The global thermal barrier coatings market is evaluated at US$12.152 billion for the year 2020, growing at a CAGR of 4.09%, to reach a market size of US$16.092 billion by the year 2027.
Thermal Barrier Coatings (TBCs) insulate parts in machinery that run at high temperatures, such as power plants, ducting and nozzle guide vanes, aircraft parts, and other metallic surfaces. TBCs enable poor thermal conductivity and thermal expansion, as well as high thermal expansion for gas turbines, in addition to high efficiency at high temperatures. TBC demand in reciprocating engine operations is predicted to rise as a result of these considerations.
Expansion of Air Cargo and Power Consumption
The need for thermal barrier coatings is expected to expand significantly throughout the forecast period, owing to the increasing significance of air cargo delivery and the increasing number of air passengers. Furthermore, rising global power consumption, particularly in emerging nations, and rising technological innovation are likely to drive the growth of the thermal barrier coatings market during the forecast period.
Technological Advancement Funding the Market
Thermal barrier market expansion will be aided by technological advances. With the help of technology, it is now feasible to make thermal barrier coatings that are more efficient. Many end-users are attracted to this technology because of its effective coating and operations. Another important development is the funding of thermal barrier research. The market study is paving the way for a new product line. Thermal barrier coatings are in high demand in many developing countries. As a result, there is a lot of research going on to create a new variety of these coatings. Thermal barrier coating is becoming more popular in the aerospace industry. It is attracting capital from the market. Many good improvements will occur in the market as a result of growing investments.
During the forecasted period of 2022-2027, the High-Velocity Oxy-fuel segment retained the maximum concentration in the Thermal Barrier Coatings market
The coating technology is divided by the plasma spray, combustion flame spray, high-velocity oxy/air fuel, arc spray, cold gas and others. The HVOF technology category has the biggest revenue share because it allows for the use of a wide range of coating materials, including ceramic, metals, and other alloys, to provide coatings. Strong corrosion resistance, fine-as-sprayed surface finishes, high adhesion qualities, and low oxides levels are all features of the coating applied using HVOF technology. HVOF spraying technique is that the coatings are exceedingly dense and durable, and they can typically be created at low temperatures. Surface engineering techniques are utilized in thermal barrier coatings, which improve equipment life by boosting erosion or wear resistance, as well as corrosion protection. This technology allows for use of a wide range of materials, including metals, ceramics, and alloys, to create coatings with exceptional hardness, better adhesion, and corrosion resistance and good Strong corrosion resistance, fine-as-sprayed surface finishes, high adhesion qualities, and low oxides levels are all features of the coating applied using HVOF technology. This market is divided into four categories: automotive, industrial, energy, and aerospace.
Ceramic Segment to Share the Highest Revenue in the Thermal Barrier Coatings Market
Metal, ceramics, intermetallic, and other product types are used to categorise the thermal barrier coatings market. Due to the high thermal resistance characteristics of ceramic TBCs, the ceramic segment accounts for the highest revenue share in the market. Engine turbine blades, for example, can work at high temperatures in the automotive and aviation industries, potentially increasing the thermal efficiency of equipment (engines, etc.) by up to 60%. Coating materials including such Al2O3, ceramics YSZ (yttria-stabilized zirconia), MCrAlY, and others are also used to categorize the thermal barrier coating market. The low thermal conductivity and excellent thermal stability of Al2O3 coatings, the Al2O3 category is predicted to account for the greatest market share over the projection period. Furthermore, alumina is chemically inert and has a high hardness, both of which are important in the manufacture of composites. Engine turbine blades, for example, can work at high temperatures in the automotive and aviation industries, potentially increasing the thermal efficiency of equipment (engines, etc.) by up to 60%.
Automotive Industry Has the Highest Application in the Thermal Barrier Coatings Market
The application is divided of the thermal barrier coating is divided into power generation, aerospace, automotive and others. The maximum market share is accounted from the automotive industry. In aviation gas turbines, thermal barrier coatings are often used to prevent nickel-based superalloys from melting and thermal cycling. According to the American Society of Mechanical Engineers, aviation gas turbine sales in 2020 will total $44.6 billion, down from $74.7 billion in 2018. The loss was completely attributed to a 46 percent drop in output in the commercial aviation industry over two years. In a commercial airplane engine, for example, the fuel burns at temperatures of up to 2,000°C inside the combustion chamber. The turbine, which requires energy from the warmed gases and provides engine power, is subjected to gases with temperatures ranging from 850 to 1700 degrees Celsius. As a result of this significant benefit of Thermal Barrier Coatings, the gas turbine segment is projected to dominate the global market.
Stringent Government Regulations
The government’s strict environmental regulations will cause a decrease in protective coatings. When people inhale the coatings product, it can cause respiratory issues. Most of these coatings have dangerous chemical particles in them. It is also not an environmentally friendly coating. As a result, many countries have imposed strict regulations on using thermal barrier coatings. These regulations will slow the use of thermal barrier coatings throughout general. In the next years, government legislation will increase, resulting in greater restrictions. However, in some areas, using this product has a number of drawbacks.
High Price Fluctuation
The price of these thermal coatings is always fluctuating, which has an impact on growth. The manufacture of this coating necessitates a large number of basic components. Raw materials, in particular, are expensive and scarce in many areas. Price volatility is caused by a scarcity of raw materials. The price discrepancy is higher due to raw material fluctuations. The need for thermal barriers may decrease as prices rise. Furthermore, in some areas, a lack of awareness can have an impact on demand. Regions with less investment, in particular, have a lower awareness of heat barrier coatings.
North America Region is Expected to Grow Substantially Over the Forecast Period
The thermal barrier coating market, by geography, is divided into North America, Europe, Middle East and Africa, Asia Pacific and South America. Over the forecast period, North America dominated the global market, accounting for the highest revenue share. The United States dominated the regional market in North America, and this number is steadily. Growing product demand from various applications such as static power plants, aerospace, automotive, and others, as well as the availability of highly skilled labour, high disposable incomes, and the strong economies of the region’s countries, are the main reasons for an increase in air traffic in North America.
In terms of market share, Asia Pacific is the fastest-growing region in the worldwide thermal barrier coatings industry. This is due to rising global demand for power and greener solutions, as well as the expansion of the region’s industrial and automotive industries. Due to an increase in the number of power generation and demands for vapour deposition technology, countries like India and China are likely to contribute considerably to market growth. Because of recent growth in the energy and aerospace sectors, the European market is likely to increase significantly.
The COVID-19 Hampered the Thermal Barrier Coatings Market
Covid 19 has a negative impact on industries all over the world. During this time, the market for thermal barriers coatings is seeing a decline. In addition, the economic downturn is a major factor in the market’s downward path. The market will be severely impacted by supply chain disruptions. Furthermore, end-user demand for coatings is decreasing. The car industry, in particular, is experiencing a drop in demand. The overall supply of automobiles has decreased dramatically. It lowers the market’s investment from the user’s perspective. In addition, due to global limits and lockdowns, the application of thermal barriers coatings is slowing. All of these obstacles have altered the market environment for thermal barriers. The market outlook appears to be favourable following Covid 19. The market’s demand is predicted to continue to rise in the forthcoming years.
