Bulk & Specialty Chemicals
Industrial Head Protection Market to accrue a massive share via construction applications over 2017-2024, U.S. to majorly influence the regional demand
Industrial Head Protection Market growth is highly impacted due to mergers & acquisitions, new product launches, and product differentiations. For instance, in July 2017, MSA Safety Incorporated, a manufacturer of safety equipment based in the U.S., declared the complete acquisition of Globe Holding Company, LLC, a leading U.S. based manufacturer of firefighting boots and protective clothes, for USD 215 million. With this purchase, MSA has further reinforced its leading position across PPE (Personal Protective Equipment) sector in North America. The acquisition has helped MSA to further enhance its product portfolio that find applications across the construction, oil & gas, mining, defense, fire service, and petrochemical sectors, thereby augmenting the scope of industrial head protection industry.
U.S. Industrial Head Protection Market Size, By Application, 2016 & 2024, (USD Million)
Today, construction companies have designed a new kind of safety helmet to offer protection to the workers who have sustained fatal head injuries. The OSHA (Occupational Safety and Health Administration) has passed legislations that mandate the use of protective helmets for the workers at locations where there is a possibility of sustaining head injuries due to electric shock impact, burns, and falling or flying objects. Global Market Insights, Inc., states that industrial head protection industry, which generated a revenue of more than USD 2.3 billion in 2016, is slated to hit a revenue of more than USD 3.4 billion by 2024.
Low costs and rise in worker efficiency along with declining incidences of worker injury will boost the demand for sensors and smart wearables across the industrial head protection market. Personal protective equipment manufacturers are devising new methods to augment the health quality and safety of workers. For instance, Scott Safety, a U.S based manufacturer of PPE and respiratory equipment, has created firefighting equipment such as PPE wearable devices as well as sensor-embedded solutions. Multinational firm Honeywell International incorporation is producing smart helmets for the factory workers to improve their safety as well as efficiency. The aforementioned factors are expected to create bright growth prospects for industrial head protection industry.
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Even firms which are not involved in the business of producing personal protection equipment have made heavy investments in the production of smart helmets to explore the growth opportunities across industrial head protection market. For instance, a U.S. based augmented reality firm Daqri has designed wearable devices referred to as ‘smart helmets’, for industrial employees.
Many of the business players have realized the significant usage of smart sensors and connected devices across the personal protective equipment sector. For instance, in the U.S., many PPE manufacturers are using the data collected from smart sensors to enhance their operational efficiency and productivity. Smart PPE can detect danger signals which can result in a fatal accident or a head injury, which is expected to boost the industrial head protection market revenue over the years ahead.
Regional trends influencing industrial head protection market size
- Strict legislations enforcing the use of safety helmets across the manufacturing sector are speculated to impel the business expansion across Germany, in turn contributing majorly towards Europe industrial head protection industry share over the coming timeframe.
- U.S. safety helmet sector, which will record a CAGR of more than 3.5% over 2017-2024, will heavily influence the business space over the coming years. Strict compliance standards set by OSHA regarding worker safety will impact the product trends across the region.
- A growing number of construction projects will favorably leverage the growth map of industrial head protection industry across China, which is contemplated to make lucrative contributions of over USD 300 million towards APAC industrial head protection industry by 2024.
Globally, industrial head protection market share is fragmented, with huge corporations and SMBs making substantial contributions toward the industry size. These participants are highlighting on key business growth aspects such as R&D activities to manufacture new products and sustain their position. Some of the major players involved in industrial head protection industry include DuPont, The 3M Company, Texas American Safety Company, and Gateway Safety Incorporation.
Author Name : Dhananjay Punekar
Alpha lipoic acid market to accrue substantial revenue via dietary supplements applications over 2017-2024, APAC to majorly impact the regional growth
The growth of alpha lipoic acid market can be mainly attributed to the product’s application as a remedial agent in a plethora of chronic ailments. As per the NCBI, ALA has proved to be effective for reducing oxidative stress, protecting against atherosclerosis, and improving endothelial dysfunction, on the grounds of which this compound may be used as a therapeutic agent for diabetes, cancer, Alzheimer’s, obesity, cardiovascular diseases, osteoporosis, high blood pressure, non-alcoholic fatty liver disorder, Down syndrome, glaucoma, and burning mouth syndrome. The use of alpha lipoic acid, a naturally occurring thiol antioxidant, in anti-oxidant medicine treatment for various diseases is expected to create lucrative growth avenues for alpha lipoic acid industry players. Global Market Insights, Inc., reports that alpha lipoic acid industry size is likely to surpass a revenue of over USD 19 million by 2024, recording a CAGR of more than 6% over 2017-2024.
U.S. alpha lipoic acid market size, by product, 2013 – 2024 (USD Thousand)
In 1959, Germany became the first country to demonstrate the medical use of ALA for treating diabetic sensorimotor polyneuropathy due to amanita phalloides, which is a kind of mushroom abundantly found across Europe. Researchers have stated that the product, in its compact form – dihydrolipoic acid, can function as a metal chelator and biological antioxidant, helping to reduce the oxidized forms of glutathione, vitamin C, and vitamin E. Moreover, the product can also act upon signaling transduction of pathways such as adenosine monophosfatase protein kinase, insulin pathway, and nuclear factor kappa B. Alpha lipoic acid industry is expected to experience heavy capital investments from existing industry players as well as new entrants due to huge growth opportunities offered by this fraternity, subject to its widespread scope of applications.
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The conclusions drawn from several experimental studies have proved that ALA can inhibit the growth of atherosclerosis plaque as well as atherosclerosis and can lower oxidative stress occurring post heavy training activities. Today, ALA (Alpha Lipoic Acid) finds growing usage as a food supplement across the medical and nutritional management sectors. Rising popularity of ALA usage across myriad sectors will spur alpha lipoic acid market expansion over 2017-2024.
Despite providing benefits, ALA usage has also led to the demonstration of side effects such as skin allergies and gastrointestinal distress issues such as abdominal pain, nausea, dyspepsia, and vomiting in patients who were injected with the prescribed doses of alpha lipoic acid. Results derived from the trials conducted on the patients after administering ALA have depicted the occurrence of skin ulcers, pruritus, hypoglycemia, and bronchitis in patients. As per a recent study, patients injected with ALA suffered from insulin autoimmune syndrome, which is related to the application of the product as a dietary supplement. Side-effects witnessed in the patients after the product consumption can adversely impact the development of alpha lipoic acid industry. However, research is being conducted at an international level to find out alternatives that may counter the side-effects of ALA usage.
Speaking in terms of geographical trends, alpha lipoic acid industry is set to expand its footprints across major regions – North America, Latin America, and the Asia Pacific. As per estimates, Latin America alpha lipoic acid market is slated to grow at a rate of 6% over the coming timeline. The growth graph of this business space across this region may depict an upward trend subject to the substantial government funding to improve the healthcare facilities. Brazil is forecast to be a key regional growth driver. In North America though, alpha lipoic acid market share will be considerably augmented by the emerging pharmaceutical sector and the escalating need for dietary supplements & slimming products.
The thriving medical sector across the Asia Pacific is certain to be one of key factors driving the growth of alpha lipoic acid industry across this continent. With China and India striving to enhance their healthcare infrastructure, APAC alpha lipoic acid market will carve a profitable growth curve ahead, having held a valuation of USD 3.5 million in 2016.
Despite being one of many dubious markets in the chemical sector, the competitive landscape of alpha lipoic acid industry encompasses quite a few renowned participants, namely, Sabinsa Corporation, AlzChem AG, HiMedia Laboratories, Shanghai Shyndec Pharmaceutical Company Limited, and Health Genesis Corporation. The aforementioned biggies are expected to bet big on this business in the future, according to analysts. These ALA market participants are also predicted to improve their brand presence through product portfolio expansion, joint ventures, and strategic collaborations.
Author Name : Dhananjay Punekar
APAC Industrial Floor Coatings Market to witness promising growth prospects over 2017-2024, food processing sector to drive the application landscape
In the industrial sector, the coating of the floor is considered as a crucial facet, subject to which the global industrial floor coatings market has been witnessing a phenomenal demand over the recent years. The utilization of coatings is touted as an impressive solution for optimal protection and aesthetics of the industrial and commercial infrastructures. The noticeable shift in the consumer preference for high chemical resistance, mechanical strength, and improved finishing ability of the flooring has significantly influenced the product demand. As per a report by Global Market Insights, Inc., industrial floor coatings market was pegged at USD 3.5 billion in 2016 and is anticipated to generate revenue over USD 6 billion by 2024.
U.S. Industrial Floor Coatings Market Size, by Application, 2016-2024 (USD Million)
Impact of food processing sector on industrial floor coatings market size
Industrial floor coatings market is expected to witness strong application potential in the food and beverage processing industry. While working in the food processing industry, it is quite important to keep all the areas clean- including the floor. Certain food constituents such as blood, sugar, acids, oils, fats, etc. often fall onto the floors, which are highly susceptible to infections and contaminations. In response to this fact, it is highly important to maintain the sanitary standards of the floors, which has provided a major thrust to the demand of industrial floor coatings market from this application. As per estimates, in 2016, food processing accounted for more than 30% of the overall market and is further expected to grow at an annual rate of 6% over 2017-2024.
Many of the food processing industries rely on the epoxy type of coatings, which are highly durable and withstand strong chemical resistance & thermal shocks. Contributing to over 25% of the overall industrial floor coatings market, epoxy cementitious is estimated to be the fastest growing product with y-o-y growth of 6.5% over 2017-2024.
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Industrial floor coatings market demand from manufacturing units & warehouses applications
Many industries and manufacturing plants witness repeated spills or a high likelihood of oils, grease, or liquids on the floor. In addition to this, floors of warehouses and manufacturing units also need to withstand wear and tear, created by heavy machinery, high impacts, and excessive heat. Subject to this fact, industrial floor coatings market is gaining huge demand from this application, on account of thriving profoundly on the cusp of rapid industrialization and urbanization. The prominent economies of Asia Pacific including China, Malaysia, India, Vietnam, and Japan promise great potential for the growth of industrial floor coatings industry, owing to rapid infrastructural development. As per estimates, APAC industrial floor coatings market is expected to record a CAGR of 6.5% over 2017-2024.
The concrete flooring material is witnessing noticeable demand from the manufacturing and warehouses applications. Owing to its superior properties of wear & tear, prevention from abrasion, scratch resistance, and ease of maintenance with excellent aesthetics, concrete materials coatings is likely to witness a high demand in manufacturing projects. In 2016, concrete floor coating materials contributed to more than 85% of the overall industrial floor coatings market share.
Demand for bio-based industrial floor coatings to drive the future market trends
The global industrial floor coatings market is witnessing a paradigm shift toward environment-friendly floor coatings. Rising concerns over the fluctuating crude oil prices and the growing dependency on fossil fuel have stimulated the paints & coating industry to strive for sustainability. Growing consumer awareness regarding the impact of synthetic resin on the environment has created huge scope for the industry players to focus on the development of bio-based coatings. Bio based floor coatings are derived from natural sources such as soybean oil, succinic acid, sunflower oil, rapeseed oil, and castor oil. The key industrial floor coatings market players are joining forces with biotechnology firms to synergize their domains and address the demand for bio-based products. For instance, in 2016, Arkema a leading company in specialty chemicals, has partnered with several industrial coatings companies to develop bio-based materials to meet the latest industry demand and shifting consumer trends. Following this collaboration, in 2017, Bostik, a subsidiary of Arkema acquired CMP specialty products, a flooring and floor preparation unit of U.S. based specialist CGM. The acquisition gave Bostik a fair chance to further exploit the U.S. construction market and provide better and innovative flooring solutions to its customers.
In light of this dynamic scenario, industrial floor coatings market is certainly liable tourish over the coming years with a projected global demand of 1,300 kilo tons by 2024. Some of the other renowned names in industrial floor coatings industry include Dow Chemical, Sherwin-Williams, Akzo Nobel, BASF, Asian Paints, PPG Industries, Tambour, 3M, Kansai Paint Co., Ltd, and Milliken & Company.
Author Name : Ojaswita Kutepatil
Monochloroacetic Acid Market set to cross the billion-dollar benchmark by 2024, APAC to drive the regional landscape
Business collaborations having been one of the key growth strategies of myriad industries, have also profoundly impacted Monochloroacetic Acid (MCAA) Market. One such instance bearing a testimony to this tactic was the collaboration of the German Company, CABB Gmbh, in 2013 with two domestic enterprises JinweiHuasheng Chemical Co. Ltd and Jining Gold Power Co. Ltd, where the former had inked a Memorandum of Understanding for the establishment of a joint venture company in China to deal with the marketing and manufacturing of high quality monocholoroacetic acid. Reportedly, three companies collectively invested around USD 160 million in the MCAA project of production capacity 50000t/a. The constant technological innovations characterizing this fraternity and series of such collaborations and joint ventures are poised to influence monochloroacetic acid industry trends in the ensuing years.
Europe monochloroacetic acid (MCAA) market size, by application, 2013 – 2024 (USD Million)
Global monochloroacetic acid market involves the participation of biggies such as AkzoNobel N.V., Daicel Corporation, The Dow Chemical Company, Daicel Corporation, Shandong Minji Chemical Co., CABB GmbH, PCC SE, Niacet Corporation, and, Xuchang Dongfang Chemical Co. Ltd. The strategies of alliances and product innovations are quite rampant across the competitive landscape of the monochloroacetic acid industry. The recent announcement of Atul Ltd. and AkzoNobel entering a partnership agreement with regards to production of MCCA in India is again a substantiation of how monochloroacetic acid market giants are deeply ingrained in collaborative approaches. The partnership was rather an appreciable step by both the firms to further exploit the potential of monochloroacetic acid market. Global Market Insights, Inc., claims monochloroacetic acid industry to surpass a revenue of USD 1.2 billion by 2024, with a projected CAGR of 4% over 2017-2024.
Monochloroacetic acid, often termed chloroacetic acid is recognized as one of the most halogenated forms of acetic acid. Being reactive in nature, this compound can form a number of intermediates by undergoing reactions. In fact, this fundamental aspect further expands the application horizon of monochloroacetic acid market. For instance, this organochlorine compound is an integral component in carboxymethyl cellulose (CMC) manufacturing, which finds extensive application across diversified domains, such as food and beverage, paints & coating, textile, paper & pulp etc. It is therefore no surprise that the growth of all these aforementioned domains will leave a perpetual impact on monochloroacetic acid industry dynamics as well. As per the estimates, approximately 30% of the globally produced MCCA is used in the manufacturing of CMC.
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A sizable chunk of the overall monochloroacetic acid industry share is obtained from agrochemical application, which is why the growth potential of the market is forecast to be remarkably high in agrarian countries, particularly in the United States and BRICS nations. As per a recent estimation, in the year 2016, 45% of the total land in America and 60% of the total land in India were under cultivation. The population curve of China and India is exponentially increasing, a factor that is subsequently necessitating increased crop production to address the rising food demand curve. Enhancement of soil fertility has thus become a requirement of late, which is quite evident from the increased consumption of pesticides, fungicides, insecticides, and other chemical aggregates across APAC belt. Since MCAA and its derivatives are extensively deployed in these agrochemicals manufacturing, the aforementioned aspects are expected to upscale monochloroacetic acid industry demand.
Speaking of the geographical trends, Asia Pacific is forecast to procure a major chunk of the overall industry over the coming seven years, accounting for almost 60% of the overall share by 2024. Other than agrochemical sector, the proliferation of medical, personal care, and textile sectors have also proved to be beneficial for the regional monochloroacetic acid industry growth. MCAA is majorly used for glycine production, which is an intermediate compound obtained from glyphosate herbicide production. Statistics claim, glyphosate is arguably the largest volume of herbicides that are produced worldwide. Though there are other synthesis routes for glyphosphate production, but in China, the predominant route is through MCAA. This fundamental aspect makes China’s contribution significant not only in the APAC monochloroacetic acid market but also in the global business space. China is arguably the largest consumer and manufacturer of agrochemicals. While emerging agrochemical domain plays a crucial role in the development of regional monochloroacetic acid market, another key end-use segment almost equally responsible for the business proliferation is the paper and pulp sector.
Heavy depletion of petroleum reserves across some of the regions have of late turned out to be a major concern for the monochloroacetic acid market players. Depleting crude oil reserves has subsequently resulted in raw material price discrepancies, thereby generating a supply demand gap in the value chain. However, unprecedented efforts are being continuously undertaken by the raw material manufacturers at the grass root level to overcome these challenges.
Author Name : Satarupa De
Industrial Eye Protection Market to heavily penetrate oil & gas and construction sectors over 2017-2024
Rising awareness regarding the causes of eye injuries at worksites is likely to stimulate Industrial Eye Protection Market. As per reliable estimates, every three out of five workers had not been wearing eye protection at the time of the accident. The importance for eye protection has substantially increased, owing to the humongous expenditure on eye injuries – as per records, the overall healthcare expenditure on eye injuries currently amounts to more than USD 300 million. In order to mitigate the ever-rising costs for eye treatments, products such as face respirators, safety goggles, and other hybrid eye safety products have penetrated various end-use sectors, which have made a major impact on industrial eye protection industry. As per estimates, in 2016, industrial eye protection market crossed a revenue collection of USD 1.92 billion.
U.S. Industrial Eye Protection Market, By Product, 2013-2024, (Million Units)
As per the Electronic Library of Construction Occupational Safety and Health (eLCOSH), the rate of occurrence of eye injuries is the highest among the workers of the woodworking sector, followed by plumbers, electricians, and pipefitters. It is vital that various types of protection wearables are used pertaining to the different hazards that exist. In order to comply with this requirement, industrial eye protection market giants such as like Honeywell International, MSA Safety, 3M, Kimberly Clark, Bolle Safety, Teijin Fibers, Avon-ISI, Jallatte Group, Alpha Pro Tech, Ansell Healthcare, Gateway Safety, and Sioen Industries have continuously been working on implementing new features in protective eyewear.
In May 2017, 3M™ Personal Safety Division has launched SecureFit Protective Eyewear 600 series, which offers long lasting anti-fog coating. Moreover, this product also provides long term comfort to the workers. Besides, this industrial eye protection industry giant is continuously working to strengthen its product portfolio, technological terrain, and overall functional capabilities to maintain its position. Recently 3M acquired the America based giant in industrial eye protection market, Scott Safety, from Johnson Controls. This acquisition has strengthened 3M’s personal safety portfolio in gas & flame detection instruments and other safety devices such as thermal imaging cameras.
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In America, the Occupational Safety and Health Administration has deployed considerable regulations to avoid workplace injuries. To comply with these regulations, various companies have mandated the use of personal protective equipment for the workers, which is likely to favor industrial eye protection industry size. Several companies across North America are continuously involved in product innovation and novel technological advancements. As per statistics, North America industrial eye protection market will exhibit a CAGR of 3.2% over 2017-2024, subject to the increasing gas exploration and excavation activities across the continent.
Employees working in the oil & gas sector are exposed to various hazardous particulates such as oil, grit, and dust, which are capable of causing eye injuries. Moreover, chemical spills and exposure to harmful gases can also cause eye burning. As result of this, the importance for safety goggles and welding shields has particularly increased across the oil and gas sector. In 2016, oil and gas sector covered 25% of the revenue contribution of industrial eye protection market.
An on-job eye injury has the potential to disable an employee’s life by causing long lasting vision damage. Even minor eye injuries from sawdust and cement cause vision problems such as corneal erosion and recurrent. Estimates state that 90% of the eye injuries can be prohibited with the use of proper eye wear protection, which will propel industrial eye protection market, slated to surpass a revenue collection of USD 2.5 billion by the end of 2024.
Author Name : Sunil Hebbalkar
Graphene Market to demonstrate an upward growth graph via surging demand from the automotive sector over 2017-2024
Of late, Graphene Market has been gaining remarkable traction, owing to the extensive use of graphene for power storage and composites. The scientific community has been researching on the viability of graphene for aerospace applications in a strategic collaboration with the European Space Agency (ESA), with an aim to test the potential of graphene in zero gravity conditions. The success of this research is slated to create new avenues for the players in graphene industry. As per statistics, graphene market held a revenue of USD 20 million in 2016.
U.S. Graphene Market size, by End-user, 2013 – 2024 (USD Million)
Analyzing the ongoing and future trends of graphene market, Graphenea has decided to expand their graphene oxide (GO) pilot plant with a production capacity of 1 ton per annum. They are also working on the customization of GO to integrate it into different polymer ranges. This strategy will help the company move forward toward the production of graphene based composite materials, strengthening its position in graphene market. On these grounds, it would be noteworthy to mention that graphene market from graphene oxide is slated to cover 40% of the overall share by 2024, and will grow at a CAGR of more than 35% over 2017-2024. Major participants in graphene industry are Graphenea, Grafoid Inc., Applied Graphene Material, Graphene Frontiers, LLC, XG Sciences, Inc., Advanced Graphene Products, Angstron Materials, Inc., AMO Gmbh, ACS Materials LLC, Xiamen Knano Graphene Tech. Corporation Ltd., Applied Nanotech, Inc., Thomas Swan & Company Ltd., Nanjing XFNANO Materials Tech Co., Ltd., Haydale Limited, and Graphene Laboratories, Inc.
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Graphene market outlook across the healthcare sector
Apart from being utilized in composite materials, graphene finds application in healthcare sector. Graphene oxide is extensively used in various dental care products, owing to its capability to resist antimicrobial agents. Growing awareness among people about their dental health will influence graphene market share noticeably. As per a market study, graphene market from healthcare sector will exceed a revenue collection of USD 20 million by 2024, owing to the requirement of the product for tissue engineering, drug delivery systems, and cancer treatment.
Diabetes monitoring and therapy involves the utilization of wearable and handy graphene based electrochemical devices. These devices are apparently painless, non-invasive, and offer stress-free monitoring, which helps diabetic patients to avoid expensive, lengthy, and painful diabetic therapies. Increasing prevalence of diabetic patients across the globe is slated to fuel the product demand, due to cost effectiveness. In addition to this, for next generation cancer therapies, researchers are planning to undertake extensive studies on graphene based medicines to detect the effectiveness of the therapy on cancer cells.
Graphene market trends across the automotive sector
Automakers have been giving preference to graphene material for manufacturing luxurious cars, owing to the fact that the usage of graphene decreases the overall vehicle weight. Graphene itself is lightweight as compared to the other materials, and its utilization will improve the fuel efficiency and speed of the car enormously. Recently at the Auto show held at Geneva, Pininfarina has unveiled electric car operated with graphene based battery. On that note, automotive sector covered 20% of graphene industry share in 2016 and will register a CAGR of more than 34% over the coming seven years.
Pertaining to quicker charging time and longer driving ranges, graphene battery is expected to witness huge demand for the automotive application in the future. The rapid growth of Graphene Battery Market stands as a testimony to the development of graphene industry, which, according to Global Market Insights, Inc., will record an annual growth rate of 35% over 2017-2024.
Author Name : Sunil Hebbalkar
APAC Sodium hydrosulfite market to witness phenomenal growth with a projected contribution of 70% to the global demand by 2024
Boasting of a widespread application spectrum encompassing mineral flotation, wood pulp bleaching, and textile sectors, sodium hydrosulfite market already held a billion-dollar business space in yesteryear. Rooted from sodium dithionite, sodium hydrosulfite is basically used as a bleaching and reducing agent in various dyeing applications that are increasingly in demand across a myriad range of emerging markets, textile sector is one of the many. For instance, in textile, these chemical compounds observe high demand in vat dyeing application and in bleaching cotton, wood, nylon etc. It is therefore of no surprise, that the robust growth of textile industry is directly proportional to the sodium hydrosulfite market growth. global textile industry size in 2016 was almost around 90 million tons in terms of demand, which, as per market forecast, is likely to reach around 130 million tons by the end of 2024. This speculation is quite a testimony to sodium hydrosulfite market growth in the coming years.
U.S. sodium hydrosulfite market size, by application, 2013 – 2024 (USD Million)
With textile sector leading the application landscape, Sodium Hydrosulfite Market is slated to exceed a revenue of USD 1.4 billion by the end of 2024, with 4% CAGR over 2017-2024. As per estimates, textile application will witness a revenue contribution of USD 700 million by 2024, with a y-o-y growth of 4% over the forecast span. Other than textiles, the steady product demand in the metakaolin and kaolin synthesis will also act in favor of the market growth. Worldwide, global sodium hydrosulfite industry is rather concentrated with leading four players holding a chunk of the business space. These players have been increasingly focusing on research activities to come up with some innovative products, thereby attracting a wider consumer base. Some of them are also concentrating on strategic collaborations to expand their global presence to establish a strong foothold in sodium hydrosulfite industry space.
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Overall, global sodium hydrosulfite market is forecast to carve a sizable growth in emerging economies especially across APAC belt. North America and Europe sodium hydrosulfite market, on the other hand, is likely to witness rather a moderate growth over the coming seven years. The increasing importance of paperless economy in these two regions is negatively impacting the sodium, hydrosulfite business space. In 2016, the overall paper board production capacity in North America was 79.6 million tons, which the market expert forecast to scale down to 70 million ton by 2024. Western Europe is also foreseen to follow the similar trend to fall down to 80 million tons by the end of 2024, from 88.2 million tons in 2016. Considering the aforementioned issues that may hamper the regional market growth, North America and Europe sodium hydrosulfite market is slated to witness 2% and 1.5% CAGR respectively over 2017-2024.
Forecast to be the most profitable region for the market investors, APAC accounted for almost 45% of the overall sodium hydrosulfite market share in 2016. The expanding paper & pulp and textile industries in this region is the prime factor that is driving the regional market outlook. This is quite evident from the impending demand for paper products in the regional packaging market, which has experienced a significant impetus post e-commerce entry in the retail space. In fact, as per estimates, the demand for paper products in the APAC countries is forecast to exceed 350 million tons in terms of volume by 2024, subsequently upscaling sodium hydrosulfite industry share as well. China, Pakistan, Bangladesh, and Vietnam are some of the prominent nations which are expected to contribute significantly toward the regional market share in the coming years. Other factors that are catapulting the business growth are the cost-effective workforce, availability of raw materials, and favorable government support. Global Market Insights, Inc., predicts APAC to be at the forefront of the global sodium hydrosulfite industry landscape by 2024, with a market coverage of almost 70% of the total volume.
Prominent industry players include AZ Chemicals, Guangdong ZhongCheng Chemicals, BASF SE, and Jinhe Group.
Author Name : Satarupa De