Heavy duty industrial gas turbine market to accumulate a significant revenue over 2016-2024, escalating demand from power generation applications to stimulate the global demand
Surging global demand for electricity coupled with an inclination toward gas fired technologies will favor industrial gas turbine market growth over the coming seven years. These turbines are basically internal combustion engines that fire an air and fuel mixture to generate hot gases and are used heavily across the manufacturing, power generation, and oil and gas sectors. Governmental concerns regarding the harmful effects of GHG emissions from coal fired plants is forecast to impel the growth of industrial gas turbine market, slated to cross a revenue of USD 18 billion by 2024, having had an initial valuation of USD 10 billion in 2015.
U.S. Industrial Gas Turbine Market, by Capacity, 2013 – 2024 (GW)
Of late, the governments of various countries have made notable financial contributions toward the production of new gas fired generation facilities that will propel industrial gas turbine industry trends. For instance, in 2017, the U.S. regulatory bodies approved Xcel Energy’s plan to replace its 680 MW coal fired plant with a 786 MW gas fired power station. Such consistent efforts by government bodies and other regulatory organizations are likely to positively impact global industrial gas turbine market, which will expand at a growth rate of 6% over 2016-2024.
The U.S. Federal Government has plans to reduce GHG emission levels by 28% by 2025. In 2016, China introduced a new set of action plans aimed at reducing GHG emission levels to 18% by 2020, subject to which China industrial gas turbine market share is likely to grow at a CAGR of 11% from 2016 to 2024. Increasing number of investments to develop high capacity electricity generation stations will also augment the product demand.
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These turbines are massively deployed across the oil & gas sector, subject to which industrial gas turbine market from O&G applications will increase at a rate of 8% over 2016-2024. Additionally, the increasing number of ultradeep drilling activities across offshore sea beds will propel the industry trends. Rising number of offshore and onshore activities will augment UAE industrial gas turbine market size, which was worth more than 4.5 GW in 2015, in terms of volume.
Industrial gas turbine market from manufacturing applications is slated to cross a revenue margin of USD 5 billion by 2024, primarily due to the rapid industrialization across the emerging economies such as Brazil and India. Additionally, these countries have been deploying these turbines heavily across the electricity generations sector, to fulfill the escalating demand for uninterrupted power supply.
In 2015, power generation applications covered more than 55% of industrial gas turbine industry share, owing to the rising government focus to replace traditional steam and coal fired power stations with natural gas fired power generating stations. In 2015, natural gas accounted for 25% of total electricity in the U.S. It is expected this this number will increase to 30% by 2025, which will fuel industrial gas turbine market size.
These turbines operate on combined cycle and open cycle technologies. Combined cycle based industrial gas turbine industry size is anticipated to surpass USD 12 billion over 2016-2024, pertaining to an enhanced design, high efficiency, and the subsequently reduced start-up time. Open cycle technology covered more than 35% of the overall industrial gas turbine market in 2015 and will grow remarkably over 2016-2024, owing to the capability of this technology to reduce fuel consumption.
Turbine capacity plays a huge factor in determining its efficiency. Gas turbines operate in capacity ranges of ≤ 70 MW, 70-300 MW, and ≥300 MW. Higher the capacity, better the efficiency.
Turbines with a capacity of less than 70 MW find applications across mid-sized industries, subject to which industrial gas turbine industry from ≤ 70 MW capacity is expected to grow at a rate of 8% over 2016-2024. On the other hand, turbines with a capacity of 70-300 MW are deployed across power stations to provide uninterrupted power supply, thereby impelling industrial gas turbine market size from 70-300 MW capacity, which was worth 9 GW in terms of volume in 2015.
The government of various countries have been striving to implement high capacity turbines at power stations, to cater to the global electricity demand. This will unlock potential opportunities for industry players to manufacture turbines with a very high capacity. Industrial gas turbine industry size from ≥300 MW capacity is slated to expand at a CAGR of 7% over 2016-2024.
Heavy duty industrial gas turbine market was worth more than USD 9 billion in the year 2015 and will grow remarkably over 2016-2024, pertaining to the rising product deployment across large capacity electricity generating stations. Companies have been focusing on manufacturing heavy duty turbines to cater to the power demand across the globe. For instance, the year 2017 witnessed the nomination of Mitsubishi Hitachi Power Systems by Entergy Louisiana for supplying 2 M501GAC turbines that were digitally enabled, for the company’s power plant at St. Charles with a capacity of 980 MW.
Major players in global industrial gas turbine market include Mitsubishi Hitachi Power Systems, Man Diesel & Turbo, Kawasaki Heavy Industries, Bharat Heavy Electricals Limited, Ansaldo Energia, General Electric, NPO Saturn, Zorya-Mashproekt, Vericor Power Systems, Cryostar, Siemens, Capstone Turbine, Opra Turbines, Harbin Electric, and Solar Turbines Inc.
Aeroderivative industrial gas turbine market size is expected to grow at a rate of more than 10% over 2016-2024, subject to the product’s applications across the aviation and marine sectors. In 2016, General Electric had supplied 20 LM2500 aeroderivative turbines to the U.S. Navy under the Austal USA LCS program.
Speaking on similar lines, U.S. industrial gas turbine market was worth more than USD 1 billion in 2015 and is anticipated to observe a notable growth rate over 2016-2024. This growth can be credited to huge investments by private entities to deploy gas fired plants and favorable government policies to encourage the adoption of sustainable technologies.
UK industrial gas turbine industry is forecast to observe a CAGR of more than 6% over 2016-2024, subject to regulatory efforts to replace conventional coal fired stations with gas fired stations. In 2015, the UK government had declared that all coal power stations in the country would be closed by 2025 and replaced with gas fired stations.
Major industry players have been striving to expand their presence across the globe. Pricing is a crucial factor as far as business expansion is considered, owing to which huge corporations adopt several inorganic strategies to sustain their position in global industrial gas turbine industry.
Government bodies and private entities have been investing heavily to replace conventional systems with high grade systems subject to the latter’s enhanced power to weight ratio, compact size, and high power rating. Furthermore, increased investments toward shale gas exploration activities will fuel industrial gas turbine market growth over the years to come.
Author Name :Saipriya Iyer
Asia Pacific Hydrazine Hydrate Market to witness massive gains over 2016-2024, China to be the major growth avenue
U.S Hydrazine Hydrate Market size, by end-user, 2015 & 2024 (USD ‘000)
In response to the surging global population and the increasing food demand curve, agrochemical sector is prominently driving the application landscape. The urgent need to increase the crop yield and improve food quality is in a way pushing the demand for agrochemicals. In 2015, overall agrochemical market accounted for a revenue of USD 70 billion and is estimated to grow significantly at an annual rate of 6 % over the coming seven years, significantly impacting the growth prospect of hydrazine hydrate market as well. These inorganic polymers are in high demand in pesticides manufacturing units, as they are extensively used in making pyrazole and its related derivatives. Agrochemical sector majorly contributed toward the global share in 2015, by accounting for almost 30% of the total market. With Asia Pacific at the growth forefront, agrochemical applications are foreseen to boost overall hydrazine hydrate market share in the years ahead.
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Asia Pacific hydrazine hydrate industry led the global market in 2015, covering almost 35% of the total volume. High hydrazine hydrates demand in polymer and agrochemical industries is catering the regional market growth. Heavy manufacturing and production base in India, China, and Southwest Asian countries is encouraging the regional market expansion. With blowing agents and polymerization as the prime growing segments, APAC hydrazine hydrate market is slated to record highest growth rate in the next seven years, with a revenue projection of USD 300 million by 2024.Till late 90’s, the industry was mainly dominated by North American countries. However, following the implementation of stringent regulatory norms by the government in regard to the minimal usage of the product, due to the associated health hazards, North America hydrazine hydrate market had experienced a downfall pertaining to its growth rate.
Pharmaceutical and water treatment sectors are the two other end-use industries that are gradually involving in the market nowadays. Extensive usage of hydrazine hydrates in the manufacturing of veterinary drugs and tuberculosis treatment is further boosting the penetration of hydrazine hydrate market in the pharmaceutical space.
Global hydrazine hydrate industry is highly consolidated with leading market players accounting for almost half of the overall share. With a diversified application forum, this market is set to witness massive growth in future. Some of the prominent industry participants include Yibin Tianyuan, Lonza Group, Arkema SA, Otsuka-MGC, LANXESS, and Weifang YAXING Chemical.
Author Name :Satarupa De
Cardiovascular medical biomimetics market to register significant growth over 2016-2024, APAC to be a major revenue pocket
The rising occurrence of numerous disorders and the ever-growing global geriatric population are slated to augment medical biomimetics industry share over the next few years. The growing incidences of organ failure have led to numerous patients opting for organ transplants. As per the UNOS (United Network for Organ Sharing) estimates, the last 10 years witnessed a 15-fold rise in the number of patients queuing up for a liver transplant. This increase in the number of patients wanting an organ transfer will propel the usage of biomimetic technologies for organ regeneration, thereby stimulating Medical Biomimetics Market, set to grow at a rate of 5.5% over 2016-2024.
U.S. Medical Biomimetics Market size, by Product, 2012- 2024 (USD Mn)
According to UN estimates, global geriatric population was projected to be more than 800 million in 2012, and is slated to hit 2 billion by 2050. With the growing elderly patient base, vulnerable to harmful disorders and subsequent organ failure, the number of organ transplants are expected to rise significantly. This will suitably impel medical biomimetic industry size, which was worth USD 21.4 billion in the year 2015 and is forecast to cross a revenue of USD 34.4 billion by 2024.
Biomimetics find applications across tissue engineering, plastic surgery, drug delivery and wound healing. High grade technological advancements in organ and tissue regeneration and the rising occurrence of chronic ailments have contributed to the lucrative growth of tissue engineering market, which will directly impact medical biomimetics industry.
Tissue engineering and drug delivery were two of the applications that majorly contributed toward the growth of medical biomimetics market in 2015. Tissue engineering sector has witnessed the artificial design and production of biomimetic scaffolds that mimic characteristics of the natural ECM, such as adhesion, differentiation supporting cell seeding, and proliferation, which will fuel global medical biomimetics industry.
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Cardiovascular medical biomimetics market is anticipated to grow at a rate of 5.6% over 2016-2024, subject to the rising geriatric population and the growing incidences of cardiovascular disorders. In addition, rising prevalence of obesity, a sedentary lifestyle, and favorable government financial policies will fuel medical biomimetics industry share from cardiovascular products, which accounted for more than 36% of the overall revenue in 2015.
Speaking along similar lines, U.S. dominated the regional medical biomimetics market in 2015 and will grow remarkably over the next few years. This growth can be credited to the huge geriatric patient pool and an increased number of R&D medical activities. Besides, tremendous technological advancements, increased patient spending capacity on healthcare, and the rising prevalence of cardiovascular ailments should also expedite U.S. medical biomimetics industry share.
Subject to the growing incidences of high blood pressure, rheumatoid arthritis, coronary heart disease, stroke, cubital tunnel syndrome, congestive heart failure, and osteoarthritis, cardiovascular and orthopedic products together held more than 69% of the overall medical biomimetics market share in 2015.
With U.S. as one of key contributors, North America medical biomimetics industry was worth more than USD 10 billion in the year 2015 and will grow significantly over the next few years, given the increasing elderly population in the region. UK and Germany together accounted for more than 50% of Europe medical biomimetics market, primarily due to the increased healthcare expenditure, technological advancements, contributions by research organizations, and rising prevalence of organ failure among the elderly patients.
The Asia Pacific belt is forecast to observe maximum gains of 7.7% over 2016-2024. Major Asian countries have a rather huge pool of elderly patients susceptible to diseases and organ failure, which will fuel APAC medical mimetics industry. China and India are slated to be the major revenue contributors.
In addition, medical tourism is witnessing prominent growth in regions such as Malaysia, Japan, and Thailand. The rise in the number of conferences and seminars related to robotics and biomimetics across these regions will also fuel APAC medical biomimetics market.
Major participants operating in global biomimetics industry include HStar Technologies Corporation, Forschungszentrum Jülich, Avinent, Biomimetics Technologies, BioHorizons, and Applied Biomimetic. This market is rather fragmented and includes the presence of numerous small and medium sized enterprises and research organizations. Global medical biomimetics market size is rather dynamic, subject to the numerous technological innovations, which have unlocked potential growth opportunities for market players to diversify their product offering and expand their global presence.
The latest trend in medical biomimetics industry is that of nanotechnology. This technology will help generate biomimetic materials that will aid biological recognition for tissue engineering devices and for drug targeting. Additionally, it will also help synthesize protein delivery systems and biomimetic gels. The rapid advancements in the field of nanotechnology will thus, favorably influence medical biomimetics market growth.
Author Name :Saipriya Iyer
Foam Blowing Agents Market revenue to surpass the billion-dollar frontier by 2024, North America to be a major growth avenue
Surging demand for polymeric foam and the massive usage of foam blowing agents in its manufacturing process will augment Foam Blowing Agents Market size. These agents are essentially used to provide a firm cellular structure to foam substrates, subject to the numerous benefits they provide, such as less product weight, high acoustic insulation, reduced material usage, and excellent thermal insulation. They are also used in methylal, methyl formate, and other eco-friendly products, which will impel foam blowing agents industry size.
U.S. Foam Blowing Agents Market share, by application, 2013-2024 (USD Million)
Of late, the demand for polymeric foam has observed an increase across the construction and appliance sectors. Foam blowing agents are widely used in the manufacturing process of polymeric foam, which is expected to enhance the growth of foam blowing agents industry. In addition, the extensive growth of polyurethanes (PU) market and other product based foam industries is expected to generate lucrative opportunities for market players. The increasing application of polymeric foams across the rapidly developing flooring market will also propel foam blowing agents industry, slated to cross a revenue of USD 1.1 billion by 2024, growing at a CAGR of 7% over 2016-2024.
Foam blowing agents find extensive applications across the polyurethane, polyolefin, and polystyrene industries. They are used to manufacture polyurethane foams that find applications across the flooring, construction, automotive, packaging, furnishing, hospitality, and medical devices sectors. Pertaining to the enhanced lifestyles and spending capabilities of consumers, foam blowing agents market size from polyurethane applications is expected to grow significantly over 2016-2024. Polystyrene and PU applications together accounted for a share USD 450 million in foam blowing agents industry in 2015.
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Subject to the rapidly advancing automotive, medical, and hospitality sectors, Europe foam blowing agents market, despite being at an initial stage of development, will grow at a substantial growth rate over the years to come. The regional market contributed to more than 15% of the overall industry in 2015.
Speaking along similar lines, hydrocarbons, a key product of foam blowing agents market, is heavily deployed in polyurethane foaming across the appliances, construction, hospitality, automotive, and flooring sectors, subject to which they contributed to more than 50% of the total revenue in 2015. Foam blowing agents market share from hydrocarbons was worth USD 200 million in 2015, is anticipated to grow at a rate of 7% over 2016-2024.
Foam blowing agents are massively deployed in the polyolefins industry, in fact, experts claim that polyolefin applications are set to revolutionize foam blowing agents market by 2024. These applications are deployed across the packaging sector subject to the product’s property of shock absorbency. Foam blowing agents market share from polyolefins applications was worth USD 90 million in 2015 and is expected to grow remarkably over the coming timeframe.
The rapid advancements in the construction and automotive sectors across APAC will lead to Asia Pacific foam blowing agents market growing at a notable CAGR over 2016-2024. APAC accounted for almost 50% of the overall market share in 2015 and will chart a lucrative growth path, pertaining to the introduction of technological innovations and the heavy industrial growth in the region.
Germany has recently witnessed an adoption of high grade medical devices subject to the growing healthcare sector. In addition, the highly developed automotive sector across the region will also lead to the growth of polyurethane and polyolefins industries, which will impel foam blowing agents market.
Of late, foam blowing agents market has been witnessing a revolution of sorts, with the introduction of non-flammable and non-toxic foam blowing agents. Worldwide foam blowing agents industry is rather consolidated, with the market share being distributed amidst the top few players. Key participants operating in this market include Honeywell, Sinochem Group, ZEON Corporation, Arkema S.A., Exxon Mobil Corporation, Solvay S.A., AkzoNobel N.V., DuPont, Haltermann GmbH, and Daikin Industries Ltd.
Author Name :Saipriya Iyer
Silver amalgam tooth filling materials market demand to increase substantially over the coming years, U.S to experience a strong foothold
Conjunctive efforts by the renowned regulatory bodies to increase awareness regarding oral hygiene is pushing tooth filling materials market’s application horizon. Growing prevalence of dental disorders especially among geriatric population has resulted in an increase in the cosmetic dental procedures, which in turn is providing a lucrative opportunity to the overall market. As per an estimation, merely 42% of the adult population use oral hygiene products and around 21% of the adults regularly visit dentists annually. This depicts the low level of awareness regarding the oral hygiene among the global population, which results in tooth ailments, in turn driving the tooth filling materials industry. According to Global Market Insights, Inc., “Tooth Filling Materials Market is slated to exceed a revenue of USD 1.4 billion by the end of 2024, with a projected CAGR of 3.7% over the period of 2016-2024.”
Europe Tooth Filling Materials Market size, by product, 2012-2024
Tooth filling materials industry is gaining a prominence with the advancements of technology in dentistry along with shifting trends of cosmetic dental procedures. In this regard, U.S. is one of the leading regions experiencing a significant upturn in the regional industry. It accounted for a revenue of USD 270 million in 2015. Diversification in related products and growing consumer preference toward aesthetic dentistry are favoring the U.S. tooth filling materials market growth. ADHA (American Dental Hygienists Association) reported that 80% of U.S. population suffers from periodontal gum disease, and almost 78% at least have a single cavity by the time they touch the age of 17.
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Silver amalgam, gold, ceramic, and composite are the basic four types of filling materials that are being adopted in the filling process. On account of the expanding cosmetic dentistry, silver amalgam tooth filling materials industry dominated the global share by accounting for over USD 360 million in 2015. The product demand is anticipated to observe a surge in the years ahead with a projected revenue of more than USD 506 million by the end of 2024. Gold is another lucrative filling material with a high growth prospect owing to its compatibility with food compounds and related social value. Gold is one of the oldest dental restorative materials that is still being widely used. Gold tooth filling materials market is estimated to grow substantially at a CAGR of 2.9% over 2016-2024. Glass ionomer are popular among lower age group due to least pain associated with it, and color compatibility of it. The spreading awareness regarding oral hygiene has resulted in an increase in routine dental checkup rate which, in turn, is catering composite filling market. As per the estimates, composite based tooth filling materials market is expected to grow at an annual rate 3.8% over the coming seven years.
APAC tooth filling materials market contributed 36% of the global revenue in 2015 and is set to witness appreciable growth trends over the coming timeframe. China is likely to drive APAC industry with a projected CAGR of 4.6% over 2016-2024. Europe tooth filling materials industry will also experience a steady gain with Germany at the growth forefront. The growth can majorly be attributed to the favorable reimbursement policies and growing demand for cosmetic dental procedures across this region.
Price remains a major growth deciding factor for the overall industry. Tooth filling materials market is fragmented and fiercely competitive which requires high-level efforts by the players to offer a diversified product portfolio in terms of cost and technology. Vertical integration is one of the key strategies adopted by the industry participants to improve supply value chain. Prominent tooth filling materials industry players include DENTSPLY International, DMG Chemisch-Pharmazeutische Fabrik, SDI Limited, DenMat Holdings, Coltene Whaledent, GC America, and Heraeus kulzer gmbh.
Author Name :Satarupa De
Curcumin market revenue to touch the 100-million-dollar benchmark over a decade, surging demand from pharmaceutical applications to push the industry growth
Rising demand for herbal dietary supplements and organic treatment methods for infections and tumors will fuel Curcumin Market growth. Curcumin is basically a fat-soluble, yellow-colored polyphenolic pigment derived from curcuminoids that is available in two forms, namely, enol and keto. This product is also recognized as a turmeric extract, and possesses anti-inflammatory, antifungal, and antiviral properties owing to which it is used to treat tumors, arthritis, and viral infections. It is also used to manage lipid levels, reduce depression, and improve metabolism, subject to which curcumin industry will experience a growth rate of 9.5% over 2016-2024, having held a valuation of USD 39 million in 2015.
U.S. Curcumin Market size, by application, 2013-2024 (USD Million)
Growing consumer consciousness toward the consumption of natural ingredients in food products, cosmetics, and medicines is expected to help market players exploit lucrative opportunities in curcumin market. Most companies have been striving to achieve product bioavailability. For instance, Tokyo based firm, Theravalues Corporation, had launched Theracurmin Super, superior bioavailable form of curcumin in 2014, in compliance with the legislations passed by the European Union for sale in the Europe market. With the rising incidences of cancer, drug manufacturers have been trying to find alternative, bio-based, natural medication to treat the terminal disease. Growing consumer awareness regarding OTC medication will also fuel curcumin industry demand.
Curcumin production is excessively rampant across India, subject to the abundant supply of the product. India holds more than 78% of the global curcumin production. The nation accounted for more than 81% of the Asia Pacific curcumin market in 2015 and is anticipated to depict excellent growth prospects over the next seven years, pertaining to the usage of the product as a spice and food colorant. Despite possessing an abundant supply of raw material, reduced commercialization and low consumer awareness have led to the nation exporting the product to developed regions such as North America and Europe.
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Growing consumer preferences toward herbal skin care products will drive global curcumin industry size from cosmetic applications. Worldwide expenditure on herbal cosmetics was more than USD 7 billion in 2015 and is forecast to exceed USD 13 billion by 2024. APAC alone is estimated to have spent more than USD 2.5 million on organic cosmetics in 2014 and is expected to cross a margin of USD 4 million by 2024. Curcumin ingrained cosmetic products possess anti-blemish and anti-pigmentation properties, owing to which they are heavily deployed across the personal care sector. Curcumin market share from cosmetic applications is anticipated to grow at a rate of 13% over 2016-2024.
China curcumin industry is anticipated to witness heavy gains from the pharmaceutical and cosmetic sectors, subject to the product’s natural anti-oxidants. High demand for turmeric based organic dietary supplements and anti-cancer medication is expected to fuel U.S. curcumin market size. In addition, increasing preference for turmeric based cosmetics subject to its anti-pigmentation and antioxidant characteristics will propel U.S. curcumin industry share from cosmetic applications, slated to grow at a CAGR of 10% over 2016-2024
Germany curcumin market size from cosmetic applications is anticipated to surpass 2.3 tons by 2024, in terms of volume. This growth can be credited to the excessive usage of the product owing to its benefits subject to blemishes, UV rays, and skin pigmentation. In addition, the pharmaceutical industry share in Germany is expected to cross USD 65 billion by 2024. The healthcare spending alone surpassed a mammoth USD 325 billion in 2015. Subject to the regulations enforced by the European Food Safety Association (EFSA), Germany curcumin market is anticipated to register a notable growth over 2016-2024.
Pharmaceutical applications held more than 52% of the overall curcumin industry in 2015. The product’s usage in the treatment of various diseases such as arthritis and gastric ailments will propel the market growth.
U.S. led OTC industry in 2015 by accounting for more than 30% of the overall demand, subject to the increased requirement of anti-cancer medication. U.S. herbal dietary supplements market size was valued at USD 6 billion in 2015, and is expected to grow at a rate of 7.5% over the next few years, which will fuel the regional curcumin industry.
UK curcumin market from pharmaceutical applications was worth more than USD 700,000 in 2015. Subject to its superior qualities and extensive applications, UK curcumin industry will witness a noticeable surge. With Germany and UK at the helm, Europe curcumin market will grow at a rate of 13% over 2016-2024.
Worldwide curcumin industry is rather fragmented and encompasses small and medium sized enterprises and large corporations, most of which have their presence in India. Renowned herbal skin care brands and cosmetics that incorporate this ingredient in their products include Shahnaz Husain, Vicco, and Himalaya Herbals. Biomax Life Sciences, Tri Rahardja PT, Helmigs Prima Sejahtera, Hindustan Mint & Agro Products, Konark Herbals & Health Care, Synthite Industries, SV Agrofood, Star Hi Herbs, Hebei Food Additive, Herboveda India, and Arjuna Natural Extracts. These companies focus on developing innovative products and bio-based curcumin alternatives.
Author Name :Saipriya Iyer
Squalene market to witness a robust growth from the cosmetics sector over 2015-2022, Europe to majorly drive the global landscape
Increasing preferences toward beauty & personal care have impacted the growth of the cosmetics sector, which will subsequently fuel Squalene Market size. This sector is predicted to witness rapid growth prospects across developed regions such as France, Germany, UK, and Italy, which will drive Europe market expansion. Germany led Europe personal care & cosmetics sector in 2014 by contributing a revenue of more than USD 14 billion, while Italy, France, and UK sectors were assessed at USD 10.6 billion, USD 12 billion, and USD 11.8 billion respectively during the same year. Escalating product demand for lotions, ointments, emollients, and creams, owing to its anti-oxidative and anti-inflammatory features are anticipated to create new growth avenues for squalene market. According to Global Market Insights, Inc., “Squalene industry size is slated to hit a revenue of USD 240 million by 2022.”
MEA squalene market size, by application, 2014
Apart from its wide applications across cosmetics sector, squalene is also popularly used in pharmaceuticals and dietary supplements. In terms of revenue, squalene market size from cosmetics was worth USD 65 million in 2014. Cosmetics applications, which contributed to nearly 66% of squalene market share in 2014, are expected to experience a noteworthy expansion over the years to come. The growth can be credited to escalated product use in nail items, bath oils, body powders, and moisturizers.
Squalene industry size in the dietary supplements sector is forecast to expand at the rate of 8.5% over the period of 2015-2022. The expansion can be attributed to the growing health consciousness among the consumers coupled with their requirement for cost-effective medical treatment.
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Taking into consideration the topographical trends, Asia Pacific squalene market is projected to record a CAGR of 9.5% over the period of 2015-2022, driven by the popularity of cosmetic items in countries such as India and China. North America squalene industry is expected to grow notably over the coming years. This is primarily due to the surging demand for food supplements in the U.S.
Europe squalene industry revenue is expected to hit USD 110 million by 2022, owing to the rising popularity of naturally derived ingredients used in the production of cosmetics & personal care items. Germany, UK, and France are expected to drive the regional share.
Synthetic, shark liver, and vegetables are few of the major sources from which squalene is derived. Vegetable sources witnessed the maximum demand in APAC, having contributed to a revenue of nearly USD 11.5 million in 2014. The development can be credited to rising restrictions on deep water hunting of sharks for squalene, subject to which squalene market from vegetable sources will accrue more than USD 130 million by 2022. Synthetic squalene industry is predicted to witness significant gains over the next few years.
Key market players have been trying to focus on manufacturing innovative products to fulfill the growing needs of the pharmaceutical and food & beverage sectors. The product is widely used in dietary supplements, which will augment the squalene demand in the F&B sector. Amyris, SeaDragron Limited, Sophim, Carbomer, Croda International Plc, Kishimoto Special Liver Oil Company Limited, Arbee Fish Oil, Nucelis Incorporation, Arista Industries Incorporation, Empresa Figueirense de Pesca Lda, Gracefruit Limited, Tianjin Winning Health Products Company Limited, and Aasha Biochem are the key participants of squalene industry.
Author Name :Dhananjay Punekar