The Structural Adhesives Market was valued at US$8.689 billion for the year 2020 and is expected to grow at a CAGR of 4.47%, reaching a market size of US$11.798 billion by the year 2027.

Structural adhesives are strong adhesives that harden or cure into materials strong enough to hold two or more substrates together while carrying the forces between the substrates. In an end-use product, these junctions between substrates are crucial because if they break, the structure and functionality of the product could be severely compromised. High-performance structural adhesives are in greater demand because they can enable final end-use goods or components to withstand shock, chemicals, vibration, temperature changes, and other sorts of agents.

Structural adhesives are now being used in the automotive and aerospace sectors to ensure impact resistance and light weight. The automobile industry’s growing use of structural adhesives will likely contribute significantly to the market’s predicted significant growth. The demand for daylight reduction and energy-efficient “smart” buildings from the building and construction sectors is anticipated to increase. The structural adhesive market is experiencing increased demand as a result of the economic expansion in developing nations. However, rising public health concerns and stringent government regulations on VOC emissions are anticipated to have a detrimental effect on market growth.

Lucrative opportunities in the Automotive Sector are driving the Structural Adhesives Market’s Growth.

Fasteners, riveting, welding, and other procedures have been used by stakeholders in the automotive sector to perform commercial activities for many years. In order to create reliable multi-substrate end products, structural adhesives are emerging as a possible replacement for these traditional methods. Structural adhesives are not only more powerful than previous methods, but they also have a number of advantages over them. For example, they are more cost-effective, accelerate the production of autos, and require less technical expertise to operate. For instance, BETAMATE by Dupont is a range of structural adhesives that provide adhesion to automotive substrates like steel, aluminium, magnesium, and composites. It takes the role of welds and mechanical fasteners, which lowers fatigue and failure that are frequently seen with conventional procedures and significantly boosts manufacturing efficiencies.

In order to make cars lighter, structural adhesives were launched as a low-volume substitute in the automotive sector. However, after realising its potential, the auto industry began utilising it for mass production. A growing reliance on high and ultrahigh strength aluminium and steels for body structures, particularly unitized bodies-in-white (BIW), to save weight without compromising crash-mitigating strength or handling-degrading stiffness is driving the growth in the use of structural adhesives. The use of structural adhesives in the automotive industry has also increased in Japan.

Electric vehicles (EVs) have started using structural adhesives as a lightweight substitute for traditional binding materials since they are becoming mindful of the many advantages they offer. The International Energy Agency predicts that sales of electric vehicles will increase from 3 million vehicles in 2017 to 23 million in 2030. The shift toward electric vehicles is likely to increase demand for structural adhesives.

Demand for structural adhesives is rising in the construction industry.

The demand for smart and innovative construction solutions that increase construction’s efficiency and durability is rising due to the significant surge in infrastructure development around the world. Building materials like structural insulated panels offer advantages like simple installation and great construction quality. The need for structural insulated panels in commercial buildings is increased by features including their light weight, superior insulation, and cost effectiveness. Costs associated with mechanically fastened joints can be avoided with the aid of structural adhesives. They thus lower the cost of materials, the quantity of parts, labour costs, and processing time. Additionally, they are simple to administer because they come in a range of packaging and dispensing choices. As the global population has grown exponentially, there has been a significant increase in energy demand. This has led to an increase in the demand for energy generation infrastructure that makes use of structural adhesives to maintain structures that are lightweight, effective, and efficient without sacrificing structural integrity.

The booming construction industry, which uses new materials that require strong adhesion, as well as the use of the product in numerous applications like carpet flooring, drywall lamination, ceramic tile fixing, and so on, due to their affordability and aesthetic appeal, can be attributed to the industry’s growth. For instance, H.B. Fuller Company purchased the construction adhesives supplier, Fourny NV, situated in Belgium, on July 20, 2022. Fourny’s status as a pioneer in the commercial roofing sector, which enables the localization of goods imported from the U.S., is thought to have accelerated H.B. Fuller’s expansion throughout Europe. Construction expenditures are predicted to rise as a result of economic development and population growth. It is anticipated that this will increase the demand for structural adhesives in the construction industry.

Asia-Pacific is expected to hold a major share due to the rapid adoption of adhesives in industrial and automotive manufacturing.

Given the rapid adoption of adhesives in industrial and automotive manufacturing, it has been reported that the Asia-Pacific area holds a considerable market share. Due to the rising sales of consumer electronics, where structural adhesives are used for electronic assemblies, conductive films, and other applications, the Asia-Pacific region is expected to become a lucrative growth market for stakeholders in the upcoming years. A further driving force is the rising need for adhesives in nations like Thailand, India, and China. Other important elements are ease of access, subsidies, and tax incentives from the government.

Furthermore, the National Development and Reform Commission reports that the Chinese government has given the go-ahead for 26 infrastructure projects with a total estimated investment of about USD 42 billion. The expected completion date for these ongoing projects is 2023. The Indian government has put in place a number of initiatives, like the Smart Cities project and Housing for all by 2022, which are anticipated to provide the sluggish construction sector a boost. Over the course of the projection period, the aforementioned elements are anticipated to have an impact on structural adhesive demand in the Asia-Pacific region.

Government restrictions on VOC emissions are anticipated to have a negative effect on market growth.

There are many benefits associated with structural adhesives. However, the majority of structural adhesives are harmful to both the environment and human health. Phthalates and formaldehyde have been shown to be the two most frequently occurring substances in structural adhesives. These two substances are both prone to off-gassing, which means that as they dry, they emit gases. With adverse consequences ranging from skin irritability to liver and kidney damage, these emissions have the potential to have a significant impact on air quality and human health. Although phthalates and formaldehyde are the substances in adhesives that are most frequently cited, there are many other ones as well.

As the demand for eco-friendly or green products in various applications grows, so does the need for green adhesives or those with low VOC. Environmentally friendly adhesives with low VOC levels have been required by REACH (Registration, Evaluation, Authorization, and Restrictions of Chemicals) in Europe, USEPA (United States Environmental Protection Agency), LEED (Leadership in Energy and Environmental Design) in the US, and other regulatory bodies across various regions.

Structural Adhesives Market Scope:

The global metal packaging market size was valued at US$115.829 billion in 2020 and is anticipated to increase at a Compound Annual Growth Rate of 3.18% over the predictive period to reach US$150.510 billion by 2027.

Metal packaging is a type of packaging process composed mostly of metals such as aluminium, and steel. One of the primary factors expected to enhance the global metal packaging market over the forecast period is its recyclability. Aluminum and steel packaging materials are the most durable raw materials for packaging because of their superior recycling infrastructure. Given the increased demand for canned food, particularly in urban areas, the rising popularity of using the product for tinned food is helping to boost consumption. Metal packaging is also commonly used in the fragrances sector due to its capacity to tolerate high pressure and durability, making it a desirable material for deodorants and aerosol sprays.

Benefits of Using Metal Packaging

Preserves Freshness: Canning technique keeps food fresh and nutritious without a lot of additives and chemicals, making canned foods and beverages a nutritional alternative. Nutrients in foods are sealed throughout the canning process, so the amount of vitamins and nutrients in the food is the same on the day it was canned as it is a year afterward.

Eco Friendly: Since metal cans are infinitely recyclable, canned goods are environmentally beneficial. Cans are one of the most recycled products around the world, owing to their sustainable nature.

Provides Strength: Due to the sturdiness and strength of canned products, they can withstand a lot of impacts and damages, which makes them a perfect alternative to traditional plastic packaging.

Products in the Market

Crown Holdings Incorporated has been providing its services to a number of companies. Perio, Inc. collaborated with Crown to create two distinctive, limited-edition shaving cream cans to reflect the upcoming Jurassic World film in support of the long-awaited sequel to Steven Spielberg’s iconic Jurassic Park series.

Crown has collaborated with WD-40 Company to release a number of limited-edition collector aerosol cans, ranging from commemorating American military heroes to celebrating reality TV personality Chip Foose’s latest automobile innovations.

The Ball Aluminum Cup™, produced and marketed by Ball Corporation, has been created as a sustainable alternative to plastic disposable cups. The innovative design of the Ball Aluminum Cup has been increasingly adopted across food and beverage sectors in sports, theatres, and other places. These cups are available in retail outlets and stores across select regions.

Adargh launched a 187ml canned wine product for the British beverage company, NICE.  According to Adargh, the technical characteristics of the wine can range were created to preserve the taste and quality of wine and wine-based beverages, and the new 187ml format, which is a quarter of a standard 75cl bottle, is the desired quantity for casual wine drinkers looking for a suitable single-serve alternative while on the go.

