Refinish Paint Market Analysis & Forecast 2022

The refinish paint market for automotive is projected to grow from USD 7.00 billion in 2017 to USD 8.50 billion by 2022, at a CAGR of 4.0%. In this study, 2016 is considered as the base year to estimate the size of the automotive refinish coating market, while 2017 to 2022 is considered as the forecast period. The major factor driving the refinish paint market for automotive is the increasing demand for vehicles worldwide along with their collision rate and the ability of car owners to repair vehicles post the collision.

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Based on technology, the solventborne led the refinish paint for automotive coating market. However, due to stringent environmental regulations in North America and Europe, the market share for this segment is expected to decrease during the forecast period. They are increasingly being replaced by other technologies such as waterborne and powder coating in automotive refinishing due to the growing concerns regarding the content of VOC in solvents.

By resin type, the polyurethane resin segment accounted for the largest share of the refinish paint market for automotive in 2016. The growth of this segment is backed by its preference in clearcoat and basecoat layers due to its excellent weather, corrosion, and mechanical resistance.

By vehicle, the passenger car segment led the refinish paint market for automotive and is expected to maintain its dominance during the forecast period. Increasing demand for cars in emerging economies such as China, India, Mexico, and others is fueling the growth of this segment. The growth is also backed by the rising income of the middle-class population and increased the propensity of car owners to refinish after the collision.

APAC is the largest and fastest-growing market for automotive refinish coating market. China and India are the fast-growing markets in APAC. Key factors expected to drive the refinish paint market for automotive in APAC are the increased car parc, high collision rate, and strong economic conditions.

Companies operating in the refinish paint market for automotive are majorly focusing on inorganic growth to increase its global footprint and market share. Axalta (US), PPG Industries (US), BASF (Germany), Sherwin-Williams (US), Kansai Paint (Japan), Nippon Paint (Japan), KCC Corporation (Korea), and AkzoNobel (Netherlands) are some of the leading players in the refinish paint market for automotive.

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Extensive usage of blow molding resins for packaging products is expected to drive the growth of the market

The blow molding resins market is estimated at USD 36.67 billion in 2017 projected to reach USD 51.95 billion by 2022, at a CAGR of 7.2% from 2017 to 2022.

Blow molded products are being increasingly used across the globe, owing to their excellent properties, such as strong resistance to chemicals and moisture, flexibility in design, excellent impact resistance, and a wide range of hardnesses (flexible, semi-rigid, and rigid).

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The blow molding resins market has been segmented on the basis of type, application, and region. Among types, the polyethylene blow molding resins segment is projected to grow at the highest CAGR between 2017 and 2022. Polyethylene blow molding resins are being preferred in various applications, owing to their low cost, moisture resistance, high chemical resistance, and excellent processability. These are used to produce blow molded products, such as household containers, personal care containers, fuel tanks, water tanks, and bottles.

The packaging applications segment of the blow molding resins market is projected to grow at the highest CAGR between 2017 and 2022. Increasing consumption of blow molding resins in packaging applications for pharmaceutical, food & beverages, chemical, and personal care products is expected to drive the growth of the segment. Automotive & transportation is the second-fastest market for blow molding applications. Blow molding resins are used to produce auto-parts, such as panes and railings, bumper support, fenders, mudguards, door locking systems, consoles, garnish pillars, cockpit systems, and fuel tanks. Polyethylene, polypropylene, polyvinyl-chloride, polystyrene, polyethylene terephthalate, and acrylonitrile butadiene styrene are the commonly used blow molding resins in the automotive application. These resins are preferred in automotive applications owing to their minimal corrosion, which leads to longer vehicle life, substantial design freedom, innovation and creativity in vehicle development, and flexibility in integrating components.

The Asia Pacific blow molding resins market is projected to grow at the highest CAGR between 2017 and 2022. The increasing per capita expenditure on healthcare, personal care, and food products, large consumer base, growing urban population, low labor costs, and easy availability of raw materials are attracting international pharmaceutical, chemical, and food & beverage manufacturers to shift their production facilities to the region, thus creating high demand for the blow-molded products produced by blow molding resins in these industries. The Asia Pacific is the global manufacturing hub for the chemical industry, accounting for more than 50% of global chemical production output; this increases the demand for products, such as cans and containers, produced with the use of blow molding resins in the chemical industry.

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Key Strategies Adopted by Leading Players in the Global Methyl Tertiary Butyl Ether Market

Methyl Tertiary Butyl Ether (MTBE) is extensively used in gasoline, as it enables reduction in the knocking effect that leads to inefficient burning and engine damage in gasoline engines.

