Increasing demand for energy-efficient buildings in various regions will drive the Insulating Glass Window Market

The insulating glass window market size was USD 12.0 billion in 2020 and is projected to reach USD 17.2 billion by 2026; it is expected to grow at a CAGR of 6.1% from 2021 to 2026. The commercial segment accounted for the largest share of the insulating glass window market in 2020, owing to the increasing rate of commercial building construction in the countries such as the US, Germany, China, and India.

North America is projected to be the largest regional market for insulating glass windows. The market in North America is driven by moderate growth in the construction industry. Glass insulation is considered a viable option for making buildings energy-efficient. Also, factors such as the high quality of infrastructural construction, reduced environmental impact, climatic conditions, and government regulations are fueling the growth of energy-efficient windows in North America.

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Middle East & Africa region is projected to show positive growth, especially in the commercial construction industry, due to factors such as government initiatives (Saudi Arabia’s Vision 2030), increasing urbanization, and industrialization. Also, the Middle East & African insulating glass window market is projected to witness high growth till 2022, mainly because of the upcoming infrastructural projects such as Expo 2020 (UAE) and the 2022 FIFA World Cup (Qatar).

Recent Developments

1. In December 2020, 3M launched 2480 3M Hi-Tack silicone adhesive tapes. The products provide sheer performance, stronger adhesion, and longer-wear time.
2. In July 2020, Guardian Glass has launched a new glass coater in Czestochowa Poland, which transforms normal float glass into high-performance, value-added glass using modern technology. This will help to increase the production of low-emissivity (low-E) solar control glass for both residential and commercial applications.

The key market players include AGC Inc. (Japan), Central Glass Co., Ltd. (Japan), Compagnie de Saint-Gobain SA (France), Dymax (US), Glaston Corporation (Finland), Guardian Glass (US), H.B. Fuller Company (US), Henkel AG & Co. KGaA (Germany), Internorm (Austria), Scheuten (Netherlands), Nippon Sheet Glass Co., Ltd. (Japan), Sika AG (Switzerland), 3M (US), Viracon (US). These players have adopted product launches, acquisitions, expansions, agreements, contracts, partnerships, investments, collaborations, and divestments as their growth strategies.

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COVID-19 impact on the global Chlor-Alkali market

In 2020, the Chlor-Alkali market saw a dip in growth rate due to COVID-19 and the consequent lockdown across the world. The COVID-19 pandemic has severely impacted North American and European countries. Several manufacturing activities have been suspended as a preventive measure. Disruptions in supply chains impacted the chlor-alkali and other end-use industries, and demand declined by over 5% in a majority of the applications. Several expansion projects across the globe have been suspended, which has resulted in a decline in demand for chlor-alkali. The demand for the chemicals, organic, and inorganic chemicals declined significantly across the globe. To mitigate the impact, several chemical companies in North America and Europe are channelizing focus on operational efficiency, cost management, and asset optimization.

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Key players are also focusing on long-term opportunities such as emerging applications, investing in innovations, studying customer buying behavior patterns, and adopting new business models that help generate sustained growth, among others. Due to the pandemic, various building construction and infrastructural projects were suspended or postponed across the globe. Therefore, the demand for PVC declined across the globe, which, in turn, impacted the chlorine market. Decline in automotive industry further reduced the demand for glass and polymers. Moreover, water treatment projects were either rescheduled or suspended, which, in turn, will have a significant impact on the market.

The global Chlor-Alkali market size is estimated to be USD 63.2 billion in 2021 and is projected to reach USD 77.4 billion by 2026, at a CAGR of 4.1%. The growth in demand for chlor-alkali in the APAC is expected to be driven by the vinyl chain (EDC/VCM/PVC). The demand for chlor-alkali in the APAC is driven by China, which accounts for a major share, globally. China is one of the fastest-growing countries, in terms of chlor-alkali consumption, due to its large chemical and petrochemical industries. India, with its emerging economy is expected to propel the demand for chlor-alkali products during the forecast period. The rising disposable income and focus on the domestic manufacturing industry is expected to increase the demand for chlor-alkali products. However, in Europe, the market for chlor-alkali products is projected to grow at a marginal rate during the forecast period. In North America, and particularly in the US, the growth in demand for chlorine is expected to be driven by the vinyl chain (EDC/VCM/PVC). New capacities are expected to be introduced as the demand from the vinyl industry is projected to increase due to the rising demand from the construction and residential housing sectors in the US.

Chlor-alkali products, namely, chlorine, caustic soda, and soda ash are utilized in various industries. Chlorine and caustic soda are produced through the electrolysis of brine, and soda ash is produced through the Solvay process. These three products are used as raw materials in various industries; chlorine is a vital building block and more than 60% industrial chemicals require it in some form or other in production processes. Caustic soda finds applications in personal care products such as soaps and detergents. Soda ash is used in the glass industry, chemicals, and for water treatment. Some applications such as water treatment, food, and pulp & paper are common in all the three chlor-alkali products.

The Chlor-Alkali market is segmented on the basis of type as Chlorine, Caustic Soda, Soda Ash, and others. Chlorine plays an important role in various chemical industries. It is a building block in chemistry because of its reactivity and bonding characteristics. It is produced by electrolysis, majorly with the use of the membrane cell technology. Some of the manufacturers use diaphragm technology and mercury cell technology. Chlorine reacts with almost all elements, except lighter noble gases. It is a good disinfectant and bleaching agent. Chlorine applications includes EDC/PVC, organic chemicals, inorganic chemicals, isocyanates, chlorinated intermediates, propylene oxide, pulp & paper, C1/C2/ aromatics, water treatment, and others.

