Bulk Chemical Industry reports: 2022

Tuesday, 1 November 2022

Recycled Polyethylene Terephthalate Market – Industry Insights by Product, 2030

The global Recycled Polyethylene Terephthalate Market size is expected to reach USD 18.46 billion by 2030, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 7.4% from 2022 to 2030. The growing beverage industry in Asia Pacific countries such as China, Japan, India, Vietnam, South Korea, and the Philippines and the increasing demand for recycled polyethylene terephthalate (rPET) in the non-food sector are expected to boost the market growth over the forecast period.

Recycled PET (rPET) is a synthetic material produced from recycled PET products that have a wide range of applications. The resins are made from post-consumer PET bottle splints, which are one of the most durable types of PET recycling. The clear product segment dominated the market in 2021 and the product is likely to continue to dominate the global market over the forecast period due to the increasing demand for bottles and sheets. Clear recycled PET is extensively used in a variety of applications, including resin and fiber manufacturing.

Rising awareness regarding the sustainability of natural resources in the developing countries of North America and Europe is anticipated to have a positive influence on the demand for recycled PET over the forecast period. The shift in preference toward developing manufacturing units in Asia Pacific countries, such as India, China, Indonesia, Vietnam, and Thailand, is expected to propel the demand for recycled PET. The non-food containers and bottles end-use segment is projected to grow at a constant rate over the forecast period.

Related Press Release@ Recycled Polyethylene Terephthalate Market Report

Recycled Polyethylene Terephthalate Market Report Highlights

In terms of revenue and volume, Asia Pacific led the market in 2021. The existence of rPET manufacturing industries is majorly used in several applications that resulting in the growth of the market in the region
The clear product segment dominated the market in 2021 and is predicted to maintain its lead over the forecast period. Low energy demands and the convenience of bottle-to-bottle recycling are expected to boost the market growth over the forecast period
By end-use, the fiber led the market in 2021. High demand from the FMCG, consumer goods, automobiles, clothing and accessories, textile, telecom, and home furnishing sectors is contributing to the growth of the segment
North America is expected to expand at a revenue-based CAGR of 8.1% over the forecast period due to the presence of numerous key end-use sectors such as FMCG, consumer goods, clothing and textile, automobiles, and packaging in the region

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Friday, 28 October 2022

Calendered Polyvinyl Chloride Flexible Films Market Worth $25.2 Billion By 2030

The global Calendered Polyvinyl Chloride Flexible Films Market size is expected to reach USD 25.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.3% from 2022 to 2030. There are a large number of players operating in the market across the globe. With technological advancements, various end-use segments have been introduced. Some of these types include pharmaceutical, medical, automotive, building and construction, consumer goods, and industrial.

The market is likely to be driven by factors, such as rising demand for calendered polyvinyl chloride (PVC) flexible films in food and beverage packaging end-use. The food and beverages industry is the most prominent consumer of packaging products worldwide. The ongoing immigration of the rural population to urban areas, rising number of working women, increasing disposable income, and prevailing hectic work-life schedules have macroeconomically fueled the global demand for ready-to-eat food products, packaged meals, outdoor dining, etc.

Calendered polyvinyl chloride flexible films extend the shelf life of perishable commodities while masking the odor of packed products. The usage of these films also eliminates labeling or capping costs. These factors are expected to contribute to the surged demand for calendered polyvinyl chloride flexible films in the coming years. Increased investments by companies such as Uflex Ltd. to develop advanced packaging films are expected to fuel the growth of the packaging industry at domestic and international levels.

The presence of major economies with high healthcare costs and increasing expenditure of various governments on public and private health systems are expected to positively impact the market growth. Increasing private participation in the healthcare industry to improve healthcare services and infrastructure and offer high-quality treatment in countries like China, Japan, India, Singapore, and Australia is expected to boost the market growth. Furthermore, improving service and safety standards in hospitals is expected to drive the market over the forecast period.

