiac defibrillators, Cardiac Resynchronization Therapy (CRT) devices, vascular closure devices, central venous catheters, cranial plates, and scaffolds, is anticipated to drive the market growth in the coming years.

Related Press Release @ Ultra High Molecular Weight Polyethylene Market Report

Ultra High Molecular Weight Polyethylene Market Report Highlights

The global market was valued at USD 1.83 billion in 2020 and is estimated to grow at a CAGR of 12.3% from 2021 to 2028
In terms of revenue, the medical grade & prosthetic application segment accounted for the largest share of more than 33% in 2020 and is further expected to witness prominent growth over the forecast period
The fibers application segment accounted for the second-highest revenue share in 2020. The rising product demand from applications, such as ropes & fishing nets, protective armor, sports & leisure goods, owing to its superior properties, such as excellent strength to weight ratio, UV stability, low specific gravity, and high abrasion resistance, are propelling the segment growth
North America accounted for more than 41% share in the overall market and will expand at a steady CAGR from 2021 to 2028
The growth can be attributed to the increasing healthcare spending and growing geriatric population in the region

Flooring Market by Mohawk Industries, Inc., Tarkett, S.A., AFI Licensing, Shaw Industries, Inc.

The global Flooring Market size is expected to reach USD 621.54 billion by 2028 registering a CAGR of 6.1%, according to a new report by Grand View Research Inc. Rising urbanization and expansion of ultramodern workspaces and offices coupled with evolving consumer lifestyle are expected to drive the market growth.

The rapidly growing global construction industry and the resultant demand for insulation are expected to boost the market growth. The increased availability of innovative construction solutions with attributes, such as low maintenance and high durability, is anticipated to have a positive impact on the market.

The development of innovative floor covering solutions and changing consumer trends in construction solutions and floor designs have been critical in the industry development over the last few years. A high degree of integration is observed between the prominent players to achieve optimum business growth in the market. Mergers & acquisitions and joint ventures are undertaken by companies to extend their business portfolio and geographical reach.

Request a free sample copy or view report summary: Flooring Market Report

Flooring Market Report Highlights

The resilient product segment is expected to ascend at the fastest CAGR of 6.8% from 2021 to 2028 on account of the wide acceptance of performance floorings including rubber, vinyl, carpet, linoleum, cork, and others
In 2020, the residential application segment dominated the market with a share of 54.3% and is likely to expand further at a steady CAGR from 2021 to 2028
The segment growth is attributed to the rising residential building construction activities across the globe
On the other hand, the industrial application segment is expected to record the maximum growth rate during the forecast period
Asia Pacific is estimated to be the largest regional market by 2028; however, MEA is projected to register the fastest CAGR over the forecast period
Prominent players in the market are focusing on the acquisitions of smaller companies to enhance their product portfolio and strengthen their presence in the global market

Monday, 5 April 2021

Returnable Packaging Market Size is Predicted to Witness 5.7% CAGR till 2028

The global Returnable Packaging Market size is expected to reach USD 153.35 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.7% from 2021 to 2028. Rapid industrialization, increasing trade activities, and rising demand for robust, long-term, and eco-friendly packaging for the transportation of finished and semi-finished goods in multiple end-use industries are expected to augment the growth of the market.

Returnable packaging consists of sturdy products, such as pallets, crates, IBCs, and drums and barrels, which are intended to use for multiple trips. These products are designed to withstand harsh handling within the supply chain, thus are made up of robust materials, such as polypropylene, high-density polyethylene, metal, and wood, which results in their high cost as compared to single-use packaging. However, returnable packaging is reused multiple times, which eliminates the recurring costs of packaging products and makes them lucrative in the longer term.

Globally, end-use companies or consumer brands are increasingly pledging to switch to reusable or recyclable packaging products owing to sustainability issues and to improve brand equity. Besides, growing favorable government regulations such as European Union’s Circular Economy Action Plan that focuses on sustainable practices are expected to favor the market growth in the coming years.

Flourishing e-commerce across the world is likely to augment market growth as the product distribution through e-commerce consists of extensive logistics, wherein returnable packaging products are used. Moreover, the growing pharmaceutical industry due to the rising elderly population and increasing chronic diseases, along with a surge in the personal care and cosmetic industry on account of the rising preference for natural or plant-based beauty products, is likely to drive the market significantly.

Related Press Release @ Returnable Packaging Market Report

Returnable Packaging Market Report Highlights

Based on material, plastic accounted for a share of 63.4% in terms of revenue in 2020 owing to the high adoption of plastic-based pallets, crates, and IBCs by end-use companies due to their durability, lightweight, low cost, and high-impact resistance
By product, pallets led the market with a share of 57.2% in 2020 and are expected to witness significant growth from 2021 to 2028. This is attributed to the high adoption of pallets for material loading and unloading by multiple end-use industries
Asia Pacific emerged as the leading regional market and accounted for 36.4% of the total revenue in 2020. The growing manufacturing sector in developing countries, such as China and India, owing to the low cost of production is boosting the growth of the regional market
The market is moderately fragmented with the presence of a significant number of large and medium-sized companies. Key players are focusing on acquisitions and are incorporating novel tracking devices to efficiently track product movement throughout the supply chain

For More Information: https://www.grandviewresearch.com