Lithium Ion Battery Material Market to Reach USD 371.0 Billion by 2034, Growing at 23.9% CAGR | FMI Reports

The global lithium ion battery material market  is anticipated to reach a valuation of USD 43.4 billion in 2024, driven by the increasing demand for high-density batteries. This trend is expected to create new market opportunities, leading to a projected compound annual growth rate (CAGR) of 23.9% between 2024 and 2034, ultimately reaching approximately USD 371.0 billion by 2034.

Ensuring the safety of lithium ion batteries is critical for market growth. Investments in developing safer battery chemistries and manufacturing processes contribute to consumer confidence and market adoption.

The proliferation of wearable electronics, such as smartwatches and fitness trackers, relies on compact and lightweight lithium ion batteries. The growing popularity of wearables is contributing to the increased demand for battery materials.

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Advancements in artificial intelligence, the Internet of Things, and smart grid technologies are creating new applications and requirements for energy storage, further driving demand for lithium ion batteries and their materials.

The aerospace industry is exploring electrification for aircraft propulsion and auxiliary power units. Lithium ion batteries offer the high energy density and lightweight characteristics suitable for aerospace applications, thereby driving demand for battery materials.

The trend towards electrification also extends to two-wheeled vehicles, such as motorcycles and bicycles. Electric bicycles and scooters are gaining popularity in urban areas as environmentally friendly and efficient modes of transportation, contributing to the demand for lithium ion batteries.

Research and development efforts focused on improving the performance and stability of anode and cathode materials, such as silicon anodes and high nickel cathodes, are driving innovation in the lithium ion battery material market.

In addition to electric vehicles, stationary energy storage systems for residential, commercial, and utility-scale applications are becoming increasingly important. These systems utilize lithium ion batteries to store excess renewable energy or provide backup power, driving demand for battery materials.

Key Takeaways from the Market Study

  • Global lithium ion battery material market was valued at US$ 34.2 billion in 2023.
  • From 2019 to 2023, the market demand expanded at a CAGR of 28.4%.
  • The market in Japan is expected to expand at a CAGR of 25.9% through 2034.
  • By type, the cathode material segment to account for a CAGR of 23.7% through 2034.
  • The market in Korea is expected to expand at a CAGR of 26.1% through 2034.
  • In terms of application, the automotive segment to account for a share of 23.5% in 2024.

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“Collaboration among industry players, including battery manufacturers, material suppliers, and technology providers, accelerates innovation and market expansion by combining expertise and resources,”  – remarks FMI analyst.

Competitive Landscape

Prominent players in the lithium ion battery material market are Umicore, Targray, LG Chem, BTR New Energy, Shanshan Technology, Showa Denko K.K, Kureha Battery Materials, Mitsubishi Chemical, Asahi Kasei, and Sumitomo Corporation, among others.

Key Developments

•  In 2023, BASF collaborated with Nanotech Energy, marking a pivotal step towards the local production of lithium ion batteries in North America with a reduced carbon footprint and locally sourced recycled content.

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More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global lithium ion battery material market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.

To understand opportunities in the lithium ion battery material market, the market is segmented on the basis of type (cathode material, anode material, lithium ion battery separator, electrolyte), and application (automotive, grid energy storage, consumer electronics, others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the 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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Cereal Bar Market Forecast to Reach USD 22.64 Billion by 2034 | Future Market Insights, Inc.

The latest update on the cereal bar market forecasts a value of USD 14.51 billion by 2024, driven by increasing consumer interest in health and innovative flavors. With this momentum, sales are poised to surpass USD 22.64 billion by 2034, reflecting a projected compound annual growth rate CAGR of 5.60% over the forecast period.

Plant-based products are both healthier and safer than animal-based products. The cereal bars market is being driven by growing popularity of veganism and health consciousness among consumers around the world. Besides, various dietary requirements such as low or no sugar content, low cholesterol levels, and low salt content of consumers can be easily met by cereal bars, thereby pushing sales.

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Cereal bars are linked to weight gain and weight loss. A new study, which was published in the International Journal of Obesity, followed a group of overweight adults for 16 weeks. Participants who ate two cereal bars per day lost an average of 5% of their body weight, while those who did not eat cereal bars gained an average of 1%, which has led to growing consumer preference for these bars. These factors are projected to accelerate the cereal bars market in the next decade.

Another factor driving the increased sales of cereal bars is the fact that they are an easy and affordable way to get a nutritious breakfast or snack on-the-go. With more people leading busy lifestyles, cereal bars offer a quick and easy solution for those who want to make sure they are getting a nutritious meal or snack. As they are compact and easy to transport, cereal bars are a great option for busy people on-the-go. To keep up with the changing cereal bars market trends, manufacturers are developing novel ways to incorporate their product into various processed foods.

“Increasing adoption of meal replacement cereal bars by people who are trying to lose weight, or by athletes and bodybuilders who need a quick source of energy before or after a workout is projected to boost the market,” says a lead analyst at Future Market Insights.

Competitive Landscape

The market is competitive and fragmented, with numerous local and regional companies competing for market stakes. Key players use different trade strategies to stay competitive, such as creating partnerships, raising production, engaging in mergers and acquisitions, and collaborating with other industry players.

Key Companies

Atkins Nutritional, General Mills, Inc., Kind LLC, Mars, Incorporated, McKee Foods, Naturell India, Nestlé S.A., Quaker Oats, The Hain Celestial Group, Inc., The Kellogg Company, TEKMAR SLOVENSKO, TruFoodMfg, Sunny Crunch Foods Ltd., Noble Foods, Sunbelt Bakery, Halo Foods, Fusions Foods Ltd, Eat Natural, Fullwell Mill Limited, Natural Balance Foods, Kellogg Company, Clif Bar, Kashi, Pharmavite

Recent Developments

  • In March 2024, Bagrry’s, a renowned breakfast cereal and health food brand, re-introduced ‘Mighty Muesli Bars,’ a cereal bar product first introduced in the Indian market in 1998.
  • In December 2023, Mars China introduced the SNICKERS dark chocolate cereal bar, featuring sustainable packaging made from mono PP material, offering low-sugar and GI options and recyclable packaging.
  • In October 2023, Alpen introduced new Alpen Delight bars, available in six flavors, including Chocolate, Caramel and Shortbread, Raspberry Rocky Road, Chocolate Honeycomb, Salted Caramel, White Chocolate, Raspberry and Shortcake, and Chocolate Brownie. Each variety comes in a multipack of five bars, each containing less than 100 calories.
  • In August 2023, Simply Good Foods introduced Atkins Soft Baked energy bars, providing a protein-rich breakfast option in blueberry and macadamia nut varieties with minimal sugar and net carbs.

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Key Segments

By Product Type:

  • Snack Bar
  • Energy & Nutrition Bar
  • Protein Bar
  • Granola Bar
  • Others

By Application:

  • Boost Energy
  • Muscle Building
  • Weight Gainer
  • Meal Replacement
  • Lean Muscle

By Flavor:

  • Caramel
  • Chocolate
  • Peanut Butter
  • Honey
  • Others

By Form:

  • Solid
  • Liquid

By Distribution Channel:

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • E-Commerce
  • Specialty Stores
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • 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:

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Global Blood Banking Equipment Market Set to Exceed USD 23.4 Billion by 2032 registering a CAGR of 4.7%

The global blood banking equipment market is poised for significant growth, with projections indicating a compound annual growth rate (CAGR) of 4.7% from 2022 to 2032. The market, valued at USD 14.8 billion in 2022, is anticipated to surpass USD 23.4 billion by 2032, fueled by advancements in technology facilitating blood collection and processing.

The steady increase in sales of blood banking equipment underscores its pivotal role in global healthcare systems. This growth trajectory reflects the evolving landscape shaped by regulatory changes, technological innovations, and a heightened focus on ensuring the efficacy and safety of blood-related procedures.

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For instance, the AABB promotes full insurance coverage and offers lucrative reimbursement that will support the patients’ access to blood products, transfusion services and cellular therapies. The blood banking equipment market will witness immense growth in the upcoming years if such policies are implemented by developing economies as well.

The development of the blood banking equipment market is reliant on automation in blood bank centers, the rising trend of mobile blood drives/ camps, government support and initiatives and an increasing number of blood donors.

Key Takeaways:

  • Blood collection products are expected to hold a 35.8% market value share in 2022 and are projected to display a CAGR growth of4.8% over the forecast period.
  • Hospitals hold a higher share in the blood banking equipment market by a value of about 53.3%in 2021.
  • North America is slated to be the largest leading region with a value share of 26.2% at the end of the forecast period
  • India is expected to lead the growth in South Asia blood banking equipment market during the assessment period.

“Rising prevalence of chronic blood-related disorders, along with increasing trend of blood donation drives will fuel the blood banking equipment market over the forecast period,” says an analyst of Future Market Insights.

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Market Competition:

Acquisitions, partnerships, recognition and product launches are the key strategies adopted by manufacturers and integrators to increase the consumer base in different geographies.

  • Blood Collection: BD acquired Velano Vascular in July 2021 with the goal of adding breakthrough needle-free blood draw technology to alleviate the pain and discomfort of multiple needlesticks.
  • Blood Processing: The novel plasma collection system developed by Terumo Blood and Cell Technologies received FDA approval in March 2022. Rika is a next-generation automated system that focuses on plasma centre personnel and donors’ experiences. It has safety features to reduce operator mistakes and harvests plasma in under 35 minutes.

Key Companies Profiled:

  • Medtronic
  • BD Medical
  • Boston Scientific
  • Smith Medical
  • Argon Medical Devices
  • Novo Nordisk
  • Terumo Corporation
  • NIPRO Medical
  • B. Braun Melsungen AG
  • Medsurg
  • Hamilton Syringes & Needles
  • Hi-Tech Medicare Devices
  • Abbott Laboratories
  • Beckman Coulter, Inc.
  • Becton, Dickinson and Company
  • bioMérieux SA
  • Bio-Rad Laboratories, Inc.
  • Cerus Corporation
  • CSL Behring LLC
  • Fresenius Kabi AG

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Key Segments:

By Product:

  • Blood Collection
    • Blood Collection Sets
    • Blood Bag Tube Sealer
    • Blood Collection Mixer
    • Blood Bags
    • Reagents
    • Lancets
    • Others
  • Blood Processing
    • Centrifuges
    • Blood Filters
    • Blood Bank Analysers
    • Blood Warmers
    • Plasma Thawing Baths
  • Blood Storage
    • Blood Bank Refrigerators
    • Blood Bank Freezers
    • Test Tube Racks
  • Others

By End User:

  • Hospitals
  • Blood Banks

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.

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Global Cancer Gene Therapy Market Expected to Grow at 10.1% CAGR, Reaching USD 5.3 Billion by 2032

The global cancer gene therapy market is poised for significant growth, projected to surge at a compound annual growth rate (CAGR) of 10.1% from 2022 to 2032. According to Future Market Insights (FMI), the industry, valued at USD 2 billion in 2022, is anticipated to reach a staggering USD 5.3 billion by 2032.

One of the key drivers of this growth is the oncolytic virotherapy category, which held 49.3% of the global cancer gene therapy market in 2021. This segment is expected to continue its dominance, contributing significantly to the industry’s expansion over the next decade.

Gene therapy, a groundbreaking field in medicine, holds promise in revolutionizing the treatment landscape for diseases with limited or no therapeutic options. With a focus on advanced-stage cancer and hematological illnesses, gene therapy offers hope for patients facing dire prognoses. Additionally, it is instrumental in addressing rare or inherited diseases, underscoring its potential to transform lives across diverse medical conditions.

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Gene therapy is currently extremely expensive. Multi-stakeholder discussions about pricing and reimbursement management for these goods are required. To provide accessibility and quality of care, specialized manufacturing facilities, care centers, and doctors skilled to undertake specific procedures for such therapies are required.

The growth in the cancer gene therapy market is reliant on increasing awareness about health, the growing incidence of cancer, and the latest advancements in cancer gene therapy.

“Rising awareness regarding cancer gene therapy across emerging economies, along with favorable healthcare reimbursement plans in various countries will create opportunities for growth in the market over the forecast period,” says an FMI analyst.

Key Takeaways:

  • Based on therapy, the oncolytic virotherapy segment accounted for about 49.3% of the total market share in 2021.
  • In terms of indication, sales in the breast cancer segment are forecast to grow at a CAGR of 9.7% in the forecast period.
  • By service provider, demand in the hospitals segment will grow at a 9.3% CAGR through 2032.
  • The U.S. will dominate the North America cancer gene therapy market over the forecast period.
  • China will emerge as a lucrative pocket, accounting for 32.3% of the East Asia cancer gene therapy market share over the assessment period.
  • Demand in Germany is expected to increase at a 11.9% CAGR over the assessment period.

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Competition Landscape:

Acquisitions, partnerships, geographical recognition, and product launches are the key strategies adopted by leading players to increase the consumer base. For instance:

  • In March 2022, Novartis and Carisma Therapeutics agreed to collaborate on the development of HER 2 targeted CAR-M cell therapy.
  • A2 Biotherapeutics and Merck announced a collaboration in December 2020 to develop allogeneic cell therapy for solid tumor cancers.

Leading Companies Profiled in Cancer Gene Therapy Market are

  • Merck KGaA
  • Novartis AG
  • AstraZeneca Plc.
  • BIOCAD
  • Crinetics Pharmaceuticals, Inc.
  • EffRx Pharmaceuticals S.A.
  • Euroscreen S.A.
  • Vicore Pharma AB
  • Amgen
  • Bristol-Myers Squibb
  • Cell Genesys Inc.
  • Adaptimmune Therapeutics plc.
  • Achieve Life Science Inc.
  • BioCanCell Ltd.
  • Genelux Corporation
  • Advantagene Inc.,
  • GenVec Inc.
  • GlaxoSmithKline PLC
  • Amgen Inc.

Key Segments:

By Therapy:

  • Gene Induced Immunotherapy
  • Oncolytic Virotherapy
  • Gene Transfer
  • Others

By Indication:

  • Breast Cancer
  • Ovarian Cancer
  • Liver Cancer
  • Pancreatic Cancer
  • Lung Cancer
  • Prostate Cancer

By Service Provider:

  • Hospitals
  • Clinical Research Laboratory
  • Oncology institutes

By Region:

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

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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:        

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Suite 401, Newark, Delaware – 19713, USA
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Global Laryngeal Mask Market is likely to Reach USD 1.5 Billion by 2032 at a CAGR of 7.9%

The global laryngeal mask market is poised for remarkable growth, according to the latest analysis report by Future Market Insights. The report forecasts that sales of laryngeal masks are expected to reach USD 656.4 million in 2022, with a projected surge to USD 1.5 billion by 2032, indicating a significant compound annual growth rate of 7.9% over the forecast period.

The steady expansion of the global laryngeal mask market can be attributed to various factors, including technological advancements, the rising number of surgical procedures, and increased awareness of the benefits associated with laryngeal masks. These medical devices play a crucial role in securing a patent airway during a range of medical interventions, such as surgeries or emergency medical care.

Compared to traditional endotracheal tubes, laryngeal masks offer several advantages, including reduced risk of airway trauma, faster insertion, and enhanced patient comfort. These benefits have contributed to their growing adoption across healthcare facilities worldwide.

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One of the key factors fueling the growth of the laryngeal mask market is the rising demand for minimally invasive procedures. Patients and healthcare providers alike are increasingly preferring less invasive options whenever possible, and laryngeal masks align perfectly with this trend. Their ease of use and reduced risk of complications make them an attractive choice for an expanding range of medical procedures.

Furthermore, technological innovations have led to the development of more advanced laryngeal mask devices. These newer models incorporate features like integrated gastric access ports and improved seal performance, enhancing their overall utility and safety. As a result, healthcare facilities are increasingly adopting these advanced laryngeal masks, contributing to market growth.

The COVID-19 pandemic has also had a significant impact on the laryngeal mask market. These devices played a crucial role in the management of COVID-19 patients, facilitating airway management during intubation and other respiratory procedures. This increased usage has led to a surge in demand for laryngeal masks, further boosting the market.

Here Are Some Key Points About The Laryngeal Mask Market:

  • Market Growth: The laryngeal mask market has experienced steady growth over the years due to its advantages over traditional endotracheal intubation, including ease of use and reduced risk of airway trauma.
  • Types of Laryngeal Masks: There are various types of laryngeal masks available, including disposable laryngeal masks and reusable laryngeal masks. Disposable masks are commonly used for single-patient use in hospitals, while reusable masks are designed for multiple uses with proper sterilization.
  • Market Drivers: Factors driving the growth of the laryngeal mask market include an increasing number of surgical procedures, the need for efficient airway management in emergency situations, and advancements in laryngeal mask technology.
  • Regulatory Considerations: Laryngeal masks are medical devices subject to regulatory approval in many countries. Companies must adhere to strict quality and safety standards to market their products.
  • Market Trends: The laryngeal mask market has seen the development of innovative designs and materials to enhance patient comfort and improve seal performance. There is also a trend toward using laryngeal masks in more specialized applications, such as in pediatric and neonatal care.
  • Geographic Variation: Market dynamics and adoption rates for laryngeal masks can vary by region. Developed countries with advanced healthcare systems tend to have higher adoption rates, while emerging markets may show potential for growth as healthcare infrastructure improves.

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Some of the recent developments of key Laryngeal Mask providers are as follows:

  • In February 2021, Ambu A/S announced to expand its single-use endoscopy contracts with two major US Group Purchasing Organizations.
  • In May 2019, Ambu A/S signed a strategic partnership with Cook Medical, under which Cook Medical would distribute Ambu’s products in the United States.

Key Companies Profiled:

  • Ambu A/S
  • BLS Systems
  • Medtronic
  • Hsiner Co. Ltd
  • Thermo Fisher
  • Cardinal Health
  • Smiths Group plc
  • Intersurgical
  • Teleflex Incorporated
  • Ferno

Market Segments Covered In Laryngeal Mask Market Analysis:

By Product Type:

  • Reusable Laryngeal Masks
  • Disposable Laryngeal Masks

By Patient:

  • Children
  • Adult
  • Geriatric

By End-use:

  • Hospitals & Clinics
  • Ambulatory Surgical Centers

By Region:

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

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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.
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Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Injection Molding Polyamide 6 Market Set to Reach USD 16.0 Billion by 2034, Growing at a 6.2% CAGR | FMI Reports

The global injection molding polyamide 6 market is anticipated to reach a valuation of USD 8.7 billion in 2024, driven by increasing demand for high-performance composites. This trend is expected to create new market opportunities, leading to a projected compound annual growth rate (CAGR) of 6.2% between 2024 and 2034, ultimately reaching approximately USD 16.0 billion by 2034.

Polyamide 6 exhibits excellent resistance to chemicals, abrasion, and fatigue, making it suitable for applications in harsh operating environments. Industries such as oil and gas, aerospace, and industrial machinery rely on polyamide 6 components for their resilience and durability, driving growth in specialized markets that require high-performance materials.

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The development of industry-specific standards and specifications for polyamide 6 materials and injection molding processes enhances product quality, reliability, and interoperability across supply chains. Compliance with industry standards such as ISO, ASTM, and automotive OEM specifications strengthens market credibility and facilitates penetration in regulated sectors, including automotive, electronics, and aerospace.

The integration of smart sensors, IoT devices, and data analytics solutions into injection molding equipment enables real-time monitoring, predictive maintenance, and performance optimization. These smart technologies enhance process visibility, control, and traceability, allowing manufacturers to achieve consistent quality, compliance, and operational excellence in polyamide 6 injection molding operations.

Key Takeaways from the Market Study

  • The global injection molding polyamide 6 market was valued at US$ 8.2 billion in 2023.
  • From 2019 to 2023, the market demand expanded at a CAGR of 7.2%.
  • The market in Japan is expected to expand at a CAGR of 6.9% through 2034.
  • By end use, the automotive segment to account for a CAGR of 6.0% through 2034.
  • The market in Korea is expected to expand at a CAGR of 7.5% through 2034.
  • In terms of grade, the reinforced PA 6 segment to account for a CAGR of 5.9% through 2034.

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“Manufacturers are optimizing material usage, reduce production costs, and enhance operational efficiency in injection molding processes. Innovations in material formulations, mold design, and processing technologies enable manufacturers to achieve higher material efficiency, improving competitiveness and profitability,” – says FMI analyst.

Company Portfolio:

  • Radici Group offers a diverse portfolio of polyamide 6 materials, tailored for injection molding applications. The offerings of the company include high-quality polyamide 6 resins, which are suitable for demanding applications in consumer goods, automotive components, and industrial parts.
  • BASF SE is a leading provider of polyamide 6 solutions for injection molding applications. The portfolio of the company includes a range of high-performance polyamide 6 resins designed for various industries such as consumer goods, electronics, as well as automotive.

Key Companies Profiled

  • BASF SE
  • DOMO Chemicals
  • Radici Group
  • Lanxess Corporation
  • Toray Industries Inc.
  • Sabic
  • RTP Company
  • Ube Industries Ltd
  • DuPont
  • AdvanSix

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Segmentation Analysis of the Injection Molding Polyamide 6 Market:

By End Use:

  • Automotive
  • Electrical and Electronics
  • Industrial/Machinery
  • Consumer Goods and Appliances
  • Construction
  • Others

By Grade:

  • Reinforced PA 6
  • Unreinforced PA 6
  • Others

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia and 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 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
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Tank Insulation Market Set for Major Expansion, Expected to Reach USD 10.2 Billion by 2034, with a CAGR of 5.1% | FMI Reports

The demand for tank insulation market solutions is growing rapidly as industries prioritize energy efficiency and sustainability. The tank insulation market is projected to reach USD 6.2 billion in 2024 and escalate to USD 10.2 billion by 2034, with a CAGR of 5.1% through 2034. Key sectors driving this demand include oil & gas, chemical processing, and food & beverage, which use tank insulation solutions to minimize operational costs and reduce heat loss or gain, thereby enhancing energy efficiency.

The increasing demand for liquefied natural gas (LNG) and liquefied petroleum gas (LPG) has made maintaining cryogenic temperatures essential, further boosting the global need for insulated tanks. Infrastructure development projects and industrialization, particularly in Asia-Pacific, the Middle East, and Africa, are driving the demand for insulated tanks across various industries, including oil & gas, petrochemicals, and chemical processing. With stringent environmental regulations and a growing awareness of the need to reduce greenhouse gas emissions, businesses are increasingly investing in tank insulation solutions.

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Technological advancements in insulation materials are also contributing to the development of high-performance solutions that offer superior thermal efficiency, durability, and corrosion resistance, meeting the market’s evolving needs.

Despite these growth prospects, challenges remain. Significant initial investments, the complexity of installation, and a need for greater awareness about the benefits of tank insulation can hinder market growth. Additionally, regulatory compliance and maintenance requirements pose challenges for businesses.

Industries are increasingly recognizing the advantages of insulated tanks in maintaining optimal storage conditions, minimizing environmental impact, and complying with regulations. Countries like the United Kingdom, the United States, China, South Korea, and Japan are notably driving the global expansion of the tank insulation market.

“Investing in research and development can improve product performance, sustainability, and access to new markets. Collaborating with regulatory bodies can streamline compliance processes,” comments FMI analyst.

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Key Takeaways from the Market Study

  • The demand for polyurethane is expected to rise at a 5.0% CAGR through 2034.
  • The cold insulation segment is expected to grow at a 4.9% CAGR from 2024 to 2034.
  • The tank insulation market in South Korea has the potential to increase at a 7.4% CAGR through 2034.
  • The tank insulation in Japan is projected to inflate at a CAGR of 6.2% through 2034.
  • The tank insulation market in the United Kingdom is predicted to rise at a 5.5% CAGR through 2034.
  • The tank insulation in China is anticipated to develop at a CAGR of 5.3% through 2034.
  • The tank insulation in the United States is estimated to rise at a 5.2% CAGR through 2034.

Competitive Landscape

Tank insulation companies are expanding their global presence through initiatives like product innovation, strategic partnerships, and geographic expansion. They invest heavily in R&D to introduce advanced insulation materials and cater to the evolving needs of industries like oil & gas, chemical processing, and food & beverage. Strategic collaborations with key stakeholders in the supply chain enable companies to penetrate new markets and strengthen their position.

Geographic expansion involves establishing manufacturing facilities, distribution centers, and sales offices in regions with high demand, allowing them to serve local customers better and capitalize on emerging opportunities.

Key Companies in the Market

  • BASF SE
  • Johns Manville
  • Omkar Puf Insulation Pvt. Ltd.
  • Isolatie Combinatie Beverwijk B.V.
  • Rockwool International A/S
  • Cabot Corporation
  • Owens Corning
  • Saint-Gobain
  • Kingspan Group
  • Armacell International S.A.
  • Knauf Insulation
  • Covestro AG

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Recent Developments

  • PASSER Marine received approval for its innovative LNG fuel tank insulation system.
  • Saint-Gobain acquired Kaimann GmbH International, a major producer of elastomeric insulation materials in Europe.
  • Armacell International acquired De Xu, an elastomeric insulation foam manufacturer based in China.

Market Segmentation

By Material Type:

  • Polyurethane
  • Fiberglass
  • Rockwool
  • Elastomeric Foam
  • Expanded Polystyrene
  • Others

By Temperature:

  • Cold Insulation
  • Hot Insulation

By End Use:

  • Chemical
  • Oil and Gas
  • Food and Beverages
  • Energy and Power
  • Others

By Region:

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

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.

Contact Us:      

Future Market Insights Inc.
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Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Global Precipitation Hardening Market Projected to Reach USD 6 Billion by 2033, Driven by 8.3% CAGR

Precipitation Hardening Market
Precipitation Hardening Market

The global precipitation hardening market is projected to attain a valuation of USD 2.7 billion in 2023 and is expected to reach USD 6 billion by 2033, trailing a CAGR of 8.3% during the forecast period. The utilization of precipitation hardening as an ideal process for producing robust and high-performance automotive components positions it for significant market growth. With the rapid expansion of the global automotive industry, the demand for such components is expected to surge, further driving the growth of the market in the forecast period.

The precipitation hardening process finds extensive use across various industries, including material processing and manufacturing. As a result, the global precipitation hardening market is expected to experience significant growth in the coming years. The manufacturing industry in the United States, as reported by the United States National Institute of Standards and Technology (NIST), contributed to approximately 10% of the total GDP in 2020. Moreover, the growing consumption of steel alloy and ferric alloy products is expected to drive the adoption of precipitation hardening due to its capability to enhance the properties of these alloys. Additionally, the expanding electrical and electronics sector, coupled with the rising demand for electronic products, presents lucrative growth opportunities for the market.

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Extensive research by FMI indicates that the global consumer electronics market has exhibited consistent growth over the past few years, achieving a remarkable trillion-dollar business. Precipitation hardening plays a vital role in the electronics industry by enhancing the durability and corrosion resistance of metals and alloys utilized in the production of various electronic devices, including magnesium alloys. This advantageous feature is expected to drive the growth of the global precipitation hardening market in the forecast period.

Key Takeaways

  • The market in Asia Pacific is projected to grow with a promising CAGR of 8.5% during the forecast period.
  • The demand for precipitation hardening in North America is expected to grow with a significant CAGR of 8.1% during the forecast period.
  • The market in Europe is expected to grow with a CAGR of 8.2% during the forecast period.
  • By end-use, the automotive industry is expected to generate demand with a CAGR of 9% during the forecast period.

“The rapid expansion of the automotive industry is expected to generate significant demand for precipitation hardening during the forecast period,” comments an FMI Analyst

Competitive Landscape

The market for precipitation hardening is characterized by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities.

The key industry players are MSL Heat Treatment Limited, Unitherm Group (Indo-German Vacu Treat Pvt. Ltd.), Irwin Automation Inc., Pacific Metallurgical, Inc., Paulo, Bodycote, Wallwork Heat Treatment Ltd., Pilkington Metal Finishing, Bluewater Thermal Solutions, Thermex Metal Treating, Hauck Heat Treatment Ltd, Specialty Steel Treating.

Some recent developments in the precipitation hardening market are:

  • In 2022, Bodycote announced the expansion of its Hot Isostatic Pressing (HIP) capability in Greenville, South Carolina, United States.
  • Bodycote announced in February 2022 that its near-term emissions target, based on scientific principles, has received approval from the Science Based Targets initiative (SBTi).
  • In 2021, Bodycote announced its intention to focus on the marine renewables sector, following a successful partnership with CorPower Ocean, a pioneering company in wave energy.

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Key Segments Profiled in the Precipitation Hardening Market Industry Survey

By Hardening Type:

  • Coherency Strain
  • Chemical
  • Dispersion

By Material:

  • Stainless steel
  • Aluminium
  • Magnesium
  • Others

By End Use:

  • Automotive industry
  • Aerospace Industry
  • Others

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia and Pacific
  • East Asia
  • 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 ~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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Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Malonic Acid Market to Expand at a CAGR of 5.7% by 2033, Report Suggests

 

As per Future Market Insights (FMI), the global malonic acid market value is estimated to reach USD 56,058.6 thousand in 2023. From 2023 to 2033, global sales of malonic acid are expected to soar at 5.7% CAGR. By 2033, the total market valuation is projected to reach USD 97,277.2 thousand. Malonic acid is a highly versatile chemical intermediate that finds extensive use in the polymer industry for the synthesis of several plastics and polymers.

One of its key applications is producing polyester resins, which are widely used in the manufacturing of films, fibers, and packaging materials. The synthesis of diesters, which are crucial intermediates in the production of polyester resins, requires malonic acid as a raw material.

Malonic acid serves as a fundamental building block for specialty polymers such as polyesters and polyamides that exhibit unique properties. This makes them ideal for high-performance applications in industries such as aerospace and automotive.

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Another application of malonic acid is in the production of polyurethanes, where it acts as a cross-linking agent. Polyurethanes are extensively used in the manufacture of adhesives, coatings, and foams.

Given the polymer industry’s considerable reliance on malonic acid, its growth is expected to drive demand for malonic acid in the market. Malonic acid continues to remain an essential chemical intermediate in the polymer industry with a broad range of applications.

Similarly, increasing applications in pharmaceutical and food & beverage industries will elevate malonic acid demand.

Key Takeaways from the Malonic Acid Market:

  • The global malonic acid industry is expected to attain a valuation of US$ 97,277.2 thousand by 2033.
  • Global malonic acid sales are likely to soar at a CAGR of around 7% from 2023 to 2033.
  • By end use, food & beverage and pharmaceuticals segments are likely to generate significant revenues in the market.
  • The malonic acid industry in China is expected to expand at a CAGR of1% during the forecast period.
  • North America malonic acid industry is projected to rise at a CAGR of 2% through 2033.
  • Top-5 players identified in the report are anticipated to hold 40% to 45% of the global market share.

“Advances in technology have led to improvements in the quality of malonic acid products, making them more reliable and consistent. This has increased the appeal of malonic acid in the global market.” – says a Future Market Insights analyst.

Who is Winning?

Trace Zero LLC, Hefei TNJ Chemical Industry, Shanghai Nanxiang Reagent Co., Ltd., TATEYAMA KASEI Co., Ltd., and others are the key manufacturers of malonic acid profiled in the report.

The market has witnessed a surge in product development activities, with leading manufacturers focusing on launching new products to stay ahead of the competition.

Key companies are investing heavily in domestic production and are integrating new technologies in the manufacturing process to improve production efficiencies and reduce costs. They are also using strategies such as partnerships, collaborations, and acquisitions to expand their footprint.

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Malonic Acid Market Outlook by Category

By Grade:

  • Food Grade
  • Technical Grade
  • Pharmaceutical Grade

By End Use:

  • Food and Beverages
  • Paints and Coatings
  • Polymers and Plastics
  • Pharmaceuticals
  • Electronics
  • Others

By Region:

  • North America
  • Latin America
  • Western Global
  • Eastern Global
  • Central Asia
  • Russia and Belarus
  • Balkan and Baltic Countries
  • East Asia
  • South Asia and the Pacific
  • Middle East and Africa (MEA)

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.

Contact Us:       

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
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The Emulsified Shortenings Market Expected to Achieve Strong Growth with 5%-6% CAGR Through 2022-2032

The global emulsified shortenings market is anticipated to grow at a moderate CAGR range of 5% to 6% from 2022 to 2032. The target market is set to reach a significant value by the end of 2032. Many manufacturers in the food and beverage industry are keen on releasing products with new and unique tastes. This factor is expected to influence the emulsified shortenings market and drive it towards a considerable market size by the end of the forecast period.

Icing shortening or high ratio shortening is also referred to as emulsified shortening. This shortening is a type of fat extracted from animal fats or vegetable oils. Emulsified shortenings are of white color and creamy texture. These shortenings have a neutral taste and thus, they do not meddle with the other flavorings. Hence, the product observes high demand from the food and beverages sector.

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Emulsified shortenings also possess micro emulsifiers that serve as molecular matchmakers by holding water, oil, and shortening together, which ensures that the products are holding moisture for an extended period of time. These shortenings further aid in enhancing the taste, and texture, increasing the moisture and improving the mouth feel of the food products. All of these properties of emulsified shortenings guarantee high popularity for the product across the food sector.

Moreover, emulsified shortenings also assist with increasing the volume of bakery products, improving crumb structure in cakes, helps in strengthening the gluten network in the dough, and enhancing the structure of whipped products. Owing to these considerations, emulsified shortenings are finding extensive applications in the preparation of different products including dairy, bakery, confectionery, and desserts.

Thus, the surging consumption of cakes, bread, brownies, ice creams, smoothies, candies, chocolates, desserts, and other food items all over the world will likely foster growth for the emulsified shortenings market during the forecast period.

“The growing food and beverage sector, particularly the bakery and confectionery segment, is expected to offer lucrative opportunities to the global emulsified shortenings market, leading to its substantial growth over the forecast period,” says an FMI analyst.

Key Takeaways:

  • A surge in lifestyle diseases like hypertension and diabetes may stymie the growth of the emulsified shortenings market.
  • Increasing usage of emulsified shortenings in bakery, dairy, and confectionery products strengthens the market prospects for emulsified shortenings.
  • High demand for packed and convenience food to propel the emulsified shortenings market forward in the North American region.
  • Europe’s emulsified shortenings market will witness strong growth due to a preference for plant-based ingredients.

Competitive Landscape

In a competitive environment, leading market players are focusing on new product launches and amplifying their production capacities to meet the increasing demand. Some of these businesses also employ inorganic strategies like mergers, acquisitions, collaborations, and partnerships to gain a competitive advantage.

Cargill, Incorporated, Bunge Limited, Mallet & Company, Inc., Lonza Group AG, Palsgaard, and Archer Daniels Midland Company, among others, are some of the major players in the emulsified shortenings market profiled in the full version of the report.

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Key Segments Profiled in the Emulsified Shortenings Market Survey

By Form:

  • Dry
  • Powder
  • Pellets
  • Liquid

By Source:

  • Plant-based
  • Animal-based

By End Use:

  • Food Processing
  • Bakery
  • Confectionery
  • Dairy
  • Desserts
  • Foodservice/HoReCa (Hotels/ Restaurants/ Café)
  • Household

By Sales Channel:

  • Direct Sales/ B2B
  • Indirect Sales/ B2C
  • Hypermarkets/ Supermarkets
  • Wholesalers
  • Convenience Stores
  • Specialty Stores
  • Online Retailers

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
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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