Related Press Release@ Calendered Polyvinyl Chloride Flexible Films Market Report

Calendered Polyvinyl Chloride Flexible Films Market Report Highlights

In terms of revenue, the consumer goods segment accounted for a prominent share of more than 25.0% in the market in 2021 and is further expected to witness prominent growth over the forecast period owing to the high demand from consumer goods such as furniture, footwear, sports equipment, clothing, and others
As of 2021, Asia Pacific accounted for more than 28.0% revenue share in the overall market. The demand for high-quality medical devices and components from hospitals in major economies such as China, India, and Japan is increasing on account of rising expenditure on the healthcare industry. Increasing private participation in the healthcare industry to improve healthcare services and infrastructure and offer high-quality treatment in countries like China, Japan, India, Singapore, and Australia is expected to boost the market growth
The use of calendered polyvinyl chloride flexible films in the automotive sector is in underbody coatings, sealants, floor modules, and wire harnesses (cable insulation and grommets). Calendered PVC flexible films are used mainly on the exterior of the car, particularly in areas where the paint on the vehicle body is exposed to wear and impact from dirt and gravel from the road
Several market players compete with each other to tap potential growth opportunities in the global polyvinyl chloride flexible film market and to establish their market presence and enhance their market share. Companies such as Caprihans India Limited, ACG, and Mississippi Polymers Inc., as well as various polyvinyl chloride-based calendered flexible film manufacturers, account for a large share of the market since their establishment. Hence, these companies have been categorized as product innovators in the market

Tuesday, 18 October 2022

Plastic Compounding Market by BASF SE; LyondellBasell Industries Holdings B.V.; DuPont de Nemours, Inc

The global Plastic Compounding Market size is expected to reach USD 112.08 billion by 2030, according to a report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.4% from 2022 to 2030. The construction and vehicle industries are expected to encourage demand for interiors, exteriors, and under-the-hood components. Plastic compounding is used in automotive under-hood components, building interiors and exteriors in construction and infrastructure, and the electrical and electronics industry, which is anticipated to boost the market growth.

Polyethylene Terephthalate (PET) is a plastic used to make bottle containers for packaged water and fizzy beverages. PET is considered a safe, durable, flexible, non-toxic, lightweight, and 100% recyclable raw material. As a result, it has acquired wide acceptance, which is expected to propel the expansion of the market over the forecast period.

In 2021, Asia Pacific was the top revenue source for the PET compound market. The regional usage of PET compound is expected to be driven by rising demand for beverages, particularly carbonated drinks and nutritional drinks. The expansion in population, changing lifestyles, and the emergence of local beverage makers all contribute to this trend. The presence of a large pool of contract bottlers in the Asia Pacific will also have an impact on the variety of packaging industries.

Plastics have always been used extensively in the construction sector, with products ranging from pipe fittings and insulation to construction materials and equipment. Plastic compounds are adjusted to meet their specific needs. For instance, flame retardant chemicals are added to Polyvinyl Chloride (PVC) components and are an essential part of building materials.

Related Press Release@ Plastic Compounding Market Report

Plastic Compounding Market Report Highlights

Polypropylene (PP) is the most consumed plastic compounding product. It held the largest revenue share of over 25.0% in 2021. Its production has increased due to growing demand from the packaging and medical device industries all over the globe
Polyethylene compounds find widespread application in the building and construction segment. Rapid urbanization and industrialization, especially in emerging economies such as China and India, coupled with the rising infrastructure development activities in the Middle East, are expected to fuel the growth of the construction industry
Volatility in crude oil prices can be attributed to political instability, supply-demand imbalances, and seasonal variations. The volatility in crude oil prices can negatively impact the market growth
Major plastic compounding companies have been acquiring their own compounding plants, rather than establishing plants, to strengthen their position in the global landscape. In February 2022, BASF SE acquired Solvay’s PA66 business as a part of a takeover. The products acquired under the takeover include different grades of polyamide (PA) and polyphthalamide (PPA), which will be traded across Europe

Wednesday, 12 October 2022

Metalworking Fluids Market: Future Trends, Revenue Growth & Leading Players, Forecast To 2030

The global Metalworking Fluids Market size is expected to reach USD 15.1 million by 2030, as per the new report by Grand View Research, Inc., registering a CAGR of 3.8% in the forecast period. The demand is attributed to arise in demand for automotive and industrial machinery. Individual end-use sectors, such as machinery, metal fabrication, and transportation equipment, are driving the expansion of the market.

The market is also expected to be driven by strong development in the machinery and transportation equipment end-use industries over the projected period. Manufacturing is one of the core industries in North America and Europe. Advances in the manufacturing methods for the production of sophisticated end-use products, coupled with the increase in the exports of construction machinery and power, agricultural, and automotive equipment, have fueled the market growth.

The sector is expected to benefit from increased production of construction machines and related parts for industrial, residential, and commercial construction. The rise in public-private partnerships is expected to boost the demand for a variety of construction components that use MWFs during their production. Because of the expanding building activities in these nations, emerging economies are likely to be critical for product growth.

The increasing demand for electricity and upgrading of the existing infrastructure for electricity generation, transmission, and distribution, is anticipated to fuel the market for electrical & power equipment and related components. These components are manufactured using ferrous and non-ferrous metal parts, which consume MWFs during manufacturing.

Related Press Release@ Metalworking Fluids Market Report

Metalworking Fluids Market Report Highlights

Mineral-based MWFs accounted for a revenue share of 48.1% in 2021 due to the increased consumption owing to their low cost
Water cutting oils application is anticipated to grow at the fastest CAGR over the forecast period due to product usage in operations, such as drilling, milling grinding, and mainly in heat dissipation for the proper machining process
The machinery segment dominated the market in 2021 due to the high demand for construction equipment and increased infrastructural development activities
The automobile industry is anticipated to witness a significant CAGR over the forecast period due to the high demand for automobile machinery
The growth of the construction and electrical & power equipment sectors in emerging economies is also expected to drive the product demand
Synthetic and mineral-based products aid in better tool performance, which has led to their high demand

Monday, 19 September 2022

Traffic Road Marking Coatings Market: Future Demand, Market Analysis & Outlook to 2030

The global Traffic Road Marking Coatings Market size is likely to reach USD 8.27 billion by 2030 at a CAGR of 6.0%, according to a new report by Grand View Research, Inc. Technological advancement is an important factor in the market growth as countries are becoming more concerned about public health and safety. Growing environmental concerns are driving the need for greener products in a bid to promote a healthy environment.

The market witnessed slight growth in 2020, despite the outbreak of the COVID-19 pandemic. The reduced traffics due to the restrictions on transportation/traveling and other vital economic activity benefitted several road maintenances, bridge & road construction, and building projects. Apart from road building, the restrictions on air travel and flight reductions provided a chance to evaluate runway construction windows.

Paints are regarded as a major source of harmful VOC emissions. This has resulted in the development of thermoplastic coatings and other eco-friendly alternatives. Rising cases of road fatalities are another primary concern, which is forcing regional governments to invest in technological development to ensure highway safety and maintenance. There is a need for technological development to deal with such issues efficiently and improve the global economic condition as well. In June 2021, Hempel A/S acquired a game-changing technology that is expected to transform the insulating coatings business while enhancing employee safety and decreasing customers' environmental footprint, allowing the company to produce and sell new coating products.

Manufacturers are taking initiatives to develop innovative marking systems and temperature-sensitive paints, which, in turn, is boosting the market growth. Various initiatives to improve road safety and maintenance and prevent accidents are expected to influence the overall market positively.

Furthermore, favorable regulations established by agencies such as the Environmental Protection Agency (EPA), The Traffic Signs Regulations and General Directions (TSRGD) 2002 by the Department for Transport (DT), and initiatives by the European Union to make roads safer are expected to help boost the market growth.

The overall growth rate of the market depends upon the high potential regions, such as the Asia Pacific and the Middle East & Africa, where the industrial output is expected to grow during the forecast period. Due to a considerable rise in consumerism, which is driven by economic growth, a favorable credit landscape, and increased disposable income, various countries, particularly in the Asia Pacific such as India and China, have witnessed an exponential rise in manufacturing activities. This factor has impacted the logistics activities in the aforementioned regions, thereby boosting the demand for safer roads.

