The growing need to reduce CO2 emissions from industrial and power plants drives the demand for Carbon Capture, Utilization, and Storage system

Carbon capture, utilization, and sequestration (also referred to as CCUS) is a process that involves capturing carbon dioxide (CO2), transporting it through pipelines, ships, and other modes of transport and storing it under the Earth’s surface to prevent CO2 emissions. This process is highly useful for curbing CO2 emissions, which lead to a better atmosphere. The growing need to reduce CO2 emissions from industrial and power plants drives the demand for CCUS system. The global carbon capture, utilization, and storage market size is expected to grow from USD 1.6 billion in 2020 to USD 3.5 billion by 2025, at a CAGR of 17.0% during the forecast period.

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Growing concerns about climate change are responsible for the increasing adoption of CCUS to reduce emissions. CCUS captures CO2 via various methods and use or store it to avoid its release into the atmosphere. The use of fossil fuels and natural gas to produce electricity are the major sources of CO2 emissions around the world. CCUS can prevent greenhouse gases from entering the atmosphere. 

Capture holds the major share of the carbon capture, utilization, and storage.

Capture is the first stage of the CCUS process and involves capturing CO2 from its emission source. It can be applied to any large-scale emission process, including coal-fired power generation plants; gas and oil production; and manufacturing industries, such as cement, iron, and steel. The capture service segment holds the majority of the share in the CCUS market. Moreover, the high cost of capturing in the power generation, iron & steel, cement, and other sectors is one of the major reasons behind the high market share of the capture segment. 

Oil & gas accounted for the largest market share in the global carbon capture, utilization, and storage market in terms of value.

Oil & gas is the dominating end-use industry in the carbon capture, utilization, and sequestration market. Various natural gas processing CCUS projects in MEA, North America, and Europe is key support or the high market size in the oil & gas industry. Increasing usage of EOR in the oil & gas industry is also driving the growth of oil & gas industry in the carbon capture, utilization, and sequestration market

COVID-19 has merely put any effect on the market, which is expected to grow at a significant rate in 2020 as well, owing to continuous investment in the field of carbon capture and sequestration. Currently, CCUS is being largely used across natural gas processing plants and power generation plants. The operations of these plants were not affected by the COVID-19 pandemic; as a result, lockdown imposed due to the pandemic posed very minimal impact on the CCUS market.

North America is expected to account for the largest market share in the carbon capture, utilization, and storage market during the forecast period.

North America is the largest carbon capture, utilization, and sequestration market owing to the presence of multiple large-scale CCS facilities in the US and Canada. Century plant, Shute Creek Plant, BPundaryy Dam, Petra Nova Plant, ENID Fertiliser plant are some few projects that are operational in eth US and Canada, The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. Current operational projects in eth region include Boundary Dam (Canada), Petra Nova (US), Alberta Carbon Trunk Line (ACTL (Canada), and ENID Fertiliser plant (US), among others .

The key players in the global carbon capture, utilization, and sequestration market a Royal Dutch Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries, Ltd. (Japan), Linde PLC (UK), Hitachi, tLd.(Japan), Exxon Mobil Corporation (US), JGC Holdings Corporation (Japan), Honeywell International, Inc. (US), Halliburton (US), and Schlumberger Limited (US).

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Optimal energy saving performance of insulating glass windows driving the market

The insulating glass window market is projected to grow from USD 12.8 billion in 2020 to USD 16.2 billion by 2025, at a CAGR of 4.8% from 2020 to 2025. The major reasons for the growth of the insulating glass window market include the optimal energy saving performance of insulating glass windows, the growing construction industry in regions like the Middle East and Asia Pacific, and the rising demand for value added glass products. These factors are responsible for driving the demand for insulating glass window market.

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Global energy demand continues to grow despite the historical high prices and mounting concerns over energy security. In order to address the issue of energy supply and demand, improving the energy efficiency of homes, businesses, schools, government buildings, and industries is imperative and inevitable. According to the U.S. Department of Energy (DOE), heating, cooling, and lighting of buildings account for 25% of the country’s total energy costs. This is expected to enhance the use of insulating glass windows for building insulation applications.