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Major companies offering MTBE are majorly involved in expansions and acquisitions to strengthen their positions in the MTBE market. These market players have adopted expansions as their major strategy to expand their global reach. Some companies concentrated more on the agreements and joint ventures strategy.

Prominent players majorly adopted the expansions strategy to enhance their customer network in the MTBE market. For instance, in July 2015, Evonik Industries (Germany) expanded its C-4 output at Antwerp and Marl (Germany) to increase the output of MTBE. This helped the company to improve its market position and support its plans for an increase in customers. In July 2016, Eni S.p.A (Italy) expanded its MTBE production plant in Ravenna for a 50% capacity expansion during maintenance in August. The Ravenna site on the Adriatic coast, between Venice and San Marino, can produce either Methyl Tertiary Butyl Ether (MTBE) or Ethyl Tertiary Butyl Ether (ETBE) and is currently geared to manufacture the former. The plant has a capacity of 140,000 tons, and a 50% increase would lift this to around 210,000 tons. This is expected to help the company meet the increased demand for MTBE.

Major MTBE producers are SABIC (Saudi Arabia), Evonik Industries (Germany), CNPC (China), Huntsman (US), Eni (Italy), Sinopec (China), LyondellBasell (Netherlands), Shell (Netherlands), ENOC (UAE), and Qafac (Qatar). SABIC (Saudi Arabia) and LyondellBasell (Netherlands) are the most active players in the MTBE market. These companies adopted various strategies to enhance their market shares in the global MTBE market between 2017 and 2022.

SABIC (Saudi Arabia) develops, manufactures, sells, and markets MTBE for gasoline blending, and is the largest MTBE producer in the world. The company has adopted acquisitions as a major growth strategy to enhance its regional presence. For instance, SABIC entered into an agreement with Shell for a 50% stake in its Sadaf Chemicals. This acquisition is expected to cater to the interests of both the companies in the future and further optimize operations at Sadaf.

LyondellBasell (Netherlands) manufactures, sells, and markets MTBE for gasoline blending. It is one of the major players that have established a strong foothold in the MTBE market and is the second-largest MTBE producer in the world. The company is focused on expansions as its key growth strategy to meet the growing demand from customers. In 2017, the company announced its decision to build the world’s largest Propylene Oxide (PO) and Tertiary Butyl Alcohol (TBA) plant in the Houston area. The project is estimated to cost approximately USD 2.4 billion. TBA will be converted to two ether-based oxyfuels, MTBE and ETBE. 

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Refrigeration Oil Market worth $1.4 billion- Global Forecast 2024

The refrigeration oil market is estimated to grow from USD 1.1 billion in 2019 to USD 1.4 billion by 2024, at a CAGR of 4.7%. Refrigeration oil is a high-temperature formulation consisting of additives and oil. It is specially formulated to perform in extreme environments. It is designed for use in cooling systems. The primary function of refrigeration oil is to lubricate the compressor bearings and other moving parts. It is also used to reduce friction on metal parts, decrease wear on the compressor, and extend the life of the system.

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Based on oil type, the refrigeration oil market is segmented into mineral oil and synthetic oil. The synthetic oil segment accounted for the largest share, in terms of value, in 2018. The synthetic oil segment is further sub-segmented into POE, PAG, and others. The POE oil segment is estimated to grow at the highest rate during the forecast period, in terms of value. The superior performance of POE oils in comparison to other synthetic oils makes it a suitable option for refrigeration and air conditioning applications. Besides, POE oil has high thermal stability and excellent wear performance.

Based on the application, the refrigeration oil market is segmented into refrigerators & freezers, air conditioners, automotive AC systems, and aftermarket applications. The refrigerator & freezer application segment is estimated to grow at the highest rate, in terms of both value and volume, during the forecast period. This dominance is due to the changing lifestyle of consumers in developing countries and the increasing global demand for refrigerated food products. The expanding trade of food products is another factor driving the demand for refrigeration oil.

APAC is estimated to be the fastest-growing market for refrigeration oil during the forecast period, in terms of value. APAC dominates the refrigeration oil market due to rapid economic growth, particularly in the consumer goods and automobile industries. Also, the increasing disposable income of people in the region makes APAC an attractive market for refrigeration oil manufacturers. The rapid urbanization in APAC, coupled with the improved living standard, is driving the refrigeration oil market.

