Market Research Blog – Page 15632 – New Product Development

Endoscopy Video Systems Market Key Players – Boston Scientific Corporation, Stryker Corporation, Olympus Corporation, Richard Wolf GmBH, Ethicon, Inc.

Endoscopy technology has completely revolutionized the way in which diseases are detected and surgeries are performed, making surgeries and medical investigations less invasive and providing up-to-date results. Cutting edge technologies such as high definition imaging, 3D imaging, increased angles in the field of view, reduced outer diameter of endoscopy devices and rise of capsule endoscopy are making this medical procedure more popular and accurate with the passage of time. This has positively affected the global endoscopy video systems market. An endoscope allows the doctor to view organs and cavities inside the body by inserting the endoscope through the natural openings like the nose, mouth or anus or by making small incisions. Endoscope is a tube like device with a small light source and a camera at one end and an eyepiece at the other end. Due to increasing incidences of diseases like cancer, diabetes and obesity and a rapidly transforming surgical market coupled with the introduction of new viewing technologies, the global endoscopy video systems market is poised to witness a sustained growth in the coming decade.

Endoscopy Video Systems Market: Drivers

A growing demand for minimally invasive surgical procedures, a rapidly advancing endoscopy technology, a global rise in diseases like diabetes, cancer and obesity and increasing healthcare budgets in both the emerging and mature markets are the key drivers of the global endoscopy video systems market. Since endoscopy procedure is minimally invasive, it ensures a faster recovery among the patients and this translates into reduced hospital stay and a decrease in the medical expenditure. This is the reason, endoscopy is gaining more and more traction with each passing day. Rapid technological advancements in the field of endoscopy is also spurring growth in the endoscopy video systems market. In addition, a rising geriatric population who have a need of different kind of surgeries involving endoscopy is also fuelling the market for endoscopy video systems market. Also, the rising affluence in countries like China and India, a huge population growth rate, a huge ageing population and increasing number of private sector hospitals is also spurring the growth of endoscopy market in these regions.

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Endoscopy Video Systems Market: Restraints

A stiff competition among the major market players, high cost of visualization equipment, a lengthy product approval procedure in the developed markets and a reduction in healthcare spending are some of the restraints in the endoscopy video systems market. Besides this, shortage of trained personnel is also negatively affecting the endoscopy video systems market.

Endoscopy Video Systems Market: Key Regions

North America and Western Europe are the most lucrative regions for the endoscopy video system market. A rising geriatric population, rising incidences of diseases like diabetes, cancer and obesity and a general increase in the number of surgeries performed using endoscopy procedures are the main reasons for North America and Europe taking the lead in the endoscopy video systems market. However, it is the Asia-Pacific region that is poised to exhibit fastest growth in the endoscopy video systems market. Growing affluence in this region, a huge unmet demand, increase in the healthcare budgets, especially in China and India and rapid technological advancements are the major drivers in this market.

Endoscopy Video Systems Market: Key Market Players

Boston Scientific Corporation, Stryker Corporation, Olympus Corporation, Richard Wolf GmBH, Ethicon, Inc. are the major players in the global endoscopy video systems market.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, types and applications.

The report covers exhaustive analysis on:

Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain

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Regional analysis includes:

North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Endoscopy Video Systems Market

Report Highlights:

Detailed overview of parent market
Changing market dynamics in the industry
In-depth market segmentation
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape
Strategies of key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on market performance
Must-have information for market players to sustain and enhance their market footprint

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Industrial Valves Market Competitive Growth Strategies Based on Type, Applications, End User and Region

Up from the revenues worth US$ 61 Bn registered in 2018, the global market for industrial valves is projected to witness modest growth by the end of 2019. A new market research report by Future Market Insights (FMI) suggests that the increasing exploration activities for new water sources will predominantly favor the growth of market over the course of coming years.

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The global industrial valves market size in 2018 was ~US$ 61 Bn.
The industrial valves market is expected to grow at a CAGR of ~4% during the forecast period of 2019-2029.
Besides adoption for automatic functions of valves, the increasing demand for manual structures has been recently driving the sales of industrial valves.
Collectively, Asia Pacific Excl. Japan and North America are likely to account for ~70% of the revenue shares in the industrial valves industry by the end of 2029.
- North America, attributed to the strong presence of the oil & gas industry, will continue to be a prominent regional market for industrial valves manufacturers.
The oil & gas industry is estimated to remain the prominent end-use industry for industrial valves market players.
- The oil & gas industry has witnessed significant growth over the recent past, and the revival of the oil & gas sector has been particularly noteworthy.
- Noteworthy application potential of industrial valves has been identified in the water & wastewater treatment.

Market in APEJ Projected for Remunerative Growth

The market in Asia Pacific excluding Japan (APEJ) is expected to exhibit lucrative growth potential in the global industrial valves market over the forecast period of 2019-2029. According to the report, this growth is propelled by the rapid growth in the oil & gas industry in countries of APEJ such as India and China, and ASEAN Countries, among others. The economic condition of these countries have been positively developing.

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By segmentation:

By Valve Type

Gate
- Parallel
- Wedge
Globe
- Tee
- Angle
- Wye
Ball
- Trunnion
- Floating
- Threaded Series
Butterfly
- High Performance
- Lined
Plug
- Lined
- Lubricated
- Non-Lubricated
Check
- Dual Plate
- Piston Lift
- Spring Loaded Disk
- Swing Check
- Tilting Check
- Y Pattern
- T Pattern
Safety Relief
- Spring Loaded
- Pilot Operated
Other Customized

By Valve Material

Cast Steel
Carbon Steel
Stainless Steel
Bronze
Other Alloys

By End-use Industry

Oil & Gas
Chemical
Water & Wastewater Treatment
Power Plants
Paper & Pulp
Others

By Function

Manual
Automatic

By Region

North America
Latin America
Eastern Europe
Western Europe
APEJ
Middle East and Africa
Japan

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Competitive Analysis:

The report highlights some of the prominent market players, who have established themselves as leaders in the global industrial valves market such as GE Company, Emerson, Flowserve Corporation, Schlumberger Limited, TechnipFMC Plc, KSB SE & Co. KGaA, x KITZ Corporation, Alfa Laval Corporate AB, Curtiss-Wright Corp., CIRCOR International, Inc., IMI Plc, Mercer Valve Co., Inc., National, Oilwell Varco, Inc., Weir Group Plc., Neway Valves, AVK International A/S, Flowserve Corporation, and LESER GmbH & Co. KG, among others.

Barcode Scanner Market Competitive Growth Strategies Based on Type, Applications, End User and Region

As per newly released data by FMI, the barcode scanner market is estimated to be worth US$ 7 Bn in 2021. The market is expected to grow at a CAGR of over 7.6% between 2021 and 2031. Increase in healthcare sector is expected to increase the demand for barcode scanners over the assessment period.

Despite challenges posed by COVID-19 outbreak, the barcode scanner demand increased with a rapid shift from handheld laser scanning to imaging solutions.

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North America will remain as a leading market, accounting for over 30% value share in 2021. Barcode scanner demand outlook for North America is expected to remain positive with the healthcare sector touted as leading contributor.

The global barcode scanner market is estimated to be valued worth US$ 7 Bn in 2021, according to FMI. The market is expected to register robust growth on the backdrop of healthy demand from retail, e-commerce and logistics, healthcare, and manufacturing sectors.

Laser-based scanner is expected to remain as the prime technology. Laser scanners are widely used in regions with established manufacturing and retail sectors such as Western Europe and North America. By the 2021-end, laser scanners are estimated to accounts for 32.3% revenue share of the market and will continue to be the most preferred barcode reader technology throughout the assessment period.

Portable/Handheld Barcode Scanner Sales Poised to Surge

The portable/handheld segment (includes rugged, cordless, automatic, PDA and other scanners) is projected to increase at a CAGR of 5.7% over the forecast period. By technology, the camera-based reader segment is projected to gain 430 basis points during the forecast period due to increasing demand from the retail and manufacturing sectors in North America.

Owing to characteristics such as faster print speed and versatility, demand for portable/handheld barcode scanners is rapidly increasing in various parts of the world. Use of barcode scanners in the retail and commercial sector continues to be the highest and is expected account for a major chunk of revenue over the forecast period. Meanwhile, the healthcare industry is swiftly adopting the barcode technology as well.

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Amongst regions, markets in Asia Pacific excluding Japan (APEJ) and North America are expected to exhibit high growth potentials. In APEJ, China and India are projected to achieve impressive growth of their barcode scanner market. By 2017-end, the region is projected to account for a revenue share of 29.5%, which is expected to increase to 33.8% towards the end of the forecast period.

By Segmentation:

By Product Type

Portable/Handheld
- Rugged Scanners
- PDA Scanners
- Automatic Readers
- Others
Fixed Position
- Stationary Scanners
- Presentation Scanners
- Automatic Readers
- Others

By End Use

Retail & Commercial
General Manufacturing
Healthcare
Logistics & Warehouse
Commercial Aviation
Defence
Others

By Technology

Pen Type Reader
Laser Scanner
CCD (Charge Coupled Device) Readers
Camera Based Reader
Omni Directional Barcode Scanner
Smartphone Based Scanner
RFID (Radio Frequency Identification Technology

By Region

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
MEA

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Competitive Analysis:

Market players are targeting APEJ as their key sales region. Zebra Technologies Corporation, Honeywell International Inc., DataLogics S.P.A, Cognex Corporation, OCOM Technologies, Wasp Barcode Technologies, JC Square Inc., SATO Holdings Corporation, Scandit AG and Toshiba TEC Corporation are some of leading companies profiled in the FMI report.

Metalworking Fluids Market is projected to grow at 3.7% CAGR between 2021 and 2031

As per a latest market study by Future Market Insights (FMI), the demand for metalworking fluids is projected to grow at 3.7% CAGR between 2021 and 2031, reaching US$ 9.61 Bn in 2021. With a favorable demand outlook, sales of metalworking fluids are poised to total 36,67,557.1 Tons by 2031.

Increasing adoption of metalworking fluids for the production of key metal components in the transportation equipment and heavy machinery industries will continue augmenting market growth.

Growing preference for lightweight metals such as aluminum, copper, and zinc in production of complex components used in high performance applications is anticipated to boost sales of metalworking fluids over the forecast period.

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Rapid urbanization and population growth are leading to a surge in demand for private transportation vehicle and increased spending on public transport. The automotive industry has been a key beneficiary of this trend, as automotive sales continued increasing in developing countries such as China, India, Saudi Arabia, and ASEAN nations.

Similar growth has been recorded in these markets for public transportation facilities such as metro trains, resulting in high demand for metalworking fluids in the automotive and transportation sectors.

However, various stringent regulations regarding the usage of harmful synthetic chemicals are restricting the market growth. To counter this issue, manufacturers are investing in research and development activities to develop eco-friendly lubrication solutions.

Emergence of bio-based fluids, and other multifunctional fluids to reduce incompatibility will continue providing tailwinds to metalworking fluids sales in the forthcoming years.

Key Takeaways from Metalworking Fluids Market Study

Transportation equipment is the leading consumer of metalworking fluids, accounting for and more than half of the overall metalworking fluids produced.
Sales of straight oils are projected to increase by 3.1% year-over-year in 2021.
Based on product type, sales of metal removal fluids are projected to command over 50% of the total metalworking fluids market share.
The U.S. will continue dominating the North America metalworking fluids market, growing by 3.0% year-over-year rate in 2021.
Demand for metalworking fluids in Germany is anticipated to rise at a 3.5% CAGR through 2031.
China will emerge as a lucrative metalworking fluids market, expanding at a 5.1% CAGR over the forecast period.
Japan and South Korea will collectively account for 9.7% of the total metalworking fluids market share.

“Increasing sales of lightweight automotive such as electronic vehicles (EVs), along with innovations in fluid blends to cater to diverse industrial requirements will continue pushing the sales of metalworking fluids over the forecast period,” says the FMI analyst.

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Metalworking Fluids Market: Participant Insights

Key players operating in the global metalworking fluids market comprise ExxonMobil Corporation, Idemitsu Kosan Co. Ltd., Quaker Chemical Corporation, FUCHS Petrolub SE, TotalEnergies SE, Apar Industries Limited, Yushiro Chemical Industry Co. Ltd., Cimcool Industrial Products LLC, and Metalworking Lubricants Company.

As per FMI’s analysis, top 5 players including Quaker Chemical Corporation, ExxonMobil Corporation, TotalEnergies SE, Idemitsu Kosan Co. Ltd. and BP plc. are projected to account for 45-55% of the total metalworking fluid market share.

In efforts to gain a competitive edge, leading players are focusing on research and development to launch new and innovative products that are more efficient and comply with various stringent regulations. In addition to this, collaborations, mergers, and acquisitions will remain effective growth strategies among players over the assessment period. For instance:

In 2021, Quaker Chemical Corporation announced the beginning of a new joint venture with Grindaix GmbH, which is a German provider of high-tech coolant control solutions and delivery systems.
In 2021, Idemitsu and IHI Corporation announced that they had concluded a joint agreement to establish a supply chain network for ammonia.

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More Insights into the Metalworking Fluids Market Report

In its latest report, FMI offers an unbiased analysis of the global metalworking fluids market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of category (straight oil, emulsified oil, semi-synthetic oil, and synthetic oil), product type (removal fluid, protection fluids, forming fluids, and treating fluids) end-use type (metal fabrication, heavy machinery, transportation equipment, and general manufacturing) and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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Pallet Pooling Market Competitive Growth Strategies Based on Type, Applications, End User and Region

Pallet pooling ensures the availability of pallets at the operational location, which results in a lean supply chain. Lean supply chain management leads to effective operational lead time. Owing to the rising inclination of most end users towards cost reduction, along with optimum lead time, the pallet pooling market is estimated to gain noteworthy traction in the coming decade.

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According to a new research report published by Future Market Insights (FMI), the pallet pooling market is estimated to exhibit 6% CAGR over the forecast period, to reach a valuation of more than US$ 11 Bn by the end of 2029.

Pallet Pooling Market to Cross US$ 11 Bn Mark by 2029. Wood and plastic will remain the material of choice for manufacturing pallet pooling. Pallet pooling derived from wood continues to capture a higher demand share as compared to other materials such as steel and composites.

Further, the sales of wood pallet pooling will surpass the US$ 6 Bn mark during the latter half of the forecast period. Preferred for its durability and cost efficiency, disposable plastic pallet pooling is likely to witness notable upsurge in its revenue share in the global pallet pooling market in the near future.

Key Takeaways of Pallet Pooling Market Study

Pallet pooling has prominent application in the FMCG sector, as warehouses play a crucial role in this industry.
In terms of material, plastic pallet pooling is estimated to witness notable demand, owing to high reliability, durability, and cost-effectiveness of plastic pallets as compared to other types.
Globally, the pallet pooling market in GCC countries is estimated to witness lucrative growth, owing to the positive outlook for industrial trade activities in the region, particularly for the e-Commerce industry. The U.S. is expected to hold a leading share in the global market, registering a significant CAGR throughout the forecast period.
In recent years, pallets tagged with RFID have become more popular amongst end consumers, owing to their ability to provide location as well as detailed information related to stacked products on pallets.
Pallet pooling is a one-time investment business, in which, the owner has to purchase pallets and then pooling can be done without any large investment. As a result, the market offers high profit margins to its participants.
For the effective operational efficiency of pallets, pallet service providers perform quality checks after the end of every service cycle to provide high-quality pallets and efficient service cycles to end consumers. Continuous and high standard quality checks of pallets are estimated to help players in the global pallet pooling market gain a competitive advantage.

“In the pallet pooling market, flexible payment profiles allow end consumers to pay rent monthly or quarterly at fixed rental rates throughout the term of the agreement, and customizations can be made in rental agreement terms to suit the period of budget allocation and income patterns.”

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By Segmentation:

Structural Design

Blocks
Stringers
Customized

Material

Wood
Composite
Plastic
Steel
Other Metals

End User

FMCG
Food & Beverages
Pharmaceuticals
Electronics
Chemicals
Others

Region

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

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Competitive Landscape

The pallet pooling market is highly consolidated, owing to the presence of a limited number of pallet pooling service providers across the globe. Brambles Limited, Euro Pool Group, Faber Halbertsma, and Loscam are considered to be leading players in the pallet pooling market. Most market players are focusing on expanding their sales footprint in developing markets such as South Asia and the Middle East through the establishment of additional regional offices and sales partners.

ASEAN Automotive Aftermarket Brief Forecast and Analysis by Top Key Players to 2031

The automotive aftermarket in ASEAN is reeling from the COVID-19 impact, however, recovery is likely to be more immediate compared to European and American counterparts, according to a latest study.

Future Market Insights (FMI), an ESOMAR-certified market research firm, in an updated edition of its report, revised the forecast to 8.7% CAGR. This revised forecast takes into account sluggishness induced by the global pandemic.

Key Takeaways of ASEAN Automotive Aftermarket Market Study

The ASEAN automotive aftermarket market is expected to grow at 8.7% CAGR over the following decade
Demand for automotive aftermarket services to surge from low commercial vehicles (LCV) segment
Tires and batteries leading categories in terms of total sales

“Automotive manufacturers are increasingly relying on silicon anode batteries to power electric vehicles (EV), given their greater energy density and better battery life. As such, these batteries are gaining huge traction among OEMs,” says FMI analyst

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COVID-19 Impact on ASEAN Automotive Aftermarket Market

The growth of ASEAN automotive aftermarket market is linearly associated with the regional automotive industry. While the shockwaves of the COVID-19 pandemic are certainly felt across every sector, the automotive industry in ASEAN is potentially facing a significant grunt of it.

While the regional industry was already under pressure, especially in Indonesia and Thailand, acute supply chain disruptions due to COVID-19 outbreak in China is further worsening the situation.

Recent estimates reveal that the ASEAN automotive industry recorded a steep 42% decline in sales during January-May period in 2020. While Philippines topped the chart with 51.1% drop in sales, Malaysia and Indonesia registered 48.9% and 41.2% sales drop respectively. The ASEAN automotive aftermarket market, in turn, is stumbling from these reverberations.

Self-inflating Tires for Better Efficacy in Existing and Futuristic Cars

Over or under-inflated tires diminish fuel efficiency and range for conventional and electric vehicles (EV). As such, companies such as Continental AG have developed self-inflating tire concept that maintains pressure at preferred levels. The technology – C.A.R.E (Connected Autonomous Reliable Electrified) – is closely aligned with the requirements of e-mobility and autonomous driving.

The tires feature in-built pumps attached in the wheels that ensure the tire pressure remains in optimal range for efficiency. This technology is expected to help reduce CO2 emissions as well as slight improvement in average fuel economy. Majority of vehicle owners are focusing on leveraging self-inflating tires concept in a bid to avoid unnecessary maintenance expenses.

ASEAN Automotive Aftermarket Market – Competitive Intelligence

The ASEAN automotive aftermarket market is fairly competitive with, leading players capturing around 30% of the overall market value.

Most of the automotive aftermarket repair service providers in ASEAN countries fail to facilitate customers with a wide range of maintenance and repair services. Consequently, shop owners are focusing on offering specific services, or expanding their service radar. Moreover, small-scale players are forming partnerships with fleet operators and leasing firms to provide optimum maintenance and replacement services at cost-effective prices.

Find More Valuable Insights on ASEAN Automotive Aftermarket Market:

FMI, in its new market research study, delivers an unbiased analysis of the ASEAN automotive aftermarket market which comprises global industry analysis for 2015–2019 and opportunity assessment for the 2020–2030. The report provides complete analysis on ASEAN automotive aftermarket market through three different categories – by category, by vehicle type, and region. The global ASEAN automotive aftermarket market study offers insights of pricing by different life cycle analysis, product life cycle, key market trends and technologies that are being implemented in the development of the ASEAN automotive aftermarket and product adoption in various end-use industries.

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ASEAN Automotive Aftermarket Segmentation

To understand and assess opportunities in the ASEAN automotive aftermarket, we have divided the report into three sections based on market segmentation as under:

By Category

Parts
- Tires
- Batteries
- Filters
- StartersandAlternators
- Lighting
- Exhaustcomponents
- Sparkplugs
- Lubricants
- Collisionbody
- Wear and Tear Parts
Accessories
- Interior
- Exterior
Services
- General automotive repair
- Automotive transmission and others

By Vehicle Type

Passenger cars
Commercial Vehicle

By Country

Malaysia
Indonesia
Philippines
Vietnam
Singapore
Thailand
Rest of ASEAN

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ASEAN Automotive Aftermarket Market Outlook & Key Findings

The ASEAN automotive aftermarket market is expected to click US$ 19.4 Bn in 2020
Manufacturers to reap substantial revenues from automotive aftermarket parts through 2030
Passenger cars continues to account for greater demand for automotive aftermarket services over the decade ahead
Malaysia, Indonesia, and Thailand to collectively capture over 80% of overall market value

Top Reports Related To Automotive Market Insights

Off-Highway Vehicle (OHV) Telematics Market : As per the FMI’s study, off-highway vehicle (OHV) telematics market is poised to expand at an impressive 15.40% CAGR during the assessment period of 2021 and 2031. The market valuation will reach US$ 424 Mn in 2021.

Automotive Interior Leather Market : Globalization of the automobile industry and rising demand for automotive interior customization are expected to remain chief driving factors of the global automotive interior leather market. According to Future Market Insights (FMI), the global automotive interior leather market is estimated to be valued at ~US$ 29.9 Bn in 2021.

About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact

Mr. Debashish Roy
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Hand Tools Market Competitive Growth Strategies Based on Type, Applications, End User and Region

The proliferation of do-it-yourself (DIY) culture owing to the rising labor costs in developed countries such as the UK, U.S., and Germany is anticipated to play a pivotal role in increasing the demand for hand tools. A study by Future Market Insights (FMI) has predicted the global hand tools market to reach ~US$ 25.6 Bn by the end of 2031, growing at a CAGR of 3.9% over the forecast years (2021-2031).

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In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for hand tools Market. The report tracks the global sales of hand tools in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the industrial, household, DIY sector in general, and hand tools in particular.

Key Takeaways of Hand Tools Market Study

After recording negative growth in 2020 amid COVID-19, 2021 will be a year of recovery for the market, as it is forecast to exhibit over 3% Y-o-Y growth
The U.S. will remain a highly lucrative market, accounting for 80% of hand tools sold in North America
Within Europe, the U.K. will emerge as an important market, exhibiting a little above 3% Y-o-Y growth in 2021
Germany and France also will record consistently rising demand for hand tools through the forecast period
South Korea and Japan will emerge as attractive markets for sales in East Asia

“The hand tools market has been exhibiting consistent growth, despite temporary lull witnessed amid COVID-19. Factors such as the rapidly growing urbanization in developing economies and the adoption of technologically sound and innovative hand tools have been encouraging market players to focus on innovations. Moreover, increase in practice of DIY activities is expected to create positive prospects for hand tools market growth over the forecast period,” said a lead analyst at FMI.

According to FMI, the market for hand tools is growing primarily due to the versatile features of hand tools such as the reduced size of the tool kit, maintenance & weight, and the increasing preference for multiple tools for multiple applications across various industries. Increasing customer preference towards DIY activities to surge the hand tools market globally.

Furthermore, high cost of maintenance and repair services for auto parts has created an urge among customers to execute do-it-yourself activities on their vehicles for short-term maintenance & repair. This has provided the manufacturers tremendous potential to manufacture hand tools and launch new & innovative products in the market.

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By Segmentation:

Product Type

General Purpose Tools
Metal Cutting Tools
Layout & Measuring Tools
Taps & Dies

Application

Industrial
Household and DIY

Sales Channel

Online Sales
Retail Sales
Distributor Sales

Region

North America
Latin America
Western Europe
Eastern Europe
APEJ
MEA
Japan

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Competitive Analysis:

Some of the leading players operating in the market are Stanley Black & Decker, Inc., Snap-on Incorporated, IDEAL INDUSTRIES, INC., Apex Tool Group, KLEIN TOOLS INC., Emerson Electric Co., Akar Tools Limited, Channellock, Inc., JK Files (India) Limited, Kennametal Inc., Wera Tools

Rx to OTC Switch Market is predicted to expand at a CAGR of over 5% during the forecast period (2021–2031)

Rx-to-OTC switches refer to the transition from proven prescription drugs to nonprescription, OTC status. According to a report by Future Market Insights (FMI), the global Rx-to-OTC switches market was valued at US$ 33 Bn in 2020 and is predicted to expand at a CAGR of over 5% during the forecast period (2021–2031).

Scientifically, it is a rigorous and highly regulated process that allows consumers to purchase OTC access to a growing range of medicines. For a medicine to be granted under OTC status, it must comply with the regulatory standards associated with its efficacy, have a wide safety margin, and bolster labelling to ensure proper usage of the product.

The increasing prevalence of diseases with common self-treatable symptoms, such as cold and flu, headaches, allergies, and others has fuelled the demand for OTC drugs. Thus, growing sales of nonprescription drugs have pushed pharmaceutical companies to focus on Rx to OTC switches to meet customer needs thereby gaining high revenue in the market.

It was observed in 2020, Rx-to-OTC activity was driven by growing regulatory approvals and increased OTC sales. The COVID-19 outbreak has restricted patients to visit hospitals and clinics suffering from common illnesses. Consequently, delays in prescribed medication have shifted the customer preference towards the OTC drug consumption. As a result, the COVID 19 outbreak bolstered the demand for OTC products, which in turn has supported the adoption of Rx-to-OTC switches.

The Food and Drug Administration (FDA) introduced the non-prescription safe use regulatory expansion (NSURE) panel in 2013 that has supported a new wave of Rx-to-OTC switches, with a focus on creating conditions for switches in new therapeutic classes.

The introduction of the panel aimed to promote switches which had gained consumer attention, which in turn has aided the demand for the OTC drugs in the market.

rx to otc switches market sector region wise plc position and notable trends, 2021

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Key Takeaways from Rx-to-OTC Switches Market Study

Allergy and respiratory drugs are anticipated to gain a revenue share of more than 25% with a CAGR of 5.7% owing to the rising prevalence of lifestyle-based ailments.
Retail pharmacies are anticipated to grow at a CAGR of 5.1% over the forecast period owing to the rise of e-commerce and the procurement of cost-effective medicines.
The U.K. holds the lead in Europe, holding a share of over 33% owing to the implementation of favorable government policies.
The U.S. will account for over 77% of the North America market by 2031, supported by a matured healthcare and pharmaceutical sector and favorable reimbursement policies.
China is the largest and fastest growing market in East Asia estimated to account for close to 49% of the global market, owing to the country’s large-scale pharmaceutical requirements.

“Increasing global prevalence of allergies and common illnesses such as flu, coupled with rising awareness for self-medication practices, are driving the growth of the global Rx-to-OTC switches market,” says the FMI analyst.

Who is Winning?

Rx to OTC switches have led the pharmaceutical companies to shift focus from patients to consumers in terms of end users. In addition to strategic collaborations, acquisitions, expansion, product launches, agreements and research sponsorships are the key strategies adopted by manufacturers to expand their research and development (R&D) capabilities increasing sales in wider geographical base to strengthen product portfolios in the Rx-to-OTC switches market.

For instance, in January 2021, Boehringer Ingelheim entered into a collaborative agreement with Google Quantum AI (Google), focusing on researching and implementing cutting-edge use cases for quantum computing in pharmaceutical research and development (R&D).

Rx to OTC Switch Market by Category

Drug Category

Allergy and Respiratory
Fungal Infections & Other Infections
Overactive Bladder
Oral Contraceptives
Gastrointestinal Drugs
Hair Loss Treatments
Smoking Cessation
Analgesic, Inflammation And Pain Management
Others (Lice, Acne, Weight Loss, And Laxative)

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Distribution Channel

Retail Pharmacies
Hospital Pharmacies
Drug Stores
Online Pharmacies

Region

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East and Africa (MEA)

Foodservice Equipment Market Competitive Growth Strategies Based on Type, Applications, End User and Region

Evolving food industry trends and changing dynamics of manufacturing and delivering methods in the foodservice industry are primarily shaping the market for foodservice equipment. Sales would multiply at a promising CAGR of over 5% during 2019 – 2029, as projected by a new Future Market Insights (FMI) report.

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Most restaurant owners are shifting towards smaller-sized kitchen equipment to optimize their space and perform multiple functions at the same time. Operators of food trucks and pop-up restaurants are on the lookout for equipment that can easily fit on a counter top and free up square footage for other essentials. These trends will remain pivotal in the market build-up over the following years.

Key Takeaways – Foodservice Equipment Market Study

Food tourism – a new global trend especially in millennials has played a vital role in driving interest in food experiences and has led to increase in the number of food tour companies. This increase will continue to push demand for professional foodservice equipment for proper food handling and hygiene.
Automatic, wireless, and aesthetic designs in foodservice equipment that fit in smaller floor spaces, and are amenable with rules set by regulatory bodies such as NSF, will gain more significance.
Emergence of equipment with multifunctional capabilities will weigh heavy on conventional models in the near future.
To gain an edge over competition and increase efficiency, restaurants and hotels are upgrading and replacing old foodservice equipment with convenient digital touch control foodservice equipment.
By eliminating the usage of natural resources, key players are focused on introducing new equipment with energy efficiency capabilities, leading to improved cooking and production time.
North America is projected to be a prominent regional market for foodservice equipment, owing to high demand for replacement and renovations, along with aftermarket parts and service offerings, especially in the U.S.

The demand for foodservice equipment is mainly defined by renovation activities and miniaturization of the equipment to fit in relatively small floor spaces. Product customization, with new space-saving installations in accordance with standards, rules, and codes will play an important role in the value chain of the market.

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By segmentation:

The global foodservice equipment market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.

Equipment

Food Preparation Equipment
- Slicers & Peelers
- Mixers & Grinders
- Food Blenders
- Processors
- Others
Drink Preparation Equipment
- Drink Blenders
- Juicers
- Ice Crushers
- Others
Cooking Equipment
- Grills
- Fryers
- Ovens
- Toasters
- Others
Heating & Holding Equipment
- Warmers
- Merchandisers
- Sauce Dispensers
- Others
Refrigerators & Chillers
Baking Equipment
Merchandisers
Dishwashers
- Semi-integrated
- Fully-integrated
- Countertops/Benchtop & Portables
Other F&B Service Equipment

End Use

Full Service Restaurant & Bars
Quick Service Restaurant
Indoor and Outdoor Caterers
Hotels & Resorts
Club Restaurants
Commercial Canteens
- Institutions & Offices
- Hospitals
Transportation
- Airways
- Ships
- Railways

Sales Channel

Physical Stores
Online Platforms

Region

North America
Latin America
Europe
South Asia
East Asia
Oceania
MEA

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Competitive Analysis:

With more number of small-scale manufacturers having similar product offerings, the market structure would remain fragmented. Furthermore, the increasing number of players in the foodservice equipment market has been pushing manufacturers to include forward integration in terms of services and installation, by offering aftersales support. In terms of revenue, significant players such as Middleby Corporation, Welbilt, Ali Group S.r.l., ITW Food Equipment Group, AB Electrolux, Hoshizaki Electric Co., Ltd, Qingdao Haier Co., Ltd, and Rational AG together hold a significant share of market pie, backed by well-established sales networks and long-term partnerships with consumers.

Food Grade Gases Market will show a steady rise at 5.6% CAGR between 2019 and 2029

The global food grade gases market size is expected to reach US$ 9.19 Bn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 5.6% CAGR between 2019 and 2029. According to the report, growing demand for convenience food products and carbonated beverages have significantly fuelled the market for food-grade gases. Further, with the introduction of new products in the food industry and advancements in packaging technologies, there has been a growing need for food-grade gases for various end-uses. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market. However, supply chain disruptions and decelerated demand due to coronavirus may negatively impact growth

Moreover, the advancements in packaging technologies are creating significant demand for food-grade gases. However, COVID-19 is likely to pose a challenge to the market’s positive growth trajectory, by causing supply chain disruptions. The consequent upsurge in prices of raw materials is expected to hinder the profit margins of manufacturers.

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Furthermore, the unavailability of raw materials and the manpower shortage are hampering the overall workflow of the industry. If the pandemic prevailing for longer periods, the market will find it arduous to proliferate at the expected rate.

Segmental Highlights

Carbon dioxide gas holds the lion’s share in market value owing to usage in the carbonation process in the manufacturing of soft drinks, beers, and other alcoholic drinks.

Freezing & chilling application segment accounts for the majority of market value, backed by the ability of food grade gases to prevent spoilage.

Packaging applications will register higher growth during the forecast period, on the back of technological advancements and wide adoption of food grade gases among manufacturers, consumers, and retailers.

Beverages segment will contribute a major chunk to global revenue by the end of the forecast period owing to rising adoption in the industry.

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North America currently leads the global food grade gases market and accounts for nearly 1/3rd of global market value. The region’s dominance is primarily attributed to the high demand for processed food, which utilizes food grade gases.

Asia Pacific (Excluding Japan) is exhibiting tremendous growth owing to the expansion of the food & beverage industry in India and China coupled with technological advancements in processing and rising consumption of processed food.

Analyst’s Viewpoint:

“The growth of the market is hugely attributed to the increasing use of gases such as carbon dioxide, nitrogen, etc., in carbonated drinks, which are gaining traction among end-users. On the other hand, the unforeseen of COVID-19, and the subsequent transport restrictions and national lockdowns are severely affecting the growth of the market”, says the FMI study.

FOOD GRADE GASES MARKET TAXONOMY

The global Food Grade Gases Market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.

Gas Type

Nitrogen
Carbon dioxide
Oxygen
Others

Product Type

Dairy and frozen products
Beverages
Fruits & vegetables
Meat
Fish & seafood
Bakery and confectionery
Others

Application

Freezing and chilling
Packaging
Carbonation
Others

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Table Of Content

1. Executive Summary

2. Market Overview

3. Market Background

4. Global Food Grade Gases Market Demand Analysis 2015-2019 and Forecast, 2020-2030

5. Global Food Grade Gases Market – Pricing Analysis

6. Global Food Grade Gases Market Demand (Size in US$ Mn) Analysis 2015-2019and Forecast, 2020-2030

7. Global Food Grade Gases Market Analysis 2015-2019and Forecast 2020-2030, By Gas type

8. Global Food Grade Gases Market Analysis 2015-2019and Forecast 2020-2030, By Product type

9. Global Food Grade Gases Market Analysis 2015-2019and Forecast 2020-2030, By Application

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