Powering Progress: Electrical Steel Market Expected to Reach US$ 44.3 Billion by 2033 with a CAGR of 6.5%

The electrical steel market is estimated at US$ 42,135.7 million in 2023, with a projected value of US$ 44,326.7 million by 2033. The demand for electrical steel is expected to rise at a CAGR of 6.5% from 2023 to 2033. The electrical steel industry is propelled by the increasing demand for electricity across various sectors, including energy, automotive, and manufacturing.

The emphasis on energy efficiency and the rapid expansion of the renewable energy sector contribute to the heightened demand for electrical steel products. Moreover, the ongoing advancements in electrical infrastructure, such as the modernization of power grids and the development of smart cities, bolstered the need for high-quality electrical steel.

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The industry faces several challenges, including fluctuating raw material prices, which can significantly impact the production costs of electrical steel. Additionally, the emergence of alternative materials, such as aluminum and plastics, threatens the demand for electrical steel. Stringent environmental regulations and compliance requirements also hinder the industry’s growth, as adherence to these standards can increase manufacturers’ operational costs.

With the increasing emphasis on sustainable energy solutions, investing in new technologies for the production of eco-friendly electrical steel presents a promising avenue for growth. Expanding into emerging markets, particularly in regions witnessing rapid industrialization and infrastructural development, offers significant market penetration and expansion potential.

Focusing on niche markets, such as high-performance electrical steel applications, could provide a competitive edge for industry players. The industry is witnessing a shift toward the development of high-performance electrical steel products that offer enhanced magnetic properties and energy efficiency. This trend is largely driven by the increasing demand for advanced electrical steel to produce transformers and motors.

“There is a growing emphasis on the adoption of sustainable manufacturing practices, encouraging the integration of eco-friendly processes and materials in the production of electrical steel.” – says FMI analyst.

Key Takeaways from the Electrical Steel Market:

  • Grain-oriented electrical steel dominates the industry, with a significant market share of 51.7% in 2023.
  • Motors emerged as the top application type, capturing a substantial market share of 45.6% in 2023.
  • The United States maintains a resilient position in the electrical steel market with a projected CAGR of 5.40% through 2033.
  • Canada’s electrical steel market is expected to witness a steady CAGR of 6.10% through 2033.
  • Germany sustains its growth momentum with a robust CAGR of 6.00% through 2033 in the electrical steel market.
  • Italy exhibits a steady CAGR of 5.10% through 2033 in the electrical steel industry.
  • France showcases a notable CAGR of 7.00% through 2033 in the electrical steel market.
  • The United Kingdom maintains a robust CAGR of 6.50% through 2033 in the electrical steel industry.
  • Spain sustains its growth trajectory with a stable CAGR of 5.60% through 2033 in the electrical steel market.
  • China’s demand for electrical steel is rising, with a projected CAGR of 7.20% through 2033.
  • India’s adoption of electrical steel is expected to rise at a CAGR of 8.20% through 2033.
  • Japan’s electrical steel industry projects a CAGR of 6.30% through 2033.
  • The demand for electrical steel in ASEAN is projected to rise at a CAGR of 7.40% through 2033.
  • Australia and New Zealand (ANZ) demonstrate an expected CAGR of 6.20% in the electrical steel market through 2033.

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Competition Outlook of the Electrical Steel Market

The electrical steel market is marked by intense competition among key players striving to secure their positions and expand their market share. Key market players, including ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, JFE Steel, POSCO, ThyssenKrupp, NSSMC, AK Steel, Baosteel, TATA Steel, and Masteel are actively engaged in various strategic initiatives to maintain their competitive edge and meet the evolving demands of the industry.

These companies are focusing on crucial strategies such as investing in research and development to develop innovative electrical steel products, expanding their global presence to tap into new markets and broaden their customer base, and emphasizing superior customer service to build and maintain strong relationships with their clientele.

Recent Developments by Players in the Electrical Steel Market

  • NSSMC developed a new type of electrical steel that is 50% more durable than conventional.
  • AK Steel announced plans to build a new electrical steel production facility in the United States. The facility is expected to start operations in 2023, with a production capacity of 500,000 tons annually.
  • Baosteel developed a new type of electrical steel that is 30% more corrosion-resistant than conventional.
  • TATA Steel announces plans to invest US$ 1 billion in its electrical steel production facilities in India. To increase production capacity and improve the quality of the steel.
  • Masteel developed a new type of electrical steel that is 40% more recyclable than conventional.

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Key Segmentations

By Product Type:

  • Grain-oriented Electrical Steel
  • Non-grain Oriented Electrical Steel

By Application:

  • Inductors
  • Motors
  • Transformers

By End Use:

  • Automobile
  • Manufacturing
  • Energy
  • Household Appliance
  • Others (Construction, Fabrication)

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South 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.

