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
This entry was posted in Polymers and Advanced Materials and tagged Application Potential, Competitive Market Share & Forecast, Industry Analysis Report, Price Trends, Regional Outlook, Thermoplastic Polyolefins (TPO) Market Size By Application.
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
This entry was posted in Bulk & Specialty Chemicals and tagged Application Potential, Competitive Market Share & Forecast, Dimer Acid Market Size By Application, Industry Analysis Report, Price Trends, Regional Outlook.
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
This entry was posted in Bulk & Specialty Chemicals and tagged Application Potential, Cleaning Chemicals, Competitive Market Share & Forecast, Construction Chemicals, Electronic Chemicals, Lubricants & Oilfield Chemicals, Price Trends, Specialty Chemicals Market Size By Product, Specialty Coatings, Surfactants.
Rheology modifiers are the materials (organic or inorganic) which are used to control the rheology (flow) properties of the fluid formulations. These compounds have gained significant importance worldwide, driven by their huge set of applications across various end use industries such as Paints & Coatings, Adhesives & Sealants, Personal Care, Pharmaceuticals, Textiles, Pulp & Paper, and Construction. According to Global Market Insights, Inc., “Global rheology modifiers market having had a worth of USD 4.9 billion in 2015, is estimated to surpass USD 6.83 billion by 2024.”
Paints & coating industry, which is forecast to exceed USD 210 billion by 2024, is estimated to be the most lucrative sector for this billion-dollar market over the coming period. Paints and coatings industry accounted for nearly 30% of the global rheology modifiers share in 2015. These modifiers are witnessing a huge demand across this industry, owing to their ability to improve the durability, consistency, emulsion stability, leveling, and anti-sagging properties of the paints. The increasing urbanization coupled with the growing automotive and construction industry is favorably impacting the paints & coatings market, which in turn will drive the rheology modifiers market size.
U.S Rheology Modifiers Market share, by application, 2013-2024 (USD Million)
Personal care industry, which is yet another booming industry, is also a vital driving factor for rheology modifiers market. personal care industry, having had a market value of USD 580 billion in 2015, is estimated to surpass USD 790 billion by 2024. This growth will in turn boost rheology modifiers market owing to its rising demand across various personal care products to impart desirable properties such as suspension, consistency, and stabilization to these products. Inorganic modifiers are mainly used for the personal care industry. Rheology modifiers application in the personal care industry is estimated to grow at a CAGR of 3.5% over the period of 2016-2024.
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The growing geriatric population and the rising health awareness among the consumers is boosting the pharmaceutical market globally. These modifiers are in turn witnessing a huge growth owing to their applications in the pharmaceutical industry as additives in semi-solid formulations like ointments, lotions, syrups, etc. Organic modifiers such as polyurethane, acrylic polymers, xanthan gum, microcrystalline cellulose, and guar gum are used in pharmaceutical applications. Organic rheology modifiers market size is estimated to witness a CAGR of 3.5% over 2016-2024.
The paper industry is also a significant contributor towards this market. However, the growth in this sector is sluggish due to the growing digital trends which has reduced the growth of paper industry. Moreover, the fluctuating crude oil prices may also negatively impact rheology modifiers industry growth, crude oil being the essential raw material for these compounds.
The growth in the end user industries across the globe will fuel rheology modifiers market size. US, being the largest hub of the geriatric population, is estimated to account for a significant share in the rheology modifiers market. Moreover, the growth of the pharmaceutical and personal care industries in US will also drive the regional revenue.
Asia Pacific market, which accounted for 35% of the global revenue in 2015, is estimated to register a CAGR of over 4% over 2016-2024. Rapid industrialization coupled with the expansion of automotive and construction industry are the major driving forces behind APAC rheology modifiers market growth.
The industry is highly fragmented with key market participants comprising Ashland, Arkema Group, BASF SE, DOW Chemical Company, and Lubrizol Corporation
Author Name : Shikha Sinha
This entry was posted in Bulk & Specialty Chemicals and tagged Competitive Market Share & Forecast, Growth Potential, Industry Analysis Report, Price Trends, Regional Outlook, Rheology Modifiers Market Size By Product.
Rising demand for sterilization of surgical instruments to drive chemical indicator inks market growth
Sterilization processes are mostly used to sterilize and disinfect surgical equipment owing to its direct patient contact during surgery. The growing use of these processes to prevent hospital- acquired infections will promote the growth for chemical indicator inks over the coming years. As per Global Market Insights Inc., “Chemical Indicator Inks Market size worth USD 35 million in 2015, is anticipated to reach USD 78.30 million mark by 2024, growing at a CAGR of 7% over the period of 2016-2024.” In addition to this, advanced sterilization processes such as vaporized hydrogen & plasma, steam, ethylene oxide, and formaldehyde are predicted to further stimulate the industry growth over the coming years. The global surgical instrument industry produced a revenue over USD 5.5 billion in 2015 and is expected to boost chemical indicator inks industry growth significantly.
U.S Chemical Indicator Inks Market size, by sterilization process, 2013-2024 (USD ‘000)
Sterilization processes have a great significance in surgical equipment industry and is classified into steam, formaldehyde, vaporized hydrogen & plasma, and ethylene oxide process. Steam sterilization process produced revenue of USD 15 million in 2015 and is mostly preferred in medical sterilization application as it is nontoxic, sporicidal, microbicidal, heats quickly, and penetrates fabrics.
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Ethylene oxide sterilization process is anticipated to record a CAGR of 8% over the period of 2016-2024 owing to its use in pharmaceutical & medical products sterilization as well as its use in low temperature applications. Formaldehyde sterilization process is projected to record a CAGR of 7% over the forecast timeframe, owing to its use as a disinfectant for deactivating microorganisms through alkylation.
Global chemical indicator inks market is primarily driven by its applications in thermoformed trays, sterile bags, tapes, sterile bottles, IV & blood containers, pouches, refillable syringes, and tags & labels. They are also used in canned foods like fish & meat to provide information about the sterilization process completion and thus avoid excessive overheating of foods resulting in retention of food nutrients. Chemical indicator inks demand in Sterile bags applications was over USD 3.5 million in 2015 and is predicted to increase over the forecast period.
Water-based chemical indicator inks market is predicted to witness highest gains at 8% over the forecast period owing to strict government norms favoring solvents such as water due to their ecofriendly features.
North America chemical indicator inks market worth USD 13 million in 2015, is predicted to witness a significant growth over the forecast timeline due to growing geriatric population leading to heavy product demand for sterilization monitoring in the healthcare industry. U.S. market worth size worth USD 13 million in 2015, is predicted to contribute significantly towards the regional growth over the forecast timeline. Europe chemical indicator inks market is predicted to record a CAGR of 8% over the period of 2016-2024 due to rising ecological concerns due to VOC emissions.
Key industry players include 3M, Terragene SA, NiGK Corporation, STERIS, North American Science Association (NAMSA), Riken Chemical, Crosstex International Incorporation, and gke GmbH.
Author Name : Dhananjay Punekar
This entry was posted in Bulk & Specialty Chemicals and tagged By Application, By Printing Process, By Product, Chemical Indicator Inks Market Size By Sterilization Process, Competitive Market Share & Forecast, Growth Potential, Price Trends.
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
This entry was posted in Bulk & Specialty Chemicals and tagged Application Potential, Competitive Market Share & Forecast, Industry Analysis Report, Price Trends, Regional Outlook, Xanthan Gum Market Size By Application.
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
Powder coatings industry to make major contributions towards DDDA market growth: Asia Pacific to dominate the regional landscape
Rise in global nylon 6,12 production owing to its extensive application in detergents, polyesters, coatings, fragrances, greases, and adhesives is anticipated to boost Dodecanedioic Acid (DDDA) market size over the coming years. Increasing demand for pulp & paper, water treatment and chemical applications owing to the corrosion inhibition characteristic of DDDA is expected to promote the industry trends over the coming years. It also finds applications in antiseptics, protective coatings, painting materials, surfactants, and top-grade coatings. According to Global Market Insights, Inc., “Dodecanedioic Acid (DDDA) market share is anticipated to reach USD 599.5 million by 2023. “
Dodecanedioic Acid finds its application in adhesives, powder coatings, resins, and lubricants. DDDA market price in resin sector worth USD 235 million in 2015, is expected to grow substantially over the coming seven years. The growth can be attributed to the increasing use of nylon in screws, gears, and fabrics. DDDA market size in powder coatings industry is expected to grow at a rate of 6% over 2016-2023 owing to its wide applications in powder coatings & paints production.
U.S. DDDA market share, by application, 2015 (KT)
Innovations in coating technology for industrial paints is predicted to promote DDDA market growth over the coming years. Paints & Coatings production capacity estimated at 1700 kilotons in 2015, is expected to surpass 3170 kilo tons by 2023. Rising demand for DDDA from industrial coatings sector along with growing preference for providing protective industrial paints are few of the factors predicted to contribute significantly towards the growth of the DDDA application in paints & coatings industry over the coming years.
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Asia Pacific DDDA market revenue worth USD 125 million in 2015, is expected to witness a substantial growth over 2016-2023 owing to rapid industrialization along with rising demand for paints & coatings. China, Japan, and India are anticipated to be the major revenue pockets for the region over the coming years.
North America DDDA market is expected to register a CAGR of 5.5% over the coming seven years due to booming nylon production along with presence of automobile giants such as General Motors & Ford who have adopted eco-friendly technology to reduce greenhouse effects. U.S. is expected to contribute significantly towards the regional share over the coming years.
Latin America DDDA market is expected to witness highest gains of 5.8% over the period of 2016-2023, owing to high demand for lubricants. Brazil is projected to make a major contribution towards the overall revenue of the region. Middle East & Africa Market is projected to record a CAGR of 4.8% over 2016-2023 due to the expanding paints & coatings industry as well as growth of oil & gas sector.
Product branding, geographic expansion, market penetration, and strategic alliances are some of the key strategies adopted by the industry participants to expand their business over the coming years. Major industry players include The Cathay, Invista Company, Verdezyne Incorporation, UBE, BASF SE, Evonik Industries, Santa Cruz Biotechnology Company, and Zibo Guangtong Chemical Company Limited.
Author Name : Dhananjay Punekar
This entry was posted in BIOMASS, BIOENERGY AND RENEWABLE CHEMISTRY and tagged Competitive Market Share & Forecast, Dodecanedioic Acid (DDDA) Market Size By Application, Downstream Application Potential, Industry Analysis Report, Price Trends, Regional Outlook.
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
This entry was posted in ENERGY, MINING, OIL AND GAS and tagged Application Potential, Competitive Market Share & Forecast, FPSO Market Size By Product, Industry Analysis Report, Price Trends, Regional Outlook.