Bulk Chemical Industry reports: March 2023

Wednesday, 29 March 2023

Polyurea Market Worth $1,404.9 Million By 2030 | CAGR: 6.1%

The global Polyurea Market size is expected to reach USD 1,404.9 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.1% from 2023 to 2030. Rising industrial output and growing disposable consumer income in emerging markets such as Germany and Canada is expected to augment the market growth of consumer goods, construction, and automotive products. As a result, the aforementioned trends are expected to promote the application of adhesives and sealants as bonding agents in the automotive and construction industries.

The rising application of residential, non-residential, and commercial structures in the U.S. on account of improvements in household and manufacturing sectors, post the Great Recession of 2008-09, is anticipated to fuel demand for flooring solutions, waterproofing membrane, and lining materials over the forecast period. As a result, the aforementioned favorable trends pertaining to the growth of the construction industry in the U.S. is expected to fuel polyurea demand over the coming years.

The increasing use of waterproofing membranes in the construction sector for providing excellent seal protection is expected to promote the incorporation of polyurea as a raw material for manufacturing finished products. The growing application of adhesives & sealants in footwear and automotive industries owing to the rising importance of bonding agents is expected to remain a favorable factor for the polyurea market over the forecast period.

Furthermore, the increasing requirement for coating solutions with specifications such as enhanced service life, improved corrosion resistance, and providing good thermal stability, on account of the rising importance of condition-based monitoring over breakdown maintenance in manufacturing industries, is expected to further fuel market growth.

Related Press Release@ Polyurea Market Report

Polyurea Market Report Highlights

In terms of revenue, the coating accounted for a prominent share of the market in 2022 and is further expected to witness prominent growth over the forecast period
The construction application segment dominated the market and accounted for more than 43.4% of the revenue share in 2022. Growing domestic consumption of specialty polymers and textiles in the Middle East, in light of application growth in the household, automotive, FMCG, and healthcare industries, has forced governments to build manufacturing facilities to cater to the regional demand
As of 2022, North America accounted for more than 40.0% of the market share in terms of revenue. Gains in the automotive industry of the U.S. on account of increasing domestic consumption of four-wheelers, particularly SUVs, are expected to promote the application of coatings and thus likely to augment the polyurea market
Major top players are continuously working on developing their manufacturing plants owing to the increased usage of polyurea in the construction industry. Additionally, many companies have started focusing on strategies such as mergers and acquisitions to broaden their product portfolio and strengthen their presence in the market

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Tuesday, 21 March 2023

Automotive Elastomers Market Size Worth $51.3 Billion By 2030

The global Automotive Elastomers Market size is expected to reach USD 51.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2022 to 2030. An increase in consumer disposable income and strict regulations by the government to reduce pollution are expected to impel market growth.

The COVID-19 pandemic had a negative impact on the market due to the suspension of automobile production and a decrease in vehicle demand due to worldwide financial instability. On a global scale, the outbreak disrupted the whole automotive supply chain. Since the automotive elastomers sector is entirely dependent on automobile sales, this outbreak hugely impacted this market. However, the market grew significantly in 2021, mainly due to the increased sales of electric vehicles, and is thus likely to stimulate the industry.

Mergers & acquisitions, agreements, and expansions are the key strategies adopted by the companies over the past years. For instance, in December 2020, Ace Midwest LLC declared the acquisition of all functioning assets of RotaDyne's elastomer processing group rubber manufacturing business, strengthening the firm's product line and elastomers business.

Related Press Release@ Automotive Elastomers Market Report

Automotive Elastomers Market Report Highlights

In terms of type, the thermoset elastomer segment accounted for the largest revenue share in 2021 and is expected to retain its dominance over the forecast period. The thermoplastic elastomer (TEP) segment is expected to expand at the fastest CAGR of 5.7% in terms of revenue over the forecast period
In terms of application, the tire segment accounted for the largest revenue share in 2021 and is expected to dominate the market over the forecast period. The interior segment is likely to expand at a revenue-based CAGR of 5.5% over the forecast period
In April 2019, Mitsubishi Chemical Corporation acquired Welset Plast Extrusions Private Limited's PVC compound business in India and planned to build a new plant to produce thermoplastic elastomer for automobile interior parts and other applications at subsidiary MCPP India Private Limited
In terms of vehicle type, the passenger cars segment accounted for the largest revenue share of over 55.0% in 2021 and is expected to maintain its dominance over the forecast period. The light commercial vehicles segment is likely to register the highest CAGR of 5.0% in terms of revenue over the forecast period due to the rapid growth of e-commerce and logistics businesses
Asia Pacific held the largest revenue share of over 50.0% in 2021 and is expected to retain its position over the forecast period. The region is anticipated to expand at the highest CAGR in terms of revenue over the forecast period. The market growth in this region is primarily attributed to the rising automotive manufacturing in India, Japan, China, and South Korea. Furthermore, major automotive OEMs are relocating their production bases to these countries. For example, in 2019, Tesla started manufacturing of Tesla Model 3 car, with new production sites for seats, engine assemblies, and motors in China

