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Pressure Sensors Market - Forecast(2020 - 2025)

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 Pressure Sensors Market Overview:

Pressure sensor are devices that detects, measures, and transmits data pertaining to fluid and gas flow, speed, water level, and altitude. With its sense of pressure it also helps in evaluating human medical conditions, and wearable medical devices market a prominent employer of pressure sensors in healthcare setting is forecast to reach $41 billion by 2020. Performance of devices and components in various sectors including automotive, consumer electronics, oil and gas, healthcare, and industrial are monitored by pressure sensors, thus forewarning any adjustments and avoiding mechanical break-down to curb adverse economic effects and inefficiency in production. Owing to its adjacent sectors experiencing unprecedented demand delivered via global industrialization, pressure sensors market size with ample opportunities is worth $5.11 billion as of 2018.

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Pressure Sensors Market Outlook:

Microelectromechanical Systems (MEMS pressure sensors) through its application in the semiconductor industry has added new opportunities in the pressure sensors market and is progressing with an application CAGR of 13% during the forecast period of 2019-2025. In 2017, semiconductors sales witnessed an increment by 13.7% mounting to the figure of $468.8 billion and an unprecedented sales record of shipping 1 trillion units for first time in 2018 as per the Semiconductor Industry Association.[1] Due to its application in the billion dollar semiconductor industry, MEMS pressure sensors is all set to drive the market with abundant demand. Semiconductors are the most vital elements augmenting the trend of electrical and electronics in various sectors such as electric vehicles and healthcare monitoring devices.

 A critical analysis of the various application segments and business insights of pressure sensors market identified automotive sector as the subdivision with highest demand. Automotive industry with a production rate of 91 million units (OICA)[2] in 2018 is progressing with an application CAGR of 14.10% during the forecast period of 2019-2025. Automotive sector employs pressure sensors in Tire Pressure Monitoring Systems (TPMS), engine health management systems and engine gas recirculation (EGR) systems. Occupant sensing system market for automotive worth $721.63 million as of 2018 employs a pressure sensor as an imperative tool and has fostered the pressure sensor market growth.

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 Research on the regional aspects of the pressure sensors market estimates North America to be the leading marketplace encapsulating 34.09% of the global demand as of 2018 with APAC tailgating on the back of rapid industrialization. Several factors such as, heavy consumption of electronic devices such as body-movement detecting intricate gaming consoles and mobile phones, automation in automotive amalgamated with the adaption of smart and autonomous electric vehicles and inculcation of robotics in healthcare are the major drivers of pressure sensors market growth in North America. Some factors supporting the argument-

 

·Electric vehicle registration skyrocketed in the United States in 2018, observing an increase by 80.81% from 2017.[3] Such alternative-fuel automotive loaded with electrical functionalities employ pressure sensors as an imperative component in engine health management system.

 · Augmented and virtual reality in gaming is a major trend in North America. Pressure sensor to detect player’s movement are employed by the VR gaming sets manufacturers which is creating latest revenue trends for the pressure sensors market. North America is reckoned to be dominating the global augmented reality market and virtual reality market with 34% of the global demand as of 2018. And similarly the prevailing healthcare settings in North America equipped with cutting-edge technology is adopting robotic health monitoring tools equipped with pressure sensors.


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Pressure Sensors Market Trends and Growth Drivers:

·       Evolution of smart watch from a digital time-telling device to a health monitoring equipment loaded with various sensors including pressure sensors is a major trend disrupting the market. Owing to its tremendous scope of application such as heart monitoring and blood pressure monitoring and even intricate diagnosis like electrocardiograms, smart watch market is worth around $10 billion as of 2018. Pressure sensors being an imperative constituent is foreseen to divert some revenue from the downstream sector into its own pocket.

 

· Pressure sensors have ample opportunities in medical settings. However, today’s sensors are not fully biocompatible and is a major challenge hindering the market growth towards healthcare application. In order to overcome this issue, researches through extensive R&D are developing a new implantable pressure sensors that decays after its operational requirements. This implantable sensor will aid the orthopedic surgery patients to precisely regulate the amount of stress or pressure the repaired parts can withstand during rehab.

 

Pressure Sensors Market Players Perspective:

Some of the key players in the pressure sensors market are AlphaSense, City Technology Ltd., Dynament Ltd., Figaro Engineering Inc., Membrapor AG, Nemoto & Co., Ltd., Robert Bosch LLC., ABB Ltd., Siemens AG, and GfG Europe Ltd.