The leading players in the Chlor-Alkali market are Olin Corporation(US), Westlake Chemical Corporation (US), Tata Chemicals Limited (India), Occidental Petroleum Corporation (US), Formosa Plastics Corporation (Taiwan), Solvay SA (Belgium), Tosoh Corporation (Japan), Hanwha Solutions Corporation (South Korea), Nirma Limited (India), AGC, Inc. (Japan), Dow Inc. (US), Xinjiang Zhongtai Chemical Co. Ltd. (China), INOVYN (UK), Ciner Resources Corporation (US), Wanhua-Borsodchem (Hungary), and others.

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APAC region to lead the global Electrical Conduit market by 2026

APAC led the global electrical conduit market, accounting for a share of 37.8% in 2020. APAC is segmented into China, Japan, India, South Korea, and the Rest of APAC. Factors such as ready availability of raw materials and manpower, along with sophisticated technologies and innovations, have driven economic growth in the APAC region. Emerging economies in APAC are expected to have significant demand for electrical conduit due to the growth of the construction industry led by the rapid economic development and government initiatives in infrastructural developments. In addition, the rising population in these countries represents a strong customer base.

APAC is expected to be the fastest-growing market for electrical conduit globally during the forecast period. Significant consumer base, rising urban population, low labor costs, and easy availability of raw materials are attracting international companies to shift their production facilities to the region, thus creating a high demand for electrical conduits in these industries. The increase in demand for electrical conduit can be largely attributed to the growing infrastructure and building & construction industries. The demand for electrical conduits is rising rapidly in the region owing to the high demand from the infrastructural sector.

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The global electrical conduit market is estimated to be USD 6.5 billion in 2021 and is projected to reach USD 9.1 billion by 2026, at a CAGR of 6.9% from 2021 to 2026. The driving factors for the electrical conduit market is rapid pace of industrialization and urbanization, and rise in demand for electricity or power generation across the globe. The growth of the electrical conduit market is supported by increasing awareness regarding public safety and the implementation of safety regulations by governments.

Atkore International Group Inc. (US), Hubbell Incorporated (US), Legrand S.A. (France), Schneider Electric SE (France), and Sekisui Chemical Co., Ltd. (Japan) among others, are the leading electrical conduit manufacturers, globally. These key players have focused on market consolidation by adopting both organic and inorganic growth strategies such as mergers & acquisitions. These companies adopted acquisitions as the key growth strategy between 2019 and 2021.

Atkore International Group Inc. is one of the largest player in the electrical conduit market. It engages in the manufacture of electrical raceway products, primarily for the non-residential construction and renovation markets. It operates through the Electrical Raceway and Mechanical Products and Solutions (MP&S) segments. Some of its products include electrical conduit and fittings, armored cable and fittings, cable trays, mounting systems and fittings, metal framing, and in-line galvanized mechanical tube. The company operates through 37 manufacturing facilities and 28 distribution facilities. Major subsidiaries of the company include Allied Tube & Conduit (Italy), Calpipe Industries (Spain) and Unistrut Limited (UK).

Hubbell Incorporated is the second-largest player of the global electrical conduit market. The company is a manufacturer of electrical, lighting, and power components worldwide. It operates through two segments, namely Electrical Solutions and Utility Solutions. The company offers its products and solutions to various industries such as non-residential & residential construction, industrial, and energy-related (oil and gas) markets.

The company has a presence in Singapore, China, India, Mexico, South Korea, and countries in the Middle East and has a joint venture in Taiwan and Hong Kong. Hubbell has its subsidiaries in the US, Canada, Switzerland, Puerto Rico, China, Mexico, Italy, the UK, Brazil, Australia, and Ireland. It operates through 52 manufacturing facilities and 18 warehouses. Some of the key brands through which the company serves its products are Bell, Raco, Gleason Reel, Bryant, and Wiegmann.

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COVID-19 impact on the global liquid ring vacuum pumps market

The liquid ring vacuum pumps market size is estimated to be USD 1,082 million in 2021 and is projected to reach USD 1,412 million by 2026; it is expected to grow at a CAGR of 5.5% from 2021 to 2026, owing to rising gas transportation sector. The oil & gas segment is the biggest application for liquid ring vacuum pumps. The growing investments in the crude oil industry is expected to drive the use of liquid ring vacuum pumps.

The pandemic is estimated to have an impact on various factors of the value chain of the liquid ring vacuum pumps market, which is expected to reflect during the forecast period, especially in the year 2020. The impact of COVID-19 is seen on the various application segments of liquid ring vacuum pumps market.

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Due to the pandemic, the demand for petroleum and petroleum products fell substantially as global economic activity halted. The decline in demand, combined with an unexpected rise in supply, resulted in a drop in crude oil prices, which had a subsequent effect on refined petroleum product prices. Also, for the years 2020 and 2021, the global petroleum demand was estimated to decline compared to 2019 levels. This, in turn, has affected the growth of the liquid ring vacuum pumps market in oil & gas industry. Moreover, the US has been adversely affected by the COVID-19 pandemic as compared to other countries across the globe. The growth of the liquid ring vacuum pump market in the country is expected to be slow during the forecast period due to the impact of the pandemic.

Asia Pacific is expected to register the highest CAGR during 2021-2026

Asia Pacific is attracting investors to set up their production facilities owing to the easy availability of raw materials and labor at low costs. Industrial activities are growing in this region owing to low manufacturing costs and support of local governments. Moreover, increasing investments in research and development activities are also driving the liquid ring vacuum pumps market in Asia Pacific.

North America is expected to be the second-largest market for liquid ring vacuum pumps during the forecast period. There is an increasing demand for liquid ring vacuum pumps from water and wastewater treatment plants in the region. Also, industries such as food & beverage, chemical processing, and pharmaceutical are driving the demand for liquid ring vacuum pumps in the region.