JXTG Group (Japan), Idemitsu Kosan Co., Ltd. (Japan), BASF SE (Germany), ExxonMobil Corporation (US), Royal Dutch Shell plc. (Netherlands), TOTAL S.A. (France), China Petroleum Corporation (China), Petroliam Nasional Berhad (PETRONAS) (Malaysia), Fuchs Petrolub SE (Germany), Johnson Controls (Ireland), The Lubrizol Corporation (US), BP P.L.C. (UK), and Chevron Corporation (US) are the leading manufacturers of refrigeration oil. These players are focusing on new product launches to cater to specific demands of end customers and expansions to increase their geographic reach. Besides, they have adopted the strategy of partnership & agreements to increase their market reach, enhance their product portfolio, and strengthen their market positions.

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Global Growth of Digital Inks Driven by Top 3 Markets: China, the US, and Japan

Improvements in digital printing have led to the increased use of digital inks in high-end point-of-purchase retail applications, such as soft signage printing. In soft signage printing, vinyl is being replaced with fabrics as a substrate, owing to the lightweight nature of fabrics.

The digital inks market is projected to reach USD 4.17 billion by 2023, at a CAGR of 9.1% from 2018 to 2023. The development of the digital textile market has majorly contributed to the growth of the digital inks market.

China is the largest market for digital inks in the world. Growth in the Chinese retail sector has driven the demand for digital inks in the country, especially in the advertising & promotion application. Growth has also been witnessed in the Chinese retail sub-sectors, such as cosmetics, jewelry, sports & leisure articles, furniture, communication devices, household appliances, and consumer electronics. The US and Japan, the next two largest markets after China, will also offer significant growth opportunities for the players involved in the digital inks market.

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Key Questions

• What is the reason behind the high growth rate of the digital inks market?
• New players are venturing into the digital inks market. How will this affect the digital inks industry?
• The digital inks market is witnessing rapid changes. How far is digital textile printing likely to drive the innovation?
• How is digital printing replacing solvent-based printing?

The slowdown of the publishing market is a restraint for the digital inks market. The emergence of the online media has contributed to a rise in digital content, which, in turn, has impacted the print media business. Ink consumption is declining due to the low demand for published books, printed newspapers, and catalogs.

Key players operating in the digital inks market include Sun Chemical (US), INX International Ink (US), Toyo Ink SC Holdings Co. (Japan), JK Group (Italy), and Nazdar Company (US), among others. These companies focus on enhancing their product portfolios to grow in the digital inks market.

GFRG (Glass Fiber Reinforced Gypsum) Market by End User (Residential and Non-Residential), and Region

Based on end-user, the GFRG market has been segmented into residential and non-residential. The non-residential end-user segment is projected to lead the GFRG market during the forecast period, in terms of value and volume. The growth of the non-residential end-user segment can be attributed to the increased use of GFRG in non-residential buildings, such as offices, institutes, hospitals, gymnasiums, cinema theatres, museums, and auditoriums.

Europe is the largest market for GFRG, in terms of value and volume. The growth of the GFRG market in Europe can be attributed to the presence of leading GFRG manufacturers, such as Knauf Danoline (Denmark), Gillespie (UK), and the growth of the building & construction industry in the region. The GFRG market in MEA is projected to grow at the highest CAGR, in terms of volume and value, owing to the increase in the number of construction activities in this region.

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The GFRG market is projected to reach USD 3.44 billion by 2023, at a CAGR of 7.0% between 2018 and 2023. Developed economies across the globe are targeting long-term investments in the building & construction industry. This factor, in turn, is expected to increase the number of construction projects, thereby offering a positive outlook for the GFRG market. The increased spending on infrastructural projects is also contributing to the growth of the GFRG market.

The growth of the exterior segment can be attributed to the increased use of GFRG as walls and claddings in industrial and non-residential buildings, such as auditoriums, offices, institutes, hospitals, and cinema theaters.

Formglas (US), USG Corporation (US), Chiyoda UTE (Tokyo), Continental Building Products (US), CertainTeed (US), Knauf Danoline (Denmark), Saint-Gobain Gyproc (France), and Georgia-Pacific (US) are the key players operating in the GFRG market. These players offer a wide range of GFRG to strengthen their competitive position and cater to the growing demand for GFRG from the building & construction industry.

Rising demand for personal care products across the globe is expected to drive the growth of the aroma ingredients market

The aroma ingredients market is expected to grow from USD 2.27 billion in 2018 to USD 2.83 billion by 2023, at a CAGR of 4.5% between 2018 and 2023. The market has been segmented based on type, application, and region. Based on type, the synthetic ingredients segment of the market is projected to grow at the highest CAGR, in terms of value between 2018 and 2023. The growth of the synthetic ingredients segment of the aroma ingredients market can be attributed to its low cost, high performance, and easy availability.

