Cars to get safer: Automotive Radar market to witness double-digit growth rate over 2016-2024

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Increasing technology penetration in the automobile industry will dynamically impact Automotive Radar Market size over the coming years. Rising concerns over passenger and vehicle safety will build huge growth opportunities for the automotive radar industry. As per Association for Safety International Road Travel (ASIRT), on an annual basis approximately 1.3 million people die as a result of road accidents. To reduce these fatal accidents, cars are featured with collision prevention systems, which in turn will fuel global industry growth trends. According to Global Market Insights, Inc., “Automotive radar market size is anticipated to register an annual growth rate of 18.7% over the period of 2016-2024.” As per the Insurance Institute for Highway Safety, one of the three fatal accidents can be dodged if collision avoidance systems are incorporated into the vehicles. This will in turn generate heavy surge in the automotive radar business space over the coming years.

Favorable government norms towards preventing fatal accidents will play a vital role in influencing the automotive radar industry trends. For example, the U.S. National Highway Traffic Safety Administration announced the deployment of Automatic Emergency Braking Systems (AEBS) in cars with model year 2018, to prevent road crashes. Moreover, shifting consumer preferences towards safer and technically sound vehicles has led the manufacturers to launch automobiles featured with safety equipment. In addition to this, the growing trend of IOT, which is poised to revolutionize the automotive space will further fuel the technology deployment in vehicles. Automotive electronics market will be another business space gaining heavy momentum over the coming years.

Germany Automotive Radar Market size, by application, 2013-2024 (USD Million)

Germany Automotive Radar Market size, by application, 2013-2024 (USD Million)

Automotive radar finds applications across a broad spectrum of automobile systems such as Adaptive Cruise Control (ACC), Lane Departure Warning System (LDWS), Blind Spot Detection (BSD), Forward Collision Warning System (FCWS), and Parking Assistance (PA) system. Automotive radar market size in adaptive cruise control (ACC) application is projected to grow at a CAGR of 17.7% over the forecast period, driven by its ability to monitor the specified gap between vehicles.

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Blind spot detection (BSD) is another lucrative application area of automotive radar market. Automotive radar industry share in BSD industry is anticipated to grow at a rate of 19.1% over the coming seven years, owing to the collision sensing capability of this system, in case some other vehicle enters the blind spot. Automotive radar market size is also witnessing a favorable growth in forward collision warning system (FCWS), owing to the rising norms pertaining to the vehicle safety.

Asia Pacific automotive radar industry will attain significant growth over the estimated period, driven by the rapid expansion of the automotive industry across this region. China is likely to be the major revenue pocket for APAC, having accounted for 45% of the overall revenue in 2015. Europe market share is anticipated to record a CAGR of 17.5% over the forecast timeframe.

The automotive radar industry will witness innovative technological developments and strategic collaborations & partnerships over the coming years. Market players will focus towards improving their product and solution portfolios with respect to the cost features, to sustain the competitive business scenario. Key automotive radar industry participants include Valeo, ZF TRW Automotive, Hella, Fujitsu, Delphi Automotive LLP, Texas Instruments, Robert Bosch GmbH.

Author NameOjaswita Kutepatil

Automotive relay market growth to be driven by rising automobile safety & security concerns

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Favorable government norms regarding vehicle safety along with the growing demand for smart electronic devices will stimulate automotive relay market size. According to Global Market Insights, Inc., “Global automotive relay market size is predicted to surpass USD 14 billion by 2023”. Increasing usage of electronic equipment per vehicle to enhance safety & security and driving experience will boost the automotive relay industry trends significantly over the forecast timeline. Automated power grid will also play a vital role in the growth of automotive relay market share, owing to the increasing demand for relays across smart grid technologies.

Automotive relay market is witnessing huge adoption owing to its usage in Driver Information, Powertrain, Body & Chassis, Safety & Security, and convenience systems pertaining to the vehicles. Driver information automotive relay application is anticipated to grow at a rate of 7.9% over the period of 2016-2023. The growth can be attributed to the growing demand to modernize the vehicles with emerging features such as GPS, weather & traffic information and location services, web access, emergency assist, etc.

