The market for protective clothing is expected to be catapulted to stratospheric heights for being inseverable from operations of a wide range of major industries that include chemical, construction, manufacturing, oil, and gas, as well as healthcare, has given the current scenario of the COVID 19 pandemic. The rising awareness and the need for preventing accidents and fatalities at the workplace are central to the growth of the protective clothing market. Further, the increasing investments in R&D to bring about enhanced cutting-edge products which are also preferred by industries of aerospace and defense is another factor that is expected to drive the growth of a variety of protective clothing.

Further, the strict policies that have been institutionalized by various national governments as well as the multilateral agreements on workers’ health and safety, which are being increasingly put in place in emerging economies that mandates the apex leadership of various industries around the world to ensure that their loss prevention measures adequately extend to the core of their brigade: the staff. With regards to the staff, it should be noted that the increasing working population around the world owing to profusion of investments in a variety of endeavors of construction, manufacturing, processing, energy, pharma, pathology, border security, earth sciences and so on are also facilitating the growth of the protective clothing market. Also, the increasing availability of lightweight protective clothing with greater chemical, fire, and wear and tear resistance is an enticing factor that is spurring more engagement amongst the players engaged in protective clothing production. 

Global Annual Petroleum and Other Liquids Production (Thousand Barrels per Day)

Source: U.S. Energy Information Administration

The Oil and Gas Industries Are Poised to Propel the Market of Protective Clothing in the Next Few Years

As of 2018, and as per the United Nations (UN), oil comprised 37% share of primary energy. While consumption of coal globally is poised to phase off the demand for oil demand will continue to grow owing to the rising demand for fuel which is derived from crude oil that finds its application in aviation, long-distance freight, petrochemicals, and shipping. Despite the proliferation of alternative energy sources like wind farms in certain developed economies, the offshore segment is gaining traction due to available expertise and infrastructure in offshore oil extraction. Moreover, global oil companies on average hold 13 years of reserves at current rates of production in assets. Conversely, approx.25 countries around the world have bonds that are substantiated by an expectation of extractable reserve spanning over years that range from 25 through 50 to 100 years. Consequently, leading to investments in various oil exploration projects and downstream processes, which necessitates the unquestionable incorporation of the protective clothing, thereby driving the market for the same.

A few prominent and recent projects illuminating the aforesaid to a greater degree are: as of May  2020, the U.S. Federal Energy Regulatory Commission (FERC) has reportedly approved the construction and operation of the Alaska LNG project estimated at US$43 billion, and has granted the authorization for liquefication and exportation of LNG liquefied natural gas from the North Slope to an export facility in Nikiski, Alaska to an independent, public corporation of the State of Alaska, Alaska Gasoline Development Corporation (AGDC). The other, as of April 2020, with a revised capital investment for 2020, which is to the tune of $23 billion (15% decrease from earlier $33 billion) the Rovuma LNG project in Mozambique is expected see scheduled start in 2025, which is a project with a total LNG nameplate capacity of 15.2 mtpa.

With respect to the type of protective clothing, there has been a trend of product innovation in recent years with the rationale of ensuring both safety and comfort for the wearer.

The automation industry is witnessing a series of launches that substantiat the importance of such clothing as well as reaffirms the variety of applications that caters to. In July 2020, Carrington Textiles announced NFPA 2112 certification for its fabrics that are flame retardant and reengineered in response to customers who wish to offer protection against chemical splash, electric arc, electrostatic discharge, flash fire, ultraviolet radiation concomitantly comfort with the reportedly strikingly low average percentage of body burn. The product has been made commercially available with impressive colorfastness, industrially launderable guarantee, shade consistency, wash shrinkage, and in a variety of weights. In October 2019, it was announced that Lakeland Industries, Inc. has reportedly launched a new line of apparel that is characteristically mid-weight and has high visibility intend to be used by electrical utility professionals that offer the most important aspect that is safe with the added benefit of comfortable stretch that features permanent moisture-wicking technology. In November 2019, Virgin Galactic reportedly unveiled space suits which have been made out of fire retardant Nomex, with the capability of being tailored to fit and is intended for its private astronaut aboard its SpaceShipTwo.