The key market players include Busch Vacuum Solutions (Germany), Flowserve Corporation (US), Atlas Copco (Sweden), Ingersoll Rand (US), Tsurumi Manufacturing Co., Ltd (US), DEKKER Vacuum Technologies, Inc. (US), Vooner (US), Graham Corporation (US), Cutes Corp. (China), Zibo Zhaohan Vacuum Pump Co., Ltd (China), OMEL (Brazil), PPI Pumps Pvt. Ltd. (Mexico), Samson Pumps (Denmark), and Speck (Germany). These players have adopted product launches, agreements, acquisitions, mergers & acquisitions, and expansions as their growth strategies.

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COVID-19 Impact on the Global Methanol Market

The Methanol market includes major Tier I and II suppliers like Methanex Corporation (Canada), HELM Proman Methanol AG, SABIC (Saudi Arabia), Yanzhou Coal Mining Co. (China), Zagros Petrochemical Company (ZPC) (Iran), Celanese Corporation (Texas). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and Middle East & Africa. COVID-19 has impacted their businesses as well.

• In August 2020, Celanese Corporation implemented government-recommended protocols and best practices related to social distancing and best hygiene practices. Some of these practices are use of additional personal protective equipment and enhanced cleaning protocols, where appropriate; and also restricted visitor access and non-essential business trave
• In May 2020, Mitsubishi Gas Chemical Company, Inc. set up a Crisis Response Headquarters and has been expeditiously implementing anti-pandemic measures. It continues to refine its plants and other workplaces anti-pandemic measures customized to specific operations on a workplace-by-workplace basis to ensure the safety of its stakeholders, particularly its employees and their families and its customers.

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• In March 2020, Methanex Corporation made decisions to reduce the dividend, put their Geismar 3 project on temporary care and maintenance, and also reduce maintenance capital and operational spending.
• In March 2020, Zagros Petrochemical Company (ZPC) has implemented a wide range of measures to ensure manufacturing and operations without interruptions. The company monitored the situation carefully and adjust their internal measures daily. Any production was managed in several shifts to keep the productivity at normal level while managing the safety of its employees
• During the pandemic, Yanzhou Coal Mining Co. reduced roadway heading, workface, and production system to improve efficiency and quality, and stuck to development philosophy of “ensure safety by reducing labor or unmanned production by scientific technology research.” It promoted coal mine digitalization, networking and intelligentization according to overall planning, and 24 intelligent mining workfaces and 24 intelligent roadway headings were built as a result

As the extent of the COVID-19 pandemic began to materialize, a substantial part of the workforce employed in the methanol manufacturing in China was ordered to stay in quarantine. As a result, several manufacturing companies could not resume work, new construction projects were at a standstill . Methanol manufacturers have announced the suspension of production due to the lowered demand, supply chain bottlenecks, and to protect the safety of their employees in the US, France, Germany, Italy, and Spain during the COVID-19 pandemic. As a result, the demand for methanol is declined in 2020. Manufacturers adjusted production to prevent bottlenecks and planned production according to demand from tier 1 manufacturers.

The global methanol market is anticipated to grow from USD 30.7 billion in 2021 to USD 36.3 billion by 2026, at a CAGR of 3.4% from 2021 to 2026. The market is projected to witness decent growth in the near future, owing to the wide application in various end use industries of methanol ranging from automotive to the pharmaceutical industry. Increasing demand from Asia Pacific will further drive the growth of the global methanol market.

Methanex Corporation (Canada), HELM Proman Methanol AG, SABIC (Saudi Arabia), Yanzhou Coal Mining Co. (China), Zagros Petrochemical Company (ZPC) (Iran) are the leading methanol manufacturers, globally.

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Increasing Healthcare sector in emerging markets is driving the Medical Adhesive Tapes Market

The global medical adhesive tapes market is estimated at USD 8.6 billion in 2021 and is projected to reach USD 11.5 billion by 2026, at a CAGR of 6.1% between 2021 and 2026. The drivers of market growth are identified as the rising number of surgeries, increasing incidence of diabetes, and the growing number of ambulatory surgery centers.

Emerging markets such as China, India, Brazil, and Mexico are expected to offer significant growth opportunities to players operating in the medical adhesive tapes market. This can primarily be attributed to the improved healthcare sector in these emerging countries. The availability of high-quality surgical treatments at lower costs is the key factor enabling patients to shift to these countries for undergoing elective surgeries.

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The increasing number of cosmetic surgeries and developing healthcare infrastructure in emerging countries are the other major factors expected to offer growth opportunities to the market players. To leverage the high growth opportunities for medical adhesive tapes in the emerging markets, manufacturers are strategically focusing on expanding their presence in China, India, Brazil, and Mexico.

Regulatory policies in the Asia-Pacific region are more adaptive and business-friendly due to the less stringent regulations and data requirements. The increasing competition in the mature markets will further compel the manufacturers of medical adhesive tapes to focus on emerging markets.

Paper is the fastest-growing segment of the market

Paper is a widely used backing material that adheres lightly to an individuals skin. It is most widely used for people (adults and infants) with sensitive skin. These are widely used for applications such as dressing and fixation of tubes. These tapes provide excellent comfort compared to the fabric medical adhesive tapes. Hence, they find significant applications in cases involving elderly patients. These tapes are also preferred in cases involving frequent redressing of wounds. The paper backing material is eco-friendly; it can be easily recycled and re-pulped. Therefore, it is a good choice in regions with stringent environmental regulations, such as Europe and North America. The increasing awareness about adhesive tapes in different end-use industries has led tape manufacturers to focus on products that can replace other fastening systems.

These factors have increased the demand for low-cost backing material such as paper for manufacturing tapes, majorly in South American and Asia Pacific countries such as India, South Korea, China, and Indonesia.

Asia Pacific is projected to be the fastest-growing market for medical adhesive tapes

The Asia Pacific is projected to be the fastest-growing market for medical adhesive tapes, in terms of value, due to the improving healthcare services and the rising level of income in this region. The rising population of the region, along with high disposable income and improved healthcare activities in this region, is driving the medical adhesive tapes market. Nitto Denko Corporation (Japan) and Nichiban Co., Ltd. (Japan) are the important players in this region. The manufacturing sector in Asia Pacific (excluding Japan), especially consumer products, is growing rapidly. Moreover, various new production facilities in the region, both export-oriented and domestic, utilize the latest manufacturing processes which are designed to use medical adhesive tapes instead of traditional mechanical fastening equipment.

China is a hub for assembling industrial products, majorly because of low labor costs. Fueled by booming economies such as China, India, and other countries in the Asia Pacific region, the medical adhesive tapes market is growing at a strong pace.

Major vendors in the medical adhesive tapes market include 3M company (US), Medtronic PLC (US), Medline Industries (US), Avery Dennison Corporation (US), Johnson & Johnson (US), Smith & Nephew plc (United Kingdom), Nichiban (Japan), Paul Hartmann AG (Germany), Nitto Denko Corporation (Japan) and Scapa Group PLC (United Kingdom).

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COVID-19 Impact on Global Fluoropolymer Tubing Market

The global fluoropolymer tubing market size is projected to grow from USD 513 million in 2021 to USD 662 million by 2026, at a CAGR of 5.2% between 2021 and 2026. Fluoropolymer tubes are extrusions made of inert materials. These tubes have exceptional versatility and a set of unique properties. Various types of fluoropolymer provide different advantages in the applications they are used in. Fluoropolymer tubes exhibit high tensile strength, exceptional chemical & friction resistance, and a high range of workable temperature, among other properties. They are used in industries such as medical, semiconductor, energy, fluid management, chemical processing, general industrial, automotive, and aerospace. Growing geriatric population, increasing use in end-use industries ultimately drives the fluoropolymer tubing market globally.

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COVID-19 has negatively impacted the production and factory operations of various end-use industries such as automotive, electronics, aerospace, and others. Leading manufacturers such as TE Connectivity has faced business complication with its suppliers, distributors, and customers. Moreover, fluctuation in customer orders and cancellations due to unfavorable business scenario due to the pandemic and supply chain disruptions also impacted the fluoropolymer tubing manufacturers. Major players in the market are mitigating the risk through a strong focus on local management and market opportunities.

• In 2020, TE Connectivity has witnessed sales decline of 12.5% due to the pandemic in its transportation solution business segment which provides fluoropolymer tubing products.
• In 2020, PARKER HANNIFIN CORP faced cancellations in shipments and disputes regarding contract terms along with weak demand from end-use industries. Moreover, changes in contract cost and fluctuations in raw material prices has created business complications for the company. The diversified industrial business segment of the company has reported sales declined of 11% due to change in business dynamics during COVID-19 pandemic.

APAC is expected to be the fastest-growing market during the forecast period.

Fluoropolymer tubing market has been segmented into APAC, Europe, North America, South America, and Middle East & Africa. The market in the APAC region is growing due to the rising demand from various end-use industries such as medical, automotive, semiconductor, and energy. Asia Pacific is one of the fastest-developing markets, mainly due to rising population, urbanization, and industrialization.

Major players operating in the global fluoropolymer tubing market are Saint-Gobain (France), Optinova (Finland), TE Connectivity (Switzerland), Teleflex Inc. (US), Tef-Cap Industries (US), Zeus Industrial Products (US), Fluorotherm (US), AMETEK (US), Parker Hannifin (US), Swagelok (US) and Adtech (UK).

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COVID-19 impact on global corrosion inhibitor market

Corrosion inhibitors are used in applications, such as water treatment, process & product additives, and oil & gas production in various end-use industries, including power generation, oil & gas and refinery, metal & mining, pharmaceutical and utilities, among others. Corrosion inhibitors are used for treating harmful water, preserving the life of metals & alloys in the above-mentioned end-use industries. They control the process of corrosion by slowing it in different parts of the industries and treating toxic water. Due to the Covid-19 pandemic, the chemical industry was severely impacted throughout the world. Disruption in the supply chain, reduction in workforce, restrictions in movement, and decline in demand due to global uncertainty hindered the growth of the chemical industry.

The oil & gas industry also saw a fall in demand due to the pandemic. Decreased output affecting revenue realization put a halt to the progress of many companies in these sectors. The pandemic caused widespread concern and economic hardship for consumers, businesses, and communities across the globe. The lockdown, owing to the pandemic in various countries, affected the transportation fuel demand. Travel bans, along with the grounding of international flights, had led to a heavy reduction in the consumption of Aviation Turbine Fuel (ATF) across the globe.

However, the corrosion inhibitor market hasn’t been affected much and their demand remains in industries like oil & gas, pharmaceutical, etc.

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The Middle East & Africa region is the second fastest-growing region for the corrosion inhibitor market, in terms of value.

The region has emerging markets, such as Saudi Arabia, the UAE, Iran, Kuwait, and South Africa. The region has established oil & gas and chemical & petrochemical industries due to the abundant availability of natural resources. The oil & gas industry in the region is growing at a steady pace due to rising exports and increased exploration of reserves. Huge investments, rising population, growing disposable income, and integration of production activities are likely to increase output in the form of fuel and feedstock and, in turn, drive the corrosion inhibitors market.

Major players operating in the global corrosion inhibitor market include Solenis (US), Nouryon (The Netherlands), Baker Hughes Company (US), Ecolab (US), BASF SE (Germany), SUEZ Water Technologies & Solutions (France), DOW Chemical Company (US), Lubrizol Corporation (US), Lanxess (Germany), and Henkel Corporation (Germany).

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The Key Development Strategies are Adopted by Leading Players for Boosting the Growth of the Carbon Capture, Utilization, and Storage Market

 

Carbon capture, utilization, and storage are used in a variety of end-use industries, including natural gas, power generation, hydrogen, fertilizers, oil refining, and others. Led by strong end-user demand, the carbon capture, utilization, and storage industry is growing at a rapid pace. However, amidst the global COVID-19 pandemic, the demand for carbon capture, utilization, and storage from the above-mentioned industries is expected to show a sharp decline in 2020 from 2019. The global carbon capture, utilization, and storage market size is projected to grow from USD 2.1 billion in 2021 to USD 7.7 billion by 2026, at a CAGR of 29.8%.

Over the past few years, companies have strengthened their positions in the global carbon capture, utilization, and storage market by adopting strategies, such as new product launch/ development, expansion, agreement/partnership, and acquisition. From 2016 to 2020, new product launch and partnerships have been the key strategies adopted by the market players to maintain their growth in the global carbon capture, utilization, and storage market. For instance, in September 2020, Mitsubishi Shipbuilding Co., Ltd., which is a part of Mitsubishi Heavy Industries, Ltd. (MHI), worked with Nippon Kaiji Kyokai (Japan) and Kawasaki Kisen Kaisha, Ltd. (Japan) to conduct test operations and measurements for a small-scale ship-based CO2 capture demonstration plant. This technology was tested to verify the equipment’s use as a marine-based CO2 capture system. Similarly, in July 2020, the Norwegian energy giant, Equinor, announced plans for leading a project to develop one of the UK’s and the world’s first at-scale facilities to produce hydrogen from natural gas in combination with carbon capture and storage (CCS). The project will be located at Saltend Chemicals Park that will enable industrial customers to switch over to hydrogen fully. Consequently, emissions from Saltend Chemicals Park would reduce nearly by 900,000 tons of CO2 per year, according to Equinor.

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The Carbon capture, utilization, and storage business of these companies is severely affected due to the outbreak of COVID – 19 pandemic. The lockdown strategies and restrictions on physical movements led to delay in work due to supply chain disruptions along with the falling productivity across manufacturing facilities. Moreover, the lockdown has delayed the upcoming projects, which has affected the growth of the carbon capture, utilization, and storage market.

The major manufacturers profiled in this report include Fluor Corporation (US), ExxonMobil Corporation (US), Linde plc (UK), Royal Dutch Shell Plc (Netherlands), Mitsubishi Heavy Industries, Ltd (Japan), JGC Holdings Corporation (Japan), Schlumberger Limited (US), Aker Solutions (Norway), Honeywell International Inc. (US), Equinor ASA (Norway), TotalEnergies SE (France), Hitachi, Ltd (Japan), Siemens AG (Germany), General Electric (US), and Halliburton (US). These companies adopted various organic and inorganic growth strategies. For instance, in November 2021, ExxonMobil Corporation and Pertamina entered into a memorandum of understanding and planned to evaluate Indonesias large-scale deployment of low-carbon technologies.

Equinor ASA conducts operations in the oil & gas industry, such as exploration, production, transport, refining, and marketing petroleum and petroleum-based products. The company engages under the following operating segments: crude oil, natural gas, refined products, natural gas liquids, and others. It is involved in various activities related to fields and platforms, terminals and refineries, trading, transport, & shipping; renewable energy, and decommissioning on the Norwegian Continental Shelf (NCS). Equinor is a leading pioneer in carbon capture, utilization, and storage technology. Projects related to carbon capture, utilization, and storage are also carried out under the same division. The company has been developing carbon capture, utilization, and storage technology for more than 20 years and is a part of around 40 carbon capture, utilization, and storage projects globally.

Royal Dutch Shell Plc, through its subsidiaries, engages in the oil and natural gas exploration, production, refining of petroleum. The company operates its business through five segments: integrated gas, upstream, oil products, chemicals, and corporate. It produces fuels, chemicals, and lubricants. The company owns and operates gasoline filling stations worldwide. It is also investing in power, including low-carbon sources, such as wind and solar; and new fuels for transport, such as advanced biofuels and hydrogen. It is implementing various carbon capture and storage projects at Gorgon (Australia), Quest (Canada), and Northern Lights (Norway). The company is taking an innovative approach and using advanced technologies to help build a sustainable energy future.

ExxonMobil Corporation is a leading global player in the energy and chemical business. The company has the highest carbon capture capacity, nearly double its next competitor and greater than the next five players combined. It has its expertise in all three business divisions: chemical, upstream and downstream operations. The chemical business markets petrochemicals, including a wide variety of performance materials. The upstream business is involved in oil and natural gas exploration. Its downstream business deals in lubricants and derivatives of crude oil. Currently, it has captured 40% of the total global carbon capture, utilization, and storage capacity.

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Bioplastics & Biopolymers Market worth $29.7 billion by 2026

The report “Bioplastics & Biopolymers Market by Type (Non-Biodegradable/Bio-Based, Biodegradable), End-Use Industry (Packaging, Consumer Goods, Automotive & Transportation, Textiles, Agriculture & Horticulture), Region – Global Forecast to 2026″, global bioplastics & biopolymers market size is projected to grow from USD 10.7 billion in 2021 to USD 29.7 billion by 2026, at a CAGR of 22.7% between 2021 and 2026. Bioplastics are plastics derived from renewable sources such as corn, potatoes, rice, soy, sugarcane, wheat, and vegetable oil, while biopolymers are naturally occurring polymers. Bioplastic may or may not be biodegradable. Bioplastics are mainly segmented into biodegradable and non-biodegradable plastics for various applications in packaging, consumer goods, automotive & transportation, agriculture & horticulture, medical, and other end-use industries.

Browse 142 market data Tables and 50 Figures spread through 244 Pages and in-depth TOC on “Bioplastics & Biopolymers Market by Type (Non-Biodegradable/Bio-Based, Biodegradable), End-Use Industry (Packaging, Consumer Goods, Automotive & Transportation, Textiles, Agriculture & Horticulture), Region – Global Forecast to 2026”
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Biodegradable bioplastics & biopolymers types will account for the major share of the market in terms of value

Biodegradable are the largest type segment in terms of value during the forecast period. Biodegradable polymers are high molecular weight compounds that decompose naturally in the environment through bacteria and other microorganisms during a span of time. The process produces natural byproducts, such as biomass, water, gases, and inorganic salts. Biodegradable polymers are made from renewable sources such as corn oil, starch, orange peels, and plant materials and deteriorate into natural by-products. The growing concerns related to environmental pollution and non-renewable finite petroleum resources are leading to the increasing use of biodegradable bioplastics & biopolymers.

In terms of value, the packaging segment is projected to account for the largest share of the bioplastics & biopolymers market, by end-use industry, during the forecast period.

Packaging is one of the end-use industries that dominate the bioplastics & biopolymers market. Bioplastics, and especially biodegradable bioplastics, have increasing demand to replace conventional plastics to address environmental concerns. The use of bioplastics is increasing in applications such as bottles, films, clamshell cartons, waste collection bags, carrier bags, mulch films, and food service ware.

APAC is estimated to be the fastest-growing market for bioplastics & biopolymers between 2021 and 2026.

APAC is estimated to be the fastest-growing market for bioplastics & biopolymers between 2021 and 2026. Growth in APAC is primarily attributed to the fast-paced expansion of the economies such as China, India, and Indonesia. Growing population increased consumer spending, and rapid industrial expansion are the major factors responsible for the high growth rate of the region. Growing environmental concern and awareness along with increasing regulations are the key factors driving the demand for bioplastics & biopolymers. The manufacturers focus on the high-growth market to gain market share and increase their profitability.

The key players in this market are NatureWorks (US), Braskem (Brazil), BASF (Germany), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Biotec (Germany), Toray Industries (Japan), and Plantic Technologies (Australia).

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Rubber Additives Market Opportunities: Adoption of green technology and high-performance rubbers

The rubber additives market is projected to reach USD 9.3 billion by 2026, at a CAGR of 3.5% from USD 7.8 billion in 2021. Rubber is a polymer, which is primarily categorized as natural and synthetic rubber. Natural rubber is obtained from certain trees that are found particularly in the tropical areas. On the other hand, synthetic rubber is obtained by the by-products of petroleum refining. To meet the specific requirements of end-use industries, the rubber has to be treated with chemicals to give it the desired properties. Thus, rubber additives are used to improve properties of the rubber. Rubber is processed using various additives to make it suitable to be used for various applications such as automobile, rubber mats, conveyor belts, and others.

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According to the report of IARC (International Agency on Research for Cancer), rubber manufacturing industry has proven to be a great contributor towards air pollution. This industry basically adds unwanted latex vapours into the air during the process of heating and forming latex sheets. Hence, manufacturers, with the help of green chemistry, are developing methods for the utilization of safer chemicals which can be easily disposed of. The notable techniques include dry vacuuming is used to prevent the spreading of spilled chemicals; the recycling of wastewater must be done. Other techniques are chemical recovery methods like pyrolysis, devulcanization, and the production of reclaimed rubber.

Tire is estimated to be the largest application of rubber additives market in 2020.

Rubber is the primary raw material used in the production of tires. Several additives are used to attain the desired properties of rubber. Rubber additives are used in tires to provide specific characteristics such as high friction for racing tires and high mileage for passenger car tires. The growing automotive industry in Asia-Pacific demands processed tires to meet the demand of the customers. The stringent environmental norms in Europe demand the use of high-tech rubber for various applications. Therefore, rubber is processed using additives to attain the desired properties of heat resistance, friction, mechanical stress, and others. The rising global motor vehicle production is the key factor driving the market for rubber additives.

Asia Pacific is expected to be the largest rubber additives market during the forecast period, in terms of value.

Asia Pacific is the fastest-growing region in rubber additives market owing to rapid economic growth in the region. The increased demand for superior quality processed rubber from the automotive industry is driving the market for rubber additives in the region. The growing population coupled with the increasing purchasing power of consumers is boosting the demand for automobiles in the region. This in turn drives the market for rubber additives as they are required to enhance the properties of rubber which is used to manufacture automotive tires.

The key market players profiled in the report Arkema S.A.(France), Lanxess AG (Germany), BASF SE (Germany), Solvay S.A. (Belgium), Sinopec Corporation (China), R.T. Vanderbilt Holding Company, Inc. (US), Emery Oleochemicals (US), Behn Meyer Group (Germany), Toray Industries, Inc. (Japan), and Sumitomo Chemical (Japan). They have adopted strategies such as and new product launch, acquisition, and collaboration in order to gain an advantage over their competitors

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COVID-19 impact on Global High Performance Fluoropolymers Market

The high-performance fluoropolymer (HPF) market is projected to grow from USD 3.7 billion in 2021 to USD 5.1 billion by 2026, at a CAGR of 6.8% during the forecast period. The growth of the high-performance fluoropolymers industry can be attributed to its high demand from various end-use industry and growing demand from renewables.