Related Press Release@ Traffic Road Marking Coatings Market Report

Traffic Road Marking Coatings Market Report Highlights

Thermoplastic coatings emerged as the fastest-growing product segment in terms of revenue during the forecast period
In terms of revenue, paint was the largest segment in 2021 with a market share of around 46% and is likely to maintain its dominance in the future
The Asia Pacific is estimated to witness the highest growth during the forecast period on account of a rise in infrastructure spending in emerging economies, such as India, China, and Japan.
Key players operating in the market include BASF SE, The Sherwin Williams Company, Borealis AG, SealMaster, Armacell International S.A., and Recticel Group

Specialty Pulp & Paper Chemicals Market Worth $28.1 Billion By 2030

The global Specialty Pulp & Paper Chemicals Market size is anticipated to reach around USD 28.1 billion by 2030, registering a revenue-based CAGR of 3.1% during the forecast period, according to a new report by Grand View Research, Inc. Growing consumer demand for the sustainable and high-quality packaging materials is expected to drive the product demand during the forecast period.

These specialty pulp and paper products help in process improvement, weight reduction, increasing strength, and reducing water requirements thus lowering the production cost. These can be added during different stages of the papermaking process including wet end size press or in the drying stage. Proper and efficient use of these chemicals involves details on addition sequence, knowledge of pH, and conductivity along with components in furnish.

The functional chemical segment is likely to hold a significant market share owing to the widespread use of products such as starch, latex, binders, and other agents to enhance the quality of the paper. Bleaching chemicals such as sodium hypochlorite, hydrogen peroxide, and enzymes are also gaining popularity as they enhance the final brightness of the product and decrease the effluent color.

Increasing demand for high-quality quality paper is expected to augment the consumption of Optical Brightening Agent (OBA) and Fluorescent Brightening Agent (FBA) during the next few years. However, growing awareness regarding the toxic nature and impact of these chemicals on the environment is anticipated to negatively impact the market for specialty pulp & paper chemicals and restrict its growth during the forecast period.

COVID-19 had a negative impact on the market for specialty paper & pulp chemicals owing to the reduced demand from the end-user industries. The closure of schools, colleges, and various manufacturing plants across the globe reduced the demand for specialty paper chemicals. However, the demand for pulp and paper chemicals for food packaging products and personal hygiene products witnessed significant growth during the pandemic.

Ashland, Incorporated; BASF SE, Buck man Laboratories International, Inc.; The Dow Chemical Company; and Royal Dutch Shell Plc. are the leading providers in the market. These companies account for a substantial market share and sale of specialty pulp and paper products due to high production capacities and a superior client base.

The companies in this industry are working towards providing sustainable solutions, as the industry is dependent on various natural resources. For instance, The, Dow Chemical Company’s product options and solutions help to reduce solvent and processing-chemical requirements, reduce energy and processing-water requirements, reduce waste, etc.

Related Press Release@ Specialty Pulp & Paper Chemicals Market Report

Specialty Pulp & Paper Chemicals Market Report Highlights

Functional chemicals are projected to be the largest product segment and are expected to expand at a CAGR of 3.3% from 2022 to 2030. Increasing demand for high-quality paper products is expected to drive the demand for pulp and paper chemicals during the forecast period
Among application segments, the packaging segment accounted for the largest share of around 41.0% in 2021. This is due to the high demand for paper packaging in the food industry
Increasing production cost and rising competition for premium packaging is projected to positively influence the specialty pulp & paper chemicals market growth in the coming years
The Asia Pacific is anticipated to be the fastest as well as the largest emerging regional segment. Growth in retail infrastructure development is expected to support the growing need for the packaged goods in this region

Friday, 16 September 2022

Automotive Tinting Film Market Key Players, Industry Share, Growth, And Forecast To 2030

The global Automotive Tinting Film Market size is expected to reach USD 5.72 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.1% during the forecast period.

