Market Research Blog – Page 11456 – New Product Development

Aloe Vera Extracts Market, Share, Profitability by Market Segments, Detailed Industry Analysis and Business Prospects-2026

Aloe vera extracts are gaining traction as an essential ingredient in food, cosmetics and pharmaceuticals, with global volume to surpass 60,720.4 tonnes in 2016 end, representing revenues worth US$ 1.6 Bn.

Demand for aloe Vera extracts for manufacturing aloe vera gels, cosmetics products, juices, and yogurts will continue its upward momentum in 2016 as well. The all-pervasive health and wellness trend will also boost positive sentiment on aloe vera, with wide-ranging applications in low-calorie fruit juice and packaged drinking water opening up new avenues of growth.

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Cosmetics, the largest end-use sector for aloe vera extracts, will account for over 45% of global demand in 2016, with annual volumes totalling 27,458.5 tonnes – an increase of 6% over 2015.

Among all the product type segments, aloe vera whole leaf extracts will continue to grow at a relative higher rate, representing 41% volume share of the market in 2016. Global consumption of aloe vera whole leaf extracts will surpass 25,280.2 tonnes by 2016 – an increase of 6.2% in 2016 over 2015.

Germany was the largest consumer of aloe vera extracts in 2015, with total consumption at 3,139.2 tonnes. It will further its lead as the largest market in 2016, witnessing a y-o-y volume increase of 5.3%. Demand will continue to grow at a healthy rate in Asia Pacific, where a rapidly growing middle class with increasing disposable income is making a steady shift to natural and organic products.

Lily of the Desert Organic Aloeceuticals, Aloe Farms Inc., Terry Laboratories Inc., Foodchem International Corporation, Natural Aloe Costa Rica S.A., Pharmachem Laboratories Inc., Aloecorp Inc., and Aloe Laboratories Inc. are the market leaders identified across the value chain in the global aloe vera extracts landscape. The global aloe vera extracts market is highly fragmented, with the top eight players accounting for around 6–7% revenue share of the global market in 2015. Leading companies are looking to expand their production capacity and launch new product offerings in a bid to increase market share, expand customer base and achieve a competitive edge.

Long-term outlook: FMI maintains a positive long-term outlook on the global aloe vera extracts market, estimating global revenues to surpass US$ 3.3 Bn by 2026. Volume-wise, the global aloe vera extracts market is anticipated to expand at 7.4% CAGR through 2026.

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Key Segments Covered

By Product Type

Aloe Vera Gel Extracts
Aloe Vera Whole Leaf Extracts
Others

By Form

Gels
Powders
Capsules
Drinks
Concentrates

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 4-years.

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Automotive Brake System & Components Market Key Players, Industry Overview, Applications and Analysis 2027

A new study conducted by Future Market Insights (FMI) reveals that demand for automotive brake system and components will be driven by innovation in automotive ingenuity over the next couple of years. Electronics has over time evolved as the most crucial part in automotive. Integration of electronics has provided new growth dimensions to the automotive safety system. With the arrival of advanced electronic brake technology, companies are now looking forward to channelizing resource on further research and product development. The automation sector is always under the radar of regulatory authorities and is required to comply with various rules that are incessantly enforced in the interest of both passenger safety and environmental preservation.

FMI’s report titled “Automotive Brake System & Components Market: Global Industry Analysis and Opportunity Assessment, 2017-2027” projects that the global sales of automotive brake component will garner US$ 61,744 Mn by 2017-end. This is primarily attributed to the growing safety awareness among customers, which is prompting automotive manufacturers to use advanced braking systems in their vehicles. The global automotive brake system & component market is expected to reach a valuation of US$ 92,500 Mn by 2027 end, reflecting a CAGR of 4.1% during the forecast period (2017–2027). In addition, around 2,122.9 Mn units are expected to be sold towards the end of 2027. Also, the market is anticipated to witness a steady growth over the forecast period due to the rise in vehicle production worldwide. Continental AG, ZF Friedrichshaf en AG, Delphi Automotive PLC, Valeo S.A, Federal Mogul Holdings Corporation, Robert Bosch GmbH, Mando Corporation, and Akebono Brake Industry Co Ltd. are amongst some of prominent manufacturers of automotive brake systems & components with operations in several parts of the globe.

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Additional Highlights of the Report Include:

On the basis of sales channel, aftermarket sales are expected to account for 51.1% value share of the market in 2017, which is expected to increase to around 54.3% by 2027.

Among vehicle type, demand for brake components in passenger cars is expected to remain robust throughout the forecast period. Passenger cars are expected to account for nearly 73.9% value share of the market over 2027.

The disc brake is expected to emerge as the most preferred brake type and is expected to witness a considerable rise in its demand during the forecast period.

The growth of high-performance cars and requirement for better friction materials to meet vehicle braking standards are observed as two of the major factors responsible for the market’s growth.

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Market Segmentation

By Sales Channel

OEM
- Drum Brake
- Disc Brake
Aftermarket
- Brake Booster
- Master Cylinder
- Drum Brake
  - Drum
  - Brake Shoe
  - Wheel Cylinder
Disc Brake
- Rotor
- Caliper
- Brake Pad

By Vehicle Type

Passenger Car
LCV
HCV

By Region

North America
Latin America
Eastern Europe
Western Europe
APEJ
Japan
MEA

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Amongst regions, North America and Western Europe are currently exhibiting significant market potentials owing to the existence of well-established automobile manufacturers in these regions. Meanwhile, the market in Asia Pacific excluding Japan (APEJ) continues to expand at an impressive rate, which is attributed to the emergence of countries such as China and India as major manufacturing hubs.

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Pea Protein Market Sales Outlook, Profitability by Market Segments & Profit Margin Analysis with Study on Prior Data-2031

Increasing consumer interest in dietary protein has bolstered demand for pea protein globally. According to a Future Market Insights (FMI) report, the market is set to reach a valuation of US$ 3.2 Bn in 2021, growing at an exponential rate of over 14.2% through the end of 2031.

Consumers are focusing on plant-based proteins sources due growing interest in vegetarian and vegan diets, clean label trends, and the need to minimize allergens from animal-based products.

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Millennial consumers are increasingly concerned about their health and nutrition, which has led to increased adoption of organic and natural food, free of additives, with non-GMO certifications. This trend is expected to increase demand for pea protein in the global market.

A growing millennial population is likely to create opportunities for food and beverage manufacturers. North America and Europe will continue to exhibit high demand for pea protein, while South Asia will emerge as a lucrative region for market players.

The global rise in obesity and diabetes rate is also influencing consumers to change their dietary habits, creating a conducive environment for pea protein sales.

Companies are therefore focusing on labelling their products appropriately in accordance to strict regulatory guidelines. Organic food products, for example, are identified through their labels, which often certify their 100 purity.

Furthermore, the growing number of private label brands and increasing investments in promotional campaigns and marketing strategies for organic products evoke a sense of authenticity for product purchases.

The pea protein industry is influenced by growth in premium protein lines. Premium product sales are currently mainstream in Japan, and are increasingly distinguishing themselves from private label options. Premium ‘selected’ product versions are aimed at consumers who are willing to pay a higher price for high-quality ingredients.

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Key Takeaways from the Pea Protein Market Study:

The U.S. pea protein market leads in North America and accounts for 82% in 2021. Rising awareness towards personal health from millennials aids growth.
Germany leads the Europe market, supported by the presence of key food processing units, accounting for nearly US$ 222 Mn in 2021.
Japan is emerging as a high potential market in East Asia, reflecting a 18% CAGR through 2031, driven by demand in the cosmetic and personal care sector.
Conventional pea protein holds a share of 90.8% of the global pea protein market in 2021, supported by easier access to raw materials.
Protein isolates, driven by high protein content accounted for a market share of 46.3% in 2021 of the global market.

“The number of vegans and vegetarians on a global scale has risen dramatically in recent years as consumers actively pursue sustainable lifestyles. Following this trend, there has been an increase in demand for vegan and natural products, creating a favorable environment for growth of the market through the coming decade,” says a lead analyst at FMI.

Who is Winning?

Pea protein manufacturers are largely focusing on offering products through various online retailers to meet the needs of the vast global consumer base. Efforts towards complying with quality expectations for pea protein products are gaining traction in the industry.

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Some of the leading companies offering pea protein products include

Glanbia Plc.
Roquette Frères
Cargill Inc.
Kerry Group PLC
DuPont De Nemours Inc.
The Scoular Company
Puris Proteins LLC
Burcon NutraScience Corporation
Cosucra Groupe Warcoing S.A.
Bata Food
Shandong Jianyuan Group
Axiom Foods, Inc.
The Green Lab LLC and others.

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Future Market Insights, in its new offering, provides an unbiased analysis of the Pea Protein market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.

The study divulges compelling insights on the pea protein market based on product type (protein concentrates, protein isolates, textured protein, and hydrolysed protein), by end use (food processing, animal feed, nutraceuticals, sports nutrition, infant nutrition, cosmetics & personal care), by processing type (dry processing and wet processing) and by nature (organic and conventional) across seven major regions.

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Edible Nuts Market Growth Factors, Macroeconomic factors, Profitability by Market Segments, Background and Evolution-2031

Consumers are increasingly inclining towards healthy and nutrient-rich food items to stay fit and stave off the risk of various diseases. Future Market Insights (FMI), in a new study finds this to be one of the chief drivers of the edible nuts market, which is forecast to surpass US$ 20.28 Bn by 2021. Growth will therefore be driven by consumers selecting snacks that are high in nutritive values.

Among different types of edible nuts, whole nuts are most famous due to their application in confectionery, bakery products, and other desserts. Edible nuts are also multi-nutritional ingredients consumed widely as snacks by consumers going to the gym and focused on body building. These factors are contributing to the rising number of food dishes made with edible nuts as an ingredient in the food service industry.

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Digitalization has enabled rapid growth across diverse industries. With the rising usage of the internet besides the easiness of online transactions, many edible nuts manufacturers are choosing online platform for the promotion and selling of their products. Moreover, the majority of consumers prefer buying from online channels, which is encouraging manufacturers to mark their presence on these platforms. Other platforms have also emerged over recent periods like specialty stores and food service platforms.

Key Takeaways from the Edible Nuts Market Study

Exhibiting Y-o-Y growth at nearly 6.9% in 2021, the edible nuts market will continue exhibiting strong growth through the forecast period
The U.S. has emerged as a key pocket for sales, accounting for over 88% of the North America market based on value in 2021
The demand from the U.K. will continue rising at a high pace. The U.K. is expected to register 10.8% Y-o-Y growth in 2021
Germany and France will remain other key markets for sale of edible nuts in the Europe
Japan and South Korea will emerge as bright spots for sale in East Asia

“Companies operating in the edible nuts market have been focusing on launching price competitive products to gain edge over rivals. Besides this, their consistent effort towards expanding product lines and regional footprint will remain key market drivers through the course of the report’s forecast period,” said a lead analyst at FMI.

Who is winning?

Several leading manufacturers are concentrating on providing edible nuts at an optimum price, owing to their increasing demand among consumers. Different companies have implemented integrated production approach to delivering cost-effective products in the market to escalate their industry footprints and to upsurge their production capacity. Prominent players of edible nuts are endowing in research and development to produce organic, non-GMO products from edible nuts.

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Various hotel chains and restaurants are also partnering directly with growers of edible nuts for sourcing of high-quality edible nuts to be used in their dishes.

A few of the leading players operating in the edible nuts market Sun-Maid Growers of California, Hines Nut Company, John B. Sanfilippo & Son, are Archer Daniels Midland Company, Mariani Nut Company, Select Harvests Limited, Olam International Ltd, Durak Findik, Grower Direct Nut Co. Ltd, Borges Agricultural & Industrial Nuts, The Wonderful Company LLC, Germack Pistachio Company, Diamond Foods, Inc., Blue Diamond Growers, Nichols Farms, Keenan Farms and other players.

Get Valuable Insights into Edible Nuts Market

Future Market Insights, in its new offering, provides an unbiased analysis of the edible nuts Market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.

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The study divulges compelling insights on the edible nuts market based on Variety (Almond, Cashewnuts, Hazelnuts, Peanuts, Pistachios, Walnuts, Other (Brazil Nuts)), Nature (Organic, Conventional), Product Type (Raw, Roasted, Salted, Others (Glazed, etc), Form (Whole, Powder, Splits), End Use (Food Service Industry, Household), and Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Wholesale Stores, Mass Grocery Stores, Online Retail) across seven major regions.

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Africa Zero Liquid Discharge System Market Growing At A Positive 5.4% CAGR Over The Assessment Period, From 2031 End

As per a recent market analysis by ESOMAR-certified consulting firm Future Market Insights (FMI), the Africa Zero Liquid Discharge System Market is projected to be valued at US$ 27.7 Mn in 2021, expanding at a CAGR of 5.4% over the forecast period of 2021-2031.

The COVID-19 outbreak in 2020 reduced CAPEX investments and process equipment installations in a variety of end-use industries. However, with gradually increasing production rates and dwindling water intake resources, FMI predicts that sales of zero liquid discharge systems in Africa will increase.

Furthermore, stringent effluent management and discharge guidelines issued by regional authorities are propelling the adoption of zero liquid discharge systems in Africa, enabling lucrative growth prospects in the market in the coming years.

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Owing to rising demand for zero liquid discharge systems, market players are offering aftersales services, complete installation, pre-packed systems, and robust aftersales services to gain a competitive edge in the market. This factor is driving developments and technological advancements in ZLD systems, which in turn is fostering sales of the same.

Increasing scope of zero effluent discharge and provision of reuse in process stages is driving sales of hybrid zero liquid systems over conventional effluent management systems. Hybrid zero liquid discharge systems offer high efficiency and reduce energy consumption, while offering long term economic benefits.

Besides this, expansion of chemicals, petrochemicals, mining & metallurgy, and textile industries will continue spurring demand for zero liquid discharge systems in the forthcoming years.

“New system installations and overhauling of traditional effluent treatment plants will positively shape the demand outlook for zero liquid discharge systems over the forecast period. Along with this, increasing investments in the energy, mining and pharmaceutical industries will create lucrative prospects for market players in forthcoming years,” says the FMI analyst.

Key Takeaways of Zero Liquid Discharge System Market Study

Based on system type, conventional ZLD segment is estimated to account for over 60% of the market share in 2021.
Applications of ZLD systems in mining & metallurgy are anticipated to gain traction. The segment is projected to grow high CAGR of over 5.5% in 2021.
Northern Africa and Southern Africa have been estimated to be the leading regional markets in terms of revenue generation, valued at US$ 10.9 Mn in 2021.
Namibia is anticipated to emerge as an attractive market, accounting for 27.5% of the African zero liquid discharge system market share.

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Competitive Landscape

As per FMI’s analysis, the zero liquid discharge system market in Africa is highly consolidated, with leading players accounting for nearly 3/5^th of the market share. Some of the key players in the market are are Veolia, SUEZ, GEA Group, ANDRITZ AG, Thermax Global Limited, IDE Technologies, Alfa Laval AB, Multotec Group, Condorchem Envitech, Cannon S.p.A. and Ion Exchange India Limited.

Top 5 players operating in the Africa zero liquid discharge system market include Veolia, SUEZ, GEA Group, Alfa Laval AB, and Multotec Group.

As a part of their growth strategies, key players are focusing on partnerships, project order bids, collaborations, acquisitions, technological advancements and innovations to strengthen their presence in the market. For instance:

In September 2021, Veolia Water Technologies announced the development and construction of a next-gen recycling service center and mobile assets in Dammam, Saudi Arabia. The production facility will regenerate and recycle resins used in mobile water treatment process.

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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.

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Whole Grain & High Fiber Foods Market Growth Forecast with Profitability by Market Segments & Key Facts – 2032

The sales of whole grain & high fiber is estimated to be valued at US$ 50,872.6 Mn in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 105,379.4 Mn by 2032, rising at a CAGR of 7.6% for 2022-32.

Over the past couple of years, consumer preferences and eating patterns have changed. The change in diet is influenced by a range of factors such as higher Internet penetration, rise in awareness about the consumption of healthy food products, rise in concerns over obesity rates, evolving technological factors, food production, etc. Consumers have been taking care and steps regarding the type of food that they consumer on a regular basis.

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Consumers’ rising awareness about the close association between food and health has been turning out to be one of the most important social developments in the recent past. Various factors such as busy lifestyles adopted by consumers, rise in the obese population, and consumption of unhealthy food have been driving the consumers to shift to healthy diets.

Consumers take into account the type of food that they consumer on a day-to-day basis. As a result, products such as whole grain & high fiber foods have been gaining traction over the past couple of years among their target customers. Whole grain & high fiber foods are those products that have been processed into finished products sourced from whole grains or high fiber sources such as seeds & nuts.

These whole grain and high fiber foods contain minimum 51% of whole grains or 10-15% of dietary fiber. These include products such as bakery, breakfast cereals, pastas, and savory snacks. Whole Grain & high fiber foods can also be sourced from multiple whole grain sources. Only finished and packaged products have been considered in the market for whole grain & high fiber foods, and the volume is based on the weight of the entire finished product.

The importance of whole grain & high fiber foods in the bakery segment has been enduring, owing to the rise in the number of diet conscious consumers. Whole grain & high fiber foods have a wide range of applications in the production of various bakery products such as breads, cakes & pastries, baking ingredients & mixes, and other bakery frozen products.

Segments Covered in Whole Grain & High Fiber Foods Market AnalysisBakery Products:

Breads
Cakes & Pastries
Baking Ingredients & Mixes
Frozen Products

Breakfast Cereals:

Flakes
Muesli & Granola

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Crisps & Crackers:

Snack Bars:

Pastas & Noodles:

Flavour:

Fruit
Nuts
Honey
Chocolate
Vanilla
Others

Source:

Maize
Wheat
Brown Rice
Oats
Rye
Barley
Quinoa
Mult-grain
Others

Packaging Format:

Bags & Couches
Folding Cartons
Trays & Containers
Cans

Nature:

Organic
Conventional

Distribution Channel:

Direct
Indirect
- Hypermarket/Supermarket
- Discount Stores
- Convenience Store
- Specialty Stores
- Online Retailers
- Others

Region:

North America
Latin America
Europe
Japan
APEJ
MEA

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Global Rockbreakers Market Is The Largest Market In South Asia & Pacific By End Of 2031, Future Market Insights Inc.

The growing demand for metals across various industrial sectors is one of the leading driving factor of the global rockbreakers market. The mining sector has seen the significant growth in past few years and it is expected to persist in upcoming years.

The increasing demand from in the mining sector is expected to enable growth in the coming years. Besides mining, rockbreakers find application in the construction sector.

The industry’s demand is expected to rise, owing primarily to increased investment in commercial and residential construction. According to a study conducted by Future Market Insights (FMI), the global rockbreakers market is expected to grow at a CAGR of 5.9 percent between 2021 and 2031.

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Key Takeaways of Global Rockbreakers Market Study

After a period of temporary lull, the rockbreakers market will recover exhibiting a little below 5% y-o-y growth in 2021
Increasing mining activities will boost sales in the U.S., enabling it to account for over 69% of the North America market
The U.K. will exhibit a steady 4.6% y-o-y growth in 2021
Increasing construction activities will fuel demand in Germany and France
China will exhibit increasing demand on the back of rising mining activities

“Continuously growing demand from mining sector is expected to drive the rockbreakers market throughout the forecast period. The demand from construction industry will also play pivotal role in the growth exhibited during the forecast period. Long term supply agreement with regional construction contractors and governmental agencies will provide opportunities to rockbreaking system manufacturers in the forecast period.” says an FMI Analyst.

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Competitive Analysis:

The global rockbreakers market has been identified as a highly fragmented market on the back of presence of large number of market participants operating in the market. The leading players account for nearly 15% share in the global market. Some of the leading players in the market are Orica Limited, Enaex S.A, Dyno Nobel, Exsa S.A. Maxam corp Holdings, Sandvik, Furukawa, ASTEC Industries, Sichuan Yahua Industrial Group Co., Ltd, BME Mining, Hanwha Corporation, and Eurenco S.A. These players are focusing on expansion of their product portfolio and establishing long term supply agreements with key end users to attain higher market revenue shares.

Rockbreakers market is estimated to witness sound growth during 2021-2031. Manufacturers are expected to concentrate further on research and development activities to develop new and innovative products that meet personalized requirements of consumers along with improved efficiency and durability. Expansion of sales and distributor network, collaborations with regional companies to expand footprint in regional market are seen as a key strategies expected to magnify in the forecast period.

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Water Electrolysis Machines Is Anticipated To Surge Ahead At A CAGR Of 7.7% Over The Forecast Period Of 2022 To 2030, Future Market Insights Inc.

The market for water electrolysis machines is anticipated to surge ahead at a CAGR of 7.7% over the forecast period of 2022 to 2030. The global water electrolysis machine market has been impacted marginally by the coronavirus pandemic. Innovations in crude oil processing applications will support developments in the market.

Despite the market’s steady growth, prohibitive capital costs and high levels of electricity consumption limit market expansion.

Because of the ongoing coronavirus pandemic, the growth of the water electrolysis machine market is expected to be slightly slower than in previous years. Transportation, logistics, and trade restrictions have disrupted supply chains for raw materials and components critical to the operation of water electrolysis machines.

Non-essential commodity restrictions also impede market growth. The market is expected to begin recovering by the end of 2020. The emphasis on research and product development is likely to assist market participants in capitalising on growth opportunities in the post-pandemic era.

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Key Takeaways from Water Electrolysis Machine Market

The size of the water electrolysis machines market is estimated to surpass US$ 10.2 Bn by the end of 2020, with renewable energy and chemical applications being the driving factors behind the industry.
Alkaline water electrolysis machines will witness high demand, while PEM options are also likely to reflect steady growth on the back of higher efficacy in electrolysis processes.
500 to 2000 L/Hr offerings in the water electrolysis machines market reflect relatively higher demand, owing to reduced risk of hydrogen crossovers.
East Asia is a prominent regional market reflecting relatively faster growth in adoption rates owing to major scope for industrial applications in China and Japan.

“Higher investments and favorable policies by government towards the development of sustainable, renewable energy sources, and the use of hydrogen in steel, chemicals, electronics & semiconductors, petroleum, electronics, pharmaceuticals, and power generation, are major factors driving the growth of the global water electrolysis machine market,” said a lead analyst from FMI.

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Who is Winning?

The market study by Future Market Insights has provided in-depth details on major business strategies that play influencing roles in the water electrolysis machine market. Major players in the industry have been focused on strategic acquisitions and collaborations, in addition to the consolidation of market presence through product development endeavors.

Air Products & Chemicals Inc., Toshiba Energy Systems & Solutions Corp., Nel ASA, Thyssenkrupp Uhde Chlorine Engineers GmbH, AREVA H2Gen, Teledyne Technologies Inc., Asahi Kasei Corp., Kobelco Eco-Solutions Co. Ltd., C&E Environmental Technology Co. Ltd. are major companies operating in the water electrolysis machine market.

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Global Industrial Nailers Market Is Valued At Around US$ 629.6 Mn In 2022

A new study by ESOMAR-certified firm, Future Market Insights, offers detailed insights on key factors likely to influence industrial nailers market in the long run. Global demand for industrial nailers is likely to grow at nearly 8%, with end-users showing a marked preference for cordless industrial nailers.

This is mostly because of its characteristics. such as it saves time and is useful and well-liked by industry experts. The market for nailers in the industrial sector is projected to grow during the monsoon season as a result of their ability to install other versatile instruments like hammers of various varieties.

The automotive and construction industries, both heavy users of industrial nailers, are bearing the brunt of this shortage. To combat the virus’s spread, mandatory social distancing protocols have forced major construction and automobile manufacturers to halt all on-site projects, resulting in lower output.

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Key Takeaways from FMI’s Industrial Nailers Report

US and East Asian countries will remain epicenter of growth, accounting for over 50% of the revenue share by 2030
Cordless industrial nailers will outsell pneumatic variants
Framing & sheathing nailers to capture nearly a quarter of the revenue share
Automatic nailers are projected to surge in popularity, gaining 170 BPS from 2020-2030
Furniture segment to generate an incremental $ opportunity worth US$ 153 Mn

“Concerns regarding injuries while using industrial nailers are prompting vendors to introduce enhanced safety features within their products, thus reducing accidents,” concludes the FMI analyst.

COVID-19 Impact Analysis

The COVID-19 pandemic is slated to have a debilitating impact on world economic growth projections for FY 2020-2021 or possibly even longer. As economic activities of all countries have almost come to a standstill, major supply chain disruptions are on the cards.

Falling production levels across the aforementioned industries have also reduced demand for pneumatic, cordless and gas powered industrial nailers. This is expected to impede revenue prospects of the market in the short-term forecast period.

While the conservative estimates pegs recovery between the next 8 to 14 quarters, the optimistic scenario projects growth to rebound within the next 5 to 8 quarters. Slowdown shall be moderate as consumers are relying on their own carpentry skills to repair their furniture, keeping demand sustained to a significant extent.

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Competitive Landscape

The global industrial nailers market is highly consolidated, with top-notch players relying on product launchers, divestures and acquisition of rival players to stay afloat. These include Stanley Black & Decker, Illinois Tool Work Inc., MAX Co. Ltd., Koki Holdings America Ltd., and Robert Bosch Power Tools GmbH.

In 2018, MAX USA CORP. released the New PowerLite High Pressure Coil Framing Nailer. This nailer has power to drive nails through engineered lumbers such as laminated strand lumber (LSL) and laminated veneer lumber (LVL) respectively.

In 2019, Stanley Black & Decker divested its Sargent and Greenleaf mechanical locks business within the security segment. In 2020, Everwin Pneumatic Corp launched a new product for industrial coil nailers known as PN59 for the automotive segment.

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Global Non-destructive Testing (NDT) Inspection Services Market In Air Travel Backed by Tourism to Demand Safety Checks from Cradle to Grave

The global non-destructive testing (NDT) Inspection services market is experiencing a spike in revenues as various end users are investing making their methods safe for workers and consumers. Primarily used to identify defects, faults, and cracks, the NDT inspection services play an important role in industries that use machinery for automation. Constant checks ensure evaluation of safety to keep the processes up and running.

Growing investments in railroads, the aerospace industry, the art market, and the healthcare sector are expected to drive market growth in the coming years. Ultrasonic testing is expected to be in high demand in the market because it is simple to use, portable, and provides precise results in a short period of time.

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The market is also expected to be driven by the aging infrastructure that requires constant upgradation to ensure safety. Detection of instabilities and component failures help in implementing preemptive measures, reducing downtime and cost due to delays.

Advancements in radiographic testing equipment with industrial CT scanners has also emerged as strengthening trend in the global market. Future Market Insights predicts that the global NDT Inspection Services market will reach a valuation of over US$ 28 Bn by the end 2030.

Key Takeaways from Global NDT Services Market Study

Asia Pacific to emerge as the leading regional segment as power plants and manufacturing activities are slated to surge in forecast period
Ultrasound to occupy sizeable chunk in the market as it remains widely used equipment for assessing dysfunctionalities
Oil and gas sector to employ NDT inspection services at a growing rate to avoid spillage, leaks, and other accidents
Government initiatives such as “Make in India”, “Industry 4.0”, and “National Infrastructural Plan” to boost market growth in coming years

Manufacturing Sector to Lead the Way for Global NDT Inspection Services

The manufacturing sector is expected to grow at an unprecedented pace across regions being a major contributor to global economy. This sector is expected to register a CAGR of more than 6% between 2020 and 2030. As more and more number of manufacturers are trying to automate tasks, they are likely to require testing methods to identify faults in machinery and equipment. Thus, between 2020 and 2030, the NDT inspection services are likely to see extensive application in the manufacturing sector.

The rise of automotive, aerospace, defense, electrical and electronics manufacturing, especially in India and China are expected to boost the uptake of NDT inspection services. Furthermore, stringent laws pertaining to the worker safety across developed nations is also anticipated to lead to a revenue generation for NDT inspection services in the near future.

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COVID-19 Impact on NDT Services Market

The manufacturing sector has been terribly hit by the COVID-19 pandemic. Brining the economies to halt and disrupting the supply chains, the pandemic has also prevented manufacturing activities. Stringent norms of social distancing to prevent infections have resulted in reduced manufacturing activities.

Labor migration back to villages, especially in a country like India, has affected the manufacturing activity beyond measure. Furthermore, plummeting consumption as consumers get cost conscious spending and chances of infection via deliveries, it has addled the manufacturing issues. In the light of this, the NDT inspection services market is expected to suffer as third-party vendors stand to lose their contract renewals.

More Valuable Insights on Global NDT Services Market

FMI’s research on the global NDT inspection services market is segmented into four major segments. To begin the market for global NDT inspection services is segmented into offering type, which includes NDT Inspection Services and equipment. On the basis of test method, the market is segmented into visual testing, magnetic particle testing, liquid penetrant testing, Eddy current testing, ultrasonic testing, and radiographic testing. On the basis of industrial vertical, the market is segmented into oil and gas, manufacturing, aerospace and defense, construction, automotive, power generation, and others. Regionally, the market is divided into North America, Latin America, Europe, East Asia, South Asia and Pacific, and the Middle East and Africa.

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