Bulk Chemical Industry reports: April 2022

Tuesday, 19 April 2022

Ammonium Sulfate Market Size Worth $5.04 Billion By 2030

The global Ammonium Sulfate Market size is expected to reach USD 5.04 billion by 2030, as per the new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.7% from 2022 to 2030. The advancement in agriculture technology would drive the demand for fertilizers, which would indirectly result in the growing demand for ammonium sulfate.

Ammonium sulfate is an inorganic water salt comprising sulfur and nitrogen. The composition is used in the agricultural sector as fertilizer. It has the ability to provide stability and functionality to the fertilizer. Benefits associated with these fertilizers include water-solubility, easy blending abilities with nitrogenous fertilizers, and elevation of soil. These benefits ensure high plant growth, thereby leading to the high demand from farming communities.

Rice is a staple food crop in most Asian countries and is grown by almost two billion people according to the Food and Agriculture Organization (FAO). North America accounted for the third-largest market share after Asia Pacific and Europe in 2021. The Ministry of Health, Labor, and Welfare declared the product as safe for health with no health problems associated, therefore it is accepted and utilized across the globe.

The global market is very competitive; thus several manufacturers are investing in the development of technologies for the production method of the product. Manufacturers are focusing on mergers and acquisitions to increase their global presence and broaden their product portfolio. For instance, in 2019, Sumitomo Chemical announced the merger of Sumitomo Chemical India Limited and Excel Crop Care Limited to expand the business in India.

Related Press Release@ Ammonium Sulfate Market Report

Ammonium Sulfate Market Report Highlights

By product, solid ammonium sulfate held the largest revenue share of over 90.0% in 2021 due to an increase in demand for agricultural fertilizers
The fertilizers application segment accounted for the largest revenue share of over 70.0% in 2021 as there is a boost in the demand for food products on account of the population explosion. This is anticipated to drive the demand for the product in fertilizer production globally
Asia Pacific held the largest volume share of over 45.0% in 2021. The fertilizers demand is high in the APAC economies as agriculture is the primary sector. This, in turn, will increase the demand for ammonium sulfate

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Tuesday, 12 April 2022

Ethyl Acetate Market Size is Estimated to Witness 8.8% CAGR till 2028

The global Ethyl Acetate Market size is expected to reach USD 8.3 billion by 2028, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.8% from 2021 to 2028. The market growth can be attributed to a significant increase in the production of sustainable packaging products such as flexible packaging owing to rising environmental concerns, which is anticipated to propel the demand for solvent-based printing inks in the packaging industry over the forecast period.

Ethyl acetate solvents are witnessing an increase in demand across the world owing to their growing application scope in various key end-use industries such as fragrances, food, and beverages, automotive, Pharmaceuticals, and packaging. Further, it is used in coating formulations such as acrylics, urethanes, and epoxies. These coatings are applied on fixtures, wood furniture, and mining equipment. They are also used in construction, agriculture, marine, and auto refinishing applications. The consumption of the product in coatings and paints is expected to surge in the coming years owing to the flourishing construction industry.

It is majorly used as a flavor enhancer in different food and beverage products such as coffee, tea, and confectionery items. It has a sweet smell which is also used to add fruity flavors to gum, baked goods, candy, and others. In the pharmaceutical industry, solvent extraction finds many applications owing to its suitability for processing heat-sensitive products and inherent flexibility. As a result, considering environmental impact and human safety, the product is anticipated to witness high consumption for solvent extraction in the pharmaceutical industry.

The recent outbreak of COVID-19 has led to disruptions in the overall value chain of ethyl acetate worldwide. In 2020, the impact of COVID-19 on the ethanol industry was sharp and swift. Falling consumption and negative operating margins led to dramatic cut downs in ethanol production. This, in turn, affected the global demand of the industry in the year 2020. However, a complete recovery of the market is expected by the first quarter of 2022 with the stabilization of global economies of industrial sectors worldwide.

Related Press Release@ Ethyl Acetate Market Report

Ethyl Acetate Market Report Highlights

The market is expected to witness significant growth over the forecast period due to rising product demand in food and beverage and pharmaceutical applications
The food and beverage segment emerged as the largest end-use segment in 2020 and is estimated to generate revenue over USD 2.0 billion by 2028
In Asia Pacific (APAC), the market is projected to witness the fastest growth over the estimated period due to rapid economic progress, industrialization, and growth of major end-use sectors across countries, such as India, China, and Japan
Rapid development of food and beverages and automotive manufacturing industries in APAC is also fueling the demand for the product in the regional market

Green Packaging Market Size Worth $441.41 Billion By 2028

The global Green Packaging Market is expected to reach USD 441.41 Billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 6.1% from 2020 to 2028. The market for green packaging is projected to be driven by the growing consumer demand for environment-friendly alternatives to non-sustainable packaging products.

Green packaging is witnessing growth due to rising environmental concerns caused by the packaging waste that ends up in landfills, polluting the environment. The packaging types categorized under green packaging are recyclable, reusable, and degradable. They are either used in the same value chain or degraded in nature without releasing harmful toxins, thus assisting companies to reduce their negative impact on the environment.

Recyclable and recycled content packaging is predominant amongst all types of green packaging as it is used on a mass scale. Plastics, paper, glass, and metal are the top recycled materials used for this segment of green packaging. Plastic is the most widely used material as it is cost-effective and provides useful properties, such as waterproofing and durability. The paper segment is witnessing high growth owing to new packaging designs introduced by companies as part of sustainable initiatives.

The market is likely to witness high growth over the coming years in the food and beverages sector as many players in the foodservice industry are switching to paper or compostable materials from single-use plastic cups, lids, closures, and food trays. The healthcare segment largely uses glass bottles and aluminum foil for packaging medicines, which is expected to grow in the forecast period as per the growth of the pharmaceutical industry.

Related Press Release@ Green Packaging Market Report

Green Packaging Market Report Highlights

In terms of revenue, the food and beverages application segment is projected to expand at the fastest CAGR over the forecast period. Shifting consumer inclination towards eco-friendly packaging is anticipated to spur segment growth in the years to come
By type, recycled content packaging accounted for 61.4% share of the overall revenue in 2019 owing to its widespread use and cost-efficiency. Growing establishments of recycling infrastructures, together with regulations and policies pertaining to the circular economy, are likely to encourage the usage of recycled content packaging
The growing trend of eco-friendly practices, such as the use of reusable metal straws, is pushing manufacturers further to adopt green packaging in all industries, including consumer goods and pharmaceutical products. Most packaging industry experts suggest that non-sustainable packaging will become obsolete in the coming decades as most of the packaging will be recycled
In January 2019, KFC announced a pledge to eliminate all non-recoverable and non-reusable plastic-based packaging by 2025. The company has adopted 100% fiber-based packaging from recycled or certified sources, replacing single-use plastic cutleries
In 2018, Procter & Gamble announced a sustainability goal called ‘Ambition 2030’. The multi-national organization has planned to make 90% of its packaging recyclable or reusable. The company partnered with TerraCycle and SUEZ to produce recyclable shampoo bottles made from plastic collected from the beach