Commercial constructions that use insulating glass windows include commercial buildings, offices, hotels, hospitals, educational institutes, stadiums, and airports. Insulation helps reduce the heating and cooling loads of commercial buildings, manages indoor climate temperature, and reduces noise pollution, thus resulting in a more environmentally sustainable building. Furthermore, the increasing demand for Green Buildings in the commercial construction segment has been observed globally. These factors are expected to enhance the insulating glass window market during the forecast period.

Asia Pacific is projected to be the fastest-growing market during the forecast period. Growing demand for insulating glass window due to the increasing investments in the commercial construction sector, as well as government initiatives that support the use of insulating glass windows in commercial buildings. Furthermore, the presence of leading insulating glass window manufacturers is expected to drive the insulating glass window market in the region.

Compagnie de Saint-Gobain SA (France), AGC Inc. (Japan), Guardian Glass (US), Nippon Sheet Glass Co. Ltd. (Japan), and Central Glass Co., Ltd. (Japan) are some of the leading players operating in the insulating glass window market.

Henkel AG & Co. KGaA (Germany), Sika AG (Switzerland), and H.B. Fuller (US) are the key players in the adhesives & sealants for insulating glass window market..

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The food & agriculture packaging end-use industry is expected to be the largest consumer of thermoforming plastic, globally

The thermoforming plastic market is projected to grow from USD 34.8 billion in 2019 to USD 45.9 billion by 2024, at a CAGR of 5.7%. The thermoforming plastic industry 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.

Browse 143 market data Tables and 50 Figures spread through 173 Pages and in-depth TOC on "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"
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Thermoforming plastic finds application in food & agriculture packaging, healthcare & pharmaceutical, construction, electrical & electronics, automotive packaging & structures, consumer goods & appliances, and others. Food & agriculture packaging industry dominated the thermoforming plastic market in terms of value in 2018. This growth is attributed mainly to the huge demand for packaged and branded products. Thermoforming plastic provides better protection during transportation and uses safe packaging materials; hence, they are preferred in the food & agriculture packaging industry.

The thermoforming plastic market is segmented based on plastic-type as polypropylene (PP), polystyrene (PS), polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), bioplastics, acronytrile butadiene styrene (ABS), and others. The global thermoforming plastic market is dominated by the PP, in terms of value and volume. This is due to the extensive use of this plastic in packaging applications such as food, medical device, and automotive. The excellent strength-to-weight ratio, excellent energy management, resilient, good chemical resistance, and durability make it an ideal choice for packaging applications.

North America accounted for the largest share in the global thermoforming plastic market. Technological advancements in the packaging industry primarily drive the market in this region. The demand for thermoforming plastic will be driven by factors such as increasing electronic goods sales, high disposable income, increasing demand for packaged foods, and demographic changes. The region is characterized by continuous technological advancements in the thermoforming plastic industry with the presence of some key regional players such as Pactiv LLC, Sonoco Products Company, D&W Fine Pack LLC, Fabri-Kal Corporation and Dart Container Corporation.

The US is a key market in North America. The increasing demand for consumer durables will drive the market for in the U.S. as thermoforming plastic finds growing use in it. The demand for thermoforming plastic in the US is likely to witness robust growth during the forecast period, as a result of the rising trend of retail shopping.

The thermoforming plastic market comprises major solution providers, such as 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). The study includes an in-depth competitive analysis of these key players in the thermoforming plastic market, with their company profiles, recent developments, and key market strategies. 

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Impact Modifiers Market worth $5.0 billion by 2025, at a CAGR of 5.3%

The global impact modifiers market size is estimated at USD 3.9 billion in 2020 and is projected to reach USD 5.0 billion by 2025, at a CAGR of 5.3% from 2020 to 2025. Impact modifiers are additives that enable plastic products to absorb shocks and protect these products from cracking or breaking. The use of impact modifiers improves the properties of polymers, such as impact strength, toughness, and hardness. The amount of impact modifier added depends upon the level of impact resistance needed for end-use applications.