Friday, 17 March 2023

Textile Flame Retardants Market Worth $717.0 Million By 2030

The global Textile Flame Retardants Market size is expected to reach USD 717.0 million by 2030, as per a new report by Grand View Research, Inc. registering a CAGR of 3.6% during the forecast period. The market growth is attributed to the rise in product demand from end-use industries such as industrial manufacturing, transportation, and defense. Flame retardants are chemicals used to retard flame propagation in textiles, plastics, building & construction, electrical & electronics, transportation, and defense applications. They exhibit different chemical compositions and are classified into halogenated and non-halogenated types.

In addition to increased scrutiny from regulatory agencies around the world, developments in chemical sciences have increased the demand for the product. Regulations aimed at reducing the risk of fires have also been implemented as a result of this. In the creation of textile materials with flame retardants integrated, a variety of retardants, including aluminum trihydroxide, brominated, chlorinated, antimony oxides, and organophosphorus, are used. They are used in the production of styrene, epoxy resins, engineering thermoplastics, and polyolefins.

Significant R&D activities focused on developing new offerings for the market have led to the introduction of bio-based products. This is projected to upsurge product demand, thereby further expanding its application scope. However, the market for bio-based products is still in the nascent phase and is projected to grow in line with commercialization and consumer cognizance.

Related Press Release@ Textile Flame Retardants Market Report

Textile Flame Retardants Market Report Highlights

The brominated product type accounted for around 70.0% revenue share in the halogenated product segment in 2021. The growth is attributed to the increase in product consumption in the treatment of furniture cushions, lampshades, curtains, privacy curtains, and drapery
The PU segment is anticipated to expand at the highest CAGR of 5.9% from 2022 to 2030 in terms of revenue, owing to its use in various applications, which include textile coatings, fibers, and foams
The durable type segment held around 54% of the revenue share in 2021. Durable type products include materials that form cross-linked structures on the fiber or react covalently with the fiber
The foam coating segment is anticipated to advance at 4.4% CAGR during the forecast period owing to its use to inhibit or retard combustion of flammable constituents, including foam
The industrial end-use segment has emerged as one of the prominent segments and is anticipated to expand at 3.5% during the projected period, owing to the use of flame retardants in construction and manufacturing activities
The Asia Pacific product market is driven by improved safety measures against fire, high demand from end-use industries, favorable government initiatives, and technological developments in developing economies. Flame retardants are used for producing workers’ uniforms in the mines
Evolution of organophosphorus compounds owing to their enhanced flame retardancy properties is expected to present new opportunities for the phosphorus-based product market in the near future, especially in Europe and North America

Wednesday, 15 March 2023

Anticoagulant Rodenticides Market Worth $913.6 Million By 2030

The global Anticoagulant Rodenticides Market size is expected to reach USD 913.6 million by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.3% from 2022 to 2030. The growth is majorly driven by the growing market for rodent control products to control the growing population of rodents and increase attempts to prevent various diseases caused by them.

These products are extensively used in household, and agricultural applications, as well as in warehouses and pest control companies. The demand for these products in multiple applications is extremely dependent on the regional and international regulations imposed by the government and some other regulatory authorities. Due to the increase in the global supply of staples such as coarse grains, rice, and wheat, is expected to result positively in the consumption of the product across the world.

The increasing global concerns regarding food safety led to higher demand for surged agricultural yields and effective cultivation methods along with the employment of advanced and new mechanisms. This has led to an increase in the usage of chemicals in rodenticides for the development of effective rodent control products. The development of these products has highlighted their competitiveness against traditional rodenticides available. Though the harmful effects of active ingredients are high, if they are used at minimal concentration, their toxicity is reduced. In the agricultural sector, farmers are aware of the benefits of organic agricultural products, but they are also willing to invest in chemically derived substances to secure their agricultural yields.