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Aroma ingredients are defined as organic compounds with a defined chemical structure which are isolated from microbial fermentation, plant or animal sources, or produced by organic synthesis. The increasing demand for personal care products, coupled with changes in lifestyles and consumer preferences is fueling the growth of the aroma ingredients market. However, the requirement of significant investments in R&D and stringent governmental regulations are hampering market growth.

Based on application, the toiletries segment of the aroma ingredients market is projected to grow at the highest CAGR in terms of value between 2018 and 2023. Due to the increasing purchasing power of the middle-class population, there is a rise in the demand for soaps, shampoos, conditioners, and hygiene products in emerging countries, which in turn, is fueling the growth of the aroma ingredients market in the toiletries application.

The APAC aroma ingredients market is projected to grow at the highest CAGR in terms of value, between 2018 and 2023. Increasing disposable incomes of middle-class populations in emerging economies of the APAC region, coupled with the flourishing personal care industry, make the region an attractive market for aroma ingredients. Growing demand for personal care and hygiene products in the region are also leading to high consumption of aroma ingredients in this region.

The key players in the aroma ingredients market include Symrise (Germany), Takasago International Corporation (Japan), Sensient Technologies Corporation (US), MANE (France), Robertet SA (France), T. Hasegawa Co., Ltd. (Japan), Frutarom (Israel), Givaudan (Switzerland), Firmenich SA (Switzerland), and International Flavors & Fragrances Inc. (US).

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Healthcare Adhesive Tapes Market Current Trends and Future Aspect Analysis 2019 – 2023

The market size of healthcare adhesive tapes is estimated to grow from USD 27.2 billion in 2018 to USD 37.3 billion by 2023, at a CAGR of 6.51% during the forecast period. Healthcare adhesive tapes are pressure-sensitive adhesive tapes used in the healthcare field for either directly securing the wound or for the securement/stabilization of healthcare materials such as dressing, catheters, tubes, and others. The drivers of market are the rising number of surgeries, increasing incidence of diabetes, and the growing number of ambulatory surgery centers. On the other hand, the rising awareness about advanced wound care products is expected to restrain the growth of the healthcare adhesive tapes market during the forecast period. New advancement technologies in surgery application have driven the demand for healthcare adhesive tapes in North America and Europe.

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Healthcare adhesive tapes are generally used for the primary treatment of wounds by covering and securing to prevent bacterial infections, and to hold bandages in place. They are also used for securing dressings, catheters, and infusion or drainage devices. They come in a variety of lengths and widths that are designed to meet a wide range of bandaging needs. A broad range of materials are used to make healthcare adhesive tapes, including paper, plastics, fabrics, and foam. The major resin used to manufacture adhesive tapes is acrylic, rubber, silicone, and others.

The silicone segment in the market is projected to grow at a higher rate than the acrylic segment because of its better adhesion properties. Silicone-based tapes maintain adhesion over a larger temperature range and possess the ability to adhere to difficult surfaces. These factors are expected to drive the demand for silicone resin. Silicone resin-based tapes have lower peel adhesion compared to synthetic, rubber, and acrylic tapes. These tapes are also widely used for fragile skin such as of infant babies and the elderly patients with comorbidities.

Fabric is the most popular backing material used in manufacturing healthcare adhesive tapes. Fabric healthcare adhesive tapes are highly demanded since they have high strength, toughness, good abrasion and heat resistance, low creep at elevated temperatures, good chemical resistance, and excellent dimensional stability. Owing to its strength, this tape is used for securing dressings, catheters, tubing, and wound dressing and for other medical purposes. Strength and elasticity make it suitable for areas on the body such as biceps which expand and contract with movement.

In terms of geographic coverage, the healthcare adhesive tapes market has been segmented into five regions, namely, APAC, North America, Europe, South America, and the Middle East & Africa. APAC is expected to record the highest growth rate during the forecast period. Increase in aging population, easy availability of low-cost labor, and economical & accessible raw materials such as adhesives, backing materials, and release liners are driving foreign investments, thereby increasing the production of healthcare adhesive tapes in the region. The key players are also tapping these opportunities by expanding their production capacity in the emerging Southeast Asian economies.

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Increasing demand in emerging economies is expected to drive the growth of the polymer emulsion market

The polymer emulsion market size in 2018 was estimated to be USD 29.8 billion and is projected to reach USD 42.9 billion by 2023, at a CAGR of 7.6%. The polymer emulsion market is driven by the demand and dynamic applications in building & construction, automotive & transportation, and other industries. Factors such as stringent government regulation related to VOC emissions and increasing awareness towards environment-friendly products are driving the consumption of polymer emulsion. However, volatile raw material prices adversely affect the growth of the polymer emulsion market.

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On the basis of type, the market is segmented into acrylics, vinyl acetate polymers, SB latex, and other polymer emulsions. The acrylics segment accounts for the largest share of the overall polymer emulsion market. The acrylics segment is also projected to witness the highest CAGR between 2018 and 2023. They are in high demand in a wide range of applications due to their superior properties such as durability and versatile nature. These are widely used in paints & coatings and adhesives applications. The vinyl acetate polymers segment accounts for the second-largest share of the overall polymer emulsion market. The high demand for vinyl acetate is due to its low price and wide usage in the construction industry.

On the basis of application, the market is segmented into paints & coatings, adhesives & sealants, paper & paperboard, and others. The polymer emulsion market is expected to witness the highest growth in the paper & paperboard segment during the forecast period. This growth is attributed to the increasing demand for polymer emulsion coated paper & paperboard for flexible packaging applications. The paints & coatings segment is the largest consumer of polymer emulsion. It is widely used in this segment because of its low VOC content and ease in storage and handling.

The APAC polymer emulsion market is projected to witness the highest CAGR between 2018 and 2023. The market in the region is dominated by China. The need to reduce VOC emissions and the growing demand from end-use applications such as paints & coatings and adhesives are driving the demand for polymer emulsion in the region. The rapid expansion of the building & construction and related infrastructure, increasing manufacturing activities, increasing disposable income, and strong economic growth is expected to further propel the growth of the polymer emulsion market.

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Splicing Tapes Market Current Trends and Future Aspect Analysis 2019 – 2023

The market size of splicing tapes is estimated to grow from USD 527 million in 2018 to USD 593 million by 2023, at a CAGR of 2.37% during the forecast period. The need for printing and writing papers and packaging products has specifically driven the demand from containerboards. Also, digitalization and online shopping trends in developing countries have driven the demand for paper-backed splicing tapes, as in online shopping printing paper are used for billing as manufacturers attach copies of bills.

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 Splicing tapes are mostly used to connect two substrates together to provide continuity in operation or to increase its length. Most of the splicing tapes are repulpable that can be recycled. Also, most of the splicing tapes are double sided as it connects both ends of the substrates and increases the length. The backing material such as paper/tissue, PET/polyester, non-woven, and others coated with acrylic, rubber, or silicone adhesives provide optimum strength for splicing, flying splice, overlapping, and butting & tabbing. Growth of paper production and virgin-fiber pulp mills in APAC, Africa, and South America and the growing demand for repulpable paper/tissue in North America, APAC, and Europe are driving the splicing tapes market.

On the other hand, the non-hygienic process of manufacturing the recycled paper and reduction in the consumption of paper in Europe and North America are expected to confine the growth of the splicing tapes market during the forecast period. However, the use of non-wood fiber in paper production is providing growth opportunities for the splicing tapes market.

Splicing tapes are generally used in many applications such as paper & printings, electronics, packaging, labeling, and others. The demand for splicing tapes has increased in the paper & printings and packaging applications owing to their properties. In the paper & printing industry, splicing tapes are used for flexographic printing, end tabbing, and paper producing, in the packaging industry, these are used in cartons packaging and corrugated board. Paper and paperboard packaging is an emerging trend of packaging which is gaining consumer’s attraction due to its effective solutions in food & beverage, healthcare, manufacturing, personal care, and other industries. In the textile industry, splicing tapes are used in leather belts and garments during fabrication. In the electronics industry, splicing tapes are used in tabbing and holding lithium-ion batteries and other electronics item.

The key players of splicing tape includes tesa SE (Germany), 3M Company (US), Nitto Denko Corporation (Japan), Avery Dennison Corporation (US), Intertape Polymer Group, Inc. (Canada), Scapa Group PLC (UK), Shurtape Technologies, PLC (US), ECHOtape (US), and Adhesive Research, Inc. (US). tesa SE (Germany) is one of the largest splicing tapes companies. This company has a strong global presence. It has a diversified product portfolio to cater to end-use industries according to their requirements. To sustain its dominating position, the company may enter into new industries and target new markets.

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Avery Dennison Corporation (US) and Intertape Polymer Group (Canada) are the Key Players in the Hot Melt Adhesive Tapes Market

The hot melt adhesive tapes market is projected to grow from USD 15.5 billion in 2019 to USD 21.7 billion by 2024, at a CAGR of 7.0%, between 2019 and 2024. APAC is the largest consumer of hot melt adhesive tapes. The global hot melt adhesive tapes market is witnessing high growth on account of increasing applications, technological advancements, and growing demand in the APAC region.

The key players operating in the market are the 3M Company (US), Nitto Denko Corporation (Japan), tesa SE (Germany), Avery Dennison Corporation (US), and Intertape Polymer Group Inc. (Canada). These players have adopted various strategies, such as merger & acquisition, investment & expansion, and new product launch, to grow in the market. Mergers & acquisition was the key strategy adopted by the major players, between 2015 and 2019, to enhance their market shares and expand their global presence.

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Avery Dennison Corporation (US) is one of the major companies in the global hot melt adhesive tapes market. The company achieved this position after several successful small and big acquisitions and expansion activities. The acquisition of Mactac’s European business, a leading manufacturer of high-quality, pressure-sensitive materials, catering to several high-value segments, including graphics, specialty labels, and industrial tapes, in 2016, was the major acquisition of the company. The acquisition enhanced the company’s competitiveness in the hot melt adhesive tapes market in Europe.

Intertape Polymer Group (Canada), which was founded in 1991, is a leading player in hot melt adhesive tapes market. The company develops, manufactures, and supplies a variety of paper and film-based pressure-sensitive and water-activated tapes, polyolefin films, woven fabrics, and complementary packaging systems for industrial and retail applications. The company offers products for aerospace, automotive, and industrial applications. It has operations in 17 locations, including 12 manufacturing facilities in North America and 1 in Europe. The company, with its products, caters to a number of countries, including Canada, Germany, and the US. After acquiring all the assets of Canadian Technical Tape Ltd., Intertape will be able to improve its distribution channel and add value to its products.

Polyetherimide (PEI) Market Trends & Technological Advancements by 2024

The Polyetherimide (PEI) Market size is estimated to grow from USD 522 million in 2019 to USD 714 million by 2024, at a CAGR of 6.5% between 2019 and 2024. The increasing demand from the transportation sector, electrification of vehicles, and replacement of metals and specialty polymers with PEI in heat resistance applications are expected to drive the market.

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Injection molding is projected to be the fastest-growing process type segment of the PEI market. PEI is used in applications such as medical and electronics due to its strength and rigidity. This amber, high-performance polymer also provides properties such as dimensional stability and chemical resistance. PEI is ideal for environments that include hot air and water, as it is hydrolytically stable, can be resistant to heat for an extended period, and has excellent electrical properties. PEI processed through injection molding is used in applications such as medical devices, instrument trays, and electrical enclosures.

PEI sheet is projected to be the fastest-growing form. It is resistant to UV radiation even in unreinforced grade and offers properties such as high dielectric constant, making it an excellent electrical insulator. The general application of PEI sheet includes electrical switchgear, connectors, microwave cookware, under bonnet components, non-combustible plenum connectors, jet engine components, printed wiring boards, aircraft interiors, and electrical hardware components.

The transportation end-use industry is the fastest-growing segment of the polyetherimide (PEI) market. In terms of volume, the transportation end-use industry is estimated to lead the PEI market, while the electrical & electronics segment is estimated to account for the second-largest share of the global polyetherimide (PEI) market. The use of PEI has been increasing due to its ability to replace metal and other thermosets and bulk molding compounds. PEI is apt for applications that require high heat resistance, strength, and chemical resistance. The largest application of PEI is in the electrical and lighting systems, followed by under-the-hood applications.

“Europe to account for the largest share in the PEI market during the forecast period.”

The key countries contributing to the growth of the PEI market in Europe are Germany, France, the UK, Italy, and Spain. Favorable government policies are expected to provide growth opportunities for R&D in the electronics & semiconductor and automotive industries in these countries. The growth in R&D investment in the region is mainly driven by the automotive, information and communications technology (ICT), and healthcare industries, which is expected to boost the demand for PEI in the region.

LTCC Market and HTCC Market- Current Trends and Future Aspect Analysis 2019 – 2024

The use of co-fired ceramic is increasing due to its useful properties such as excellent physical, chemical inactivity, hermicity, and high thermal stability. The LTCC market and HTCC market size is estimated to be USD 916 million in 2019 and is expected to reach USD 1.1 billion by 2024, at a CAGR of 4.5% between 2019 and 2024. The increasing use of co-fired ceramic in the automotive, telecommunications, and aerospace & defense is bolstering the market growth, globally.

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Based on material used, the market for co-fired ceramic is segmented as glass-ceramic and ceramic. Glass-ceramic material type dominated the overall LTCC market and HTCC market in 2018, in terms of volume & value both. This is due to the high demand for glass-ceramic material used in LTCC process for automotive, telecommunications, aerospace & defense applications. In the automotive industry, it is primarily used to make advanced wireless technology such as Bluetooth, used in high radio frequencies. In the telecommunications sector, co-fired ceramics are used in mobiles, play stations, and high radio frequency data transfer.

The co-fired ceramic is divided into five end-use industries, such as automotive, telecommunications, aerospace & defense, medical, and others. The automotive end-use industry is expected to witness the highest growth in the coming years. The demand for excellent mechanical properties such as excellent physical, chemical inactivity, hermicity, and high thermal stability is expected to boost the market for co-fired ceramic in various end-use industries.

The Asia Pacific is one of the leading LTCC market and HTCC markets. The growing demand from the aerospace & defense, automotive, and telecommunications sectors is driving the market in the region. The Asia Pacific region has the presence of co-fired ceramic manufacturers and telecommunications component manufacturers. China accounted for a significant share of the global LTCC market and HTCC market and is expected to register substantial growth during the forecast period. The increasing wireless devices production and introduction of 5G across all electronic end-users are expected to drive the demand for co-fired ceramic in China.  

Givaudan (Switzerland) and Firmenich SA (Switzerland) are the Key Players in the Natural Fragrance Market

The natural fragrance market size is projected to reach USD 4.3 billion by 2024 from USD 2.7 billion in 2019, at a CAGR of 9.6% between 2019 and 2024. Rising growth in the personal care & cosmetic industry and growing demand for natural & organic products are driving the demand for natural fragrance market. High production and R&D costs, as well as compliance with quality and regulatory standards, are restraining the growth of the natural fragrance market. On the other hand, a significant change in the lifestyle of consumers towards natural products over synthetic ones drives the demand for natural fragrances. The players in the natural fragrance market are mainly concentrating on expansions, new product launches, and acquisitions to meet the growing demand in various applications. New product launches help companies strengthen their product portfolio and meet the specific requirements of customers.

The growth of the natural fragrance market has been influenced mainly by expansions, new product launches, and acquisitions that took place between 2016 and 2019. Givaudan SA (Switzerland), Firmenich SA (Switzerland), International Flavors & Fragrances (US), Symrise AG (Germany), Takasago International Corporation (Japan) adopted expansions, new product launches, and acquisitions to remain competitive in the natural fragrance market.

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Givaudan (Switzerland) is the largest player in the natural fragrance market. The company is developing its natural fragrance business by acquisition and expanding in countries such as APAC and North America. The company mainly focuses on expansions and acquisition to strengthen its position in the market. The company acquired Albert Vieille, a French company specialized in natural ingredients used in the fragrance and aromatherapy markets. It will help the company cater to the growing demand of customers for natural fragrances. As an expansion strategy, the company opened a new fragrance creative center in Mexico City, Mexico, in October 2017. The new center will help the company support its business growth in North America.

Firmenich SA (Switzerland)is one of the major manufacturers of fragrances. In March 2016, the company opened a manufacturing facility in Buenos Aires, Argentina. The expansion has helped the company strengthen its position in the fragrances market in Argentina. In July 2018, Agilex Fragrances, which is a part of Firmenich group, acquired Fragrance West (US). This acquisition will help the company strengthen its position in the fragrances market in the Americas.  

Ingersoll Rand (Ireland), Gree Electric Appliances (China) and Carrier Corporation (US) are the Key Players in the Modular Chillers Market

The modular chillers market size is estimated to be USD 2.6 billion in 2019 and projected to reach USD 3.5 billion by 2024, at a CAGR of 6.0%, between 2019 and 2024. Modular chillers is mainly used in the commercial, industrial, and residential applications for air conditioning, space cooling, and process cooling. They are energy efficient, compact, and easy to maintain as compared to their substitutes. The growing number of commercial construction projects are also expected to drive the modular chillers market.

The key players in the modular chillers market are Carrier Corporation (US), McQuay Air-Conditioning Ltd., (Hong Kong), Johnson Controls- Hitachi Air Conditioning (Japan), Midea Group (China), Ingersoll Rand (Ireland), Gree Electric Appliances, Inc. (China), Frigel Firenze S.p.A. (Italy), Mitsubishi Electric Corporation (Japan), Multistack, LLC. (US), and Haier Group (China). Acquisition is the key growth strategy adopted by the key modular chillers manufacturers. Apart from acquisition, manufacturers have adopted expansion, joint venture, and new product launch between 2015 and 2019.

