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
Magnesium phosphate market to gain extensive proceeds from pharmaceutical sector, global share to hit USD 1.5 billion by 2024
Powered by a rather lucrative application prospect in agricultural and pharmaceutical domains, magnesium phosphate market has witnessed remarkable proceeds over the recent years. Testament of the fact is the billion-dollar valuation pegged by the market in 2017. A large credit of this goes to the technological advancements in medicinal sector that has significantly upscaled the product utilization as a DNA carrier in modern drugs. Moreover, extensive utilization of fused magnesium phosphate in fertilizers and water treatment applications has further boosted overall magnesium phosphate industry demand. For the records, the typical nutrient content in fused magnesium phosphate fertilizers is almost 20%, that gives it a competitive edge over other synthetic fertilizers. With the growing necessity of maintaining an optimum phosphorous content in soil, magnesium phosphate industry stands to gain immensely from fertilizer applications over the ensuing years.
North America Magnesium Phosphate Market, By Product, 2017 & 2024, (Kilotons)
Nutritional deficiency, of late, has become a subject of discussion in the field of medical science, having been claimed as an important determinant triggering widespread epidemic of chronic diseases. Magnesium being a vital component of the nutrition chain has generated a substantial momentum in terms of its demand graph worldwide, particularly in the pharmaceutical space. The ongoing research programmes focusing on the harmful impact of magnesium deficiency and the subsequent requirement for magnesium repletion have created a considerable product demand worldwide.
As per reliable studies, magnesium deficiency has been cited as a root cause of many of the mental and physical ailments, driven by which magnesium phosphate market has strongly established its stance in the pharmaceutical sector. Magnesium is claimed to be fourth common mineral in human anatomy after calcium, sodium, and potassium and is involved as a cofactor in over 300 enzyme systems. The product is highly necessary for effective biomedical functioning of multiple metabolic pathways. Significant advancements in biomedical sector, particularly in the field of osteoporosis and arthrodesis, have also allowed magnesium phosphate industry to collect copious monetary benefits, given the product’s extensive deployment in bone graft substitutes.
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As per a recent review by American Osteopathic Association, optimum magnesium level has been cited as an important prerequisite for Vitamin D in the body to be metabolized. According to the study, Vitamin D supplement can increase a person’s phosphate and calcium level which may lead to vascular calcification, if the magnesium level in the body is not high enough. It has been also affirmed by the scientists that optimum magnesium level requires less vitamin D supplementation for achieving sufficient Vitamin D levels. Not to mention, these kinds of research projects have substantially boosted the penetration of magnesium phosphate market in clinical healthcare.
Regionally, the magnesium phosphate market drift has been quite commendable across the United States, with heavy applications in pharmaceutical sector. The increasing geriatric population base which has been heavily spending in orthopaedics and dental care has been one of the vital contributors to the regional magnesium phosphate market growth. As per the estimates by CDC, arthritis incidence in the United States is estimated to surpass 78.4 million by 2040. With U.S. at the growth front, overall North America magnesium phosphate industry procured 15% of the global share in 2017 and is estimated to register a CAGR of 3% over 2018-2024.
Despite encompassing such a lucrative end-use landscape, one of the major challenges being faced by the market players is the supply demand gap in the business model. Historically, magnesium phosphate is manufactured by melting serpentine rock and phosphate rock together. Now, uneven geographical distribution of these phosphate rock reserves is somewhat hampering the production rate across some of the regions, while the increasing product demand is prompting manufacturers to go for substitute development alternatives. However, in a bid to combat the production challenge, companies are heavily investing in R&D projects to bring forth innovative approach in the production process.
All in all, with the shifting governmental as well as consumer focus toward healthy lifestyles, magnesium phosphate industry demand is poised to uptick considerably. What remains to be seen is how the emerging economies such as India and China exhibit progressions pertaining to the magnesium phosphate demand graph. The favorable socio-economic conditions in these geographies is certainly going to push the magnesium phosphate market demand, particularly in the food and agriculture sectors. As per a market assessment report by Global Market Insights, Inc. APAC magnesium phosphate industry, led by China and India, is forecast to exceed USD 700 million by 2024.
Author Name : Satarupa De
Unveiling N-Hexyl alcohol market in terms of the application landscape: rising demand for the chemical as a fuel additive to influence the industry trends over 2017-2024
A major sub-vertical of the specialty chemicals sphere, n-Hexyl alcohol market has established itself as a profitable business space owing to the ever-expanding personal care industry. Given how extensively the product is used across the production of soaps, shampoos, lotions, & creams, the growth of the personal care business is certain to have a highly appreciable impact on n-Hexyl alcohol industry trends. This directly proportional liaison is not confined to a limited set of regions but would be applicable across major geographies. Say for instance, VLCC recently launched a range of personal care and wellness products, the sales of which have been speculated to commendably impact India n-Hexyl alcohol market outlook.
U.S. N-hexyl Alcohol Market Size, By Application, 2013 – 2024 (USD Million)
Besides being used as an antiseptic and preservative in cosmetics, n-Hexyl alcohol market has garnered considerable returns from the use of the chemical in modern packaging industry. Pharmaceutical packaging such as wrapping which includes capsules, tubes, bottles, vials, etc., has proved to be exponentially lucrative for the growth of this industry. Speaking of the pharmaceutical space and the use of wrapping materials, it is worthy to mention that N-Hexyl alcohol is also widely used as a plasticizer precursor for packaging. The product is used in the production of PVC – the basic material for many packaging substances that range from wrappings in the medicine industry to wrappers in the cosmetics sphere.
The F&B sector has established itself as a vital application avenue for N-Hexyl alcohol market, essentially because of the chemical’s deployment in direct food contact packaging material such as food grade wraps and polymer films. Hexanol also finds widespread application as an emulsifying and preserving agent, with the rising demand of alcohol in food flavoring. Indeed, alcohol plays a huge role in the production of baked foods, ice-creams, gelatins and puddings, enlarging the scope of n-Hexyl alcohol market from the food industry.
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Besides the mainstream uses of hexanol, some unconventional uses of the chemical are also coming to attention that have the potential to augment the commercialization scope of n-Hexyl alcohol market, especially in relation to the current drive to achieve sustainability in fuels. An experiment to increase the sustainability of diesel through the addition of hexanol in ethanol diesel has shown that smoke emission can be significantly lowered by a blend of ethanol-hexanol diesel. The resultant blend apparently encompasses more oxygen content, while helping to improve engine performance as well.
The rising levels of nitrogen oxide in urban areas, depletion of petroleum reserves, and smoke emission from diesel engines have led to research programs being conducted to find sustainable fuel for the automotive industry. The blend fuel method, that requires no changes to the diesel engine while effectively combating the problem of GHG emissions, has emerged as a clearly superior method. Quite overtly, the mainstream use of this methodology is certain to revolutionize n-Hexyl alcohol market trends in the ensuing years.
The availability of chemicals that can potentially substitute hexanol like N-decanol, N-octanol, N-undecanol, N-nonanol, etc., can pose as a major threat to the growth of n-Hexyl alcohol market. However, the chemical’s deployment across personal care products is so tremendously vast that the commercialization scope of this industry is certain to expand in the ensuing years. The expansion of the personal care space across the economies of India, China, South Korea and Japan would also significantly impact the overall n-Hexyl alcohol market growth. According to estimates, n-Hexyl alcohol industry size will register a CAGR of 4% over 2017-2024, further strengthening its stance in the billion-dollar business sphere.
Author Name : Paroma Bhattacharya
A brief outline of sodium acetate market: substantial product demand from food processing sector to drive global industry growth over 2017-2024
In the recent times, sodium acetate market has witnessed a rather lucrative commercialization prospects owing to its extensive application across numerous business verticals including food processing, leather and textile, and pharmaceuticals. Prominently utilized as a food preservative, sodium acetate has further found widespread usage as a neutralizing agent, diuretic agent, and buffering & pickling agent across various end-use domains – a factor that has contributed significantly toward sodium acetate industry share augmentation. Moreover, rapid industrialization and enormous FDI investment in emerging nations across the globe has spurred the growth potential of the aforementioned industry verticals, which has, in turn, driven the sodium acetate market size expansion.
U.S. Sodium Acetate Market Size, by Product, 2013 – 2024 (USD Million)
Food processing sector to emerge as a prominent end-user of sodium acetate industry
Owing to its excellent food preservation qualities, sodium acetate has been increasingly preferred by food processing industry over the past decade, which has proved to be quite beneficial for the overall sodium acetate market. The widescale applicability of this chemical can be attributed to the massive rise in the consumption of canned food items subject to fast-paced lifestyles and a drastic variation in dietary habits across developed and developing countries. This has, in consequence, provided a significant boost to the growth potential of sodium acetate industry. Apparently, sodium acetate is being utilized as an acid regulator to prevent the growth of harmful bacteria in canned meat, vegetables, and fruit. Furthermore, it would be prudent to mention that the addition of sodium acetate during the canning and drying procedures not only desists bacterial growth but also extends the shelf life of the product.
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Concurrently, sodium acetate market has found a major foothold in the global dairy sector, as the chemical is being utilized as an emulsifier and preservative in numerous dairy products. Apart from being widely used in condensed milk, sour cream, buttermilk, whey-based yogurts and drinks, sodium acetate has emerged as a preferred preservative in cheese preparations such as processed cheese, ripened cheese, cheese analogues, and processed cheese. In view of the rapid advancement of the global dairy sector, the growing prominence of sodium acetate as a preservative in the overall dairy industry is likely to impel the sodium acetate market size expansion.
Thus, the rising significance of sodium acetate in the global food processing sector can be validated from the aforementioned declarations. In fact, as per the research report compiled by Global Market Insights, Inc., food processing vertical accounted for more than USD 26 million of the revenue share of the total sodium acetate industry size in the year 2016.
The Asia Pacific region has indeed established itself as a profitable growth terrain for sodium acetate market stakeholders, as the expansion of numerous end-use verticals in this region has been much more pronounced when compared to other developing economies. For instance, sodium acetate is regarded as one of the most popular preservatives in Japan with the total demand for the chemical, as per reliable sources, being a humongous 3,500 tonnes. Apparently, such statistics demonstrate the necessity of sodium acetate across various verticals in the Asia Pacific region. For the record, Asia Pacific sodium acetate industry is estimated to have apportioned more than 55% of the total revenue share of this business space in 2016.
Elaborating further, it is quite imperative to mention that this multimillion-dollar business sphere is set to exhibit robust growth rate over the forthcoming years owing to the humongous deployment potential of sodium acetate – right from modest domestic uses to intricate chemical and industrial applications. In addition to this, the leading sodium acetate industry participants have been investing massively in vital research and development activities to strengthen their position in this swiftly emerging bulk and specialty chemicals vertical. Apparently, considering the aforementioned aspects, it quite undeniable that the sodium acetate market growth prospects appear to be substantially profitable in the ensuing years, with a target revenue of USD 220 million by 2024.
Author Name : Saif Ali Bepari
A regional overview of Barite Market: APAC and North America to emerge as prominent investment avenues
The recent news about Suricate Minerals looking out for hydrothermal barite deposits in North Mauritania depicts the reach of Barite Market across the globe. Mauritania reportedly represents extensive mining investment opportunities, pertaining to the socio-economic and political conditions affiliated with the region. The government has also initiated a favorable mining policy, which is a major factor that may drive the global barite industry. In the milieu of this background, Suricate Minerals has planned to invest USD 4 million for the development of barite, gold, quartz, and lithium projects.
U.S. barite market size, by application, 2013 – 2024 (USD Million)
Barite is basically a naturally occurring, barium-based mineral, and is found extensively across United States, Morocco, China, and India. Endowed with the properties of chemical inertness and high density, barite finds utilization across a humongous range of applications, across pharmaceuticals, adhesives, oil & drilling, rubber & plastics, paints & coatings, and textiles. Subject to its widespread application terrain, barite market size was pegged at USD 2.2 billion in 2016, and is apparently poised to cross a valuation of USD 4.1 billion by 2024.
It is noteworthy to mention that some of the African countries also serve as major mining grounds for barite, which are heavily imported by the countries across the North America belt. As per surveys, Asia Pacific and North America are expected to be major growth avenues for barite industry. This is obvious from the slew of mining and export activities that are being undertaken in both the regions.
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Barite market trends across North America
Here’s a breakdown of the contributions made by the regional players toward the growth of North America barite industry in the years 2016 and 2017 (until now)
|Year – 2016|
|Companies involved||Contribution toward barite market|
|Schlumberger||Texas-based Schlumberger’s M-I Swaco unit had proposed to develop a classic barite resource in Scotland, which had been approved by the local regulatory authority. The initiative aimed to mine 120,000 tons of barite annually.|
|Voyageur Minerals Ltd.||Canada-based Voyageur Minerals Ltd. strengthened its position in regional barite market by executing 3 prime projects for barite exploration project. The firm had then, planned to drill 500,000 tons of industrial grade barite at Frances Creek, undertake drilling beyond 100 m of the mined-out zones at Jubilee Mountain, and perform geological research to mine 20,000 to 50,000 ton of barite at Pedley Mountain.|
|Year – 2017|
|Companies involved||Contribution toward barite market|
|Honey Badger Exploration||Honey Badger Exploration recently announced the acquisition of three essential zinc and barite assets in Quebec, thereby contributing its bit toward the regional barite market growth.|
|Voyageur Minerals Ltd.||Voyageur Minerals Ltd. built a strong portfolio of three wholly-owned BaSO4 (barium sulfate) deposits in British Columbia.|
|Benz Mining Corp.
Silver Range Resources Ltd.,
|Benz Mining Corp. entered into a partnership with Silver Range Resources Ltd., though which the former can buy 100% of the latter’s Mel zinc-lead-barite project, for a valuation of CAD 2.7 million in southeast Yukon.|
North America barite market size was valued over USD 1 billion in 2016. This comes as no surprise, considering the enormous number of shale gas exploration and oil drilling activities in the area. The region will continue to remain a major contributor of barite industry, with U.S. retaining its paramount position. The continent has also experienced the usage of unconventional energy sources to meet the never-ending demand across the power generation, automotive, and oil & gas sectors, on the grounds of which, analysts claim North America barite market to register a growth rate of 4.5% over 2017-2024.
Barite deposits in North America:
|United States||Missouri, Tennessee, Georgia, Nevada|
|Mexico||Durango, Hermosillo, Pueblo, and Monterrey|
|Canada||Nova Scotia, Newfoundland, and Yukon Territory|
One of the major states that has been achieving great heights in barite production is Nevada. Barite production in this state had risen by more than 20% from 2010 to 2013. In 2012, the numbers had increased to more than 740,000 tons from that of around 690,000 tons in 2011. With the continued shale gas boom and the robustly growing oil & drilling industry North America barite industry will carve out a lucrative roadmap over the years ahead.
Barite Market Trends across the Asia Pacific
Here’s a breakdown of the contributions made by the regional players toward the growth of Asia Pacific barite industry in the years 2015, 2016, and 2017 (until now)
|Year – 2015|
|Companies involved||Contribution toward barite market|
LY Resources (LYR Group)
|AsiaPhos, the mineral resource group had declared the acquisition of LY Resources for USD 36.8 million. The deal aimed to acquire the ownership of 55% of Deyang Fengtai Mining, which held the license for the barite rocks in Sichuan.|
|Year – 2016|
|Companies involved||Contribution toward barite market|
|Andhra Pradesh Mineral Development Corp. (APMDC)||Andhra Pradesh Mineral Development Corp. had announced the approval of the Indian barite tender that provided the company with exclusive rights to mine and sell barite for a 12-month period. The govt. approval was a major milestone in the development of the regional barite market.|
|Year – 2017|
|Companies involved||Contribution toward barite market|
|Thermax recently acquired Denmark-based Barite Investment with a view to establish barite facilities in the region.|
Asia Pacific barite market is expected to emerge as one of the most lucrative growth avenues for barite market, given that the region has been experiencing a commendable growth across numerous sectors. As per analysts, the continent is anticipated to generate substantial revenue from the sales of white and off-white barite, which is slated to grow at a CAGR of 3% over 2017-2024. This is primarily due to the growing prominence of the paints & coatings sector in the region, since the product is heavily utilized in this industry.
APAC barite market is expected to register a CAGR of 7% over 2017-2024, with India and China at the helm. The substantial shale gas exploration activities in China, say experts, will serve to be one of the major drivers pushing the growth of the regional barite market. Besides, the ever-growing construction, automotive, paints & coatings, and consumer goods will prove to make a marked impact on the growth path of APAC barite industry.
Experts predict that major companies operating in global barite market will make substantial investments toward the global revenue in the future. Having established its footprints across major geographies, barite market is also likely to tap into the areas on lesser potential, especially across Europe. Considering the fact that the mineral is used across numerous sectors, barite market is slated to exhibit an appreciable growth rate over the forthcoming years of 2017-2024.
Author Name : Saipriya Iyer
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
Global xylitol market to surpass the billion-dollar benchmark by 2023, China to be the chief growth avenue
The escalating scientific and commercial interest in xylitol is making the global xylitol industry an appealing commercialization proposition. The growing health consciousness among people has directly influenced the business landscape of the global xylitol market. Its properties of being used as a low-calorie substitute for traditional sweeteners is assisting its penetration across a myriad range of sectors such as personal care, food, pharmaceuticals, confectionary, and nutraceuticals. In addition, the rising healthcare expenditure, which has been indeed addressed as a global concern is further providing a significant impetus to the overall xylitol industry space. The U.S. is one of the prominent countries facing the healthcare costs burden profoundly. The trends depict that obesity is one of the leading causes of this rising expenditure, being the source of several other ailments such as diabetes, cardiac disorders, physical disabilities, etc. According to WHO, globally over 2.8 million people die from obesity and the consequent ailments on an annual basis.
U.S. Xylitol Market size, by application, 2013-2023 (Kilo Tons)
To combat the rising concerns regarding healthcare expenditure as well as to ensure sound health of the global population base, xylitol market has observed massive gains over the recent years. Xylitol has become a prominent name in the overall polyol industry space and had attained a remarkable revenue of USD 750 million in 2015. Through consumption via medicines and food, xylitol serves as a major solution to the issues related to obesity. This has subsequently enhanced the application portfolio of xylitol industry in the food and pharmaceutical sectors. As per the estimates, xylitol market size from food applications is estimated to register the highest CAGR of 7% over the period of 2016-2023.
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Owing to the medicinal properties, chewing gum applications led the overall landscape with a revenue record of over USD 450 million in 2015. The growth can be credited to the ability of xylitol based chewing gums to prevent dry mouth, tooth decays, and cavity progressions. As per the estimates, xylitol market share from chewing gum applications is estimated to record a CAGR of 6% over the timeframe of 2016-2024. Personal care industry is also one of the prominent contributors toward the overall xylitol market share. This application is poised to witness a substantial growth rate over the coming years, driven by its usage in fluoride tablets, mouthwash, and toothpaste.
The swift economic development and the rapid urbanization is significantly influencing the global landscape of the xylitol industry. Below are the regional trends pertaining to this market:
- The U.S. xylitol industry is expected to surpass a revenue of USD 350 million by 2023. The food applications in this region are likely to drive the product demand with a CAGR of 5.4% over the period of 2016-2023.
- Germany market is estimated to witness substantial growth over the coming seven years having held a revenue of USD 65 million in 2015. Chewing gum application is likely to drive the regional demand.
- China is estimated to be the major avenue for the overall xylitol industry growth over 2016-2023, with a target market size of 25 kilo tons by 2023. The huge regional confectionary base worth USD 9.5 billion is the major factor boosting the market trends.
- France market is estimated to grow at an annual rate of 5.5% over the coming six years, driven by the rising obese and diabetic patient base.
- Brazil personal care application is projected to exceed a revenue margin of USD 1.7 million by 2023.
The industry is consolidated with the top four players- Futaste Pharmaceutical, Danisco (DuPont), Yucheng Lujian Biological Technology Co. Ltd., and Hangzhou Shouxing Biological Technology Co. Ltd. sharing 40% of the overall business space. With a strong production base in China, the region has become a prominent export destination. Pricing is one of the chief parameters ruling the competitive scenario.
Despite the industry growth restraints including- tight raw material (corncob) supply and product substitute threat through the replacement by other sugar polyols such as sorbitol, maltol, and mannitol, the xylitol industry will sustain its valuation in the coming years with the diversified application spectrum across the end-use sectors. Global Market Insights, Inc. estimates the xylitol market to surpass a revenue of USD 1 billion by 2023.
Author Name :Shikha Sinha
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