The major factor driving the demand for automotive tinting films is the increasingly global automotive production. The market demand for passenger vehicles has witnessed substantial growth, primarily in Asia, from countries such as India, China, and Japan.

The demand for passenger vehicles has seen an upsurge in developing economies on account of rapid urbanization, increasing working population, and rising disposable income. This is expected to positively impact the demand for the product over the forecast period. COVID-19 had a negative impact on the market in 2020. In the event of the pandemic, automotive production units were temporarily shut down due to the government-imposed lockdown to prevent the spread of COVID-19 cases.

However, the various regulations regarding the Visible Light Transmission (VLT) are expected to restrain the market growth during the forecast period. In addition, the onset of Chinese tinted glasses in the global market is expected to hamper the demand for tinting films. Various governments have imposed bans or restrictions on the use of tinting films for automobiles. This regulation has hindered the market's expansion.

Tinting films help in reducing solar heat gain & winter heat loss and maintain a sustainable & comfortable environment. In addition, the use of Ultra Violet-A filtering tinting films reduces the risk of skin cancer & skin damage. Environmental benefits offered by the product along with rising safety concerns among consumers are expected to drive growth.

The market is characterized by the presence of a large number of players and competitive rivalry is quite intense in the market owing to the presence of several large and small players. The rivalry among competitors is expected to be high over the next few years owing to the constant growth of the automotive industry.

Related Press Release@ Automotive Tinting Film Market Report

Automotive Tinting Film Market Report Highlights

LCV is expected to be the fastest-growing segment of the global automotive tinting film market during the forecast period.
The windshield application segment in North America was estimated as the largest market in 2021.
China was estimated as the largest market in Asia-Pacific.
Major market players are Eastman Chemical Company; 3M; Saint-Gobain Performance Plastics Corporation; and Madico, Inc.
In June 2019, Eastman Chemical Company (Eastman Performance Films, LLC) announced the launch of the automotive window tint series known as the LLumar IRX series. The company aims to provide a better offering to customers and create growth opportunities for its dealers with this launch.

Thursday, 15 September 2022

Biodegradable Plastic Market Size Worth $10.0 Billion By 2030

The global Biodegradable Plastic Market size is projected to reach USD 10.0 billion by 2030, according to a report by Grand View Research, Inc., rising at a CAGR of 9.7% during the forecast period. The increasing use of biodegradable plastics, owing to strict governmental laws prohibiting the use of conventional plastics, coupled with growing awareness among the public towards the ill effects of plastic waste is stoking the growth of the market. The above factors are expected to spur market growth during the forecast period.

Biodegradable plastics are plastics that decompose in the environment within a reasonable period. Biodegradable plastics are made up of renewable raw materials. Many of these plastics require biodegradable additives to enhance the biodegradation process and some may require a specific environment to disintegrate. Time taken by plastics to decompose depends upon various factors such as raw materials used and environmental conditions such as moisture and temperature.

The starch-based segment leads the global market. Starch-based plastics are used in various applications such as packaging, consumer electronics, agriculture, automotive, and textiles. PLA is also one of the most consumed biodegradable plastic-type. It is used in 3D printing, mulch film, and packaging.

Packaging is the leading application of biodegradable plastics. A ban on plastics by European Commission is anticipated to drive the segment during the forecast period. Novel applications of biodegradable plastics in the medical sector for drug encapsulation and medical surgeries are being increasingly practiced.

Around the world, people are facing grave issues of plastic waste as conventional plastics take hundreds of years to decompose. To tackle this, issue several countries have banned the use of single-use plastic products and are promoting the use of eco-friendly biodegradable plastics. Ban of non-reusable conventional plastics in many regions around the globe, especially in Europe and North America is estimated to propel the market. Additionally, improving the standard of living and increasing disposable income in developing countries are likely to augur well for the market in the Asia Pacific and Central & South America.