Barometric pressure sensors by Robert Bosch LLC., is applied as indoor navigation tool with ground level tracking in shopping malls. The pressure value is also the vital input for many healthcare applications like spirometers in which the lung volume of a person is measured. Considering the electronic application, the barometric pressure sensor is an essential fragment of high-end smartphones.

 Pressure Sensors Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the pressure sensors market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various application segment in pressure sensors market, and their specific advantages.

 The   Pressure Sensors Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

 

•  North America: The U.S., Canada, Mexico

•  South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

•  Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark

•   APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

•   Middle East and Africa: Israel, South Africa, Saudi Arabia


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Carbon Fiber Reinforced Plastic Market - Forecast(2020 - 2025)

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 Carbon fiber reinforced plastic (CFRP) market size is forecast to reach $22.50 billion by 2025, after growing at a CAGR of 9.41% during 2020-2025, owing to the increasing adoption of carbon fiber reinforced plastics over conventional metallic alloys in various end use industries such as automotive, aerospace, wind energy, and others. This is mainly due to tensile strength carried by CFRP, which falls between 1500 and 3500 MPa, whereas its metallic counterparts such as aluminum and steel only possess tensile strength of 450–600 MPa and 750–1500 MPa, respectively. Growing demand from the aerospace industry and a rising preference for fuel efficient and light-weight vehicles are the major factors driving the carbon fiber reinforced plastic (CFRP) market during the forecast period.


Report Coverage
The report: “Carbon Fiber Reinforced Plastic (CFRP) Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the carbon fiber reinforced plastic (CFRP) Industry. 

By Type: Thermoplastic (Polyether Ether Ketone (PEEK), Polypropylene, Nylon, Acrylic Resins, Polyamide Resins, PET, Polyphenylene Sulfide (PPS), Polyethylene, Polyurethane, Polyethersulfone, Polyetherimide (PEI), and Others), and Thermosetting (Epoxy Resin, Polyester Resin, Vinyl Ester Resin, Phenolic, Polyimide Resins, and Others)
By Application: Automobiles, Industrial, Aviation & Aerospace, Marine, Defense, Electrical & Electronics, Medical, Sports Equipment, Wind Energy, Civil Engineering, and Others
By Geography: Americas, Europe, Asia Pacific, RoW


Key Takeaways
  • Europe dominates the carbon fiber reinforced plastic (CFRP) market, owing to the increasing demand and production of lightweight vehicles in the region. According to OICA, in 2018 the production of light commercial vehicles has increased by 2.5 % in Europe.
  • The carbon fiber reinforced plastics are being widely used to manufacture sport equipment such as golf shafts, bicycles, skis, surfboards, helmets, racquets, hockey sticks, baseball bats and several other products. Its low maintenance cost and corrosion resistance properties are the major factor driving the market in the sports sector.
  • The properties associated with CFRP such as good conductivity, flame resistance, high strength and vibration damping has facilitated their inclusion in several electrical and electronic products such as household appliances, audio systems, enclosures, electrical installations, interconnects, brushes and EMI shielding.
  • The X-Ray permeability, biological inertness coupled with high strength has paved the way for CFRP applications in Medical sector. Imaging equipment, orthopedics and surgical outfits are some of the common medical devices that employ CFRP.
  • Due to the COVID-19 Pandemic most of the countries has gone under lockdown, due to which operations of various industries such as automotive, defense, and aerospace has been negatively affected, which is hampering the carbon fiber reinforced plastic (CFRP) market growth.

By Type – Segment Analysis
The thermosetting segment held the largest share in the carbon fiber reinforced plastic (CFRP) market in 2019, owing to the superior characteristics of thermosetting CFRP over thermoplastic CFRP. Unlike thermoplastics, they retain their strength and shape even when heated. This makes thermosetting plastics well-suited to the production of permanent components and large, solid shapes. Furthermore, these components have outstanding high strength-to-weight ratio performance, enhanced dielectric strength, low thermal conductivity. Thus, thermoset CFRP find their use in varied applications owing to their heat resistant characteristics, excellent dimensional and chemical stability properties when exposed to high heat and more. 


By Application – Segment Analysis 
The defense application held the largest share in the carbon fiber reinforced plastic (CFRP) market in 2019 and is growing at a CAGR of 9.42%, owing to its ability to reduce a weight of an object to a large extent while providing superior strength. Thus, there is an increasing demand of carbon fiber reinforced plastics from the defense industries to manufacture specialty components for missile systems, radar panels, body armors, helmets, rocket motor casing, artificial limbs, ballistics, nuclear submarine, propulsion systems and many more. Some of the materials used in military composites include Kevlar, fiberglass and carbon fiber. Countries like Russia, India and Japan are increasingly using composites in submarines, jets, sonar domes and truck components. U.S., U.K., India, and China are the major spenders on defense equipment and maintenance of army. M80 Stileto is the largest U.S. naval vessel built using carbon-fiber composites. Armored vehicles have conventionally used steel armor for protection; however, weight of these large trucks creates logistical problems. Therefore, the adoption of CFRP is increasing in these vehicles. U.S. DOD aims to replace UH-60 Black Hawk with Bell Helicopter’s V-280 which incorporates carbon fibers in its wings, fuselage, and tail. The need for agility at the time of sudden attacks and upgrading the defense technologies has led to the shift from conventional materials to fiber reinforced materials, which is anticipated to propel the carbon fiber reinforced plastic market during the forecast period.

By Geography – Segment Analysis
Europe region held the largest share in the carbon fiber reinforced plastic (CFRP) market in 2019 up to 34%, owing to the increasing defense, and aerospace sectors in the region. The CFRP are particularly attractive to defense applications because of their exceptional strength, better stiffness-to-density ratios and superior physical properties. Also, CFRP provides relatively stronger and stiffer fibers in a tough resin matrix. According to International Trade Administration (ITA), the Norwegian Government presented a core defense spending budget of USD 6.9 billion in 2019.  The Norwegian defense budget accounted for 1.62% of Norway’s GDP in 2018. French civil aerospace industry in 2018 grew to €50.36 billion, out of total non-consolidated aerospace and defense aerospace revenues of €65.4 billion.  This is a 1.2% increase over 2017. Also, France has put forth an agreement with the U.K government of $2.1 billion to build a prototype combat drone, which will further boost CFRP market growth. Thus, the increasing aerospace and defense industry in Europe is likely to influence the growth of the carbon fiber reinforced plastic market in Europe.

Drivers – Carbon Fiber Reinforced Plastic (CFRP) Market

  • Growing Wind Power Sector
As a consequence of drastic increase in energy demand, the conventional sources of energy are depleting very fast. Hence, the need to expand and utilize the renewable energy sources like wind power is growing. The wind power sector is increasing, as use of renewable energy sources results in less emission of greenhouse and other harmful gases such as SO2. The modern wind turbine are being increasingly used in wind power sector as they are cost-effective, more reliable and have scaled up in size to multi-megawatt power ratings. Wind Energy installations in APAC increased by 23.6%. This region is set to witness high growth for wind energy equipment and materials majorly driven by commitments of government of India and China towards green energy. Carbon fiber reinforced plastic is used primarily in the spar, or structural element, of wind blades longer than 45m/148 ft, both for land-based and offshore systems. Carbon fiber has known benefits for reducing wind turbine blade mass due to the significantly improved stiffness, strength, and fatigue resistance per unit mass compared to fiberglass. Due to the increasing adoption of wind power energy source, the demand for the carbon fiber reinforced plastic is also increasing, which acts as a driver for the carbon fiber reinforced plastic market during the forecast period.

  • Stringent Government Regulation on Emission
Carbon fiber reinforced plastics are being extensively used in the automotive industries to reduce fuel consumption as well as emissions and to manufacture lightweight vehicles. Several governments across the world have imposed stringent standard emission and fuel economy regulations for vehicles. These standard regulations have compelled automotive OEMs to increase the use of lightweight materials such as carbon fiber reinforced plastics to assist in increasing the fuel economy of a vehicle while ensuring safety and performance. The emission regulation for light-duty cars such as Corporate Average Fuel Economy (CAFÉ) and Greenhouse Gas Emission standards sets fuel consumption standards for the vehicles. These regulations by the governments have made sure that the car manufacture henceforth might need to be manufacturing much lighter vehicles to obey as per these norms, which acts as a driver for the carbon fiber reinforced plastic market during the forecast period. 


Challenges – Carbon Fiber Reinforced Plastic (CFRP) Market

  • High Cost of Carbon Fiber Reinforced Plastics
The cost of the carbon fiber reinforced plastics is at times supposedly higher. When compared with other traditional materials such as steel and aluminum, lightweight materials such as carbon fiber reinforced plastics (CFRP) and glass fiber reinforced plastics (GFRP) are costly. Composites of carbon fiber cost almost 1.5 to five times more than steel. High cost of fiber production inhibits large volume deployment. Therefore, precursor and processing costs need to be reduced. The high price of carbon fibers in many applications constrains the potential use of composites. Hence, the high cost of carbon fiber reinforced plastics may hinder with the carbon fiber reinforced plastics market growth during the forecast period. However, cost effective production methods coupled with high volume processing, assembly techniques and automation processes will lead to reduction of price in the near future. 

Market Landscape 
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the carbon fiber reinforced plastic (CFRP) market. In 2019, the market of carbon fiber reinforced plastic (CFRP) has been consolidated by the top five players accounting for 40% of the share. Major players in the carbon fiber reinforced plastic (CFRP) market are SGL Carbon SE, Teijin Ltd., Toray Industries Inc., Cytec Industries Inc., Mitsubishi Rayon Co. Ltd., Farmosa Plastics Corporation, Nippon Carbon Co. Ltd., DowAksa Advanced Composites Holdings BV, Hexcel Corporation, and Hyosung Advanced Materials.

Acquisitions/Technology Launches

  • In May 2016, Dowaska, Under secretariat of Defense Industries (SSM) and Turkish Aerospace Industries (TAI) have jointly opened The DowAksa Global Composites Center with an objective to advance Turkey’s carbon fiber and other reinforcement composites manufacturing mainly for aerospace applications in both defense and commercial aviation and the infrastructure, marine, wind energy and transportation sector.
  • In March 2018, Toray Industries, Inc. developed a new fabrication technology for Carbon Fiber Reinforced Plastics that enables both improved dimensional accuracy and energy savings.
  • In November 2018, Toray Industries, Inc. developed new carbon fibers that realized both higher tensile strength and tensile modulus named “TORAYCA® MX series”.
  • In September 2019, Teijin Limited acquired Benet Automotive, a leading automotive composite and component supplier in the Czech Republic. The acquisition benefits Teijin’s composite technologies business.
  • In December 2019, SGL Carbon and Solvay entered into a joint development agreement to develop composite materials based on large-tow intermediate modulus carbon fiber for aerospace primary structures.
  • In May 2020, Toray Industries, Inc. developed a high tensile modulus carbon fiber and thermoplastic pellets that are ideal for injection molding employing. Toray announced to push ahead with research and development to commercialize the fiber and pellets within the next three years.


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Oleochemicals Market - Forecast(2020 - 2025)

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 Worldwide increasing demand for biodegradable products and sustainable solutions are influencing the demand in the global oleochemicals market. Oleochemicals is defined as a chemical compound derived from natural sources such as plants and animal fats. It is readily available in the world and mainly used in the formulation and production of industrial, personal care, and household products, which include surface cleaners, softeners, fabric cleaners, dishwashing, automotive cleaners, industrial cleaners, degreasers, and hygiene products. These products offer significant diversification opportunity for chemical companies as they are effective and high-quality substitutes for petroleum-based products. Oleochemicals also act as an intermediary in rubber, pharmaceutical, plastic, paint and lubricant industries. The changing industrial structure of plastics, rubber and surface active agent industries coupled with transformation in the mode of development are fueling the fatty acids market. 


IndustryARC’s analyst has estimated the global oleochemicals market to have had a value of $26.57 billion in 2018. And, as per the oleochemicals market analysis conducted by the report, the market demand is projected to grow at a CAGR of 4.9% during the forecast period (2019-2025).


Oleochemicals Market Outlook:

Various basic oleochemical substances such as fatty acids, fatty acid methyl esters, fatty alcohols, fatty amines, and glycerols are formed through chemical and enzymatic reactions. Intermediate chemical substances are also obtained from these chemicals namely alcohol ethoxylates, alcohol sulfates, alcohol ether sulfates, glycerols, and monoacylglycerols. Fatty acids are the major application of oleochemicals that have a noticeable demand from pharmaceutical, food and beverage industries, soap and laundry detergent, waxes, lubricant, candles, and paints and coatings. Surfactants, dispersing agents, wetting agents, emulsifying agents, solvents, and adjuvants are some of the vital inert ingredients produced by using these oleochemicals. Surfactants preparation is one of the prominent end use application of oleochemicals which is utilized in the making of detergents and household cleaning products as well.

Oleochemicals Market Segment Analysis:

Soaps and detergents application is dominating among diverse applications; it is estimated to grow with a CAGR of 4.8% during the forecast period 2019-2025. Massive developments associated with the largest plantations of oil palms in Southeast Asia marked the boom of the oleochemical industry. Southeast Asian countries such as Malaysia, Indonesia, and Thailand are spurring the oleochemical industry in the Asia-Pacific region. In Malaysia, there were 19 oleochemical plants with an annual processing capacity of 2.67 million tonnes in 2017. Its utilization rate increased to 94.9% from 85.2% compared to the previous year. In 2017, more palm based oleochemical products are exported from Malaysia to China and the U.S. due to the increasing demand from these countries, out of which fatty acids were majorly exported that is 0.99 million tonnes which holds a share of 35.1% among other types. Asia-Pacific is depicted by the analyst of the report as the largest oleochemicals producing region which holds a major share of about 41% in the global oleochemicals market size as of the year 2018.

Oleochemicals Market

Oleochemicals Market Trends and Drivers:

  • The continued push to replace petrochemical-based solutions; new uses, and applications based on green chemicals are driving the growth of oleochemicals market revenue.
  • Oleochemicals investment opportunities within and beyond Asia-Pacific region and stronger vertical integration offered by raw material based companies are fuelling the rationalization opportunities. 
  • Rapid growth in the production of palm oil and kernel oil is one of major factors in oleochemicals market growth. Reliable, efficient, and cost effective oleochemical plants are poised to cater to incrementing demands. 
  • There is an increase in the adoption of bio-based lubricants which are replacing synthetic and traditional lubricants in order to improve the efficiency of vehicles. This has bolstered the oleochemicals market size by many folds.
  • Recent advancements in these chemicals lead to new applications in polymers and bio-surfactants in addition to soaps and detergents. 
  • There are growing number of investments from global companies such as Emery Oleo, Wilmar, and BASF in the oleochemicals market.
  • Adoption of oleochemicals is increasing from diverse range of industries as they want to avoid environment pollution. 


Oleochemicals Market: Competitive Analysis

  • Emery Natural Oleochemical, Oleon, Wilmar International, Kuala Lumpur Kepong Berhad, and IOI Oleo GmbH are the key players holding major oleochemicals market shares. On the other hand, Clariant AG, BASF SE, Croda International, P&G Chemicals, Dow Chemials, and Vanatge Specialty Chemicals Inc. are major derivative manufacturing companies.
  • In 2017, BASF SE experienced a 7% increase in sales of care chemicals. Increased prices of oleochemical surfactants and fatty alcohols reflected a positive effect on sales growth for the same year.
  • Oleon opened a new isostearic acid unit in 2018, which is a significant piece of oleochemical technology and it enables an innovative solution for high-end applications namely cosmetics.
  • In 2018, Wilmar implemented Inventure Supercritical Technology in China. This technology is aimed to produce fatty acid methyl esters for oleochemicals and also to manufacture bio-based oleochemicals.
  • P&G Chemicals provide oleochemicals, which are used as inerts and adjuvants in agrochemical applications. These oleochemicals products are widely used in lubricants, metal works, and textile applications
  • Emery Natural Oleochemical’s new product innovation named as EMEROX Polyols. It provides increased efficiencies and sustainability with improved performance properties to the end users. It also acts as an effective raw material in the manufacturing process of polyurethane products which is a significant material used in the automobile and construction industry to make foams. 

Oleochemicals are the chemicals which are extracted from plants and animal fats or oils. Growing demand for biodegradable products is making a positive impact on the adoption rate of these chemicals. They have wide range of applications in soaps and detergents, food and beverage, household and personal care products, agriculture, automotive, and construction industries. These factors altogether are propelling the market growth in the near future


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Anticorrosion Coatings Market - Forecast(2020 - 2025)

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 Anticorrosion Coatings Market size is forecast to reach $ 23,263.19 million by 2025, after growing at a CAGR of 5.54% during 2020-2025. Major factors driving anticorrosion coatings demand includes growth in construction project, expansion of oil and gas activities in Asia pacific and North America and growth in automotive production. According to OICA in 2018, global light commercial vehicles production increased from 19,482,394 to 20, 635,799 i.e., 5.9% higher from 2017. Asia Pacific road projects such as the Bharathmala project, in India, and the ongoing Belt and Road project, in China are also increasing the consumption of anti-corrosion coatings. Furthermore, increasing government regulations on VOC emission is creating need to develop coatings with low VOC emission and enhanced corrosion properties which is expected to influence the global anticorrosion coatings market growth in the coming year. However fluctuation in raw materials prices is expected hinder market growth. 