Developments in the Metal Packaging Market

According to a release by Ball Corporation on April 19th, 2022, the company and Novelis Inc. announced that the Ball Aluminum Cup would now be made with 90% recycled content, which would help in fulfilling the company’s goal to decrease its carbon footprint. The cup was released as a sustainable solution for food services and beverage industries across different sectors.

Another report by Ball Corporation on 25th April announced that the Ball Aluminum CupTM was named as the gold wined of the 2022 Edison Awards in the field of Consumer Solutions: Sustainability. Expert reviewers from all over the world chose the Ball Aluminum Cup as the winner after weighing in on more than 350 nominees.

According to a release by Can-pack on 20th January 2022, the company has announced its support to Pivovarna Laško, in a drive to raise awareness about the impact of climate change and global warming. The companies have been working together to find sustainable solutions for the market.

According to a release on 01st December 2021, CCL Container Inc announced that it had won the World Aluminum Aerosol Can Award 2021, in the Prototype category. The products ‘Save the Earth’ and ‘The Matrix’ earned this award for their unique design and printing technology. The appealing cans were created in collaboration with Sun Chemical in response to consumer demand for innovative methods to design aluminum cans.     

North American Region to Lead the Market

Throughout the forecast period, the metal packaging market is likely to be dominated by the North American region. Factors such as increased usage in the food and beverage sector, as well as the need for sustainable and recyclable packaging materials, are expected to drive the market forward. The increased need for metal packaging is due to the expanding market for canned soft drinks, beer, and other beverages as a result of beverage firms’ aggressive marketing methods. Consumers have shifted away from plastic bottles and toward canned goods as their concerns about plastic waste have grown. The increasing deodorant and aerosol spray markets have also reported a significant increase in demand. Furthermore, the rising need for metal packaging in the manufacturing of pharmaceutical equipment has boosted demand for the metal packaging market, which is expected to develop considerably in the area over the predicted period.

Covid-19 Insight

A worldwide economic downturn was precipitated by the COVID-19 pandemic. Since most governments imposed lockdown and social isolation regulations, most firms have experienced significant losses. Due to the closure of key manufacturers and companies, the metal packaging industry also experienced a considerable drop in revenues and demand. The market was hampered by a scarcity of raw materials and a manpower deficit, both of which had a significant impact on the sector. As a result, most key supply and manufacturing lines were affected, resulting in a drop in imports and exports. Due to the tight COVID-19 regulations, the food and beverage industry has also experienced a decline in demand. However, the market is expected to rise as a result of the increasing e-commerce and online shopping trends. Furthermore, the industry is expected to grow considerably as most nations begin to lift their COVID-19 procedures.

Metal Packaging Market Scope:

The global safety relays market is estimated to grow at a CAGR of 7.10% to reach US$880.689 million in 2028 from US$544.814 million in 2021. Safety relays enable the machine to either initiate or execute directions to stop the machine and assist in inspecting and monitoring a safety system. A safety relay is an easy and effective way to comply with safety regulations, ensuring equipment safety and lowering the risk of expensive mishaps or equipment replacement. When connected together, these relays tied to individual functions provide a complete monitoring system for industries. Due to the market’s extensive end-use applications across numerous end-use industrial verticals, it is anticipated to expand rapidly. In order to ensure the safety of industrial processes and workers, there are strict rules in place, such as the OSHA and Machinery Directive, which are also increasing market demand. Additionally, rising concerns regarding the safety and security of industry employees are fueling the market’s expansion.

Siemens, Rockwell Automation, Inc., ABB, SICK AG, Schneider Electric, Panasonic Corporation, Phoenix Contact, OMRON Corporation, Pilz GmbH & Co. KG, and others are a few key major players in the market for safety relays.

Siemens operations span across the sectors of automation, electrification, and digitalization. The business creates, develops, and produces products as well as installs sophisticated systems and projects. It also offers a variety of specially designed solutions for different needs. Siemens specialises in distributed energy systems, intelligent building infrastructure, and power generation and delivery. Munich, Bavaria, Germany, serves as the headquarters for Siemens. Siemens offers safety relays under the brand Sirius. Its wide range includes affordable standard devices as well as innovative safety relays with features like emergency stop shutoff, protective door monitoring, or the suitable protection of presses or punches. Siemens introduced their 3RQ1 series force-guided coupling relays in May 2021 for use in safety-related applications. The 3RQ1 series makes it possible to safely manage brakes and doors in elevators, industrial production facilities, railroad and signalling applications, and other settings.

Rockwell Automation’s products and services include supplying industrial automation power, control, and information solutions. The company provides integrated designed packages and panels, midrange architectural systems, asset and consultancy management, manufacturing intelligence, front-end design and engineering integration services, and on-machine solutions. Its offerings cover discrete control, information solutions, drive systems, machine builders, process solutions, migration solutions, motion solutions, linked and maintenance services, security solutions, and sustainable production. Rockwell Automation offers safety relays under the brand Allen-Bradley. The company’s Intelligent Devices segment, which sells safety relays, saw an increase in revenue from USD 2,956.0 million in 2019 to USD 3,311.9 million in 2020. Software Configurable Safety Relays, MSR300 Series Modular Safety Relays, Guardmaster Safety Relays, Safety Control Relays, Single-function Safety Relays with Delayed Outputs, Single-function and Specialty Relays are among the product offerings by Rockwell Automation.

OMRON Corporation produces and sells medical equipment, social systems, automation components, and electrical components. The product line of the company consists of sensors, safety components, relays, automation systems, motion and drives, switches, control components, robotics, power supplies, switches, relays, and connectors. Omron’s headquarters are in Kyoto, Japan’s Shimogyo-ku district. The company’s safety switches are employed for establishing safety circuits, detecting intrusion into hazardous places, and shutting down mechanical guards. Omron offers a wide range of safety relay products like power relays, relays with forcibly guided contacts, and magnetic contactors. On May 11, 2022, OMRON Corporation launched a new high-voltage DC relay called “G9KB” globally for large-capacity home energy storage systems. In household storage systems with increasing capacity, G9KB safely cuts off the direct current.

ABB, provides products, systems, services, and solutions for electrification, motion, and industrial automation. Its products improve industrial productivity, power reliability, and energy efficiency. ABB offers its products directly to customers as well as through third-party channel partners such as distributors, installers, wholesalers, OEMs, and system integrators. ABB offers safety relays under the brand Sentry. The company’s electrification segment, which sells safety relays, saw an increase in revenue from USD 11,564 million in 2019 to USD 12,957 million in 2020.  Sentry USR10 Safety relay, Sentry USR22 Safety relay, Sentry USR10P Safety relay, Sentry USR22P Safety relay are among the product offerings by ABB.

Safety Relays Market Scope:

The Fracking Fluids and Chemicals Market was expected to be worth US$26.724 billion in 2020.

Hydraulic fracturing, or fracking, is the process of incorporating water and other chemicals down into the ground to produce cracks or fractures and discharge fuel that can then be pressurised out in nearby wells. It is a procedure that has been effective in making fuel in previously unexplored rock formations. Although fracking has gained popularity in recent years, it is a practice that has been in use for even more than sixty years. In recent decades, fracking has been widely contested and thoroughly researched by politicians, geologists, media, engineers, and even chemists. Some have discussed the application’s impact on the environment, while others have highlighted its financial and engineering accomplishments. The chemicals used in fracking fluid are one topic that is frequently avoided due to the uncertainty surrounding it. Many research scientists and geoscientists outside of the industry may not have been able to see the active ingredients or types of chemicals used in the past due to the uncertainty surrounding fracking fluid. According to the American Petrol Institute’s Energy Tomorrow project, 95% of fracking fluid is water, and the remaining 9.5 per cent is conventional sand. Chemicals make up the remaining 0.5 per cent of the fracking fluid. In fracking fluids, acids such as hydrochloric acid are used to dissipate minerals in the rock, soil, and sand beneath the ground. Acid can also disintegrate parts of the rock to initiate crack initiation. To avoid accidental oxidation and minimise corrosive microbes, corrosion inhibitors, other acids, and biocides such as quaternary ammonium chloride and glutaraldehyde are used. Many of the chemicals present are used for traditional aspects of drilling, such as corrosion prevention.