Again, in the same year in September, a leading industrial thread company Coats was reported to launch a product called FlamePro Splash Protect that is engineered to be soft, flexible lightweight concomitantly ensuring durability thereby providing along with lasting wear. Further, the product has been designed with the rationale to incorporate thermal resistant and metal shedding properties that can protect against flame, metal molten splash, radiant heat, and other smelting hazards. It is also reportedly to withstand molten aluminum at a temperature of up to 760 degrees centigrade. Earlier, in February 2018, a knitted cut resistant fabric was reportedly launched with a pH value that is similar to that of water, making it extremely low-risk skin irritation. It's variant in black that was launched in March 2020, reportedly offer cut resistance level E and level 5 based on the previous EN 388:2003 standard, which is EN 388:2016.  The year 2018  also marked joint technology and commercial partnership for Australasia and Southeast Asia markets announced between  Westex™ by Milliken™, which is a leading US-based flame retardant textiles brand and Teijin Aramid which is a globally renowned producer of aramid fiber with the rationale to improve the renowned FR solutions in the Asian market based on aramid.

Cresol is also known as hydroxytoluene, is a naturally occurring group of aromatic organic compounds. It is extracted from coal or can be manufactured synthetically also. The availability of this chemical in various forms further makes it suitable for a vast number of end-user industries. The figure below represents the market size of the global cresol markett, which shows the market is evaluated at US$643.780 million in the year 2019.

Global Cresol Market, Forecasts From 2019 to 2025, in US$Million

Source: Knowledge Sourcing Estimates

The market is poised to witness a steady growth throughout the course of the next five years due to the growing importance of cresol products across the different industry verticals. These chemicals are vastly used as intermediates to several other compounds such as pesticides, plastics, and disinfectants among others. The market is also projected to witness a decent growth on account of the inclined focus of many countries towards sustainable farming practices as the use of agrochemicals is expected to increase in the coming years. Cresols are also used as preservatives and stabilizers in various formulations of vaccines and insulins. Thus, the growing prevalence of diabetes and significant growth in the prevalence of various diseases is further expected to augment the use of insulin formulations and different vaccines, hence playing a significant role in shaping up the global cresol market growth throughout the course of the next five years. The booming chemical industry around the globe is a prime factor that is supplementing the market growth throughout the forecast period. Cresol is widely used as raw materials for chemical products that are used for manufacturing disinfectants, solvents, electronics, and others. Thus, the advent of COVID is also projected to augment the demand for disinfectants globally as the disease is highly communicable. Furthermore, the growing risk of hospital-acquired infections is also a major factor supplementing the growth of the global disinfectants market globally throughout the course of the next five years. Also, several industry regulations laid down by the various government bodies regarding the use of chemical substances is also a key factor playing a significant role in driving the use of cresol across various industries. For instance, there are several regulations by the United States Environmental Protection Agency, that regulate the use and offer proper information about this substance.

Rising Prevalence of Diabetes

The constantly growing prevalence of diabetes is playing a key role in driving the demand for cresol as m-cresol is and methyl p-hydroxybenzoate are used as preservatives in the preparation of insulins. These compounds offer stability to the formulations of insulins. The demand for insulin formulations have shown a significant increase as the number of people suffering from diabetes is constantly increasing. For instance, As per the data provided by the American Diabetes Association, 30.3 million Americans, that are 9.4% of the population, had diabetes. According to the recent report released by the Centers for Disease Control and Prevention (CDC), more than 100 million U.S. adults are suffering from diabetes or prediabetes. There has been a rise in the prevalence of diabetes among kids as well. Similarly, the constant growth in the burden of diabetes globally has also significantly increased the use of insulin for the treatment of diabetes. This can be backed up by the fact that there has been an increased usage of insulin delivery devices over the past years, which can be clearly seen from the estimates that the global market for insulin delivery devices has increased from US$11.231 billion in the year 2018 to US$16.874 billion by the year 2024 (Source: Knowledge Sourcing Intelligence Estimates).