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Report Coverage
The report: “Anticorrosion Coatings Market– Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Anticorrosion Coatings Industry. 

By Raw Material: Resin Type, Solvents, Pigments, Others 
By Technology: Solvent-Borne, Water-Borne, Solvent -Free, Hot Melt, Others
By Application: Oil and Gas, Marine, Construction and Infrastructure, Energy and Power, Automotive, Aerospace, Others
By Geography: North America, South America, Europe, APAC, Middle East & Africa

Key Takeaways
  • Asia-Pacific dominates the global Anticorrosion coating market, owing to increased construction activities and various government initiatives such as 100 smart cities and Housing for all by 2022 in the region. 
  • According to the Interstate Natural Gas Association of America, in U.S and Canada, a total $791 billion investments in new oil and gas infrastructure will be made from 2018 to 2035. As, anticorrosion coatings are extensively used in oil & gas industry for coating various equipment’s including oil storage tanks, drill bits and drill pipes, the growth in oil & gas industry will  drive anticorrosion coatings market growth. 
  • However, operations in various industries such as automotive, aerospace, oil & gas and others is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. Therefore, this factor is expected to limit anticorrosion coatings market growth for the next two years. 


Raw Material - Segment Analysis
Resin Type segment held the largest share in the anticorrosion coatings market in 2019. The Epoxy resin is the widely used resin in the anticorrosion coatings market, owning to its extensive properties such as excellent chemical resistance, low porosity, anti-sagging, strong adhesion, durability and bond strength. Epoxy resins have distinct advantages such as low shrink during cure, excellent moisture, good electrical property, augmented mechanical and fatigue strength, no VOCs, long shelf life and more which provide them an edge over the other thermoset or thermoplastic resins. Epoxy anticorrosion coatings derive their use in various applications pertaining to steel industry as well which include plash zones, refineries, power plants, bridges, buildings and mining equipment and more. Furthermore, epoxy paint systems also deliver advanced corrosion resistance for crucial oil and gas components and structures operating in corrosive environments. 

Technology - Segment Analysis
Solvent-borne technology held the largest share in the anticorrosion coatings market in 2019, as these coatings are widely used in several applications and exhibit more toughness among others. These coatings have one major advantage over water-based coatings, i.e., they are less susceptible to environmental conditions such as temperature and humidity during the curing phase. However, solvent borne technology may witness a downturn due to the stringent volatile organic compounds (VOC) regulations imposed by government bodies such as Environmental Protection Agency (EPA) and Registration Evaluation Authorization and Restriction of Chemicals (REARC). Waterborne technology is gaining popularity during the forecast period, as it possess low levels of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).

Application - Segment Analysis
Oil & Gas is the dominant application for anticorrosion coatings market and is anticipated to grow at a CAGR of 3.86% through the forecast period.  The applications for anticorrosion coatings for the oil & gas includes drilling, wellhead, sub-sea equipment, pipelines and others. In oil & gas industry, corrosion in the pipelines or storage system due to reactive chemicals or organic salt in the oil can eventually cause a loss of containment of process fluids or can lead to serious accident affecting workers, environment and economy. Therefore, to reduce the risk of corrosion and safe guard the equipment containing crude oil and protect the whole refinery process, anticorrosion coatings are widely used in this industry. However, oil & gas industry is facing huge crisis due to COVID-19 outbreak, as most of countries have issued “stay at home guidance” i.e., lockdown, which is impacting oil & gas industry operations. Thus, limiting anticorrosion coatings market growth. 


Geography - Segment Analysis
Asia Pacific held the largest share in the Anticorrosion Coatings market in 2019, up to 56%, owning to growth in construction projects and rising automotive production in countries such as India, Malaysia and others. Surge in economic losses owning to corrosion of structure has increased the usage of anticorrosion coatings in construction and infrastructure sector. These coatings are extensively used in the iron pillars of the building, which reduces the risk of damage caused by rusting or corrosion. Construction projects and investments in Asia Pacific region is significantly increasing, which is driving Anticorrosion coating market. For instance, in 2019, China government invested 1.9 billion on 13 public housing projects. In addition, in February 2020, the Asian Development Bank approved a loan of $631 million to develop the Vishakhapatnam-Chennai industrial corridor. Furthermore, construction projects such as ‘100 smart cities’ and ‘Housing for All by 2022’ in India are influencing Anticorrosion coating market growth. In addition, according to OICA, automotive production in countries such as India, Indonesia, and Malaysia has increased by 8%, 10.3% and 12.2% up to 5,174,645, 1,343,714 and 402,085 from 2017. Therefore, the growth in construction projects and automotive production is supporting anticorrosion coatings market growth in the region.

Drivers – Anticorrosion Coatings Market

  • Growth in automotive and aerospace industry   
According to International Trade Administration (ITA), China is the world’s largest vehicle market. The Chinese government is expecting that automobile output will reach 35 million by 2025. According to the China Association of Automobile Manufacturers, over 27 million vehicles were sold in 2018. In 2017, according to International Trade Administration (ITA), 1.2 million new passenger cars, SUVs and commercial vehicles were sold in the Australian market, an increase of 0.9% from 2016.  According to according to OICA, in 2018 the production of light commercial vehicles and heavy trucks increased by 5.9% and 3.5% up to 20,635,799 and 4,227,815 from 2017. Due to the increasing expectations of consumers, the automotive manufacturing industries are required to extend vehicle warranties. Thus improvements in corrosion protection are becoming increasingly important, which is driving anticorrosion coatings usage. Therefore, the growth in automotive production is supporting anticorrosion coating market growth. In addition, according to Boeing, 44,000 new jetliners are required over the next two decades owning to rise in passenger traffic, which is expected to grow at an average annual rate of 4.6% over the next 20 years. Between 2012 and 2018, the world added a net 176 airports. Most of these (165) were in the Asia-Pacific region. According to Boeing, in Asia Pacific region the construction of 17 new airports and 17 additional runways are planned by 2030. This will drive the demand for anticorrosion coatings.  

Challenges – Anticorrosion Coatings Market 

  • The fluctuating raw material cost
Price and availability of raw materials are major factors that affect the price of the end products. The major challenge for the global anticorrosion coatings market is the oscillating price trends of raw materials, which are fluctuating due to volatile energy prices, as most of the raw materials are petroleum-based. According to BP statistics, in 2018, average crude oil price increased to $71/ bbl from $54/bbl in 2017.  Fluctuations in crude oil prices impact the cost of raw materials such as acrylic, epoxies, polyurethanes, and alkyds which are used in the production of anti-corrosion coatings. Therefore, the fluctuation in raw materials prices is affecting anticorrosion coatings price which is limiting its market growth.  


Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Anticorrosion Coatings Market. In 2019, the market of Anticorrosion Coatings Market has been consolidated by the top five players accounting for 34% of the share. Major players in the Anticorrosion Coatings market are BASF SE, Hempel A/S, Kansai Paint Co., Ltd., PPG Industries, AkzoNobel N.V., The Sherwin Williams Company, RPM International Inc., Nippon Paint Holdings Co. Ltd., Jotun and Axalta Coating Systems, among others. 
 
Acquisitions/Technology Launches
  • In February 2020, PPG industries acquired Alpha Coating Technologies, LLC a manufacturer of powder coatings for metal and light industrial applications. 
  • In April 2020, AkzoNobel N.V. acquired Mauvilac Industries Ltd., to strengthen its position in Sub Saharan Africa. The transaction includes a local production facility, four concept stores and access to strong distribution networks.
  • In March 2020, AkzoNobel launched a water-based paint “Hammerite Ultima” which is suitable for all types of metal and provide supreme protective barrier. It can be applied directly onto metal as well as rust without applying primer.
  • In January 2020, BASF announced a single-digit million-euro investment in the capacity expansion of water-based polyurethane dispersions at its Castellbisbal site in Spain. The expansion will allow BASF to increase its production capacity by 30 percent.


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Aquaponics Market - Forecast(2020 - 2025)

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 Global Aquaponics Market Overview:


Association of organic commodities consumption with wellness is taking the consumer products arcade towards epidemic innovations. As per the U.S Department of Agriculture, organic food sales have increased by 20% annually, and has surpassed the $10 billion mark in 2003, up from merely $3 billion in 1997[1].  Owing to such trends, the global aquaponics market size is valued at $580 million - $630 million as of 2018, as per the findings of this business intelligence report. The report forecasts the demand to grow at CAGR of 14.5% -15.5% going through to 2025. Aquaponics basically combines orthodox aquaculture with hydroponics (cultivating plants in water) in a symbiotic environment. In this organic setting excretions from the aquatic-animals (snails, fish, crayfish or prawns) are procured by hydroponic system which acts like a settling basin, the by-products breaks down as nitrites and nitrates and are utilized by the plants as nutrients. The whole process in return filters the water for aquaculture, hence it is beneficial for plants and organisms in the process as well.