U.S. Automotive Relay Market size, by application, 2012 – 2023 (USD Million)

U.S. Automotive Relay Market size, by application, 2012 - 2023 (USD Million)

Surging smartphone industry will positively impact driver information automotive relay market

Moreover, automotive relay market share in safety & security applications will grow considerably over the forecast years, owing to the growing trend to buy vehicles equipped with security features such as car alarm, antilock braking system, and theft protection system.  Convenience application is estimated to register a CAGR of 6.5% over the coming six years, owing to the increasing focus of consumers on the vehicles featured with new technologies such as electronic power steering, seat control, interior lighting, mirror control, keyless entry system, and sunroof control.

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Growing trend of miniature electronic devices will fuel PCB industry size

The major automotive relay products include PCB and Plug-In Relay. Printed circuit board (PCB) relay dominated the product landscape accounting for 80% of the global automotive relay market share in 2015. Plug-in relay market size will also witness considerable gains over the coming years, mainly driven by its increasing demand across powertrain system which are characterized by high vibrations and frequent voltage fluctuations and thereby require high switching capacities.

Mandatory safety equipment installation in vehicles will boost global automotive relay industry share

Taking into account global automotive relay market trends, Asia Pacific automotive relay industry share worth USD 4 billion in 2015, is anticipated to surpass a revenue of USD 7.5 billion by 2023, mainly driven by convenience and powertrain applications. China is likely to be the major revenue pocket for APAC automotive relay market. Moreover, cheap labor, availability of raw material, and favorable government rules will also favor the regional demand.

Europe market share accounted for 24% of the global revenue in 2015 and will exhibit relatively slow growth trends over the coming timeframe. Growing automotive sector followed by stringent government norms about passengers and vehicle safety will majorly drive the regional growth.

Market players will enhance their industry presence by increasing the brand awareness via proper product distribution channels. Moreover, mergers & acquisitions, strategic partnerships, and product portfolio expansion will be the other prominent focus areas over the coming years. Moreover, Key market players include ABB Ltd., American Zettler Inc., Deltrol Controls, Denso Corporation, Eaton Corporation, Fujitsu Ltd., Salzer Electronics Ltd., NEC Corporation, Panasonic, TE Connectivity Ltd., Nippon Aleph corporation, and Omron.

Author NameSunil Hebbalkar

Nutraceutical industry to primarily drive carotenoids market size over 2016-2024: Global revenue to surpass USD 300 million by 2024

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Rampant application of carotenoids across food & beverages, cosmetics, pharmaceuticals, and animal feed industries has fueled carotenoids market size. According to Global Market Insights, Inc., “Global carotenoids market share is projected to surpass USD 300 million by 2024.” Heavy use of carotenoids in the nutraceutical industry, owing to its positive effect on immune & cardiovascular system are expected to boost the carotenoids industry trends over the coming years. Higher spending on medical & healthcare insurance services along with the growing life expectancy of aging population is further expected to stimulate the global industry size over the next few years. Carotenoids act as a main precursor for amino acids in animal feeds and possess anti-oxidative characteristics, further enhancing its demand across animal feed additives market.

 

U.S. Carotenoids Market size, by product, 2015 & 2024 (USD Million)
U.S. Carotenoids Market size, by product, 2015 & 2024 (USD Million)

Major carotenoids products comprise lycopene, beta-carotene, astaxanthin, lutein, and canthaxanthin. Beta-carotene industry size worth USD 40 million in 2015, is forecast to register an annual growth rate of 4% over the coming seven years. Heavy product demand can be attributed to its increasing usage as an essential ingredient in diets, to avoid ailments pertaining to the eyes, heart, and skin. Canthaxanthin, which contributed towards nearly 10% of the global carotenoids market share in 2015, is projected to witness a high surge over the next few years due to rising consumer preference for bakery items, snacks, breakfast cereals, fruits, and baby ingredients. Moreover, its extensive usage across cosmetics industry due to its anti-tanning properties will further stimulate the product demand over the coming years.

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Lutein is another major carotenoid product, forecast to witness a substantial growth in the near future. The growth will primarily be driven by its high demand across pharmaceuticals, food, dietary supplements, nutraceuticals, and animal feed applications. Lycopene industry worth USD 15 million in 2015, is expected to grow considerably over the next few years due to its high application in cosmetics and pharmaceuticals sectors.

Shifting focus of consumers towards natural products has pushed growth of natural carotenoids market. Natural carotenoids industry size is expected to register a CAGR of 4% over the period of 2016-2024. The other prominent extraction of carotenoids is from the synthetic sources. Synthetic carotenoids market dominated the source landscape with a market value of USD 190 million in 2015. Low production cost and easy availability of synthetic resources will boost its industry share over the forecast timeframe.

Carotenoids market size in food & beverage sector is anticipated to grow substantially over the forecast period, owing to its large-scale application as food additives globally. Animal feed sector, which accounted for nearly 30% of the overall carotenoids market share in terms of volume, is projected to grow considerably over the coming years. The growth can be credited to its high nutrient content and improved taste. Growing consumer preference towards healthy meat appearance is expected to boost the carotenoids industry growth.

LATAM carotenoids market is expected to witness a considerable growth over 2016-2024, owing to changing lifestyles, rise in per capita income, and high consumer awareness about the benefits of product use. Argentina, Peru, Brazil, and Chile are expected to be the key growth drivers of the region.

Europe carotenoids industry will witness a substantial surge over the coming years due to the rapidly expanding food sector along with heavy product use as food coloring agent. Russia, Germany, Italy, and France are likely to be the key revenue pockets of the region.

Middle East & Africa carotenoids market is projected to witness a significant growth over the next few years, owing to rise in the aging population as well as high demand for the product across health supplements sector.

Market players will try to enhance their share by adopting business strategies such as product differentiation and high R& D investments. Key carotenoids industry players include Cyanotech Corporation, Allied Biotech Corporation, Chr. Hansen, Divis Laboratories Limited, D.D. Williamson, and Naturex Company.

Author NameDhananjay Punekar

Medical industry to augment steam autoclaves market growth over 2016-2023

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Steam autoclaves market size is expected to grow at a CAGR of 8.9% over the period of 2016-2023, owing to its rising application in hospitals, dental, medical waste management, healthcare, bio-hazardous waste management, and pharmaceutical sectors.  Steam autoclaves are widely used for sterilizing medical equipment, consumables, and healthcare supplies. Today, their most popular application in hospitals includes pre-disposable treatment as well as sterilization of pathogenic hospital wastes. Furthermore, implementation of strict government norms regarding biosafety will propel steam autoclaves industry growth over the next few years. Introduction of inexpensive & effective steam autoclaves along with the growing implementation of CSSD (Central Sterile Services Department) framework is anticipated to fuel the market growth over the coming years.

Steam autoclaves market revenue in medical sector worth USD 338.9 million, is predicted to reach USD 622.4 million by 2023, owing to its extensive use in hospitals and medical waste management. Steam autoclaves market size in laboratory sector is expected to grow at a rate of 9.3% over 2016-2023, due to its ability to handle bio-hazardous wastes produced by pharmaceutical firms.

U.S. Steam Autoclaves Market Size, by application, 2013 – 2023 (USD Million)

U.S. Steam Autoclaves Market Size, by application, 2013 - 2023 (USD Million)

Major steam autoclaves include horizontal, table top, high pressure, vertical, and floor standing products. Vertical steam autoclaves market, which contributed over 25% of the overall revenue in 2015, is projected grow noticeably over the coming seven years. The growth can be contributed to its wide use in labs as well as in hospitals. Furthermore, vertical steam autoclaves are also used for treating as well as sterilizing biohazardous wastes in laboratories and medical establishments.

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North America steam autoclaves market size worth USD 673.4 million in 2015, is projected to witness a high surge over the forecast timeline. The growth can be attributed to the implementation of strict biosafety norms along with presence of manufacturing & distribution units of the established firms. Canada and U.S.  are expected to be the major regional revenue pockets.

Europe steam autoclaves market revenue is predicted to surpass USD 950 million by 2023. The growth can be credited to strict biosafety regulations predicted to be implemented by EBSA (European Biosafety Association) and CE across Europe. This will help in controlling the management as well as treatment of medical as well as bio-hazardous wastes in the region. Germany and UK are projected to contribute significantly towards the regional share.

Asia Pacific steam autoclaves market is projected to grow at a CAGR of 9.9% over 2016-2023, owing to rise in healthcare expenditure, economic growth, and increase in disposable income of the consumers. Furthermore, the execution of HIA (Health Information act) rules along with growing acceptance of CSSD framework are few of the factors predicted to contribute significantly towards the regional growth.  Australia, India, Japan, and China are anticipated to make significant regional revenue contributions.

Latin America steam autoclaves industry is forecast to witness a substantial growth over the coming seven years. Brazil and Mexico are expected to drive the regional growth.

Industry participants will try to increase their revenue and retain their market position through mergers & acquisitions and huge capital investments. Key steam autoclaves industry players include Hanshin Medical Company Limited, Tuttnauer, Priorclave Limited, Steris Corporation, ERYIGIT Medical Devices Inc., Promotal, Panasonic Healthcare Co. Ltd, Nuve, and Medisafe International Inc.

Author NameSunil Hebbalkar

Global Pigments market share to hit USD 18.98 billion by 2024: Paints & Coatings sector to augment the industry growth

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Pigments market size is expected to surpass USD 18 billion by 2024, driven by its growing applications in construction materials, paints & coatings, plastics, toiletries, and printing inks. Global paints & coatings industry worth USD 110 billion in 2015, is expected to witness a noticeable growth over the coming years, owing to enhanced demand for high quality paints and breakthroughs in coatings technology.  This will in turn stimulate the pigments market share in the paint & coatings sector. Moreover, heat stability, corrosion resistance, tinting strength, opacity, dispersion, lightfastness, toxicity, staining, and resistance to acids & alkalis etc. are some of the favorable pigment properties, which are predicted to boost the pigments industry trends over the coming timeframe.

Paints & coatings sector led the pigments application landscape by contributing towards 35% of the overall pigments market share in 2015 and is forecast to witness a noticeable growth over the period of 2016-2024. The growth can be credited to the rise in purchasing power along with growing preference for pigments providing improved metallic luster to paints. Furthermore, they help in preventing surface corrosion and strengthen the paint film to get the best color effects.

Europe pigments market share, by product, 2013-2024 (KT)
Europe pigments market share, by product, 2013-2024 (KT)

Pigments market size in construction materials sector is expected to grow at a CAGR of 3% over 2016-2024, primarily driven by its increasing applications in color roofing, metal panels, colored asphalt production, wood construction, and cooler tiles. Pigments applications in Plastic industry was worth USD 1.5 billion in 2015 and is anticipated to witness a substantial growth over the coming eight years.

Major pigments products include specialty, inorganic, and organic products. Inorganic pigments market price worth USD 5 billion in 2015, is expected to grow at a rate of 3.5% over the period of 2016-2024. The growth can be attributed to its favorable properties such as consistency, tinting strength, and pure hue. Organic pigments market accounted for 40% of the overall revenue in 2015 and is forecast to witness significant gains over the next few years. The growth can be attributed to its growing application across various sectors due to rising ecological and health concerns. Specialty pigments market size is anticipated to register a growth rate of 5% over the coming eight years, owing to the rising consumer preference for phosphorescent and high quality paints.

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North America pigments market size valued at USD 3.2 billion in 2015, is projected to witness a considerable surge over the coming years, owing to the high consumer preference for specialty products. U.S. is projected to make noteworthy contributions towards the regional share.

Asia Pacific pigments industry is expected to record a CAGR of 5% over the timeframe. The growth can be attributed to rapid infrastructure expansion, rise in vehicle production & sales, and increase in construction activities. India and China are anticipated to be major regional revenue pockets.

Market players will adopt major growth strategies such as product portfolio expansion, joint ventures, and mergers & acquisitions over the coming years. Key industry players include Huntsman Corporation, Clariant, Lanxess, BASF, CRISTAL, Ferro Corporation, Pidilite Industries, TRONOX, DIC Corporation, and Tokan Material Technology Co., Ltd.

Author NameDhananjay Punekar

Global household vacuum cleaners market size to hit USD 17 billion by 2024

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Household Vacuum Cleaners industry size is expected to grow at a rate of 4.6% over the period of 2016-2024. Changing urban lifestyles and demand for precise & real time technologies will mainly drive the household vacuum cleaners market size over the coming timeframe. Tight schedule and active lifestyle makes time saving mandatory. Dual-earning families and middle income groups will face time-constraints to manage household chores. Therefore, accomplishing everyday domiciliary tasks besides the hectic work schedule will propel household vacuum cleaners industry growth.Rising living standards and enhanced consumer spending capacity on luxury appliances will further drive household vacuum cleaners industry revenue. Increasing awareness pertaining to time-efficiency, convenience and benefits derived due to vacuum cleaners use is expected to promote household vacuum cleaners market trends over the coming years. Moreover, swift advancements in technology supporting innovations will make it more energy efficient, economical, and user-friendly.

APAC Household Vacuum Cleaners Market size, by product, 2013-2024 (USD Million)

APAC Household Vacuum Cleaners Market size, by product, 2013-2024 (USD Million)

Major household vacuum cleaners comprise Upright, Canister, Central, Drum, Wet/Dry, and Robotic cleaners. Robotic household vacuum cleaners market share will reach USD 3.5 billion by 2024, owing to its innovative features such as acoustic sensors, automated mapping capabilities, self-charging, and sweeping brushes. High demand for mobile support applications is expected to drive its growth over the coming years.

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Upright vacuum cleaners led the product landscape, owing to its small size and high performance ratio. It is anticipated to contribute over 25% of the overall household vacuum cleaners industry share by 2024 and will register a CAGR of 3.2% over 2016-2024. The growth can be attributed to major features such as small size with high suction capabilities and large cleaning surface area which adds to its high performance.

Canister vacuum cleaners market is expected to register a CAGR of 4% over the timeframe of 2016-2025, owing to its user-friendly features.

North America household vacuum cleaners market is expected to witness a high growth over the next few years on account of rising time constraints for home-based cleaning along with heath & hygiene awareness among consumers. U.S. is expected to contribute significantly towards the regional share.

Asia Pacific household vacuum cleaners industry share worth USD 3.7 billion in 2015, is expected to grow at a CAGR of 5.2% over the coming eight years, owing to its high demand.  India, Japan, and China are predicted to boost the regional revenue.

Market players will try to grow their regional presence and ROI through mergers & acquisitions and product differentiation. They will try to compete in terms of price, product branding, technology, performance, energy consumption and quality. The key industry participants include TTI Floor Care, Oreck, Dyson, Stanley Black & Decker, Panasonic, Samsung, Royal Philips Electronics, Eureka Forbes, Haier Group, iRobot, and LG.


Author Name
Ojaswita Kutepatil

Global animal feed additives industry size to surpass USD 22 billion by 2022

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Animal feed additives market size worth USD 16.11 billion in 2014, is expected to grow at a CAGR of 3.7 % over the period of 2015-2022. Rise in meat consumption of livestock such as poultry, cattle, and swine as a protein source is expected to boost the global industry trends over the coming years. Animal feed additives such as minerals, vitamins, fatty acids, and amino acids enhances metabolism and weight gains of the livestock. Livestock production estimated at 305 million tons in 2014, is expected to increase significantly over the coming years and will drive animal feed additives market growth. Furthermore, increase in meat consumption due to growing purchasing capacity and population base is expected to drive the global animal feed additives industry size over the next few years.Asia Pacific meat production sector contributed over 41% of the overall demand in 2014, while Europe and North America meat production industry contributed over 18% and 14% of the overall demand in 2014.

Europe animal feed additives market size, by product, 2012-2022 (USD Million)

Europe animal feed additives market size, by product, 2012-2022 (USD Million)
Based on the livestock, animal feed additives market is segmented into cattle, poultry, swine, and aquaculture. Animal feed additives market share in poultry worth USD 6 billion in 2014, is expected to witness high surge over the coming timeframe. The growth can be attributed towards rising health awareness along with strict monitoring of meat quality by the government due to increasing occurrence of diseases such as bird flu, etc.  Animal feed additives industry size in aquaculture is expected to record a CAGR of 4.2% over the coming six years.

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Amino acids market price valued at USD 5.3 billion in 2014, is expected to grow significantly over the coming years. The growth can be credited to the use of threonine, lysine, methionine, and tryptophan in feed additives of poultry and swine.

Asia Pacific animal feed additives market revenue worth USD 5.1 billion in 2014, is projected to witness a substantial growth over the coming six years. The growth can be attributed to rapid urbanization, strong economic development and increase in purchasing capacity of the consumers. Philippines, India, China, Thailand, Malaysia, and Indonesia are expected to be the major regional revenue contributors.

Latin America animal feed additives industry size, which contributed over 8% of the overall revenue in 2014, is anticipated to witness a substantial surge over the coming years. The growth can be credited to high standards of living, rising disposable income of the consumers, and high demand for meat. Argentina and Brazil are anticipated to contribute significantly towards the regional share.

Market players will try to increase their product portfolio and grow their regional presence through mergers & acquisitions. Key industry participants include BASF, Danisco Company, Nutreco Company, Evonik Industries, Addcon Group, Adisseo, Cargill Corporation, Biomin Company, and Kemin Industries.

Author NameDhananjay Punekar