Key players are investing in research and development activities to create improved products that are strong and can be easily decomposed in the natural environment. Many the companies have integrated the value chain to serve customers better and improve the profits of the company

Related Press Release@ Biodegradable Plastic Market Report

Biodegradable Plastic Market Report Highlights

The PHA segment is projected to expand at a noteworthy CAGR of 10.2% in terms of revenue during the forecast period
Packaging is the largest application segment that accounted for more than 60.0% of revenue in 2021, followed by the agriculture sector
Europe is the largest region in terms of value and volume. However, Asia Pacific is expected to emerge as the fastest-growing region for biodegradable plastics

Thursday, 8 September 2022

Intumescent Coatings Market: Future Demand, Market Analysis & Outlook to 2030

The global Intumescent Coatings Market is expected to reach USD 1,753.03 million by 2030, registering a CAGR of 5.5% during the forecast period from 2022 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 throughout 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 are further expected to hinder the 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 during 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 during the forecast period.

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 the stringent legislation regarding the solvents present in paints & coatings in the U.S. and other developed European countries. Several companies in the market are working towards the improvement of new fast-drying intumescent coatings. Companies such as Alfa Laval and Hellenic Petroleum are using fast-drying water-based intumescent coatings for heat exchangers, train wagons, piping, and tanks. These coatings comply with strict VOC regulations and are suitable for shorter production turnaround time.

Related Press Release@ Intumescent Coatings Market Report

Intumescent Coatings Market Report Highlights

Asia Pacific dominated the overall intumescent coatings market with a revenue share of more than 34.0% and is expected to maintain its dominance during the forecast period
Water based coatings is expected to be the fastest-growing technology segment of the global intumescent coatings market from 2022 to 2030
Oil & gas was the largest market in 2021 and is projected to expand further at the highest CAGR of 5.7% during the forecast years
The booming construction industry in Asia Pacific and the increasing oil and gas exploration activities across the globe are expected to drive the market for intumescent coatings during the forecast period
The intumescent coatings market growth is expected to be restrained due to volatile raw material prices
In May 2021, Hempel A/S introduced new Hemp afire Pro 400 intumescent coating, which maintains the stability of steel structures for up to 120 minutes in the event of a fire and has been optimized for maximum efficiency in the loadings for 90-minute duration. The new product is expected to bring increased value to the customers

Amino Acids Market Key Players, Industry Share, Growth, And Forecast To 2030

The global Amino Acids Market size is projected to reach USD 49.7 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.4% from 2022 to 2030. The growing consumer awareness regarding a healthy lifestyle, coupled with the increasing consumption of meat and meat products, is anticipated to drive the demand for amino acids during the forecast period.

Amino acids are essential compounds that play a vital role in protein synthesis and are responsible for the proper functioning of the human body. They help in reducing the likelihood of cardiovascular diseases, preventing muscle damage, and increasing metabolism. These properties have resulted in their extensive consumption in dietary and other pharmaceutical applications in the healthcare industry.

Commercially, amino acids are derived from various plants and animal sources, which include soybean, corn, wheat, blood, skin, and hair, using fermentation, extraction, and chemical synthesis. Research and development activities related to improving the yield and quality of extracted amino acids are being carried out globally.

The food and dietary supplements application segment dominated the market for amino acids in 2021. Food amino acids observed substantial growth as they are used to enhance the flavor and nutritional value of food products. The animal feed application segment is anticipated to witness the fastest growth in the coming years due to growing product inclusion in animal feed conversion.

Asia Pacific dominated the market in 2021 owing to factors such as high demand from the regional food and beverage sector, increasing consumer awareness concerning health, and growing preference for functional foods. The market for amino acids in Europe is anticipated to witness significant growth in the forthcoming years, owing to the extensive growth of the region’s pharmaceutical and nutraceutical sectors.

Moreover, the ingredients used in formulating pharmaceutical and nutraceutical products follow stringent norms. In North America, the Food and Drug Administration (FDA), U.S. Department of Agriculture (USDA), and U.S. Environmental Protection Agency (EPA) regulate plant- and animal-sourced amino acid products. Each of these regulatory bodies has chalked out certain regulations and published guidance documents to ensure the safety and effectiveness of these products.