Global Aquaponics Market Outlook:

As per an acute analysis of the aquaponics market regional aspects, growing uptake has propelled the North America region to hold a major 42.0%- 45.0% of the global aquaponics market size under its own territory as of 2018. Aquaponics requires minimal aquatic space for farming herbs, fruits, vegetables, which contributes highly towards market growth. Since the produce is free of pesticides and herbicides, fruits and vegetables produce type leads the segment and is progressing with a CAGR of 14.5% - 15.5% during the forecast period of 2019 to 2025.


Global Aquaponics Market Growth Drivers:

Aquaponics utilizes least aquatic space for husbandry of vegetables, which contributes highly towards its market traffic. This is an imperative facet for aquaponics salability as arable lands are shrinking owing to rapid urbanization and industrialization. According to Nelson and Pade, a USA based company, aquaponics produces eight times more food per acre in 1/6th of the space required by traditional agriculture[2]. Such economic and ecological aspects are forecast to stroke the market with abundant demand.

Organic produce acquired from aquaponics culture is free from any pesticides or fertilizers. The World Bank’s Fertilizer Price Index observed a rise of 9% in 2018 and is expected to rise 2% in 2019[3].  Fish waste acts as natural fertilizers for the vegetables that grow inside the water solvent thus curbing fertilizers expense. This whole process refrains from the employment of any expensive farm equipment, agricultural machinery and fertilizers. These characteristics make aquaponics market highly profitable owing to the economic efficiency and environment sustainability that it offers. 

Global Aquaponics Market Challenges:

Sustainable Agricultural practices like hydroponics, vertical farming, and organic arable farming are witnessing growth from the past few years with the increased adoption of sustainable practices. This could be a challenge that could hinder the growth of the Aquaponics market. But tracing the investments (The World Bank Group is a leading financier of agriculture, with US$ 6.8 billion in new IBRD/IDA commitments in 2018[4]) made globally into agricultural domains to feed billion of individuals, this ecological and organic arcade displays all the operational caliber to divert a huge chunk of investments into its revenue pockets defeating its competitors.



Global Aquaponics Market Players Perspective:

Some of the top market players profiled in the IndustryARC’s global aquaponics market report are The Aquaponic Source, Nutraponics Canada Corporation, Nelson and Pade, Inc., My Aquaponics, Greenlife Aquaponics, ECF Farmsystems GMBH, Aquaponic Lynx LLC, Aqua Allotments and Backyard Aquaponics.

Nelson and Pade, one of most trusted entity and pioneer in the field of aquanomics, provides aquaponic systems, aquaponic systems part, water quality kits and monitoring systems. Apart from a range of products it also offers classes, seminars and aquaponics greenhouse tours. Such educational practices acts as a free marketing tool for the aquaponics market and divert potential traffic towards being market participants.

Global Aquaponics Market Trends:

The Aquaponics Source concentrates in the development of aquaponics culture. They farm floras, and faunas in a ‘recirculating ecosystem’ that promotes perpetual aquatic symbiosis with maximum profits and returns. In 2016, the company relocated from Longmont to Boulder in Colorado to exploit its production and distribution operational facilities. 98% of their revenue generates from E-commerce websites, implying the aquaponics market to be directly proportional to the blooming urban population. The Company has made a name for itself in the aquaponics market by also offering education in the similar domain to the general public. One of their most popular school systems is the 60 Gallon Mobile Aquaponics System which has settings to display on wheels for mobility, making public demonstrations easier.


Aquaponics Market Research Scope

The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the aquaponics market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of equipment in the Aquaponics Market, and their specific applications in different phases of industrial operations.

Aquaponics Market Report: Industry Coverage

Types of Solutions Aquaponics Market:

By Cultivation- Fishes, Herbs, Fruits and Vegetables Plants.

By Applications- Commercial, Community, Home production, Research centers, Agriculture & Farming

The aquaponics market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

  • North America: The U.S., Canada, Mexico
  • South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
  • Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
  • APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
  • Middle East and Africa: Israel, South Africa, Saudi Arabia


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