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Ingersoll Rand (Ireland) is among the key players in the modular chillers market. It is specialized in the manufacturing of HVAC systems through its established brand ‘Trane’. It has a strong foothold across the North American region, contributing around 70.0% of group’s revenue. The company has adopted organic and inorganic strategies to increase its market share and revenue. For example, in 2017, it acquired several channel points, such as distributors and independent dealers to expand the distribution network across the region.

Gree Electric Appliances (China) is an international air conditioning company. It has a presence across emerging economies, and thus expected to provide growth opportunities to the company in the near future. It is a renowned brand in the HVAC market, which was ranked 385 on the list of Forbes Global 2000 companies, in 2018. It has a strong focus on R&D, having 52 research centres and 570 labs and applied for 15,600 patents including 5,000 innovation patents. The company is adopting growth through the innovation strategy to maintain its leading position in the market.

Carrier Corporation (US) is the leading manufacturer and supplier of HVAC solutions. The company owns more than 80 brands, such as Carrier, Chubb, Kidde, and Edwards in the HVAC market. In 2018, the company registered an organic sales growth of 6.0%, majorly driven by the residential and commercial HVAC markets. It has an established joint venture in China with another leading HVAC company, ‘Midea’. This strategic joint venture is expected to expand the company’s footprints in the neighboring countries of China in the APAC region. This overall scenario is expected to create significant revenue opportunities for the company.

Key Development Strategies Adopted by the Leading Players for the Growth of the Thermoforming Plastic Market.

The thermoforming plastic market size is growing due to the rising healthcare & pharmaceuticals and food & agriculture packaging industries and increasing manufacturing activities. The increasing popularity of retail shopping and rising consumer spending for processed & packed goods are fuelling the demand for thermoforming plastic. Factors such as changing demographics and lifestyles have shifted the market toward e-retailing channels and convenient packaging, which in turn will drive the demand for thermoforming plastic. The thermoforming plastic industry is expected to grow from USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7% during the forecast period.

Over the past few years, companies have strengthened their position in the global thermoforming plastic market by adopting strategies such as new product launch, expansion, acquisitions, and partnership. From 2015 to 2019, acquisition and new product launch were the key strategies adopted by the market players to maintain growth in the global thermoforming plastic market. These strategies accounted for 38% and 33%, respectively, of the overall strategy adopted between 2015 and 2019. The market players concentrated mainly on consolidation through new product launch and expansion with the focus on increasing their market shares and enhancing their sustainability.

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The major manufacturers profiled in this report are, Fabri-Kal Corp. (US), Berry Global Inc. (US), Genpak LLC (US), Pactiv LLC (US), D&W Fine Pack LLC (US), Amcor Ltd. (Australia), Dart Container Corp. (US), Anchor Packaging (US), Sabert Corporation (US), Sonoco Products Company (US). These companies have adopted various organic and inorganic growth strategies. Some companies are also involved in horizontal integration to expand their presence in the market.  For instance, Sonoco Products Company Highland Packaging Solutions (US), Clear Lam Packaging, Inc. (US), and Peninsula Packaging Company (US) are some examples that have undertaken integration in the last three years to increase its market share in the food packaging industry.  

Pactiv LLC (US), Amcor Ltd. (Australia), and Dart Container Corp. (US) are the major players in the thermoforming plastic market. Pactiv LLC (US) is one of the leading companies and the largest contributor to the growth of the global thermoforming plastic market. As a part of its growth strategy, the company focused on production expansion to meet the requirements of end-use industries, globally. For instance, in March 2015, the company expanded its operations in Kinston, creating 59 new jobs in Lenoir County. The company invested more than USD 24 million in the expansion of the Kinston plant. This helped the company to increase its production capacity.

Amcor Ltd. (Australia) is the second-largest player in the thermoforming plastic market. The company is involved in improving its position in the value chain with particular emphasis on innovation, high value-added products, and services. The company is engaged in providing innovative and effective solutions for food packaging around the globe.  In September 2018, the company acquired Bemis Company Inc. (US), creating the global leader in packaging. This helped the company to increase its packaging operations in the US.

Related Reports:

Thermoforming Plastic Market by Plastic Type (PP, PS, PET, PE, PVC, Bio-plastics, ABS), Thermoforming Type (Vacuum Formed, Pressure Formed, Mechanical Formed), Parts Type (Thin Gauge, Thick Gauge), End-use Industry, and Region - Global Forecast to 2024