Polymers and Advanced Materials
Tool steel market to accrue remarkable proceeds from injection molding applications, global industry remuneration to cross USD 6.5 billion by 2024
Owing to the augmented demand for forging and cutting instruments worldwide, the overall tool steel market has witnessed notable growth in recent years from the aerospace, automotive, energy and food & packaging segments. Properties like wear resistance, higher thermal conductivity and cost-effective production have considerably influenced the product usage rate. Increasing consumption of packaged food products and automobiles has encouraged manufacturers to undertake expansion activities, further boosting the tool steel market revenues. Prominent applications of the products including injection molding and die work are expected to provide remarkable thrust to the development of the tool steel industry.
U.S. Tool Steel Market Size, By Product class, 2017 & 2024, (Kilo Tons)
Technically, injection molding is a method used to produce a broad range of items, from high precision components to disposable consumer goods and food packaging. As the world has seen a consistent rise in the sale of food products due to the growing population and an upsurge in disposable incomes, manufacturers of packaging have become lucrative customers for the tool steel market. Reports show that in 2016, an estimated US$2.47 trillion worth of packaged food had been sold globally, with the number projected to reach US$2.64 trillion in 2019. This affirms a positive outlook for the food and packaging segment and huge consumption prospects for the tool steel industry.
Expounding on the opportunities for the food and packaging industry, North America is anticipated to record nearly 23% increase in food consumption by 2024. On the other hand, countries like China, India and Italy will show a varied increase in food intake over the forecast timespan, ranging from 10% increase for Italy to a massive 89% for India. As evident, the tool steel industry could experience an enormous adoption rate with the swelling packaged food demand. Packaging made using injection molding technique can be used for processed food, salad & fruits, cheese and other such products that are sold in clear, custom colored and freezable grade food containers.
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Constant demand for such products will supplement the proliferation of the packaging industry, eventually driving the tool steel market growth. For instance, the cheese market was estimated to be valued at US$95.2 billion worldwide in 2016 and the OECD-FAO has forecast that global cheese consumption will have grown by more than 17% by 2024. Similar rise in the consumption of other processed food products will warrant an increase in the deployment of injection molding for food packaging over the coming years. Traditionally, plastic has been used for injection molded containers but rising environmental concerns associated with plastic waste have hampered the industry popularity to some extent.
However, innovations pertaining to packaging materials have gradually reinforced the position of injection molded food containers and subsequently the tool steel industry, as the development of bioplastics have attracted food companies who were moving away from using plastic. Citing an example, Green Dot’s biodegradable resins offer an eco-friendly alternative to be used in injection molding for producing disposable packaging containers. The material can apparently be formed, processed and customized according to the product requirements, besides helping to maintain their physical integrity.
The UN has said that almost 22% to 43% of plastic produced ends up in landfills. Biodegradable materials can help lower these hazards and further promote the use of injection molded containers, the production of which could significantly benefit the global tool steel market. Essentially, bioplastics could also be crucial for producing components of consumer durables through the injection molding process, in addition to developing key automotive parts in the future. With a number of component manufacturers upgrading their capacities to keep up with rising demand, injection molding will remain a key application area for tool steel products.
In a nutshell, the expanding food and packaging segment along with the ceaseless demand for durable consumer goods and automobiles are expected to push the global tool steel market valuation above US$6.5 billion by 2024. The industry is comprised of key suppliers including Baosteel Group, BOHLER, Buderus Edelstahl GmbH, Hitachi Metals, Ltd., Dongbei Special Steel Group Co., Ltd, Sandvik and Voestalpine.
Author Name : Pankaj Singh
Biobased & synthetic polyamides market to be characterized by product innovation trends, global industry to exceed USD 42 billion by 2025
The robust proliferation of 3D printing technology across almost every sector, has ushered the global biobased and synthetic polyamides market into an era defined by pathbreaking technological trends. Polyamides, with their flexible, durable, and strong material characteristics have been one of the most reliable raw materials for the industrial applications of 3D printing. Given the tremendous demand for the material, several prominent players operating in the overall biobased and synthetic polyamides market have been going the whole hog to bring forth economical, versatile, efficient, and energy saving materials.
U.S. biobased & synthetic polyamides market size, by end-user, 2014 – 2025 (USD Billion)
Recently for instance, the French chemicals company Arkema has launched a commercial platform dedicated to 3D printing materials products. The company plans to release its new resins into the North America and Asia Pacific market in following three years. Reports revealed that Arkema’s PEKK resins will be introduced in the U.S. this year, while its photocure resins and polyamide 11 bio-sourced resins will be launched in China in 2019 and across Asia by 2021 respectively.
DSM is another major biobased & synthetic polyamide industry major who has debuted a new carbon-fiber-filled polyamide 6/66 filament grade – Novamid ID1030 CF10 – especially for the 3D printing applications. According to reports, Novamid, with its high dimensional stability and higher tensile strength, is designed for efficiently printing structural parts.
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With such increasing participation of industry contenders in deriving suitable materials for specific applications, the advent of 3D printing technology has certainly emerged as a lucrative growth avenue for the global biobased and synthetic polyamides industry expansion. It is also prudent to mention that polyamide 6 and polyamide 66 together accounted for more than 80% of this market’s product landscape in 2017. Despite the sheer dominance, industry analysts anticipate that biobased polyamide 11, will be the one witnessing rapid growth in the ensuing years.
Biobased polyamides to witness brighter outlook in the forthcoming years
The growing consumer awareness and interest in bio-based plastics has brought a tremendous surge in the biobased polyamides demand in the recent years. In fact, an increasing number of participants, especially in the industrial space including automotive & transportation, medical devices, construction, and consumer electronics, have been substituting the conventional fossil fuel based material with bio-based alternatives offering hands on sustainable & biodegradable trends. Derived from castor oil derivatives, reports claim the polyamide 10 and polyamide 11 to have been the most significant biobased variants forecast to register a 10% CAGR over 2018-2025.
The increasing customer interest in bio-based plastics has further led the industry players to develop several grades of polyamide from biodegradable feedstocks. The companies operating in this business sphere have been long investing into R&D and product innovation activities to come up with reliable products that could strengthen their stance in the global biobased & synthetic polyamides industry. Enumerated below are some of the prominent examples, where the world leading giants are seen tapping biobased polyamides.
- BASF, the German chemical giant in 2007 introduced a castor-oil based polyamide, Ultramid Balance, comprising over 60% sebacic acid and offering better perforce than its synthetic counterparts.
- DuPont is also among the leading industry players that introduced its Zytel long-chain polyamides PA10 and PA610 in 2007. Both the products are based on sebacic acid, where PA610 has over 60% renewable content and PA10 has 100%.
- Renowned biobased & synthetic polyamides industry major Evonik Industries introduced bio-based VESTAMID® Terra DS – a polyamide 1010 which is obtained completely from the monomers of castor oil. This is expected to used extensively as special cables in the automotive industry – where the bio-based product trend has already hit several manufactures.
As the industry participants are vigorously focusing on developing engineering bio-polymers from castor-oil, the green chemicals trend is certain to carve lucrative growth for the overall biobased & synthetic polyamides market in the ensuing years. Castor-oil, for the record, is obtained from the bean of the castor plant – which is neither used for food nor in animal feed – as a result of which it doesn’t compete with global food crops. This has further propelled the demand for manufacturing bio-based polyamines.
Further gaining precedence over the traditionally derived polyamides from crude oil, it would be wrong to say that biobased PA has indeed traversed a remarkable growth graph in the recent years, in turn driving the global biobased & synthetic polyamides industry share. The exponential growth is apparently vivid from a report compiled by Global Market Insights, Inc., that claims the overall biobased & synthetic polyamides market valuation to hit USD 42 billion by the end of the year 2025
Author Name : Ojaswita Kutepatil
Thermic fluids market to garner hefty proceeds from rising deployment of CSP projects, China to hold a significant proportion of the industry valuation by 2025
Over the past few years, the global thermic fluids market has witnessed phenomenal growth in its commercialization potential, given the rapid expansion of pharmaceutical, F&B, HVAC, chemicals, and oil & gas industries. If reports are to be believed, the industrial applications of thermal fluids are diverse, ranging from simple transfer of heat from devices to advanced multi-loop systems performing several functions in manufacturing operations. Given the number of industries that use fluid transfer techniques in myriad applications, it does not come as a surprise that this business space in the year 2017 registered a significant remuneration portfolio of USD 2.4 billion, with mineral oil, aromatics, propylene & ethylene glycol based thermic fluids accounting for a significant share of thermic fluids market.
U.S. Thermic Fluids Market Size, By Application, 2014 – 2025 (USD Million)
Silicone & aromatics based thermic fluids to drive the product landscape
Finding extensive demand from technical applications such as pharmaceutical processing, oil & gas, and CSP, the silicone & aromatics based thermic fluids accounted for a prominent share of more than 45% in 2017. Best suited for the completely exposed systems, silicon based thermic fluids are gaining immense traction owing to low operating costs and low viscosity index which results into superior heat transfer properties. Moreover, the excellent oxidation & shear resistance properties coupled with thermal stability have added further to the expansion of silicone & aromatics based thermic fluids market from industrial applications. Given the widespread application base of these fluids in constant temperature baths, heating baths, closed loop systems, and temperature measurement devices, the silicone & aromatics based thermic fluids market is estimated to register a CAGR of 5.8% over 2018-2025.
The mineral oil based and glycol based thermic fluids are also gaining remarkable demand, on account of which the segment will contribute considerably toward global thermic fluids industry share. Reports in fact estimates that in terms of revenue share, the glycol based thermal fluids market will record a y-o-y growth of 6% over 2018-2025, subject to the rising demand from food processing applications.
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Speaking along similar lines, it is prudent to mention that the food & beverage sector has established itself as one of the lucrative growth avenues for the thermic fluids market expansion. Improved standard of living coupled with dynamic growth in the worldwide population has in fact favored the ethylene glycol thermic fluids demand in the recent years. For the record, wineries, dairies, breweries and other food processing companies require thermal fluids for heating, cooling, and dehumidifying. The food grade thermic fluid segment in this regard, is set up for some rapid expansion, while establishing itself as a lucrative investment avenue for thermic fluids market.
Rising number of CSP projects to bring renewed traction in the global thermic fluids industry expansion
In addition to the robust industrial growth, the heavy investment in construction of concentrating solar power projects around the world has also been a pivotal factor driving thermic fluids industry trends. Given the extensive demand for heat transfer fluids in improving the overall efficiency of CSP plants, it is quite overt that with the increasing deployment of solar energy farms in several countries, the demand for thermic fluids will also witness an exponential growth. If reports are to be believed, U.S. and Spain are among the leading regions that have a large number of CSP projects with significant future investment scenarios. Estimates claim that Spain had CSP plants with operational capacity of approximately 2.3 GW in 2017 – more than any other country across the globe.
China is another lucrative region where CSP plants are gaining immense traction in the recent years. To be precise, China recently in June 2018 completed its large-scale commercial concentrated solar power plant. According to reports, the plant is equipped with 120 single-trough collectors, wherein the solar receiver transfers heat from the sun to the thermal oil at a very high efficiency with the use of thermic fluids. It wouldn’t be wrong to say that thermal fluids act as the interface between the solar energy input and the power block in the CSP plants, and therefore the increasing number of CSP projects in China will directly impact the regional thermic fluids industry share.
Dubai is another region which is expected to emerge as a profitable investment ground for the potential stakeholders of the global thermic fluids market. According the recent news, the construction of one of the largest concentrated solar power projects in the world has begun in the UAE, where the Dubai Electricity and Water Authority in collaboration with Saudi Arabia’s ACWA Power and China’s Shanghai Electric will be developing a 700MW project. Needless to say, these types of massive scale projects will draw lucrative growth avenues for the regional thermic fluids market in the ensuing years.
Driven by these aforementioned trends and strong application spectrum, the commercialization of the global thermic fluids market is expected to garner hefty returns in the coming years. A presumption validating the same is of Global Market Insights, Inc., that claims the overall business sphere to hit USD 4 billion by 2025.
Author Name : Ojaswita Kutepatil
Aluminum wire market to accumulate substantial proceeds from automotive applications, North America to hold a prominent position in the global industry landscape
Over the last few decades, companies partaking in aluminum wire market share have observed the industry to have amassed hefty gains on account of the increasing use of aluminum wiring for electrical utilities. Not to mention, aluminum wires are also deployed extensively in commercial facilities such as shopping malls, wastewater treatment plant, stadiums, and commercial buildings. Nowadays, even in the construction industry, aluminum wiring is being preferred primarily for large conductors, service entrance conductors, and power distribution conductors.
Considering the energy efficiency, low cost, and lightweight benefits, construction companies and electric equipment manufacturers have been prominently giving preference for aluminum wiring. Taking into account the surging use of aluminum for producing wires for commercial and industrial applications, prominent aluminum wire industry companies have been looking forward to acquiring metal manufacturing firms to expand their product portfolios.
U.S. Aluminium Wire Market Size, By Application, 2017 & 2024, (Kilo Tons)
Speaking along the same lines, in the middle of 2018, Kaiser Aluminum Corporation acquired a leading multi-material additive manufacturing company, Imperial Machine & Tool Co. which provides its machining technologies for automotive, aerospace, defense, and other industrial applications. Imperial is indeed known for its multi-material expertise in aluminum, tungsten, chromium, and many other materials. The acquisition will seemingly strengthen the metallurgical expertise of Kaiser Aluminum Corporation to produce highly engineered solutions. The strategic approach of companies to execute long-term business policies for achieving growth opportunities is slated to fuel aluminum wire industry share over the years ahead.
In the last few years, the automotive and aerospace companies have also been shifting their focus toward the surging use of electronic contents for downgrading the size of the components and improving the use of digital technologies in the fleets. Considering the lightweight and ease of use characteristics, the contributors in the automobile and aerospace sectors have been using aluminum wires in electronic panels which are installed in engine control units (ECU), infotainment systems, and other control units. The growing advancement in ECUs for curbing their size and weight for better digital functionality and flexibility of electronic components is poised to propel the aluminum wire market share from automotive applications, which is expected to surpass USD 2 billion by 2024.
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As of now, growing investments in the construction and infrastructural developments across the globe have been stimulating the requirement of aluminum wirings significantly. Contractors have been giving preference for aluminum wires over copper pertaining to its cost-effectiveness. In fact, in the last few years, the degradation of copper production and rising prices have encouraged end-users to adopt aluminum as a viable alternative for copper. In North America, owing to the surging use of aluminum wire mainly across U.S. and Canada for electricity transmission and distribution projects, the regional aluminum wire market is predicted to register an annual growth rate of more than 3.5% over 2018-2024.
Recently, the federal government of U.S. imposed special tariffs on the imports of aluminum wires from China that supply aluminum wire at lower rates than the actual market price across U.S. The U.S. government claims that owing to unfair subsidies and the presence of foreign aluminum providers such as China, there has been a negative influence on U.S. aluminum wire market. The subsequent action taken by the government to investigate the subsidized dumping of aluminum wires in U.S. from China has thus generated lucrative opportunities for the local end-use industries to capture more business space. In fact, some of the U.S. based companies have been investing in the facility expansions of aluminum plants for fulfilling the future requirement of aluminum wires.
It is rather imperative that the growing investments in construction activities along with the involvement of automakers in the development of EVs for energy efficiency are poised to enhance the demand for aluminum wires. The continuous efforts by companies in the aluminum wire market to strengthen the quality of aluminum wires for countering the use of copper wires will also have a positive influence on the industry trends. For the record, by the end of 2024, aluminum wire market will generate a revenue of more than 65 billion.
Author Name : Sunil Hebbalkar
Hydrophobic coatings market to amass hefty returns from oil & gas applications, global industry to exceed a consumption of 15 kilo tons by 2024
Global demand for water repellant surfaces has increased exponentially over the last few years, propelling the hydrophobic coatings market owing to the varied applications of such surfaces in different industrial segments. The availability of a reliable and durable water repellant coating is of high importance as is ensures protection of the substrate material from moisture, proving to offer an efficient corrosion-resistant solution. Boasting earnings of more than USD 1.5 billion in 2017, the global hydrophobic coatings market has been showing immense growth potential in sectors like construction, automobile, oil & gas, healthcare as well as aerospace manufacturing. Rising investments in oil & gas exploration and oil refineries due to the increased energy demand worldwide will create a lucrative environment for the hydrophobic coatings industry.
U.S. Fluorochemical Hydrophobic Coatings Market Size, By Application, 2017 & 2024, (Tons)
In 2017, around 92.6 million barrels of crude oil were produced on a daily basis world over, indicating the huge requirement for offshore platforms and oil refineries. Mostly made of steel and other metals, these structures are exposed to water for prolonged durations and get corroded over time. The increase in damage caused by corrosion of metals in offshore platforms had made companies realize the necessity of hydrophobic coatings. The higher consumption of natural gas for generating electricity and providing heating services will also elevate the need for water repellant surfaces at offshore rigs. Worldwide, the production of natural gas had reached a staggering 3.68 trillion cubic meters by 2017, demonstrating the existing opportunities for the hydrophobic coatings market from oil and gas operations.
Hydrophobic coatings help to make a surface not only resistant to corrosion but also render them non-reactive and free of contaminants, providing better performance features as compared to conventional water proofing options. According to predictions made by industry analysts, over 2018-2025, up to USD 3.3 trillion in capital expenditure is expected to be spent on oil and gas projects globally, presenting an incredible target market for the hydrophobic coatings industry. Notable projects in the work include the Southern Gas Corridor project near the Caspian Sea in Europe, which is a USD 41 billion venture to supply natural gas to Europe. It reportedly involves the construction of many large pipelines to support the peak annual production of 325 thousand barrels of oil equivalent per day, promising an expanding customer base for the hydrophobic coatings market.
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Several other undertakings are under development throughout the world, such as the Johan Catsberg Project in Norway which is expected to be completed by 2024. It will be costing close to USD 5.92 billion and oil production should commence by 2022, with the lifespan of the field said to be of at least 30 years. As similar ventures in the oil and gas industry would be gradually cropping up leading to the construction of oil refineries and pipelines, the hydrophobic coatings industry is slated to witness accelerated gains over the coming years with growing need for water repelling surfaces. These surfaces also have a significant application scope for oil and gas transport via massive shipping vessels that are coated with hydrophobic layers to prevent corrosion and vegetation growth on a vessel’s exterior.
As the production and export of oil, gas and petrochemicals speeds up, countries and multinational corporations would line up plans to build new refineries or upgrade existing ones. A hydrophobic surface is vital in refining operations, since moisture can affect the processes by inducing chemical activity and retention of compounds like sulphur. The hydrophobic coatings market has proliferated from the need to chemically and physically match the demands of refinery applications to achieve continuous accurate and reliable results. Recently, ExxonMobil had disclosed that it would be spending about £500 million to upgrade U.K.’s largest oil refinery where new processing units would be added, as the company plans to double its global revenues by 2025. Further, Chinese company Sinopec has also signed an agreement with indigenous groups in Canada to for building a bitumen refinery and petrochemical complex in Alberta.
The Alberta refinery, set to produce up to 167,000 barrels per day, represents the ongoing efforts by global energy companies to build new infrastructure, boosting the oil & gas industry and invariably propagating the significance of water repellant coatings. Anticipated to exceed USD 2 billion in remunerations by 2024, the hydrophobic coatings market comprises of key players like BASF, Nippon Paint, Prelco, SilcoTek, Abrisa Technologies, 3M, Drywired and Advanced Industrial Coatings.
Author Name : Pankaj Singh
Global superhard materials market to witness augmented demand from oil and gas drilling activities, escalating number of mining projects to propel the industry trends
Rapid expansion of the automobile, manufacturing and other industrial sectors have consistently provided a positive impetus to the overall superhard materials market revenue, which reached nearly USD 4.5 billion in 2017 owing to the high performance characteristics of these materials. Superior strength, resistance to wear against tough surfaces and better mechanical performance have made different superhard materials ideal for utilization in cutting as well as shaping and scratching of any parts or objects.
China Super-hard Materials Market Size, by End-user, 2014 – 2025 (USD Million)
The superhard materials industry has been thriving on account of the extensive drilling, mining, grinding and turning activities across various segments and also in protective coatings for metal surfaces. Widescale oil drilling and mining activities have created immense opportunities for the superhard materials market, where drilling hard onshore and offshore surfaces for oil, natural gas and minerals necessitate the use of unbreakable drill bits and equipment.
Superhard materials such as polycrystalline diamond are vastly used for drilling operations throughout the world, as they enable exploration of oil and natural gas near remote areas of the earth. The huge revenue potential for the superhard materials market can be surmised from the fact that the daily consumption of oil globally is expected to reach 109 million barrels by 2035, with the continuous evolution of the transportation and manufacturing industries. Drilling operations are largely carried out in the Gulf and near desert regions in the Middle East, in different areas of the Asia-Pacific, Northern parts of Europe, near the U.S.-Mexico Gulf coasts and other resource-rich sites. Distinct surface features and weather conditions present challenging tasks for oil companies to perform drilling activities and the superhard materials market has benefited from the enormous requirement of sturdy drill rigs.
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OPEC has predicted that the oil industry will need to spend around USD 11 trillion by 2040 to meet the future global demand for oil, when the crude consumption could reach up to 112 million barrels per day. The estimates suggest a prolific next two decades for the superhard materials industry from ventures in oil, natural gas and mineral exploration, which in turn will be encouraged by the positive forecasts related to the expanding vehicle fleet and auto parts production worldwide. Citing evidences supporting the oil industry development, Saudi Armco, touted as one of the largest petroleum & natural gas companies in the world and also the most profitable company, had recently announced that it will direct almost USD 133 billion on oil and gas drilling over the next ten years.
The announcement by Saudi Aramco, emphasizing the gradual recovery of oil prices around the globe, is supposedly aligned with the targets and compliance of the grand Saudi Vision 2030 which is aimed at an overall development of the region. Similar missions and goals followed by other oil conglomerates across different regions will further advance the superhard materials market over the coming years. Other factors will affect the industry growth as well, for instance the increasing frequency of natural disasters striking the U.S. and other American coasts. The National Ocean Industries Association in the U.S. has been propagating offshore oil drilling away from the Gulf of Mexico, since most of the offshore drilling by U.S. is done in hurricane prone areas.
As nearly 94% of the U.S. Continental Shelf is not yet allowed to be drilled, the U.S. administration’s January announcement, which revealed a five-year plan to expand the drilling in U.S. continental waters, will generate additional demand for the superhard materials industry. The remarkable growth of the mining sector will also contribute towards the earnings of the superhard materials market, as high-level technologies and majority of industries support the mining of minerals and metals ores. Countries like Russia, Finland and Turkey in Europe have prime mining locations of the region, where the industry has become one of the most modern and innovative sectors. Efforts to boost the industry, such as Turkey’s USD 1.06 billion funds allocation for the energy and mining sector, will provide notable returns for the superhard materials market.
Development of improved materials that rival the hardness of diamond or boron nitride products will drive innovations in the superhard materials industry, for cutting and drilling in situations where the above materials could fail. With accelerated progress of the oil & gas drilling sector along with the highly critical mining industry, the superhard materials market is estimated to witness a robust 5.5% CAGR from 2018 to 2025. Companies like Sandvik, FUNIK, Element Six, Zhongnan Diamond, Zhengzhou Zhong Peng, ILJIN Diamond, Huanghe Whirlwind and Besco Superabrasives are some of the key players sustaining the dynamic landscape of this industry.
Author Name : Pankaj Singh
Nitrile Butadiene Rubber (NBR) Latex Market to accrue considerable proceeds via innovative product launches over 2018-2025, global industry landscape to be characterized by capacity expansion bids
Essentially driven by rising demand for synthetic rubber gloves in the medical and industrial sectors, the nitrile butadiene rubber (NBR) latex market has gradually emerged as one of the most enterprising verticals of polymers and advanced materials industry in the recent past. Prominent regulatory authorities such as OSHA have made it mandatory for industrial and manufacturing firms to provide high-quality safety equipment to employees working in hazardous conditions. Moreover, the synthetic rubber gloves are being increasingly recognized as a vital component in the overall medical devices and equipment across the healthcare sector which has invariably fueled the NBR latex industry trends.
Malaysia nitrile butadiene rubber latex market size, by end-user, 2014 – 2025 (USD Million)
In order to enhance the overall manufacturing process and support faster product cycle rates, numerous major NBR latex market giants have increasingly focused on expanding production capacities at their existing facilities. For instance, the UK headquartered chemicals firm Synthomer PLC has recently announced to expand the manufacturing capacity of its Pasir Gudang plant. In this context, it would be prudent to mention that the demand for nitrile latex products from the healthcare and food sector has continued to increase rapidly in the recent past which has compelled the prominent NBR latex market player to undertake capacity expansion plans. Reportedly, the expansion would establish the Pasir Gudang plant as the largest nitrile polymerization reactor in the world with an annual capacity of nearly 100 kilo wet tons upon completion.
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Elaborating further on the significance of the expansion plan, Synthomer would pour in an additional RM270 million at its innovation centers and NBR production facilities in Kluang and Pasir Gudang. Needless to mention, the installation of a new manufacturing line and additional investment bids would significantly strengthen the position of Synthomer PLC in the competitive landscape of the global NBR latex industry in the times to come. Moreover, such instances of massive capacity expansion efforts would undoubtedly assist companies to develop improved products aimed at meeting the evolving needs of customers from diverse business verticals, cite analysts.
One of the major factors to have significantly powered the NBR latex industry share augmentation is the ever-increasing demand for gloves from the medical sectors. In this regard, it is quite imperative to take note of the fact that glove manufacturers around the world have focused on producing high-performance and light-weight gloves while enhancing their process efficiencies at the same time. As glove manufacturing is the primary application of NBR latex industry, the latest advancements in NBR technology have proven to be rather beneficial for prominent glove producers in the recent times.
Citing an instance to highlight the technological enhancements being made, the Health and Protection unit of Synthomer launched a new grade of nitrile rubber in 2015 which helps in manufacturing ultrathin gloves that integrate maximum sensitivity with lower usage of raw materials. Apparently, the introduction of the new grade of nitrile rubber, named as Synthomer 6338, demonstrates the significance of consistent revamp of operational capability and innovative techniques being adopted by NBR latex market players.
Although the overall growth prospects of NBR latex market appear highly promising, it would be rather prudent to factor in the obstacles that might hamper product penetration in the years to come. As synthetic rubber is predominantly manufactured from petrochemical products, the constant fluctuations in crude oil prices might have an adverse impact on the budgetary provisions of companies operating in the NBR latex industry.
With a strict regulatory overview in place coupled with growing demand for synthetic rubber gloves in major industrial verticals such as mining, iron, steel, automotive, chemical, and metalworking, the NBR latex market share is forecast to expand at a decent pace in the years ahead. In fact, as per a research report collated by Global Market Insights, Inc., the commercialization portfolio of NBR latex industry is slated to surpass USD 2.4 billion by 2025.
Author Name :Saif Ali Bepari