Market Research Blog – Page 1348 – New Product Development

Commercial Refrigeration Compressors Market to Hit USD 58.94 Billion by 2033, with a CAGR of 4.3% | FMI Reports

The commercial refrigeration compressors market is poised for significant growth, with a projected valuation of USD 38,687.2 million in 2023 and a robust Compound Annual Growth Rate (CAGR) of 4.3%. By 2033, the market is expected to reach an impressive USD 58,940.03 million, marking a transformative period for the industry.

This growth is largely fueled by the rise of variable-speed compressors, which are revolutionizing the commercial refrigeration landscape. Unlike traditional fixed-speed compressors, these innovative systems offer superior energy efficiency and temperature control. The key advantage of variable-speed compressors lies in their ability to adjust dynamically to changing cooling demands, leading to substantial energy savings and significantly lower operational costs. As the industry continues to adopt these advanced technologies, the future of commercial refrigeration will be defined by greater efficiency and sustainability.

Key Growth Drivers:

Cost-Cutting Initiatives and Efficiency Enhancement: Many companies operating in the commercial refrigeration compressor sector are actively pursuing cost-cutting measures while simultaneously striving to enhance the efficiency of their products. These endeavors include allocating substantial resources to research and development to introduce innovative technologies to the market.
Rising Demand for Energy-Efficient Solutions: The increasing emphasis on energy efficiency is a significant driver in the demand for commercial refrigeration compressors. Manufacturers are investing in the development of new technologies that can boost energy efficiency in refrigeration systems.
Integration of IoT and Smart Technologies: The integration of Internet of Things (IoT) technology in the commercial refrigeration industry is reshaping the landscape. Smart solutions, including IoT-connected coolers, freezers, HVAC units, and other equipment, are being managed through centralized programs to optimize energy consumption.
Growing Supermarket and Hypermarket Chains: The rapid growth of supermarkets and hypermarkets worldwide, driven by flourishing economies and higher wages, is contributing to the increased demand for commercial refrigeration compressors. These large-scale retail establishments require efficient refrigeration systems to preserve and display perishable goods.

In-Depth Market Analysis: A Complete Report

Key Insights from Report:

Robust Investments in Research and Development: Industry players are directing substantial investments toward research and development endeavors to address the escalating demand for enhanced efficiency and cost reduction in commercial freezer compressor manufacturing.
Advancements in Technology: Emerging technologies such as advanced thermal insulation, high-efficiency fan motors, and energy-efficient compressors are under development. These innovations are poised to elevate the overall performance and reliability of refrigeration systems, fostering improved energy efficiency.
Enhanced Service and Diagnostics: Implementation of sensors, controls, and communication modules is contributing to uninterrupted service delivery, predictive issue identification, efficient diagnostics, and quieter operations in refrigeration systems.
Growing Demand Outlook: Anticipated surge in demand for commercial refrigeration compressors is expected throughout the forecast period, fueled by technological innovations and increasing awareness about energy efficiency.

Competitive Landscape:

The commercial refrigeration compressors market is characterized by intense competition, with a few dominant players commanding substantial market shares. These industry leaders are strategically investing in research and development initiatives to engineer energy-efficient compressors compatible with low Global Warming Potential (GWP) refrigerants. Moreover, they are diversifying their product portfolios to cater to a wide spectrum of customer requirements, as part of their efforts to fortify their market presence.

Key Segmentations:

By Product Type:

Reciprocating
Rotary
Scroll
Screw
Centrifugal

By Cooling Capacity:

Up to 1 kW
2-6 kW
7-10 kW
11-15 kW
16-20 kW
21-30 kW
31-40 kW
Above 40 kW

By Refrigerant Type:

R290
R404A
R410A
R744
R134A
R407C
Others (R600A, R-22, etc.)

By End Use:

Transport-based Refrigeration System
- Shipping Based
- Truck & Trailer Based
Walk-in-Refrigerators and Freezers
Reach-in-Refrigerators and Freezers
Beverage Vending
Refrigeration System
- Drinking & Soda Fountains
- Beverage Cooling & Dispensing Equipment
- Beer Dispensing Equipment
Refrigerated Display Cases
Ice Machine
Refrigerated Vending Machines

By Region:

North America
Latin America
Europe
South Asia & Pacific
East Asia
The Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Website: https://www.futuremarketinsights.com
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Offshore Structural Analysis Software Market is Supposed to Rise at a CAGR of 5.4% by 2032 | FMI

The offshore structural analysis software market is poised for remarkable growth, with a projected CAGR of 5.4% expected during the period from 2022 to 2032. By the year 2032, this dynamic market is forecasted to reach a substantial valuation of USD 1.1 Billion. This impressive growth is indicative of the increasing importance of robust structural analysis tools in the offshore industry, where safety and efficiency are paramount.

As the demand for offshore infrastructure and energy projects continues to surge, the need for sophisticated software solutions that can accurately assess the structural integrity of these installations becomes ever more critical. The offshore structural analysis software market is set to play a pivotal role in ensuring the longevity and reliability of offshore structures, making it a key focus area for investment and technological advancement in the years to come.

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Increased technological advancements in subsea platforms, protective structures, drilling templates, tension decks, substitutes connected to various offshore structures, and skidding systems, on the other hand, are expected to provide additional growth opportunities for players and developers in the global offshore structural analysis software market in the coming years. As a result, the sales of offshore structural analysis software are anticipated to grow rapidly.

Other significant factors propelling the sales of offshore structural analysis software in the coming years include rising demand for offshore structures with increased maintenance power, rising expenditure in the oil and gas industry, increased use of cloud-based computing and deployment services, and increasing awareness of the effective and timely analysis of various offshore structures.

Furthermore, the demand for offshore structural analysis software is growing as extreme weather conditions, physical space limits and distant locations present significant growth opportunities in marine, oil and gas, power production, and government and defence engineering sectors.

The demand for offshore structural analysis software is forecasted to rise as engineers can utilise offshore structural analysis software to design a safe and reliable operating platform in an extreme environment because of these constraints. As a result, the sales of offshore structural analysis software are anticipated to rise throughout the forecast period.

Key Takeaways from the Offshore Structural Analysis Software Market Report:

By component, the software segment is predicted to dominate the offshore structural analysis software market with a CAGR of 5.7% through 2032.
This growth is mostly due to increased demand for offshore structural analysis software from end-users such as architects, engineers, contractors, and owners in the oil and gas, maritime, power generation, and government and defence industries for dynamic, cost-effective, and efficient offshore structural analysis software.
By end-use industry, the oil and gas industry segment is predicted to lead offshore structural analysis software market share with a CAGR of 5.9% through 2032.
This is due to the significant number of offshore projects in this industry that require offshore structural analysis software for structure design. Architects, engineers, and contractors are increasingly emphasising the usage of offshore structural analysis software, which is driving sales.
In terms of region, Asia Pacific dominated the offshore structural analysis software market in 2021 and is likely to continue during 2022 and 2032. This is due to an increase in the need for structures with high maintenance capabilities, as well as increased investments in the oil and gas industry.
Due to the growing awareness of offshore structural analysis software and the development of cloud-based services, which are lowering the high maintenance and operating costs connected with offshore structural analysis software; North America is anticipated to hold a significant market share.
Europe is also likely to see significant development in the next years as a result of the adoption of offshore structural analysis software and increased technical awareness of how it works.

Leading Key Players:

Baker Engineering and Risk Consultants, Inc., Bentley Systems, Inc., BMT Group Ltd, Dlubal Software GmbH, and DNV GL AS are some of the major players in the global offshore structural analysis software market.

Offshore Structural Analysis Software Market Segmentation:

By Components:

Service
Software

By End Use:

Power Generation
Oil and Gas
Maritime
Government and Defence

By Region:

North America
South America
Europe
Asia Pacific
Middle East & Africa

About Future Market Insights (FMI)

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Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Location Based Marketing Services Market is Expected to Reach a Strong Valuation of USD 293.0 Billion by 2034 | FMI

The global location-based marketing services market is on a significant growth trajectory, with an estimated valuation of USD 69.0 billion in 2024. According to industry forecasts, the market is projected to surge to USD 293.0 billion by 2034, driven by a robust CAGR of 15.6% over the forecast period. This growth is largely attributed to the rapid advancements in technology and the widespread adoption of smart, data-driven strategies by businesses worldwide.

Location-based marketing services have transformed the way businesses interact with their customers, enabling more personalized and timely communication. By leveraging location data, companies can engage customers more effectively through real-time notifications, whether it’s informing them about nearby retail stores or upcoming events in their vicinity.

This targeted approach is fueling the expansion of the location-based marketing services sector as consumers increasingly prefer receiving relevant information based on their immediate surroundings.

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Personalized and Timely Advertising

One of the key advantages of location-based social media advertising is its ability to provide personalized and timely messages to consumers. By tailoring promotions to users’ current locations, businesses can serve relevant ads, such as region-specific offers, nearby stores, or local events. This targeted approach enhances the overall consumer experience, making ads more meaningful and increasing the likelihood of customer engagement.

For example, restaurants can use location-based advertising during lunch hours to target users in specific areas with exclusive discounts and promotions. Similarly, retail stores can advertise in-store deals or the arrival of new products to customers in the vicinity, driving foot traffic and increasing sales.

Driving Growth in Location-Based Marketing

As businesses continue to adopt this dynamic form of advertising, the growth of location-based marketing services is poised to accelerate. By delivering ads that align with users’ real-time needs and desires, companies can foster stronger relationships with consumers, ultimately leading to higher conversion rates and increased revenue.

Key Takeaways from the Location Based Marketing Services Market Report:

The location-based marketing services industry reached a value of USD 59.7 billion in 2023, showcasing positive growth.
Germany is projected to experience a strong CAGR of 14.8% from 2024 to 2034 in the location-based marketing services market.
North America, led by the United States, holds around 76.3% share of the regional location-based marketing services industry.
China is expected to record a notable CAGR of 15.4% from 2024 to 2034 in the location-based marketing services market.
The services segment within the market is estimated to grow at a robust CAGR of 17.1% until 2034.

Competitive Landscape

Key players in this industry are investing in modern technology and forming collaborations. Key location-based marketing services providers have also been acquiring smaller businesses to expand their position and enter the market across numerous geographies.

Key Players of Location Based Marketing Services Industry

Google, Inc.
Apple, Inc.
Microsoft Corporation
HERE Technologies
Cisco Systems
Oracle Corporation
Bharti Airtel Ltd
Groupon
Gimbal
Bluedot
Radar
PlotProjects
PlaceIQ
Groundtruth
BrightLocal

Recent Industry Developments in Location Based Marketing Services Market

In January 2024, digital marketing transformation (DMT) company, LS Digital launched a comprehensive framework Marketing Data Infrastructure (MDI), to enable businesses to gain valuable insights from the consumer data and drive their business with higher profitability.
In April 2023, marketing solution provider, Basis Technologies announced that it added location-Based data partners to its cookie less data offerings from Peer39, a quality solutions for modern marketer’s provider to assist advertisers to utilize this data to reach the targeted audience.
In October 2022, transport company, Uber Technologies, Inc. launched advertising division and introduced Uber Journey Ads, in which brands can engage with the customers throughout the Uber rides in the USA.

Key Segments of Location Based Marketing Services Industry

By Service Type:

The industry is divided into geo-fencing marketing, beacon-based marketing, location-based push notifications, location-based SMS marketing, location-based mobile ads, location-based search ads, location-based social media marketing, and others.

By Enterprise Size:

The segment is segregated into small and medium enterprises and large enterprises.

By Industry:

The landscape is classified as retail and ecommerce, travel and hospitality, media and entertainment, healthcare, transportation and logistics, financial services, and other industries.

By Region:

A regional analysis has been carried out in key countries of North America, Latin America, Asia Pacific, Middle East and Africa (MEA), and Europe.

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Case Management Software (CMS) Market is Projected to Have a Robust CAGR of 9.6% by 2033 | FMI

The global case management software (CMS) market valuation is projected to reach USD 7.2 Billion in 2023. Demand in the market is forecast to increase at a robust 9.6% CAGR, pushing the market size to USD 18.2 Billion by 2033.

As per FMI, rapid technological advancements, and the introduction of Big Data, artificial intelligence (AI), cloud computing, machine learning (ML), and automation are driving sales of CMS. These technologies have become essential in improving economic competitiveness, thereby propelling the growth in the market.

Healthcare, insurance, law, banking, and social services are the main sectors using case management solutions to handle business processes easily. Due to advancements in software, hardware, and communication technology, case management technology is transforming the market gradually. With the help of CMS, industries such as BFSI and healthcare can reduce the expenditure and the time required to manage documents.

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Healthcare service providers go through a lot of paperwork, scheduling, billing, and other unplanned activities to deliver quality services to patients. Over the years, the healthcare industry has been leveraging technology to address these issues. Technology in healthcare has improved many functions such as maintaining, registering patient information, and tracking diagnosis.

North America is expected to dominate the global case management software (CMS) market with total sales reaching a valuation of USD 4.6 Billion by 2033. The presence of leading providers and the adoption of automated workflow systems in large enterprises as well as SMEs will augment the growth in the market.

Key Takeaways from the Case Management Software (CMS) Market Report:

By deployment mode, the on-premises segment is anticipated to account for 52.5% of the global case management software market by 2032.
Based on business function, total sales in the service request segment will hold 32.6% of the total market share over the forecast period.
In terms of enterprise size, the small & mid-sized enterprises segment will expand at an 11% CAGR through 2032.
By industry, the adoption of case management software in the healthcare sector will grow by 2.6x over the forecast period.
Sales in the China CMS market will increase at a 7.1% CAGR over the assessment period.
The U.K. will dominate the Europe case management software market, with demand growth at a 7.9% CAGR through 2032.

Competitive Landscape

Players in the case management software market are focused on mergers and acquisitions as well as new product development. Strategic mergers with technical giants benefit manufacturers since they bring value to the merged firm by eliminating redundancies and raising total income. New product development enables businesses to generate a continuous supply of unique offerings and achieve a competitive advantage.

For example:

In April 2022, Paradigm, a legal software supplier, announced the acquisition of LollyLaw, a provider of cloud-based practice management solutions to law firms. With this acquisition, Paradigm promises to provide the best-in-class legal case management software. LollyLaw provides a single user-friendly platform with features like calendaring, intake, document management, time and billing, and a client portal.
In January 2021, Social Solutions, a global cloud-based software supplier, purchased Athena Software, a case management software solution provider. The organizations have a mission of using data and analytics to create long-term social change in communities, and they will collaborate to accelerate product development for the benefit of their clients.

Leading Key Players:

IBM
Needles
KANA
Social Solutions
Themis Solutions (Clio)
AbacusLaw
MyCase
Smokeball
SmartAdvocate
Jarvis Legal
Anaqua
LegalEdge
HoudiniEsq
CosmoLex
Rocket Matter
Actionstep
Firm Central
Prevail
CoCounselor

Case Management Software Market Segmentation:

By Deployment Mode:

On-premise CMS Software
Cloud-based CMS Software

By Business Function:

Service Request
Fraud Detection and Anti-Money Laundering
Incident Management
Investigation Management
Legal Workflow Management

By Enterprise Size:

Small and Mid-Sized Enterprises (SMEs)
Large Enterprises

By Industry:

IT & Telecom
Retail
Government
Healthcare
BFSI
Manufacturing
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

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Potassium Chloride Market Trends: Expected USD 18,102.7 million Valuation by 2033 Amid Rising Demand and Record Prices

The market for potassium chloride is currently valued at USD 13,084.0 million, and it is projected to grow to USD 18,102.7 million by 2033 at a compound annual growth rate (CAGR) of 3.3% from 2023 to 2033. Potassium chloride is sometimes referred to as potassium salt or sylvite. It is a metal halide that has both potassium and chlorine in it.

Apart from being odorless and colorless, it is easily soluble in water and does have salt-like taste. The end-user applications include medicines, fertilizers, food processing, and likewise. The other area of application includes ‘de-icing’, which is safer for animals and plants.

Potassium chloride is the basic raw material used in the form of feedstock for several potassium compounds in soldering, welding, and casting. It’s another application is that of a coagulant in treatment of drinking water for removing impurities.

It finds its presence as softener in textile industry as well. In the kitchens, it could be used as a substitute to salt. Plus, rising demand for fertilizers is expected to take the potassium chloride market by storm in the near future.

Potassium chloride is used as source of the potassium ions that are necessary for several physiological processes like maintenance of balance between electrolytes and fluids and transmission of nerve impulses.

Eletrolyte replacement solutions could be used for treating conditions such as dehydration, thereby replenishing levels of potassium in body. It’s used to administer high blood pressure medications where it’s used in conjunction with the other drugs for treating hypertension.

Coming to heart-related medications, it’s used for regulating heart rhythm and preventing complications. It’s also used in muscle relaxants to relieve muscle cramps and spasms. The extended uses include that in intravenous solutions, capsules, oral tablets, and extended-release formulations.

As a fertilizer, potassium chloride helps in regulating plant CO₂intake, photosynthesis, water retention, enhancing resistance to diseases and pests and water uptake through roots. It also needs to be noted that agricultural-grade potassium chloride’s purity does lay between 95% to 99%.

At the same time, the fact that potassium chloride does involve extracting minerals from salt mines could not be ignored. This could result in environmental degradation and restrain the potassium chloride market in the long run.

Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Potassium Chloride Market’. It has its team of analysts and consultants to execute using a bottom-up approach along its macros and micros.

“With healthcare, glass, metal, and petroleum sectors asking for potassium chloride, the global potassium chloride market is expected to grow inadvertently in the forecast period”, says an analyst from Future Market Insights.

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Key Takeaways from the Potassium Chloride Market

North America holds the largest market share on the back of the US witnessing an excessive demand for potassium chloride in the pharmaceuticals vertical.
Europe, the Asia-Pacific, and MEA are expected to follow suit on the similar lines in the potassium chloride market going forward.

Competitive Analysis

Chemtrade, in November 2021, did announce that it completed sales of its specialty chemical business with Vertellus for close to US$ 155 Million, wherein the former did sell its KCl (potassium chloride), caustic pellets, and vaccine adjuvants business to the latter.
Veolia Water Technology, in July 2020, did announce that company would be expanding its Jordan potash fertilizer plant crystallization capacity. Veolia does supply processing facility for extracting premium potash fertilizer from brines of Dead Sea.
Verkhnekamsk, in December 2020, finished with skip graft sinking at Talitsky Mine construction site.

Key Companies Profiled

Nutrien Ltd.
The Mosiac Company
K+S KALI GmbH
Israel Chemicals Ltd
EuroChem
Uralkali
JSC Belaruskali
SQM S.A.
Intrepid Potash, Inc.
Arab Potash Company

What does the Report state?

The research study is based on grade (agricultural grade and chemical/industrial grade), by crop (oilseeds, cereals, sugar and fiber, and fruits & vegetables), and by application (de-icer, agriculture, water softeners, and industrial).
Being colorless (or occasionally white), potassium chloride proves to be an ideal choice for agriculture. This factor is expected to take the potassium chloride market by storm in the years to come.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Rising Electronics Industry Fuels Surge in Helium Gas Demand for LCD and Semiconductor Applications

The global helium gas market share is projected to reach a valuation of USD 30.4 billion in 2024. With demand growing at a 5.1% CAGR, the market size is expected to reach USD 46.8 billion by 2034.

Helium is increasingly used in the healthcare sector due to its unique physical and chemical characteristics, such as high thermal conductivity, low solubility, and low density, which make it ideal for various medical applications.

Additionally, helium gas is biologically inert, and its neuroprotective properties make it effective for adjunct therapy in numerous respiratory diseases, including asthma exacerbation, ARDS, COPD, bronchiolitis, and croup.

It is used to cool the coil of wire and to drop the resistance of wire close to zero in Magnetic Resonant Imaging (MRI) machines. There are many coils of wire which conduct electricity and generate a strong magnetic field in MRI machines.

Helium Ion Microscopy is a recently discovered application in pulmonary MRI radiology and imaging of organs, which is expected to create opportunities for growth for helium gas manufacturers.

In addition to this, the consumption of helium gas in the metal fabrication and electronics industry is rising. In the metal fabrication industry, helium gas is used to increase the heat input in the process, which increases the productivity and the protection of the welding bath.

It is suitable for all types of welding such as TIG, MIG, MAG, plasma, and Laser. Increasing demand for metal fabrication products across various industries such as automotive, aerospace, defense, and manufacturing is anticipated to bolster the growth in the helium gas market.

Moreover, helium gas consumption is also increasing in electronic industry. It has several properties that it makes effective to be used in semiconductor manufacturing. A semiconductor is an important component in an electronic devices. It is extensively used in radio, television, cars, air conditioners, computers, mobile phones other electronic products which is expected to propel demand for helium gas in the forthcoming years.

“Increasing applications of helium gas in GPS systems, along with growing usage in nuclear plants and other electronic applications will fuel the growth in the market over the forecast period,” – says an FMI analyst.

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Key Takeaways:

Based on applications, demand for helium gas in the electronics segment is slated to reach as valuation of US$ 404 Million by 2032.
In terms of supply mode, sales in the cylinders segment are expected to remain high through 2032.
The U.S. will continue dominating the North America helium gas market, with total sales reaching a valuation of US$ 816 Million by 2032.
China will emerge as a lucrative pocket, with total demand for helium gas reaching US$ 1.1 Bn by 2032.

Competitive Landscape

Air Liquide, Linde PLC, Matheson Tri gas Inc, Air Products and Chemical Inc.Air Gas INC., The Messer Group GMBH, Cryoin Engineering Ltd., Chengdu Taiyu Industrial Gases Co. Ltd., and various others are the some of the key manufacturers of helium gas profiled by FMI.

More Insights into the Helium Gas Market Report

In its latest report, FMI offers an unbiased analysis of the global Helium Gas market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, its growth, and scope, the market is segmented based on Supply Mode, Application, and Region.

Helium Gas Market by Category

By Supply Mode:

Cylinders
Bulk and Micro tanks
Drum tank
On site

By Application:

Healthcare
Manufacturing
Electronics
Leak Detection
Fibre Optics
Lifting Gas
Heat Transfer
Breathing Mixtures

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Renewable Naphtha Market Set to Surge to USD 1698 Million by 2033: Growth Driven by Policies and Technological Advances

According to Future Market Insights, the renewable naphtha market will be worth USD 466.58 million in 2023 and USD 1,698 million in 2033, with a CAGR of 13.7%. Increasing fuel blending practices in order to comply with new regulations concerning fuel composition will also increase demand for renewable naphtha.

The use of renewable naphtha by refineries is a great way to provide a low-carbon alternative fuel for their customers. The use of bio naphtha in petrochemicals and gasoline blendstock to replace oil-based naphtha is growing significantly. A bio naphtha fuel can be used in gasoline blending pools both as a complement to ethanol and ETBE and also as a replacement.

Naphtha made from renewable resources has several advantages, including low carbon intensity and renewable alternatives to traditional naphtha. A variety of products, including plastics, bioplastics, and renewable gasoline, can be produced by using biomass sources such as agricultural waste and algae. The environmental impact of fuel production can be minimized by using renewable naphtha instead of traditional fossil fuels. Naphtha made from renewable resources can help diversify fuel supplies and reduce dependence on fossil fuels.

Aromatic compounds can also be produced from renewable naphtha. Consumer demand and European Union regulations have made naphtha an increasingly valuable resource for plastics made from non-fossil sources. As demand for plastic-based products such as bespoke articles, home decor, and electronics grows, sales of renewable naphtha in the plastic production segment are on the rise. The demand for renewable naphtha is increasing as automakers and governments across the United States, India, and China promotes the use of bio-based fuels.

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Key Takeaways:

Nearly 33% of sales are expected to be generated by Germany in Europe by 2031, making it the fastest-growing country in Europe.
The market is forecast to be dominated by China in 2023, accounting for 82% of the market share.
There are projections that the light naphtha segment will hold approximately 96% of the near-term market for renewable naphtha.
Feed for plastic production is expected to account for nearly 76% of global feed sales by 2033.
Renewable naphtha consumption in India is expected to grow at 9.6% CAGR in 2033.

“As synthetic plastics regulations tighten and emissions increase, the market will gain traction due to the increased use of petrol and diesel. Renewable naphtha demand is expected to increase due to advances in technologies such as NExBTL over the next few years,” – says an analyst at FMI.

Competitive Landscape:

The number of renewable naphtha producers has expanded and penetrated new markets both organically and inorganically over the past few years. Expansion of production capacity and increase their market share, key companies are developing new production facilities, merging with other players, acquiring companies, and signing agreements with them.

Recent Market Developments Include:

In June 2023, Lumene, a Finnish beauty brand, introduced a bio-based packaging application utilizing material produced by UPM and processed by Sabic. UPM BioVerno naphtha, produced by UPM in Finland, is the source of Lumene’s new jar and self-adhesive label. Cooperating with UPM and Sabic, the firm is driving the transition to renewable resources and taking the next step on its sustainability journey.
In June 2023, EcoCeres, Inc. announced plans to build a biofuels plant in Pasir Gudang, Johor. An annual capacity target of 350 000 t will be achieved at the facility, which will produce hydrotreated vegetable oils, renewable aviation fuels, and renewable lubricants. The construction of a sustainable biofuel facility will start with the help of EcoCeres, resulting in significant implications for the nation and state as a whole.

Top Key Players

Neste Oyj.
ENI
Darling Ingredients Inc.
CNPC
Diamond Green Diesel
Renewable Energy Group, Inc.
Marathon Petroleum Corp
Preem
Philips 66
UPM Biofuels

More Valuable Insights Available:

Future Market Insights offers an unbiased analysis of the global renewable naphtha market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the renewable naphtha market, the market is segmented on the basis of product type (light naphtha and heavy naphtha), and application (fuel blending, feed for H₂production, and feed for plastics production), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Sodium Hydroxide Market Projected to Reach USD 46,048.7 million by 2033, Driven by Industrial Demand and Regional Growth

The global sodium hydroxide market size is anticipated to create lucrative opportunities over the assessment period by exhibiting a CAGR of 4.0% from 2023 to 2033. The global market is likely to reach a worth of USD 31,108.9 million in 2023 and surpass a market valuation of USD 46,048.7 million in 2033.

Sodium hydroxide is commonly utilized to dissolve grease, oils, fats, as well as protein-based deposits. Also known as caustic soda, it is used in the production of active agents or builders, as well as household bleach products. Furthermore, it is also used in the saponification process, which involves converting vegetable oil into soap. The chemical is utilized in the production of anionic surfactants for the saponification process. Increasing demand from key end-use industries such as water treatment, soaps, detergent manufacturing, and others is driving the demand for sodium hydroxide. The worldwide market for sodium hydroxide is likely to gain momentum from key end-use industries in the long run. Innovative research & development in the field of chemical industry verticals are making their usage more convenient for key end-use industries.

The East Asian region is expected to remain a key market for sodium hydroxide on the basis of both production and consumption. Owing to the exemplary expansion of the commodity chemical sector in China in the past decade. Prominent sodium hydroxide manufacturers are focusing on the expansion of their respective production capacities for catering to both global and regional demand. Government-backed favorable policies will bolster the manufacturing industries in their regions benefiting regional key players in emerging countries like India. Moreover, manufacturers have increased product features, yield, and efficiency for industrial applications to fulfill end-user requirements. These aforementioned factors are propelling the demand resulting in a higher growth outlook between 2023 and 2023.

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Key Takeaways

Accelerated production of pulp and paper is one of the key factors driving the growth of global caustic soda demand. Caustic soda is predominantly utilized in the pulp and paper industry with its augmenting application in the processing or cooking of chemical pulps.
This chemical is primarily utilized to digest wood in order to generate wood pulp and is also utilized as a bleaching agent for neutralizing bleached pulp and paper. Furthermore, caustic soda is also used for waste paper deinking.
The inorganic chemical assists in the extraction of lignin elements from raw materials such as wheat straw, wood, and bagasse. It is used in almost all pulp bleaching methods, including sulfate, sulfite, and soda. Substantial volume production of paper all over the globe is augmenting the consumption of sodium hydroxide.
The usage of sodium hydroxide is common across a diverse array of industries. Across industrial settings, it is primarily used as a base that facilitates the production of sodium-based detergents and salts. It is also used for applications such as organic synthesis and pH regulation.
Sodium hydroxide also consists of various other applications. They are excessively used as drain cleaners, in paper manufacturing, in creating artificial textile fibers, and in treating pretzel dough and bagels. East Asia currently holds dominance in the global market, accounting for around 44.9% of the sodium hydroxide demand.

Competitive Landscape

The caustic soda market is anticipated to account for around 35% of the global sodium hydroxide market. Furthermore, prominent manufacturers in the market are investing in capacity expansions to cater to the growing demand. Major companies are also focusing on demographic expansion into the untapped market by strengthening their distribution network.

European-based manufacturers are concentrating on forward-chain integration by getting hold of key suppliers of caustic soda in other regions to increase their sales footprint. North American market players are investing in acquisitions and merger activities to maintain their dominance in the global market.

Global Sodium Hydroxide Industry by Category

By Product Type:

Flakes
Caustic Lye

By Application:

Alumina
Textile
Pulp and Paper
Soaps and Detergent
Dyes and Inks
Pesticides
Pharmaceuticals
Water Treatment
Petrochemicals
Power and Steel
Food Processing
Organics
Inorganics

By Region:

North America
Latin America
East Asia
South Asia
Europe
Oceania
Middle East and Africa

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Water Treatment Polymers Market to Surge to USD 81 billion by 2033, Driven by Demand Across Key Industries

The global water treatment polymers market demand is set to experience substantial growth, with projections indicating it will reach USD 81 billion by 2033, driven by a robust compound annual growth rate (CAGR) of 6.4% from 2023 to 2033. This surge in demand is fueled by the critical role these polymers play across a diverse range of industries, including thermoelectric power plants, semiconductors, pharmaceuticals, food and beverage, mining and metals, oil and gas, and petrochemicals. As industries increasingly prioritize efficient water management and treatment solutions, the versatility and effectiveness of water treatment polymers are becoming pivotal in meeting the evolving needs of these sectors.

The increasing utilization of water treatment polymers in diverse sectors such as drilling, enhanced oil recovery, mining, wastewater treatment, and food industry is set to propel market growth. The increasing demand for water-soluble polymers in various applications such as stabilizers, thickeners, film formers, emulsifiers, rheology modifiers, lubricity aids, and conditioners will further contribute to industry growth in the forecast period.

The growing use of these polymers across diverse sectors such as household products, construction, detergents, personal care, food, paints & coatings, and pharmaceuticals is anticipated to drive product sales in the forecast period. The increasing adoption of polyvinyl alcohol for eco-friendly packaging, supported by government initiatives, is further expected to boost industry growth. The rising consumption of water treatment polymers is driven by their superior properties, including quick-drying, mild odor, non-flammability, and eco-friendliness.

The growing investments from major players like SNF, CNPC, BASF, and Beijing Hengju are projected to fuel market growth. The increasing production of shale gas and wet shale gas in countries such as the United States, China, Algeria, and Australia are further contributing to the rising demand in the industry.

The burgeoning demand for bio-based acrylamide, especially in the pharmaceutical sector, is anticipated to drive market growth in the coming years. The market is expected to witness significant growth driven by the rising demand for water-soluble polymers in various applications such as water treatment, enhanced oil recovery (EOR) techniques, drilling, and fracking.

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Key Takeaways

United States water treatment polymers market is expected to grow with a CAGR of 6.2% during the forecast period.
The market in China is expected to grow with a CAGR of 6.5% during the forecast period.
By application, water treatment segment is projected to grow with a significant CAGR of 7% during the forecast period.
The market in India is expected to grow with a CAGR of 6.6% throughout the forecast period.

“Increasing demand for bio-based acrylamide in the pharmaceutical sector and increasing investments by key players are expected to fuel market expansion during the forecast period,” comments an FMI analyst

Competitive Landscape

The water treatment polymers market is intensely competitive, with several key industry players investing heavily in providing these services.

The key industry players are Suez Water Technologies and Solutions, Solenis, Ecolab Inc., Kemira Oyj, SNF Group, Accepta Water treatment Products, Beckart Environmental Inc., Thermax Limited, Chemigate Ltd., Alken-Murray Corporation, Aries Chemical, Inc., Chemco Products Inc., CHEM.ENGI s.r.o, Pentair, Dow Chemical Company, ShanDong XinTai Water Treatment Technology co. ltd.

Some recent developments in the market are:

Kemira Oyj initiated global full-scale production of their innovative polyacrylamide polymer derived from biobased feedstock in February 2022.
In June 2021, Infinite Material Solutions introduced a novel water-soluble thermoplastic specifically designed for 3D printing microporous components.
Aquapak Polymers, a United Kingdom-based company, made a breakthrough in February 2021 with the development of Hydropol, a ground-breaking resin that can be converted into standard plastic pellets.

Key Segments Profiled in the Water Treatment Polymers Industry Survey

By Product Type:

Polyacrylamides
Polyacrylates
Quaternary Ammonium Polymers
Polyamines

By Application:

Preliminary Treatment
Water Treatment
Sludge Treatment

By End-Use:

Residential Buildings
Commercial Buildings
Municipality
Industrial
- Chemical & Petrochemicals
- Oil & Gas
- Mining & Metals
- Food & Beverage
- Pharmaceuticals
- Semiconductors
- Thermoelectric Power Plants
- Others

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Veneer Sheets Market Expands with Robust Growth: Expected to Hit USD 55 billion by 2033 Amid Rising Demand in Construction and Design

The global veneer sheets market is projected to reach a valuation of USD 55 billion by 2033, driven by a steady compound annual growth rate (CAGR) of 2.7%. This growth reflects the increasing adoption of veneer sheets across various industries, including furniture, cabinetry, and interior design, due to their aesthetic appeal, versatility, and sustainability. As consumers and manufacturers alike prioritize high-quality, eco-friendly materials, the demand for veneer sheets is expected to remain robust, supporting a positive market trajectory over the coming years.

Consumers are increasingly seeking unique and personalized products. Veneer sheet manufacturers can tap into this trend by offering customization options such as bespoke patterns, textures, and finishes. By providing a range of design choices and catering to individual preferences, manufacturers can gain a competitive edge and expand their customer base.

The digital revolution has opened new avenues for the veneer sheets market. Online platforms and e-commerce channels provide manufacturers with opportunities to reach a wider customer base and streamline the sales process. By investing in user-friendly websites, online catalogs, and virtual visualization tools, manufacturers can enhance the online purchasing experience and tap into the growing online market segment.

Technological advancements such as digital printing and laser cutting offer new possibilities for veneer sheet design and customization. Manufacturers can leverage these technologies to create intricate patterns, detailed textures, and innovative surface finishes. Incorporating technology not only enhances the product appeal but also enables manufacturers to optimize production processes and improve efficiency.

Veneer sheets are increasingly being utilized in architectural and interior design applications. From wall paneling and ceilings to decorative furniture elements, the versatility of veneer sheets allows for creative and unique design solutions. Manufacturers can focus on expanding their product offerings and collaborating with architects and interior designers to capitalize on this growing trend.

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Key Takeaways from the Veneer Sheets Market:

As per FMI analysis, the United States is expected to grow at a CAGR of 2.6% during the projected period.
Germany emerged as a significant player in the veneer sheets industry, with a CAGR of 2.3% over the forecast period.
China’s veneer sheets industry is expected to grow at a CAGR of 2.1% during the forecast period.
The residential sector remains the dominant segment, representing more than 65% of the total market share throughout the projected period.
The wood-backed segment will continue account for one third of the global share among product types through the forecast period.

“The veneer sheets market is experiencing robust growth due to the rising demand for eco-friendly and visually appealing furniture and interior décor products, presenting lucrative opportunities for industry players”, remarks an analyst at FMI.

How Key Players are revolutionizing the Manufacturing of Veneer Sheets market?

The veneer sheets market has experienced significant growth in recent years, driven by the increasing demand for aesthetically appealing and eco-friendly furniture and interior décor products. With the market expected to grow even further in the coming years, competition among the industry players is intensifying.

The veneer sheets market is highly fragmented, with numerous players operating in the industry. Some of the key players in the market include Greenlam Industries Limited, Oakwood Veneer, FormWood Industries, SR Wood Ltd, and Herzog Veneers Inc. Ltd., among others. These players have a significant presence in the market, with a wide range of product offerings, competitive pricing strategies, and strong distribution networks.

The veneer sheets market is also witnessing several emerging trends that are shaping the competitive landscape. An emerging trend is the growing demand for customized veneer sheets that cater to the specific needs and preferences of consumers. This trend presents an opportunity for players to differentiate their product offerings and gain a competitive edge.

Key Players in the Veneer Sheets Industry

GREENLAM INDUSTRIES LTD.
Sauers & Company Veneers
Oakwood Veneer Company
Veneer Technologies, Inc
FormWood Industries, Inc.
Turakhia Overseas Pvt. Ltd.
CEDAN INDUSTRIES
CENTURYPLY, Ltd
Herzog Veneers, Inc., Ltd
SR Wood, Ltd
Pearlman Veneers
Flexible Materials Incorporated

Recent Developments in the Veneer Sheets Industry:

In 2020, Greenlam Industries LTD., acquired Decolan SA, a Spanish company engaged in the manufacturing and distribution of decorative surfacing solutions.

More Insights Available

Future Market Insights offers an unbiased analysis of the veneer sheets market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the veneer sheets market, the report is segmented on the basis of Product Type (Paper-Backed, Wood-Backed, Phenolic-Backed, Laid-Up and Others), End Use (Commercial and Residential), across 5 major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

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