Key players are focusing on new and strategic alliances such as mergers and acquisitions, among others, as well as production capacity expansions. For instance, in July 2021, Ajinomoto Co., Inc., a Tokyo, Japan-based biotechnology and multinational food corporation announced the launch of an amino acid supplement. The supplement comprises isoleucine, leucine, valine, phenylalanine, histidine, lysine, and tryptophan. Specially created for elders and middle-aged people, the supplement helps in reducing the risk of memory impairment and cognitive decline.

Related Press Release@ Amino Acids Market Report

Amino Acids Market Report Highlights

In terms of revenue, the plant-based raw material segment is expected to emerge as the fastest-growing segment during the forecast period
In terms of product, the serine segment is expected to exhibit the highest volume-based CAGR of 12.6% from 2022 to 2030, owing to its increasing demand in the production of sphingolipids
Asia Pacific held the largest share of 51.3% based on volume in 2021 in the global market for amino acids
Asian countries, particularly India and China, are likely to witness remarkable growth over the forecast period in this industry
Growing awareness regarding animal health and augmented demand for high-quality meat products are expected to drive amino acid consumption in animal feed applications
Key market players are mainly focusing on innovation to improve service quality and meet global consumer demands

Friday, 26 August 2022

Plastic Market Size Worth $811.57 Billion By 2030 | CAGR: 3.7%

The global Plastic Market size is anticipated to reach USD 811.57 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to advance at a CAGR of 3.7% between 2022 and 2030. The increasing automotive production and subsequent rise in plastic consumption in automotive component fabrication, because of regulatory policies regarding vehicular weight reduction and fuel efficiency, are expected to drive the market during the forecast period.

Plastics facilitate fuel saving in automotive applications, owing to reduced car weight and density, as compared to conventional materials such as metals or rubber. Since the last decade, there has been a substantial demand for these products as a replacement for metals and ferrous alloys across various industries such as consumer goods, automotive, and industrial machinery. The growth of the plastics market mainly depends on factors such as the ever-increasing requirement of end-users in terms of product specification and versatility, influencing consumption dynamics.

Other factors such as the socio-political environment, production process, and feedstock availability events also have a significant impact on the industry trends. Rapidly developing construction and automobile markets in Asia Pacific are expected to increase the demand for plastics in interiors, exteriors, and under the hood components. Its major applications include underhood components in the automotive industry, building interior & exteriors in the construction and infrastructure sectors, and various applications in electronics and durables.

The outbreak of COVID-19 fueled the demand for plastics in the medical end-use industry. Companies are focusing on stepping up their resources and production capabilities to meet the rising demand. For instance, in April 2020, Exxon Mobil Corporation announced an increase in the monthly production of specialized polypropylene by 1,000 tons, to meet the growing need for medical masks and gowns owing to the spread of coronavirus. This surge in the production of polypropylene was aimed to help medical mask and gown manufacturers to produce an additional 20 million gowns or 200 million medical masks.

Extrusion application is anticipated to progress at a substantial growth rate during the forecast period. It is widely used to produce straws, hoses, pipes, and window frames. The increasing demand for these products from the packaging and construction industries is anticipated to create lucrative growth opportunities for the extrusion application segment in the coming years.

Related Press Release@ Plastic Market Report

Plastic Market Report Highlights

The global market for plastics was valued at USD 593.00 billion in 2021 and is estimated to expand at a CAGR of 3.7% from 2022 to 2030
Globally, polyether ether ketone is expected to witness a CAGR of 6.8% in terms of revenue during the forecast period. The increasing demand for medical applications such as housing, valves, switches, guide components, sleeves, adapters, reducers, cylinders, ventilators, and others are anticipated to positively impact the segment growth in this period
Various strategic initiatives have been recorded over the past few years that have served to boost the growth of the plastics industry. For instance, in August 2020, Sinopec Zhongke, China prepared to start a new unit for the production of polypropylene in Zhanjiang by the end of August 2020. The unit possesses a production capacity of 350,000 tons/year of polypropylene