The demand for high-quality plastics from various applications increases continuously, which favors the consumption of engineering plastics. Further, rising demand for applications, such as pipes & fittings, profiles & tubing, rigid sheet & panel, wires & cables, bottles, and others, is fueling the demand for PVC, which contributes to the impact modifiers market growth. Furthermore, the outbreak of the COVID-19 pandemic is anticipated to hamper the consumption of impact modifiers, which affects the market growth.

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PVC is the major application in the global impact modifiers market

PVC is the largest application segment of the impact modifiers market by application. The growth of impact modifiers in PVC application is mainly attributed to its easy availability and low cost as well as the increasing applicability of PVC among varied end-use industries, such as packaging, construction, automotive, and consumer goods. PVC is mainly used in pipes, windows, flooring, roofing, inflatable structures, and lighter structures. It contributes to the quality, cost-effectiveness, and safety of construction material.

Packaging is projected to grow at the highest CAGR of the impact modifiers market

Based on the end-use industry, the packaging segment is expected to grow at the highest CAGR in 2019. Increasing demand for plastic packaging with impact modifiers across varied industry verticals is expected to be one of the key factors propelling the growth of the impact modifiers market. The packaging is a crucial process in order to preserve and transport goods. It caters to various sectors such as retail, institutional, and industrial.

The impact modifiers market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific impact modifiers market in 2019. Moreover, the Asia Pacific region is an emerging and lucrative market for impact modifiers, owing to industrial development and improving economic conditions. The presence of a number of plastic products manufacturing plants in China and rapid industrialization in Asia Pacific are expected to drive the impact modifiers market during the forecast period.

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Growing demand for furfuryl alcohol drive the Furfural Market

Furfuryl alcohol is a chemical, which is derived from furfural. Furfuryl alcohol plays a vital role in the production of foundry sand binders due to its high reactivity. This alcohol has been extensively used for producing cores and mold for metal for many decades. It is also used in the production of tetrahydrofurfuryl alcohol (THFA), which is widely used in the pharmaceutical industry. According to the World Foundry Organization, the foundry industry is expected to grow by 13.0-14.0% until 2025 in India, which is expected to be the second-largest foundry market in the world, after China. Therefore, the growing foundry industry is leading to the demand for furfuryl alcohol, thereby boosting the market for furfural.

The furfural market size is estimated to grow from USD 551 million in 2019 and to USD 700 million by 2024, at a CAGR of 4.9%. The increasing usage of various derivatives of furfural in different industries and shift toward green chemicals are propelling the market. 

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“The derivatives application is expected to register the fastest growth”

Furfural is used as the starting material for the manufacturing of several furan derivatives, such as furfuryl alcohol, tetrahydrofuran (THF), maleic anhydride (MA), 2-methyl tetrahydrofuran (MTHF), and 1, 5-pentanediol.

Furfuryl alcohol manufacturing dominates the global furfural market. Furfuryl alcohol is majorly used for the production of furan resin that is used as a foundry sand binder. According to the IKB Deutsche Industriebank, the foundry industry is expected to grow in the coming years, majorly driven by the emerging markets. The growth of the foundry industry is expected to increase the demand for foundry resins. This, in turn, is likely to drive the demand for furfuryl alcohol, globally. Also, with the increasing focus on biochemicals and biofuels, the demand for other furfural-based derivatives is increasing, thereby driving the demand for furfural.

“APAC was the largest furfural market in 2018.”

APAC led the overall furfural market in 2018. The main reason for the growth of the market in the region is China, which has 85% and 75% of global production and consumption of furfural, respectively. The demand is attributed to the growing foundry and pharmaceutical industries in China. In addition, Thailand has emerged as the second-largest producer and exporter of furfural in the region.

The leading players in the furfural market are Transfuran Chemicals (Belgium), Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation (China), KRBL(India), Lenzing (Austria), Tanin (Slovenia), and Shandong Crownchem Industries (China).

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Growth of the Plastic Antioxidants Market is driven by the replacement of conventional materials by plastics

 

The global plastic antioxidants market size is projected to reach USD 2.8 billion by 2024 from USD 2.2 billion in 2019, at a CAGR of 5.0% between 2019 and 2024. The growing demand for plastics in countries such as China, Japan, South Korea, and India from the packaging, building & construction, medical, and automotive industries is expected to fuel the growth of plastic antioxidants in the region. The market is evolving, with major players playing a crucial role in the development of new and advanced products. BASF (Germany), SONGWON (South Korea), and ADEKA (Japan) are the major players in the plastic antioxidants market.

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The usage of plastic antioxidants is estimated to be highest in polypropylene (PP) polymer resin during the forecast period. Plastic antioxidants are used in polypropylene due to their susceptibility to oxidation and thermal degradation.

The acrylonitrile butadiene styrene (ABS) polymer resin segment is projected to witness the highest growth between 2019 and 2024. The growth of this segment can be attributed to the increasing demand and manufacturing of ABS in APAC, especially in China. Its durable and robust nature drives its demand in various industries, such as home appliances, electrical & electronics, and automobiles.

Based on antioxidant type, the plastic antioxidants market has been segmented into phenolic antioxidants, phosphite & phosphonite antioxidants, and others. The phosphite & phosphonite antioxidants segment is estimated to register the highest growth.

Phosphites & phosphonites are among the most effective stabilizers, as they protect both primary antioxidants and the polymers during processing. Hydrolytically stable phosphites & phosphonites are generally the most frequently used polymer stabilizers.

BASF is one of the leading producers of plastic antioxidants. The company has undertaken expansion as its growth strategy in the plastic antioxidants market. For instance, in 2019, the company opened its first phase of a new antioxidant manufacturing plant in Shanghai. Also, in 2018, the company expanded the production capacity for Irganox 1010 globally. The company aims to better serve the increasing demand from customers in Asia, Europe, and the Middle East & Africa from its regional supply points.

SONGWON is ranked at the second position in the plastic antioxidants market. The company offers phenolic antioxidants, phosphite antioxidants, antioxidant blends, and other antioxidants such as thioesters. The company focuses on new product launches and agreements to remain competitive in the plastic antioxidants market.

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Glass Filled Nylon Market worth $10.8 billion by 2024, at a CAGR of 5.8%

 

The glass filled nylon market size is estimated to grow from USD 8.2 billion in 2019 to USD 10.8 billion by 2024, at a CAGR of 5.8% during the forecast period. The glass filled nylon market is witnessing significant growth because of the growing demand from industries such as industrial, automotive, and electrical & electronics. Glass filled nylon provides various superior properties such as high strength, dimensional stability, high creep resistance, and chemical resistance.

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The automotive end-use segment accounted for the largest share of the glass filled nylon market

Automotive is an important end-use industry segment of the glass filled nylon market. Glass filled nylon is an ideal solution for vehicle weight reduction. It is fast replacing metal parts in the automotive industry due to the ease of mass production as well as ease in molding it. Polyamides are also cheaper in unit cost in comparison to metals, which make them an economic alternative. Glass filled nylon is used in applications such as automotive engine covers, parts inside the engine compartment, and under the bonnet of cars.

Polyamide 6 is the most widely used glass filled nylon

Polyamide 6 is the most widely used polymer in the making of glass filled nylon. In terms of value and volume, polyamide 6 is the most widely used glass filled nylon due to its easy availability and low price. It also offers superior properties such as good tensile strength, high mechanical strength, and chemical resistance. These properties make polyamide 6 based glass filled nylon suitable for various applications in the automotive and electrical & electronics industries.

APAC is the largest glass filled nylon market, in terms of value and volume. China, India, and Japan are the fast-growing economies that contribute to the growth of the market in the region. The booming electrical & electronics and industrial sectors are also bolstering the glass filled nylon market in APAC. China is one of the prominent consumers of glass filled nylon in APAC. The country has become the single-largest consumer of glass filled nylon in the electrical & electronics industry, which is expected to strengthen its position further.

Major players in the glass filled nylon market include BASF SE (Germany), Asahi Kasei Corporation (Japan), Lanxess (Germany), DowDuPont Inc. (US), Royal DSM N.V. (Netherlands), Ensinger GmbH (Germany), Arkema (France), SABIC (Saudi Arabia), Evonik (Germany), and Ascend Performance Materials (US).

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