Drilling  and Fracking Fluid & Chemicals

Source: EIA

As per the data of EIA, in 2022 There is weighted average of oil production in May 2022 was 1047 barrels per day and weighted average of gas production in May 2022 was 6172 barrels per day.the increased number of drilling activities and drilling production is expected to grow the global fracking fluids and chemicals market. The US Environmental Protection Agency (EPA) analyzed over 39,000 chemical filings entered into FracFocus and discovered that more than 70% of the forms mentioned at least one chemical as CBI and that 11% of all chemicals were assumed.  The EPA recognized 1,084 various chemicals noted as being used in fracking formulas. E ethanol, ethylene glycol, methanol, and propargyl alcohol are basic ingredients. These chemicals and many others found in fracking fluid are thought to be dangerous to human health. Fracking uses a tremendous amount of water. According to the United States Geological Survey, the average cost of fracking a single well in the United States ranges between 1.5 million and 9.7 million gallons of water.

Covid-19 Impact on Fracking Fluid & Chemical Market

COVID-19 reactions disrupted drilling operations, leading to lower oil and gas production amounts in 2020. According to fracking statistics in the United States, the country’s annual commercially available natural gas production was reduced by 2% in 2021. However, the fall will be reversed in 2022. The IEA predicts that production is expected to increase by 2%, from 95.9 billion cubic feet per day to 97.6 billion cubic feet per day in 2022, which is predicted to drive the market growth for the fracking fluid and chemical post-Covid-19.

Fracking Fluid and Chemical & Their Usage in Application

The Baker Hughes OptiStriker-The OptiStriker straddles packer hydraulic fracturing method allows targeted, aggressive restimulation of individual puncture clusters in production wells to ramp up production efficiently and productively efficiently and productive way. The process has a large ID and two resettable coiled-tubing-enabled packers, with a pump rate of 20 barrels per minute and a dynamic pressure rating of 10,000 psi (68.9 MPa). This allows high-rate, high-volume treatment options that optimize well restimulations and maximize ROI.

Halliburton BaraXcel Fluid-High-performance fluid and solid particles control system provides lower pump pressures and high ROPS while reducing LGS Density. The Baroid team created an interconnected fluid and dissociation solution that would substantially increase ROP, decrease LGS density to less than 8% and outcome in substantially dryer cuttings – reducing disposal costs. Baroid advised its high-performance NAF system, BaraXcel, which contains no organophilic clay. Innovative emulsion and polymer techniques help provide an outstanding rheological profile and robust yet fragile gels to guarantee high suspension characteristics. This leads to better drilling efficiency at lower pump pressures.

Halliburton ENVIRO-FLOC-Water clarity, also known as dewatering, is the chemical process of separating water from dissolved particles in water-based fluids and slurries.

The ENVIRO-FLOC Drilling Fluid Dewatering Method eliminates suspended particles and liquid admixtures from water-based fluids using coagulation and flocculation, enabling the treated water to be reprocessed at the rig site as wash water or drill water. Recycling helps minimise waste that must be disposed of while also reducing the overall impact on the environment of a drilling process. Fluids handled with the ENVIRO-FLOC mechanism produce water that can be securely expelled to the environment, depending on local regulatory requirements and the drilling additives used.

ClearFrac By Schlumberger-ClearFRAC polymer-free fracturing fluids were designed exclusively for wells requiring increased flowback power and hydrostatic- static advantages of hydraulic sandstone with liquid CO2. The fluid was created to be CO2-compatible, focusing on the technological aspects of producing a stable foam with supercritical CO2. ClearFRAC fluids have all of the characteristics associated with Schlumberger viscoelastic surfactant systems.

Global Fracking Fluid And Chemicals Market Scope:

The Combined Heat and Power Market is expected to grow at a compound annual growth rate of 14.58% over the forecasted period to reach a market size of US$28.532 billion in 2027 from the US$11.002 billion in 2020.

A CHP (combined heat and power) system refers to an energy-efficient system that is able to generate electricity from a variety of fuels and has the ability to retain the heat that is generated to be reused for applications like domestic hot water and industrial processes, among others. These systems can be installed in a number of places like, hotels, office buildings, individual facilities and so on. Combined heat and power systems are considered the best for those facilities that have a requirement for both electricity and heat. One of the prime factors driving the growth of the combined heat and power market is the steady growth of end-user requirements for the replacement of conventional energy systems with these CHP systems. This is because of the very high operational costs as well as maintenance costs associated with those systems and also owing to uninterrupted utility supply.

