The Elastomeric Foam market is expected to grow at a compound annual growth rate of 6.33% to reach a market size worth US$5.891 billion by 2029. This market was valued at US$3.384 billion in 2022.
Elastomeric foam is a synthetic rubber with a closed-cell structure that comes in tubes, sheets, or rolls from a factory. They’re also known as flexible elastomeric cellular insulation, closed-cell elastomeric foam insulation, cellular elastomeric insulation, and unicellular insulation. Because closed-cell elastomeric foam has a high-water vapor permeability and can survive moisture absorption, its overall performance and sturdiness are unaffected by moisture in the ventilation, heating, air-conditioning, and plumbing systems.
Analysts anticipate that the market will grow due to the increased application of Elastomeric Foam across different industry verticals and its flexibility during the forecast period.
Elastomeric foam has been used as pipe insulation because it comes in a range of thicknesses & forms and can be easily handled to fit securely around a variety of equipment, ranging from large commercial chillers to household pipes. Due to continually changing weather conditions, pollution, contaminants, and humidity, the need for HVAC systems for industrial and residential applications is expanding. Refrigeration applications are best served by closed-cell foam. Because of its ease of installation and fire resistance, it is widely used in the heating and plumbing industries. They are also utilized in the construction industry to minimize total building weight due to their lightweight.
Environmentally friendly items are becoming increasingly popular. Consumer awareness of elastomer disposal and gas emissions during the manufacturing process has boosted the demand for environmentally friendly and long-lasting insulation. CFCs, HFCs, and other dangerous gases have also been phased out of the manufacturing process. The newly developed environmentally friendly elastomeric foams are extremely robust, weigh up to 40% less than rubber sponges, do not absorb water, and thus are easy to manufacture. As a result of these improved features and eco-friendliness, consumer preferences are shifting toward product adoption.
Furthermore, businesses are using a variety of techniques to develop products, improve production, and strengthen their position in regional marketplaces. Aptar, for example, announced a deal with Weihai Hengyu Medical Products in July 2021 to establish elastomeric and plastic component manufacturing capabilities in China for injectable drug delivery. Armacell, a global pioneer in flexible foam for equipment insulation and a leading manufacturer of bespoke foams, also announced the commercial market debut of ArmaFlex Ultra with FlameDefense technology, the whole new UL-certified flexible elastomeric foam insulator released in July 2020.
The inconvenient disposability and lack of awareness of Elastomeric Foam can act as a constraint for market growth at a global level.
Foams are made from elastomers such as butyl rubbers, chloroprene, isoprene, butadiene, acrylonitrile, Buna N, and others. Disposability is one of the issues preventing market expansion. A few elastomers release dangerous fumes, have a sulfurous flame, and have an unpleasant odor when burned. Furthermore, due to a lack of exposure to technical breakthroughs in material science, traditional commodities such as cotton, natural latex, coir, and organic wool may be used instead of elastomeric foam, reducing market demand.
By type, the EPDM segment is anticipated to witness a significant market share during the forecast period.
EPDM is expected to account for a significant part of the market and will likely dominate the industry over the projected period. It’s a polymer with unique characteristics including conformability, low permeability, and insulation. Sealing, gasketing, and insulating are all done with expanded EPDM foams. It’s frequently used for thermal insulation, acoustic insulation, and cushioning in a variety of applications, including vehicles and residential buildings. EPDM is a cost-effective insulating solution that is flexible, resilient, and low maintenance. EPDM foam demand is projected to rise as a result. The increased need for durable, strong, and flexible insulation materials in the industrial and automotive industries will lead to widespread product adoption.
By application, the HVAC segment is anticipated to witness a significant market share during the forecast period.
HVAC systems are used to maintain the right interior climate of infrastructure, automobiles, and residential and commercial buildings. They comprise using heating, ventilation, and air conditioning to keep the space’s temperature, airflow, air quality, and ventilation consistent. The elastomeric foam market is expected to grow due to rising demand from various application areas like health facilities, residential care, apartment buildings, and others where a safe and healthy environment is regulated based on the weather conditions such as humidity, temperature, and outdoor air availability. The Occupational Safety and Health Administration’s (OSHA) strict rules for worker safety and health would boost demand for HVAC systems, propelling the industry even further. HVAC systems are commonly used to maintain a specified environment for product manufacturing or storage. OSHA, for example, has set particular standards for indoor air quality (IAQ). Furthermore, HVAC systems come in a wide range of shapes and sizes, adding to the aesthetic appeal of a home or company. The increasing demand for HVAC systems in the automobile sector to ensure indoor comfort, heat, and ventilation is contributing significantly to global demand.
According to regional analysis, the Elastomeric Foam market in the Asia Pacific is expected to hold a significant share during the projected period.
The industrial sector’s strong demand for HVAC systems in the Asia Pacific region to control temperature and ventilation will drive up the demand for elastomeric foam. Thermal insulation is one of the most common tactics, and it is employed in a range of industries to help maintain the proper atmosphere for industrial activities. Chemical storage and production businesses, for example, require proper ventilation, temperature management, and air cleansing to guarantee a healthy and safe environment for workers. Industrial firms and storage facilities will drive up demand for HVAC systems in this region. The industry is expected to increase due to the ease with which raw materials can be obtained in countries like China, India, and Southeast Asia. One of the key motivators for manufacturers to create new production facilities and business units will be low labor costs in various Asia-Pacific countries. Furthermore, rising industrialization and urbanization tendencies in emerging countries such as China, Indonesia, and India are likely to drive up demand for Elastomeric Foam.
COVID-19 Insights
The elastomeric foam market was negatively affected by COVID-19. All commercial and industrial activities, including the fabrication of polymers, elastomers, and elastomeric items, were temporarily halted due to severe lockdowns. Furthermore, demand for raw materials such as SBR, polypropylene, NBR, acrylonitrile, and others was dramatically reduced during the lockdown due to the complete shutdown of industrial and commercial activities that use these elastomers as raw materials.
Elastomeric Foam Market Scope:
| Report Metric |
Details |
| Market Size Value in 2022 |
US$3.384 billion |
| Market Size Value in 2029 |
US$5.891 billion |
| Growth Rate |
CAGR of 6.33% from 2022 to 2029 |
| Study Period |
2019 to 2029 |
| Historical Data |
2019 to 2022 |
| Base Year |
2023 |
| Forecast Period |
2024 – 2029 |
| Forecast Unit (Value) |
USD Billion |
| Segments Covered |
- Type
- Application
- Geography
|
| Companies Covered |
- Armacell Yalitim A.S.
- Zotefoams
- Kaimann (Saint-Gobain Group)
- Huamei Energy-Saving Technology Group Co. Ltd.
- Hira Industries LLC
- And more
|
| Regions Covered |
North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope |
Free report customization with purchase |
Livestock Farming Demands For The Gluten Feed
BlogThe Gluten Feed Market is estimated to be worth US$1.238 billion in 2022, with a CAGR of 7.59% expected to reach US$2.967 billion by 2029.
Gluten feed is produced due to the corn syrup and corn starch production processes. It is a moderate protein feed with nearly the same level of total absorbable nutrients as barley. Corn gluten feed is primarily composed of maize steep and maize bran liquor, distillers soluble, cracked maize screenings, germ meal, and trace amounts of final products from other microbial fermentation processes. Gluten feed based on corn’s chemical composition differs widely depending on the milling operation and the relative amounts of steep liquor, bran, and other elements. The portion of steep liquor in the blend has a significant connection with corn gluten feed’s protein and energy composition. The High Protein content in gluten feed is expected to drive the growth of the market in the livestock farming globally.
