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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