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Global Pneumococcal Testing Market Set to Reach USD 3.6 Billion by 2030

Future Market Insights (FMI), a leading market intelligence firm, has unveiled a comprehensive report outlining a promising growth trajectory for the global pneumococcal testing market. According to the study, the market is poised to expand significantly, projecting a valuation of USD 3.6 billion by 2030, growing at a robust Compound Annual Growth Rate (CAGR) of 11.2% from 2022.

In 2022, the pneumococcal testing market was valued at USD 1.6 billion. The anticipated surge in market size reflects a burgeoning demand driven by advancements in diagnostic technology and evolving healthcare needs globally.

The increasing adoption of pneumococcal testing can be attributed to a rapidly evolving diagnostic landscape. As healthcare systems worldwide face persistent challenges related to respiratory infections, there is a growing emphasis on accurate and timely diagnostic solutions. Technological advancements in molecular diagnostic techniques have notably enhanced the precision and efficiency of pneumococcal testing, catering to the rising demand for reliable diagnostic tools.

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“The unprecedented growth projected for the pneumococcal testing industry underscores the pivotal role of technological innovation and the pressing need to address diagnostic gaps globally,” remarked a Future Market Insights.

This surge is indicative of a paradigm shift within the healthcare sector towards more precise and advanced diagnostic tools. The increased adoption of these cutting-edge technologies promises to revolutionize respiratory infection identification, offering healthcare professionals and patients alike a more efficient and accurate means of diagnosis.

The report by FMI highlights the pivotal trends shaping the pneumococcal testing landscape, foreseeing a future where technology-driven solutions play a defining role in global healthcare.

Key Takeaways of Pneumococcal Testing Market Study:

Point of care testing (POCT) remains the preferred testing methos, representing about 2/5th of total market revenue. This is attributed to rising need to provide results in real time that help physicians make informed decisions in treatment of diseases. Moreover, POCT is useful as medical care shifts to a focus on prevention, early detection, and managing acute and chronic conditions.
Analyzers capture a leading value share in market and will maintain the trend throughout the forecast period.
Hospitals account for over half of overall market value, given availability of pneumococcal testing and skilled personnel for better clinical management of various diseases across several medical domains.
Enzyme linked immunosorbent assay (ELISA) accounts for major revenue share, owing to its high sensitivity and specificity, and easier to perform compared to other methods used for the detection of substances in body.
North America and Europe collectively contribute over 70% of market share in pneumococcal testing market, with the former expected to grow at a CAGR of 12% during the forecast period.
Increasing prevalence of pneumococcal diseases, recent advancements in pneumococcal diagnostics and government support for quality healthcare is driving the pneumococcal testing market in North America.

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Competitive Landscape:

The pneumococcal testing market is characterized by intense competition among a limited number of players who frequently engage in strategic alliances. These alliances, including product launches and acquisitions, are pivotal in enhancing market share and securing a significant portion of the market. Recent notable developments include:

In January 2022, Quest Diagnostics announced a collaboration with Walmart to offer consumer-initiated laboratory testing through QuestDirect™. This innovative solution empowers individuals to manage their healthcare by purchasing high-quality laboratory tests directly from a user-friendly website. This partnership expands on Walmart and Quest Diagnostics’ longstanding relationship, aiming to increase access to premium healthcare services.
In December 2021, Quidel Corporation finalized an agreement to acquire Ortho, one of the world’s leading in vitro diagnostics companies. Valued at approximately $6.0 billion, this transaction, priced at $24.68 per share of Ortho’s common stock, involves a combination of cash and newly issued shares in the merged entity. The acquisition represents a 25% premium over Ortho’s closing price, underscoring Quidel’s strategic growth in the diagnostics sector.

Key Companies Profiled:

Thermo Fisher Scientific Inc
Becton, Dickinson and Company
Abbott Laboratories
F-Hoffmann la Roche Ltd
Hologic, Inc.
bioMerieux
Bio-Rad Laboratories, Inc.
Meridian Biosciences
Quest Diagnostics
Quidel

Pneumococcal Testing Market by Category:

By Method:

Immunodiagnostics
Molecular Diagnostic
Point of Care Testing

By Product:

Consumables
Analyzers

By Technology:

Immunofluorescence
Enzyme Linked Immunosorbent Assay (ELISA)
Western Blot Test
Nucleic Acid Sequence based Amplification
Immunohistochemistry
Polymerase Chain Reaction
Others

By End User:

Hospitals
Ambulatory Surgical Centers
Clinics

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
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:

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
LinkedIn| Twitter| Blogs | YouTube

Oxalic Acid Market Forecasted to Expand with 4.9% CAGR to USD 1,550 Million by 2033 | FMI Reports

The global oxalic acid market is expected to achieve a valuation of USD 960 million in 2023 and reach USD 1,550 million by 2033, marking a compound annual growth rate (CAGR) of 4.9% during the forecast period.

Oxalic acid plays a critical role in various biological functions, influencing seed germination, calcium regulation, iron balance, detoxification processes, structural strength, and insect repellency. Additionally, it is known for its antioxidant properties and serves as a pH regulator in different applications. Its concentration in plants varies widely, ranging from 5 mg/kg to 200 g/kg in dry weight.

The versatile applications of oxalic acid across industrial and domestic sectors, including its use as a cleanser, bleaching agent, and drying agent, among others, are key drivers propelling the growth of the oxalic acid market.

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The rapid expansion of the global pharmaceutical industry is a primary growth catalyst. With a current valuation exceeding USD 5.4 trillion, the pharmaceutical sector ranks among the top global industries by total value. Oxalic acid finds extensive applications within pharmaceuticals, aligning its market growth with the robust expansion of this sector.

Furthermore, the increasing adoption of oxalic acid in industrial and household cleaning and bleaching applications is another significant driver for market expansion. Its unique properties and effectiveness in meeting specific household and industrial needs contribute to rising demand for oxalic acid in diverse applications.

Significant advancements in research focusing on Li-ion batteries have also contributed to market growth. Researchers have developed environmentally friendly recycling processes utilizing natural fungi to extract cobalt and lithium from discarded batteries, employing oxalic acid and citric acid in the extraction process. These innovations are expected to further enhance the utilization of oxalic acid in the battery industry, thereby driving market expansion.

Key Takeaways

The market in China is projected to expand with a promising CAGR of 5% during the forecast period.
The sales of oxalic acid in the United States are expected to rise with a CAGR of 4.7% during the forecast period.
By grade, the technical/pharma segment is expected to generate demand with a CAGR of 5.5% during the forecast period.
By end use, the pharmaceutical segment is expected to generate demand with a CAGR of 5.9% during the forecast period.

“Increasing use of oxalic acid in bleaching and cleaning applications among various sectors is expected to fuel market expansion during the forecast period”– comments an FMI Analyst

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Competitive Landscape

The market for oxalic acid is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.

The key industry players are Mudanjiang Fengda Chemical Co., Ltd., Oxaquim, Merck KGaA, UBE Industries Ltd., Clariant International Limited, Indian Oxalate Limited, Shijiazhuang Taihe Chemical Co., Ltd., Spectrum Chemical Manufacturing Corp., Shandong Fengyuan Chemical Co., Ltd., Penta s.r.o

Recent Developments in the Oxalic Acid Market

In 2021, Oxaquim, the leading European and second-largest global producer of oxalic acid, expanded its production capacity at the Alcañiz facilities to meet the growing demand from various sectors, particularly the rare earth sector.
Oxaquim made a commitment in December 2021 to supply its chemical, oxalic acid, to the European Union.
In May 2022, Oxaquim revealed plans to invest EUR 44 million (USD 51.15 million) in expanding its Alcaiz factory and constructing a new facility in Andorra.
In December 2022, UBE Corporation successfully acquired API Corporation (Life Science Institute, Inc., a Mitsubishi Chemical Group Company). This acquisition enables both companies to streamline their manufacturing and research and development capabilities for optimal efficiency.

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Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global oxalic acid market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033. To understand opportunities in the oxalic acid market, the market is segmented based on grade, application, end use, and region.

Key Segments Profiled in the Oxalic Acid Market Industry Survey

By Grade:

Standard Grade (Purity 96%-99%)
Technical/ Pharma Grade (Purity 99%-99.9%)
Electronic/ Food Grade (Purity 99.9%-99.999%)

By Application:

Bleaching & Purifying Agents
Reducing Agents
Stain & Rust Removers
Miticide
Precipitation Agents
Others

By End Use:

Petrochemicals
Water Treatment Chemicals
Metallurgy
Textiles & Leather
Pharmaceuticals
Electronics & Semiconductors
Food
Wood Pulp
Bee-hiving

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.

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
LinkedIn| Twitter| Blogs | YouTube

Dolomite Market Expected to Reach USD 5,487.1 Million by 2033, Growing at 4.4% CAGR | FMI Reports

The dolomite market is projected to grow significantly, with an expected valuation of USD 3,567.3 million in 2023, reaching USD 5,487.1 million by 2033.

During this period, the increasing demand for low-carbon steel products is set to drive market expansion. Government-led fiscal stimulus initiatives are crucial for economic development, stimulating investor spending and bolstering business confidence, thereby fostering substantial regional construction expenditures.

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Dolomite is calcined and then cut into specified size blocks for cement production, making it integral to the building sector. Globally, there is a surge in commercial and industrial construction activities. China leads the world in cement production, with nearly 2.38 billion metric tonnes in output reported by the National Bureau of Statistics (NBS) in 2021, thereby supporting market growth in the region.

Furthermore, dolomite’s use as a calcium and magnesium supplement presents opportunities for the pharmaceutical sector. The Asia-Pacific region dominates the global market, driven by high consumption levels in countries such as China, India, and Japan.

Key Takeaways

By 2033, the dolomite market in the United Kingdom is likely to expand, with a CAGR of 3.9%.
In 2023, the United States is expected to develop the dolomite business with a share of 5.5%.
The dolomite market grew considerably to US$ 3,417.0 million in 2022.
The dolomite sector expanded at a CAGR of 3.9% between 2018 and 2022.
By 2033, China’s dolomite market is projected to generate a CAGR of 5.2%.
By 2033, India’s dolomite industry is projected to expand with a CAGR of 4.1%.
Japan’s dolomite sector is likely to grow significantly, with a 7.3% share in 2023.
Australia’s dolomite is expected to develop with a share of 8.8% in 2023.
Germany’s dolomite business is expected to grow, with a share of 4.6% in 2023.
In 2023, based on the product type, sintered dolomite is expected to dominate the market, with a share of 65.7%.
In 2023, a steel grade segment is expected to dominate the market, with a share of 55.2%, based on grade.

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Competitors’ Successful Techniques

In the dolomite industry, there has been an increase in product variety. Several businesses produced value-added goods such as magnesium derivatives, dolomite-based refractories, and agricultural-grade dolomite to meet particular consumer demands.

The dolomite sector displayed a competitive environment, with competitors using various techniques to keep an advantage. Several sectors, including building, agriculture, and steel manufacturing, use dolomite as a mineral.

Key players

Imerys
Sibelco
RHI-Magnesita
Calcinor SA
Omya AG
JFE Minerals Co,
Essel Mining & Industries Limited
Lhoist
Carmeuse
Vardar Dolomit

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Recent Development:

United States Lime & Minerals Inc. purchased Mill Creek Dolomite LLC from Inter-Rock Minerals Inc. in February 2022. Mill Creek largely supplies dolomite goods to niche markets, including glass, roofing materials, and agricultural lime.
RHI Magnesita stated in January 2023 that it had purchased the bulk of Jinan New Emei Industries Co. Ltd., a Chinese producer of refractories. With the addition of additional manufacturing capacity from the purchase, RHI Magnesita is able to boost the supply of steel flow control refractories throughout China and the rest of East Asia.

Key Segmentations

By Material Type:

Calcined Dolomite
Agglomerated Dolomite
Sintered Dolomite

By End User:

Cement
Agrochemicals
Mining & Metallurgy
Pharma & Healthcare
Glass & Ceramics
Water & Sludge Treatment
Animal Feed

By Region:

North America
Latin America
Europe
Asia Pacific
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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Global Non-Opioid Pain Patches Market Set to Surge, Projected to Reach USD 4.4 Billion by 2029

The global non-opioid pain patches market is on a trajectory of substantial growth, with sales expected to exceed USD 3.3 billion in 2022 and forecasted to soar to USD 4.4 billion by 2029. This growth reflects a robust Compound Annual Growth Rate (CAGR) of 4.1% over the forecast period.

The burgeoning demand for non-opioid pain patches is driven by several key factors. Chief among them is the profound socio-economic impact of pain, which eclipses the combined influence of diabetes, cancer, and cardiovascular diseases. This stark reality underscores the critical necessity for effective pain management solutions, thereby fueling the global demand for non-narcotic pain relief alternatives.

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Chronic pain, stemming from various sources such as back strain due to heavy lifting, accidents, or underlying medical conditions like arthritis, spine disease, and pancreatitis, is a pervasive issue driving market growth. As the incidence of chronic pain continues to rise, so does the demand for non-opioid alternatives, positioning pain patches as a preferred mode of relief.

Moreover, the increasing preference for non-opioid pain relief patches is attributed to their ability to mitigate the risk of addiction, particularly when compared to fentanyl patches, which release opioids over an extended period. This distinction is crucial in addressing the ongoing opioid crisis and fostering safer pain management practices globally.

Furthermore, the growing preference for minimally invasive treatments is expected to further bolster market expansion in the foreseeable future. Non-opioid pain patches offer a convenient and less invasive alternative to traditional pain management methods, driving adoption rates among healthcare providers and patients alike.

As the demand for effective, non-addictive pain relief solutions continues to escalate, the global non-opioid pain patches market is poised for sustained growth, presenting significant opportunities for industry players and stakeholders.

Key Takeaways of Non-opioids Pain Patches Market Study:

In terms of product type, the lidocaine patches segment is expected to capture over 65% of revenue share in the non-opioid pain patches market.
Owing to superior topical effectiveness with minimal side-effects and prolonged transdermal drug release, lidocaine patches are the most preferred product type.
In terms of distribution channel, hospital pharmacies and retail pharmacies & drug stores are expected to collectively hold over 70% of total value in the non-opioid pain patches market during the forecast period.
North America is the highest revenue generating market by region, due to high R&D projects and conducive regulatory environment for non-opioid pain therapeutics. Europe is expected to offer lucrative opportunities, owing to the large aging population and increasing per capital healthcare expenditure.

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Competition Landscape:

The predominant focus among key players in the global market for non-opioid pain patches revolves around developing topical patches devoid of addictive properties, catering to both chronic and acute pain relief needs. Efforts are directed towards improving skin adhesion and prolonging analgesic effects through innovative therapeutic alternatives. Additionally, select players are deeply invested in collaborative research endeavors with academic institutions to introduce fresh non-narcotic pain patch solutions.

For instance,

In January 2021, a team of researchers led by Duke University unveiled a groundbreaking surgical patch designed to release non-opioid pain relievers directly to wound sites, providing sustained relief over several days before naturally dissolving. This innovative polymer patch administers a controlled dose of a medication capable of inhibiting the COX-2 enzyme, known for driving inflammation and pain.
In July 2020, the U.S. Food and Drug Administration (FDA) granted approval for an 8% capsaicin patch targeted at alleviating neuropathic pain associated with diabetic peripheral neuropathy of the feet in adults. This non-opioid, topical treatment represents a unique solution, delivering prescription-strength capsaicin directly to the skin without systemic effects, marking a significant advancement in pain management options.

Key Companies Profiled:

Sanofi S.A.
Pfizer Inc.
GlaxoSmithKline Plc.
Hisamitsu Pharmaceutical Co., Inc.
Clarion Brands
Endo Pharmaceuticals
TEH SENG Pharmaceutical
Veridian Healthcare
Sorrento Therapeutics (SCILEX Pharmaceuticals Inc.
Teva Pharmaceutical Industries Ltd.
Teikoku Seiyaku Co. Ltd.

Non-opioid Pain Patches Market by Category:

Product Type:

Lidocaine Patches
Diclofenac Patches
Methyl Salicylate Patches
Capsaicin Patches
Ketoprofen Patches
Others

Distribution Channel:

Hospital Pharmacies
Retail Pharmacies & Drug Stores
Online Pharmacies

Region:

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

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About Future Market Insights (FMI)

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Outlook: Wood Pellets Market Poised for USD 24,345.6 Million Valuation by 2033, with a CAGR of 10.2% | FMI Reports

The wood pellets market is poised for substantial growth, projected to reach a valuation of USD 10,037.6 million in 2023 and expected to escalate to USD 24,345.6 million by 2033, with sales anticipated to achieve a noteworthy CAGR of 10.2% throughout the forecast period.

This growth is driven by increasing environmental concerns and governmental initiatives aimed at promoting sustainability. Wood pellets, derived from renewable sources such as wood waste, sawdust, and agricultural residues, are increasingly favored for heating and power generation, offering a cleaner and more sustainable alternative to fossil fuels.

Global efforts to advance renewable energy sources are propelling the expansion of the wood pellets market. Governments worldwide are implementing policies and incentives to support renewable energy adoption, thereby boosting demand for wood pellets. Their high energy density, low emissions profile, and logistical advantages in storage and transportation make wood pellets increasingly preferred across various applications.

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Investments in production capacity and advancements in pellet manufacturing technology are further accelerating market growth. As awareness of climate change and the necessity for sustainable energy solutions continues to grow, the demand for wood pellets is expected to rise significantly.

In North America, the United States dominates the wood pellets market, with revenue projected to reach USD 200 million in 2022. Increasing residential adoption of wood pellet stoves, known for their cost-efficiency compared to natural gas, and incentives such as the Wood and Pellet Heater Investment Tax Credit (ITC) are driving market expansion in the region.

Europe holds a substantial share of approximately 78% in the global wood pellets market, driven by widespread use in power boilers and residential heating. Stringent carbon emissions regulations in the European Union have spurred sales of wood pellets, particularly in countries like France, Austria, Italy, and Germany, where adoption rates are notably high.

The Asia Pacific region, contributing 11% of the market share, presents promising growth prospects. The region’s numerous coal-fired power plants create opportunities for wood pellets to substitute coal in power generation through thermal upgrading technology.

The residential sector is a significant market segment, generating USD 3.5 billion in revenue. Wood pellets are increasingly popular among households due to their environmentally friendly attributes, utilized not only for cooking and heating but also as cat litter and horse bedding. This diverse range of applications is expected to sustain demand growth in the residential sector.

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Recent Developments

Drax announced the acquisition of the whole issued share capital of Pinnacle Renewable Inc. in April 2021. Pinnacle may continue to be headquartered in British Columbia as a subsidiary of Drax. Over 480 Pinnacle workers, including current leadership, may be welcomed into the Drax Group.

July 2020 – Enviva paid US$ 164.0 million in cash for all limited liability interests in Georgia Biomass Holding LLC, a Georgia limited company and indirect owner of a wood pellet manufacturing facility in Waycross, Georgia, after accounting for certain collateral adjustments. Georgia Biomass was acquired as a business combination and accounted for using the purchase method.

Enviva Partners L.P. built a new manufacturing factory in Lucedale, Mississippi, in October 2019. These new factories may cost the corporation about US$ 140 million. The firm has eight production sites in the southeastern United States, producing more than 3 million metric tonnes of pellets yearly. The construction of these additional plants can take 15 to 18 months.

Key Companies Profiled

Energex
Enviva LP
Graanul Invest
Drax Biomass
Pinnacle
Sinclar Group Forest Products
Lauzon
Wood Pellet Energy (UK) Ltd.
United Company
Highland Pellets LLC
Groupe Savoie Inc.
I.C.S. (Lacroix) Lumber Inc.

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Key Segments Covered in the Wood Pellets Market Report

Wood Pellets Market by Feedstock:

Forest and Wood Waste Resources
Agricultural Residue and Waste
Food Waste
Virgin Lumber
Energy Crops

Wood Pellets Market by End User:

Wood Pellets for Residential/Commercial Heating
Wood Pellets for CHP/District Heating
Wood Pellets for Co-firing

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan (APEJ)
Japan
The Middle East & 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.

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Projected Incremental Opportunity of USD 44,580 Million in Oilfield Chemicals Market by 2033, with a CAGR of 4.5% | FMI Reports

The global oilfield chemicals market is expected to see substantial growth, projected to reach a valuation of USD 28,534.31 million by 2023 and aiming for USD 44,580 million by 2033, reflecting a steady CAGR of 4.5% over this period.

This growth is primarily fueled by the increasing demand for oilfield chemicals across various petroleum operations, including drilling, well stimulation, production, cementing, enhanced oil recovery, and hydraulic fracturing. The surge in crude oil production, coupled with a shift towards unconventional drilling techniques and the escalating complexity of these operations, is poised to drive significant demand for oilfield chemicals in the foreseeable future.

Specialized oilfield chemicals play a critical role in addressing the unique challenges encountered in deepwater and offshore exploration and production activities, such as maintaining wellbore stability, preventing hydrate formation, combating corrosion, and ensuring flow assurance. The expanding production of oil and gas from new offshore projects globally is anticipated to further propel the need for these chemicals, driving market expansion.

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Technological advancements in the oilfield sector, including horizontal drilling, hydraulic fracturing, and enhanced oil recovery techniques, have enhanced operational efficiency and complexity. These advanced methods necessitate specific chemical formulations and additives, thereby bolstering the demand for specialized oilfield chemicals.

Companies are increasingly focused on maximizing production rates and improving recovery factors, which has led to heightened demand for production chemicals that address various operational challenges. The convergence of technological innovations and production optimization presents substantial opportunities for revenue growth within the oilfield chemicals industry.

According to Westwood Global Energy Group, twenty-one offshore oil and gas projects received final investment decisions in 2021. Projects like Sangomar in Senegal and the Cyprus-Greece Gas Pipeline, scheduled to commence production in 2023 and 2025 respectively, are expected to significantly boost oil and gas production, thereby amplifying the demand for oilfield chemicals and fostering market expansion.

Key Takeaways

The demand for oilfield chemicals in India is projected to expand with a promising CAGR of 4.6% during the forecast period.
The market in GCC countries is expected to attain an overall CAGR of 5% during the forecast period.
The sales of oilfield chemicals in North America are expected to rise with a CAGR of 4.8% during the forecast period.
By product type, Inhibitors are expected to generate significant demand with a CAGR of 5.5% during the forecast period.

“Rising production of oil & gas from new offshore projects across the globe is expected to bode well for market growth,” – comments an FMI Analyst.

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Competitive Scenario:

The market for oilfield chemicals is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.

Innovations in the Oilfield Chemicals Market

In May 2021, Schlumberger and NOV joined forces to enhance the adoption of automated drilling solutions for drilling contractors and oil & gas operators.
In December 2022, Champion X unveiled a new oilfield services chemicals lab and distribution facility in Chaguaramas, Trinidad.
In March 2022, Halliburton inaugurated the Halliburton Chemical Reaction Plant in Saudi Arabia.
In October 2022, Solvay Sodi declared plans for an alternative fuel thermal processing plant. The company, through its subsidiary “Devnya Energy,” submitted an investment intention letter to the Regional Inspectorate of Environment and Water in Varna.

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Key Companies Profiled

Albemarle Corporation
Akzo Nobel N.V.
DowDuPont Inc.
Baker Hughes, a GE Company LLC
Halliburton Co.
BASF SE
Flotek Industries, Inc.
Ashland Inc.
Schlumberger Limited
Solvay SA
Clariant AG

Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global oilfield chemicals market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033. To understand opportunities in the oilfield chemicals market, the market is segmented based on product type, application, terrain type, and region.

Key Segments Profiled in the Oilfield Chemicals Market Industry Survey

By Product Type:

Inhibitors
Lubricants
De-Emulsifiers
Viscosfiers
Gas Well Foamers
Biocides
H2S Scavengers
Others

By Application:

Drilling & Completion
Cementing Chemicals
Stimulation Chemicals
Oil Production Chemicals
Enhanced Oil recovery Chemicals

By Terrain Type:

Onshore
Offshore

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.

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Global Ibuprofen API Market to Reach USD 851 Million by 2034, Driven by Increasing Pharmaceutical Production and Aging Population | FMI

Future Market Insights has revealed promising projections for the global ibuprofen API market, forecasting a significant rise from USD 665 million in 2024 to an estimated USD 851 million by 2034. This growth, reflecting a compound annual growth rate (CAGR) of 2.5%, underscores the escalating demand for ibuprofen APIs driven by several key factors.

Ibuprofen, renowned for its efficacy as a non-steroidal anti-inflammatory drug, is pivotal in alleviating menstrual discomfort, notably dysmenorrhea, affecting approximately 1.8 billion individuals worldwide. Its active pharmaceutical ingredients, encompassing analgesics, antipyretics, and anti-inflammatories, effectively mitigate pain, fever, and inflammation by inhibiting prostaglandin production.

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The surge in demand is primarily propelled by the burgeoning pharmaceutical and biopharmaceutical sectors, particularly in emerging economies. Moreover, the rising elderly population worldwide necessitates advanced therapeutic solutions, further bolstering the market for ibuprofen APIs.

The forecasted growth of the ibuprofen API market not only underscores its critical therapeutic role but also highlights its increasing relevance in global healthcare strategies. As the market continues to evolve, stakeholders are gearing up to leverage these projections, ensuring enhanced access and efficacy of ibuprofen APIs worldwide.

“Chronic illnesses in emerging nations fuel the market expansion in the API industry, helmed by the demand for ibuprofen APIs. Pharmaceutical and biopharmaceutical firms allocate resources toward research and development to treat gastrointestinal bleeding, renal damage, and upset stomach ailments. However, environmental issues resulting from new production requirements have caused a decline in the market. Important pharmaceutical and medical companies are investigating environmentally friendly synthetic ibuprofen APIs, potentially boosting demand via combinatorial chemistry, high-throughput techniques, and bioinformatics. Market participants need to be careful and adaptable to prosper in this environment.” says an analyst of Future Market Insights.

Key Takeaways from the Ibuprofen API Market Report:

The Ibuprofen API industry in Canada is projected to experience a CAGR of 2.0% through 2034.
The Germany Ibuprofen API market is estimated to demonstrate a CAGR of 2.7% by 2034.
The Ibuprofen API industry in Italy is anticipated to see a CAGR of 3.3% from 2024 to 2034.
Spain’s Ibuprofen API sector is projected to showcase a CAGR of 3.7% through 2034.
France’s Ibuprofen API market is anticipated to display a CAGR of 3.0% by 2034.

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Competitive Landscape of the Ibuprofen API Market:

Suppliers of pharmaceutical ingredients are collaborating with CMOs to enhance the availability of raw materials and optimize production procedures, resulting in financial and temporal benefits. Due to aims related to global market expansion, pipeline development, and therapeutics, the pharmaceutical API industry is seeing a spike in mergers and acquisitions. In particular, these tactics boost productivity in product development by lowering expenses and generating economies of scale. To achieve long-term success, they also increase market share and attract new clients, which makes them a vital tactic in the ibuprofen API market.

Recent Development in the Ibuprofen API Market:

BioSyent Pharma Inc. shipped the first fixed-dose combination of acetaminophen and ibuprofen in a single tablet for short-term pain relief and fever control in Canada in December 2020.

Key Companies:

BASF SE
BIOCAUSE Inc.
IOL Chemicals And Pharmaceuticals Limited
SI Group, Inc.
Sino-US Zibo Xinhua-Perrigo Pharmaceutical Co., Ltd.
Solara Active Pharma Sciences Limited
Granules India Limited

Key Segments:

By End User:

Contract Manufacturing Organizations
Pharmaceutical Companies

By Region:

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

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Anticipated Growth in Tire Materials Market to Generate USD 99.99 Billion Opportunity by 2028, with a CAGR of 4% | FMI Reports

The tire materials market is set to experience substantial growth in the coming years, driven by several key factors. One of the primary catalysts is the rising demand for electric and hybrid vehicles, which necessitate specialized, high-quality tire materials. In response, tire manufacturers are upgrading their production processes and exploring innovative materials that offer enhanced performance and durability.

Furthermore, advancements in tire assembly technologies have empowered manufacturers to optimize material usage without compromising quality, further propelling market expansion. This trend underscores a promising outlook for the tire materials sector, presenting a favorable opportunity to engage with this dynamic industry. As per industry projections, the global tire materials market is anticipated to achieve a valuation of USD 99.99 billion by the conclusion of the forecast period.

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Silica to Witness an Upsurge in Demand with Increasing Production of Green Tires

Synthetic rubber and fillers used in automotive tires have significantly changed over the past decade. Attributing to the rising environmental concerns, many regions have formed regulations that mandate tire labeling. The implementation of labeling initiatives and growing environmental concerns have led to an increase in the production of high-performance tires or green tires. Regulatory bodies have also laid incentives for manufacturers and consumers with a preference for performance tires.

Due to the adoption of green technology, silica is extensively being used as a filler material as an effective replacement for carbon black in the recent years. The adoption of silica in the production of green tires has reduced CO2 emissions almost by 7% and increased fuel efficiency. Thus, increasing focus towards the reduction of carbon footprint and greenhouse gas effects is driving the demand for silica in tire production.

Increasing Automotive Production and Ever-rising Size of Vehicle Fleet to Boost the Tire Materials Market

Tires are a vital part of the automotive industry and thus, the production and sales of vehicles directly affect the dynamics within the tire industry. Increasing automotive production in emerging economies has been driving the demand for tires from OEM manufacturers, which has led to an increase in tire production activities. Growing tire production is driving the demand for tire materials. In a vehicle, a tire is one such part that must be replaced frequently, after every 2-3 years.

A tire experiences maximum wear and tear. Further, it is estimated that in FY2017, the global vehicle parc was about 1.3 Billion. Thus, it can be easily concluded that the growing vehicle parc and production will augment the market of automotive tires. Expansion of the tire industry is expected to fuel the demand for tire materials while the growing fleet size will add to tire replacement activities and indirectly influence the demand for tire materials.

Increasing middle-class population, coupled with rising urbanization in developing countries, is expected to increase the number of vehicle owners as many people will be able to afford vehicles. Apart from this, the increasing youth population has also led to an increase in the sales of automotive, which is a positive sign for the tire materials market.

Also, changing lifestyle and increased standard of living have increased the adoption of high-performance tires as well as branded tires, which is expected to positively impact the tire materials market. The increasing number of vehicle owners will push the growth of both OEM as well as aftermarket segments and thus, the growing demand for tires is expected to boost the tire materials market in the coming period.

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East Asia will Become a Prominent Regional Market for Tire Materials

The global tire industry has been witnessing a shift in tire manufacturing activity, with East Asia and South Asia accounting for more than 50% of tire manufacturing facilities. Easily available raw materials, economic & political stability, and availability of skilled & cheap labor have attracted key tire manufacturers to invest in East Asia and South Asia.

China and Japan are prominent tire manufacturing countries wherein China is estimated to be the leading tire producer and the presence of companies such as Bridgestone Corporation and Yokohama Rubber Company makes Japan a promising tire manufacturing country, owing to which East Asia is estimated to be the prominent market for tire materials.

North America and Europe tire industries are estimated witness a slowdown in the coming years, due to the increasing competition from Chinese tire manufacturers and their low-ranged products.  However, North America and Europe are anticipated to be potential markets for tire materials, owing to the predominance of key tire manufacturers in the region.

Solvay SA, Lanxess AG, Exxon Mobil Corporation, JSR Corporation, Cabot Corporation, Birla Carbon, and Evonik Industries AG are among the key players identified in the tire materials market.

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Tire Materials Market by Category

By Material Type:

Natural Rubber
Synthetic Rubber
Fillers
Process Chemicals
Steel Cords
Textile Cords

By Tire Types:

Solid Tire
Pneumatic Tire
Retreated Tires

By Vehicle Types:

Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Wheelers

By Region:

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

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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Global Ablation Devices Market Set for Remarkable Growth: Projected to Reach USD 12.6 Billion by 2033

The global ablation devices market is poised for exponential growth, with projections indicating a substantial rise from USD 4.4 billion in 2023 to a staggering USD 12.6 billion by 2033. This forecast suggests a promising Compound Annual Growth Rate (CAGR) of 11.1% over the next decade.

Ablation devices play a pivotal role in medical procedures, offering minimally invasive solutions for various conditions such as cancer, cardiac arrhythmias, and chronic pain. These devices have become integral to modern medicine, providing effective treatment options that reduce recovery time and improve patient outcomes.

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Several factors are driving the growth of the ablation devices market. Technological advancements have significantly enhanced the efficacy and safety of these devices, making them a preferred choice among healthcare professionals. Additionally, the rising prevalence of chronic diseases and the increasing demand for minimally invasive procedures are contributing to the market’s expansion.

The continuous development in ablation technology is expected to open new avenues for treatment, further boosting the adoption of these devices worldwide. As healthcare systems across the globe strive to improve patient care and reduce healthcare costs, the demand for ablation devices is set to surge.

This robust growth trajectory underscores the importance of ablation devices in modern healthcare. Companies operating in this space are well-positioned to capitalize on the increasing demand, provided they continue to innovate and address the evolving needs of the medical community.

Key Factors Aiding the Growth of the Ablation Devices Market between 2023 and 2033:

Wide adoption of minimally invasive surgical processes, owing to lesser patient trauma and recovery time
Wide utility in oncology, as incidences of cancer rise globally
Increasing consumer demand for radio-frequency-based ablation devices during the forecast period
Recent technological innovations such as heat-based ablation devices are aiding in consumer base expansion as well as application

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Key Takeaways from the Report:

Between 2017 and 2022, the market recorded a CAGR of 9.8%, attaining a valuation of USD 4.9 billion in 2022.
During the forecast period, the United States market is expected to grow at a CAGR of 11.0%, to reach a valuation of USD 4.0 billion by 2033.
The United Kingdom market is projected to grow at a CAGR of 12.6% between 2023 and 2033.
The top segment by product type, the advanced ablation catheters, is expected to grow at a CAGR of 10.7%.
By technology, the radiofrequency segment dominates the market and is anticipated to grow at a CAGR of 10.1%.

Key Market Developments:

In February 2022, Ra Medical Systems secured the patent for its latest innovation: a support catheter. The product can easily be combined with any small flexible liquid core catheter, facilitating laser ablation.
In November 2021, Hologic, Inc., launched the NovaSure V5 Global Endometrial Ablation (GEA). This latest innovation is crafted with EndoForm technology. The product can accommodate different types of anatomical variability and cervical canals.
In August 2019, Boston Scientific Corporation launched its advanced cryoablation system which is known as ICEfx™. The specialty of this device is that it is a more compact, portable alternative to older versions.

Key Players:

Boston Scientific Corporation
Medtronic plc
Abbott Laboratories
Johnson and Johnson
AngioDynamics Inc.
Biotronik SE & Co. KG.
Japan Lifeline Co.
CathRx Ltd.
AtriCure, Inc.
Hologic, Inc.

Ablation Devices Market by Category

By Product Type:

Bipolar Energy Ablation Devices
Cryotherapy Ablation Devices
Hydrothermal Ablation (HTA) Devices
Thermal Balloon Ablation Devices
Advanced Ablation Catheters
- Cryoablation Catheters
- Irrigated tip RF Ablation Catheters
- Laser Ablation Catheters
Standard Ablation Catheters
- Conventional Radiofrequency Ablation Catheters
MRI Guided Neurosurgical Ablation
- MRI Guided Laser Therapy Systems
- MRI Guided RF Ablation Systems
- MRI Guided Focused Ultrasound Systems
- Accessories

By Technology:

Laser
Radiofrequency
Microwave
Ultrasound
Others

By Application:

Cardiovascular
Cancer
Urological
Ophthalmic
Others

By Functional:

Automated Robotics
Conventional

By End User:

Hospitals
Ambulatory Surgical Centers
Clinics

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Phosphate Fertilizer Market to Reach USD 92,110.8 Million by 2033, Growing at a CAGR of 5.1%

The global phosphate fertilizer market is on an upward trajectory, set to achieve a valuation of USD 55,599.5 million by 2023, with a promising projection of reaching USD 92,110.8 million by 2033, driven by a steady compound annual growth rate (CAGR) of 5.1% during the forecast period.

The market growth is driven by increased demand from agricultural producers for fertilizers that provide essential nutrients like nitrogen and potassium. Major application areas include fruits, vegetables, cereals, and pulses. Phosphorus fertilizers contribute to root growth, crop quality, and stalk strength. Phosphorus rocks are the primary global sources of phosphorus, with the United States being a leading producer and consumer. The market is significantly influenced by the rising global demand for food.

The surging global demand for phosphate fertilizers is driven by the increasing world population and the subsequent rise in food demand. The costs of raw materials are increasing due to investments in new mine capacity expansions, and this trend is expected to persist in the coming years. The increasing prices of mining activities worldwide are affecting raw material costs. Emerging economies, including Brazil and India, are recognizing the significance of using phosphate fertilizers in agricultural production. Government support in these agrarian economies has encouraged farmers and local entrepreneurs to boost the consumption of fertilizer-grade phosphate, leading to greater demand.

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The increasing demand for phosphorus fertilizers is driven by the reduction in arable land per person in nations like India, China, the United States, and others. As population growth requires higher agricultural yields, farmers rely on crop protection, including phosphorus fertilizers, to meet food demand. With limited prospects for agricultural land expansion due to rapid industrialization and urbanization, the demand for phosphorus fertilizers may rise further, fueled by increasing meat and food product demands. The Asia-Pacific and Latin American regions present significant opportunities for the phosphate fertilizer industry to expand in the coming years.

The rising global population is increasing the demand for efficient agricultural products and machinery to feed more people with limited arable land. This drives the need for high-quality fertilizers, including phosphatic compound fertilizers (DAP/MAP or NPK). Anticipated advancements in agricultural and irrigation technologies, such as sprinkler or drip irrigation, are expected to boost the market growth of phosphatic fertilizers in the years to come.

To maintain soil health and increase crop yield, supplementing phosphorus fertilizers becomes vital due to its depletion with each harvest. Restoring essential nutrients like nitrogen and phosphate, along with potassium and magnesium, is crucial for optimal growth. Commercially soluble phosphorus in fertilizers enhances plant absorption. Effective phosphorus fertilizer management is essential for cultivating healthy plants, achieving high yields, and running a successful farming operation.

Key Takeaways

The demand for phosphate fertilizer in Europe is projected to rise with a promising CAGR of 5.8% during the forecast period.
The market in Asia Pacific is expected to thrive with a CAGR of 5.4% during the forecast period.
By application, the demand for phosphate fertilizers in cereals & grains is anticipated to rise with a CAGR of 6% during the forecast period.

“Increasing food demand, rising population, and reduction of arable land per person are expected to drive market growth during the forecast period,” comments an FMI analyst.

Competitive Landscape

The phosphate fertilizer market is highly competitive, with key industry players making substantial investments to enhance their manufacturing capabilities.

Top Key Players

Eurochem Group AG
Israel Chemicals Ltd.
Coromandel International Ltd.
Nutrien Ltd.
PJSC PhosAgro.
Yara International ASA
The OCP Group
JESA
MIRA Organics and Chemicals PVT LTD
Ma’aden
California Organic Fertilizers Inc

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Key Segmentation

By Product Type:

Monoammonium Phosphate (MAP)
Diammonium Phosphate (DAP)
Single Superphosphate (SSP)
Triple Superphosphate (TSP)
Others

By Application:

Cereals and Grains
Oilseeds
Pulses and legumes
Fruits and Vegetables
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
Central Asia
Russia and Belarus
Balkan and Baltic
South Asia 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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