Insulin Delivery Devices Market, Forecasts From 2018 to 2024, US$Billion

Source: Knowledge Sourcing Intelligence Estimates

The Globally Rising Consumer Electronic Industry

The global cresol market is poised to witness a growth throughout the forecast period on account of the constantly growing consumer electronic industry worldwide as these are being widely used in the encapsulation of electronic products. Thus, an increase in the demand for smartphones, laptops, wearables, and other devices play a significant role in driving the cresol market growth over the course of the next five years. The demand for cresol is projected to be directly impacted by a significant increase in the demand for various consumer electronics products as the improvements in the standards of living, urbanization and growing disposable income are some of the major factors bolstering the demand, especially in the developing economies such as India, Brazil, and China among others. Also, increasing household consumption expenditure is also expected to be a major factor that is poised to supplement the demand for electronic devices. For instance, as per the World Bank Group, the household’s and NPISHs Final consumption expenditure has grown remarkably from US$37.838 trillion in 2010 to US$48.611 trillion in 2018.  

Segment Overview:

The global cresol market has been segmented on the basis of source, product type, application, and geography. On the basis of source, the market has been classified into natural and synthetic. On the basis of product type, the segmentation of the market has been done on the basis of o-cresol, m-cresol, and p-cresol. By application, the classification of the market has been done into herbicides, antiseptics and disinfectants, cleaning compounds, and others. Geographically, the market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.

By application, the herbicides segment is expected to hold a decent amount of share in the market throughout the forecast period on account of the growing emphasis of various developed countries towards sustainable agriculture. The antiseptic and disinfectants segment is anticipated to show a healthy growth throughout the course of the next five years.

Geographically, the Asia Pacific region is expected to hold a considerable share in the market over the next five years due to the growing demand for agrochemicals in various countries coupled with the presence of a well-established electronic manufacturing sector in countries like India, China, Korea, and Vietnam among others. Furthermore, the presence of a well-established chemicals and materials industry in the region further supplement the cresol market growth in the APAC region during the next five years.

Increasing independent cafes, penetration of franchise outlets in newly industrialized countries, rising affluence making relatively expensive specialty coffees more affordable, expanding food and beverage applications, growing awareness of health benefits as well as increasing personal care applications are few of the factors, among others that are poised to driving the global coffee bean market during the next few years.

Across the beverage industry, the consumption habits are more geared towards chilled on-the-go coffee beverage options made commercially available in a variety of flavors that eliminates the need to wait in a queue, albeit the coffee bean market still caters to a healthy portion of traditional coffee drinkers.  Moreover, there is always an ample scope of product innovation in areas like flavors, functionality, packaging, processing as well as in the infused coffee segment, leading to anticipated growth in the global coffee bean market. Also, coffee beans are now increasingly acknowledged for its health benefits due to polyphenols and phenolic constituents which contains Chlorogenic acids that are known to have certain therapeutic properties, which include antioxidant, antiviral, hepatoprotective, hypoglycemic properties. These have led to their applications personal care products like the Australian beauty brand Frank Body’s Express-O Scrub, among others, reportedly launched in 2018, a creamier version of its coffee body scrubs, and contains Robusta coffee grounds among other as its ingredients.