HPF are used in end-use industries such as transportation, electrical & electronics, medical, food processing, chemical processing, oil & gas, power plants, and building & construction. They are used in the industrial processing, where high thermal and chemical resistance is essential to conduct the operation. Due to the ongoing pandemic, industrial production has been severely affected throughout the world. Workforce shortage, logistical restrictions, material unavailability, and other restrictions have drastically slowed the growth of the industry.

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COVID-19 has led the industrial and manufacturing sectors into an unknown operating environment globally. Government restrictions on the number of people that can gather at one place have severely impacted the sector. For example, the component manufacturing sector is heavily hit by the impact of the virus. The production and factory operations in the automotive, electronics, and aerospace are on halt. Most of the industries are dependent on China for raw material supply. Hence, supply chain disruptions also have a major impact on industrial output. The global economy contracted due to the pandemic but since most of the economies have opened, there is a rise in the industrial output in various sectors and may get completely recovered in coming years.

APAC is expected to be the fastest-growing market for HPF, owing to the presence of large manufacturing and highly populated countries, such as China and India. China, India, Japan, Indonesia, and South Korea are some of the key countries in the HPF market in this region. In 2020, China accounted for the largest share of the APAC market, owing to the presence of huge chemical, automotive, medical, and electronics industries. The growing production of automobiles, consumer household, medical disposables, and their increasing demand across the region boosts the demand for HPF. Growth in the manufacturing of automobiles and electronics hardware across the region is expected to grow further with changing demographics. Owing to which APAC is projected to be the fastest-growing HPF market.

The recent COVID-19 pandemic is expected to impact the global manufacturing sector. COVID-19 led the manufacturing sector into an unknown operating environment, globally. Government restrictions on the number of people that can gather at one place, severely impacted the industrial output. HPF are used in end-use industries such as transportation, electrical & electronics, medical, food processing, chemical processing, oil & gas, power plants, and building & construction. They are used in the industrial processing, where high thermal and chemical resistance is essential to conduct the operation. Due to the ongoing pandemic, industrial production has been severely affected throughout the world. Workforce shortage, logistical restrictions, material unavailability, and other restrictions have drastically slowed the growth of the industry. The economies have now opened, and industrial production has started to recover. It is expected to further grow when the economies get stabilized from the pandemic effect.

Most active players in the HPF market:

The Chemours Company (US), Daikin Industries (Japan), 3M (US), Solvay (Belgium), AGC, Inc. (Japan), The Dongyue Group (China), GFL Limited (India), Fluoroseals SpA (Italy), Halopolymer (Russia), and Hubei Everflon polymer (China) are a few active players in the HPF market.

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Fire-resistant Coatings Market Drivers: Increasing awareness, changing regulations, and rising emphasis on safety measures across the globe

The global fire-resistant coatings market size is projected to grow from USD 975 million in 2020 and is projected to reach USD 1,125 million by 2026, at a CAGR of 3.5%. Europe accounted for the largest share of the market. It is projected to reach USD 490 million by 2026, at a CAGR of 3.0%, between 2021 and 2026. The growing building & construction sector in the region is projected to drive the market.

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The increasing number of fire accidents, which result in injuries, loss of life, and damage to property, has led to the implementation of various codes, regulations, and standards for fire safety and fire protection. In this regard, Europe and North America have the highest number of safety codes and regulations as compared to other regions.In the US, the International Code Council (ICC) and the National Fire Protection Association (NFPA) had recommended several standards and norms pertaining to fire safety and protection in buildings, infrastructure, and industrial sector.

In the UK and Germany, under British standard 476 and ETA & DIN 4102 standard, several regulations were imposed related to fire safety and standard in building construction steelwork.
In Russia, Federal Law No. 123-03 and GOST R 53295-2009 were imposed in July 2008, wherein technical regulation related to fire safety in building and construction activities was mandated to ensure safety and protection from fire accidents.

The implementation of stringent regulations and norms is driving the demand for fire-resistant coatings, as newly constructed buildings and processing plants need to meet the required safety and fire resistance standards. Considering the growth opportunities, market players are focusing on developing new and innovative products that comply with the stringent safety and fire protection standards.

Thus, as a preventive measure, governments, builders, and construction industries are using fire-resistant coatings to ensure the utmost safety at housing, commercial, institutional, and industrial places. These factors are thereby supporting market growth.

Europe projected to account for the largest share of the fire-resistant coatings market during the forecast period.

Europe accounted for the largest share of the global fire-resistant coatings market in 2019. The growth of the fire-resistant coatings market in this region is mainly attributed to stringent government regulations, an industrial initiative for sustainable development, and a strong emphasis on protection against fire. Moreover, the practice of constructing green buildings and adopting green coatings offers many opportunities for the growth of the market in the region. The European market is mainly dominated by the EU-5 countries, especially Germany and the UK.

The leading players in the fire-resistant coatings market include AkzoNobel (Netherlands), PPG (US), Jotun (Norway), Sherwin-Williams (US), and Hempel (Denmark). The key industry players are adopting strategies to expand their presence and enhance their product portfolio through investments in R&D. For example, in 2017, Hempel invested in an R&D center solely for fire-resistant coatings in Spain. This expansion will help the company comply with the ever-changing demand from the construction industry and develop high efficacy products.

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Changing consumer preference toward eco-friendly plastic product is driving the Polylactic Acid (PLA) Market

 

The global PLA market size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026. The major factors driving the market are rising demand of PLA in packaging industry, stringent waste management regulations in Europe, increased focus of government on green procurement policies, and shift in consumer preference toward eco-friendly and biodegradable plastic products. Moreover, development of new applications, high potential in emerging countries of APAC, and multi-functionalities of PLA is expected to drive the market during the forecast period.

Improving consumer awareness regarding sustainable plastic solutions and increasing efforts to eliminate the use of non-biodegradable conventional plastics contribute to the market growth of PLA. Traditionally used petroleum-based plastics take decades to break down or degrade and lay in landfills for a long period. PLA breaks down faster when they are discarded and are absorbed back into the natural system. In addition, the rate of decomposition of biodegradable plastics by the activities of microorganisms is much faster than that of traditional plastics.

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The packaging segment is estimated to be the fastest-growing end-use industry for PLA market during the forecast period.

Packaging is the largest end-use industry for PLA, with a high CAGR of 13.0% during the forecast period. The need for sustainable solutions has encompassed several industry verticals, including food & beverages, e-commerce, and FMCG. The unique properties of packaging enable its use in various food and non-food applications such as cigarettes, biscuits, sugar confectioneries, baked goods, noodles, and other snacks. The rise in e-commerce has also increased packaging requirements.

The thermoforming grade segment is expected to lead the PLA market during the forecast period.

Thermoforming grade has enormous growth potential in various packaging applications such as food, beverages, and other consumer products. Thermoformed parts made of PLA have excellent clarity, comparable to those formed in oriented polystyrene (OPS) and polyethylene terephthalate (PET). This, combined with the temperature requirements for product storage, make thermoformed PLA suitable for food packaging trays for baked goods, fruits, and vegetables.

Europe is expected to be the largest market for PLA during the forecast period.

The packaging industry is the largest end-use industry of PLA in Europe. The political and economic conditions have also driven the market penetration of PLA. The EU Commission has focused on the Lead Markets Initiative, where PLA has been identified as one of the most important potential markets. The strict government norms and economic conditions have also driven the PLA market. These factors have been responsible for the development of PLA with collaborative research in the region.

The key players in this market are Natureworks LLC (US), Total Corbion PLA (Netherlands), BASFSE (Germany), Cofco (China), Futerro (Belgium), Danimer Scientific (US), Toray Industries Inc. (Japan), Evonik Industries (Germany), Mitsubishi Chemical Corporation (Japan), and Unitika Ltd. (Japan).

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Top Market Leader - Corrosion Under Insulation (CUI) & Spray-on Insulation (SOI) Coatings Market

The global CUI & SOI coatings market size is projected to grow from USD 1.9 billion in 2022 to USD 2.3 billion by 2027, at a CAGR of 4.7% during the forecast period. The growing demand for CUI & SOI coatings from end-use industries, such as marine; oil & gas, and petrochemical; energy & power; and others, drives the CUI & SOI coatings market. Demand for these coatings is encouraged by many companies to formulate various developmental strategies in the CUI & SOI coatings market to increase their footprint in the growing market. The companies have adopted various strategies, such as investment, expansion, partnership, collaboration, and new product development to increase their global presence and maintain sustained growth in the CUI & SOI coatings market.

CUI & SOI coatings find major applications in marine; oil & gas, and petrochemical; energy & power, etc. The oil & gas, and petrochemical industry accounted for the major share of the CUI & SOI coatings market in 2021. The major share is due to the high volumes of CUI & SOI coatings used in the oil & gas & petrochemical industry. The oil fields development in the South China Sea and the growing investments in the oil & gas industry in China, Japan, Indonesia, India, and other countries are projected to drive the demand for CUI & SOI coatings.

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The CUI & SOI coatings market in the Asia Pacific is projected to register a higher CAGR, in terms of value, between 2022 and 2027. The growth in the region is ascribed to the growing oil & gas, and petrochemical; marine; energy & power industries. The rapid growth of emerging economies in the region makes Asia Pacific an alluring market for CUI & SOI coatings manufacturers.

There are various players operating in the CUI & SOI coatings market. The major market players include Akzo Nobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), Hempel A/S (Denmark), Kansai Paint Co., Ltd (Japan), Nippon Paint Co., Ltd. (Japan), and RPM International Inc (US). The developmental strategies adopted by major players are partnership & collaboration, new product launches, investments, and expansion to increase share in the market.

Akzo Nobel accounted for the major share in the global CUI & SOI coatings market. The company operates in different segments such as decorative paints, performance coatings, and specialty chemicals. The company has its presence in many countries in Europe, North America, APAC, South America, and the Middle East. The company carries out its business activities in 80+ countries across the globe. It has a strong product portfolio. Also, there are 548 offices and manufacturing sites across the world. The company focuses on various organic and inorganic strategies to increase its global presence. It has leveraged its strong financial background and distribution network to expand its business across Europe and various countries across the globe. This will drive the growth of the company and also its CUI & SOI coatings business, globally. 

• In June 2021, The company announced the acquisition of Colombia-based paints and coatings company Grupo Orbis.
• In November 2019, AkzoNobel opened a research and innovation hub at its site in Felling, Gateshead, UK, with an investment for product testing in simulations of the world’s most extreme environments.

PPG Industries has the second-largest share in the CUI & SOI coatings market. The company is a manufacturer and distributor of industrial and automotive coatings to various manufacturing companies. The company also manufacturers adhesives & sealants for the automotive industry, metal pretreatments & related chemicals for industrial applications, and packaging coatings for aerosol, food, and beverage container manufacturers. The company’s latest coating systems have proven protection from corrosion under insulation, high temperatures, and fire; PPG Industries has business operations in more than 70 countries across the globe. The company is focusing on organic and inorganic growth strategies, which will enable it to increase its global presence and revenue.

• In February 2020, PPG collaborated with Dow on Sustainable Future Program to reduce carbon impacts. The partnership focuses on advances in anti-corrosion coating products for steel designed to deliver reduced greenhouse gas (GHG) emissions through increased energy efficiency while helping to lessen the high maintenance costs of steel infrastructure.

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