The Corn, Maize and Wheat Gluten Feed Are Highly Digestable Which Will Lead To The Growth Of the Market.
Corn/Maize Gluten Feed– Corn gluten feed is a natural outcome of sweeteners, oil, cornstarch, and other products produced by wet processing. It is used as a feed supplement in cattle diets as a protein and energy source that aids the absorption of nutrients. Corn gluten meal contains approximately 65 percent crude protein and is widely used as livestock feed. It can provide energy, protein, and pigments to livestock and is used to improve digestibility in pet foods. Gluten feed is a byproduct of wet milling plants that manufacture human-grade products like starch and high-fructose corn syrup, which are used to add flavor to many soft drinks. Gluten for cattle is available as a wet mash, typically with a dry matter content of 40 to 60 percent, or as a dry (90 percent) pelleted product.
Wheat Gluten Feed-Wheat gluten feed is a natural outcome of wheat grain starch extraction. Following a swelling method, wheat is de-germinated in wet milling. Physical cleaning occurs after the husk is eliminated from the endosperm. The wheat gluten is split during this process, and pure wheat starch is procured. Wheat gluten feed is made from wheat gluten, split wheat husks, and dried wheat spring water. The product contains approximately 24 percent starch and approximately 16 percent crude protein. Wheat gluten feed is largely used in compound feed for ruminant animals (cows, cattle). However, its high nutrient intestinal absorption in the small intestine is also used in non-ruminant feed (pigs, poultry).
Soaring Demand For Animal-Based Product Is a Driving Force For The Gluten Feed Market
The livestock industry has been under mounting pressure to meet the rising consumption of high-value animal protein and meat. Growth in population, soaring incomes in developing nations, and urbanization have been expected to lead to a significant increase in global livestock intake. Cash flow and animal protein intake have been significantly associated with meat, milk, and egg usage, boosting the cost of staple foods. Because of reduced meat and animal product prices, emerging countries are beginning to imbibe large amounts of meat at much lower levels of GDP than industrialized countries. Urbanization has resulted in a greater trend for meat and dairy products in cities than in rural areas.
The Covid-19 Impacted the Gluten Feed Market Negatively
The COVID-19 disease outbreak has caused a significant shift in consumer eating patterns. Due to safety concerns, many users have switched from animal-based products to plant-based products, resulting in a decrease in sales volume. Furthermore, during the COVID-19 crisis, the closure of HoReCa and food processing facilities and the implementation of certain manufacturing protocols may have resulted in decreased growth in the gluten feed market.
The Asia-Pacific Predicted To Contribute Major Share To The Growth Of Gluten Feed Market
Globally, livestock farming and demand have increased, owing primarily to Asia-Pacific countries’ growing market share. Consumption and production of farm products have increased dramatically in China, India, and Japan. India is considered the world’s largest milk producer, accounting for 20.17 percent of the overall milk production. India contributes to approximately 5.65% of global egg production and has the world’s highest population of milch animals, with 133 million goats, 110 million buffaloes, and 63 million sheep. India accounts for 3% of total meat production as per APEDA. With emerging economies’ long-term economic growth, consumer preferences have shifted toward more animal-based products. Some of the main reasons for the high growth and demand are lifestyle choices, the higher spending power of consumers, and transforming spending patterns. In terms of both consumption and production of animal-based goods, the Asia-Pacific region is expected to grow faster and more remarkably over the forecast period. The use of feed probiotics will increase as the industry becomes more industrialized.
Animal Products In India
Animal-Based Products
Total Amount Of Production Per Year
Availabilty(Per Capita)
Recommendations As Per ICMR Guidelines
Milk
176.3 MT
375 grams/day
280 grams/day
Meat
7.7 MT
–
11 kg/year
Eggs
95.2 billion
74 eggs/year
182 eggs/year
Wool
41.5 million kg
–
–
Source: APEDA
Gluten Feed Market And Its Developments
Growing Climate Change Effects to Drive the HVAC Controls Market
Thought ArticlesThe Global HVAC Controls market size was valued at US$11.299 billion in 2020 and is anticipated to increase at a Compound Annual Growth Rate of 8.77% over the predictive period to reach US$20.354 billion by 2027.
Heating, ventilation, and air conditioning (HVAC) controls are devices that regulate the functioning of HVAC equipment. HVAC controls are used for efficient and effective monitoring and control of HVAC devices. HVAC controls use sensors to determine the current state of variables such as humidity, temperature, air quality, etc, to provide optimal results in HVAC systems. The major purpose and function of HVAC controls are to provide a pleasant atmosphere for residential or building occupants. Rapid climate change effects have resulted in an increase in temperatures recorded across different countries. This has led to the growing adoption of HVAC systems and controls across industries and an increase in market demand across the world.
Uses of HVAC Controls
Cost-Effective: – HVAC controls that are part of bigger units such as Building Automation Systems or Energy Management Systems contain high-functioning sensors, which can help large-scale or residential HVAC systems in saving huge amounts of money. These sensors can automatically sense a change in humidity, temperature, and air quality, and can automatically schedule systems to optimize energy usage.
Water management: – HVAC control systems help in monitoring water levels in the cooling reservoirs to prevent overflow, which helps in preventing water wastage. It also performs functions such as checking fill valve settings and operation. Some HVAC systems may also contain alarm systems to help in saving water.
Safety: – Modern HVAC controls have been launched with certain safety functions that can help the user in maintaining a safe environment. Smart HVAC controls can detect motion and movement to alert the user, which is an essential function considering the increasing number of robberies and break-ins in residential areas.
Developments in HVAC Controls Market
SiteLineTM Building Controls, introduced in January 2022, is a collection of scalable, cloud-based solutions from Daikin Applied that makes it easy to connect, monitor, and control individual pieces of both HVAC equipment and integrated building systems. Building owners and operators may utilize SiteLine to increase performance, improve indoor air quality, and reduce energy consumption and carbon emissions.
Johnson Controls has launched an all-in-one system that allows building operators to assess sustainability, health, and wellness indicators while also decreasing energy, water, waste, and carbon emissions, according to a news report released on July 31, 2020. Buildings will be able to change modes in response to a variety of critical factors, including building access, ventilation, elevator operation, door locks, lighting, open collaboration, and other environmental and safety settings. By connecting HVAC equipment with fresh data and AI, users of the platform may expect to save 20-60% on energy expenditures and IAQ parameters.
Products in the HVAC Controls Market
The T9100 and T9180 Digital Thermostats, manufactured by Johnson Controls, are multi-functional devices with proven energy efficiency and Title 24 compliance. They include high-resolution color touch panels that make it simple to monitor and manage the room’s temperature. Johnson Controls.
The Honeywell TRUEZONE® HZ311 panel is a device that may be used in up to three zones with standard single-stage operations. It has a voltage level of 24 volts and is suitable with the Discharge Air Temperature Sensor. Auto changeover and a resettable fuse are also included with this panel. It has sturdy push terminals, sensible LEDs, variable-speed fan control, and minimal environmental impact.
The Siemens G120P variable speed drive is designed for optimum air and liquid media management in standard commercial and residential HVAC systems. The G120P may reduce up to 60% energy expenditures by using intelligent approaches to regulate fans and pumps, compared to traditional control methods. The G120P is extremely consistent and reliable, with a variety of clever features and functions suited for most HVAC needs.