The complete or partial shutdown of various warehouses, which contains electronic goods, food products, and others, along with disturbances in manufacturing and sales of multiple rodent control products, during the COVID-19 pandemic resulted in serious economical losses. However, the recovery of the market is anticipated by the end of the Q4 of 2021, along with the regrowth of the industrial sector will also have a positive impact on the demand for rodent control products.

Related Press Release@ Anticoagulant Rodenticides Market Report

Anticoagulant Rodenticides Market Report Highlights

The 1^st generation anticoagulant rodenticide product type segment is expected to witness a CAGR of 3.5% over the forecast period, owing to its low toxicity as compared to the 2^nd generation product type
The pellets segment is expected to witness a CAGR of nearly 3.6% over the forecast period, as they offer more effective control against rats and mice and are resistant to changing environment
The household application segment is expected to witness a CAGR of 4.1% over the forecast period, owing to the improper waste disposal in the common households that provide plenty of food for mice, rats, and some other rodents. This, in turn, is anticipated to fuel the market demand from the households
Agriculture application is poised to grow on the account of increasing cases of rodent attacks on the agricultural fields as they are omnivorous in nature and diet mainly on fruits, leaves, young plants, seeds, plant roots, and grains
In the Asia Pacific, the market is expected to witness a CAGR of 4.4% over the forecast period, due to increasing urbanization, and agricultural activities, especially in developing countries like India and China

U.S. Magnesium Stearate Market Worth $288.31 Million By 2030

The U.S Magnesium Stearate Market size is estimated to reach USD 288.31 million by 2030 according to a new report by Grand View Research, Inc. The market is projected to register a CAGR of 4.0% from 2022 to 2030. Growth can be attributed to the increasing demand for the product as a lubricant in pharmaceutical tableting. Also, the rising preference for convenience food and hectic work & life schedules across the country are driving the demand for packaged food. This is predicted to fuel the growth food & beverage industry thereby leading to increased demand for magnesium stearate in the near future.

Magnesium stearate plays a vital role as a lubricant in the manufacturing of pharmaceuticals and nutraceuticals in solid dosage forms. It is a widely used water-insoluble lubricant to reduce friction between manufacturing equipment and organic solids in various pharmaceutical manufacturing processes namely roller compaction, blending, capsule filling, and tablet manufacturing.

The masses in the U.S. are opting for dietary supplements based on the recommendations from health professionals. As the part of the population in the U.S. that is considered baby boomers has aged, manufacturers of dietary supplements are shifting their focus toward offering products to other age groups.

Increasing demand for magnesium stearate from the pharmaceutical sector to manufacture tablets has led to increased competition in the market. To sustain in the competitive environment, manufacturers are engaged in adopting several strategic initiatives including introducing new products and broadening geographical reach.

Related Press Release@ U.S. Magnesium Stearate Market Report

U.S. Magnesium Stearate Market Report Highlights

In 2021, pharmaceuticals emerged as the dominant application segment by contributing around 40% of revenue share. This is attributed to the increasing demand for solid dosage forms including capsules and tablets
The nutraceuticals application segment is anticipated to grow at a CAGR of 3.8% in terms of revenue by 2030, owing to the growing demand for dietary supplements due to the rising consumer inclination towards preventive health care
The powder form of nutraceuticals was the dominating sub-segment accounting for a revenue share of more than 70% in 2021 due to its high efficacy in improving the flowability of blends and reducing interparticle friction
The granular form of pharmaceuticals is projected to grow at a CAGR of 4.0% over the predicted years owing to its free-flowing properties

Friday, 3 March 2023

Orthokeratology Lens Market Size Worth $1.08 Billion By 2030

The global Orthokeratology Lens Market size is expected to reach USD 1.08 billion by 2030, registering a CAGR of 6.5% during the forecast years, as per a new study by Grand View Research. Increasing efforts by key manufacturers in the market to launch new products and get regulatory approvals is the key factor driving the market growth. In addition, the ever-growing burden of patients with refractive errors is also majorly contributing to the growth of the market. For instance, according to a recent study published by The International Myopia Institute in 2022, an estimated 30% of the world’s population is myopic and by 2050, almost 50% of the population will be myopic. The outbreak of the COVID-19 pandemic had a negative impact on the market.