Thermal Barrier Coatings Market Scope:
| Report Metric |
Details |
| Market Size Value in 2020 |
US$12.152 billion |
| Market Size Value in 2027 |
US$16.092 billion |
| Growth Rate |
CAGR of 4.09% from 2020 to 2027 |
| Base Year |
2020 |
| Forecast Period |
2022–2027 |
| Forecast Unit (Value) |
USD Billion |
| Segments Covered |
Coating Technology, Product, Application, And Geography |
| Regions Covered |
North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies Covered |
Praxair S.T. Technology, Inc., Racine Flame Spray, Inc., Saint-Gobain, Curtiss-Wright Surface Technologies, Honeywell International, Inc., Ultramet, Northwest Mettech Corp., Thermacote, Hayden Corp. Thermal Spray Coaters, Keco Coatings |
| Customization Scope |
Free report customization with purchase |
3D Scanner Market – Product Innovations by Global Companies
Thought ArticlesThe Global 3D Scanner Market is expected to grow at a CAGR of 13.84% over the forecast period to reach a total market size of US$3.019 billion by 2027, increasing from US$1.219 billion in 2020.
The confluence of advanced technologies has the potential to improve experiential and interactive experiences. The growing number of sophisticated wearable gadgets, along with portable and powerful 3D scanners, has the capability to make interpersonal communication more immersive, accurate, and complementary to production methods. Emerging trends such as mixed reality, the Internet of Things (IoT), and the growing convergence of wearable devices in the automotive manufacturing and aerospace designing areas are expected to boost market expansion. Because of its potential to help in the production of a 3D terrain assessment for any downstream or upstream location, the oil and gas sector is a prominent end-user of these technologies. Additionally, the increasing usage of structured light scanning techniques and the expanding number of new product releases are likely to attract significant investments from major players, driving global market demand in the coming years.
REIGL Laser Measurement Systems GmbH, Carl Zeiss Optotechnik, Topcon Corporation, Trimble Inc., Hexagon AB, Atlas Copco, FARO Technologies, Nikon Metrology NV, CREAFORM, and others are a few key major players in the global 3D scanner market.
Hexagon AB, founded in 1992 and based in Stockholm, Sweden, is a publicly traded worldwide information technology firm specializing in software and hardware digital reality. SmartScan is a 3D light structured scanner offered by the company. The Smart Scan, which is available in a variety of system configurations, offers an effective and economical area scanner measuring performance in applications like quality control, reverse engineering, and fast prototyping. The system is indeed associated with elevated photogrammetry equipment from the DPA Series, enabling even much bigger objects to be photographed and digitized down to the smallest detail using SmartScan’s white light scanning technology. Furthermore, the company introduced the Leica BLK2FLY and the Leica BLK ARC in September 2021, expanding its renowned and award-winning BLK series recognized for speed, portability, and movement with completely autonomous mobile reality capture. The automated reality capture systems are the most recent additions to Hexagon’s extensive line of accessible, user-friendly digital system-based sensors.
REIGL Laser Measurement Systems GmbH, the laser scanner offered by the company provides comprehensive and extremely accurate 3D data quickly and effectively. Topography, geology, as-built measurements, construction, archaeology, surveillance, civil engineering, and city modeling are just a few of the applications for RIEGL terrestrial laser scanners. For instance, the RIEGL LMS-Z420i is a sturdy and completely portable sensor that has been specially designed for the swift acquisition of high-quality three-dimensional images even in harsh environmental conditions, offering a unique and unparalleled amalgamation of a wide field-of-view, an extremely high range, and fast data acquisition. The 3D scanner is made up of a high-performance long-range 3D scanner, the associated operation and software application RiSCAN PRO, and a calibrated, precisely oriented, and installed high-resolution digital camera.
Nikon Metrology NV is a division of the Nikon Group that provides an advanced metrology product line that includes optical scanning and robotic 3D metrology solutions, as well as cutting-edge vision measuring tools and microscopes. The company offers several products out of which the 3D scanner segment holds a significant share contributing to the market’s development for the upcoming years. For instance, the innovative ModelMaker H120 is a 3D scanner offered by the company that pushes the ever-expanding boundaries of portable laser scanning. This is the newest technology of mobile laser scanning, with blue technique, mega frame rate, specifically built Nikon optics, and the capacity to analyze the most difficult components. Furthermore, SLM Solutions Group AG and Nikon Corporation signed an Investment Agreement in 2022 in connection with Nikon’s intention to undertake a voluntary public takeover offer for all outstanding shares of SLM for a cash consideration of EUR 20 per share. Nikon is taking a crucial step toward 3D Printing by purchasing SLM Solutions, which will enable clients to print extremely complex parts while reducing speed, carbon pollution, power costs, and waste.
3D Scanner Market Scope:
Adaptive AI Market is projected to grow at a CAGR of 44.71% to reach US$12,534.54 million in 2029
Press ReleasesThe Adaptive AI market is expected to grow at a CAGR of 44.71% with a market valuation of US$943.05 million in 2022 and is expected to reach a market value of US$12,534.54 million by 2029.
Adaptive AI is a technology that evolves its actions based on the data it receives. It learns from what happens in its surroundings. It is a useful tool because it makes our experience more personalized and also helps in make better choices.
Adaptive AI has numerous benefits such as enhanced efficiency, providing personal preferences, and easy adaptation. It helps in performing things at a faster pace with more accuracy. It provides us with personalized recommendations by understanding our behavior patterns.
Some examples of adaptive AI applications are AI-based healthcare systems that accurately diagnose the underlying health conditions, and self-driving cars that adjust automatically according to the road conditions with the help of various cameras and sensors installed in them.
Adaptive AI produces better and quicker results by understanding the behavioral patterns of humans, machines, and surrounding real-time situations. Financial institutions are at risk of various fraudulent activities with the help of adaptive AI these activities can be reduced or completely avoided. Adaptive AI helps to analyze large amounts of data and identify trends and anomalies which enable proactive fraud detection and prevention.
As per the report, the adaptive AI market is expected to grow at a significant pace.
AI is a powerful tool that can be used to change trends across various industries. Traditional machine learning models found it difficult to adapt to the rapidly changing environment and a large amount of data generated by the Internet of Things (IoT) and autonomous cars due to which systems get slowed and the efficiency of the system also gets reduced.
Adaptive AI has brought significant advancements in artificial intelligence because of its capability to handle and process large amounts of data and thus give recommendations based on it. Due to this market is experiencing massive growth.
Adaptive AI combines reinforcement learning with agent-based modelling to drive growth of the business across different sectors. This helps in providing real-time response to external changes.
For instance, in January 2024, Adaptive Computing Enterprises, announced its adaptive ai-as-a-service offering for SMBs and large enterprises. It provides an end-to-end AI/ML development platform that comprises powerful management software that can be accessed via a web browser, over 120 HPC, and AI/ML application packages and tools. It also provides simplified GPU infrastructure deployment at a very cost-effective price.
Introduction of adaptive AI in the healthcare industry is seen as one of the most important accomplishments achieved by the industry. Artificial intelligence (AI) technology is integrated into healthcare procedures to improve the treatment processes and improve the efficiency of the equipment with the help of accurate diagnosis. With the help of sophisticated algorithms and machine learning techniques, AI refines its processes and recommendations.
Many product launches and developments are taking place in the adaptive AI market during the forecast period. For instance, in February 2024, Tech Mahindra collaborated with Pegatron, a global leader in technology and electronics manufacturing to develop AI-enabled private 5G network for global enterprises and manufacturing customers.
North American region is anticipated to hold the majority share of the adaptive AI market because of the increasing multiple end-user industries in the US, because of adaptive AI capability to restructure its codes according to the changes in real-time situations.
