Application Potential
Rapidly expanding automotive industry to drive the thermoplastic polyolefins market growth: Global revenue to hit USD 4 billion by 2023
Rise in vehicle sales and construction activities across the globe is predicted to drive thermoplastic polyolefins market size over the coming years. According to Global Market Insights, Inc., “Thermoplastic Polyolefins Industry size is anticipated to reach USD 4 billion by 2023.” Moreover, it finds wide applications in medical industry owing to favorable features such as excellent thermal stability, design versatility, crystal clarity, mutagenic potential, and high resistance. Strict government norms for reducing greenhouse emissions to minimize environmental pollution is predicted to boost the demand for thermoplastic polyolefins over the next few years.Growing preference for thermoplastic polyolefins over polyvinyl chloride owing to environmental risks caused by PVC usage, will further boost the industry growth over the coming years. Strict CAFÉ (Corporate Average Fuel Economy) regulations have emphasized vehicle manufacturers to innovate ways for reducing vehicle weight to ensure minimal pollutant emissions in the atmosphere. This is expected to stimulate TPO demand in automobile applications over the next few years.
U.S. Thermoplastic Polyolefins Market size, by application, 2012-2023 (Kilo Tons)
TPO market share in automotive industry accounted for over USD 1.6 billion in 2015, and is estimated to witness a significant growth over the coming years. The growth can be attributed to processing ease, design flexibility, ability to be recycled, and lightweight properties, which in turn helps in reducing fuel emissions from vehicles.
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Construction sector is another lucrative industry favoring TPO demand significantly. TPO market size in construction industry is predicted to grow at a rate of 6.8% over the period of 2016-2023. The growth can be credited to its extensive application in manufacturing roof tops for both commercial and residential infrastructure owing to its solar radiation inhibiting characteristic.
North America market price worth USD 860 million in 2015, is anticipated to witness substantial gains over the coming years. Its growing applications in construction, automotive, medical, and packaging sectors is projected to drive the regional demand over the coming years. Moreover, strict automotive fuel efficiency norms are predicted to boost the product popularity in the region. U.S. is expected to make significant contribution towards the overall regional revenue.
Europe market share is anticipated to exceed USD 1 billion by 2023, owing to the increased application of these products in medical and packaging sectors as compared to other traditional polymers and elastomers. UK, Germany, France, and Italy are expected to be the major revenue pockets for the region over the next few years.
Asia Pacific TPO market is expected to exceed USD 1.3 billion by 2023, owing to heavy construction spending along with booming automotive sector. Japan, India, and China are expected to contribute significantly towards the regional share in the near future.
Market players will try to enhance their product portfolio as well as revenue through mergers & acquisitions, joint ventures, and strategic alliances. Key industry participants include DuPont, INOES, A. Schulman, Mitsui, Arkema S.A, Noble polymers, The DOW Chemical Company, ExxonMobil, Polisystem UK Limited, SABIC, Sumitomo Chemical, S&E Specialty polymers, GAF, LyondellBasell Industries, and Spartech.
Author Name : Dhananjay Punekar
Dimer Acid Market share to hit USD 2.2 billion by 2023: Asia Pacific to be a major revenue contributor
Growing demand for polyamide resins owing to rise in expenditure on construction activities is predicted to favorably affect global dimer acid market size over the coming years. According to Global Market Insights, Inc., “Dimer Acid industry size is predicted to reach USD 2.2 billion by 2023.” EPA and REACH norms favoring the use of dimer acid in various sectors owing to its non-toxic nature is expected to boost the global industry trends over the coming years.
Europe Dimer Acid Market size, by application, 2012-2023 (Kilo Tons)
Rapid urbanization as well as high economic growth along with heavy spending on infrastructure in countries such as South Africa, China, Mexico, Brazil, Russia, and India are projected to contribute significantly towards the industry growth over the coming years. Furthermore, the use of dimer acid in surfactants, alkyd resins, fuel oil additives, adhesives, and lubricants is anticipated to increase the industry share over the next few years.Dimer acid are extensively used in end-use segments such as oilfield chemicals, which find wide applications in refining, well drilling, and hydraulic fracturing. They are also used in feedstock comprising lubricants, corrosion & scale inhibitors, surfactants, wetting agents, and demulsifiers. Rising amount of drilling activities carried out across the globe for fulfilling global energy requirements is predicted to propel the demand for oilfield chemicals, thereby contributing to global dimer acid market growth over the coming years. Dimer acid market size in oilfield chemicals segment is predicted to reach USD 360 million by 2023 owing to their extensive use in shale gas exploration and extraction activities.
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Dimer acid also finds its application in reactive polyamide resins and non-reactive polyamide resins. Dimer acid market share in non-reactive polyamide resin segment accounted for over USD 560 million in 2015, and is anticipated to grow considerably over the coming years. The growth can be contributed to high demand for solvents from printing inks, paper coatings, and adhesives. Its application in reactive polyamide resin segment is expected to grow at a rate of 4.6% over 2016-2023, owing to the rising demand for adhesives & coatings in construction and marine sectors.
North America dimer acid market price worth USD 300 million in 2015, is projected to witness a substantial growth over the coming seven years. The regional growth can be credited to rapid infrastructure development along with supportive government policies favoring the use of epoxy, masonry coatings, and adhesives in the construction sector. U.S. market revenue worth USD 200 million in 2015, is expected to register highest growth rates at 6% over 2016-2023.
Asia Pacific dimer acid market size is expected to surpass USD 850 million by 2023 owing to growing urbanization, industrialization, and high demand for polyamide resins. India and China are predicted to be the major revenue generators for APAC industry.
Europe dimer acid market is expected to record a CAGR of 6% over the period of 2016-2023. The growth can be attributed to rapidly expanding end use industries across this region. For instance, quantitative easing strategy adopted by European Central Bank for financing private sectors is likely to boost the growth of end-use sectors such as transport, plastics, construction, and energy. UK and Germany are projected to contribute substantially towards the regional share.
Market players will try to increase their regional presence through mergers & acquisitions and joint ventures. Key industry players include Arizona Chemicals, BASF, Croda International Company, Oleon, Anqing Hongyu Chemical Company Limited, Nissan Chemical Industries Limited, Shangdong Huijin Chemical Company Limited, Aturex Group, Liancheng Baixin Science & Technology Limited, Jiangsu Yonglin Oleochemical Company Limited, Florachem Corporation, and Novepha Company Limited.
Author Name : Dhananjay Punekar
Asia Pacific to be a major growth prospect for specialty chemicals market: India and China to lead the regional growth
Chemical industry has become a crucial name in the global business space, being regarded as the key enabler for other sectors. Chemicals have occupied their significant share in probably all the other industries of the world, right from the electronics to the paint, automotive, food & beverages, etc. With this gigantic presence, specialty chemicals market is all set to expand vigorously both in terms of revenue and applications over the coming years. According to Global Market Insights, Inc. “specialty chemicals market having had a share of USD 830 billion in 2015, is estimated to reach USD 1273 billion by 2024.”
U.S Specialty Chemicals Market size, by production, 2013-2024 (USD Billion)
The global population, which is estimated to grow rapidly touching a 9 billion mark by 2040 is a major factor driving the specialty chemical industry. Possibly, all the industries of the world are witnessing a supply/demand imbalance due to this population growth, the food industry being in the topmost concerned space. The food security concerns can be realized looking at the population vs arable land growth rate during 2015. Where on one hand, the population witnessed a 5% increase, on the other side the arable land witnessed a growth of 3.5%, which clearly indicates the agricultural food scarcity the world may witness. This imbalance is making the farmers adopt Agrochemicals on a large scale, thus boosting specialty chemicals industry size.
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Automotive industry is one of the top potential growth prospect for specialty chemicals market. Automotive industry utilizes a broad range of specialty chemical products in the form of paints & coatings, polymers & plastic additives, adhesives & sealants, lubricants, etc., thus contributing towards a significant share of specialty chemicals industry. The expanding automotive industry coupled with the growing demand for fuel-efficient vehicles will bring a huge set of opportunities for the market space.
The chemical industry has rightly been marked as a key parameter to achieve sustainable development for other industries. Chemicals are the key differentiators of any two products under comparisons, and are thus being widely and of course wisely adopted by the manufacturers worldwide. Paints & Coatings industry is a well-suited example of explaining this feature, where 80% of the raw materials in almost all the paints are same, and the rest 20% which are the differentiating factors comprises the specialty chemicals. Construction specialty chemicals market, which had a revenue of USD 70 billion in 2015, is estimated to have a noticeable surge over the coming years owing to the rising number of commercial and residential projects worldwide.
However, the high costs associated with the raw materials to manufacture these products will be a prime matter of concern for the manufacturers worldwide. SMBs will be the major sector impacted by these high priced raw materials. Asia Pacific has significantly emerged as an efficient and cost-friendly raw material supply source for the international companies, enabling these manufacturers to tap this emerging market. Moreover, the growing automotive and construction industry is also a vital factor favoring APAC specialty chemicals market size. Asia Pacific specialty chemicals market is expected to grow at a CAGR of 6.5% over the period of 2016-2024. North America is estimated to account for the second largest market followed by Europe.
In the coming years, the companies worldwide will spend heavily on R&D activities to walk parallelly with the growing consumer needs and demands. The industry, which is highly competitive and fragmented presently, will witness various collaborations and partnerships for efficient manufacturing of these products. Key market players are Dow Chemical, INEOS Group, BASF, Bayer, Ashland Inc., DuPont, Clariant, Huntsman, Syngenta, Evonik Industries, Arkema, Albemarle, Akzo Nobel, Eastman Chemical Company, Chemtura, and Solvay.
Author Name : Shikha Sinha
Oil & gas industry to boost xanthan gum market growth over 2016-2023: APAC to be the major revenue contributor
Rising demand for food & beverages across the globe due to growing population along with improved consumer lifestyle in BRICS countries is expected to favorably affect xanthan gum market size over the coming years. Food & beverages sector contributed a revenue of USD 8.50 trillion in 2004, which exceeded USD 15 trillion in 2015. The product is extensively used in this sector due to its ability to enhance moisture retaining capacity and improve shelf life of baked items. According to Global Market Insights, Inc., “Xanthan Gum Industry size is anticipated to reach USD 1.2 billion by 2023.” Xanthan Gum finds wide applications in cosmetic products such as lotions, denture cleaners, and shampoos due to its thickening & stabilizing property. Furthermore, FDA and USDA approval for the use of xanthan gum in bakery foods and medicines will provide huge growth opportunities for the industry over the coming years. European commission has also approved the use of xanthan gum as an emulsifier, gelling agent, thickener, and stabilizer in food & beverages sector.
Europe Xanthan Gum Market size, by application, 2012-2023 (Kilo Tons)
Oil & gas firms are actively involved in setting up enhanced oil recovery processes to increase the production of crude oil & natural gas from potentially exhausting reserves and this can boost the industry growth over the coming years. Crude oil output across the globe was 3950 kilotons in 2007 and reached 4130 million tons in 2015. Growing spending on production, exploration, and development of crude oil & gas in upstream segment have played a vital role in enhancing the crude oil production across the globe. Global upstream expenditure was worth USD 410 billion in 2009, and exceeded USD 660 billion in 2015. Furthermore, strategic initiatives such as new exploration licensing policy announced by the Indian government to encourage exploration and production activities in oil & gas sector, is projected to drive the industry trends over the coming years.
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Xanthan gum finds its applications in cosmetics, oil & gas, and pharmaceutical sector. Xanthan gum market revenue in oil & gas sector worth USD 300 million in 2015, is expected to grow at a rate of 6.2% over 2016-2023. The growth can be credited to its wide application in horizontal drilling as well as demand for better control of drilling solids. Xanthan gum market share in pharmaceutical sector is predicted to exceed USD 55 million by 2023, with expected gains of 5.2% over 2016-2023. The growth can be credited to its use as diluents & disintegrants in tablets as well as protective colloids in suspensions.
North America xanthan gum market size worth USD 220 million in 2015, is predicted to register a CAGR of 5.3% over 2016-2023. Heavy expenditure on medicines along with expansion of pharmaceutical sector is expected to drive the product demand in the region. U.S. is expected to contribute significantly towards the regional growth over the coming years. Europe xanthan gum market is expected to surpass USD 235 million by 2023 owing to growing demand for personal care products along with rising R&D investments on pharmaceutical sector. Germany, UK, Italy, and France are projected to be the major revenue pockets of the region over the coming years.
Asia Pacific xanthan market is anticipated to exceed USD 490 million by 2023. Expanding cosmetics and pharmaceutical sectors in the region due to growing product demand as well as low production cost is predicted to boost the regional growth. China and India are anticipated to be the major revenue contributors of the region over the coming years. Middle East & Africa market is expected to grow significantly over the coming years owing to increase in healthcare spending along with favorable government policies. Saudi Arabia is projected to contribute substantially towards the regional share.
Market players will try to increase their ROI through merger & acquisitions and R&D investments. Key industry players include DuPont, Archer Daniels Midland, Fufeng Group Company Limited, Cargill, CP Kelco, Sancho & Lee, Jungbunzlauer, Qingdao Unichem, Deosen Biochemical Limited, Solvay S.A., and Pfizer Pharmaceutical Company.
Author Name : Dhananjay Punekar
Asia Pacific to lead global allantoin market with revenue estimations of USD 220 million by 2023
Rising gross incomes along with growing use of anti-aging creams & sunscreen lotions are expected to influence allantoin market size over the coming years. FDA, REACH, and European commission policies favoring the use of allantoin as a constituent in pharmaceutical as well as personal care products is projected to drive the industry growth over the coming years. According to Global Market Insights, Inc., “Allantoin market share is expected to surpass USD 670 million by 2023.”
Allantoin finds wide applications in cosmetics, oral hygiene, and pharmaceutical sectors. Allantoin application in cosmetics sector worth USD 135 million in 2015, is predicted to witness a substantial growth over 2016-2023. The high growth can be attributed to its increasing use in creams, shampoo, and lotions owing to its moisturizing features. In addition to this, growing demand for sunscreen lotions driven by the rising awareness among the people to protect their skin from UV rays and pollution is expected to boost global allantoin industry trends.
Germany allantoin market size, by application, (USD Million) 2012-2023
Allantoin market share in pharmaceutical sector is anticipated to grow at a rate of 5.8 % over 2016-2023 owing to its wide use as an ingredient in modern ointments which help in treating skin ailments such as keratosis, psoriasis, xerosis, and eczema. Furthermore, its applications in oral hygiene sector are expected to surpass USD 175 million by 2023 due to its use in oral wound healing products as a result of its superior cell proliferation characteristics. It also finds application in nutraceuticals and agrochemicals sectors owing to rising demand for food & beverages with high nourishing contents.
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Asia Pacific allantoin market worth USD 133 billion in 2015, is expected to produce a revenue of USD 220 million by 2023. The revenue growth can be credited to rise in population coupled with growing consumer purchasing capacity. China is expected to contribute substantially towards the regional share.
North America allantoin market price is forecast to surpass USD 195 million by 2023 owing to growing applications of the products in pharmaceuticals, nutraceuticals, and oral hygiene sectors. U.S. is predicted to be the major contributor to the overall revenue share of the region. Europe market is predicted record a CAGR of 5.2% over 2016-2023 due to favorable regulations of European Commission supporting the use of allantoin in various industries.
Latin America allantoin market is anticipated to witness a substantial growth over 2016-2023, owing to growth of cosmetics sector along with rise in consumer spending. Brazil is expected to be a major revenue pocket of the region.
Geographical expansion, strategic alliances, and market penetration will be some of the key growth strategies adopted by the industry participants over the coming years. Key industry players include Ashland Inc., Rita Corporation, Akema Fine Chemicals, EMD Performance Materials, Clariant, LuBon Industry Company Limited, Luotian Guanghui Chemical Company Limited, Huanghua Suntime Chemical Industry Co. Ltd, and Zhanhua Jinyuan Lide Biotechnology.
Author Name : Dhananjay Punekar
Growing oil and gas industry to boost the global FPSO market size
Developing economies to make substantial contribution towards the market growth
Rise in offshore oil & gas exploration activities across the globe is expected to fuel the demand for the FPSO (Floating Production, Storage, and Offloading) market over the coming years. Currently, the exploration activities are being carried out mainly in offshore oil & gas fields of Brazil, North Sea, and West Africa. Growing oil & gas requirements across the globe will boost investments in new oil & gas fields.
The rapid expansion of upstream oil & gas industry coupled with favorable government policies to promote offshore oil & gas exploration activities is projected to boost the market size over the next few years. As per Global Market Insights Inc. report, the FPSO Market share worth USD 21 billion in 2015, is predicted to surpass USD 117 billion by 2024, growing at a CAGR of 19% over the period of 2016-2024.
The U.S. FPSO market share worth USD 20 billion in 2015, is expected to witness a noticeable surge over the forecast timeframe owing to the growing production and exploration of natural gas, rise in offshore activities and the discovery of untapped reservoirs. The Norway market is anticipated to touch USD 3.1 billion mark by 2024.
Norway FPSO market size, by volume, 2014 – 2024 (Units)
The China FPSO market size worth USD 687 million in 2015, is predicted to witness a significant growth, recording a CAGR of 22% over the period of 2016-2024. The growth can be attributed to the rise in offshore as well as onshore exploration coupled with production activities in the region.
The Angola FPSO market share, growing at a CAGR of 26.4% over the period of 2016-2024, is estimated to reach over 11 units in 2024 in terms of volume. Factors such as growing offshore production and exploration activities carried out in Deepwater reservoirs are expected to contribute towards the regional growth. Firms like Eni, Exxon Mobil, and Chevron have offshore projects in Angola and adds about 1MMbbl/d to the capacity.
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In April 2016, about 260 floating production units were set up in offshore oil & gas fields of which FPSO accounted for approximately 64%. Conversion of tank vessels into FPSO units is predicted to support the industry growth over the next few years. For instance, 1995 built shuttle tanker converted to a Libra FPSO unit in 2015 was designed to achieve the production of crude oil. The converted FPSO market is predicted to record a CAGR of 18.9% over the period of 2016-2024 owing to low capital investments coupled with the ability to operate in small and medium fields.
The redeployed FPSO market worth USD 719.8 million in 2015, is anticipated to witness a substantial growth, growing at a CAGR of 22.3% over the forecast period. The growth can be credited to the product’s ability to minimize the project execution time. The new built FPSO market is predicted to witness a noticeable growth over the forecast timeframe due to growing ultra-deep water offshore exploration & production activities.
Key market players include SBM Offshore, MODEC Inc., BW Offshore, Samsung Heavy Industries, Aker Solutions, Hyundai Heavy Industries Co. Ltd., Teekay Corporation, Yinson Holdings Berhad, and Bluewater Energy Services B.V. These industry players will try to increase their market share through product innovation and mergers & acquisitions.
Author Name : Dhananjay Punekar
Global Hydrogen generator market share to surpass USD 1.32 billion by 2024
The vivid growth of industrial hydrogen applications across sectors such as chemical processing, fuel cells, refinery, and petroleum is soon going to result in hydrogen generator turning into a billion-dollar market. According to Global Market Insights, Inc., “The Hydrogen Generator market worth USD 800 million in 2015, is estimated to surpass a revenue of USD 1.32 billion by 2024.” Hydrogen generators are primarily the units installed to produce hydrogen. Depending on the requirements of the industrial process, the hydrogen generator deployment is mainly done either as an onsite generator or a portable generator.
The government initiatives towards a sustainable environment by reducing fuel emissions and dependency on non-renewable energy resources also play a vital role in increasing the hydrogen generator market size. The rising trend of green fuel use across the industrial, commercial, and residential sectors will also heavily boost the industry share. Hydrogen generator offers high operational reliability and is considered to be a convenient and secure hydrogen storage and delivery source free from the hassles of cylinder handling.
U.S Hydrogen Generator Market Size, By Application, 2013-2024 (USD million)
The expanding automotive industry will bring enormous growth prospects for the overall market. Increasing adoption of electric vehicles is encouraging the growth of hydrogen fuel stations in turn stimulating the market growth. The government is also encouraging the use of electric vehicles over the conventional means of transport owing to the eco-friendliness, reduced fossil fuel dependency, and operational cost-effectiveness of the former. Key automobile manufacturers such as Ford Motors, Nissan, GM, Mercedes-Benz, Honda, Toyota, and Tesla Motors are also significantly sharing the electric vehicle business space. It is estimated that the global electric vehicle sale will surpass 7 million units by 2024. This will in turn result in a comprehensive increase in the fuel cell demand. Hydrogen generator application in the fuel cell market is anticipated to grow at a CAGR of 6% over the period of 2016-2024.
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The refinery industry is another major growth prospect for the hydrogen generator market. It is estimated that the hydrogen consumption in refineries accounts for 12 billion standard cubic feet per day. The demand for hydrogen in the processing of crude oil into refined fuel such as gasoline and diesel and removing the impurities from these fuels are expected to catalyze the application growth. Hydrogen generator application in refineries is forecast to surpass USD 120 million by 2024. The food and beverage industry is also supporting the hydrogen demand owing to its application in removing contaminants such as bacteria and viruses from the food items.
The refinery, oil & gas, and chemical processing industries usually adopt the onsite installation method, which is predicted to dominate the industry with a CAGR of 5% over the timeframe of 2016-2024. Portable hydrogen generators are popular amongst the transportation and construction industries and are estimated to record an annual growth rate of 5.8% over the coming eight years.
“Global hydrogen generator market is anticipated to grow at a CAGR of 5% over the period of 2016-2024.” North America market accounted for USD 300 million in 2015, and is estimated to witness substantial gains over the coming period. The growth can be attributed to the rising demand across power generating plants & refueling stations and growing trend of green fuel across this region. The U.S. and Canada will be the major revenue pockets for the North America hydrogen generator market.
Asia Pacific, primarily led by South Korea and Japan, will also grow significantly over the coming years owing to rising demand across the refinery sector, growth in the petroleum industry, and stringent government regulations across this region. The Asia Pacific market is estimated to register a CAGR of 6% over the period of 2016-2024.
Some of the major players in this market are Linde AG, Air Products & Chemicals, Inc., Hydrogenics Corporation, Air Liquide SA, McPhy Energy, Airgas Inc., Praxair Inc., and Idro Energy.
Author Name : Shikha Sinha
Global Agricultural Films Market Size to be worth USD 15.13 billion by 2024
Agricultural Films Market is projected to surpass 9.2 million tons by 2024, at a CAGR of 6.2% over the period of 2016-2024. Growing need for producing high-quality crops along with the heavy requirement for increasing agricultural/crop production as a result of rising population is predicted to drive the product demand. Innovations in biotechnology leading to manufacturing of products from sustainable sources coupled with the adoption of more advanced scientific farming techniques are few other factors likely to boost the market share over the coming years.
Involvement of institutions like Alliance for a Green Revolution in Africa (AGRA), Sustainable Agriculture Network (SAN), and Global G.A.P Academy for farmer welfare is predicted to boost agricultural films market trends over the forecast timeframe.
Europe agricultural films market share, by raw material, 2014
Agricultural films are finding growing applications in mulching, silage, and greenhouse. Mulching applications are predicted to surpass 4.24 million tons, at a CAGR of 6.2% over a period of 2016-2024. Farmers are focusing on mulching applications to retain soil water, hinder weed growth, reduce crop damage by insects & pests, maintain soil temperature, and increase crop production. Mulching applications segment worth USD 2.6 billion in 2014, is projected to witness heavy demand for the product over the next eight years.
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Greenhouse applications segment contributing about 41% to the overall volume in 2014, is predicted to record a CAGR of 6.3% over the forecast timeline due to climatic fluctuations and rising floriculture & horticulture trend.
Heavy demand for the agricultural films in silage applications is due to its high nutrition contribution to animal feed resulting in higher milk production.
Polymers/raw materials used to manufacture agricultural films include LDPE, LLDPE, HDPE, EVA, and Reclaims. LLDPE agricultural film market size worth USD 3.2 billion in 2014, at a CAGR of 6.5% over the forecast timeframe, is predicted to witness a heavy demand in the coming eight years due to improved shelf life, moisture resisting features, cost-effectiveness and exceptional thermal strength. Furthermore, rising agricultural activities in countries like Thailand, India, and Malaysia due to modernization in techniques of farming is projected to drive the demand for the product.
LDPE market, contributing 21% to the overall demand in 2014, is pegged to witness moderate growth at a CAGR of 6.3% over the period of 2016-2024, due to its heavy demand in regions like Asia Pacific facing problems of water scarcity.
HDPE market, contributing about 375 kilotons in 2015, is predicted to witness a heavy demand for the product from the Middle East region as a result of harsh weather and flourishing of horticulture and floriculture sectors.
North America agricultural films market is predicted to grow at a rate of 5% over the forecast timeline due to heavy demand for greenhouse applications along with low availability of cultivable land. The U.S. market is predicted to contribute significantly towards the regional growth.
China agricultural films market size worth USD 3.8 billion in 2014, will register a CAGR of 6.5% over the estimated timeframe, owing to the heavy product demand in agriculture as a result of water scarcity and tough weather conditions. In addition to this, the use of modern methods of farming in agriculture is likely to drive the product demand in the region.
MEA agricultural films market share contributing about 8% of the overall demand in 2014, is expected to witness a substantial growth over the forecast timeline with countries like South Africa, Saudi Arabia, and UAE contributing enormously to the regional growth. Furthermore, factors like low availability of tillable/cultivable land along with rising demand for food as a result of a growing population is predicted to boost the market trends.
Key industry players include ExxonMobil, Grupo Armando Alvarez, BASF, The Dow Chemical Company, Kuraray, Novamont S.p.A., Group Barbier, and Britton Group, Inc.
Author Name : Dhananjay Punekar
Asia Pacific to dominate the Biodegradable Superabsorbent Materials Market: A growth rate of 6.5% to be registered during the period of 2016-2023
The need for environmental sustainability has been realized taking into consideration the rapidly increasing population, which may cross the 7 billion mark by 2050. Owing to the rising health and environmental concerns, there has been a huge demand for proper waste disposal and use of bio-degradable substances which in turn has driven the growth of Biodegradable Superabsorbent Materials in the polymer industry. The market has seen a commendable surge in all these years, driven by its ease of use, hygiene, cost-effectiveness and environment friendly characteristics.
The popularity of conventional materials is being surpassed by the use of these biodegradable products. Biodegradable Superabsorbent Polymers are used for high absorption of water and aqueous solutions relative to their own mass primarily for use in the form of diapers, adult incontinence products, feminine hygiene products, and similar applications. According to a research conducted by Global Market Insights Inc., biodegradable superabsorbent materials market size is forecast to be worth USD 192.6 million by 2023 with a CAGR of 6.1%.
Biodegradable Superabsorbent materials market can be segmented on the basis of its wide set of applications which include Disposable diapers (baby diapers), feminine hygiene (sanitary pads), adultincontinence, agricultural, and medical applications (surgical pads & wound care solutions)
U.S. Biodegradable Superabsorbent Materials Market size, by application, 2012-2023 (Tons)
Disposable diapers application segment dominated the market in 2015, having had a market share of USD 79 million. The growth is attributed to the better living standards and hygiene concerns. Agricultural application is expected to witness a CAGR of more than 7% from 2016-2023.
Also, medical issues related to bones and joints are boosting the adoption of cellulose hydrogel biodegradable polymers due to its effective healing properties. Medical application segment shall see a significant growth and is expected to be worth more than USD 5 million by 2023.
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Biodegradable superabsorbent materials product segment comprises of Polyvinyl Alcohol (PVA), Polysaccharides, Polyitaconic acid, and Polypeptide. Polyvinyl Alcohol (PVA) which was valued at approx. USD 82 million in 2015, dominates the product market with its major application in feminine hygiene and adult incontinence products. Besides, Polysaccharides which is abundantly available in the form of starch, chitin, natural gums and sugar is expected to witness the maximum rise at a CAGR of 9% from 2016-2023.
Biodegradable superabsorbent materials are being adopted worldwide. Europe market, led by Germany, dominated the industry by contributing a share of USD 48 million in 2015. APAC is expected to witness the highest growth, registering a CAGR of 6.5% over the period of 2016-2023 with China market share to be worth USD 25 million by 2023. U.S. adult incontinence market is expected to grow at a CAGR of 5.8% reaching 2.1 Kilotons by 2023.
Some of the key players in this market space are ADM, TryEco, Exotech Bio Solutions, Weyerhaeuser Company, Valagro, NanoChem Solutions, AMEREQ, CryoLife, Coloplast A/S, Collagen Solutions, and Akron Biotech. The research by Global Market Insights Inc. anticipates the Global Biodegradable Superabsorbent material market to reach 89.6 kilotons in 2023. This huge demand and the resulting growth shall witness a number of collaborations, alliances and partnerships in the corporate world. The Biotech firms may tie up with the technology world to enhance their product portfolios.
Author Name : Shikha Sinha
Global Market Insights Inc. 