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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Furniture Rental Market: Anticipated Growth to US$ 110.69 Billion by 2033 – Insights into the Booming Trend of Renting Furniture

Furniture Rental Market
Furniture Rental Market

According to the research report published by FMI, the global furniture rental market size is anticipated to witness staggering growth from 2023 to 2033. The global market is anticipated to surpass a valuation of US$ 55.75 billion in 2023 and is likely to reach a valuation of US$ 110.69 billion by 2033. During the forecast period, the market is projected to showcase a noteworthy CAGR of 7.1%.

The growing demand for urban housing is surging the demand for furniture rental products. It is estimated that more than 6 billion people may live in urban areas by 2050. The increasing urbanization is likely to fuel the demand for small-space furniture rental services in the coming years.

The increasing shift in the perspective way of living is a vital factor influencing market growth. Millennials are more pragmatic. Their perspective of avoiding expenditure which seems redundant stimulates demand for furniture rental.

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It is anticipated that the residential application segment would expand quickly. Market expansion is anticipated to be aided by the rising popularity of online learning and work-from-home/hybrid work arrangements. In the upcoming years, the cost of renting household furniture is projected to escalate. Rent-paying families and bachelors are learning about furniture rental services and the advantages they provide, which is driving up demand. The market is projected to expand as a result of increasing digitization and the introduction of cost-effective subscription options.

The growing popularity of home staging is predicted to foster growth in the market. Several furniture rental businesses are engaging in home staging, which allows homeowners to showcase their property without purchasing expensive furniture. The increasing construction of new commercial buildings and offices is another significant factor driving market growth. Furniture rental services are witnessing increased annual signups for several kinds of office furniture, including desks, tables, benches, and others.

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Key Takeaways from the Furniture Rental Market:

  • In 2018, the global market size stood at nearly US$ 24.48 billion.
  • The beds segment generated a substantial revenue of more than 31.25% in 2022.
  • The wood material segment held a huge share of more than 38.7% in 2022.
  • The commercial application segment held the lion’s share in 2022, accounting for nearly 60.5% of the global revenue.
  • North American region held a substantial share of nearly 35.2% in 2022 globally.
  • Recent Developments Observed by FMI:
  • David Phillips merged with Monty Space in March 2022. The merger is aimed to broaden the company’s furniture range into the growing built-to-rent market.
  • In February 2021, Rent-A-Center acquired Acima Holdings. Customers may now take advantage of the company’s flexible Lease-to-Own (LTO) options via digital, internet, and mobile channels, thanks to the purchase.
  • Furlenco launched ‘UNLTMD’ in July 2021. This annual subscription service gives customers the appliances and furniture they desire all at once and for a single price.

Key Players in the Global Furniture Rental Market

  • Furlenco
  • Feather
  • Rentomojo
  • Brook Furniture Rental
  • Rent-A-Center
  • Luxe Modern Rentals
  • The Everest
  • Fernished Inc.
  • Athoor
  • Fashion Furniture Rental

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Key Segmentations

by Product:

  • Wardrobes & Dressers as Furniture Rental
  • Beds as Furniture Rental

by Material:

  • Plastic Furniture Rental
  • Wood Furniture Rental

by Application:

  • Residential Furniture Rental
  • Commercial Furniture Rental

by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

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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Landscaping Services Market Predicted to Reach US$ 573.67 Billion by 2033: Insights into the Growing Demands

Landscaping Services Market
Landscaping Services Market

In 2023, the landscaping services market is estimated to capture a valuation of US$ 314.35 billion and is predicted to reach US$ 573.67 billion by 2033. The market is likely to register a CAGR of 6.2% during the forecast period.

Key Factors:

  • Growing awareness of the significance of aesthetically pleasing and well-maintained outdoor spaces is driving the demand for landscaping services among homeowners, businesses, and public spaces.
  • There is an increasing emphasis on sustainability in landscaping practices, with people seeking eco-friendly solutions and materials.
  • Sustainable landscaping practices include the use of native plants, which are adapted to the local environment and require less water and maintenance.

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Key Takeaways:

  • The market is securing a CAGR of 6.2% with a valuation of US$ 573.67 billion by 2033.
  • The United States is dominating the global market by registering a maximum share by 2033.
  • The landscaping services market is predicted to secure a valuation of US$ 314.35 billion in 2023.

A few general trends in the landscaping services market include:

  • Increasing demand for eco-friendly and sustainable landscaping services such as native plants and the implementation of water conservation measures.
  • The growing interest in outdoor living spaces, including the installation of patios, decks, and outdoor kitchens. The incorporation of features such as fire pits and outdoor lighting.
  • Technological advancements in landscaping equipment and software provide high-quality professional landscaping services.
  • The rising popularity of lawn care and landscaping services among commercial and residential clients.
  • Promoting green infrastructure by the government to reduce carbon emissions.