Applications Pertaining to Food and Beverage Are Going to Hold a Substantial Share of the Market Among Other End-Users

Form artisanal brewing techniques through innovations in flavors to manufactures of all sizes has been increasingly engaging in investments. The growing health awareness has resulted in increased consumption of RTD coffee which is acknowledged more as a source of energy than its traditional attribute of a pick-me-up. Another is that of cold brew techniques which by way of steeping coffee grounds in water at cold-to-room temperature for 16-24 hours results in the reportedly more caffeinated simultaneously less acidic coffee beverage. With respect to the ready-to-drinks options, the growing investments in product innovation are obscuring the lines that once delineated categories as exemplified by the reported launch of Pabst Blue Ribbon hard coffee by the Pabst Brewing Company, in December 2019, which is in essence, a malt-based beverage that is made with coffee derived from a blend of Arabica and Robusta beans, creamy, rich milk vanilla flavor and alcohol (5% ABV) with 30 mg of caffeine per can. Again in 2019, it was reportedly announced that Jägermeister will be unveiling a new alcoholic cold brew coffee with 33% alcohol by volume (ABV), which was expected to be commercially available in January 2020. The beverage is reported to contain 10% of the caffeine with the flavor of Arabica coffee, among others. These developments are further expected to drive the market for coffee beans.

Global Coffee Roast and Ground Exports (In Thousand 60-Kilogram Bags)

Source: USDA

Another driver which the food and beverage industry is witnessing with regards to global coffee bean market is that of the magnitude of disruption brought about cannabis, leading to CBD infused coffee drinks as evidenced by the launch of Ready-to-Drink CBD-Infused Iced Coffee made available in cans by Elev8 Brands, Inc. (OTCQB: VATE), 2019. Flavor-wise too, innovations like Costa Coffees launch of Honeycomb flavor range reportedly in July 2020, are leading to an expansion of this segment. This flavor range will be reportedly creamier and also has a cold brew variant where it has been brewed for 20 hours and the underscored with honeycomb syrup. Further, there also have been partnerships to create new drinks and make it commercially available to grocery and convenience stores like that of ready-to-drink Starbucks Nitro Cold Brew brought about by a partnership between Starbucks and PepsiCo are made commercially available Black, Vanilla Sweet Cream and Dark Caramel varieties. Further, Pernod Ricard’s Kahlua reportedly launched in July 2020, Nitro Cold Brew made available in 6.8 fluid ounce can with 4.5 % ABV and Arabica cold brew, among others, as ingredients. Further, due to wide acceptance coffee as a flavor for edibles that includes snacks, confectionaries, among others are also leading quite a few product innovations.

Emerging economies like that of Vietnam are also witnessing product innovations for example world’s first authentic Vietnamese Cold Brew Coffee had reportedly announced the launch of a plant-based cold brew comprising a blend of premium Japanese matcha and coconut milk, in June 2020. The coffee beans are sourced from the family farm in Da Lat, Vietnam where the beans are grown microclimates of high altitude that results in a rich and dense coffee as well as giving rise to multi origin blends due to topographical diversity. The beans are reportedly steeped in cold water for a long duration and then brewed in small batches. This product is reportedly devoid of dairy, soy, and gluten among others, and is low in calories. Besides such product innovation, there have been certain strategic initiatives too by the players in the coffee bean market.

For instance, in December 2018 it was announced that the largest custom coffee roaster in America S&D Coffee & Tea, had reportedly announced that it was expanding its partnership with CBTL, by being the exclusive roaster and distributor across all commercial and non-commercial channels. Further in October 2019, an Italian company that produces, processes and markets roasted coffee with distribution across 110 countries called Massimo Zanetti Beverage Group had reportedly acquired a traditional coffee brand in Brazil, Café Pacaembu Ltda that was founded in 1957. Again, in July 2020, it was reported that that Nespresso plans to invest CHF 160m ($170m) to augment its production capacities in Switzerland by facilitating an expansion of its Romont production center, whose construction is due in June 2021 and poised to be operational by June 2022. Again, during the same year, specialty coffee company and a leading U.S. single-serve coffee producer and co-packer NuZee, Inc. (NASDAQ: NUZE) had reportedly announced a co-packing agreement with an Austin-based startup that roasts gold coffee Golden Ratio, with rationale facilitated the disruption of the coffee category with a craft beverage that tastes like tea with a caffeine content that is expected out of a normal coffee beverage.