Various companies in the region are launching new and innovative products in the market based on adaptive AI. For instance in July 2023, Workday, Inc., a leading cloud-based enterprise introduced next-generation patented Elastic Hypercube Technology (EHT) for Workday adaptive planning. Therefore, such product launches in the market are propelling the growth of the adaptive AI market in the region.
The adaptive AI market, based on different components is categorized into- platform and service. Adaptive AI platforms help in analyzing data and performing tasks based on the data being analyzed. It performs tasks with greater speed and precision. It helps to create, evaluate, implement, and update deep learning and machine learning (ML) in more efficient ways.
Adaptive AI service is a cloud-based offering that enables businesses and individuals to make use of AI to increase productivity and upscale operations without any large up-front investment. It comprises of AI-based bots and digital assistants.
The adaptive AI market, based on different deployment models is categorized into- cloud and on-premises. The cloud-based adaptive AI model is a model in which the infrastructure of adaptive AI is deployed without any physical infrastructure in place. It is a cost-effective solution in which the AI is centrally located and enterprises pay for the services they require without making huge investments in the physical infrastructure.
The on-premise base model requires heavy investment in the physical infrastructure of the AI data center its main advantage over the cloud-based model is that in this model each enterprise has its separate data centers which ensure better data security and safety. The Disadvantage of this model is that it requires a huge investment and its maintenance cost is also very high.
As a part of the report, the major players operating in the Adaptive AI market that have been covered are Risingmax, Suffescom Solutions, Markovate, Dynam.Ai, Leewayhertz, Tech Mahindra, Cygnus Software, KKR (Ness Digital Engineering), Softura, and Infostretch (Apexon).
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/adaptive-ai-market
The analytics report categorizes the adaptive AI market using the following criteria:
Segmentation:
The surge of the Ingestible Sensor Market
BlogThe ingestible sensor market is projected to grow at a CAGR of 8.98% during the forecasted period to reach a market size of US$937.779 million by 2027, from US$513.789 million in 2020.
Ingestible electronic systems consist of a biocompatible microprocessor, sensors, power supply, and various other components, that enable the device to communicate with a mobile application for diagnosis and monitoring. These capsule-sized devices have the ability to screen for diseases that are otherwise difficult to detect at early stages using other techniques. Further, they also have the potential to reduce the expenses of facility and labor that are typically associated with the multiple procedures and offer a base for epithelial-targeted therapeutic interferences. All these technological advancements possess the potential to make disease monitoring, as well as treatment far more effective for a broad range of conditions, that enable patients to live longer and healthier life. A rise in chronic diseases and the advancement of technologies are likely to promote market growth in the forecast period. The ingestible sensor market is segmented based on applications, sensor types, and geographical regions.
Technological advancements and the growing prevalence of chronic diseases due to rising sedentary lifestyles drive growth in the market
Sedentary lifestyles that are caused by lack of physical activity, alteration of dietary habits, and increasing desk work have been contributing to the rising associated health risks. In accordance with the WHO’s Global Action Plan of Physical Activity 2018-2030, about one-fourth of adults and three-fourths of youngsters fail to meet the physical activity standards set by the organization. Further, factors like improving economic development, rising urbanization, and evolution in transportation have been causing inactivity levels in a few countries to reach as high as a whopping 70%. About 3.2 million people have been reported to die as a consequence of chronic conditions like cardiovascular diseases, high blood pressure levels, cancer, diabetes, lipid disorders, and obesity. According to the ESC (European Society of Cardiology), CVDs are expected to be the primary cause of death among people in most countries across the European region and are responsible for over 45% of all total deaths. Additionally, as reported by the Global Health Data Exchange in 2019, among the 18.6 million patients suffering from cardiovascular diseases across the globe, 58% of those patients were from Asia. Because of such a situation, these ingestible sensors are gaining traction as a crucial technology, due to their appealability features. Technological advancements in electronic components have aided in making the designs smarter, more compact, efficient, as well as multifunctional. The non-invasive sensor that is embedded in the capsule is not only able to monitor the blood pressure and glucose levels and keep track of the dosage of medicines taken but also can capture images and help in the monitoring of the microbial communities in the intestines of the patients. The captured data is then sent to the application on smartphones and digital portals, which enables physicians and patients to record and monitor this data. The widely growing penetration of smartphones worldwide has further aided in augmenting the utility of this application.
Key developments by the major players to further expand the size of the market
The increasing technological innovations and strategic developments by the key players in the market are expected to propel growth in the market. Powered by advanced cutting-edge technologies, companies have been gearing up to explore the abyss of human anatomy and physiology that never seemed possible before. The collaboration by Sead Health and Pear Therapeutics with Atmo Bioscience and etectRx, respectively, are some of the best examples of these developments. In February 2021, Pear Therapeutics, a DTx enterprise, teamed up with etectRx, an adhesion tool developer, in order to develop a product that would combine the goodness of the digital therapeutics of Pear Therapeutics with the digital pill offering. Further, this partnership was the first of its kind that contributed to developing ingestible sensors that were based on Prescription Digital Therapeutics, where the two companies were planning the design and production of two drug solutions that would deal with the central nervous systems. In November 2019, Seed Heath, a microbial science-based enterprise, partnered with Atmo Biosciences, a digital health firm, in order to profile main gases that are produced within the intestine in real-time with the use of world’s first cutting-edge ingestible gas-sensing capsule solution. Further, in the same year, in January 2019, a Silicon Valley enterprise, Proteus, entered the growing oncology market in the US with its digital ingestible pill. According to the company, these digital pills are potent for detecting, as well as alerting physicians about the ingestion of the chemotherapy drug, capecitabine by the patient. Furthermore, it is also capable of recording and sending physiological responses of that drug to a smartphone-based Proteus application, thus, enabling efficient tracking.
COVID-19 Insights
COVID-19 slowed down the ingestible sensor market due to lockdowns and social distancing measures mandated by various governments across the world, which forced several enterprises to pause their operations. The rise of active cases further declined the number of employees working in the companies, thus, reducing overall productivity. The gap developed in the supply chain due to all this caused a constraint in the market growth during the peak of the pandemic. However, the technological innovations and the growing demand for health solutions witnessed in the pandemic brought some stability back to the market.
Ingestible Sensors Market Scope:
Ensuring the Thermal and Acoustic Comfort of the Building with HVAC Insulation
BlogThe HVAC insulation market is projected to grow at a CAGR of 5.82% during the forecast period to reach US$7.713 billion by 2027, from US$5.192 billion in 2020.
HVAC systems seek to give everyone inside a building comfort and adequate indoor environmental quality in addition to heating or cooling space and providing domestic water. The HVAC insulation systems comprise heating, ventilation, and air conditioning systems. These internal systems typically include a thermostat, heat exchanger, furnace, compressor, evaporator coil, and fan motor. Further, a plumbing system is used to convey fluids and it uses boilers, valves, plumbing fixtures, tanks, and other devices. Moreover, different types of pipes and ductwork also play a crucial role in the smooth functioning of HVAC systems. These systems are considered the lungs and veins of a building because, depending on the weather outside, fresh outdoor air is pulled inside, heated, or cooled, and then distributed in the inhabited spaces before being discharged into the ambient air or recycled within the system.
The key factors propelling the market of HVAC insulation are the numerous benefits of HVAC insulation systems, high disposable income, technological advancement, and innovation in HVAC systems.
The rising climate change is becoming an unprecedented issue with the increasing world population and limited natural resources. Due to this, energy efficiency and carbon neutrality are now requirements for modern sustainable buildings. Henceforth, it is expected that an efficient HVAC system will help in solving these environmental issues. Further, the efficient HVAC insulation system helps reduce energy loss by ensuring that the medium air or liquid stays at the right temperature in the right place. For instance, the Residential Program Guide of the Office of Energy Efficiency and Renewable energy reports that replacing heating and cooling equipment with high energy efficiency equipment can reduce the use of energy by 50% for electric heating and cooling systems. Further, a 10% gas saving can also be observed in the heating system. Moreover, ENERGY STAR-certified heating and cooling equipment installed in the property can yield a total of 10-30% energy bill savings annually. These environmental benefits of installing HVAC insulation coupled with benefits such as increased thermal comfort ensured fire safety, and prevention of condensation damage is expected to propel the market for HVAC insulation. Additionally, the rising disposable income is yet another factor driving the HVAC insulation market during the forecast period.
Furthermore, technological advancements and innovations are escalating the HVAC insulation market’s growth during the forecast period. Automation and smart technology make HVAC more efficient in both their use of energy and cost, which is supporting the market growth. Further, the Smart thermostats available to add to the traditional HVAC system allows the users to adjust their settings even when the user is far away from their apartment. These smart thermostats can also provide monthly energy reports on energy use to the end user.
Furthermore, the recent launches of these newly introduced technologies are further propelling the HVAC insulation market.
For instance, in July 2022, Universal Electronics Inc., a global leader in wireless universal control solutions for home and smart home devices announced the launch of a new TBH300 smart thermostat with CommScope’s RUCKUS IoT Suite in support of the hospitality green energy initiative. Once installed, it offers remote management features so that the user can keep an eye on and manage the energy systems even when the user is not there. Furthermore, a sustainable energy feature on the new UEI TBH300 thermostat sets it apart and enables hoteliers or property managers to save money and energy on occupied units and rooms. The RUCKUS IoT suite for hospitality, which offers temperature controls and simplified installations, is used to manage the thermostat. Such automation and technological advancement coupled with enthusiastic new launches in the market are supporting the HVAC insulation market growth during the forecast period.
The glass wool segment is expected to grow rapidly during the forecast period.
On the basis of type, the HVAC insulation market is segmented into plastic foams, mineral wool, glass wool, rock wool, and others. The glass wool segment is expecting a notable growth rate during the forecast period due to its design flexibility, and lower production cost. Furthermore, the enhanced recyclable and non-flammable characteristics are expected to enhance the share of the glass wool segment in the HVAC insulation market. A glass wool duct panel dampens unwanted noise and promotes consistent temperatures which helps in less energy waste. Apart from this, a glass wool duct panel helps in excellent mechanical performance and excellent thermal and acoustic properties which supports the growth of this segment in the HVAC insulation market.
According to analysts, the Asia-Pacific region is reported to have the largest share of the HVAC insulation market during the anticipated period.
Based on Geography, the HVAC insulation market is divided into North America, South America, Europe, and the Asia Pacific. Analysts anticipate that the Asia-Pacific region will have the largest market share owing to the rapid developments in the construction sectors and it is expected to continue leading the market during the anticipated period. Countries like China and India offer to welcome FDI and trade policies to foreign businesses. The region will employ HVAC insulation more frequently as a result of the growing population and product manufacturing facilities, which will fuel industry expansion during the projection period. Major Chinese building initiatives like the expansion of the Beijing International Airport and Lingang New City will also have an impact on the growth of the business. Additionally, India is also pushing its smart cities initiatives through increased investment and government support. For instance, With the goal of promoting sustainable and inclusive cities that meet essential infrastructural needs like guaranteed electricity, strong IT connectivity and digitalization, efficient urban mobility, and a sustainable environment, among others, the Indian government launched its Smart Cities Mission. According to the Indian Brand Equity Foundation, which was founded by the Department of Commerce, Ministry of Commerce and Industry, Government of India, the total amount of funding allotted for the Smart Cities Mission was US$27.60 billion as of March 2021. Thus, it is expected that the growing construction activities and smart technological developments will fuel the HVAC insulation market growth during the forecast period.
The Frontier of Minimally Invasive Sensing and Screening
Thought ArticlesThe ingestible sensor market is projected to grow at a CAGR of 8.98% during the forecast period to reach US$937.779 million by 2027, from US$513.789 million in 2020.
Ingestible sensing capsules are fast emerging as a critical technology that can screen for diseases that are difficult to detect at an early stage with the help of other methods. Furthermore, technological advancements have made electronic devices smaller, and more power efficient. Additionally, the microprocessors have been reduced in size and further advancements in battery technologies have resulted in physical dimensions that can operate for longer. Such extraordinary advancement has made it possible to analyze data with great performance and use extremely compact devices while consuming less electricity. Additionally, they can lower the facility and labor costs generally associated with several operations and provide a framework for therapeutic interferences that target the epithelium. These technological developments have the potential to significantly improve the effectiveness of disease monitoring and treatment for a wide range of illnesses, allowing patients to live longer and in better health. It is expected that the rising prevalence of chronic diseases coupled with technological advancements will positively support the market growth. The ingestible sensors market has been segmented based on type, application, and geography.
According to the analyst, the rapid technological advancements and the benefits of ingestible sensors, coupled with the prevalence of chronic diseases due to sedentary lifestyles are the prime drivers of the ingestible sensors market during the anticipated period.
The common causes of chronic diseases include sedentary lifestyles caused by lack of physical activity, changing lifestyle, and dietary habits along with smoking, rising alcoholism, obesity, etc. The world population is ascending toward these leading chronic disease causes day by day. For instance, the World Obesity Atlas 2022 report predicted that by 2030, 1 in 5 women and 1 in 7 men will be living with obesity, which will account for approximately over 1 billion people globally. The rising obesity rate worldwide is further aiding the growth of chronic diseases among the world population.
Additionally, the rising alcoholism and smoking caused by changing lifestyles and rising urbanization have further increased the number of chronic disease cases globally. According to the WHO, almost 3 million deaths are a result of the harmful use of alcohol every year. Approximately 13.5% of all deaths among adults between the ages of 20 and 39 are related to drinking. Furthermore, the total amount of alcohol consumed and drinking habits, particularly those habits linked to bouts of heavy drinking, play a significant role in how alcohol intake affects chronic and acute health consequences. Henceforth, the need for medical assistance for the early identification of such chronic disease among people are likely to encourage the ingestible sensor market growth during the forecast period.
The analysts anticipate that the strategic moves made by the major players are anticipated to increase the market’s size during the anticipated time.
The development of more compact, effective, and multipurpose gadgets is now possible largely owing to the improvements in the technology of electronic components. The non-invasive sensor that is integrated within the capsule may take pictures and track the microbial communities in patients’ intestines in addition to tracking medication intake, blood pressure, and glucose levels. Doctors and patients can record and monitor the data because it is delivered to the application on cell phones or digital portals. Furthermore, the widespread use of smartphones has increased the usefulness of this application which is expected to propel the market for ingestible sensors.
