Market Research Blog – Page 3110 – New Product Development

Load Break Switches Market Set to Surpass US$ 4.1 billion by 2033

The global load break switches market size is likely to be valued at US$ 2.4 billion in 2023. The increasing application of load break switches in different industry verticals is driving market growth. The market is estimated to garner US$ 4.1 billion in 2033, recording a CAGR of 5.4% from 2023 to 2033

Increasing the application of load break switches in utility and industrial sectors is expected to boost market sales in the forecast period. The growth of the load break power switches market is due to the increasing investment in the power distribution industry and increased focus on renewable energy generation.

Increased demand for renewable power generation and growing investment in the power distribution sector are likely to provide opportunities for load break switches during the forecast period.

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Increasing focus on energy efficiency, driven by environmental concerns and the need to reduce energy costs is driving the demand for load break switches as they help to improve the efficiency of power distribution networks. Increasing applications in the commercial sectors have created opportunities for market growth.

The demand for load break switches in the utility sector is expected to increase during the forecast period due to the increasing investment by electric utilities toward guarding and maintaining existing electrical infrastructure. The demand for gas-insulated load break switches is high in the utility sector owing to their ability to safely handle the requirement of the utility sector.

The Asia-Pacific region is expected to dominate the load break switch market during the forecast period, followed by North America and Europe. The demand for load break switches increases in North America owing to the growing electricity demand the need for a reliable power supply, and government initiatives to upgrade the power distribution infrastructure.

Key Takeaways from the Market Study

From 2018 to 2022, the market demand expanded at a CAGR of 6.5%
Based on type, the gas-insulated segment accounts for a CAGR of 5.2%
By voltage, the below 11kV segment is expected to expand at a CAGR of 5.1% during the forecast period
North America to emerge as a promising market, capturing a CAGR of 5.3%
Asia Pacific to be an opportunistic market, expected to capture a CAGR of 5.3% during the forecast period.

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Competitive Landscape

Prominent players in the load break switches market are ABB Ltd.; Eaton Corporation PLC; Fuji Electric Co., Ltd.; Legrand SA; Powell Industries, Inc., among others. Some notable developments are as follows:

In May 2023 – ABB announced the acquisition of the Siemens low voltage NEMA motor business. The business generated revenues of approximately $63 million in 2021.
In April 2023 – Eaton (Intelligent power management company) announced it has completed the acquisition of a 49% stake in Jiangsu Ryan Electrical Co. Ltd. (Ryan), a manufacturer of power distribution and sub-transmission transformers in China with revenues of approximately $100 million in 2022.
In December 2022- Fuji Electric Co., Ltd. announced that it has launched a switchgear for the global market that saves space and has a reduced footprint.

Airport Security Market Soars: Envisioning US$ 22,352.3 Million Milestone with a 5% CAGR Forecast by 2033 | FMI

According to estimates, the global market for airport security will grow to US$ 13,722.4 million by 2023. Sales are expected to grow at a strong 5% CAGR, according to the analysis, and the market worth will reach US$ 22,352.3 million by 2033.

The rapidly growing travel and tourism sector is altering how the world economy looks. The travel sector has made a substantial economic impact in recent years.

The tourist sector has not only generated enormous amounts of market income, but it has also stoked global labour markets. Market watchers predict that in the years to come, the travel and tourism sector will generate enormous sums of money.

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The expansion of other auxiliary businesses like aviation and hotel contributes to the overall boom in tourism. In recent years, the aviation sector has served as both a vulnerable target for terrorists and a breeding ground for several unlawful operations.

Airport security is becoming more and more significant as a result of the fact that airports are a major transit hub for millions of travellers worldwide.

Airport security market expansion is anticipated to be aided by the expanding commercial aviation industry and increasing demand for air travel throughout the world during the projected period. Passenger volume from nations like China and India is predicted to increase throughout the projection period, which would boost the sector even more.

To increase the efficiency of the boarding procedure at the airport, airport authorities throughout the world are replacing their manual security systems with automatic ones. Thus, this will also increase the market’s potential for growth.

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The demand for Asia is a consequence of rising terrorist activity and increasing spending on aviation infrastructure, which is supported by a rise in air passenger traffic, the Asia Pacific area is expected to experience substantial growth. The airline infrastructure is expected to expand in smaller cities in countries like India and China as a result of government measures to boost air travel.

As new airports are constructed in the region with more entry gates, larger airfields, and improved traffic management systems, the market need for such infrastructure and applications is anticipated to increase.

Key Take away from the industry

An increase in air travel is anticipated to boost market expansion.
Geographically speaking, the APAC region held the largest share of the airport security market in 2022.
To safeguard the safety of millions of passengers flying throughout the world, special legislation has been established and additional security procedures are now possible.
A strong security wall against any illicit activity is being built using specialised full-body scanners and other security tools supported by knowledgeable security staff.

Who is winning?

Key Players are concentrating on expanding their market presence and acquiring new projects in various locations.

Leading players operating in the Global Airport Security Market

Honeywell International Inc.
Thales Group
FLIR Systems
IBM Corporation
Axis Communications AB
C.E.I.A. S.p.A.
FLIR Systems
Hitachi Ltd.
Leidos, Inc.
Westminster Group PLC,
Collins Aerospace (Raytheon Technologies)
Biosensor Applications AB
OSI Systems
Siemens AG
Bosch Sicherheits systeme GmbH
Auto Clear LLC
Smith’s Detection Group Ltd
Others

The Global Airport Security Market by Category

By Technology, Global Airport Security is segmented as:

Access Control
Cyber Security
Screening
Others (Perimeter Security, Surveillance)

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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Future Market Insights Inc.
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Global Biopsy Guidance System Market Poised for Significant Growth, Valuation Set to Surpass US$ 2 Billion by 2032

The global biopsy guidance system market is on track to experience substantial growth over the coming decade, with projections indicating a remarkable Compound Annual Growth Rate (CAGR) of 5.8% from 2022 to 2032. According to insights from Future Market Insights, the market, valued at US$ 458 million in 2022, is anticipated to exceed a valuation of US$ 2 billion by 2032.

Stereotactic Guided Biopsy is expected to emerge as the highest revenue-generating segment, exhibiting a robust CAGR of 6.1% during the forecast period. This significant growth trajectory underscores the increasing demand for biopsy guidance systems globally.

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“The rising prevalence of cancer, coupled with the surge in the geriatric population and the escalating demand for non-invasive procedures, are key drivers propelling the biopsy guidance system market forward,” stated a spokesperson from Future Market Insights.

Biopsy procedures play a pivotal role in diagnosing cancer and other chronic diseases, encompassing areas such as breast, brain, skin, and prostate cancers. As technological innovations continue to advance and government initiatives support healthcare infrastructure, the adoption of biopsy guidance systems is expected to rise substantially.

The demand for non-invasive procedures is witnessing a surge, driven by factors such as quicker patient recovery times and reduced trauma. Biopsy guidance systems are at the forefront of meeting this demand, providing healthcare professionals with advanced tools for accurate diagnosis and treatment.

Report Highlights:

With the substantial increase in the incidence of cancer along with rising technological advancements, safer and more effective biopsies are rapidly being developed, which is driving the biopsy market globally. Non-invasive procedures are becoming more popular, which is fueling market growth in that area.

Patients attributed to the high costs and painful side effects associated with this treatment have resulted in undiagnosed or inadequate diseases later in life, often avoiding invasive biopsies. These symptoms consequently increase mortality rates and lead to greater expenses and difficulties in treatment.

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Competitive Landscape:

With several local firms vying against multinational competitors, the market is significantly fragmented. To stay competitive in the industry, major businesses are focusing more on research and development of new products.

The Prominent Players in the Biopsy Guidance System Market Are:

Becton, Dickinson, and Company
Hologic, Inc.
Devicor Medical Products, Inc.
B. Braun Melsungen AG
ARGON MEDICAL
Boston Scientific Corporation
INRAD Inc.
Cook Medical
PLANMED OY

Recent Developments:

When the tumor is located deep inside the body, image-guided biopsies are employed. The Biopsy guidance systems are known as both cost-effective and simple to operate. They can provide superb real-time details that cause the procedure to be less uncomfortable and more efficient for the patient. Furthermore, these guided biopsies can enable to rapid inspect numerous lesions in the axillary and sub-areolar areas.

The robotic biopsies segment is on the rise due to its less invasive nature. A rising number of product launches, combined with quick FDA approval, are also contributing to the segment’s growth.

Increased awareness of biopsy guidance systems along with surging healthcare infrastructure development, impressive reimbursement policies, increased investment in healthcare research and development, and an upsurge in the number of hospitals and diagnostic centers are expected to drive demand for biopsy guidance systems during the assessment period.

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Market Segments Covered in Biopsy Guidance System Market Analysis:

By Product Type:

Stereotactic Guided Biopsy
Ultrasound Guided Biopsy
MRI Guided Biopsy

By Application:

Brain Biopsy
Breast Biopsy
Other Applications

By End-User:

Hospitals
Specialty Clinics
Diagnostic Centres
Research and Academic Institutes

By Region:

North America
Latin America
Europe
Asia-Pacific (APAC)
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 over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Nandini Singh Sawlani

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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Global Alopecia Treatment Market Shows Remarkable Growth Trajectory, Surges to Reach US$ 22.5 Billion by 2032

The latest analytical report released by Future Market Insight has revealed an extraordinary surge in the global alopecia treatment market. The report highlights a significant growth trajectory, showcasing a remarkable increase from US$ 9.1 billion in 2022 to an anticipated valuation of US$ 22.5 billion by 2032.

The alopecia treatment market is witnessing impressive growth, with a forecasted Compound Annual Growth Rate (CAGR) of 9.5% between 2022 and 2032. This robust upward trend signifies substantial revenue generation and underscores the increasing demand for innovative and effective alopecia treatment solutions on a global scale.

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As the market for alopecia treatment continues to expand, there is a growing emphasis on the development of advanced therapeutic solutions to address the diverse needs of patients worldwide. This surge in demand reflects not only the prevalence of alopecia but also the rising awareness regarding available treatment options and the importance of early intervention.

Key Findings:

Substantial Growth Trajectory: The analytical report highlights an exceptional growth trajectory for the global alopecia treatment industry, with the market poised to reach an estimated US$ 22.5 billion by 2032.
Compound Annual Growth Rate (CAGR) of 9.5%: The alopecia treatment market is forecasted to grow at a CAGR of 9.5% between 2022 and 2032, showcasing sustained expansion in the industry.
Increasing Demand for Innovative Solutions: The report emphasizes the rising demand for innovative and effective alopecia treatment solutions, driving the market’s impressive growth.
Revenue Generation: The substantial growth trend signifies not only an expansion of the market but also significant revenue generation within the alopecia treatment industry.

The Future Market Insight report serves as a valuable resource for industry stakeholders, investors, and businesses looking to capitalize on the burgeoning opportunities within the global alopecia treatment market. The findings highlight the need for continuous innovation and investment in research and development to meet the increasing demand for effective treatment solutions.

The comprehensive analysis conducted by Future Market Insight indicates several key factors contributing to this exponential market growth. Factors such as technological advancements in treatment methods, rising awareness about alopecia, and a burgeoning aging population prone to hair loss-related concerns have significantly propelled the market forward.

Alopecia, a condition causing hair loss, has prompted extensive research and development efforts within the pharmaceutical and healthcare sectors. This surge in research initiatives has resulted in the introduction of advanced treatments and therapies, fostering a competitive landscape within the alopecia treatment industry.

The report also underscores the pivotal role of strategic collaborations and partnerships among key market players. Collaborative efforts aimed at research, development, and distribution of novel alopecia treatment products are poised to further fuel market expansion and address the unmet needs of consumers worldwide.

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Unlocking Opportunities: Initiatives and Awareness Drive Explosive Growth in Alopecia Treatment Market:

The Alopecia Treatment market is experiencing a robust surge, fueled by a confluence of factors that underscore a growing demand for effective hair regrowth solutions. Spearheaded by initiatives from prominent organizations such as the National Alopecia Areata Foundation and the American Hair Loss Association, concerted efforts are underway to illuminate treatment options and raise awareness about hair loss.

One pivotal catalyst behind this momentum is the Affordable Care Act of 2010, democratizing access to healthcare and enabling economically disadvantaged individuals to avail themselves of treatment avenues. This accessibility has significantly bolstered treatment rates, thereby propelling market expansion. Moreover, a heightened societal consciousness regarding hair loss has catalyzed a surge in demand for minimally invasive therapies with negligible side effects, amplifying treatment rates worldwide.

Statistics from reputable sources paint a vivid picture: The American Academy of Dermatology Association estimated that in 2018, approximately 50 million men and 30 million women in the USA alone were affected by Alopecia. This pervasive condition, affecting nearly 60% of the population according to The Journal of Clinical and Diagnostic Research, underscores the urgency of effective treatment options.

Furthermore, the intertwining of hair loss with chronic ailments like cancer, Polycystic Ovary Syndrome (PCOS), and rheumatoid arthritis is poised to escalate demand for hair loss treatments. With PCOS alone affecting nearly 5 million individuals in the USA, the imperative for effective solutions has never been clearer.

“The increasing prevalence of Alopecia and its association with various health conditions highlights the critical need for advanced treatment options,” commented FMI, a renowned expert in dermatology. “Initiatives by organizations and the growing awareness among individuals have significantly boosted the pursuit for effective, low-risk treatment methodologies.”

Top Companies in the Alopecia Treatment Market Industry:

iRestore Hair Growth System,
iGrow Laser,
Theradome,
Curallux, LLC,
LUTRONIC

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Market Segments Covered in Alopecia Treatment Market Analysis:

By Disease Type:

Alopecia Areata
Cicatricial Alopecia
Traction Alopecia
Alopecia Totalis
Androgenetic Alopecia
Alopecia Universalis
Other Disease Types

By Treatment Type:

Pharmaceuticals
Devices

By Gender:

Male
Female

By Sales Channel:

Prescriptions
OTC

By Region:

North America
Latin America
Europe
Asia-Pacific excluding Japan (APEJ)
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 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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Nandini Singh Sawlani

Global Primary Sclerosing Cholangitis (PSC) Market Expected to Reach US$ 314.26 Million by 2033

The global primary sclerosing cholangitis (PSC) market is poised for substantial growth, projected to reach US$ 314.26 million by 2033, with a compound annual growth rate (CAGR) of 7.6% from 2023 to 2033. This remarkable expansion is driven by the escalating prevalence of liver diseases worldwide and the burgeoning trend of alcohol consumption.

In 2023, the estimated market size for PSC stood at US$ 151.07 million. The anticipated surge in market value is underpinned by increasing awareness surrounding PSC and notable advancements in both diagnostic techniques and treatment modalities. These factors collectively contribute to a promising trajectory for the PSC market in the foreseeable future.

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Primary Sclerosing Cholangitis is a chronic liver disease characterized by inflammation and scarring of the bile ducts within the liver, often leading to complications such as cirrhosis and liver failure. The rising incidence of liver disorders, coupled with a growing emphasis on early detection and intervention, underscores the importance of addressing the unmet needs within the PSC landscape.

Key factors propelling the PSC market growth:

Rising incidence of liver diseases: PSC is an autoimmune disease that affects the bile ducts in the liver. The increasing prevalence of liver diseases, such as non-alcoholic fatty liver disease (NAFLD) and hepatitis C, is expected to fuel the demand for PSC diagnosis and treatment.
Growing alcohol consumption: Excessive alcohol consumption is a known risk factor for developing PSC. The rising trend of alcohol consumption, particularly in developing countries, is projected to contribute to the market growth.
Technological advancements: Advancements in diagnostic techniques, such as magnetic resonance cholangiopancreatography (MRCP) and endoscopic retrograde cholangiopancreatography (ERCP), are enabling earlier and more accurate diagnosis of PSC. Additionally, the development of new and effective treatment options, such as ursodeoxycholic acid (UDCA) and fibroblast growth factor (FGF) inhibitors, is expected to improve patient outcomes and drive market expansion.

Key Takeaways:

The PSC market is expected to grow significantly over the next decade, driven by factors such as the increasing prevalence of PSC, rising awareness of the disease, and growing R&D investment.

The ursodiol drug type segment is expected to account for the largest share of the PSC market during the forecast period. This is due to the fact that ursodiol is the only FDA-approved drug for the treatment of PSC.

The off-label drugs segment is expected to account for the largest share of the PSC market based on treatment type during the forecast period. This is due to the fact that there are a number of off-label drugs that are used to treat PSC, such as budesonide and obeticholic acid.

North America is expected to account for the largest share of the PSC market based on region during the forecast period. This is due to the high prevalence of PSC in North America and the availability of advanced treatment options.

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Primary Sclerosing Cholangitis (PSC) Market: Competition Analysis

The FMI’s study presents a comprehensive analysis of global, regional, and country-level players active in the Primary Sclerosing Cholangitis (PSC) market. Competitive information detailed in the Primary Sclerosing Cholangitis (PSC) market report has been based on innovative product launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation of each market player. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Primary Sclerosing Cholangitis (PSC) market report.

Key players covered in the report include:

Acorda Therapeutics, Inc.
Gilead Sciences, Inc.
NGM Biopharmaceuticals, Inc.
Intercept Pharmaceuticals, Inc.
Dr. Falk Pharma GmbH
Allergan Plc.
Shire Plc.
Durect Corporation
Conatus Pharmaceuticals, Inc.
Sirnaomics, Inc.
Shenzhen HighTide Biopharmaceutical Ltd

Key Segments Covered in the Primary Sclerosing Cholangitis (PSC) Industry Analysis:

Primary Sclerosing Cholangitis (PSC) Market by Drug:

BTT1023
GS-9674
NGM282
OCA
Cenicriviroc
LUM001
DUR928
norUDCA
HTD1801
IDN-7314
STP705

Primary Sclerosing Cholangitis (PSC) Market by Region:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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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:

Nandini Singh Sawlani

Desiccant Dehumidifiers Market Size Rising to US$ 822.4 million by 2033

Desiccant dehumidifiers, unlike their refrigerant counterparts, utilize desiccant materials to remove moisture from the air. These dehumidifiers offer superior performance in low-humidity environments and are experiencing steady growth due to various factors. Let’s delve into the current market scenario, exciting opportunities for manufacturers, and the promising future scope of desiccant dehumidifiers market.

Current Landscape: A Market Full of Potential

- Focus on Industrial Applications: Desiccant dehumidifiers excel in industrial settings where precise humidity control is crucial, such as pharmaceutical manufacturing, food processing, and electronics production.
- Demand for Low-Humidity Environments: The need for low-humidity environments for data centers, museums, and archives is driving the adoption of desiccant dehumidifiers.
- Stringent Construction Standards: Growing concerns about mold and mildew in buildings are leading to stricter building codes, promoting the use of desiccant dehumidifiers for construction drying and moisture control.
- Rising Adoption in Disaster Recovery: Desiccant dehumidifiers play a vital role in disaster recovery efforts by quickly drying out flood-damaged buildings and mitigating mold growth.

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Beyond Industrial Uses:

Industrial Dominance: The industrial sector is the primary driver of the market, accounting for over 70% of the market share in 2023 [2].
- Niche Applications: Desiccant dehumidifiers also find use in residential basements, pools, and greenhouses where controlling humidity is essential.

Opportunities for Manufacturers: A Time to Innovate

Develop High-Performance Desiccants: Creating desiccants with improved moisture absorption capacity, faster regeneration times, and longer lifespans enhances dehumidifier efficiency and user experience.
Focus on Energy Efficiency: Developing dehumidifiers with features like variable speed drives and heat recovery systems minimizes energy consumption and operating costs.
Portability and Scalability: Offering a wider range of desiccant dehumidifier sizes, from portable units for residential use to larger industrial models, caters to diverse application needs.
Smart Dehumidifier Features: Integrating sensors and data analytics allows for real-time humidity monitoring, automatic control settings, and remote monitoring capabilities.
Eco-Friendly Practices: Focusing on using recyclable materials in dehumidifier construction and developing efficient regeneration processes that minimize waste heat and energy consumption aligns with sustainability goals.

Future Scope: A Dehumidified Future

- Desiccant Wheel Advancements: Developments in desiccant wheel technology, with improved moisture adsorption and regeneration properties, will enhance dehumidifier performance.
- Integration with Building Management Systems: The future holds promise for seamless integration of desiccant dehumidifiers with building management systems for centralized control and optimized operation.
- Focus on Renewably Powered Dehumidifiers: Developing dehumidifiers that can operate using renewable energy sources like solar power aligns with the growing focus on sustainable solutions.
- Regional Market Expansion: Manufacturers who focus on regional regulations, climate considerations, and energy efficiency standards can gain a competitive edge in emerging markets.

Carbon Steel Industry Forecasts 4.0% CAGR Rise in Global Demand by 2033

The global carbon steel industry value is forecast to increase from US$ 1,050.8 billion in 2023 to US$ 1,560.4 billion by 2033. Over the assessment period, global demand for carbon steel is projected to surge at a CAGR of 4.0%.

Low carbon steel segment is expected to dominate the global carbon steel industry during the assessment period. It will likely hold a volume share of 60.3% by 2023. On the other hand, the high carbon steel segment is set to thrive at a higher CAGR of 3.4% through 2033.

Growing infrastructure development is the primary factor driving the growth of the carbon steel industry. This is because infrastructure projects, including roads, bridges, railways, and buildings, require substantial amounts of carbon steel due to its strength, durability, and versatility.

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Carbon steel is used in diverse applications within the construction industry. For instance, it is used for making structural beams, reinforcing bars, and steel plates. Growing demand for these products will likely bolster sales of carbon steel through 2033.

Carbon steel is also witnessing a high demand for automotive, shipbuilding, aerospace, oil & gas, and other industries. This is due to its excellent strength, ductility, weldability properties, and affordability.

The global carbon steel market will also benefit from increasing environmental concerns and the need for sustainable materials. Low carbon steel offers improved strength and durability while reducing carbon emissions.

Key Takeaways from the Report

The global market for carbon steel is projected to thrive at 0% CAGR through 2033.
By carbon content, low carbon steel segment is expected to total US$ 886.6 billion by 2033.
By end use, building & construction segment is set to hold a market share of 0% in 2023.
East Asia is expected to account for a significant share of about 4% in 2033.
The United States industry value is anticipated to reach US$ 91.5 billion by 2033.
China is projected to attain a valuation of US$ 721.8 billion by 2033.
Demand in India is predicted to rise at 8% CAGR through 2033.

“The carbon steel industry is set to grow steadily amid heightened environmental regulations and burgeoning industrial sectors. With industries worldwide increasingly looking for innovative solutions to minimize their impact on the environment, the carbon steel market is well positioned to take advantage of new growth opportunities”, says an analyst at Future Market Insights (FMI).

Who is Winning?

Top manufacturers of carbon steel listed in the report include ArcelorMittal, Baowu Steel Group Corporation Limited, Nippon Steel Corporation, Thyssenkrupp AG, Nucor Corporation, JFE Steel Corporation, Tata Steel Limited, Posco International, Cleveland-Cliffs Inc, EVRAZ Plc, Gerdau S.A., Hyundai Steel Co, Jiangsu Shagang Group Co., Ltd., United States Steel Corp., Novolipetsk Steel, Severstal, Steel Authority of India Limited, and JSW Steel Ltd.

Key players are focusing on expanding their domestic production of carbon steel. They are also investing in developing high-quality materials and adopting strategies like acquisitions, partnerships, and mergers to solidify their market positions.

Recent Developments:

In October 2023, the ribbon cutting ceremony was hosted for the opening of a new NGO electrical steel line by the United States Steel Corporation at its Big River Steel facility in Arkansas.

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Competitive Landscape

The global carbon steel market is consolidated, with leading players accounting for about 65% to 70% share. ArcelorMittal, Baowu Steel Group Corporation Limited, Nippon Steel Corporation, Thyssenkrupp AG, Nucor Corporation, JFE Steel Corporation, Tata Steel Limited, Posco International, Cleveland-Cliffs Inc, EVRAZ Plc, Gerdau S.A., Hyundai Steel Co, Jiangsu Shagang Group Co., Ltd., United States Steel Corp., Novolipetsk Steel, Severstal, Steel Authority of India Limited, and JSW Steel Ltd. are the leading manufacturers and suppliers of carbon steel listed in the report.

Key carbon steel companies are investing in research to produce improved materials and increase production capacities to meet end-user demand. They are also implementing strategies such as partnerships, acquisitions, facility expansions, and collaborations to strengthen their footprint.

More Insights into the Carbon Steel Market Report

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global carbon steel market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on carbon content, product type, end use, and region.

Segmentation Analysis of the Bromine Market

By Derivative:

Organobromine
Clear Brine Fluids (CBF)
Hydrogen Bromide

By Application:

Biocide
Flame Retardant
Oil and Gas Drilling
Plasma Etching
PTA Synthesis
Fumigant Synthesis
Others

By End Use:

Oil & Gas
Chemicals
Pharmaceuticals and Cosmetics
Electronics and Consumer Goods
Textile
Medical
Agricultural and Pesticides
Automotive
Building and Construction
Water Treatment
Other Industrial

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:

Nandini Singh Sawlani

Anticipating Expansion: Bromine Industry Projects US$ 4.7 Billion Valuation by 2033, with 6.3% CAGR Growth

The bromine industry is expected to be worth US$ 2.53 billion in 2023 and US$ 4.7 billion by 2033. Between 2023 and 2033, the market is expected to register a growth rate of 6.3%.

Increased crop yields and modern agriculture have added to the need to store agricultural products for long periods, including vegetables, dried grains, cotton, and fruits. The effectiveness of many substances in controlling pests that degrade products stored for long periods has been studied.

Factors such as geopolitics, trade policies, and bromine reserves can influence bromine availability and supply. Technological advancements in bromine extraction and processing methods can impact the efficiency and cost-effectiveness of bromine supply.

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The use of bromine in power plants reduces air pollution. Coal combustion releases mercury into the atmosphere, and about 40% of global power still comes from coal. Scalable batteries based on bromine ions have been developed in newer technology. As an energy storage technology, bromine is preferred due to its abundance, cost, chemistry, and performance.

Due to changes in consumer preferences, alternative materials that are free of brominated compounds can be developed. The overall economic health of regions and countries directly affects industrial activities and the demand for bromine market.

The stable nature of bromine makes it an ideal choice for spas and jacuzzis. As a bonus, bromine is much gentler on sensitive skin than chlorine. Process water is treated with bromine at major paper and pulp plants in a cost-effective and environmentally friendly manner. A Royal Society of Chemistry report states that bromine is being phased out as fire retardants and in agriculture as a result of toxicity concerns as well as environmental concerns.

Bromine resources in some African and Iranian salt lakes and lagoons have attracted the attention of a few companies. Developing and utilizing bromine resources is also possible in countries that make salt from seawater, like Australia and Mexico.

The Bohai Sea underground brine and sea salt field still uses domestic bromine production capacity as the main raw brine source. Bromine production capacity continues to decline because underground brines continue to diminish year after year.

Key Takeaways

Global bromine demand in the United Kingdom is expected to expand at a CAGR of 1.4% during the forecast period.
In the United States, the market is expected to reach US$ 1.3 billion between 2023 and 2033.
A growth rate of 2.3% is expected for organobromine over the forecast period.
China is projected to expand by 2.2% between 2023 and 2033.
By 2033, the bromine market in India is anticipated to expand at a CAGR of 2.4% during the forecast period.

“With the growth of oil and gas drilling activities, bromine demand will likely increase. Growing pesticide demand and pharmaceutical industries will drive the market.” – says FMI analyst.

Competitive Landscape

As the bromine market has developed into a highly competitive environment since the beginning of this century, global demand has increased dramatically. As a result of its expanded and more cost-effective service offerings, the company will be better positioned to compete in an increasingly competitive market.

Market Developments Include

In Febraury 2023, TETRA Technologies, Inc. TETRA has published an S-K 1300 Section 19 Report on its Investor Relations website that provides engineering, cost, and revenue assumptions based on the development of Arkansas bromine assets. Continuing to assess its inferred bromine resources in Arkansas, the Company continues to make progress.
In September 2023, Australian-based Redflow Limited will lead the way in energy storage innovation. Commercial, industrial, and utility clients can benefit from Redflow’s zinc-bromine flow batteries that provide efficient and scalable solutions. ZBM3 Battery and Energy Pod are among the company’s flagship products.

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Key Companies Profiled

Israel Chemicals Limited
Albemarle Corporation
Tosoh Corporation
Tata Chemicals Limited
LANXESS AG
Sumitomo Chemical Co.Ltd
Perekop Bromine
Archean Group
Jordan Bromine Company
Gulf Resources Inc.
Hindustan Salts Limited

Segmentation Analysis of the Bromine Market

By Derivative:

Organobromine
Clear Brine Fluids (CBF)
Hydrogen Bromide

By Application:

Biocide
Flame Retardant
Oil and Gas Drilling
Plasma Etching
PTA Synthesis
Fumigant Synthesis
Others

By End Use:

Oil & Gas
Chemicals
Pharmaceuticals and Cosmetics
Electronics and Consumer Goods
Textile
Medical
Agricultural and Pesticides
Automotive
Building and Construction
Water Treatment
Other Industrial

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:

Nandini Singh Sawlani

Solenoid Valve Market Size Soars to US$ 6.9 billion by 2033

The solenoid valve market is forecast to expand at 4.5% CAGR over the estimated time, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 4.5 billion in 2023.

Strict regulations in the food and beverage and medical industries, especially in developed countries, are propelling the demand for solenoid valves in their production process. Additionally, today’s technology-driven environment is giving momentum to automation in several industries. Since the increase in industries requiring power is rising, governments are coming forward to boost the capacity of the prevailing power plants and have sanctioned projects to build new power plants.

Surging concerns over the plants’ safety magnify the solenoid valve’s prospects. Owing to their strong magnetic field and electric current, solenoid valve makes for a great safety measure to debilitate the effect of a potential disaster.

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Key players in the market are making significant investments in research activities to expand their product lines. Locally increasing the manufacturing capacity also helps reduce the company’s operational costs. Key manufacturers are employing this business tactic to help increase their overall revenue.

Top Highlights from the FMI’s Analysis of the Solenoid Valve Market:

The United States industry is projected to reach US$ 2.2 billion by 2033. From 2023 to 2033, the market is expected to record a CAGR of 3.4%.
The United Kingdom solenoid valve industry is expected to reach US$ 347.2 million by 2033 end. In the coming decade, the industry is anticipated to perceive a market CAGR of 3.7%, in contrast to the 4.3% CAGR observed in the historical period.
The China solenoid valve industry is expected to expand at a CAGR of 5.4% to reach US$ 595.5 million by 2033. In the historical period, the market recorded a CAGR of 6.9%.
The Japan solenoid valve industry is projected to gain US$ 503.1 million by 2033. Over the forthcoming period, the market is anticipated to expand at a CAGR of 3.9%, as opposed to a 4.7% CAGR in the historical period.
The South Korea solenoid valve industry is estimated to expand at a CAGR of 4.9% compared to the 6.2% CAGR observed in the historical period. By 2033, the market is projected to reach US$ 280.6 million 2033.
Based on operation, the normally open segment is projected to expand at a CAGR of 4.4% over the forecast period. In the historical period, the segment registered a CAGR of 5.2%.
Based on function, the 2-way segment is projected to represent a CAGR of 4.3% in the next ten years. In the historical period, the market registered a CAGR of 5%.

Market Update: New Developments Taking Place in the Market

Kendrion exhibited its newly developed bistable solenoid valve 63.0 in October 2022 at COMPAMED 2022. The valve regulates the rate of flow. A joined permanent magnet ensures it is de-energized in the closed or open state without permanently energizing the coil. The valve is commercially available in a 3/2- or 2/2-way version and can be tailored to meet precise requirements.
Emerson, an engineering, technology, and software firm, began operations in Mahindra World City, Chennai, in February 2022. This unit develops pneumatics and fluid control products, such as cylinders, solenoid valves, pneumatic valves and manifolds, air preparation units, etc., for Emerson’s field-proven brands ASCO, AVENTICS, TESCOM, and TopWorx.

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Wood Plastic Composites Industry Set to Expand, Predicts US$ 16.06 Billion Valuation by 2032

The wood plastic composites industry is forecasted to flourish at a CAGR of 11.3% and reach a valuation of US$ 16.06 Billion by 2032, while it holds a revenue of US$ 6.38 Billion in 2022.

Growing construction and repairing activities in the areas with dilapidated buildings are fueling the sales of wood-plastic composites, though the covid-19 has damaged the supply chain and distribution channel, limiting the growth of wood plastic composites market.

Wood plastic composite with its lower melting temperature, unlike the other conventional wood products is expected to grow at a decent rate over the forecast period. Its lower cost and energy-efficient structure attracts a lot of end-users, fueling the sales of wood plastic composites.

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Expanding wood-plastic composites market size can be attributed to its nature-friendly feature because of which it is used in planned cities to keep the environment healthy and the habitat more natural. This not only increases the sales of wood plastic composites but creates positive future prospects for the market.

Key Takeaways from Market Study

As on 2022, the valuation of wood plastic composites market is US $ 6.38 billion.
In 2032, the valuation for the wood plastic composites market is expected to be US $ 16.06 billion.
Based on the application, the building and construction segment holds 71% of the global revenue.
Based on the product type, the leading segment is Polypropylene holding 13% of the market share.
Asia Pacific is currently the largest market having 30.11% of the global share.
South American market is expected to be one of the fastest growing markets and is currently showing positive signs.
North American market is anticipated to grow during the forecast period because of the wide scope in the usage of the product.
European market as well is expected to grow during the forecast period because of the eco-friendly aspect of the product.

“The usage of the wood plastic composites has increased in the recent times owing its lower cost and energy-efficient manufacturing processes, and increased scope of usage. Additionally, an important aspect associated with wood plastic composites are that these are eco-friendly, which contribute to the cause of sustainable development.” says a Future Market Insights analyst.

Competitive Landscape

The Wood plastic composites market is composed of enterprises that are focusing on expanding their supply chain and the sales channel. The key competitors understand and focus on experimenting with the product while making it nature-friendly and industry-specific for the end users. This makes the competitive landscape more dynamic and versatile, thereby leading to the expansion of wood plastic composites market.

Recent Developments

CertainTeed Corporation has added new products into its siding portfolio that includes vinyl, polymer, stone and composite siding. Composite siding includes construction specific wood plastic composites. This fuels the sales of wood plastic composites.
Fiberon and BlueLinx has introduced 14 new distribution spaces for composite decking and railing products. These new distribution centers are located in Denver, Colorado, Jacksonville and Tampa, Florida, Chicago, Illinois, Detroit and Grand Rapids, Michigan, among other cities, pushing the demand for wood plastic composites

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Global Wood Plastic Composites Market Key Players

Advanced Environmental Recycling Technologies, Inc. (AERT)
Axion Structural Innovations LLC
Beologic N.V.
CertainTeed Corporation
Fiberon, LLC
Fkur Kunststoff GmbH
Guangzhou Kingwood Co. Ltd.
Jelu-Werk Josef Ehrler GmbH & Co. KG
Woodmass
PolyPlank AB
Renolit
TAMKO Building Products, Inc.
TimberTech
Trex Company, Inc.
Universal Forest Product

Wood Plastic Composites Market by Segmentation

By Product Type:

Polyethylene
Polypropylene
Polyvinylchloride

By Application Outlook:

Building and Construction
Automotive Components
Industrial and Consumer Goods

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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Nandini Singh Sawlani