The drop in sales of orthokeratology was due to reduced patient visits to the hospitals and clinics to comply with the restrictions and guidelines laid down by the governments to curb the spread of the virus. Moreover, the country-wise lockdowns resulted in the disruption of demand and supply chain, which negatively impacted the market growth. However, with the outbreak of the pandemic, a major shift has been observed where a large number of people are now more prone to develop refractive errors. The shift toward online school and a large number of companies opting for work-from-home is expected to increase the overall screen time of individuals, thereby contributing to the rise in refractive errors. Thus, it can be anticipated that over the forecast years, the market will undergo significant growth.

Related Press Release@ Orthokeratology Lens Market Report

Orthokeratology Lens Market Report Highlights

Based on product type, the overnight ortho-K lenses dominated the market in terms of revenue in 2021 due to easy product availability and higher adoption rate
Based on indications, the myopia segment held the highest market share in 2021 owing to the higher prevalence of this refractive error and the easy availability of ortho-K lenses for this indication
The ophthalmology clinics' distribution channel segment accounted for the highest revenue share in 2021 due to the preference of patients to visit the ophthalmologists in the clinics and purchase the recommended lenses directly
The COVID-19 pandemic had a slightly negative impact due to the reduction in patient visits to hospitals and clinics

Hydraulic Fluids Market Size Worth $12.0 Billion By 2030

The global Hydraulic Fluids Market size is anticipated to reach USD 12.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.2% from 2022 to 2030. In recent years, industrialization has been on a rise, particularly in emerging economies such as India, China, and Brazil, among others. The share of the manufacturing industry in the GDP is increasing significantly for these countries. Various policies by governments all over the world are being targeted toward the growth of industrial sectors.

The digital revolution, combined with artificial intelligence, has opened numerous new opportunities for fluid power. It will take time to turn into high-power electromechanical solutions. The industry must leverage the inherent capabilities of fluid power technology and expand its reach through technological advancements. In terms of energy efficiency, fluid power technology has huge potential. The focus will soon shift to the development of high-speed switching valves, high-efficiency hydraulic fluids, and more efficient pumps and motors. In 2020, the market was severely affected by the global pandemic. Prices were dropped due to the lack of demand for lubricants and oils from end-user industries such as construction, automotive, marine, and aerospace, among others.

In recent years, a huge fluctuation in the prices of base oil and hydraulic fluids has been experienced by the industries. In 2021, the prices of the market skyrocketed owing to the sudden demand for the product after the revival of the end-user industries. In 2022, the Russia-Ukraine war has resulted in the further increase of the base oil and hydraulic fluids prices.

Related Press Release@ Hydraulic Fluids Market Report

Hydraulic Fluids Market Report Highlights

The mineral oil segment led the market and accounted for 48.9% of the global revenue share in 2021. Mineral-based oils are the most often utilized hydraulic fluids. They are easily accessible and cost-effective. The only significant downside of petroleum-based hydraulic oils is that they are flammable. Mineral-based hydraulic oils are made from fractions of crude oil. They are also polished to the point where they have suitable lubricating properties
The synthetic oil segment is expected to witness a CAGR of 5.9% over the forecast period in terms of revenue. Synthetic oil can combat varnish and sludge buildup, which are common in high-pressure, high-temperature industrial situations
The aerospace and defense segment accounted for 8.9% of the global revenue share in 2021. The hydraulic system is a vital aspect of any aircraft. Consumer’s increasing preference for air travel and rising demand for cargo flights is expected to drive to hydraulic systems market. In addition, increasing usage of airplanes and helicopters in the defense and commercial sectors is driving the demand for aircraft hydraulic systems which in turn is expected to increase the demand in the sector
In June 2020, Gulf Western Oil (GWO) launched SUPERDRAULIC hydraulic fluid products. The high viscosity index products are suitable for harsh conditions and high-temperature applications. The company claimed to have 6,000+ oil hour life for the product
In February 2022, South Korea’s hydraulic brake fluid exports were USD 791 thousand, while imports totaled USD 618 thousand, creating a USD 173 thousand positive trade balance. Hydraulic brake fluid was predominantly exported to the U.S., India, China, Mexico, and Slovakia and mostly imported from Germany, U.S., Switzerland, Singapore, and the Netherlands