Adding to that, the increasing demand for energy efficiency, especially in the industrial sector, has further catalysed the adoption and application of these systems in the analysed period, which will inevitably lead to the growth in the market. According to the United States Environmental Protection Agency, about 67% of the energy used by conventional energy systems is often wasted into the atmosphere in the form discharged heat during the electricity distribution process. Hence, CHP systems are considered highly efficient and useful as they are able to retain the heat and cope with the losses due to distribution. These systems have the potential to improve efficiency up to 80% which makes it about 30% higher than the conventional technologies.

Furthermore, the constant rise in the demand, as well as usage of natural gas due to the growing awareness among people has also attributed to the growth of the combined heat and power systems market during the forecast period. The attractive and useful features like better reliability, efficiency and safety, offered by these CHP systems have also been observed to be factor in their adoption in multiple countries across the globe. There are also many countries in both developed as well as emerging economies that are focusing on the reduction of greenhouse gas emissions. This has further led to a rise of expenditure in renewable energy and related projects, which consequently is anticipated to propel the growth opportunities for manufacturers in the times to come.

Government regulations to attribute to market growth

The prime factor driving the combined heat and power market is the increasing focus of governments across the globe towards the reduction of carbon footprints and the aim of protecting the environment that has degraded due to the heavy use on fossil fuels. Consequently, governments and corporations around the world have started investing religiously in exploring the potential that is offered by the renewable sources of energy like solar, wind, hydroelectric energy and so on. With these rising investment in the setup of clean energy power plants along with strict government policies, there is a potential for a lot of business opportunities for combined heat and power systems manufacturers in the coming times. For instance, in June 2019, the UK  government an announcement to amend the Climate Change Act 2008, which included the reduction of carbon emissions by 80% by 2050. Likewise, in Germany, the  adoption of CHP plants has been prevalent throughout the country owing to Combined Heat and Power Act 2002. The act focused on promoting the adoption of these plants by offering adequate funding as well as subsidiaries to lure manufacturers for their adoption. Further, according to a US Environmental Protection Agency report, the country aimed at installing 40 gigawatts of new, cost-effective CHP by 2020 and with that aim of saving  $10 billion per year in terms of energy use and also raise the total CHP capacity by approximately 50% in the next decade. Hence, all these government regulations and actions are anticipated to drive the growth of the combined heat and power market during the forecast period.

High initial cost and setup and maintenance cost to cause a restraint to growth

One of the biggest problems of installing a CHP system is the high initial cost associated with it that is required for its installation. In addition to the equipment for power generation like generator systems, prime mover, among others, CHP plants also require other equipment that include boilers, absorption chillers, heat exchangers and so on. The cost of a conventional CHP plant is estimated to be about 2.4 times more than that of a power generation plant of the prime mover and same capacity, making it a major obstacle towards growth for the CHP market. Moreover, maintenance costs of CHP systems are also exceedingly high due to the complexity of the system, which includes a plethora of components such as prime mover, heat and steam pipes and so on. To achieve high efficiency of the CHP system, timesly maintenance of all its components is needed regularly, which adds on to the overall maintenance costs. Therefore, this factor can potentially discourage people from setting up CHP plants thus being a restraint towards market growth.

Europe and North America to holds significant market share while the APAC region to show robust growth

Geographically speaking, Europe is projected to hold a significant market share as it is considered as one of the most prominent regions inclined towards reducing carbon emissions. Several countries in this region are taking necessary steps to lower their carbon emissions along with strict regulations concerning the promotion of CHP projects in the form of subsidy schemes and funding provided to these projects. Further, an increased amount of investments in clean energy projects is also projected to be a major factor contributing to the market growth in the European region. North America is also projected to hold a significant share in the market due to the region being one of the most prominent in the early adoption of technology. Adding to this, the presence of cutting-edge infrastructure backing the power sector and a growing focus on increasing the installation capacity of CHP plants will be some major factors in driving the the market in the North American region towards growth. The Asia Pacific region is expected to show robust growth during the forecasted period, owing to the growing emphasis of the governments of many countries to raise the share of clean energy in the energy mix.

Covid Insights

The pandemic affected the CHP market very negatively due to the fall in demand for energy as the subsequent lockdowns led to  the shutting down of many manufacturing plants across the globe. Adding to this, due to the slowdown in the market, a lot of CHP companies were not able to update their industrial process and equipment to be in line with the environmental regulations.

Combined Heat and Power (CHP) Market Scope: