High purity alumina market to register double digit CAGR over 2018-2025, rising demand from LED applications to augment the industry expansion

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High purity alumina market is arguably one of the fastest growing industries of present times owing to the rising demand for HPA in manufacturing products that have come to form the very cornerstone of the present age of technology. High purity alumina is used as a critical ingredient in the production of synthetic sapphire used for manufacturing substrates for LED light, semiconductor wafers as well as scratch-resistant sapphire glass used for optical windows, wristwatch faces and smartphone components. HPA is a high-value, high margin product that finds application in separators for lithium ion batteries in the electric vehicle industry and surgical tools and instruments in the medical industry. Given the expanding application base of high purity alumina, it is rather overt that HPA market will observe a commendable growth over 2018-2025.

U.S. High Purity Alumina Market Size, By Application, 2014 – 2025 (USD Million)
U.S. High Purity Alumina Market Size, By Application, 2014 – 2025 (USD Million)

In 2017, LED applications accounted for more than 50% share of the HPA market, as incandescent light bulbs are slowly coming to be replaced with LED lights, given that many countries have began phasing out the less energy efficient incandescent lamps to fulfil energy efficiency targets to reverse the effects of climate change. Residential LED products are expected to use at least 75% less energy and last up to 25 times longer than the traditional lamps. Incandescent bulbs have become infamous for losing most of their energy as heat compared to which LEDs are much more energy efficient. The widespread use of LED lighting can potentially reduce electricity consumption.

Estimates show that by 2020 LED lights will capture approximately 60% of the global lighting market. With sapphire production being hiked in many countries, the cost of semiconductors has begun declining causing LED light prices to plummet making them more affordable and available to a larger section of the population. Compact size breakage resistance and ability to focus light which eliminated the need of reflectors and diffusors has helped in LEDs find a large application base. With the expansion of the LED industry, HPA market has witnessed rising demand, high purity alumina being one of the most important ingredients in LED manufacturing.

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Countries around the world are concentrating their efforts in producing more high purity alumina as it is used in the development of semiconductors which has become the foundation of various technologies widely used in the present age of information. These tiny electronic devices potentially power the modern economy as they act as data-processing brains for products ranging from smartphones to automobiles to spacecraft. Notable US suppliers of semiconductors like Intel, Broadcom and Qualcomm account for a commendable portion of the semiconductors industry share and therefore are some of the largest consumers in the high purity alumina market. Intel, the microprocessor maker that dominates the computers and laptops of the world, has been valued at $241.1 billion, while Broadcom and Qualcomm, chip suppliers of smartphones, are valued at $97.4 billion and $76.2 billion respectively.

In recent times China is working hard to break free of the U.S. dominance over the semiconductor industry and build a self sufficient one. At present Chinese semiconductors are used in the low-end market for products such as bank cards and USB-keys. The Chinese government has recently laid out the blueprint for Made in China 2025 which is an ambitious effort by the government of the country to help the semiconductor industry reach a goal of $305 billion in output by 2030 and meeting more than 80% of the demand of semiconductors in China which though consumes more than half of the world’s chips, cannot fulfil the domestic demands by manufacturing in China. Countries thus competing with each other to capture the dominant share in the semiconductor industry will impart a significant boost to the growth of the high purity alumina industry.

Considering the immense potential of the high purity alumina market most of the big names in the HPA industry are looking to expand their operations. For instance, Australian innovator Altech Chemicals Ltd landed a US$60 million stream finance facility from a United States investment group to support an HPA project. Such instances of massive investments by prominent companies is picking up pace adding growth impetus to the overall high purity alumina market which is expected to more than double in terms of revenue by 2025.

Author NameParoma Bhattacharya

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Geographic Information System (GIS) market to witness extensive proceeds from the O&G sector, APAC and North America to be pivotal growth grounds

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With location-based analytics and mapping forming an essential part of the future smart & sustainable technologies, GIS market is going a transformation of sorts in the recent times. Over the years, strong technological proliferation in geospatial services for remote sensing platforms and navigation have further accelerated the adoption of GIS solutions for obtaining critical information and real-time location data. With improved operational efficiency and enhanced decision-making, the advent of GIS technology has irrefutably brought a commendable transformation in the recent years.

Enumerated below are few examples of how GIS technology is faring across the popular industries.

Europe GIS Market Share, By Application, 2017 & 2024 (USD Million)
Europe GIS Market Share, By Application, 2017 & 2024 (USD Million)

Oil & Gas Industry:

As an industry that has registered itself as a vital part of the global economy, this capital sensitive oil & gas sector is one of the most lucrative segments of the global GIS industry. In fact, statistics depict that the oil & gas industry is driven by an anticipated 80% data that has a spatial component, harnessing geographical & spatial information at every possible stage of the life-cycle right from basin analysis to E&P activities to distribution and pipeline management. With GIS industry further bringing in extended spatial analytics and advanced mapping, the oil & gas sector is indeed emerging with the highest potential of GIS application over the entire life-cycle.

Agriculture Industry:

The agricultural sector has now widely adopted GIS and spatial mapping technologies for better assessing crop conditions, weather, and topography related information. The rapid adoption of drones for precision farming and agricultural applications have furthered the demand for GIS, in turn favoring the business growth. Estimates in fact claims the global GIS market from the agriculture segment to register a healthy growth rate of 15% over 2018-2024.

Government Sector:

The global GIS industry is considerably thriving on the copious amount of geospatial information used by the government agencies for taking data-driven decisions on national & state welfare. The government sector is in fact seen increasingly investing in deploying GIS software across the military, defense, and aerospace for carrying out terrain analysis, crucial surveillance as well as reconnaissance operations, battle field management, and monitoring of possible activities of terrorism.

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How is GIS helping to streamline regulatory processes?

As the utility of GIS is rapidly gaining momentum across the popular industries, the area of regulation & environmental litigation is particularly forming a profitable investment ground for potential stakeholders. The modern GIS technologies are helping the regulatory agencies to strictly monitor public lands, protect environment, and in conserving water resources.

Recently for instance, the Maharashtra (India) government has announced that it will be using the GIS mapping technology for identifying the illegal constructions in more than 170 major cities. According to the officials, there is no prevention nor any steps are generally taken to stop illegal construction. It is only after a building is constructed & people start residing, the issue is ranked up. The regional GIS market in this regard is thus gaining traction as the satellite mapping technology is expected to help the government monitor illegal construction at an early stage.

Smart Policing is another major concept that is emerging rapidly due to technological advancements brought forth in the global GIS industry. The police agencies worldwide are using geospatial technologies for identifying crime hot spots, mapping crime, identifying areas prone to inmate violence, and parole management. Thus, allowing the law enforcement authorities to better monitor situations, the GIS technology is witnessing strong adoption in streamlining regulatory process, which in extension is taking the growth curve of global GIS market several notches up.

Statistics depicting the exponential growth rate:

  • According to a report compiled by Global Market Insights, Inc., the global GIS market is estimated to be pegged at USD 4 billion in 2017, and is projected to hit a remuneration portfolio of USD 9 billion by 2024, depicting a 12% growth rate over the timeframe.
  • Taking into account the regional landscape, the North America GIS market held a dominant share of 40% in 2017, given the rapid adoption of geospatial technology across myriad industries.
  • With an anticipated CAGR of 15% over 2018-2024, the Asia Pacific GIS market, according to reports, is expected to emerge as lucrative investment hub for potential stakeholders.

On account of the vast application and regional scope it comes as no surprise that the GIS industry players are making rapid headways in reinforcing their global positions in unique ways. Recently, for instance, a GIS startup AmigoCloud has announced that it is on a mission to make satellite mapping easier. In order to make digital mapping available for everyone, the company has developed a unique cloud-based GIS app which can be downloaded from Google Play and Apple Store. The proliferations of such different start-ups and core industry players, is undeniably expected to propel the commercialization potential of GIS market in the ensuing years.

Author NameOjaswita Kutepatil

Enumerating hoist sling chains assemblies market outlook with regards to the growth tactics undertaken by prominent industry magnates: APAC to emerge as a major revenue pocket by 2025

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The escalating demand for material handling equipment across myriad industrial sectors has been fueling hoist sling chains assemblies market over the last few years. The surging use of waterways for international as well as inter-country trading for improving the affordability of transportation also has been enhancing the product demand. In essence, in some of the industrial areas, it has been observed that workers may face hazards with the use of conventional material handling facilities, on the grounds of which companies are deploying hoist sling chains for handling heavy materials. Subject to the robust end-user requirement, hoist sling chains assemblies industry participants have also been investing in research and development activities targeting exceptional durability.

U.S. hoist sling chains assemblies market size, by end-user, 2014 – 2025 (USD Thousand)
U.S. hoist sling chains assemblies market size, by end-user, 2014 – 2025 (USD Thousand)

The latest furor of urbanization and industrialization has led to a surge in the demand for sling chains for transporting and handling heavy loads efficiently. However, minor faults in the design of sling chain can result in major accidents, considering which most of the countries have set strict standards to maintain its working stability in any environmental condition. That said, the contribution of leading industry players toward this business space is also commendable, a few instances of which have been enlisted below:

  • Speaking of setting safety standards, it is prudent to mention that recently, the American National Standard (ANS) set a new standard in order to maintain industrial safety. Apparently, the standards applies to the deployment of sling chains used for fabrication, attachment, inspection, maintenance, and testing of load-handling activities. The updated safety standard has set a benchmark for hoist sling chains assemblies market companies. In order to comply with this new design standard, hoist, hook, sling, and crane assembly manufacturers have found to have been adopting new design techniques and giving preference for advanced materials that will help them to improve their existing in-house product portfolios.

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  • Recently, in March 2018, a premier brand of chain and fittings, Campbell® revealed new swivel hoist hooks featured for heavy-duty latch and spring assemblies. Prior to this new launch, for achieving excellent durability, ultimate strength, and better corrosion resistance capability, Campbell® had completely redesigned the hooks with the additional benefit of ease of replacement once they get damaged. As of now, oil refineries are prominently giving preference for easy to use and long-lasting hoist sling chains. The growing requirement for swivel hoist hooks across several jobsites for rigging and lifting is thus slated to augment hoist sling chains assemblies market
  • Taking into account the favorable business opportunities across oil & gas industries, many companies involved in rigging and lifting product supply and manufacturing have been looking forward to broadening their regional reach by signing deals with the already established industry contributors. For instance, one of the U.S. based major providers of rigging and lifting products, Delta Rigging & Tools had acquired Holloway Wire Rope in 2013. After this acquisition, Delta Rigging & Tools expanded its footprints across Kansas and Oklahoma oil & gas fields and strengthened its customer base by implementing similar business tactics in the later years.

In addition to constant drilling activities across the globe for exploration and excavation of oil and gas, the heavy investment in construction activities for improving the country’s infrastructure has also been fueling the product demand. Countries like, India, China, and South Korea, in accordance with the surging industrialization and urbanization, have been investing considerably in infrastructure development, the expanse of which leads to a surge in the demand for hoist sling chains. Indeed, having considered the potential growth prospects that the construction industry in APAC will offer to the global hoist sling chains assemblies market, prominent contenders have been gradually shifting their production base to the region.

Driven by the onslaught of companies and the expanding construction industry, APAC led the overall hoist sling chains assemblies market in 2017 and is expected to grow at an annual growth rate of 9.4% over 2018-2025.

The shifting trends toward automation for ease of working and comfort further will have a considerable impact on the industry growth. In many companies, in order to maintain safety decorum at the workplace while handling heavy loads, sling chains are being preferred for operations. Powered by the continuous infrastructural development activities across the globe, hoist sling chains assemblies market is anticipated to generate a revenue of more than $8.9 million by the end of 2025.

Author NameSunil Hebbalkar

North America and Europe snow blowers market to be driven by the rapidly increasing incidences of snowstorms, technological advancements to augment the industry growth

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As most of the geographies across the globe get colder under the increasing effect of global warming, North America and Europe snow blowers market is expected to pick up a remarkable growth pace over 2018-2024. Recently, ahead of the 2018 winter season in the northern hemisphere, weather forecasts have started to indicate a severe winter that is expected to bring record breaking amounts of snow. For instance, Britain is being predicted to be in the clutches of the coldest winter in more than a decade with early heavy snowfall that will probably cover the nation.

Plunge in solar activity, its effect on the Arctic airmass, El Nino warming on the eastern Pacific and changes in tropical air patter will also come into play in creating this snow blanket, warn forecasters. As a common precaution snowblowers will be extensively employed to keep everyday life from coming to a standstill, adding a notable impetus to the growth of North America and Europe snow blowers market.

U.S. snow blowers market size, by product, 2013 – 2024 (USD Billion)
U.S. snow blowers market size, by product, 2013 - 2024 (USD Billion)

The winters between 2017-2018 brought heavy snow in some of the most unexpected places when cold air from Siberia raced through Europe and brought uncommon snowfall in Rome, making it imperative for Italy’s civil protection agency to deploy the army to clear the snow in the paralyzed city. Macedonia, norther Greece and Bulgaria as well as parts of the coast of Mediterranean Sea were cover in several inches of snowfall in the beginning of 2018, bring everyday life to a halt. It is predictable that people will be more prepared for the changing weather conditions and equip themselves with machines like snowblowers in the face of impending severe winters, in turn stimulating North America and Europe snow blowers market.

Contradictory as it may seem, global warming is bringing about a major change in winter climate patterns and studies are increasingly indicating that winter snowfall in North America and Europe are about to get worst. New studies have found that winter warming in the Arctic will increase the frequency of severe weather conditions in the eastern U.S. that will include snowstorms and cold snaps. Globally, over the last 20 to 30 years, surface temperatures have warmed in all latitudes with the notably cold winters across much of northern Europe, the United States and northern Asia along with unusually cold winters especially prominent over central Siberia.

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In the U.S. East Coast warmer ocean temperatures might be the reason behind the intense nor’easters resulting in increased snowfall as warmer offshore waters would lead to more moisture entering the storm and releasing more energy, with water vapor condensing into raindrops and snowflakes. North America and Europe snow blowers market will therefore register increased scope of expansion as weather change will propel the sale of snowblowers in these regions.

Noting North America and Europe snow blowers market trends, snowblower manufacturers and inventors are bringing innovation to the industry that is not only increasing the sales scope of snow blowers because it is snowing more in recent years but also because these snow blowers are more user and eco-friendly. For instance, recently InventHelp, a company that helps everyday inventors patent their work, helped two inventors from Rhode Island to patent their snowblower wings extension design. This wings kit is designed to clear a wider path while requiring less time and effort.

On a more sophisticated scale, robots like Kobi have been introduced in the North America and Europe snow blowers market that not only removes snow from sidewalks and driveways but picks leaves and even mows the lawn. The robot is equipped with a GPS to link it to the weather forecast so that it can start to remove the snow while it is still light and can recharge itself. It can be operated with an app to define its boundaries and has sensors to help avoid obstacles. With technology making it easier to tackle the snow that is predicted to worsen with global warming North America and Europe snow blowers market is expected to record increased traction over 2018-2024.

Author NameParoma Bhattacharya

Hoist chains market to witness augmented demand from energy applications, rising prominence of renewable energy to boost the industry expansion over 2018-2025

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Increased infrastructure development activities around the globe have generated considerable remuneration for the hoist chains market, with the rising demand for material handling equipment across construction and energy sectors. The accelerated growth of the automobile and aerospace industries have further influenced the demand for specialized equipment like electric hoists in the manufacturing segment. Requiring much less maintenance as compared to wire rope hoists, chain hoists serve as a very economical alternative to expensive cranes in different environments, propagating the hoist chains industry. A continuous upsurge in energy production and consumption will necessitate the development of conventional and renewable energy power plants over the coming years, propelling the global hoist chains market revenues, which exceeded USD 4.5 million in 2017.

U.S. hoist chains market size, by end-user, 2014 – 2025 (USD Thousand)
U.S. hoist chains market size, by end-user, 2014 - 2025 (USD Thousand)

Reports have shown that worldwide, the electricity generation had increased by 2.8% in 2017, helped by the construction of numerous power plants in many countries and the uninterrupted supply of resources for electricity production. Rapidly expanding natural gas exploration projects have encouraged the setting up of new gas power stations in several regions, while the declining costs of erecting a solar or wind energy farm have strengthened the renewable energy sector. Hoists play an important role in lifting, erecting or moving components while building solar farms and windmills, and the growing number of renewable energy projects will extremely proliferate the hoist chains market.

Experts have predicted that in North America alone, the energy consumption could reach up to 157 quadrillion BTU by 2025, indicating the prospects of new electricity generation plants and the involvement of the hoist chains industry. The communications segment is estimated to utilize nearly 20% of all the world’s electricity by 2025, additionally highlighting the need for more energy production units. The International Energy Agency (IEA) has informed that in 2016, renewables had contributed the maximum capacity addition, with around 165 GW of new production capacity. As evident, a spurt in energy infrastructure projects globally will fuel the hoist chains market expansion, since new undertakings imply the requirement for efficient material handling equipment.

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Growth opportunities for the hoist chains market over 2018-2025 from the energy sector:

Solar Energy

In an attempt to lower the overall cost of utilities, power companies and governments around the world has constructing giant solar PV farms, ensuring lucrative prospects for several material handling and support industries. Touted as being the world’s largest solar farm on completion in 2019, the USD 4 billion Benban solar park in southern Egypt will consist of over 5 million PV panels. With such massive facilities comes the need for grid infrastructure to support the supply of energy, which translates to more demand for the material handling equipment companies and, invariably, for the hoist chains industry.

Saudi Arabia also has an ambitious project in the pipeline to build a solar farm that is at least 100 times bigger than any existing ones and is expected to be completed by 2030. There are confirmed schemes in China and India as well to develop giant solar power plants to meet the fast mounting energy demand in the countries. In North America, a 500-acre solar farm has been proposed in the Hancock Country, Indiana, while a Canadian company has agreed to build the largest solar plant in the state of Texas and will complete the construction by 2019.

Wind Energy

Owing to the flexibility, power and compact size, electric chain hoists are quite useful in wind energy turbines, not only helping to lift the turbines during construction, but also inside the turbines to help lift equipment, making the maintenance work easy. As such, vast wind farms, such as the Hornsea Project One being built near U.K., will deploy hoists in the construction phase as well as over the turbine’s lifecycle. The project is to be completed by 2020 and will be the biggest offshore wind farm in the world. Separately, TenneT from Netherlands has planned to build an artificial island around 100km off the Yorkshire coast in U.K. by 2027, which will house a mammoth wind farm capable of producing over 30 GW of power.

With more than 341,300 wind turbines spinning worldwide at the end of 2016 and the extensive wind farm projects in the making, the hoist chains market stands to gain tremendous proceeds over the forecast period from the inevitable need of electric chain hoists.

All in all, the exponential rise in electricity demand will amplify the efforts of countries to extend their energy generating capacities, building both, renewable and conventional power plants, boosting the hoist chains market revenue. Driven by the global increase in industrialization and the overall economic development witnessed worldwide across myriad topographies, the hoist chains industry will surpass USD 9.5 million in terms of earnings by 2025.

Author NamePankaj Singh

Automotive lighting market to be driven by the surging deployment of advanced LED technology, global industry valuation to exceed USD 40 billion by 2024

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Global automotive lighting market outlook has observed a plethora of changes in the last few years, driven by the shifting preference toward advanced efficient lighting as opposed to traditional lighting. Designed with highly innovative technologies, excellent aesthetics, and quality, automotive lighting systems, over the last few years, have undergone a sea of change pertaining to the advent of optics and laser technologies. In order to tap the popularity of advanced technologies, most of the automotive lighting market players are looking forward to focusing on product design alternations, acquisitions, and facility expansions. Driven by their efforts and the upcoming technology trends in electronic lighting, automotive lighting industry share is anticipated to observe commendable growth ahead.

China Automotive Lighting Market, By Technology, 2017 & 2024 (USD Million)
China Automotive Lighting Market, By Technology, 2017 & 2024 (USD Million)

Digitalization of vehicle interiors and exteriors with LED lighting is one of the prominent technologies that has made its mark in modern vehicle lighting systems. The evaluation of highly functional, durable, and innovative products will have a significant impact on industry growth over the years ahead. For instance, recently, one of the world’s largest manufacturers of semiconductors, Osram Opto Semiconductors has partnered with ISELED Alliance for developing advanced solutions for automotive LED lighting. The German semiconductor manufacturer and ISELED alliance through this collaboration are looking forward to integrating effective hardware and software system to optimize LEDs.

Over the last few years, with the increasing importance imparted to aesthetic and ergonomics of the vehicles’ interior as well as exterior, the design approach of contributors in the automotive lighting industry has indeed changed. They are now giving preference for the advancement of infotainment systems that will turn out to be rather beneficial for them in terms of revenue generation. As of now, the extensive use of LEDs for deploying lighting systems in vehicles will further stimulate the automotive lighting market size. As per estimates, automotive lighting market size from LED technology will register a CAGR of more than 7% over 2018-2024.

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The revolutionary development of high-performance light sources is also one of the approaches undertaken by companies to gain a competitive edge over their rivals in the automotive lighting market. The growing awareness among the product developers about energy efficient lighting systems has been encouraging them to adopt new business tactics focused around this parameter. Merely a few months before, LG Electronics acquired the well-known automotive lighting and headlight systems provider, ZKW Group. This strategic merger has allowed LG to extend its regional reach across U.S., China, Mexico, and several countries in Europe continent. The ZKW Group incidentally, is one of the leading providers of lighting systems to European automotive giants comprising Daimler, Porsche, Audi, and BMW which have already ditched the use of traditional lighting technologies. The new consortium of LG and ZKW is planning to develop intelligent lighting solutions which will provide high-resolution information collected from the sensors and automotive communication systems. Considerable investments poured in by technology companies in new product development with the intention to expand the product range is slated to propel the automotive lighting industry share.

In August 2018, the Canadian automotive product supplier, Magna acquired the headlight and lighting component provider, Olsa for expanding its automotive lighting business. With the acquisition of the Olsa, Magna has grown its lighting capabilities from designing and manufacturing of headlamps, tail lamps, and other lighting systems. Moreover, the acquisition of advanced technology will also help Magna better its portfolio in distinctive and featured lighting products. The rise in the integration of electronics in lighting systems and shifting focus of automakers toward styling will turn out to be rather fruitful for lighting product manufacturers.

All in all, it would be accurate enough to quote that the transformation in conventional lighting systems has enhanced automotive lighting market trends over the last few years. Tech companies have also been conducting continuous research and development activities to introduce optimized and cost-effective lighting systems. Powered by the surging utilization of modern lighting systems in next generation vehicles, automotive lighting market size will register a CAGR of 5% over 2018-2024.

Author NameSunil Hebbalkar

Fragrance ingredients market to garner substantial proceeds from fine fragrances & perfume applications: global industry to be characterized by a plethora of novel product innovations over 2018-2024

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Driven by the escalating demand recorded on a global scale for cosmetics and perfumes, fragrance ingredients market is anticipated to make remarkable progress over 2018-2024. It is to be noted that one of the factors that has greatly influenced the direction of the modern fragrance industry is stringently meeting consumer demand which in turn has also extended its influence on the fragrance ingredients market. Formulators are apparently reinventing perfumes for personal products to create new scents that will attract and satisfy a much wider and diverse segment of consumers all over the globe. The fragrance industry encompasses key players across the skin care, makeup, hair care and bath products manufacturing sectors that set the shape, trend, concept and strategies for this business sphere, thereby influencing fragrance ingredients industry.

U.S. Synthetic Fragrance Ingredients Market Size, By Product, 2017 & 2024, (Kilo Tons)
U.S. Synthetic Fragrance Ingredients Market Size, By Product, 2017 & 2024, (Kilo Tons)

While fragrance ingredients are prominently used across a plethora of end-use sectors, such as soaps & detergents and toiletries, the beauty & personal care domain is likely to emerge as the principal growth avenue for the fragrance ingredients industry. As per Global Market Insights, Inc., fragrance ingredients market size is estimated to cross 1.5 million tons by volume by 2024. With increasing disposable incomes in the emerging economies as well as the recovering economies in the developed nations, a considerable boost in consumer spending on personal care products has been observed. New innovations are also on the radar, as besides women’s fragrances increasing demand for men’s toiletries and cosmetics in the last few years has acted as a catalyst for experimentation and expansion in the fragrance ingredients market, increasing sales stability.

Considered a conventional element in the cosmetics industry, fragrances have thrived as an industry that has been largely driven by beauty trends and prevalent fashion. The use of perfumes which was once considered a non-essential luxury has come to be considered a must-have personal grooming product as competition in the fragrances industry has become steeper and perfumes have carved a place of their own in the personal care products segment. Though the use of perfumes has become common and an everyday affair, the fragrances ingredients industry has received a boost from use of the ingredients in mass produced products as well as in luxury products that bring special and personalized products to the market and still considered a luxury item meant for connoisseurs. Fragrance ingredients market size from fine fragrances & perfumes is thus set to grow at a remarkable pace in the years ahead, driven by ever-changing consumer demands.

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E-commerce and globalization have added an extra edge to the fragrance ingredients market as countries with emerging economies have consumers reaching out to buy famed North American and European products helping to expand their demand and reach. Increasing disposable incomes among such consumers have encouraged them to use more personal care products as well as cosmetics which has again indirectly added momentum to fragrance ingredients industry. In the developed nations while the recovering economy is indicating a positive trajectory for perfume and consequentially fragrances ingredients industry, fragrance companies are trying to offset higher costs by introducing eco-friendly products and well-priced gift sets.

Innovations are also changing the face of the perfume industry. For instance, the application of perfumes is not being limited to the neck and wrists. Instead perfumes are being created that can be applied to the hair as long hair is very good at retaining fragrances. More mists, oils and shampoos are being produced that can help hair strands to retain a favorable fragrance. New methods of marketing are also expanding scope for the perfume industry. For example, several new services are being offered that lets the customers try on different perfumes for a month and then decide their favorite or use personality quizzes to match a perfume to the user.  As the consumer base for perfumes and fragrant products continue to expand, it is apparent that the fragrance ingredients market will continue to grow substantially.

Innovation in the perfume industry has been extended to merchandising solutions such as Paperscent, a device that dispenses perfume samples on paper in department stores thus making the test bottle redundant. With consumers demanding more varied scents to be made available and to be used in products, the fragrance ingredients industry is expected to traverse alongside a profitable growth trajectory over 2018-2024.

Author NameParoma Bhattacharya