Growing emphasis on consumer satisfaction and safety has proliferated testing, inspection, and certification (TIC) services market size as governments worldwide have implemented stringent quality regulations on almost every industry vertical. Whether it is construction, automobile, energy, healthcare or other segments, continuous advancement in products and components have necessitated upgraded testing and certification requirements.
What are the factors that will drive TIC services market trends over the forecast period?
Improvements in management, product quality, manufacturing processes, supply chains and service value have become imperative for the growth of any business, imposing the need for TIC services, which would eventually augment the industry outlook. Existence of recognized certifications such as ISO:9001 or ISO/TS 16949 make it easier for customers to search for companies that provide excellent product quality, better customer service and new, innovative solutions.
The global TIC services market share is anticipated to exceed USD 260 billion by 2025, driven by the obligation of companies towards meeting specific product requirements and to comply with international quality standards.
How will transportation application segment help propel the TIC services industry share?
Besides helping to control the quality, effective testing and inspection processes aid in minimizing rejections, reduce manufacturing costs and identify reasons for a defective output. The transportation segment, in general, constitutes a major part of the global manufacturing industry where thousands of components or auto parts go through daily quality checks.
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As governments and international agencies are constantly raising the weight, material and other standards of automobile components to enhance the safety and efficiency of vehicles, the TIC services industry is subsequently gaining massive popularity. OEMs as well as small auto component vendors are striving to achieve high level of quality and get certified, to get documented and provide validity to their proficiencies and expertise.
Frequent inspection and evaluation of manufacturing processes by in-house or third party services to maintain a grip on the quality level will continually boost the TIC services market.
Will the life sciences segment help drive TIC services market outlook?
The TIC services market is rapidly witnessing demand from the healthcare and life sciences segment, with test and inspection reports of pharmaceutical equipment being critical in assessing whether the international standards are met. TIC companies are trying their best to evolve with technological developments and remain up-to-date with new regulations pertaining to safety and quality.
Products, apparatus and supply chains are subject to quality testing activities regularly, as pharmaceutical companies are responsible for providing vital therapeutic solutions. Even other parties involved in the supply chain must go through intense inspection by assigned representatives to be eligible to acquire critical certifications.
Author Name : Pankaj Singh
Phenoxyethanol preservatives market to acquire substantial revenue via pharmaceutical applications over 2019-2024, Europe to emerge as a pivotal regional avenue
With organic cosmetics scoring an edge over chemical products of late, phenoxyethanol preservatives market has been witnessing a renewed prominence globally. In the last couple of years, personal care industry giants have faced a series of challenges concerning the integrity of beauty products, a factor that has sourced the trend of natural preservatives. Phenoxyethanol has been identified as the most globally approved preservative in beauty product formulations, owing to its high compatibility with beauty products, pertaining to its excellent toxicology, faint aroma, low water solubility and evaporation rate.
U.S. Phenoxyethanol Preservatives Market Size, by Product, 2013 – 2024 (USD Million)
On the research front as well, several scientific evaluations of preservatives have made their presence felt, which are likely to contribute toward industry development. The need to protect personal care products from microbial growth is also a crucial factor that is making phenoxyethanol preservatives industry an attractive commercial proposition.
The remarkable expansion of phenoxyethanol preservatives market is quite evident from its extensive deployment across a diversified range of domains that includes the pharmaceutical and domestic sectors as well. The growing trend of using active ingredients and the much-awaited ban on paraben based products in some of the regions have stimulated phenoxyethanol preservatives market demand. Home and personal care sector procured a commendable portion of the industry in 2018. With increased consumer spending on personal hygiene, manufacturers are readily focusing on liquid detergents that deploy phenoxyethanol on a large scale. In addition, renowned organizations such as the Cosmetic Toiletry Fragrance Association, British Pharmacopoeia, U.S. Pharmacopoeia, and European Economic Community have also certified phenoxyethanol as a safe preservative to be used in personal care commodities.
Cosmetics applications have indeed been cited as one of the chief application arenas for phenoxyethanol preservatives industry size over 2019-2024. One of the premium products of phenoxyethanols, i.e., P5 is mainly deployed in cosmetic applications due to its comparatively lesser phenol content, estimated to be less than 5 ppm. Phenoxyethanol P5 preservatives demand, as per reports, is estimated to grow at a CAGR of 5% over 2019-2024.
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Speaking along the similar lines, P25, having a higher phenol composition is widely utilized for industrial purposes. In this regard, it is important to note that both phenoxyethanol P25 and P5 exhibit 99.5% purity, which is undoubtedly one of the profound grounds enhancing the overall phenoxyethanol preservatives market expansion. Another contributing factor worth mentioning is the increasing demand for green ingredients in the cosmetic formulations by the health-oriented consumer base.
Speaking of geographical landscape, U.S. is one region where P5 phenoxyethanol preservatives industry demand is quite high. Being one of the most lucrative growth grounds for the cosmetic and pharmaceutical markets, the United States has been observing an escalated commercialization of P5 grade preservatives lately.
Europe is also likely to carve a profitable roadmap in the phenoxyethanol preservatives market over the forecast span. Driven by the fierce competitiveness in Europe pharmaceutical industry, the demand for the product is anticipated to rise, thereby sourcing lucrative business opportunities. Globally, phenoxyethanol preservatives industry from pharmaceutical applications is forecast to record a CAGR of 5.5% over 2019-2024.
A major disruptive issue that is somewhat hampering phenoxyethanol preservatives market growth is the growing number of regulatory initiatives projecting the health hazards associated with its deployment. The FDA, for instance, has recently issued a warning regarding the toxicity of these preservatives and their detrimental effects on infants. However, industry giants are rigorously putting in their efforts to successfully overcome these challenges by engaging in numerous research and development activities.
Some of the prominent players operating in global phenoxyethanol preservatives industry include Akema Fine Chemicals, Dow Chemical Company, Symrise AG, Chemicals, Santa Cruz Biotechnology, Lonza Group, and Schülke & Mayr GmbH. With global economy treading on a positive path, resulting in an upgradation of consumer living standards, phenoxyethanol preservatives market is projected to exceed a remuneration portfolio of USD 150 million by 2024.
Author Name : Shikha Sinha
White oil market to register exceptional gains via food applications over 2018-2024, Asia Pacific to emerge as a profitable investment avenue
Boasting of a wide-ranging application portfolio, the global white oil market, of late, has emerged as one of the fastest growing niche verticals of the bulk and specialty chemicals industry. Increasing uptake of white oil by foremost lubricant manufacturers along with the implementation of innovative technologies is positively favoring the white oil market sphere in the recent times. As per reliable estimates, the remuneration portfolio of this industry is slated to surpass USD 6 billion by 2024.
North America White Oil Market, By Application, 2017 & 2024 (USD Million)
A brief overview of recent trends shaping the application landscape of the global white oil industry
Speaking of the application spectrum, as per a research report collated by Global Market Insights, Inc., the plastic and polymer segment accounted for more than USD 750 million of the white oil market share in 2017. The paraffinic base, low volatility, and high purity are some of the characteristics of white oil which make it ideal to manufacture PVC, LDPE, TPE products. In addition to this, the increasing demand for extrusion aids and mold release agents in plastic manufacturing has augmented the pace of product adoption in the recent times.
Apart from the plastic and polymer segment, two major rapidly expanding application segments of the white oil industry are personal care & cosmetic and food sector. In fact, reliable sources state that the personal care & cosmetic applications apportioned a remuneration of more than USD 1.5 billion in 2017. White oil is chiefly used as a base material in baby oils, lotions, and skin creams as it provides exceptional lubricity, resistance to moisture, and superior smoothness.
Reliable estimates claim that the food industry segment is set to apportion more than 6 percent of the total revenue share of the white oil market by the end of 2024. Usage of white oil in the food industry is further likely to gain traction, given the product has robust application scope in packaging and food grade lubes, release agents, and processing-related activities. Additionally, prominent regulatory organizations such as U.S. FDA have been approving the utilization of white oil in applications that require direct and indirect contact with food, essentially boosting the growth potential of white oil industry.
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One of the major factors that has been strongly driving the expansion of the white oil market is the increasing consolidation of the established players who have been focusing on acquisitions lately. For instance, Fuchs Petrolub SE had acquired the white oils and food machinery specialty lubricants business of energy giant Chevron Corporation in the year 2016. The objective of the takeover was to strengthen the FUCHS Lubricants Co., the subsidiary of Fuchs Petrolub SE which is regarded as the world’s largest independent manufacturer of lubricants.
Although the commercialization matrix of the white oil market appears highly promising in the years ahead, there exist a few aspects that may prove to be quite detrimental to the product price trends and subsequently impact the industry negatively. In this regard, it is prudent to take note of the fact that geopolitical events often result in output loss, supply disruption, and harm steady market functioning. Moreover, constant fluctuation in crude oil prices due to political and economic uncertainties can decelerate the pace of white oil market expansion in the times to come.
In terms of geographical penetration, the Asia Pacific region is one of the most lucrative growth avenues for the white oil industry players. Owing to favorable FDI policies and ease of doing business, the APAC nations are transforming themselves into large manufacturing hubs – a factor that has helped market participants to expand their reach in this region. Moreover, the high adoption rate of white oil in food processing, plastic, textile, and agricultural sectors has fostered business growth. For the record, the APAC white oil market recorded a revenue collection of USD 2.5 billion in 2017, cite authentic estimates.
Owing to the presence of numerous prominent firms and regional manufacturers, the overall competitive hierarchy of the white oil market can be termed as moderately fragmented. Encompassing a wide range of product and application domains, the global white oil industry comprises of major companies along the likes of Sasol, British Petroleum, Royal Dutch Shell, JX Nippon, Sonneborn, Chevron, Exxon Mobile, Sinopec Corporation.
Author Name : Saif Ali Bepari
Vitamin E market outlook: Cosmetics & Dietary applications to offer dynamic growth opportunities over 2016-2024.
Shifting consumer focus toward health and wellness benefits from vitamins consumption will surge the global vitamin E market. Increasing consciousness of adopting healthy food habits coupled with rise in spending capacity will significantly stimulate the vitamin E industry. According to Global Market Insights, Inc., “Vitamin E market size is estimated to grow at a CAGR of 3.5% over the period of 2016-2024.” Vitamin E has many benefits to the human health, including regulation of blood pressure, reproduction system, and in prevention of health problems. The trend of maintaining a healthy lifestyle which includes dietary supplements along with regular diets is equally popular across the developed as well as the developing economies. In addition to this, rising disposable incomes in these regions will boom the vitamin E industry in the coming years.
UK Vitamin E Market size, by application, 2013-2024 (USD Million)
Furthermore, growing geriatric population base in U.S., Europe, and Japan has multiplied the use of medications for the cure of disorders coupled with precautionary supplements which will help to stay healthy and fit. This scenario has stimulated the need for mandatory intake of vitamin E from supplementary sources fueling the vitamin E market size.
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Based on products, vitamin E market is segmented into synthetic vitamin E and natural vitamin E. Natural vitamin E is further categorized into Tocopherol and Tocotrienols by products. Tocopherol is naturally found in fish, vegetable oils, nuts, and leafy vegetables. Tocopherols is projected to surpass USD 300 million by 2024, owing to rise in per capita income and consumers’ willingness to spend more on nutrition and dietary supplements. Europe and U.S. are the largest contributors to the overall consumption, as the majority of the population is inclined towards maintaining healthy lifestyles in turn boosting the vitamin E industry.
U.S. vitamin E market is set to witness escalating gains, owing to healthy food consumption and high disposable income. Moreover, healthcare regulations are also contributing in driving the regional growth. U.S. vitamin E market generated revenue over USD 50 million in 2015 and is estimated to grow considerably in the coming seven years.
Europe vitamin E market is projected to expand significantly due to increase in consumption of dietary supplements. Moreover, rising demand for high protein diets, particularly in Russia and Germany has slated the Europe animal feed market size. Rising prescriptions and recommended health supplements from the health professionals will further complement the regional industry growth.
Cosmetics applications in the vitamin E market is witnessing high growth rate increasing at 7% over the period of 2016-2024. The willingness to pay more for the products which prevents skin ageing and assures various other skin benefits with UV protection & moisture content for healthy and youthful skin will generate huge scope for vitamin E industry share in the coming seven years. Its usage in sunscreen and other cosmetics products where vitamin E helps in reducing inflammation on the skin will escalate the industry growth over the coming timeframe.
Dietary supplements application is another lucrative segment assuring heavy gains in the vitamin E industry. Rising demand for nutritional edibles in the form of powders, liquids, tablets, pills, and capsules particularly in the western countries will spur the vitamin E market growth. Dietary supplements vitamin E demand is expected to register a CAGR of 4% over the period of 2016-2024. Reduction of migraine headaches, strengthening of the immune system, controlling blood pressure levels, and protection from flu and cold are the major benefits obtained from the consumption of these dietary supplements.
Another profitable segment in the vitamin E industry is the animal nutrition market, which was worth USD 1 billion in 2015. Growing meat export from Asia Pacific countries will generate animal nutrition demand. Rising prevalence of livestock diseases has enabled the usage of better animal nutrition in turn driving the vitamin E market. Moreover, rising cattle breeding in China, India, Russia, and Brazil will generate heavy demand for Animal feed additives market. Synthetic vitamin E is a major product used in animal feed industry.
Asia Pacific dominated the global meat production, which was projected to be over 130 million tons. China vitamin E animal nutrition market worth USD 70 million in 2015, is anticipated to surge noticeably over the coming seven years.
Presently the vitamin E industry is highly competitive with emerging markets from India and China. Moreover, many other industry participants are focusing on investigating substitute sources to improve the characteristic of vitamin E. The vitamin E market share is consolidated with top five industry participants catering to 50% of the global demand in 2015. The major market players include COFCO Tech Bioengineering DSM, BASF, American River Nutrition, Cargill, and ADM.
Author Name : Ojaswita Kutepatil
Nutraceutical industry to primarily drive carotenoids market size over 2016-2024: Global revenue to surpass USD 300 million by 2024
Rampant application of carotenoids across food & beverages, cosmetics, pharmaceuticals, and animal feed industries has fueled carotenoids market size. According to Global Market Insights, Inc., “Global carotenoids market share is projected to surpass USD 300 million by 2024.” Heavy use of carotenoids in the nutraceutical industry, owing to its positive effect on immune & cardiovascular system are expected to boost the carotenoids industry trends over the coming years. Higher spending on medical & healthcare insurance services along with the growing life expectancy of aging population is further expected to stimulate the global industry size over the next few years. Carotenoids act as a main precursor for amino acids in animal feeds and possess anti-oxidative characteristics, further enhancing its demand across animal feed additives market.
U.S. Carotenoids Market size, by product, 2015 & 2024 (USD Million)
Major carotenoids products comprise lycopene, beta-carotene, astaxanthin, lutein, and canthaxanthin. Beta-carotene industry size worth USD 40 million in 2015, is forecast to register an annual growth rate of 4% over the coming seven years. Heavy product demand can be attributed to its increasing usage as an essential ingredient in diets, to avoid ailments pertaining to the eyes, heart, and skin. Canthaxanthin, which contributed towards nearly 10% of the global carotenoids market share in 2015, is projected to witness a high surge over the next few years due to rising consumer preference for bakery items, snacks, breakfast cereals, fruits, and baby ingredients. Moreover, its extensive usage across cosmetics industry due to its anti-tanning properties will further stimulate the product demand over the coming years.
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Lutein is another major carotenoid product, forecast to witness a substantial growth in the near future. The growth will primarily be driven by its high demand across pharmaceuticals, food, dietary supplements, nutraceuticals, and animal feed applications. Lycopene industry worth USD 15 million in 2015, is expected to grow considerably over the next few years due to its high application in cosmetics and pharmaceuticals sectors.
Shifting focus of consumers towards natural products has pushed growth of natural carotenoids market. Natural carotenoids industry size is expected to register a CAGR of 4% over the period of 2016-2024. The other prominent extraction of carotenoids is from the synthetic sources. Synthetic carotenoids market dominated the source landscape with a market value of USD 190 million in 2015. Low production cost and easy availability of synthetic resources will boost its industry share over the forecast timeframe.
Carotenoids market size in food & beverage sector is anticipated to grow substantially over the forecast period, owing to its large-scale application as food additives globally. Animal feed sector, which accounted for nearly 30% of the overall carotenoids market share in terms of volume, is projected to grow considerably over the coming years. The growth can be credited to its high nutrient content and improved taste. Growing consumer preference towards healthy meat appearance is expected to boost the carotenoids industry growth.
LATAM carotenoids market is expected to witness a considerable growth over 2016-2024, owing to changing lifestyles, rise in per capita income, and high consumer awareness about the benefits of product use. Argentina, Peru, Brazil, and Chile are expected to be the key growth drivers of the region.
Europe carotenoids industry will witness a substantial surge over the coming years due to the rapidly expanding food sector along with heavy product use as food coloring agent. Russia, Germany, Italy, and France are likely to be the key revenue pockets of the region.
Middle East & Africa carotenoids market is projected to witness a significant growth over the next few years, owing to rise in the aging population as well as high demand for the product across health supplements sector.
Market players will try to enhance their share by adopting business strategies such as product differentiation and high R& D investments. Key carotenoids industry players include Cyanotech Corporation, Allied Biotech Corporation, Chr. Hansen, Divis Laboratories Limited, D.D. Williamson, and Naturex Company.
Author Name : Dhananjay Punekar
Coenzyme Q10 (CoQ10) market growth is boosted by rising demand for anti-aging creams and dietary supplements
Global Coenzyme Q10 (CoQ10) Market size produced $351 million in terms of revenue for 2015 and may register CAGR of more than 10.1%. Strong application overview in cosmetics as well as medical sector in APAC and Europe is projected to promote industry expansion.
The product is extensively used in sunscreen lotion and anti-aging cream preparation to avoid skin damage by free radicals. Growing aging population can propel demand for food supplements and anti-aging creams. All these factors can fuel global coenzyme Q10 (CoQ10) industry trends. Furthermore, growing pollution and rising concerns about ultraviolet radiation effects on skin is projected to promote demand of sunscreen lotion. Product application in treating neurological ailments, kidney failure, periodontal and cancer is projected to propel global coenzyme Q10 (CoQ10) market growth. In addition to this, favorable trends observed in food supplements consumption all across the globe are projected to promote global coenzyme Q10 (CoQ10) market price trends.
Europe Coenzyme Q10 Market size, by application, 2013-2024 (USD Million)
However, lack of stringent rules in medical therapy can inhibit industry expansion. Tight raw substance supply in form of tryptone, peptone and hexane can affect global coenzyme Q10 (CoQ10) industry price trends.
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Global Coenzyme Q10 (CoQ10) industry is segmented into cosmetic application, pharmaceutical application and food supplement application.
Food supplement segment contributed more than $226 million for 2015. Increasing healthcare awareness due to growing levels of malnourishment is predicted to contribute towards segment growth. Furthermore, consumption of coenzyme Q10 through food supplements enhances blood levels and reinforces antioxidant features that prevents occurrence of major ailments caused due to metabolism problems and cellular oxidative injury.
Pharmaceutical application is predicted to experience gains of more than 9.6% during forecast timeline. Favorable effects on Parkinson and Migraine therapies is predicted to drive demand for coenzyme Q10 in this segment.
Cosmetics application segment is expected to exceed $141 million by end of forecast timeframe. It is expected to growth as the coenzyme Q10 product is utilized in cosmetics like skin moisturizers and anti-wrinkle products as well as sunscreen lotions.
Global Coenzyme Q10 (CoQ10) market is segmented into various regions like North America, APAC, Europe, Middle East & Africa and Latin America.
North American industry, led by U.S. Coenzyme Q10 (CoQ10) market, produced more than $201 million revenue for 2015. Beverages and personal care items contributed a key share in U.S. industry growth.
APAC, with cosmetic sector expansion in India and China, is projected to record CAGR of more than 10.1%. Rising consciousness about nutritional items coupled with increase in per capita income is projected to boost APAC Coenzyme Q10 (CoQ10) industry growth.
Latin America, with growing cosmetic sector in Mexico and Brazil, is projected to promote industry demand. Growing disposable incomes coupled with favorable indicators for medical therapies is anticipated to promote product demand.
Key industry participants profiled in the report include Nisshin Sheifun Group Incorporation, PharmaEssentia, Vitamin Shoppe, Healthy Origins, SourceOne Global Partners LLC, Kaneka Corporation, Hwail Pharmaceutical Company Limited, Vitamin Shoppe Incorporation, Gnosis S.p.A, Tishcon Corporation, ZMC USA and Healthy Directions.
Author Name : Dhananjay Punekar