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Innovation by Key Players in the Global Market

Key players are constantly evolving with innovations with adopting advanced technologies. Several innovations by key players in the market are:

  • Use of Technology: Many landscaping companies use technology to enhance their services. It includes using a drone for aerial inspections, implementing 3D modelling and providing virtual tours to clients using GPS tracking.
  • Sustainable Practices: With growing environmental concerns, key companies are incorporating sustainable practices into their operations. It includes eco-friendly products, water-saving techniques and others.
  • Customized Designs: The key companies offer customized designs tailored to their client’s needs and preferences. It may include incorporating unique features like outdoor kitchens, fire pits, and water features.
  • Collaborative Approach: Several marketing companies are collaborating with their clients that meet their needs with a budget. These companies involve listening to their client’s ideas and concerns and providing them with expert advice to ensure the best outcome.

Prominent Players in the landscaping services market are:

BrightView Landscapes, LLC, The Davey Tree Expert Company, TruGreen, The Brickman Group, Ltd., The Grounds Guys, United States Lawns, LandCare, LLC, Yellowstone Landscape Group, Gothic Landscape, and Lawn Doctor.

Recent Developments in the Market:

  • Scott Miracle-Gro is a leading lawn and garden care product provider in North America. The company offers products including pesticides, fertilizers and grass seeds. In 2020, the company reported revenues of US$ 4.1 billion.
  • In July 2021, BrightView Landscapes announced the acquisition of Commercial Tree Care, a full-service care provider based in Austin, Texas. This acquisition took place to expand the tree care services in Texas.

Landscaping Services Market by Category

By Type:

  • Landscape and Maintenance
  • Landscape and Garden Design and Construction
  • Landscape and Garden Enhancement

By Application:

  • Commercial
  • Household

Region:

  • North America Market
  • Europe Market
  • Latin America Market
  • Asia Pacific Market
  • The Middle East Africa Market

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

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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Iron Oxide Market: Poised for Steady Growth at a CAGR of 4.1% by 2033

According to Future Market Insight, the global iron oxide market is likely to reach US$ 3,929.7 million by 2033, registering a CAGR of 4.1%. This is a considerable increase from its projected value of US$ 2,629.4 million in 2023.

Several factors contribute to the overall development of the global iron oxide industry. One key driving factor is the rising demand for iron oxide pigments, particularly in decorative concrete applications. These pigments are favored for their cost-effectiveness, compatibility with cement, and durability. Consequently, the increasing preference for iron oxide pigments over other types is propelling the growth of the global market during the forecast period.

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The increasing adoption of iron oxide materials in various end-use industries, particularly paints, and coatings, is another crucial driving factor for the overall market development. These pigments find extensive use in manufacturing different types of coatings and paints, catering to industries like aerospace, automotive, construction, building, marine, and more.

With the growth of the automotive industry, there is an increased demand for iron oxide pigments used in coatings, plastics, and automotive parts. These pigments are used for coloring car components and providing a decorative finish to vehicles.

Iron oxide pigments are favored for their exceptional solubility and high strength, further propelling the market growth. Moreover, their extensive use as colorants in various plastic products like fenders, soda bottles, food packaging, toys, and vinyl sidings contributes to their widespread popularity. Iron oxide pigments are also widely used to color plastics and rubber products. As the plastics and rubber industries grow, the demand for these pigments rises.

Iron oxide, an inorganic pigment, offers excellent qualities like UV resistance and thermal stability. Its unique chemical structure makes it insoluble in water. It is resistant to acidic and alkaline elements found in cement and lime. This makes it crucial for creating construction materials like cobblestone, roof tiles, floor tiles, and concrete.

The market is expected to grow speedily in the next decade, driven by increasing construction activities in emerging countries. Many construction firms are adopting green projects for sustainability, and iron oxide serves as an eco-friendly raw material for these endeavors. These factors are likely to propel the global iron oxide market in the coming years.

Similar to the construction industry, infrastructure development projects such as roads, bridges, and public facilities require iron oxide pigments to enhance aesthetics and improve visibility. The demand for these pigments rises as more infrastructural projects are undertaken.

Iron oxide pigments are considered more environmentally friendly compared to other synthetic alternatives. As environmental concerns become more significant for consumers and industries alike, the preference for sustainable products drives the demand for iron oxide pigments.

The increasing popularity of concrete tiles and pavers in landscaping and flooring applications fuels the demand for iron oxide pigments. These pigments are used to provide attractive colors and patterns to concrete surfaces.

In the cosmetic industry, iron oxides are used as colorants in products like lipsticks, eyeshadows, and foundations. As the cosmetic industry expands, the demand for iron oxide pigments for cosmetic applications also increases.

Key Takeaways from the Iron Oxide Market

  • The iron oxide industry in the United Kingdom is anticipated to rise sizably, exhibiting a CAGR of 4.0% through 2033, driven by increased government investments in infrastructure projects.
  • The United States held a 19.2% share of the global iron oxide industry in 2022, bolstered by a surge in demand from the construction sector. With an expanding economy and growing urbanization, the construction industry in the United States witnessed robust growth.
  • With a CAGR of 5.1% over the forecast period, India is predicted to develop rapidly in the iron oxide industry, driven by increasing investments in infrastructure projects under the government’s “Make in India” initiative.
  • In 2022, Japan had a 5.7% share of the iron oxide industry globally, bolstered by advancements in its automotive sector, which significantly increased the demand for iron oxide-based coatings and pigments.
  • The iron oxide industry in China is expected to flourish speedily, registering a CAGR of 4.6% over the forecast period, driven by the country’s continuous focus on massive infrastructure development projects like the Belt and Road Initiative.
  • Germany accounted for 6.9% of the global iron oxide industry in 2022, with one country-specific driver being its thriving manufacturing sector, which increased the demand for iron oxide-based products in various industrial applications.

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Competitive Landscape in the Iron Oxide Market

Key players are focused on expanding their production capacities, developing innovative manufacturing processes, and investing in research and development to enhance product quality and applications. They are also engaging in strategic partnerships and acquisitions to strengthen their market presence and global distribution networks. Furthermore, sustainability and eco-friendly practices are gaining significance as companies aim to align with environmental regulations and consumer preferences, driving the adoption of greener production methods in the industry.

Recent Developments by Key Players

In December 2022, Cathay Industries revealed the inauguration of a state-of-the-art iron oxide pigment facility in Batam, Indonesia. The decision followed their acquisition of Venator Materials PLC’s iron oxide pigment operations. The plant is scheduled to commence product supplies in the latter part of 2023. This move is going to further enhance Cathay Industries’ global presence in the market.

In September 2020, Hunan Three-Ring Pigments Co., Ltd partnered with Changsha University of Science and Technology to create an innovative iron oxide pigment specifically designed for the construction sector. The collaborative project centered on developing a sustainable, environmentally friendly, and high-performance pigment suitable for diverse construction applications.

Key Companies Profiled

  • Lanxess AG
  • Huntsman International LLC
  • Cathey Industries
  • Toda Kogyo Corporation
  • Alabama Pigments Company, LLC
  • Jiangsu Yuxing Industry and Trade Co. Ltd.
  • Golccha Pigments Pvt. Ltd.
  • Shenghua Group Deqing Huayuan Pigment Co. Ltd.
  • Tata Pigments Company
  • Yaroslavsky Pigment Company
  • Hunan Three-Ring Pigments Co. Ltd.

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Iron Oxide Market Outlook by Category

By Product Type:

  • Red
  • Yellow
  • Black
  • Brown
  • Orange
  • Green
  • Other Blends

By Application:

  • Construction
  • Paints and Coatings
  • Plastics
  • Chemicals
  • Paper and Pulp Manufacturing
  • Textile
  • Ceramics
  • Leather
  • Other (Fertilizers, Cosmetics, Rubber)

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.

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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Food Waste Shredder Market Value Surges to US$ 25,184 Million by 2033

Throughout the projected period spanning from 2023 to 2033, the global food waste shredder market is poised to exhibit robust growth, with a projected compound annual growth rate (CAGR) of 6.2%. This growth trajectory is anticipated to propel the market size from US$ 13,800 million in 2023 to a valuation of US$ 25,184 million by the end of 2033.

The escalating focus on food waste management and prevention has spurred increased adoption of stringent regulations and initiatives aimed at curbing food wastage. Governments worldwide are implementing rigorous norms alongside offering grants, funding, and subsidies to encourage the acquisition of recycling equipment, thereby fostering the growth of the global food waste shredder market.

Furthermore, the utilization of food waste as a renewable energy source is a significant driver in the global food waste shredder market. Methane produced from food waste serves as a valuable energy resource powering various treatment units. Additionally, a substantial portion of food waste is recycled to produce organic fertilizers or animal feeds, further fueling market growth.

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The food waste shredder market is experiencing a surge in interest due to a confluence of environmental, economic, and social factors. Here’s a breakdown of the key drivers propelling this market forward:

Environmental Concerns:

  • Growing Awareness of Food Waste: Public awareness of the environmental impact of food waste is at an all-time high. Food waste generates methane, a potent greenhouse gas, when decomposing in landfills. Shredders divert food waste from landfills, mitigating methane emissions.
  • Focus on Sustainability: Food waste shredders contribute to a more sustainable waste management approach by facilitating composting and anaerobic digestion. These processes convert food scraps into valuable resources like compost or biogas, reducing reliance on landfills.

Economic Considerations:

  • Government Regulations and Incentives: Many governments are enacting stricter regulations on landfill waste disposal and offering incentives for food waste reduction. This creates a financial push for businesses and households to adopt solutions like food waste shredders.
  • Cost Savings: By reducing the amount of organic waste sent to landfills, food waste shredders can help businesses and municipalities lower waste disposal fees. Additionally, composted food scraps can be used as fertilizer, reducing dependence on commercially produced options.

Social and Behavioral Shifts:

  • Convenience and User-Friendliness: Modern food waste shredders are designed for easy installation and operation, making them a convenient solution for busy households and commercial kitchens.
  • Demand for Eco-Friendly Solutions: Consumers are increasingly seeking ways to reduce their environmental footprint. Food waste shredders offer a simple and practical solution for households to contribute to a more sustainable future.
  • Focus on Resource Recovery: The growing trend of urban composting and community gardens creates a demand for readily available food scraps. Food waste shredders can facilitate the collection and processing of food waste for these initiatives.

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Key Companies

  • Emerson Electric Co.
  • Oklin International
  • Enic Co. Limited
  • Hungry Giant Recycling
  • Bhor Engineering Company
  • Weimar Biotech
  • IMC WasteStation
  • Amey Engineers
  • Bin Crusher
  • Ridan Composting Ltd.
  • Apollo Kitchen Equipment
  • WasteCare Corporation
  • MEIKO Clean Solutions (India) Pvt. Ltd.
  • Komptech Americas, LLC

Capture the Booming Textile Colorant Market: Strategies for 5.4% CAGR Growth by 2033

Textile Colorant Market
Textile Colorant Market

The Future Market Insights is anticipated to register a healthy CAGR of a magnitude of 5.4% over the projection period from 2022 to 2032. The global textile colorant market is expected to reach a valuation of US$ 6,850.0 Million in 2022 and is predicted to surpass a valuation of US$ 11,590.4 Million by 2032.

The growth in the market is attributed to the rising demand for clothes along with an increase in disposable income across the world is expected to boost demand in the global textile colorant market during the forecast period.

Growth in the demand for fashion textiles and home decor are prominent growth driving factors for textile colorants. East Asia region is expected to remain the dominant region for the production & consumption of textile colorants and the region is expected to account for about 48% of global textile production.

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Various countries like India & ASEAN from South Asia also account for a remarkable share of the global market. Demand for textile colorants is expected to account for around 9 to 11% of the global colorants’ consumption.

According to the analysis of Future Market Insights, the global market if textile colorants market’s historical analysis witnessed growth at a CAGR of 5.0% from 2017 to 2021.

In addition to that, as per the current estimations, the forecast growth outlook revolves around 5.4% CAGR over the current projection ranging from 2022 to 2032. The growth of the market is attributed to the rise in the projections in the textile industry and recovery from the pandemic crisis.

Key Takeaways

  • Technical textiles are known as special textile qualities made up of particular chemicals and physical properties that are designed for specific end uses. These types of textiles are utilized in healthcare, sports, engineering, and consumer goods industries for specific purposes such as raincoats and body warmers. Demand for these textiles is surging owing to the changing consumer preferences, customization options, and perceived effectiveness of these products.
  • Geotextiles known as a type of technical textile utilized in geotechnical applications are gaining rapid traction over the assessment period owing to growing environmental concerns. This factor is expected to bolster the demand for geotechnical textiles.
  • In addition to that, neon dyes utilized in athletic apparel offer highly reflective properties, supporting safety measures for athletes competing in cross-country and marathon events. Owing to such numerous properties, the demand for dyes for the production of technical textiles is constantly increasing.
  • One of the prominent factors inhibiting the growth of the textile dye market is its low sustainability. It has been estimated that more than 1,000 liters of water are required to produce 1 kg of dye. In addition, the dyeing process consumes a significant amount of water, which results in the degradation of the environment. Furthermore, throughout the dyeing process, a large amount of dye is combined into the wastewater, causing pollution of natural water resources.
  • Several prominent environmental authorities and regional governments have strictly regulated the wastes from dyeing industries and imposed restrictions on the use of hazardous chemicals during the manufacturing processes. The surging development of natural dyes and the promotion of biodegradable materials can benefit the market to expand in spite of these regulations.

Competitive Landscape

The market is fragmented and diversified with the presence of major company players offering over 10,000 variants of textile colorants. Prominent market players in textile colorants are concentrating on product innovations and partnerships with other market players to increase their portfolio & consumer base.

In addition to that, the rapid expansion of strategy incorporates expansions, and geographical expansions in the emerging economies to bolster the stronghold in the market. Dominant market players are investing in research and innovations for product development along with introducing sustainable products to minimize the carbon footprint.

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Top Key Players in the Textile Colorant Market 

  • Huntsman Corporation
  • LANXESS AG
  • KRONOS Worldwide, Inc.
  • Kiri Industries Ltd.
  • Atul Ltd.
  • Allied Industrial Corp. Ltd.
  • Archroma Management LLC
  • DyStar Group
  • Standard Colors, Inc.
  • Dye Systems, Inc.
  • DuPont
  • BASF SE
  • Jay Chemical Industries Ltd.

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  

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
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Contract Furniture Market Set to Reach a Value of US$ 268.86 Billion by 2033

Contract Furniture Market
Contract Furniture Market

In 2023, the contract furniture market is anticipated to have a valuation of US$ 148.72 billion. Future Market Insights predicts that the market is anticipated to expand at an adequate CAGR of 6.1% and reach a value of US$ 268.86 billion by 2033.

  • The smart furniture market is experiencing rapid expansion, offering functionalities such as internet browsing, mobile device charging, listening to news or radio, and more.
  • This trend is considered to be the future direction of the furniture industry, catering to the evolving needs and preferences of consumers.
  • However, the growth of the contract furniture sector is being hindered by the increasing costs of raw materials, including springs, wood, textiles, mechanics, feathers, and packaging.

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Key Takeaways:

  • In 2022, the United States was expanding at a market value of US$ 13.89 billion in the contract furniture market, and continues to expand at an expected CAGR of 5% by 2033.
  • The contract furniture market was significantly expanding, with a size of US$ 140.17 billion in 2022.
  • The market in the United States is anticipated to expand at a valuation of US$ 23.76 billion by 2033, as a result of ongoing innovation by existing players.
  • Due to the market’s enormous potential and expanding e-commerce sector, analysts expect it is likely to rise 1.06 times between 2022 and 2023.
  • The United Kingdom market is expected to develop at a prodigious CAGR of 4.8% by 2033.
  • The Asia Pacific contract furniture market is likely to hold a 10 to 12% share in the global furniture industry.
  • Based on product type, chairs & stools dominated the market with a share of 34.15% in 2022 and continued to lead the market during the forecast period.
  • Based on end user, corporate offices dominated the market with a share of 42.4% in 2022, and continues to lead the market during the forecast period.
  • Based on distribution channels, the offline segment dominated the market with a share of 77.15% in 2022 and continues to lead the market during the forecast period.

Critical Approaches Increasing Top Players’ Wealth

The primary focus of businesses is on offering a variety of furniture solutions for commercial settings like offices, hotels, and restaurants. The introduction of various new entrepreneurs, who are using cutting-edge technologies and novel business models to disrupt the market, further defines the competitive landscape of the contract furniture market.

These businesses are primarily concerned with offering customers ergonomic and environmentally friendly furniture options, which are in high demand.

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Recent Developments

  • The home and workplace underwent transformation, with the merging of Herman Miller and Knoll in 2021, which produced the dominating leader in contemporary design.
  • In July 2022, Kokuyo paid US$ 75 million to purchase the Lamex Office Furniture division of HNI Company in China and Hong Kong.
  • On April 22, 2022, Fursys Inc. and Sidiz Inc. reached an agreement to sell FURSYS VN Ltd. to Fursys Inc. for KRW 50 billion. A transaction board decision was reached on April 22, 2022. The agreement was finalized on May 6, 2022.

Key Segments

Contract Furniture by Product Type:

  • Contract Furniture as Chairs & Stools
  • Contract Furniture as Tables & Desks
  • Contract Furniture as Storage Furniture
  • Contract Furniture as Sofa & Couch
  • Others

Contract Furniture by End Users:

  • Contract Furniture for Government
  • Contract Furniture for Corporate Offices
  • Contract Furniture for Institutional,
  • Contract Furniture for Healthcare/Medical Facilities,
  • Contract Furniture for Hospitality
  • Others

Contract Furniture by Distribution Channels:

  • Contract Furniture on Online Platform
  • Contract Furniture on Offline Platform

Contract Furniture by Region:

  • Contract Furniture in North America Market
  • Contract Furniture in Latin America Market
  • Contract Furniture in Europe Market
  • Contract Furniture in East Asia Market
  • Contract Furniture in South Asia & Pacific Market
  • Contract Furniture in Middle East and Africa (MEA) Market

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

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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Technical Textiles Market to Boom: US$ 390 Billion by 2033, Driven by High-Tech Fabrics

Technical Textiles Market
Technical Textiles Market

Future Market Insights projects that the technical textile market will most likely reach US$ 202.93 billion by 2023 and US$ 390 billion by 2033, growing at a CAGR of 6.7%. With the increasing demand for technical textile fiber, the global technical textile market is expected to grow quickly across a variety of end-use industries, including apparel, medical, automotive, etc.

Technical textiles are booming in fast-growing industries like automotive, construction, healthcare, infrastructure, and oil and petroleum, which drive demand for medical textiles (Medtech), specialty fabrics, industrial fabrics, protective textiles (Protech), and agricultural textiles (Agrotech).

The textile industry is growing fast, especially in the high-tech, high-performance fabric market. Technical textiles are widely manufactured using the textile coating process. Besides clothing, the textile industry continues to be a big player in technical textiles, which are applied in non-clothing applications. Textile science and technology play a distinctive role in technical textiles because of the need for understanding and applying the principle, mostly in relation to technology, but often also in engineering applications.

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As awareness of the environment and interdisciplinary technologies have grown, special attention has been paid to unconventional technical applications. For a healthy environment, social and economic equity, and a profitable economy, textile structures have been used in agriculture and horticulture to enhance the quality and efficiency of agriculture and food products. Materials that gradually degrade are becoming increasingly popular.

Construction entails a wide range of textiles, including concrete reinforcement, façade foundations, construction of interiors, insulation, weatherproof materials, noise reduction, air conditioning, visual protection, anti-sun protection, and building safety. Several technical textile products have been tested and certified by the International Organization for Standardization (ISO) as flame retardants, ultraviolet stabilizers (UV), and water repellants for building material applications.

Key Takeaways

  • Due to technical textiles’ increasing use in defense and military applications, the Indian technical textiles market is expected to grow steadily.
  • Asia Pacific is expected to lead the global technical textiles market in the near future, with more than 47% market share in 2023.
  • With the growing demand for Meditech textiles in the coming years, Japan and South Korea are expected to hold over 10% of the global market in 2023.
  • The market for mobiletech textiles is forecast to grow at a CAGR of 4.5% over the forecast period.
  • According to the forecast, nonwoven-based production processes will grow at a CAGR of 4% over the next few years.

“With farmers becoming more aware of the benefits of using technical textiles, reducing pest attacks, and enhancing agriculture productivity, the demand for agrotech will grow at a fast rate in the future. The combination of these factors should help to expand the entire market,” says an FMI analyst.

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Competitive Landscape

Expanding and penetrating new markets is both organic and inorganic for technical textile companies. New product launches, mergers, and partnerships are a few of these strategies. The key industry players are:

  • Asahi Kasei
  • Kimberly Clarke
  • Berry Global Group
  • DuPont
  • Mitsui Chemicals
  • Freudenberg & Co
  • Low & Bonar
  • Huntsman
  • Toyobo Co
  • Milliken & Company
  • SRF Limited

Market Developments Include:

  • In June 2023, Gaurs’ principals will present sustainable dyeing & processing technologies. To provide Indian customers with sustainable machines and solutions that use fewer utilities and are eco-friendly, strategic alliances with these next-generation machine manufacturers have been formed. Compared to traditional dyeing, processing, and finishing machines, these machines give customers a faster return on investment (ROI).
  • In June 2023, Beaulieu Technical Textiles will launch RECOVER, a long-lasting, strong, and sustainable weed control solution for indoor and outdoor nurseries that will set a new standard in woven horticultural groundcovers. RECOVER’s core competencies are innovation and expertise, and demonstrate how products can be rethought to meet functional needs and promote circularity in markets.

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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Baby Personal Care Market: Holding the Global Market at a Moderate CAGR of 5% by 2033

Baby Personal Care Market
Baby Personal Care Market

As per newly released data by Future Market Insights (FMI), the baby personal care market is estimated at US$ 6.08 Billion in 2023 and is likely to cross US$ 8.71 Billion by the end of 2033. The baby personal care market is expected to hold the global market at a moderate CAGR of approximately 5% during the forecast period. The share of the baby personal care market in its parent market (personal care market) is approximately 20%-25%.

The growth of the baby care personal products market is primarily fueled by the increasing number of births in developing countries and the growing awareness among consumers regarding child hygiene.

This trend is bolstered by rising disposable incomes and evolving lifestyles among consumers in these regions. Additionally, couples who marry and become parents in their mid-thirties to mid-forties are often considered to be more financially stable, leading to greater spending capacity for baby care products.

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Increasing product research and development investments, combined with the growing trend of organic ingredient-based baby care products, have urged manufacturers to launch new products through popular supermarkets and specialty stores.

  • In August 2021, a popular baby care brand, Baby Dove partnered with Walmart to launch a new line of shampoo, conditioner, baby wash, and skin cream for infants with sensitive skin and multiracial babies. Such product offerings are expected to have a positive impact on market growth.

Key Takeaways from Market Study

  • Skincare is the leading segment with a growth of 6.8%. Newborn babies are more prone to skin diseases and rashes which fuel segment demand. Additionally, the high availability of various products and offerings fuels market demand.
  • Modern trade has emerged as a valuable asset for the market leading sales towards growth of 5.9%. The market segment for essential baby care products, in particular toiletries, diapers, toys, and garments, is expanding at a pace of 13–14% each year as a result of more internet marketplaces.
  • United States holds a substantial share of the market contributing revenue of US$ 25 billion by 2033. High per-capita income and increased customer spendings on infant care are the key factors supporting this dominance.
  • India market is growing at an impressive rate of 8.0%. Numerous well-known local and regional companies contribute to the fierce competition in India’s infant care products industry. In recent years, demand for baby care goods in India has increased due to increased consumer knowledge and disposable income.

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Key Players Are:

  • Alliance Boots
  • Asda Group Ltd.
  • Avon
  • Beiersdorf
  • Bonpoint
  • Burt’s Bees Inc.
  • Johnson & Johnson Ltd.
  • Kimberly-Clark (U.K.)
  • L’Oréal
  • Marks & Spencer
  • Nivea
  • Oral B Laboratories Ltd.
  • Procter & Gamble
  • Unilever
  • Others (As Per Request)

Rise in Number of Infant Population Driving the Growth

The baby care personal market is largely driven by increasing births in developing countries and also due to increasing awareness of consumers about child hygiene. This is further supported by increasing disposable income and changing the lifestyles of consumers in developing countries. Furthermore, couples married and parenting while in their mid-thirties to mid-forties are considered to be more financially stable, thus resulting in higher spending capacity for baby care products.

Key Segments

By Product:

  • Skincare
  • Body Care
  • Hair Care
  • Oral Care
  • Toiletries
  • Fragrances & Deodorants
  • Color Cosmetics

By Nature:

  • Organic
  • Conventional

By End Use:

  • Individual/Residential
  • Institutional/Commercial

By Price:

  • Mass
  • Premium

By Gender:

  • Boys
  • Girls
  • Unisex

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific excluding Japan (APEJ)
  • Japan
  • The Middle East & Africa (MEA)

Latest Developments:

  • Johnson & Johnson Ltd. launched a bay care product line named ‘Cottontouch’ in 2020, including hair oil, wash, body lotion and cream. They also have newborn and baby hampers, featuring a number of essential products and a clothing piece as a gift.
  • Nivea is offering an all-in-one baby cream, with a small and portable, easy-to-carry and use flat container, and made from natural ingredients and no additives.

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

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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Ceramic Sanitary Ware Market is Anticipated to Register a Steady CAGR of 3.8% by 2033

The global ceramic sanitary ware market is anticipated to register a valuation of US$ 3.8 billion  in 2023 and expand to US$ 5.6 billion by 2033. The global market is expected to secure a CAGR of 3.8% from 2023 to 2033.

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Opportunities in the Ceramic Sanitary Wave Market

Manufacturers are bringing new opportunities in the global market by developing better products. They are innovating better design ceramic sanitary waves with high-quality materials by focusing on sustainability. Some of these market opportunities are as follows:

  • Innovative Design and Aesthetics: Manufacturers design innovative designs and esthetic looks ceramic sanitary wave to attract consumers. The popularity of premium toilets and washrooms and changing consumer preferences are increasing the demand for stylish and hygienic bathrooms are growing market opportunities. Manufacturers capture consumers’ attention by developing modern designs and eye-catching ceramic sanitary waves.
  • Advanced Materials: Manufacturers collect premium, high-quality materials to develop advanced ceramic sanitary ware. Manufacturers offer high-performance, durable, and cost-effective products to satisfy consumers’ desires.
  • Hygiene and Cleanliness Focus: Manufacturers are adopting water-related technology to save water, improve hygiene, and enhance self-cleaning surfaces. They are exploring opportunities in their products to increase the demand for ceramic sanitary ware.
  • Sustainability and Eco-friendly: Manufacturers bring opportunities to the global market by developing sustainable products to reduce environmental impacts. They are optimizing manufacturing processes to enhance water conservation and reduce hazardous environments.
  • Intelligent and Connected Solutions: Manufacturers design innovative and connected solutions by integrating advanced technologies such as sensors, Internet of Things, and automatic. The adoption of these technologies improves consumers’ experiences.
  • Customization and Personalization: Consumers prefer personalized products with advanced features, colors, and designs. Manufacturers cater their products according to end users’ requirements, bringing global market opportunities
  • Market Expansion: Manufacturers are targeting their customers by innovating their products to expand better market reach. They are connecting with local and international manufacturers’ preferences to develop products according to fuel the global market expansion.
  • Collaborations and Partnerships: Manufacturers collaborate with fashion designers, architects, and contractors to meet consumer needs. They are collaborating with them on several projects related to product alignment.

Key Takeaways: 

  • The global ceramic sanitary ware market is estimated to register a valuation of US$ 5.6 billion by 2033 with a CAGR of 5.3% by 2033.
  • In the historical period, the global market grew at a valuation of US$ 3.5 billion, with a CAGR of 3.5% in 2022.
  • India is anticipated to secure a maximum share of the global market by 2033.

Performance of Key Players in the Global Market

The number of essential players highly consolidates the global market. These players are adopting advanced technologies to improve their products to attract consumers. Key players heavily invest in research and development activities to upsurge global demand. They are adopting various strategic methodologies to fuel the global market revenue, including mergers, collaborations, agreements, and product launches.

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Recent Developments in the Global Market are:

In 2021, the Roca Group announced its acquisition of Sanit. This acquisition took place to strengthen Roca Group’s position in sanitary ware.

Key Companies Profiled

  • Geberit Group
  • Kohler Co.
  • LIXIL Group Corporation
  • TOTO Ltd.
  • Roca Sanitario SA
  • Villeroy & Boch AG
  • RAK Ceramics
  • Duravit AG
  • Duratex SA
  • HSIL
  • SOMANY CERAMICS Limited
  • Eros Sanitaryware

Ceramic Sanitary Ware Market by Segmentation

By Product Type:

  • Wash Basins
  • Water Closets
  • Cisterns
  • Vanity Basins
  • Accessories

By End User:

  • Commercial
  • Residential

By Region:

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

About Future Market Insights (FMI)

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

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
LinkedIn| Twitter| Blogs | YouTube