The leading players with their rising strategic and technological advancements are anticipated to fuel market expansion. Companies are getting ready to study the depths of human anatomy and physiology that were previously impossible due to the developing and cutting-edge technologies. The growing application of these devices in several industries is expected to boost the global ingestible sensor market. Furthermore, the recent development and strategic partnerships are aiding the ingestible sensor market growth. For instance, in September 2022 Atmo Biosciences announced that the US patent and trademark office has granted the patent for Atmo’s ingestible gas sensor capsule. This patent registration is an exciting milestone for Atmo Biosciences for the protection of the ingestible capsule’s unique gas-sensing functionality. Such advancements and important market developments are expected to propel the market for ingestible sensors.
The healthcare industry is expected to propel the market for the ingestible sensor during the forecast period.
The ingestible sensor market is segmented into the healthcare, and sports & fitness industry based on the end-user industry. During the estimated period, the healthcare industry is expected to propel the market growth for ingestible sensors. The healthcare industry mainly utilizes the capabilities of ingestible sensors to gather images and monitor luminal fluid and the contents of each gut segment including electrolytes, metabolites, hormones, etc. Hence, the market for ingestible sensors is predicted to grow in the next years due to the increased number of people needing chronic diseases treatment. Moreover, in the medical field, applications for ingestible sensors include controlled drug delivery, patient monitoring, and capsule endoscopy. Such additional advantages have further fueled the demand for the ingestible sensor in the healthcare industry. Additionally, it is anticipated that unhealthy dietary patterns, lack of physical activity, and rising alcoholism among the world population will further increase the need for cardiovascular care. Consequently, the demand for ingestible sensors is expected to propel the market growth during the forecast period.
According to analysts, the Americas are expected to hold a dominant share of the ingestible sensor market during the projected time.
Based on Geography, the ingestible sensors market is divided into North America, South America, Europe, and the Asia Pacific. The analysts projected that the North American sub-segment of the Americas is expected to hold a notable share, owing to the well-established economies, advanced research, and technological ecosystems. Research in the Americas is anticipated to have a sizable market share because of the rising investments in the healthcare system in the region. Furthermore, the Internet of Things (IoT), which enables the monitoring, controlling, and tracking of daily routines including medication intake using the Internet, has become increasingly popular in healthcare, making the United States the most prominent country in the region in terms of technological advancements. The Internet of Things (IoT) is seen as a new generation of digital medicine in the healthcare industry. Moreover, the creation of microscopic camera pills, which are commonly utilized in these items because of advances in science and technology, is projected to accelerate the region’s growth. Henceforth, the ingestible sensor market in this region is expected to hold a significant share during the forecast period.
Ingestible Sensors Market Scope:
The Growth of the Multi-Factor Authentication Market in Today’s Technological Era
BlogThe multi-factor authentication market is projected to grow at a CAGR of 16.88% during the forecasted period to reach a market size of US$34.497 billion by 2027, from US$11.543 billion in 2020.
MFA (Multifactor Authentication) is a security technology of electronic authentication that verifies and grants access to an individual to an application, VPN, or web portal through multiple processes of an authentication mechanism. MFA aids in building a layered defence mechanism to put barriers against unauthorized personnel from gaining access to a target, like a computing device, physical location, network, or database. The key advantage of MFA is that it raises the security standard of the organization by requiring the users to identify themselves with more information than just a username and a password. As important and discrete as usernames and passwords are, they are also vulnerable to arbitrary force attacks, which can easily compromise security. Deploying the use of the MFA serves as a thumbprint or a physical hardware key that strengthens the organization’s confidence in its security. The growing adoption of cloud-based networking in core operations by numerous private and public organizations and the increasing threat of security breaches have aided in a growth in demand for MFA services in the market. The global Multi-Factor Authentication Market is segmented on the basis of applications, model types, and geographical regions.
Stringent compliances and initiatives by organizations to develop and deploy enhanced authentication solutions to aid in the growth of the market
The rising concerns regarding cyber security and the initiatives to seek better security solutions by various enterprises in order to restrict security breaches are one of the primary factors attributing to the soaring demand for the market. Amidst increasing data breaches, the strict compliances issued by various governments across the globe are further augmenting the market. The General Data Protection Regulation of Europe, the Lei Geral de Proteçao de Dados of Brazil, the Consumer Privacy Act of California, the Personal Data Protection Law of China, the Personal Data Protection Bill of India, and the Data Protection Regulation of Nigeria are a few prime examples of these regulations worldwide. Hefty fines that range as high as 5% of the entire global turnover are levied for non-compliance with these regulations. Hence, in such a case, in order to meet the increasing demand, the authentication solution providers also continuously produce new offerings and numerous strategic deployments to expand their brand presence and meet the demands of their clients. For instance, Tynec, an open communication provider, in February 2021, announced a strategic partnership with Averon, a security solution provider. With this partnership, the companies aimed to tackle the high amount of data breaches with their Direct Autonomous Authentication solution, which offers stringent security with a back-end and two-factor authentication without having the need for user actions or even SMS. Furthermore, in February 2022, the Hong Kong-based solution provider for authentication and fraud prevention, IPification, launched a service of one-click phone verification in the UK. Post the launch, the solution was made available to every bank, fintech, app developer, gaming enterprise, and other businesses. In accordance with the data that was recorded by the company, the app businesses that adopted IPification’s one-click verification service witnessed a decrease of 5-40% in the user registration drop-out rate on the business applications. Simultaneously, evolving technological advancements have also altered the way these authentication solutions work. BAXE’s novel Facial Authentication can be considered the best example of this. In February 2022, an Australia-based Fintech start-up, BAXE teamed up with a French technology solutions provider, IDEMIA, and Haventec, which is a Sydney-based start-up, in order to launch the first of its kind Decentralized Finance ecosystem that comprised of facial authentication. This offering aimed at aiding BAXE users in the authentication of large transactions, unlocking their locked accounts with the use of biometrics, and also recovering access to the accounts with forgotten credentials. The rising trend of digitization has made businesses implement secure, reliable, and efficient preventive solutions and is also transforming authentication solutions to a great degree. All such changes are anticipated to propel the market growth during the forecast period.
Factors posing a restraint toward market growth
Although MFA solutions help in strengthening the company’s security, they also have a few cons that follow and do not come risk-free. Firstly, setting up a multi-factor authentication system can be time-consuming and expensive. Further, as the amount of authentication factors increases, the time is taken for completing a single action also increases simultaneously. Additionally, actions like sim swapping and switching that are deployed by cybercriminals can conveniently provide them with access to the physical sim card and access IDs of the user. All these factors are thus predicted to cause a restraint toward market growth.
COVID-19 Insights
The COVID-19 pandemic had a positive impact on the MFA market, unlike the other industries. The mandate of social distancing measures, as well as lockdowns that were implemented by various governments, led to the closure of several companies in the dire situation. As a result, many organizations resorted to adopting a work-from-home model and digitizing all their operations through the integration of cloud-based platforms in order to provide remote access. Such a situation caught many companies unprepared which made them suffer from cyberattacks. Hence, this resulted in an increase in demand in the MFA market in order for companies to safeguard themselves thus augmenting growth.
Multi-Factor Authentication Market Scope:
The Future of Stand-up Packaging: Enhancing Convenience and Functionality
BlogStand-up pouches are packaging materials that are also called doy packs and are used for packaging with a standing upright body design for the purpose of storage, display, and easy carry. They are similar to plastic water bottles, plastic bags, and other transparent pouches in the market. The stand-up pouch is designed specifically to withstand on its own and store the products in it and over a period of time transparency is the factor in packaging driving the stand-up pouches market.
Stand-up pouches are mainly used for pet foods and nutritional supplement products due to their durability and long holding capacity of various materials. They are also the best options for packaging pharmaceutical products like tablets, and capsules, and in textile industries, these types of pouches are used to display the product. These stand-up pouches come with easy mouth opening with zip or belt material for closing and opening the products.
Global Production Trends
The production of stand-up pouches is increasing due to concerns regarding sustainability and e-commerce sector growth over the globe. Consumers are well aware of eco-friendly products and their impact on the environment over period of time. The consumers are more preferred towards packaging solutions that can be recycled and it should consist of positive benefits for consumers as well as the environment. Considering these points, the manufacturers are coming up with a recycling option or with a packaging solution that decreases the impact on the environment compared to the traditional one.
The increasing demand for e-commerce products is driving the stand-up pouch market in the future days. The rise in online shopping by consumers requires durable and eco-friendly packaging materials to deliver the products to the customers. The products need to be shipped from various locations to the customers so the packaging material should be lightweight and durable in nature as these standup pouches provide these properties in packaging solutions. The properties of standup pouches like lightweight, and durable can help the products to ship from warehouses to till doorstep of customers. These combined features in packaging solutions boom the standup pouch market growth.
The growth of on–go –consumption is positively impacting and growing the global production of standup pouches. A busy life causes the need for convenience! Stand-up pouches are a top contender in this particular scenario. A broader move toward immediate consumption in all facets of life is pushing manufacturers to offer single-serving, portable food and drinks. Pouches for stand-up packaging aren’t only lightweight and foldable but also you can find many products in them, such as snacks, yogurt, single-serve juice boxes or coffee pouches. Their portability is aimed at on-the-go consumers who wouldn’t have any difficulty accessing their items wherever while maintaining quality and freshness.
Standup pouches use case.
Stand-up pouches are mainly used for their properties like convenience, ease of carry, portability, and lightweight. The stand-up pouches are an important aspect of food packaging and beverages these days due to the increasingly busy schedules of people. The versatility of packaging solutions based on consumer needs is taking a more eye on the market. The standup pouch provides single-serve food and beverage options for consumers who are in search of easy and portable options. The ever-increasing busy schedules of life propel the demand for convenience, portability, and lightweight packaging solutions for food and beverages that an individual consumes on a daily basis.
Furthermore, the focus on green manufacturing and reducing the negative footfalls towards nature is propelling the need for more sustainable packaging solutions around the globe. The manufacturers are focusing on producing materials with less plastic and using more degradable solutions to reduce the negative impact on nature where these types of materials can be helpful in the process of recycles or good for the environment.
The growing demand for online shopping by consumers around the globe will enhance the use of standup pouches across the e-commerce sector. The rapid buying options online boom the e-commerce sector to provide safe and protective products to the doorstep of consumers the sector needs a durable and lightweight packaging solution to protect the product by covering and delivering the product to the customers without any damage, the standup pouches are the best solutions designed for lightweight and durable option in transferring the products from one place to another. This enhanced design of the packaging material reduces the shipping cost, and weight, and helps in the fast delivery of the products.
Market Dynamics and Drivers
Several factors drive the stand-up pouches market, including rising awareness towards sustainable and eco-friendly packaging solutions like food and beverage coupled with growing demand for online shopping by consumers propel the demand for the e-commerce sector and the emergence for the on-the-go consumption is significantly boosting the standup pouches market.
The rising awareness towards sustainable packaging across industries like food and beverage, and manufacturing provides a sustainable packaging solution that is eco-friendly in nature and can be recycled with properties like lightweight and durability. These standup pouches provide sustainable packaging options alternative to traditional packaging solutions with less impact on the environment. Ans also these standup pouches are widely used not only for food and beverages but also in cosmetics, and pharmaceuticals for packaging tablets.
Additionally, the growing demand for online shopping by consumers, increased sales of products in online platforms, advancement in packaging design, and growing adoption of eco-friendly packaging solutions by e-commerce industries are the factors that are predicted to anticipate the market growth as they have significant use of standup pouches in their regular operations.
The standup pouches are crucial packaging solutions for e-commerce platforms and with the increase in sales of products in online platforms, the demand for standup pouches will rise accordingly. For instance, Amazon is the largest e-commerce platform which has a network all around the globe the net sales of the company during FY 2023 with respective North American regions was $3,53,828
Figure 1: Net Sales in North America, 2021-2023
Source: Amazon Annual Report
Challenges and Constraints
Despite the various benefits and uses of standup pouches the companies that manufacture them face a lot of challenges with the procedure of recycling where the recycling of multilayered materials is difficult which can hinder the profile of eco-friendly properties specifically consumers nowadays prefer transparency and pure sustainable solutions. These products are more vulnerable to harsh environments and temperatures whereas the traditional packaging solutions offer many benefits as compared to these standup pouches. These factors curb the growth of the standup pouches market in the forecast period.
Emerging Opportunities and Innovations
Although challenges might hinder the market, the standup pouches market presents numerous opportunities for innovation and growth. New biodegradable and compostable materials are introduced to address sustainability issues and cater to environmentally conscious consumers. Innovative smart pouches incorporated with sensors are developed to watch the product’s freshness and temperature during the process of storage and transportation. Additionally, there are promising opportunities for self-warming and self-chilling pouches that will enhance the efficiency and ease of use.
Key Developments
At last, concluding that the standup pouches market is predicted to have several innovations and growth opportunities over the forecast period. The market is driven by the increased awareness towards sustainable and eco-friendly packaging solutions coupled with growing demand for the e-commerce sector with respective online purchasing. There are several challenges to be faced such as recycling multilayered packaging solutions and the vulnerabilities towards rough environments like temperature and cold. Therefore, the industry is projected to maximize innovative and sustainable packaging solutions to meet the needs of the growing global standup pouches.
The Takeover of the Concentrated Solar Power Market Across the Globe
BlogThe Concentrated Solar Power Market is expected to grow at a compound annual growth rate of 10.67% over the forecasted period to reach a market size of US$2.602 billion in 2027 from the US$1.280 billion in 2020.
Concentrated solar power plants are systems that use mirrors to concentrate the energy of the sun and use it for the operation of the conventional steam turbines as well as engines that generate electricity. The thermal energy that is concentrated in a CSP plant is retainable and can be stored and used to generate electricity as per the requirement of the user, be it day or night.
This technology helps in the generation of electricity by focusing on sunlight. The energy of the sun which is concentrated is then converted into high-temperature heat, which is then processed through a conventional generator. A CSP plant comprises of two parts: the function of the first one is to collect the solar energy and convert it into heat, while the second converts that produced heat energy into electricity. Because of the use of the thermal storage functionality, these systems are able to supply solar power as and when required, helping to tackle the grid integration challenges regarding the variability of solar energy and enabling the heat produced through it to be stored until the time the electricity is needed. Apart from powering a turbine, CSP technology can also be used in the production of heat in a broad range of industrial applications like food processing, water desalination, enhanced, chemical production, oil recovery and mineral processing among others.
Rapidly growing global consumption of electricity to augment market growth
A key factor which is fuelling the demand for concentrated solar power is the constantly growing consumption of electricity across the globe. According to the United States Energy Information Administration (EIA), the electricity consumption worldwide has been increasing at a faster rate than the rate of rise of global population, which has led to an increase in the average amount of electricity consumed by each person, which can also be called, per capita electricity consumption. Most of the rise in electricity consumption can be attributed to the growing electricity consumption in developing economies outside the OECD (Organization for Economic Cooperation and Development), which use electricity various spaces like in buildings for lighting and operating appliances, for manufacturing goods in industrial processes, as well as in the transportation sector for powering rail and light-duty vehicles. This continuous inclination of per capita electricity consumption has reflected the rapid transition to more energy-intensive industries. This along with changes in demand of services, like, the growing use of air conditioners and other electric appliances add further to the already growing electricity consumption. Adding to this, even in the less developed non-OECD countries, the per capita electricity growth has grown to more than double in the time period between 2000 and 2017. Hence, all these factors have attributed to the increase in global consumption of electricity, which in turn is expected to give rise to the use of renewable, clean energies like solar energy, thus projecting a growth for the CSP market.
Government schemes and policies regarding green energy to drive market growth
In recent times, the governments of various countries have rolled out policies and programs to that will lead to rise in the installation of the CSP technology which is turn projected to bolster the growth of this market in the analysed period. For instance, the U.S. Department of Energy provides a great amount of funding through competitive awards to universities, industries, and laboratories with the common aim of making wide-scale dispatchable solar energy systems cost-effective without the need of any subsidy by 2020. MUSTEC (Market uptake of solar thermal electricity through cooperation), in view of EU 2030, has the goal of exploring and proposing viable solutions to overcome the obstacles that restrain the arrangement of CSP cooperation projects. All these initiatives and plans are thus predicted to contribute greatly towards setting up of more CSP technology leading to the growth of the market.
Geographical insights
By geography, the CSP market has been divided into five regional markets: North America, South America, Europe, Middle East and Africa and Asia Pacific. The North American region accounted for a significant share of the global CSP market back in 2019. As of now, approximately 1,815 MW of CSP plants are operational in the United States. Even Europe holds a substantial share in the global CSP market, with investments booming up in Spain. Further, with fresh tariff legislation, the increasing need for storage and the proven performance of these plants, there has been a great amount of boost in the confidence of the investors in the Spanish CSP ownership. In February 2020, Mitsubishi Corporation entered the CSP market by making investments in four CSP plants in Spain, held by the Spanish solar power giant, Acciona with Mitsubishi Corporation having an ownership of 15 percent in its shares. The Asia Pacific region is expected to witness promising growth in the concentrated solar power market in the forecasted period due to the rise in the amount of investments in renewable energy sources. Countries like India and China have offered lucrative opportunities for the players in the CSP market owing to the rapid installation and implementation of solar energy in order to increase the share of renewable energy generation. Recently, a lot of attention has been diverted to the Middle East and North America region. CSP based energy has shown an increased popularity there because, unlike the solar photovoltaic generated energy, the former can very easily be used to store the generated thermal energy within massive molten salt tanks for a later usage, even at night.
Covid-19 Insights
The CSP market was saw a decline because of the outbreak of the coronavirus pandemic. The subsequent lockdowns that followed disrupted the supply chain due shutting down of production facilities which resulted in reduced production of CSP plants. Not just that, this had a negative effect on the demand of this technology as well due to the pause in the functioning of various industries and declining investments in new CSP projects.
Global Concentrated Solar Power (CSP) Market Scope:
Diving Deep Inside The Hot Melt Adhesive Tape
BlogThe hot melt adhesive tape market is valued at US$22.145 billion in 2020, with a CAGR of 6.11% predicted to raise US$33.532 billion by 2027.
Hot-melt adhesive, also identified as hot glue, is a thermoplastic adhesive. Due to its extensive use in DIY applications, hot melt adhesive is identified to provide surface application on various materials such as fabric, metals, plastics, papers, cardboard, and so on. Craft, paper, woodwork, and plastic packaging are do-it-yourself applications. Hot melt adhesives do not require curing or drying. They can be applied in a molten state and thus bonded immediately after application. In correlation to acrylic tape, hot melt tapes have substantially higher adhesion. They have outstanding holding power (also known as shear value), tensile strength, and a quick tack. A hot melt tape is perfect for machine-applied tapes, overstuffed cartons, or cartons with high recycled content. They work well in temperatures ranging from 45 to 120 degrees Fahrenheit. Hot Melt Tape is widely used for carton sealing with automatic packaging machines because it has a higher blanching adhesion and a lower unwinding force than other tapes. There are many reasons that a company might prefer hot melt adhesive over other types of adhesive. Manufacturers benefit from the easy implementation of hot melt adhesives, low price, long life cycle, and low degree of volatile organic compounds (VOCs). A hot melt adhesive can be efficiently and quickly applied to sustain large manufacturing and process automation on production lines while improving overall effectiveness.
Hot Melt Adhesive and Its Base
Polyamide-Based Hot Melt Adhesive– Polyamide-based hot melt adhesives have excellent solvent, heat, oil, grease, and plasticizer resistance. They are also high in strength and adaptable. These characteristics make them an excellent choice for challenging, low-energy substrates. Because of their chemical and high heat resistance, polyamide-based hot melt adhesives are commonly used in filtration, automotive, electronics, and aerospace applications.
Polyutheren-Based Hot Melt Adhesive- One of the earliest known hot melt technologies is polyurethane-based hot melt adhesives. They have high thermal stability and are best suited for carton, case, and tray sealing implementations. Because of their strong adhesive bond strength capabilities, they are especially suited for building materials, bookbinding, and automotive.
Bio-Based Hot Melt Adhesive– Bio-based hot melt adhesive innovation is designed specifically for sustainable development and resource efficiency applications. This is in response to growing market interest in these types of preparations to help reduce dependence on petroleum-based natural resources while also lowering the carbon footprint of manufacturing facilities.
Hot Melt Adhesive Benefits
Hot melt adhesives (HMA) are as diversified as there is countless application. Hot melts are often used via extrusion, rolling, or spraying, and their high melt viscous makes them perfect for porous and permeable surfaces. HMAs can bond a wide range of substrates, including ceramics, metals, plastics, paper, rubbers, glass, wood, etc.
The Packaging Industry is Spurring the Demand for the Hot Melt Adhesive Tape
In the packaging sector, handling of the goods is taken into due consideration and impacts the business if the proper measures are not implemented. These solutions need an adhesive that binds the package in good condition, so there is no damage and opening of the carton or package. Corrugated boxes were the largest single product category in 2018, accounting for 33.3 million tonnes, or 11.4 percent of total generation in MSW as per EPA. Corrugated boxes are also the most common type of reprocessed paper and paperboard cartons and packaging. In 2018, 32.1 million tonnes of corrugated boxes were reused out of 33.9 million tonnes of paper and paperboard reprocessing. Corrugated boxes were recycled at a rate of 96.5 percent. After recycling, corrugated box combustion was 230,000 tonnes, and landfills obtained 940,000 tonnes in 2018. These data show that many boxes or cartons are used for maximum packing, which is expected to boost the demand for the hot melt adhesive tape market globally over the forecasted period.
The Asia-Pacific is Expected to Lead the Growth of Hot Melt Adhesive Tape
The growing demand for the packaging sector in the transport and logistics industries is expected to drive up the requirement for hot melt adhesive tapes. Qualities such as high peel strength and excellent insulation are expected to boost hot melt adhesive tape revenues and push the hot melt adhesive tapes market growth over the projected timeline. Furthermore, package makers presently use bioplastic materials such as PHA, PLA, and others to manufacture hot melt self-adhesive tapes. Bioplastic components used in hot melt self-adhesive tapes have better tensile strength and can be printed on, anticipated to propel the market share of hot melt adhesive tapes.