Asia Pacific Region to Lead the Market
Throughout the forecast period, the Asia Pacific region is likely to have the leading market share in the HVAC controls sector. The market is expected to expand as a consequence of factors such as the region’s growing population and increased infrastructure developments. Market expansion is likely to be fueled by the implementation of energy-efficient practices and government policies. Furthermore, owing to the increasing investments in the construction sector, the region has reported a significant growth in construction activities. The rising industrialization in countries like India and China has increased the demand for heating and cooling systems. Increasing energy consumption and rising costs have given a rise to the demand for efficient control systems for HVAC equipment. Moreover, the introduction of IoT-enabled HVAC systems has also contributed to rising market demand, which is expected to increase considerably in the area during the estimated period.
COVID-19 Insight
The COVID-19 outbreak caused a worldwide economic slowdown. Most businesses have suffered major losses due to the lockdown and social isolation restrictions enacted by governments. This had a negative influence on the HVAC controls business as well. The HVAC controls market has suffered a setback as a result of the global shutdown of most construction operations. Due to the interruption of important supply and manufacturing lines, the sector suffered huge losses. China, which is one of the biggest producers of electronic sensors, was the worst hit by the virus outbreak, leading to a decrease in supply. However, due to the restart of industrial operations and the withdrawal of COVID-19 protocols in some countries, the market is said to be rebounding. Moreover, with the introduction of significant improvements in technology and government initiatives, the HVAC controls market is expected to increase considerably over the estimated period.
HVAC Controls Market Scope:
Burgeoning Additive Manufacturing Technology–The Next Horizon for Automobiles
Thought ArticlesThe 3D printing powder market was valued at US$1.172 billion in 2020 and will increase to US$2.593 billion by 2027. Over the forecast period, this market is estimated to grow at a compound yearly growth rate of 12.01%.
Additive manufacturing, also known as 3D printing, is the process of developing three-dimensional solid items from a CAD model. In this process, the material is extruded from the printer’s extruder in a layer-by-layer fashion until the object is complete. Each of these layers can be viewed as a cross-section of the item that has been lightly cut. So far, seven different types of additive manufacturing methods have been found and defined. Extrusion of materials, vat polymerization, powder bed fusion, and material jetting are a few such types. These seven 3D printing techniques have further developed a plethora of 3D printing technologies that are currently in use by 3D printers. Powder bed fusion (PBF) is an additive manufacturing technique that fuses atomized powder particles together using a heat source—typically a laser. Similar to other additive processes, this too prints a model layer by layer. The final product is then encased and supported within an unfused powder. Selective layer melting, selective layer sintering, multi-jet fusion, and direct metal laser sintering are the types of 3D printing technologies which deploy the powder bed fusion method. Powder-based 3D printing technology is optimal for industrial-scale manufacturing owing to its high scalability, post-printing, and high throughput. The global 3D printing powder market landscape is segmented based on powder, applications, and geographical region.
During the projected period, the increasing adoption of 3D printing technologies in the automobile and aerospace industry is anticipated to add impetus to the market growth.
3D printing is extremely adaptable and can be set up for relatively hands-free production, making it excellent for a variety of industries such as automotive, electronics, aerospace and military, robots, and medicine. 3D printing is becoming more widely used in all aspects of car manufacturing. Aside from quick prototyping, the technique is also being utilized to make tooling and, in some situations, finished products. For instance, in March 2021, SOLIZE Corporation, a global digital engineering technology solutions provider, and HP Inc., a global leader in the 3D printing industry, collaborated to manufacture and print replacement parts for Nissan’s NISMO Heritage Parts program on-demand. The duo was the first to design and manufacture 3D printed replacement components for NISMO. Other automobile giants, such as Rolls Royce and Porsche, are also actively integrating 3D printing in the automobile manufacturing process. The former deployed 3D printing to print brackets while the latter developed 3D printing seats for a few of its models. While the use of 3D printing has expanded significantly across a variety of industries, none has done it more creatively than the aerospace and defense industry. Defense, which is at the vanguard of modernization and innovation, has witnessed 3D printing penetrate the manufacturing of a variety of platforms, including unmanned aerial vehicles (UAVs), aircraft parts, submarine hulls, and many other related components. Similarly, this powder-based additive manufacturing technology has also penetrated into aerospace. For instance, in May 2022, Airbus Defense and Space chose 3D Systems, based in Rock Hill, South Carolina, to manufacture essential components for its OneSat satellite.
The flourishing healthcare, automobile, and aerospace industries in the Asia Pacific region have opened vast opportunities for the 3D printing powders market in the Asia Pacific region. The ongoing investments by companies and government investments to develop the aforementioned industries are likely to boost this growth.
Rapidly Evolving 3D Printing Powders Market.
The increased penetration of powdered 3D printing technology into several industries, as cited above, is bound to propel its market size. To meet these increasing demands, many key players are hearing up to launch better offerings and enhance their market presence. In April 2022, Sweden-based Gränges forayed into the burgeoning 3D printing market with the launch of AM S220 aluminum alloy, its first additive manufacturing powder. This AM S220 (AlSi35), a high-performance aluminum alloy developed as part of the company’s DISPAL family of materials, is ideal for laser powder bed fusion 3D printing. Low thermal expansion, high stiffness, low thermal expansion, great wear, and tear characteristics, superior machinability, and low density are all appealing attributes of the material. According to the firm, the alloy’s qualities are similar to those of steel, except that it’s a third of the weight. As a result, it’s an excellent choice for high-performance applications in industries like aerospace and automotive.
Similarly, in November 2021, Farsoon, a selective laser sintering and melting solutions supplier, and Covestro, a German producer of a range of polycarbonate and ployeutharane-based raw materials, revealed their intentions to introduce new polymer 3D printing powders as the duo strengthened their partnership. The materials manufacturer has already successfully introduced TPU and PBT polymer powders generated on Farsoon 252P-series machines and has now committed to working with Farsoon on the development of other powders as well as upscaling to much larger series applications.
At the same time, with the growing demand for unique metal powders with the penetration of revolutionary additive manufacturing methods, the companies are actively advancing forward to further optimize these processes. In March 2022, for instance, Linde, a global multinational conglomerate, is building a new, dedicated laboratory to help researchers better understand the characteristics and behavior of atmospheric gases used in metal powder manufacturing. The new laboratory is scheduled to open in mid-2022 and is said to facilitate Linde in innovating new technologies to enhance the atomization processes. While few other companies are deploying strategic acquisitions to expand their footsteps. ATLANTA’s acquisition is a prime example of this. In February 2021, ALTANA, a specialized chemicals company, finalized the acquisition of TLS Technik GmbH & Co. Spezialpulver KG, extending its ECKART segment strategically. TLS, situated in Bitterfeld, Germany, has over 25 years of experience in the production of high-quality metal powders for industrial 3D printing and is one of the major global professionals in this field.
COVID-19 Insights
The global pandemic had significantly cooled down the sales of the global 3D printing powders market. Due to the rapidly increasing virus, multiple governments across the government have enforced stringent lockdown and social distancing measures to slow down the spread of the virus. This led to the closure of numerous production facilities, including the end-user industries of the 3D printing powders market, including aerospace and oil & gas industries. Additionally, multiple companies witnessed difficulties in imports and exports due to the stringent border restriction, ports closure, and airline halts. The procurement of raw materials and delays in shipments negatively affected the supply chains on a global scale. Furthermore, several end-user industries were forced to halt their strategic development plans due to the subsequent global economic recession. These aforementioned factors led to reduced sales for the said market. Nevertheless, with re-emerging industries amid post-COVID, the market is expected to regain its momentum and show an upward trend in the forecasted period.
3D Printing Powder Market Scope:
Pharmacovigilance Market – A Drug Safety Science
Thought ArticlesThe global pharmacovigilance market was valued at US$5.798 billion in 2022 and will increase to US$11.688 billion by 2029. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 10.54%.
Pharmacovigilance or drug safety is a pharmaceutical science that deals with the assortment, detection, assessment, and monitoring of pharmaceutical products while preventing the emergence of any possible adverse reactions by the drugs. Harmful, unpleasant, or undesirable effects caused by the drugs in-situ are termed Adverse Drug Reactions, ADR. Anomalies in medication such as misuse, abuse, or overdose of the drug are likely to result in adverse drug reactions. Companies active in the pharmacovigilance industry must make sure to identify and detect the hazards associated with pharmaceutical drugs and minimize the harm while following the standard guidelines and regulations. The pharmacovigilance market is bifurcated based on the clinical trial phase, service provider, and the end-user industry.
During the projected period, the growing sedentary lifestyles and increase in the health risks associated with it are expected to add impetus to the growth of the pharmacovigilance market.
This growth is attributed to rising drug consumption and the rate of drug development. Growing sedentary lifestyles due to lack of physical activities, changing dietary habits, surging occupational activities like desk work, and increasing penetration of games, television, and the likes are playing a significant role in rising associated health risks. According to the statistics derived by the World Health Organisation in Global Action Plan of Physical Activity 2018-2030, globally, about 3 in 4 teenagers and 1 in 4 adults fail to meet the physical activity standards set by the organization. Furthermore, factors like the improving economic development, urbanization, and evolving transportation are causing the inactivity levels to rise as high as 70 percent in a few countries. Approximately 3.2 million people suffer from mortality due to an increase in CVD, diabetes, high blood pressure, lipid disorders, cancer, obesity, anxiety, and depression. The American Cancer Society estimated that approximately 1.9 million new cancer cases would emerge in 2022, and 609,360 cancer patients would die from the disease. Also, according to International Diabetes Federation, the number of diabetic patients is estimated to increase by 643 million and 783 million by 2030 and 2045, respectively. Furthermore, according to World Health Organisation. 17.9 million people were estimated dot have died from CVD in 2019, attributing to 32% of global deaths. The increase in the prevalence of such diseases is rising drug consumption.
At the same time, the increasing prevalence of Adverse Drug Reactions is also expected to propel the market onward. According to the analysis of the Food and Drug Administration, over 6.7 percent of patients admitted to hospitals are seemed to be a victim of severe ADRs, with a possible mortality rate of 0.32, i.e., ADRs could be the fourth leading cause of death.
By end-user, the pharmaceutical industry is expected to hold a dominant position.
By end-user, Global Pharmacovigilance Market is bifurcated into Pharmaceuticals, Biotechnology Companies, Medical Device Manufacturers, and Others. Among these, the pharmaceutical industry is expected to hold a dominant position owing to an increase in drug consumption, ongoing new drug research and developments, and key strategies being deployed by key players to increase their presence. At the same, an increase in the use of drugs in a large heterogeneous population for prolonged periods can result in the emergence of adverse reactions that can go unseen during clinical trials. For instance, in April 2022, Pfizer, a pharmaceutical and biotechnology multinational conglomerate, voluntarily recalled Accupril, a drug used to treat hypertension. The presence of the chemical, N-nitroso-quinapril caused the drug to be recalled. The said chemical can cause an increase in the risk of cancer if used for a long above the acceptable range. In May 2022, another medication, SyrSpenf SF Cherry, was recalled by its manufacturer, Fargon Inc, voluntarily. The cause for recalling was potential microbial contamination by Burkholderia gladioli. This deadly bacterium can cause severe infections in the lungs in patients who have undergone transplants, are suffering from Cystic Fibrosis, or have weakened immune systems. Such instances surge the demand for the need of stringent pharmacovigilance standards.
To meet the growing demand, many leading firms are deploying strategic development in the pharmacology and drug safety industries. For instance, in March 2021, Auxita, a digital healthcare platform provider, and My Meds&Me, a leading provider of end-to-end pharmacovigilance solutions, announced their collaboration. This collaboration integrates the latter’s safety data capture solution into the former’s, allowing pharmaceutical industries and healthcare providers to collect and organize data efficiently. Also, IQVIA and NRx Pharmaceutical’s collaboration in March 2021 is another example of the developments in the market. IQVIA, a leading advanced analytics and technology solutions provider, teamed up with NRx Pharmaceuticals. As a part of this collaboration, IQVIA will be providing NRx with pharmacovigilance services and requited medical data for potential regulatory actions.
During the forecast period, North America is likely to account for a considerable proportion of the global pharmacovigilance market.
The global pharmacovigilance market has been divided into five regions: Asia Pacific, Europe, North America, South America, Europe, and the Middle East and Africa. During the forecasted period, the North American market is expected to hold a large proportion. The increase in deaths due to ADRs in the region is expected to be the main growth factor. The key deployments of major pharmacovigilance solutions providers in the said region are also playing a major role in driving the market onward. For instance, in October 2021, ProPharma Group, a global regulatory solutions provider, acquired Pharmica Consulting, provider of project management consulting solution to biotech and pharmaceutical companies. This new acquisition enabled the former to offer better services to clients during the entire product lifecycle.
Covid-19 Insights
The global pandemic had a positive influence on the pharmacovigilance market. Due to the onset of covid, anti-viral drugs like Remdesivir, Hydroxychloroquine, and Ritonavir were extensively repurposed to mitigate the infections. During the subsequent stages, many vaccines were also produced in large quantities. Due to the dire straits and immediate requirement for the vaccine, all the clinical trial phases were accelerated, considering the situation. The release of such medications has a possibility of increasing the risk of ADRs. Furthermore, not all people, like pregnant women and people with a history of more than one disease, don’t participate in the clinical trials. Consequently, there might be a chance for adverse reactions in such situations, thereby increasing the demand for appropriate pharmacovigilance solutions.
Nano Cellulose: The Sustainable and Eco-Friendly Alternative
BlogThe Nano Cellulose market size was valued at US$484.411 million in 2022 and is anticipated to increase at a Compound Annual Growth Rate of 25.13% over the predictive period to reach US$2,326.308 million by 2029.
Nanocellulose, which is cellulose in the form of nanostructures, has been shown to be one of the most significant eco-friendly materials in recent history. Because of their appealing and great qualities such as abundance, high aspect ratio, improved mechanical capabilities, renewability, and biocompatibility, Nanocellulose materials are gaining increasing interest. The abundance of hydroxyl functional groups allows for a wide range of chemical functionalizations, resulting in the development of diverse materials with adjustable properties. Nano cellulose has been known to have a ton of applications in the industries such as plastics, pharmaceuticals, food and beverages, packaging, and many other sectors.
Growing Demand for Sustainable Packaging
The packaging industry has seen rapid developments in the last few years. However, with the increasing demand for online shopping and the e-commerce industry, there arises a demand for sustainable packaging methods, to tackle waste management and environmental concerns in different countries. Most packaging products are made of plastic, paper, or metal, which are neither recyclable nor biodegradable, and ultimately end up in landfills and waste grounds. This creates a major problem for environmental protection and waste management. According to a report released by UNCTAD, the online retail sales share from total sales, increased from 16%in 2019 to 19% in 2020; and the percentage was sustained throughout 2021. China accounted for more than 50% of the total online retail sales among the countries that were recorded, while the United States accounted for about 30%. Many developing countries also recorded a substantial increase in online retail sales, according to the report. With this massive increase in demand for online shopping, the packaging industry also saw a substantial increase. However, this brought forward the various issues with the usage of traditional packaging products, which led companies to search for better alternatives.
Nanocellulose is made from nano-sized cellulose fibrils derived from wood pulp. Since nano cellulose is derived from plant matter, it is bio-degradable and sustainable in nature. Nanocellulose is also lightweight and stretchable, making it a perfect material for the packaging industry. Hence, with the increasing demand for online shopping and the e-commerce industry, and the growing demand for sustainable packaging materials, the nano cellulose market is expected to rise substantially.
Increasing Oil and Gas Industry
Over the last few decades, global energy consumption has been on the rise, and it will continue to do so in the coming years. The chaos of war and climate breakdown has helped the world’s leading oil and gas companies greatly, with massive combined earnings in only the first three months of 2022. Shell has reported $9.1 billion in profit from January to March, about three times more year on year, while Exxon made $8.8 billion, nearly three times more than in 2021. Chevron’s profits grew to US$6.5 billion, while BP’s first-quarter profit was US$6.2 billion, the most in a decade.
To meet demand, the oil and gas drilling companies have been digging deeper wells with expanded reach to access deeper reserves and optimize reservoir contact. Existing hydrocarbon reserves are running out. New hydrocarbon deposits are typically discovered in difficult environments, and drilling operations in these areas are often accompanied by high pressure and high temperatures. Biopolymers including cellulose, starch, and xanthan gum are commonly used in traditional drilling fluids. However, these substances are prone to degradation when subject to extreme pressure and heat during drilling.
Nanomaterials with a well-ordered crystalline structure, such as nano cellulose, have outstanding thermal and physiochemical capabilities. These kinds of improvements are required for designing high-performance water-based drilling fluid systems. For diverse oil and gas field drilling applications, processing and chemical adjustment of crystalline nano cellulose can result in a variety of nano-based materials such as polyanionic cellulose, hydroxyethyl cellulose, carboxymethyl cellulose, and so on. Hence, with the increasing advancements and demand in the oil and gas industry, the demand for the nano cellulose market is expected to rise.
North American Region to lead the market
The North American market is expected to be the largest market for cancer profiling throughout the forecast period. The market is predicted to grow as a result of factors such as rising technological advancements and infrastructural investments. The rapidly expanding food and beverage industry, cosmetics industry, and paints and coatings industry are expected to drive up the demand for the nano cellulose market.
Nanocellulose is in significant demand in the United States for the creation of high-strength cement for building composites. According to the Associated General Contractors of America, the construction industry is a significant contribution to the US economy. The sector employs over 7.6 million people and produces approximately US$1.4 trillion in construction each year. The increasing construction industry further influences the nano cellulose market. Moreover, as people in the United States become more concerned about their health, there arises a growing need for CNF and MFC in the manufacture of functional foods, which is anticipated to influence the market positively.
Covid-19 Insight
The advent of the COVID-19 pandemic sparked a global economic downturn. Since many governments implemented lockdown measures and social distance laws, most important sectors have experienced significant losses. The nano cellulose market also faced a decline in demand, since most of the important industries were shut down.
However, the pharmaceutical industry exhibited a great demand, due to the increasing COVID-19 infection cases. Moreover, with the growing demand for the online shopping industry and food delivery industry, the packaging industry reported an increase in demand for the nano cellulose market. Moreover, as countries have started to lift their COVID-19 protocols and lockdown regulations, the nano cellulose market is expected to report an increase in demand from industries, as they restart operations. Also, with industries searching for sustainable and environment-friendly alternatives to traditional materials, the nano cellulose market is expected to rise substantially in recent years.
Burgeoning Broadcasting Media Trends and Innovating Technologies
BlogThe broadcasting equipment market is projected to rise at a compound annual growth rate (CAGR) of 5.56% to reach a market valuation of US$38.911 billion by 2029, from US$26.532 billion in 2022.
Broadcasting is the distribution of video or audio content to a fragmented audience through electronic mass communications, but most commonly radio waves in a one-to-many model. The significance of broadcasting equipment cannot be overstated, for broadcasting equipment plays a vital role in everyday lives, which is attributed to the media’s role in shaping society. The tools of the trade used in broadcast are used on a personal as well as commercial level; this has increased broadcast appliances to meet the rising demands for new techniques for collecting the intel, editing it into insights, and finally relaying the message to the intended market. Owing to the various technical advancements, ever since the first broadcast in the early 1920s, broadcasting has undergone a drastic evolution. Today depending on the function, video, and audio broadcasting, there are a plethora of different types of equipment. The audio equipment deals with the audio or voice aspect. In contrast, video equipment deals with the capture and transmission of visual images or videos and is available in corded or wireless systems. In our day-to-day lives, broadcasting equipment is used for various reasons, from informing and educating to entertainment.
The advancements in technology have changed the Broadcasting Equipment Landscape.
The emergence of micro-led Television and the development of audio technological solutions have propelled broadcasting like never before. According to the statistics derived in the Global Smart TV Report by ‘Indian Television Dot Com’, by 2026, the penetration of smart Television is expected to rise by 51%, with the ownership of the smart televisions reaching about 1.1 billion homes across 88 countries included in the report. The market growth is further propelled by the strategic developments deployed by multiple key players. Samsung, the leading global smart TV brand, for instance, in April 2020 released a new innovative Neo QLED 8K & Neo QLED smart TV with a built-in IoT hub and solar cell remote.
The burgeoning IoT, Artificial Technology, and 5G market have further changed the way of broadcasting like never before. According to CISCO Annual Internet Report’s statistical inferences, about two-thirds of the global population, i.e., 66%, is estimated to have internet access by 2023, and 5G devices and connections will climb up to 10 percent globally. Similarly, the fixed broadband speeds and cellular speeds ate expected to rise by 110.4 Mbps and 43.9 Mbps, respectively, by 2023. The increased number of channel services, the advent of OTT platforms, and increased penetration of smartphones had further added impetus to the market growth. Using this as leverage, many firms are gearing up to enhance their brand presence and offer better services. For instance, in July 2021, Saankhya Labs, a homegrown wireless communication and semiconductor chipset solutions provider, obtained a 5G broadcast trial spectrum from the telecom department to evaluate in-house features that enable broadcast and mobile broadband network convergence before launching them in the US. At the same time, along with the major developments in the competitive landscape, government initiatives and aid are also driving the market onward. In September 2021, for instance, Southern Africa’s UNESCO Regional Office and the Ministry of Information, Publicity, and Broadcasting Services donated radio broadcasting equipment to a community radio station in Manicaland Province as part of the UNOPS-managed Zimbabwe Idai Recovery Project (ZIRP). Community broadcasting is bound to enhance communication in the province that was devastated by the 2019 Cyclone Idai.
According to analysts, Asia Pacific is expected to occupy a dominant share of the Broadcasting Equipment market in upcoming years.
By geography, the Broadcasting Equipment Market is segmented into five regions: Asia Pacific, Europe, North America, South America, and the Middle East and Africa. According to analysts, Asia Pacific is expected to witness the fastest growth in the upcoming years for the Broadcasting Equipment market. The countries like India, China, and South Korea, among many others residing in the regions, are expected to occupy a dominant market share. According to the CISCO annual report cited above, Asia Pacific stood at the top with about 52% of the regional population consuming internet and is expected to reach 72% by 2023. At the same time, the average fixed broadband and mobile connection speeds are expected to grow to 62.8 Mbps and 14.3 Mbps, respectively, by 2023.
In January 2020, China Broadcasting Network (CBN), operator of the country’s national television and radio networks, had obtained approval to begin operating 5G services after beginning trials of next-generation communications infrastructure in the summer of 2019 and receiving official approval to build a commercial network in November of the same year. Two months before CNB’s launch, the nation’s largest three operators—China Unicom, China Mobile, and China Telecom—had simultaneously turned on their 5G services. Moreover, as of now, the country has already established 86 thousand bases station across 50 cities. Similar developments taking place across the region are expected to affect the market growth positively. Furthermore, the growing trend of digitalization and rising demand for digital content coupled with government initiatives among the countries within the region is expected to drive the market growth.
Covid-19 Insights
The global pandemic had a negative impact on the Broadcasting Equipment Market. The mandated lockdowns and social distancing had resulted in the closure of many production units, either partially or wholly. The rapid surge of active infected cases had further affected the human resources in the industries, further slowing down the productivity. Consequently, due to the economic recession observed across the period owing to the pandemic, many companies were forced to briefly halt or postpone many of their strategic deployments. The international travel restriction, too, negatively affected the import and export of the companies. Nevertheless, with the growing trend of digitalization and rapid penetration of OTT platforms, the demand for digital broadcasting equipment is expected to witness tremendous growth.
Global Broadcasting Equipment Market Scope:
Is Mini-Led Taking Over Micro-Led?
Thought ArticlesThe global Mini LED market is projected to grow at a CAGR of 73.28 % during the forecast period to reach US$10,63.574 million by 2026, from US$39.290 million in 2020.
Mini-LEDs, as the name implies, are diodes with a diameter of less than 0.2mm. A TV, for example, has an LCD panel with LED backlighting that is used to regulate where light is displayed on the screen. The LEDs are either completely lighted or muted for dark scenes, depending on what’s on the display. Mini LED is a form of screen technology that is typically used in television displays. Most major TV manufacturers, such as Philips, TCL, LG, and Samsung, already offer Mini LED TVs for purchase or are developing new models with Mini LED backlight technology.
For years, mobile display technology has been largely set in its ways, except for flexible technology. Even in cheap smartphones, OLED panels have mostly replaced aging LCDs. With the migration to Mini-LED, however, high-end electronics may soon be on the cutting edge once more.
What to opt for Mini-LED or Micro-LED?
Mini-LED, also known as the new LCD, and on the other hand, Micro-LED sometimes known as OLED, are two distinct technologies. The former is based on LCD technology, however, the backlights are made up of smaller diodes. The latter is a progression of OLED, with individual red, green, and blue LEDs that are much smaller and brighter to directly emit color light. In other words, with Micro-LED, each pixel creates its light, whereas, with Mini-LED, the backlight is filtered by an LCD matrix, but the backlight allows more control than a typical LCD.
Finally, higher image quality without breaking the bank is the goal. Although OLED is superior to LCD, the latter is unquestionably the most cost-effective option. OLED isn’t necessarily the best choice for high-density laptop and tablet displays, particularly when it comes to peak brightness. On paper, Micro-LED is the superior technology, and lowering prices and increasingly viable manufacturing mean that smaller Mini-LED-based products are approaching reality. Apple is moving in bringing Mini-LED into their products.
Apple’s move to mini-LED will enable slimmer and lighter product designs with many of the same advantages as OLED. Mini-LEDs are comparable to OLEDs in terms of deep blacks and HDR but without the burn-in or degradation difficulties. LED-backlit LCDs are far more energy-efficient than the cold cathode fluorescent illumination used in the past for LCD panels, and mini-LED LCDs will be even more so.
Factors accelerating the market:
The tiny LED display market is growing due to the huge increase in the consumer electronics industry around the world. Due to this need, tiny LED technology has been heavily commercialized, coupled with extra dynamic properties. The micro-LED display ecosystem benefits from the widespread availability of smartphones and gaming stations with mini LED technology. Another promising next-generation display technology, micro light-emitting diode technology, is currently facing several technical challenges, including the need to improve wavelength and thickness uniformity in the Atomic Layer Deposition (ALD) process during chip manufacturing, as well as the need for a suitable adhesion technology during the manufacturing process. This technology is expected to first be used in high-end consumer electronics applications such as gaming computers and monitors, as well as niche items such as high-end televisions with high contrast, high resolution, and saturation.
In terms of supply chain capacity, Taiwan panel manufacturers are having difficulty producing OLED panels, thus they are focusing on the development of small LED display solutions. Nichia Corporation and Japan Display Inc. are two Japanese businesses working on the development of this technology and related goods. As a result of advancements in Taiwan, Japan, and China, the Asia Pacific area is expected to be a major market. Manufacturers of consumer electronics and automobiles in the United States are eager to try out new technology and are hence early adopters of a variety of innovative items.
Market leaders:
The major manufacturers of Mini-LED are BOE technology Group, AU Optronics Corporation, EPISTAR Corporation, Everlight Electronics Corporation, and Plessey Semiconductors, Japan Display Inc & Innolux Corporation. To capture a majority of the market share in the entire tiny LED sector, these main participants are focusing on product enhancements, mergers and acquisitions, collaborations, and new product launches. Asia-Pacific is highly renowned with a large number of manufacturers of semiconductors & Mini LED. TCL, Samsung & LG have introduced new Mini-LEDs TVs & Sony and Hisense will ship their first Mini-LED TVs this year.
Key Developments:
COVID-19 Insights
COVID-19’s outbreak had a favorable effect on the tiny light-emitting diode (LED) market. This can be attributed to the increased demand for high-end consumer electronic devices as a result of many employers’ work-from-home policies around the world. Furthermore, the expanding trend of online education increased demand for tablets and laptops, providing a chance for small LEDs to gain traction. However, supply chain disruptions induced by restrictions on the freight passage of non-essential food commodities have impeded industry expansion. The COVID-19 outbreak has had a significant impact on North America, resulting in a drop in consumer electronics consumption and, as a result, a decrease in demand for micro LEDs.
Protection and Potency Are Prerequisites for Medication
BlogThe pharmacovigilance market is predicted to rise at a compound annual growth rate of 10.54% over the foreseen period. The market is expected to reach US$11.688 billion in 2029 from US$5.798 billion in 2022.
Pharmacovigilance encompasses all aspects of the drug lifecycle, from clinical trials to post-market surveillance. It focuses on a drug’s safety and efficacy, making it the most crucial procedure for pharmaceutical companies. Pharmacovigilance, also renowned as drug safety, is a broad term that refers to gathering, analyzing, surveilling, and preventing the spread of unfavorable effects in drugs and therapy effects. It is an entirely scientific and methodological area of pharmaceuticals. The occurrence of lifestyle diseases such as cardiovascular complications, diabetes, and hypertension are rapidly increasing and has contributed to increased drug usage globally. This, combined with rising rates of adverse drug reactions (ADRs), is among the key drivers for the pharmacovigilance market globally. Aside from that, significant players are incorporating sophisticated technologies to ensure automated ADR monitoring, which is expected to fuel market growth.
Surveillance is used to mitigate risk and detect signals—positions in this specialty center on assessing drug safety data collected from other specialists. Surveillance produces development safety update reports (DSURs) for drugs in clinical trials and periodic benefit-risk evaluation reports (PBRERs) for drugs already on the market. Operations focus on assembling and documenting data during the preclinical Phase, early clinical trials, and collecting real-world evidence (RWE) of adverse events observed by health professionals and patients. Operations may also develop individual case study reports, standard procedures (SOPs), and regulatory reports.
Clinical Trial Plays a Vital Role in the market growth of the Pharmacovigilance Market Globally.
Clinical trials are a significant component of Pharmacovigilance. There are four phases for any medicinal product or therapy to go through and provide consistent results to be implemented, as safety and efficacy are the primary concerns when performing these clinical trials. The results are based on these two primary factors. The true extent of these clinical trials will be determined by various variables, along with the drug itself, the specific illness or inkling it can address, and the particular disease studied.
Phases of trials decide the Efficacy, Safety, and Dosage amount for medication or therapies.
Clinical Trials can be split into four phases, though there is often some crossover. The Four Phases are I, II, III, and IV. Phase I is the first human use, with research studies on healthy volunteer humans rather than animal studies. The goal is to establish the drug’s effectiveness and safety, evaluating the possibility of both favorable and unfavorable effects. The studies look at how the drug is consumed, distributed in the body, metabolized, and eliminated, as well as the tolerable dose. Once the amount has been determined, the Trial must evaluate the drug’s adverse and beneficial effects. Phase II trials are conducted in larger groups to assess how the drug is performing while keeping the safety assessments from the Phase I trial in mind. In a Phase II trial, it is typical for a medication reaction to occur, which is then determined, resulting in the drug not behaving as it should or having a toxic effect. The Phase III trial is conducted to obtain regulatory compliance, efficacy, and scientific proof that medicine or therapy has a beneficial impact on larger populations. The Phase III trial involves thousands of people and takes several years to accomplish a favorable outcome. In the Phase III trial, the preferred design is double-blind, with patients randomly assigned to start receiving active placebo, drug, or active comparator treatment. Phase IV trials, also known as postmarketing surveillance trials or drug monitoring trials, ensure the drug’s efficacy and long-term protection. It provides technical assistance once regulatory compliance is obtained to sell the drug.
Rising Cases of Adverse Drug Reaction is boosting the market growth of Pharmacovigilance.
Any response within a patient’s body induced by a drug/candidate molecule is considered an adverse event – a side effect. A harmful event is a potentially fatal side effect that results in hospitalization, permanent damage, incapacity, or, in the most severe cases, patient death. All clinical trial researchers must disclose adverse events, even if the negative effects are only presumed. Pharmacovigilance is responsible for determining which adverse events across a line of a drug’s efficacy—in other words, determining which adverse effects are worth the gamble to patients compared to their effectiveness in treating an ailment. Chemotherapy, for example, is proven to cause some severe side effects. Still, when confronted with life-threatening cancer, these side effects are deemed acceptable given the possibility of curing a patient.
Source: Medsafe
As per the records of Medsafe, The Centre for Adverse Reactions Monitoring (CARM) New Zealand received 3,713 reports of suspected adverse reactions in 2020. There were 2,415 reports related to medicines, 1,269 reports on vaccines, and 29 reports on complementary or alternative medicines (CAMs).
North America dominates this market share of the pharmacovigilance market due to the country’s highest number of Pharmacovigilance operations. The operation was coupled with the considerable casualties caused by ADRs, which necessitated the strict requirement for Pharmacovigilance. Furthermore, the area has well-established centers for operation management using advanced tools. Because of the emphasis on pharmacological risk management, Europe is expected to be the world’s second-largest consumer market. The country has developed several tracking programs to access and control ADRs, including the European Medicines Agency and EudraVigilance.
Covid-19 Cognizance
The prerequisites for safety reporting vary significantly around the world. Even though several nations have adopted digital reporting, such as the portal entry, email, and E2B gateway, many organizations still use conventional paper reporting methods. COVID-19 has no immediate impact on digital reporting or email entries. All methods, however, necessitate effective coordination among local legal representatives, courier support, pharmacovigilance teams, and teams dispersed across different geographical locations. Because of the onset of Covid -19, clinical trials are being managed differently in terms of immediate patient care and patient recruitment and analysis, safety reporting, and data collection.
Pine-Derived Chemicals — Versatile Bio-Based Renewables
Thought ArticlesThe Pine-Derived Chemical market was valued at US$10.539 billion in 2022 and will increase to US$15.278 billion by 2029. Over the forecast period, this market is estimated to grow at a compound yearly growth rate of 4.65%.
Pine-derived chemicals are the co-products extracted during the papermaking process. These co-products are then upgraded into multiple key ingredients that are used in a wide range of products, crucial to everyday lives. Pine chemistry is a long-standing example of bio-based chemistry that uses natural, renewable products from pine trees as raw materials. The key co-product extracted from the papermaking process is Crude Tall Oil (CTO). CTO, a primary pine chemical, is used to produce many products and can be further distilled into other pine chemicals, including Tall Oil Fatty Acid, Tall Oil Rodin, Distilled Tall Oil, heads, and pitch. Pine-Derived Chemicals are segmented on type, source, process, and geography.
During the projected period, the wide array of Pine derived chemicals’ applications is expected to drive the growth of the market.
Pine Chemicals are extensively being used in vitamins, food additives, paints, inks, perfumes, adhesives, fragrances in soaps, automobile tries, and many more. Pine-derived chemicals are renewable materials and have been serving as intermediate chemicals for over a hundred years for everyday consumer goods. Thus, the impact of the pine chemical industries extends to a wide range of society globally. The key co-products of the papermaking process are Tall Oil, Rosin, and Turpentine. Tail Oils are further upgraded to make Crude Tall Oils, Tall Oil Fatty Acids, Distilled Tail Oil, Sterols, Pitch, Dimers, and many others. Owing to their resilience and durability to withstand climate changes, abrasion, and compression, these materials are extensively used as binders in pavement making, cement, and other applications. Among them, Crude Tall Oil is the crucial pine-derived chemical. CTO, further, is also a consumer as feedstock for biodiesel production. As per American Chemistry Council estimates, the productivity of CTO will lead to 2.26 million tonnes by 2030 from 2.26 million tonnes in 2019 globally. This growth is an aid to be attributed to expansion in pulp capacity of future softwood. At the same time, the demand for CTO-based biofuels is expected to increase to 0.88 million tonnes per year by 2030. While, Rosins are further used to make wood rosin, rubber emulsifiers, paper size, ink resins, and many more. And Turpentine is used to produce Gum/Wood Turpentine, Vitamin intermediaries, Solvents, Disinfectants, flavors, and fragrances. The pines, a tree species under the genus Pinus, are commonly found in coniferous trees and are the source of several of the materials mentioned above.
Furthermore, with the increasing levels of greenhouse gas emissions, many are consumers focusing on eco-friendly, sustainable governments, and this is further powered by the increasing investments and initiatives deployed by multiple governments and enterprises on sustainable projects. The growing urbanization and investment in the construction of new buildings such as retail centers, offices, and hotels are expected to add impetus to the paints and coatings market growth. Additionally, the increasing applications of paints and coatings to prevent the corrosion of machine and equipment surfaces are expected to fuel the industrial coating segment. For instance, as per the statistics derived by the World Paints and Coatings Industry Association, the demand for architectural coatings surged by 5.2 percent in the second half of 2021. Furthermore, the demand for the products related to the healthcare segment saw a further boost during the pandemic. The demand for antimicrobial coatings was propelled by four to five times. Additionally, as per the statistical inferences by the Italian construction association, Associazione Nazionale Costruttori EdilI (ANCE), the investments in buildings and construction segments are expected to increase in upcoming years. Thus, the surging demand for the aforementioned products is expected to boost the pine-derived chemical market size.
During the forecast period, Europe and the Asia Pacific are likely to account for a significant proportion of the global Pine-derived Chemical market.
By geography, the Pine-derived Chemical Market is segmented into five regions: Europe, Asia Pacific, North America, South America, and the Middle East and Africa. Europe and the Asia Pacific are expected to hold the dominant position in the pine-derived chemicals. The growth in the regions could be attributed to an increase in paints, coatings, adhesives, and lubricants. For instance, according to the German Adhesives Association 2020, the German tapes and adhesives industry contributed to about annual turnover of over €4 billion. Furthermore, the increasing advancing adhesive bonding technology and its increasing applications are expected to generate over €400 billion. The growing production of pine-derived chemicals, like gum rosins, is further expected to propel market growth in the Asia Pacific region.
According to Analysts, stringent government regulations and rising labor costs are expected to serve as a restraint for the market growth.
The stringent rules imposed by the government and fluctuating prices are expected to constrain market growth. Organizations like The Pine Chemicals Association and Environment Protection Agency predominantly monitor the safety and useability of the pine chemicals. The growing concerns over environmental protection, limited supply of pine trees, and stringent restrictions associated with are expected to availability of the raw materials and prices of the products. The lack of research and development in forestry management is also expected to hinder the market owing to less productivity. Additionally, there’s been a lack of labor as well. For instance, according to the Pine Chemicals International Association International, there were many incidences of gum resin farmers leaving for cities seeking jobs with better wages.
Covid-19 Insights
The global pandemic had a negative influence on the pine-derived chemical market. The mandated lockdown and quarantine measures had created multiple challenges for the key players in the procurement of raw materials, and they had to look for other alternatives during the course. The closure of international borders has led to trade restrictions. The growing number of infected patients has resulted in a shortage of personnel, affecting productivity. For instance, according to WPCIA, due to the pandemic, 2020 saw a decrease in 3% sales due to Covid compared to the former year. Furthermore, due to the closures of several production facilities, the demand volume for the industrial coatings dropped by 6.8% when compared with the former year. Nevertheless, the improvised standard of living and growing population is expected to affect the market positively.
Pine-Derived Chemical Market Scope:
Elastomeric Foam – Flexibility is the Key to Stability
BlogThe Elastomeric Foam market is expected to grow at a compound annual growth rate of 6.33% to reach a market size worth US$5.891 billion by 2029. This market was valued at US$3.384 billion in 2022.
Elastomeric foam is a synthetic rubber with a closed-cell structure that comes in tubes, sheets, or rolls from a factory. They’re also known as flexible elastomeric cellular insulation, closed-cell elastomeric foam insulation, cellular elastomeric insulation, and unicellular insulation. Because closed-cell elastomeric foam has a high-water vapor permeability and can survive moisture absorption, its overall performance and sturdiness are unaffected by moisture in the ventilation, heating, air-conditioning, and plumbing systems.
Analysts anticipate that the market will grow due to the increased application of Elastomeric Foam across different industry verticals and its flexibility during the forecast period.
Elastomeric foam has been used as pipe insulation because it comes in a range of thicknesses & forms and can be easily handled to fit securely around a variety of equipment, ranging from large commercial chillers to household pipes. Due to continually changing weather conditions, pollution, contaminants, and humidity, the need for HVAC systems for industrial and residential applications is expanding. Refrigeration applications are best served by closed-cell foam. Because of its ease of installation and fire resistance, it is widely used in the heating and plumbing industries. They are also utilized in the construction industry to minimize total building weight due to their lightweight.
Environmentally friendly items are becoming increasingly popular. Consumer awareness of elastomer disposal and gas emissions during the manufacturing process has boosted the demand for environmentally friendly and long-lasting insulation. CFCs, HFCs, and other dangerous gases have also been phased out of the manufacturing process. The newly developed environmentally friendly elastomeric foams are extremely robust, weigh up to 40% less than rubber sponges, do not absorb water, and thus are easy to manufacture. As a result of these improved features and eco-friendliness, consumer preferences are shifting toward product adoption.
Furthermore, businesses are using a variety of techniques to develop products, improve production, and strengthen their position in regional marketplaces. Aptar, for example, announced a deal with Weihai Hengyu Medical Products in July 2021 to establish elastomeric and plastic component manufacturing capabilities in China for injectable drug delivery. Armacell, a global pioneer in flexible foam for equipment insulation and a leading manufacturer of bespoke foams, also announced the commercial market debut of ArmaFlex Ultra with FlameDefense technology, the whole new UL-certified flexible elastomeric foam insulator released in July 2020.
The inconvenient disposability and lack of awareness of Elastomeric Foam can act as a constraint for market growth at a global level.
Foams are made from elastomers such as butyl rubbers, chloroprene, isoprene, butadiene, acrylonitrile, Buna N, and others. Disposability is one of the issues preventing market expansion. A few elastomers release dangerous fumes, have a sulfurous flame, and have an unpleasant odor when burned. Furthermore, due to a lack of exposure to technical breakthroughs in material science, traditional commodities such as cotton, natural latex, coir, and organic wool may be used instead of elastomeric foam, reducing market demand.
By type, the EPDM segment is anticipated to witness a significant market share during the forecast period.
EPDM is expected to account for a significant part of the market and will likely dominate the industry over the projected period. It’s a polymer with unique characteristics including conformability, low permeability, and insulation. Sealing, gasketing, and insulating are all done with expanded EPDM foams. It’s frequently used for thermal insulation, acoustic insulation, and cushioning in a variety of applications, including vehicles and residential buildings. EPDM is a cost-effective insulating solution that is flexible, resilient, and low maintenance. EPDM foam demand is projected to rise as a result. The increased need for durable, strong, and flexible insulation materials in the industrial and automotive industries will lead to widespread product adoption.
By application, the HVAC segment is anticipated to witness a significant market share during the forecast period.
HVAC systems are used to maintain the right interior climate of infrastructure, automobiles, and residential and commercial buildings. They comprise using heating, ventilation, and air conditioning to keep the space’s temperature, airflow, air quality, and ventilation consistent. The elastomeric foam market is expected to grow due to rising demand from various application areas like health facilities, residential care, apartment buildings, and others where a safe and healthy environment is regulated based on the weather conditions such as humidity, temperature, and outdoor air availability. The Occupational Safety and Health Administration’s (OSHA) strict rules for worker safety and health would boost demand for HVAC systems, propelling the industry even further. HVAC systems are commonly used to maintain a specified environment for product manufacturing or storage. OSHA, for example, has set particular standards for indoor air quality (IAQ). Furthermore, HVAC systems come in a wide range of shapes and sizes, adding to the aesthetic appeal of a home or company. The increasing demand for HVAC systems in the automobile sector to ensure indoor comfort, heat, and ventilation is contributing significantly to global demand.
According to regional analysis, the Elastomeric Foam market in the Asia Pacific is expected to hold a significant share during the projected period.
The industrial sector’s strong demand for HVAC systems in the Asia Pacific region to control temperature and ventilation will drive up the demand for elastomeric foam. Thermal insulation is one of the most common tactics, and it is employed in a range of industries to help maintain the proper atmosphere for industrial activities. Chemical storage and production businesses, for example, require proper ventilation, temperature management, and air cleansing to guarantee a healthy and safe environment for workers. Industrial firms and storage facilities will drive up demand for HVAC systems in this region. The industry is expected to increase due to the ease with which raw materials can be obtained in countries like China, India, and Southeast Asia. One of the key motivators for manufacturers to create new production facilities and business units will be low labor costs in various Asia-Pacific countries. Furthermore, rising industrialization and urbanization tendencies in emerging countries such as China, Indonesia, and India are likely to drive up demand for Elastomeric Foam.
COVID-19 Insights
The elastomeric foam market was negatively affected by COVID-19. All commercial and industrial activities, including the fabrication of polymers, elastomers, and elastomeric items, were temporarily halted due to severe lockdowns. Furthermore, demand for raw materials such as SBR, polypropylene, NBR, acrylonitrile, and others was dramatically reduced during the lockdown due to the complete shutdown of industrial and commercial activities that use these elastomers as raw materials.
Elastomeric Foam Market Scope: