Market Research Blog – Page 3135 – New Product Development

Mobile Device Management Market Sees Striking Surge, Anticipated to Hit US$ 42,245.27 Million by 2033

The mobile device management market is on a robust growth trajectory, with a projected CAGR of 22.7% during the forecast period. To put it into perspective, in 2022, the MDM market was valued at US$ 3,627.8 million. Fast forward to 2023, and the market has already expanded to US$ 5,461.76 million.

Looking further into the future, the MDM market is poised for significant growth. By 2033, experts anticipate that it will soar to an impressive US$ 42,245.27 million in valuation. This remarkable growth signifies the increasing importance of mobile device management in the tech landscape, as businesses and organizations continue to rely heavily on mobile devices for their operations.

The growing use of mobiles and smartphones coupled with a heightened demand for better security for various organizations will augment the demand for the mobile device management market during the forecast period.

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The mobile device management components are one of the vital parts of Enterprise Mobility Management (EMM). The primary function of this management is to optimize the functionality and security of all mobile devices within an organization. Mobile device management enables control compliance initiatives from a combined console, which can be directed from one place. This lets the businesses to work within legal limits and will further expand the demand for mobile device management during the assessment period.

In addition, mobile device management delivers unified endpoint management solutions which is predicted to have a positive impact on mobile device management adoption trends. Mobile device management (MDM) also keeps the devices updated and work synchronized with the latest policies of a firm. Again, the growing popularity and demand for security technology will also contribute to the target market growth. Other benefits associated with MDM such as better storage space, data backup facilities, enhanced validity checks, and bring your own device (BYOD) trends further supplement the market growth over the projected period.

Key Takeaways from the Mobile Device Management Market Report:

Advancing technology and introduction of smart mobile devices to stimulate market growth.
Risk of data leakage, limited data visibility, and time-consuming security auditing may hamper the expansion of the target market.
The cloud deployment segment will register a 22.8% CAGR.
In terms of business size, large enterprises will account for the highest market share with a 23.4% CAGR.
North America accounts for 40% of the global market share.
The mobile device management market in the U.K. will expand at 22.7% CAGR.
India’s mobile device management market will grow at a CAGR of 26.1%.

Leading Key Players:

VMware Inc.
Blackberry
Microsoft Corporations
Mobilerlon Inc.
Citrix Systems Inc.
SAP SE
IBM
SOTI Inc.
JAMF
CISCO

More Insights into Mobile Device Management Market Report:
To understand the global market potential, growth, and scope, the market is segmented on the basis of deployment type (cloud, on premise), solution (device management, application management, content management, service management, security management), business size (large enterprises, SMBs), vertical (government, healthcare, education, BFSI, IT & telecommunication, retail, construction, transportation & logistics, manufacturing, media & entertainment), and region.

According to the latest FMI reports, based on segmentation, the cloud deployment segment and the large enterprises are expected to contribute the most to the market growth of mobile device management solutions. In addition to this, the service management solution segment will be the fastest growing segment in mobile device management market.

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Mobile Device Management Market Segmentation:

By Deployment Type:

Cloud
On-Premise

By Solution:

Device Management
Application Management
Content Management
Service Management
Security Management

By Business Size:

Large Enterprises
SMBs

By Vertical:

Government
Healthcare
Education
BFSI
IT & Telecommunication
Retail, Construction
Transportation & Logistics
Manufacturing
Media & Entertainment

By Region:

North America
Latin America
Asia Pacific
MEA
Europe

Authored By:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
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Treasury and Risk Management Application Market Forecasted to Surge, Projected Growth at 8% CAGR Leading to US$ 7.1 Billion by 2028

The global treasury and risk management application market is expected to register a global CAGR of 7.6% during the forecast period of 2022 – 2028. The SEA & others of APAC and Eastern Europe regions are expected to account for an approximate market share of 40% by the end of the forecast period.

Among the components of the treasury and risk management applications market, software components are expected to register the highest growth in the global treasury and risk management application market. Under the treasury and risk management application service components, consulting services are expected to dominate the global treasury and risk management application market throughout the forecast period.

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On the basis of application, financial resource management applications are expected to register the highest market share in the global treasury and risk management application market by the end of the forecast period. On the basis of the deployment type of treasury and risk management applications, cloud-integrated treasury and risk management applications are expected to witness a higher growth rate as compared to the on-premise deployment type.

Treasury and Risk Management Application Market: Analysis & Overview

The global annual revenue from the deployment of treasury and risk management applications is expected to be valued at US$ 3,896.6 Mn by the end of 2020. The dominant regions, i.e., North America, Eastern Europe, SEA & others of APAC and Western Europe, are expected to collectively account for a majority share of the global treasury and risk management application market. The treasury and risk management application markets in Southeast Asia & other Asia Pacific and Eastern Europe are likely to dominate the global treasury and risk management application market over the forecast period.

In the coming years, small and medium enterprises are expected to be the top adopters of treasury and risk management applications. Treasury and risk management applications help enterprises improve their business functionality by minimising operating costs and improving productivity, due to which investments in treasury and risk management applications are witnessing significant growth. These factors are expected to boost the treasury and risk management application market across the globe. Moreover, treasury and risk management applications have also been adopted by various governments for storing the data as a backup to deal with expected as well as unexpected financial emergencies.

On the basis of FMI analysis, a noteworthy traction of professional and consulting services is expected with the increasing deployment and integration of treasury and risk management application software globally. One of the major factors driving the global treasury and risk management application market is the growing digital transformation in the manufacturing, retail and wholesale sectors.

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Treasury and Risk Management Application Market: Regional Overview

The market in Southeast Asia and others of Asia Pacific region is expected to present the most attractive opportunities for treasury and risk management application providers, followed by the Latin America market. The treasury and risk management application market in SEA and others of APAC is estimated to expand at a significant CAGR in terms of value over the forecast period. Furthermore, the treasury and risk management application market in Latin America is also expected to witness significantly high growth.

The market value of treasury and risk management applications in Eastern Europe is projected to register a total incremental opportunity of US$ 744.0 Million. However, by the end of 2020, the North American treasury and risk management application market is expected to continue to dominate the global treasury and risk management application market due to the large presence of treasury and risk management application providers as well as a strong platform for the growth of the IT finance industry in the region.

Major Key Players in the Market:

SAP SE
Oracle Corporation
FIS
Sage Group PLC
Kyriba Corporation
PREFIS JSC
Openlink
ION
MORS Software
Wolters Kluwer
Fiserv Inc.
PwC
Reval
Broadridge Financial Solutions Inc.
Calypso

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Treasury and Risk Management Application Industry Segmentation:

By Component :

Software
Services
Professional Services
Consulting Services

By Application :

Account Management
Cash and Liquidity Management
Compliance and Risk Management
Financial Resource Management

By Deployment Type :

On-premise
Cloud

By Region :

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

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Stainless Steel Industry Set for Moderate Growth with 5.5% CAGR in Forecast Period by 2033

According to Future Market Insight’s projections, the global stainless steel industry is anticipated to reach a remarkable milestone, with a value of US$ 215.89 billion by 2033. This projected value is substantially higher than its estimated worth of US$ 126.38 billion in 2023. This growth trajectory reflects a robust CAGR of 5.5%.

Investments in infrastructure and housing projects are set to boost the demand for stainless steel. As a versatile material, stainless steel witnesses surging demand across industries like construction, automotive, aerospace, electronics, and healthcare. Stainless steel’s advantages over carbon steel, such as flexibility, strength, corrosion resistance, aesthetic appeal, low maintenance cost, and long product life cycle, are projected to drive market growth. The upswing in these sectors, especially in emerging markets, propels the development of the stainless steel market.

As urban centers expand and populations soar in developing regions, the need for stainless steel products in residential, commercial, and transportation projects rises accordingly. Stainless steel’s exceptional corrosion resistance positions it as the material of choice for marine, chemical, and water treatment applications, further fueling its demand. With an upsurge in manufacturing across multiple industries, stainless steel becomes indispensable for machinery, equipment, and industrial applications.

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The market is set to grow significantly in the construction industry due to increased usage, presenting lucrative opportunities. Stainless steel has become more accessible and cost-effective as technology has improved its corrosion resistance and durability. The rise in construction projects, both commercial and residential, and infrastructural endeavors are likely to contribute to the increased demand for stainless steel during the forecast period.

The booming automotive industry is driving the demand for stainless steel due to its exceptional corrosion resistance, high strength, and heat resistance. These qualities make it ideal for various automotive components like seatbelt springs and hose clamps. Ongoing technological advancements in the automotive sector, especially in electric vehicles, are further fueling the adoption of stainless steel. Consequently, the growing demand from automobile manufacturers is expected to propel the stainless steel market growth significantly.

The market witnesses an upswing in specialized stainless steel grades tailored for specific applications, such as duplex stainless steel for offshore oil and gas industries and super-austenitic stainless steel for extreme corrosion environments. The aerospace industry gravitates toward lightweight stainless steel materials to enhance fuel efficiency and reduce emissions. In the food and beverage sector, the hygienic properties and ease of cleaning offered by stainless steel make it the top choice for equipment and containers used in food processing.

The market is likely to experience significant growth during the projected period due to the increasing technological advancements aimed at producing sustainable stainless steel. Global megatrends like mobility, urbanization, population, and economic development, and the impact of climate change drive this growth. Additionally, rising CO2 emissions have spurred steel producers to seek eco-friendly alternatives that are durable and recyclable at the end of their lifecycle.

The stainless steel market benefits from its eco-friendly nature, boasting high recyclability and an extended life cycle. This attracts environmentally conscious consumers and industries alike. The push toward sustainability and recycling opened opportunities for companies engaged in stainless steel recycling and processing. Continuous research and development of novel stainless steel alloys with enhanced properties present lucrative prospects to address specific and demanding applications.

Key Takeaways from the Stainless Steel Market

The stainless steel industry in the United Kingdom is anticipated to rise sizably, exhibiting a CAGR of 4.9% through 2033, driven primarily by the country’s increasing investments in infrastructure projects and the growing demand for stainless steel products in the automotive sector.
In 2022, the United States held an 8.8% share of the global stainless steel industry, with a significant contribution driven by the country’s robust manufacturing sector and the consistent demand for stainless steel in construction projects, particularly in the booming infrastructure and real estate markets.
With a CAGR of 6.1% over the forecast period, India is predicted to develop rapidly in the stainless steel industry, propelled by the country’s ambitious government initiatives to boost infrastructure and construction projects, along with increasing demand for stainless steel in automotive, aerospace, and consumer goods manufacturing sectors.
In 2022, Japan held a 13.4% share of the global stainless steel industry, driven by its advanced technological innovations, strong export-oriented manufacturing sector, and growing demand in construction and engineering industries.
The stainless steel industry in China is poised to experience rapid growth, registering a CAGR of 5.7% over the forecast period, primarily fueled by the country’s massive infrastructure projects, rising demand in manufacturing and construction, and strong global trade presence.
In 2022, Germany accounted for 5.3% of the global stainless steel industry, with its position bolstered by the country’s highly developed engineering and automotive sectors, along with a focus on technological advancements and precision manufacturing.

Competitive Landscape in the Stainless Steel Market

Key players are actively engaged in various strategies to maintain and expand their market presence. This includes:

investing in research and development to enhance product quality and efficiency
strategically acquiring or partnering with regional companies to strengthen their market position
adopting sustainable practices to meet increasing environmental demands

These players are closely monitoring technological advancements and consumer trends to stay competitive and meet evolving customer needs.

Recent Developments by Key Players

In September 2022, Outokumpu introduced Circle Green, a novel line of sustainable stainless steel. It boasts an impressive carbon dioxide footprint that is 92% lower than the global industry average.
In December 2021, Jindal Stainless introduced India’s inaugural branded stainless steel variant of chequered sheets designed for various applications, including the transport and infrastructure industries.

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Key Companies Identified

Outokumpu
Acerinox
Yieh United Steel Corp.
Baosteel Group
Aperam
Jindal Stainless Limited
Gerdau
Vallourec
Others

Key Segments In The Stainless Steel Market

By Type:

Austenitic Stainless Steel
Ferritic Stainless Steel
Duplex Stainless Steel
Martensitic Stainless Steel
Precipitation Hardening Stainless Steel

By Form:

Flat Products
Long Products
Tubular Products

By End-Use:

Building & Construction
Industrial Machinery & Components
Automotive & Transportation
Home Appliances
Cookware & Cutlery
Medical & Surgical Tools
Others

By Region:

North America
Latin America
Asia Pacific
MEA
Europe

About Future Market Insights (FMI)

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

Contact Us:

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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Growth Trajectory: Hydroxyapatite Industry Predicts Surge with 7.8% CAGR by 2033

The hydroxyapatite industry is forecast to expand at 7.8% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 501.8 million in 2023.

The market is projected to observe heightened demand for dental care, orthopedic implants, and plastic surgery. The expansion of the market is credited to the surged demand for medical implants, urbanization, and robust industrialization. Apart from this, factors, like heightened consumer awareness and surged interest in biomaterial for deployment in prosthetic applications, are expected to augment market growth.

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Hydroxyapatite is extensively deployed in biomedical applications to form/coat implants or prostheses and as a filling material. In addition, the surging medical expenses consistent throughout developed economies are further fueling market expansion. As per the University of Toronto’s published journal, Canada devotes 11.1% of its GDP to medical expenses in contrast to other high-income countries.

The surging prevalence of osteoporosis, arthritis, and other joints related products is projected to generate demand for orthopedic devices. As per the latest data released by the Global Burden of Disease (GBD), nearly 1.71 billion of the population is inflicted by musculoskeletal conditions. Some of the commonly witnessed musculoskeletal conditions include psoriatic arthritis, osteopenia, osteoarthritis, and other joint conditions.

The market is projected to be filled with lucrative opportunities due to the advent of hydroxyapatite ceramics. For example, Bio-Rad Laboratories, Inc., which is a leading marketer of clinical diagnostic products and life science research, revealed the introduction of two new chromatography media for process protein purification, namely Nuvia HP-Q Resin and CHT Ceramic Hydroxyapatite XT Media in September 2018. The robust popularity of micro-sized hydroxyapatite is projected to further propel market development.

Geographically, North America is projected to dominate the market globally. Upsurge in investments, dense count of top leading companies, and superior healthcare infrastructure are a few factors that are backing the regional growth.

Top Highlights from the FMI’s Analysis of the Hydroxyapatite Market:

The United States hydroxyapatite industry is projected to acquire a 26.9% market share in 2023.
By the end of 2023, the German market is expected to contribute 16.8% value share in the global market.
The Japan hydroxyapatite industry is projected to acquire a 5.5% market share in the global market in 2023.
The Australian hydroxyapatite industry is expected to support a 2.4% market share in 2023.
The China market is expected to showcase a CAGR of 8.1% over the forecast period.
The Indian market is projected to exhibit a 7.2% CAGR in the upcoming years.
The United Kingdom hydroxyapatite industry is anticipated to expand at a CAGR of 3.8% in the next ten years.
Based on grade, the medical grade segment is projected to acquire a 57.3% market share in 2023.
Under the application category, the dental segment is expected to obtain a maximum share of 40.2% in 2023.

Key Developments in the Hydroxyapatite Industry

In March 2022, CGBio entered an export agreement with Shanghai Sanyou Medical for US$ 0.077 billion worth of “BONGROS,” a bone substitute, for five years.
FLUIDINOVA initiated a research and development project called “FLUIDINOVA- Innovation in Nanocrystalline Hydroxyapatite Offering Synthetics and Industrial/ Organizational Processes” in April 2021. With this development, the firm aims to provide new products for medical devices, pharmaceuticals, and the 3D printing segment.
FLUIDINOVA commenced a project with INKplant in January 2021. This project is expected to create an advanced ‘toolbox’ of technologies to facilitate 3D printing and is anticipated to bolster the hydroxyapatite business of the company.

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Key Companies Profiled

FLUIDINOVA
SofSera Corporation
Berkeley Advanced Biomaterials
Taihei Chemical Industrial Co. Ltd.
SigmaGraft
CAM Bioceramics
APS Materials, Inc.
Zimmer Biomet
Bioceramics
Granulab (M) Sdn Bhd
Merz Biomaterials
Sangi Co., Ltd.

Hydroxyapatite Market Segmentation

By Grade:

Medical Grade
Cosmetics Grade
Research Grade

By Application:

Dental
Orthopedic
Biochemical Research
Surgical
Bioceramic Coatings
Food
Medicine
Others

By Region:

North America
Latin America
Europe
East Asia
South 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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Nandini Singh Sawlani

Metal Stampings, Forgings, and Castings Market Size Soars to US$ 818 billion by 2033

Metal stampings, forgings, and castings are the building blocks of countless industries. These metalworking processes offer unique advantages for shaping metal into desired forms, making them crucial for everything from car parts to aircraft components. The metal stampings, forgings, and castings market is currently experiencing robust growth, driven by a confluence of factors.

Market Drivers:

Booming Manufacturing Sectors: The growth of key manufacturing sectors like automotive, construction, and aerospace fuels demand for these versatile metalworking techniques.
Increased Automation: Rising automation across industries necessitates high-precision and reliable metal components, a domain where these processes excel.
Focus on Lightweighting: The growing emphasis on fuel efficiency and emissions reduction creates a demand for lightweight yet strong metal components, which forgings and castings can deliver.
Material Innovation: Developments in new and advanced metal alloys with superior properties expand the application potential of these metalworking methods.

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Growth Factors: Shaping Success

Cost-Effectiveness: For high-volume production runs, metal stampings offer a cost-effective way to create consistent and precise parts.
Design Flexibility: Forgings can achieve complex shapes with good grain structure, while castings are suitable for intricate geometries, providing design flexibility.
Improved Efficiency: Advancements in automation, faster cycle times, and optimized material utilization enhance production efficiency in all three processes.
Focus on Sustainability: Manufacturers who prioritize eco-friendly practices, such as using recycled materials and implementing energy-efficient processes, will resonate with environmentally conscious businesses.

Future Trends: A Vision for Metalworking Evolution

Integration with Advanced Manufacturing: The convergence of metal stampings, forgings, and castings with additive manufacturing (3D printing) can create innovative hybrid processes for complex parts.
Digitalization and Smart Manufacturing: Embracing digital twins, machine learning for process optimization, and real-time data monitoring can revolutionize production efficiency and quality control.
Focus on Near-Net-Shape Manufacturing: Minimizing machining waste through near-net-shape manufacturing techniques reduces material consumption and production costs.
Advanced Robotics and Automation: Increased adoption of robots and automation in metalworking processes can enhance safety, consistency, and overall productivity.

Oxalic Acid Industry Set for Significant Growth, Projected to Reach US$ 1550 Million by 2033

The global oxalic acid industry is expected to attain a valuation of US$ 960 million in 2023 and is anticipated to reach US$ 1550 million by 2033, trailing a CAGR of 4.9% during the forecast period.

Oxalic acid plays a crucial role in various biological processes, impacting seed germination, calcium storage and regulation, iron balance, detoxification, structural strength, and insect repellency. Furthermore, there is a potential for oxalic acid to possess antioxidant properties and act as a pH regulator. Its occurrence in plants spans a wide range of concentrations, from 5 mg/kg to 200 g/kg in dry weight

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Oxalic acid finds versatile applications in the industrial and domestic sectors, including its use as a cleanser, a bleaching and drying agent, and for various other purposes. Together, these factors collectively contribute to the driving force behind the oxalic acid market.

The exponential growth of the global pharmaceutical industry is the primary catalyst driving market growth. With a current valuation of around $5.4 trillion, the pharmaceutical industry ranks among the top five sectors in the global economy in terms of total value. Given the extensive applications of Oxalic acid within the pharmaceutical industry, the market for Oxalic acid is expected to expand in parallel with the growth of this industry.

The growing utilization of Oxalic Acid in bleaching and cleaning applications across various industrial and household sectors serves as another significant driver for the expansion of the oxalic acid market. Due to its unique properties and effectiveness in fulfilling household requirements that are not entirely met by alternative substances, the demand for Oxalic Acid is projected to increase in the coming years, further contributing to the growth of the market.

Extensive research has been conducted on Li-ion batteries, given the need for frequent recharging in smartphones, cars, and tablets. The disposal of old batteries in landfills or incinerators poses potential harm to the environment.

Researchers have explored an environment-friendly recycling process utilizing naturally occurring fungi to extract cobalt and lithium from discarded batteries, employing oxalic acid and citric acid in the extraction process. This ground-breaking research is expected to significantly enhance the utilization of oxalic acid in the battery industry, thereby driving market growth.

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

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:

Nandini Singh Sawlani

Exploring the Mono Propylene Glycol Industry: Estimated Valuation of US$ 6,473 Million by 2033

The mono propylene glycol industry is expected to be worth US$ 3,974 million in 2023. By 2033, the market is expected to be worth US$ 6,473 million. The market is estimated to grow at a CAGR of 5% during the forecast period of 2023 to 2033.

The global food and beverage sector is driving demand for mono propylene glycol for usage in food flavoring, food coloring, preservation of food, and other applications, hence influencing the mono propylene glycol market volume.

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Mono propylene can be found in paints & varnishes, baths, and as a cooling fluid in autos. The growing usage of mono propylene glycol across a variety of end-use sectors, such as the chemical industry, pharmaceuticals, cosmetic goods, and others, is expected to drive the market.

Asia-Pacific, particularly China, is a major consumer and producer of mono propylene glycol. The growing industrialization and financial development of the region are driving up demand for mono propylene glycol.

Mono propylene glycol is an important component of automobile antifreeze and coolants, as it keeps the engine temperature stable. The need for mono propylene glycol in automobiles has expanded as the automotive sector grows, particularly in the electric vehicle (EV) segment.

Concerns about ecological sustainability have prompted the advancement of bio-based mono propylene glycol generated from natural resources such as corn, sugarcane, or soy. This tendency is consistent with the larger trend towards sustainable alternatives and lessens dependency on fossil fuels.

Key Takeaways

Between 2018 and 2022, the demand for mono propylene glycol increased at a 4.4% CAGR.
The United States is on track to surpass $480 million by 2033.
The mono propylene glycol market in China is expected to be worth US$ 500 million.
The mono propylene glycol market in the United Kingdom is expected to expand and reach US$ 480 million by 2033.

“The mono propylene glycol market is expected to increase steadily from 2023 to 2033, owing to a wide range of applications. Demand is expected to climb steadily, driven by increased application in the food, pharmaceutical, cosmetic, and automotive industries. Because of environmental concerns, the use of bio-based mono propylene glycol may increase.” says FMI analyst.

Competitive Landscape

Manufacturers’ focus has shifted towards emerging countries in recent years to meet rising demand for mono propylene glycol. Several major corporations are also focusing on collaborations, expanding manufacturing capacities, mergers and acquisitions, and increasing R&D spending.

In March 2022, Braskem and Sojitz Corporation partnered to develop and market bioMPG (monopropylene glycol).
Beginning in April 2022, MOL and HELM teamed up on the marketing of propylene glycols in Western Europe and global markets. The product line will include technical along with higher-value-added monopropylene glycol and dipropylene glycol grades.

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Key Companies Profiled

BASF SE
Royal Dutch Shell PLC
LyondellBasell Industries N.V.
Sumitomo Chemical Co., Ltd.
The Dow Chemical Company
Huntsman Corporation
Archer Daniels Midland Company
Adeka Corporation
AGC Inc.
Oleon NV
Repsol
Foodchem International Corporatio

More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global mono propylene glycol market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.

The study reveals essential insights By Grade (Technical, Food, Pharmaceutical), Application (Unsaturated Polyester Resin (UPR), Polyester Fiber Production, Food Additive, Heat Transfer Fluid (Engine coolant, De-icing Fluids, Antifreeze Solutions), Pharmaceutical Solvents, Liquid Detergents, Paints & Coatings, Other Industrial), End Use (Chemicals, Cosmetics & personal care, Pharmaceutical, Food & Beverage, Others), Source (Synthetic, Bio-based), and Region.

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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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Nandini Singh Sawlani

Automotive Bioplastics Industry Poised to Reach US$ 2,103.28 Million by 2033

The global automotive bioplastics industry value is likely to jump from US$ 761.06 million in 2023 to US$ 2,103.28 million by 2033. This estimated growth is expected to be driven by a CAGR of 10.7% in the global automotive bioplastics market over the next decade.

Industries like automotive and transport are increasingly using bioplastics to develop automotive parts, thus fueling the market growth. To add to the surging momentum, the market is observing the emergence of new feedstocks like biowaste, algae, and CO2 taken from the atmosphere. This is expected to drive innovations in the product composition and its capabilities.

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The market for automotive bioplastics is further driven by new research studies investigating new bioplastics potentialities. Recent research and development efforts by the Institute for Bioplastics and Biocomposites’ (IfBB) researchers at Hannover University of Applied Sciences is a good case. The researchers at the university are developing bioplastics that can endure stresses and high temperatures in the automotive industry.

The project aims to prove that bio-based formulations can be high-performing plastics. The German Federal Ministry of Food and Agriculture backs it. In the run-up to the project, it is reported that bio-based composites are compatible with challenging high-temperature applications with apt refinement and processing.

Key players are collaborating to create new possibilities for brand owners and plastic producers to consider biopolymers as a low-carbon footprint substitute for fossil-based plastics for durable as well as durable applications. The automotive industry is expected to benefit from such improved grades of bioplastics.

The market still needs to be challenged by conventional plastics due to the latter’s reliable feedstock supplies, improved functionalities and subsequent processing, and enhanced economies of scale.

“Increasing interest in bioplastics by automotive manufacturers as they pledge to turn to sustainable processes is expected to favor the uptake of automotive bioplastics in the upcoming years. However, market participants should consider improving the product characteristics, technological processes, feedstock availability, and profit margins to have the upper hand in the market competition,” says analyst at Future Market Insights.

Key Takeaways from the Automotive Bioplastics Market Report:

In 2022, the automotive bioplastics market accounted for US$ 687.5 million.
Europe is anticipated to be a prominent market for automotive bioplastics in the upcoming period.
Australia is emerging as a budding market for automotive bioplastics.
The electric cars segment is projected to have a significant market in the upcoming years.
Bio-based polyamide material is a highly preferred automotive bioplastic.

Key Developments Taking Place in the Automotive Bioplastics Market

In March 2020, Floreon and Clariant reported about their collaboration to extend its high-performance biopolymer applications to more markets. This development is expected to meet the demanding material requirements and further the potential applications of biopolymers.

Mitsubishi Chemicals created a plant-based bioengineering plastic DURABIO, which obtained two bio-based product certifications in December 2022.

In October 2022, Braskem invested US$ 60 million to extend its capacity of a sugarcane-based bioplastics brand called ‘I’M GREEN’ by up to 30%.

Anellotech reported in August 2022 that it continuously processes its solid plastic waste into olefins utilizing its Plas-TCat catalytic pyrosis technology.

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Key Players in the Automotive Bioplastic Market Include

Mitsubishi Chemical Corporation AS
Total Corbion PLA
Teijin Group (1/3)
NatureWorks LLC
Denso Corporation
Solvay Group
Toray Industries Inc.
Evonik Industries AG
Arkema Group
Braskem
Novamount S.P.A.
RTP Company

Automotive Bioplastics Market Research by Category

By Material:

Bio PA
Bio-PTT
Bio PE
Bio PBS
Bio PP
Bio PE

By Vehicle:

Passenger Car
LCV
HCV
Electric Cars

By Application:

Exterior
Interior
Engine Surrounding

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
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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Nandini Singh Sawlani

Janitorial Sinks Market Demand: Industry Reaching to US$ 1,409.2 million by 2033

The global Janitorial Sinks Market is poised for substantial growth, with an estimated worth of US$ 810.4 million by the year 2023. According to reports from Future Market Insights, this market is projected to witness robust expansion, boasting a compound annual growth rate (CAGR) of 6.3% from 2023 to 2033. By the end of 2033, the market is anticipated to soar to approximately US$ 1,409.2 million.

Several key factors are driving this growth trajectory. The proliferation of hotels, restaurants, and cafes (HoReCa), coupled with an elevation in living standards and the rapid pace of urbanization, are contributing significantly to the increasing demand for janitorial sinks. Moreover, the burgeoning expansion in the building and construction industry, alongside the rising popularity of cloud kitchens and food delivery platforms, further amplifies the market’s upward trajectory.

The growth of the housing and construction sector, coupled with notable technological advancements in this domain, serves as a catalyst for market expansion. Additionally, the burgeoning number of hotels and restaurants worldwide presents lucrative opportunities for industry players to capitalize on. The inclination towards creating aesthetically pleasing and well-furnished environments, coupled with the trend of renovating traditional homes with modern appliances and fixtures, has further propelled the market’s growth in recent years.

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Growth Drivers

The contemporary landscape across various sectors is marked by a notable surge in attention towards health and safety, coupled with a growing inclination towards eco-conscious practices. These trends are reshaping consumer preferences and influencing purchasing decisions across industries, directly or indirectly.

In response to this shifting paradigm, manufacturers of janitorial sinks are witnessing a surge in demand for environmentally friendly alternatives. Consumers are increasingly prioritizing sustainability when selecting new sinks, prompting manufacturers to adapt their offerings accordingly. This strategic alignment with eco-friendly principles has not only enhanced market competitiveness but has also propelled sales growth significantly.

Looking ahead, the momentum towards sustainable and eco-friendly solutions is anticipated to further amplify the demand for janitorial sinks, particularly in regions like the United States. This upward trajectory is expected to persist throughout the forecast period, driven by a growing awareness and preference for environmentally conscious products among consumers.

Start ups

Atlantis Technologies, as per a report by Mergermarket in November 2018, has forged a strategic distribution partnership, inclusive of an equity component, with Evapco. This alliance marks a significant step forward in expanding Atlantis Technologies’ market reach and capabilities. Moreover, discussions regarding potential partnerships with other entities are underway, underscoring the company’s proactive approach to collaboration and growth.

Similarly, Neopure Technologies, as reported in late 2017, made a strategic pivot from pursuing venture capital funding to exploring opportunities with corporate investors. This shift in strategy reflects Neopure Technologies’ adaptability and strategic vision as it seeks to align its funding approach with the evolving landscape of investor preferences and market dynamics.

Meanwhile, Finapp, an innovative Italian startup, specializes in providing water leak detection solutions leveraging cosmic-ray neutron sensing (CRNS) technology. The hardware developed by Finapp is designed for installation on various vehicles, enabling utility providers to assess water content in soil by traversing along aqueduct pipelines. By detecting fluctuations in soil humidity caused by water leaks, Finapp’s CRNS-based solution offers valuable insights for multiple sectors. In agriculture, it facilitates precise soil moisture measurement, aiding farmers in optimizing irrigation practices. Additionally, for hydroelectricity companies, it enables the assessment of water accumulation within snow, thereby enhancing operational efficiency and resource management.

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Key Companies

Elkay Manufacturing Company
Franke Holding AG
Just Manufacturing Company
BK Resources
Advance Tabco
Aero Manufacturing Company
Krowne Metal Corporation
John Boos & Co.
Tarrison Products Ltd.
Acero Stainless Inc.

USA Faith-Based Tourism Market Predicted to Skyrocket with 9.2% CAGR Forecast by 2032 | FMI

As per Future Market Insights’ latest industry analysis, the USA faith-based tourism market is poised to reach a valuation of US$ 1,001 Million in 2022. Sales in the U.S. faith based tourism market are projected to increase at 9.2% CAGR from 2022 to 2032.

The religious sector has drawn a large number of people to sites of attraction such as shrines and home places of deities since time immemorial. With the passage of time, the concept has evolved to spiritual tourism, in which, visiting religious believers are treated as tourists as they are looking for ways to market their visit as a vacation in addition to fulfilling their religious purpose.

Faith based tourism is expected to broaden the travel industry in the U.S. The Roman Catholic Church has effectively implemented pilgrimage traditions in the country, thereby establishing a variety of pilgrimage locations complete with sacred relics of martyrs, miracles & healing stories, Marian apparitions, and patron saints.

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Key Takeaways: U.S. Faith Based Tourism Market

By booking channel, the online booking segment is expected to generate a significant share of 45% in the U.S. faith based tourism market.
In terms of age group, the 46-55 years’ segment is anticipated to hold the lion’s share through 2032.
By tourist type, the domestic segment is likely to remain at the forefront in terms of share during the forecast period.
In terms of tour type, the package travelers segment is anticipated to generate the largest share of the U.S. faith based tourism industry.
Based on tourism type, the religious and heritage tours segment is expected to dominate the U.S. faith based tourism market.

“High demand for more authentic experiences among tourists such as immersing themselves in spiritual and cultural traditions associated with a religion or pilgrimage site would drive the faith based tourism market in the U.S.,” says a FMI analyst.

Competitive Landscape: U.S. Faith Based Tourism Market

Leading companies in the U.S. faith based tourism market are focusing on robust promotional strategies such as advertisements, as well as new package launches to generate high sales.

Leading companies in the U.S. faith based tourism industry

Expedia Group
Booking Holdings
American Express Global Business Travel
BCD Travel
CWT
Flight Centre
Travel Leaders Group
American Express
Direct Travel
Corporate Travel Management North America
Fareportal
American Automobile Association
Travel and Transport
Frosch
Omega World Travel

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U.S. Faith Based Tourism Market Outlook by Category

By Tourism Type:

Day Trips & Local Gateways
Museums
Pilgrimages
Religious and Heritage Tours
Others

By Booking Channel:

Phone Booking
Online Booking
In-Person Booking

By Tourist Type:

Domestic
International

By Age Group:

15-25 Years
26-35 Years
36-45 Years
46-55 Years
66-75 Years

By Consumer Orientation:

Men
Women
Children

By Tour Type:

Independent Travelers
Tour Groups
Package Travelers

About Travel & Tourism Division at Future Market Insights

The travel & tourism team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the travel & tourism industry, the team is happy to help with every business intelligence research and consulting requirement.

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