Hot melt adhesive tape revenues are expected to rise as they aid in preserving clean environments.
Recent Developments
Hot Melt Adhesive Tape Market Scope:
Introducing Thermal Barrier Coatings Technology for Automotive Applications
BlogThe global thermal barrier coatings market is evaluated at US$12.152 billion for the year 2020, growing at a CAGR of 4.09%, to reach a market size of US$16.092 billion by the year 2027.
Thermal Barrier Coatings (TBCs) insulate parts in machinery that run at high temperatures, such as power plants, ducting and nozzle guide vanes, aircraft parts, and other metallic surfaces. TBCs enable poor thermal conductivity and thermal expansion, as well as high thermal expansion for gas turbines, in addition to high efficiency at high temperatures. TBC demand in reciprocating engine operations is predicted to rise as a result of these considerations.
Expansion of Air Cargo and Power Consumption
The need for thermal barrier coatings is expected to expand significantly throughout the forecast period, owing to the increasing significance of air cargo delivery and the increasing number of air passengers. Furthermore, rising global power consumption, particularly in emerging nations, and rising technological innovation are likely to drive the growth of the thermal barrier coatings market during the forecast period.
Technological Advancement Funding the Market
Thermal barrier market expansion will be aided by technological advances. With the help of technology, it is now feasible to make thermal barrier coatings that are more efficient. Many end-users are attracted to this technology because of its effective coating and operations. Another important development is the funding of thermal barrier research. The market study is paving the way for a new product line. Thermal barrier coatings are in high demand in many developing countries. As a result, there is a lot of research going on to create a new variety of these coatings. Thermal barrier coating is becoming more popular in the aerospace industry. It is attracting capital from the market. Many good improvements will occur in the market as a result of growing investments.
During the forecasted period of 2022-2027, the High-Velocity Oxy-fuel segment retained the maximum concentration in the Thermal Barrier Coatings market
The coating technology is divided by the plasma spray, combustion flame spray, high-velocity oxy/air fuel, arc spray, cold gas and others. The HVOF technology category has the biggest revenue share because it allows for the use of a wide range of coating materials, including ceramic, metals, and other alloys, to provide coatings. Strong corrosion resistance, fine-as-sprayed surface finishes, high adhesion qualities, and low oxides levels are all features of the coating applied using HVOF technology. HVOF spraying technique is that the coatings are exceedingly dense and durable, and they can typically be created at low temperatures. Surface engineering techniques are utilized in thermal barrier coatings, which improve equipment life by boosting erosion or wear resistance, as well as corrosion protection. This technology allows for use of a wide range of materials, including metals, ceramics, and alloys, to create coatings with exceptional hardness, better adhesion, and corrosion resistance and good Strong corrosion resistance, fine-as-sprayed surface finishes, high adhesion qualities, and low oxides levels are all features of the coating applied using HVOF technology. This market is divided into four categories: automotive, industrial, energy, and aerospace.
Ceramic Segment to Share the Highest Revenue in the Thermal Barrier Coatings Market
Metal, ceramics, intermetallic, and other product types are used to categorise the thermal barrier coatings market. Due to the high thermal resistance characteristics of ceramic TBCs, the ceramic segment accounts for the highest revenue share in the market. Engine turbine blades, for example, can work at high temperatures in the automotive and aviation industries, potentially increasing the thermal efficiency of equipment (engines, etc.) by up to 60%. Coating materials including such Al2O3, ceramics YSZ (yttria-stabilized zirconia), MCrAlY, and others are also used to categorize the thermal barrier coating market. The low thermal conductivity and excellent thermal stability of Al2O3 coatings, the Al2O3 category is predicted to account for the greatest market share over the projection period. Furthermore, alumina is chemically inert and has a high hardness, both of which are important in the manufacture of composites. Engine turbine blades, for example, can work at high temperatures in the automotive and aviation industries, potentially increasing the thermal efficiency of equipment (engines, etc.) by up to 60%.
Automotive Industry Has the Highest Application in the Thermal Barrier Coatings Market
The application is divided of the thermal barrier coating is divided into power generation, aerospace, automotive and others. The maximum market share is accounted from the automotive industry. In aviation gas turbines, thermal barrier coatings are often used to prevent nickel-based superalloys from melting and thermal cycling. According to the American Society of Mechanical Engineers, aviation gas turbine sales in 2020 will total $44.6 billion, down from $74.7 billion in 2018. The loss was completely attributed to a 46 percent drop in output in the commercial aviation industry over two years. In a commercial airplane engine, for example, the fuel burns at temperatures of up to 2,000°C inside the combustion chamber. The turbine, which requires energy from the warmed gases and provides engine power, is subjected to gases with temperatures ranging from 850 to 1700 degrees Celsius. As a result of this significant benefit of Thermal Barrier Coatings, the gas turbine segment is projected to dominate the global market.
Stringent Government Regulations
The government’s strict environmental regulations will cause a decrease in protective coatings. When people inhale the coatings product, it can cause respiratory issues. Most of these coatings have dangerous chemical particles in them. It is also not an environmentally friendly coating. As a result, many countries have imposed strict regulations on using thermal barrier coatings. These regulations will slow the use of thermal barrier coatings throughout general. In the next years, government legislation will increase, resulting in greater restrictions. However, in some areas, using this product has a number of drawbacks.
High Price Fluctuation
The price of these thermal coatings is always fluctuating, which has an impact on growth. The manufacture of this coating necessitates a large number of basic components. Raw materials, in particular, are expensive and scarce in many areas. Price volatility is caused by a scarcity of raw materials. The price discrepancy is higher due to raw material fluctuations. The need for thermal barriers may decrease as prices rise. Furthermore, in some areas, a lack of awareness can have an impact on demand. Regions with less investment, in particular, have a lower awareness of heat barrier coatings.
North America Region is Expected to Grow Substantially Over the Forecast Period
The thermal barrier coating market, by geography, is divided into North America, Europe, Middle East and Africa, Asia Pacific and South America. Over the forecast period, North America dominated the global market, accounting for the highest revenue share. The United States dominated the regional market in North America, and this number is steadily. Growing product demand from various applications such as static power plants, aerospace, automotive, and others, as well as the availability of highly skilled labour, high disposable incomes, and the strong economies of the region’s countries, are the main reasons for an increase in air traffic in North America.
In terms of market share, Asia Pacific is the fastest-growing region in the worldwide thermal barrier coatings industry. This is due to rising global demand for power and greener solutions, as well as the expansion of the region’s industrial and automotive industries. Due to an increase in the number of power generation and demands for vapour deposition technology, countries like India and China are likely to contribute considerably to market growth. Because of recent growth in the energy and aerospace sectors, the European market is likely to increase significantly.
The COVID-19 Hampered the Thermal Barrier Coatings Market
Covid 19 has a negative impact on industries all over the world. During this time, the market for thermal barriers coatings is seeing a decline. In addition, the economic downturn is a major factor in the market’s downward path. The market will be severely impacted by supply chain disruptions. Furthermore, end-user demand for coatings is decreasing. The car industry, in particular, is experiencing a drop in demand. The overall supply of automobiles has decreased dramatically. It lowers the market’s investment from the user’s perspective. In addition, due to global limits and lockdowns, the application of thermal barriers coatings is slowing. All of these obstacles have altered the market environment for thermal barriers. The market outlook appears to be favourable following Covid 19. The market’s demand is predicted to continue to rise in the forthcoming years.
Thermal Barrier Coatings Market Scope: