Market Research Blog – Page 4325 – New Product Development

Emerging Market Dynamics: Industrial Hearables Market Projected to Grow at 7.9% CAGR, Anticipated to Attain US$ 1700 Million by 2033

The industrial hearables Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the industrial hearables market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for industrial hearables. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The industrial hearables market is set to achieve unprecedented growth, with an estimated valuation of US$ 791.15 million in 2023, marking the onset of a transformative era. Projections indicate a staggering escalation to reach US$ 1,700 million by 2033, fortified by an impressive Compound Annual Growth Rate (CAGR) of 7.9% over the forecast period from 2023 to 2033.

The global industrial hearables market is on the cusp of a paradigm shift, driven by a confluence of dynamic factors that promise to reshape the landscape. These driving forces are poised to revolutionize the industry and include:

Technological Advancements: Pioneering technological breakthroughs have birthed innovative hearable solutions that transcend conventional boundaries. Cutting-edge features such as noise cancellation, augmented reality (AR) integration, and advanced voice recognition systems have opened new horizons for industrial applications. This convergence of technology enhances productivity, safety, and communication in industrial settings.
Workplace Safety Emphasis: Heightened awareness of workplace safety has led to a surge in the adoption of industrial hearables. These smart devices provide real-time monitoring and alerts, reducing workplace accidents and ensuring the well-being of employees. This safety-first approach is a pivotal driver propelling market growth.
Enhanced Communication: In the age of industry 4.0, seamless communication is paramount. Industrial hearables bridge communication gaps, offering instant access to critical information and enabling efficient collaboration among workers. This communication revolution significantly contributes to productivity enhancement.
Productivity Augmentation: The integration of hearables with IoT (Internet of Things) and AI (Artificial Intelligence) technologies empowers industrial workers with actionable insights and data-driven decision-making. This results in substantial productivity gains across sectors.
Customization and Adaptability: Industrial hearables are increasingly tailored to specific industry needs, providing customized solutions that cater to diverse sectors such as manufacturing, construction, logistics, and healthcare. This adaptability ensures their relevance and widespread adoption.

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However, amidst this promising trajectory, there are noteworthy restraints that warrant consideration:

Data Security Concerns: As industrial hearables collect and transmit sensitive data, there is a growing concern regarding data security. Safeguarding confidential information and protecting against potential breaches is of paramount importance.
Cost Constraints: The initial investment required for implementing industrial hearables can be a deterrent for some organizations. Striking a balance between cost and long-term benefits remains a challenge.
Regulatory Hurdles: Evolving regulatory frameworks and compliance standards can pose challenges for market players. Adhering to these standards while maintaining product innovation is a delicate balancing act.

Key Takeaways – Industrial Hearables Market Trends:

Enhanced Data Transfer: Industrial hearables are rapidly improving their data transfer and communication capabilities, enabling faster and more efficient information exchange in industrial settings.

Extended Battery Life: The adoption of longer-lasting batteries is extending the operational life of industrial hearables, reducing downtime for recharging and enhancing productivity during extended work shifts.

Rugged Design: Manufacturers are prioritizing rugged designs for industrial hearables, ensuring that these devices can withstand harsh and challenging industrial environments, contributing to their durability and reliability.

Integration with Tech Ecosystems: Industrial hearables are seamlessly integrating with existing industrial technology ecosystems, facilitating the streamlining of operations and enhancing the overall efficiency of industrial processes.

Competitive Pricing: The market is witnessing increased competition, resulting in more competitive pricing for industrial hearables. This affordability factor is broadening their adoption across a wider range of industries, making

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Competitive Landscape

The competitive landscape within the industrial hearables market is dynamic and filled with both well-established industry leaders and agile startups, all striving to establish their dominance. Seasoned manufacturers leverage their extensive experience to provide dependable, high-quality solutions, while innovative newcomers introduce disruptive technologies and cutting-edge designs.

Strategic partnerships, mergers, and acquisitions are playing a pivotal role in reshaping the market, fostering collaborative innovation among industry players. The primary focus remains on enhancing safety, productivity, and the overall well-being of workers.

Given the continuous evolution of regulations and standards in this sector, companies that can adapt swiftly and offer comprehensive, integrated solutions are best positioned to excel in this fiercely competitive arena. These companies will shape the future of industrial hearables.

Key Players:

Beltone Corporation
Cochlear Ltd
GN Store Nord A/S
Siemens Healthcare GmbH
Sivantos Pte. Ltd.
Sonova Holding AG
Starkey Hearing Technologies

Recent developments

Recent developments in the market include Jabra’s notable announcements in August 2023. Jabra, a prominent player in personal audio and hybrid work solutions, unveiled two premium additions to its Elite true wireless earbuds lineup. The Jabra Elite 8 Active, extensively tested as the most durable earbuds globally*, and the Elite 10, which boasts cutting-edge features suitable for both work and leisure. These features include crystal-clear call quality, all-day comfort, and an optimized Dolby Atmos experience, featuring Dolby Head Tracking technology.

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Segmentation Analysis of the Industrial Hearables Market

By Product Type:

Headphones or Earbuds
Personal Sound Amplifiers (PSAPs)
Hearing Aids

By Technology:

Wired
Wireless

By Distribution Channel:

Hypermarket/Supermarket
Multi Branded Stores
Exclusive Stores
Online

Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia & Pacific
East Asia
The Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Projected Growth of Bulk Material Handling System Market: Anticipated to Ascend with a CAGR of 2.5% from 2023 to 2033, Attaining a Valuation of US$ 6.9 Billion

The Bulk Material Handling System Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Bulk Material Handling System market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Bulk Material Handling System. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The Bulk Material Handling System Market is currently undergoing a notable upsurge, predominantly driven by the escalating number of infrastructural projects unfolding worldwide. As global supply chains continue to expand, an ever-increasing demand surfaces for expeditious, more efficient, and dependable material handling processes, thereby catalyzing the market’s rapid expansion. The sector’s pivotal role in augmenting overall productivity and streamlining operations across diverse industries amplifies its allure, thus attracting substantial investments and pioneering strides in material handling technologies.

Projections suggest that the global bulk material handling system market is poised to attain a valuation of approximately US$ 5.4 billion by the year 2023. This growth trajectory is primarily propelled by the burgeoning applications witnessed across various end-use industries. The market’s evolution is forecasted to persist, reaching an estimated worth of US$ 6.9 billion by 2033, reflecting a Compound Annual Growth Rate (CAGR) of 2.5% from 2023 to 2033.

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In tandem with the escalated pace of industrialization and the burgeoning infrastructure development, the requisition for bulk material handling equipment exhibits a proportional surge. Sectors encompassing mining, construction, manufacturing, and agriculture are increasingly reliant on efficacious and trustworthy systems to manage substantial volumes of materials such as ores, coal, aggregates, grains, and chemicals.

Paramount to this growth narrative is the notable proliferation of infrastructural initiatives spanning the globe. The imperative expansion of global supply chains, coupled with an exigency for enhanced expeditiousness and reliability in material handling processes, coalesce to propel the market’s expansion.

Efficient handling systems play a crucial role in facilitating the transportation of goods in substantial quantities within ports, logistics hubs, and distribution centers. These operations are poised to generate substantial demand for bulk material handling systems throughout the projected period. The escalating progression of technology, encompassing automation, robotics, artificial intelligence, and sensor innovations, is becoming progressively integrated into material handling equipment.

This integration serves to enhance operational efficiency, precision, and safety, thus exerting a profound influence on the trajectory of demand within the bulk material handling market.

Key Takeaways from the Market Study

The demand for bulk material handling systems witnessed a steady expansion with a Compound Annual Growth Rate (CAGR) of 2.1% between 2018 and 2022.
Among the equipment categories, the stacker segment exhibited robust growth, accounting for a significant CAGR of 6.7%.
In terms of applications, the packaging segment is poised for substantial growth, with an anticipated CAGR of 6.8% over the forecast period.
The North American region emerges as a promising market for bulk material handling systems, projected to capture a noteworthy CAGR of 4%.
Projections indicate that the bulk material handling system industry in the United Kingdom is on track to attain a valuation of US$ 6 billion by the year 2033.
The Asia Pacific region presents lucrative opportunities within the printed circuit boards market, with an expected CAGR of 2.5% during the forecast period.
Notably, South Korea’s printed circuit industry is positioned to achieve a market revenue of US$ 5.3 billion by the year 2033.

Competitive Landscape

The global market for bulk material handling systems exhibits fragmentation, characterized by the presence of numerous significant and medium-scale participants. Key industry leaders are proactively engaging in strategic agreements as part of their efforts to secure a larger portion of the market share.

Prominent players in the bulk material handling system market are:

Thyssenkrupp,
Techint Group,
FL Smidth,
Hitachi Construction Machinery Co.,
Liebherr Group,
IHI Transport Machinery Co., Ltd.,
Kawasaki Heavy Industries, Ltd.,
Komatsu, Sumitomo Heavy Industries Material Handling Systems Co., Ltd.,
L&H Industrial,
Schenck Process Holding GmbH,
Metso Corporation,
Satake Corporation,
Beumer Group,
Motridal S.p.A.

Some key developments of the leading companies in this market are:

Siemens: A global technological leader delivering solutions across diverse industries, prominently in material handling automation and digitalization. Their extensive portfolio encompasses cutting-edge offerings like conveyor systems, automation solutions, and control systems, catering to bulk material handling needs.
BEUMER Group GmbH & Co. KG: Distinguished German enterprise specializing in intralogistics solutions, prominently bulk material handling. Offering a spectrum of advanced equipment, including belt conveyors, automated storage and retrieval systems, and bucket elevators. A key focus of BEUMER Group lies in the innovation of sustainable and energy-efficient solutions for streamlined material handling processes.

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Know More about What the Printed Circuit Boards(PCBs) Market Report Covers

Future Market Insights offers an unbiased analysis of the global bulk material handling system market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the printed circuit boards market, the market is segmented based on equipment, and application across five major regions.

Key Segments Covered in Bulk material handling system Market Study

Application:

Mining
Packaging
Construction
Manufacturing
Sea Ports & Cargo Terminals

Equipment:

Stacker
Stacker cum Reclaimer
Band Conveyor
Bucket Wheel Excavator
Stripping Shovel
Rope Shovel
Bucket Elevator
Ship Loader and Unloader

Region:

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

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact:

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Suite 401, Newark,
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Unleashing Potential in the Smart Water Grid Market: Envisaging a 6.5% CAGR Enroute to a Valuation of US$ 48,683.6 Million by 2033

Global Smart Water Grid Market Poised for Remarkable Growth

The smart water grid Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the smart water grid market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for smart water grid. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The smart water grid market, which boasted a substantial worth of US$ 27,620.8 million in 2022, is poised for an extraordinary upswing. Forecasts suggest an impressive compound annual growth rate (CAGR) of 6.5%, driving its value to an astonishing US$ 48,683.6 million by 2033. The smart water grid industry is set for remarkable expansion, thanks to a convergence of compelling factors that position it as a symbol of innovation and efficiency.

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Driving Factors Accelerating Growth:

Cost-Effectiveness: The smart water grid’s intrinsic ability to optimize resource allocation and reduce operational costs is proving to be a game-changer for businesses and municipalities alike. By harnessing cutting-edge technologies such as IoT and data analytics, cost savings are achieved through the minimization of water wastage and infrastructure maintenance expenses.
Unparalleled Efficiency: In an era where efficiency is paramount, smart water grids have emerged as a beacon of hope. They enable real-time monitoring and data-driven decision-making, ensuring swift responses to leakages and supply fluctuations. This heightened efficiency is a boon to businesses and governments seeking to enhance service quality while preserving resources.
Time & Energy Savings: The smart water grid’s automation capabilities translate into substantial time and energy savings. Streamlined operations, predictive maintenance, and reduced downtime translate into an optimized workflow, freeing valuable resources for other critical tasks.
Reliability Redefined: The reliability quotient of smart water grids is off the charts. The ability to foresee issues, proactively address them, and maintain consistent water supply even in the face of unexpected events is transforming how we perceive water management. This newfound reliability is instrumental in ensuring uninterrupted water access for all.

Challenges on the Horizon:

Despite the promising growth trajectory, the global smart water grid market does face certain challenges:

Initial Investment: The adoption of smart water grid technology often requires a significant initial investment, which can be a deterrent for some organizations. However, it is essential to view this as a long-term investment that yields substantial returns in terms of cost savings and efficiency gains.
Data Security Concerns: With the integration of digital technologies, data security becomes a paramount concern. Safeguarding sensitive information and ensuring protection against cyber threats are vital considerations in the smart water grid ecosystem.

Key Takeaways:

Smart City Growth: The development of smart cities, particularly in emerging economies like India and other developing nations, is a significant driver for the smart water grid industry.
Global Smart City Projects: Approximately 200 smart city projects are currently underway worldwide, indicating a global trend towards urban development that relies on advanced technologies.
Improving Urban Water Infrastructure: Smart water grids, comprising interconnected devices that collect and exchange data with other devices and data centers, play a pivotal role in enhancing urban water infrastructure.
Utilizing IoT and ICT: The growth of smart cities is closely linked to the adoption of IoT (Internet of Things) and Information and Communications Technologies (ICT) to address urban living challenges and optimize resource utilization.
Quality of Life Enhancement: The primary goal of these technologies is to improve the quality of life in urban areas by ensuring more efficient use of limited resources, including water.
Meeting Rising Water Demand: As smart cities expand, there is a growing demand for water. Smart water grids are instrumental in meeting this demand by securing access to clean water resources and efficiently distributing water through urban networks.

Competitive Landscape Overview:

In the global smart water grid market, prominent manufacturers are actively pursuing innovation and advancements to solidify their market presence. Notably, several key companies are forging strategic partnerships with top-tier national logistics firms and government entities. These collaborations are geared towards expeditious product delivery while upholding product quality and durability.

Simultaneously, market leaders are implementing a multifaceted approach, which includes investments, partnerships, acquisitions, and mergers, to expand their market share. Furthermore, they are keenly dedicated to adopting novel strategies and leveraging evolving technologies to enhance the overall performance of water grids.

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Key Players:

Xinapse Systems Ltd, Prezi Inc.
ICT, co., Ltd.
Wetsus
The Whitmore Group
ABB Group
Arqiva
Toshiba Corporation
Neptune Technology Group Inc.
Schneider Electric
Badger Meter, Inc.

Key segments

By Technology:

Smart Infrastructure
Control & Automation
ICT & Analytical Software
Design & Engineering

By Application:

Residential
Commercial
Utility

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa

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Basalt Fibre Industry Anticipates Steady 11.6% Growth, Aiming for US$ 661.3 Million Valuation by 2032

The global basalt fibre industry is poised for substantial growth, with a projected value of US$ 661.3 million by the end of 2032. This upswing in demand is predominantly driven by the construction sector’s preference for basalt fiber due to its non-corrosive properties and increasing recognition of its numerous advantages, including improved mechanical, physical, and chemical characteristics. Moreover, the growing adoption of basalt fiber as an eco-friendly alternative to plastic fiber across diverse industries is significantly fueling its sales.

The market for basalt fibres has been significantly influenced by certain demographic factors, macro-economic factors, and certain innovation factors, including urbanization, development in the building and construction industry, increasing vehicle production, rising demand for environmentally friendly products, and technological advancements in the automobile and aircraft industry. The construction sector is expected to hold a prominent share of the global basalt fibre industry.

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Due to new stringent government rules and regulations, the demand for environmentally friendly and easily recyclable fibre and composite products is increasing drastically. Many consumers prefer to use recyclable products that do not harm the environment. Developed countries such as the US, Japan, and Germany are at the forefront of the use of environmentally friendly products rather than petroleum-based products.

These regulations, combined with end-user demand for environmentally friendly products, are encouraging manufacturers to use natural fibre composites, including basalt fiber, in construction and infrastructure, automotive and transportation, electrical and electronics, marine, and other end-use industries.

Innovations leading to more efficient and cost-effective production technologies of basalt fibres are expected to create new opportunities in the foreseeable future. To increase basalt fibre production capacity, some manufacturers are shifting from complex and inefficient manufacturing processes to Technology 2.0.

“Growing production advancements such as generation 2.0 production technology, 3-D printing, and the introduction of efficient and environmentally friendly products for end-users are expected to create a significant opportunity for basalt fibre manufacturers,” says an FMI analyst.

Key Takeaways:

The global basalt fibre industry is projected to witness a CAGR of 6% during the period of 2022 and 2032.
Significant growth in end-use industries such as construction, automotive, and aerospace is boosting basalt fibre industry demand.
China is anticipated to remain one of the prominent countries in the global market for basalt fibre.
By product type, the continuous basalt fibre segment is expected to remain one of the fastest growing segments, and is estimated to account for about 1% of the overall market size in 2021.
The construction and automotive segments are expected to remain key end-use industries for the consumption of basalt fibre with a combined market share of more than 75% in 2021.

Competitive Landscape

The basalt fibre industry is estimated to be a consolidated market, where key players are expected to account for a significant share of the market.

ASA.TEC GmbH, Basaltex, Technobasalt-Invest, LLC, Sudaglass Fiber Technolog, Galen LLC, Kamenny Vek Basfiber, MAFIC SA, Zhejiang GBF Basalt Fiber Co. Ltd., Sichuan Aerospace, Tuoxin Basalt Industrial Co. Ltd., Togliattiazot, Shanxi Basalt Fiber Technology Co. Ltd., HG GBF Basalt Fiber Co. Ltd., and many others are some of the manufacturers of basalt fibre profiled in the full version of the report.

Key players are focusing on expanding their production capacity to increase their market presence all over the globe and to gain maximum traction in the market. In order to secure long-term demand, top players are also entering into long-term supply agreements with key end-use industries. For instance, in August 2020, Mafic USA partnered with Materials Group to increase the use of basalt fibre in the automotive industry. The companies are aiming to supply basalt fibre to auto OEMs and their tier one manufacturing suppliers as sustainable products.

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Basalt Fibre Industry Segmentation

By Product Type:

Continuous Basalt Fibers
Super Thin Basalt Fibers
Staple Thin Basalt Fibers
Basalt Scale & Materials

By Application:

Composite
Non-Composite

By End-Use Industry:

Construction
Mining
Automotive
Aerospace
Shipbuilding
Power Generation
Electric & Electronics
Wind Turbines
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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Petroleum Jelly Industry Poised for Impressive 4.2% Growth from 2023 to 2033

The global petroleum jelly industry is on a steady growth trajectory, with a projected market value of US$ 525.1 million in 2023, and an anticipated expansion to US$ 770.3 million by 2033, driven by a promising compound annual growth rate (CAGR) of 4.2%. This sector’s consistent progress underscores its resilience and long-term potential within the market.

A cable-filling compound such as petroleum jelly has been used in the telecommunication industry for years to prevent moisture from entering cables. As a result, the availability of broadband connections at home might increase the demand for optical fiber cables.

The dielectric properties of petroleum jelly are beneficial to optical fiber cables and copper telephone cables. Additionally, petroleum jelly’s physical and chemical properties are driving the petroleum jelly market growth.

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Petroleum jelly’s market growth is mainly fueled by pharmaceutical and cosmetic products. Leather, telecommunications, manufacturing, marine, and other sectors also use it. The material is also resistant to rust and insoluble in water and many other chemicals, so it may be an ideal choice for equipment that requires rust resistance.

Growing investment in manufacturing industries and downstream product utilization is expected to fuel market demand in the coming years as a moisture reduction agent and grooming aid in a wide range of skin treatments, cosmetics, and hair products.

Key Takeaways from the Market Study

The petroleum jelly industry is expected to hold a CAGR of 4.2% over the forecast period.
USP grade is anticipated to remain the prominent segment in the petroleum jelly industry with a CAGR of 3.9%.
It is estimated that the petroleum jelly industry in North America may remain strong during the forecast period.
The petroleum jelly industry in the United States is estimated to be valued at US$ 103.5 million in 2023.
China is predicted to expand at a CAGR of 4.1% and is estimated to be valued at US$ 245.7 million in 2023.

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Competitive Landscape:

A variety of expansion strategies have been adopted by some leading market players in order to deepen penetration across lucrative markets. Several small-scale companies are merging and acquiring big companies to reach a wide consumer base and incorporate innovative products into their product lines. In addition to launching products, partnering with key players, acquiring companies, and strengthening regional and global distribution networks, these strategies include collaborations with key players.

Several prominent companies dominate this market, including International Group, Inc., Calumet Specialty Products Partners, L.P, ExxonMobil, Sasol, Lukoil, Polwax SA, Nippon Seiro Co., Ltd., Repsol, H&R Group, and others.

Recent Developments:

In May 2021, Royal Dutch Shell sold its 50% stake in Deer Park Refining Limited Partnership, a joint venture between the company and P.M.I. Norteamerica, S.A. De C.V. (a subsidiary of Petroleos Mexicanos, or Pemex). After regulatory approval, Royal Dutch Shell’s interest in the partnership and the refinery’s sole ownership is likely to be transferred to Pemex.
Calumet Specialty Products Partners announced in March 2020 that it has acquired Paralogics, a manufacturer of industrial and candle wax blends. Once integrated into Calumet’s existing wax business value chain, the new capabilities are going to add 20 million pounds of blending and formulating capacity annually.

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Petroleum Jelly Industry Segmentation by Category

By Grade, the market of Petroleum Jelly is segmented as:

USP
Technical

By End Use, the Petroleum Jelly is segmented as:

Pharmaceuticals
Cosmetics & Personal Care
Food
Other Industrial

By Region, the Petroleum Jelly is segmented as:

North America
Latin America
Europe
The Middle East and Africa
East Asia

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Retread Tire Market Share: Projected to Reach US$ 20 Billion by 2033 with a CAGR of 6%

The global retread tire market share is anticipated to reach USD 11.2 billion in 2023 and is expected to be worth USD 20 billion by 2033, trailing a CAGR of 6% during the forecast period.

The market is expected to experience significant growth, primarily influenced by the increasing prices of new tires, particularly for sports utility vehicles. This trend can be attributed to the rise in natural rubber costs and the volatility of crude oil prices. Additionally, the expanding number of commercial vehicles in operation worldwide is projected to be a major driving force for market growth.

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Tire manufacturers have shown a strong interest in exploring new opportunities and meeting the growing market demand for tire retreading. They are increasingly recognizing the significance of this technology and its rising popularity among consumers. As a result, major tire manufacturers have initiated research and development efforts to align with this market trend and fulfill the demands of retread tire users.

In September 2021, Bridgestone Corporation unveiled its latest commercial vehicle portfolio, showcasing cutting-edge mobility solutions and tire retreading concepts. Notably, the company highlighted the Bridgestone Duravis R002 premium tire, which stands out for its exceptional wet grip, optimal fuel efficiency, and durable carcass. Bridgestone expects that this retreaded tire will meet the demands of commercial vehicle users, offering high performance and reliability.

The tire retreading market is set to be propelled by the eco-friendly characteristics of retreaded tires and their cost-effectiveness compared to new tires. Retreading is known for its environmentally friendly nature, as it allows manufacturers to reuse existing tires, reducing the need for landfill space. Retreading helps decrease carbon dioxide emissions and saves significant quantities of oil that would otherwise be used in the production of new tires. These factors contribute to the sustainability and conservation of resources in the tire industry.

Key Takeaways

United States retread tire market is expected to grow with a CAGR of 5.8% during the forecast period.
The market in China is expected to grow with a CAGR of 6.2% during the forecast period.
By vehicle type, heavy commercial vehicle is projected to dominate the retread tire market. It is expected to grow with a significant CAGR of 6.5% during the forecast period.
By process, pre-cure retreading segment is expected to grow with a CAGR of 6.6% throughout the forecast period.

Increasing prices of sports utility vehicles is expected to drive market growth during the forecast period-comments an FMI Analyst

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Competitive Landscape

The retread tire market is highly competitive, with several key industry players investing heavily in the production of these tires.

The key industry players are Continental AG, MRF, YOKOHAMA RUBBER COMPANY, Rosler Tech Innovators, Michelin, Bridgestone, The Goodyear Tire & Rubber Company, Carloni Tire, JK TYRES, Eastern treads, Nokian tyres plc, KRAIBURG Austria GmbH & Co.KG, Pilipinas Kai Rubber Corporation, Kit Loong Commercial Tyre Group, Fortune Tire Tech Limited, Tread Wright Tire, CIO Tyres Pvt. Ltd., Vaculug Tyres, King Meiler Tyres.

Some recent developments in the market are:

Key market players are leveraging organic growth strategies like acquisition, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global retread tire market.

In February 2022, Bridgestone Corporation announced that its ALENZA 001 tire had been selected as the official original equipment for the Nissan Ariya, a compact crossover electric vehicle (EV) sport utility vehicle.
In July 2021, Michelin North America broadened its portfolio of tire retread technologies with the introduction of two new pre-mold retreads. One of these innovations is the Michelin X ONE Line Energy T2 Pre-Mold Retread, designed specifically to improve the total cost of ownership for the line-haul market in North America.
In November 2021, Nokian Tires declared its plans to substantially boost the production capacity of passenger car tires at its factory in Nokia, Finland.

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Key Segments Profiled in the Retread Tire Market Industry Survey

By Vehicle Type:

Passenger Cars
LCV
HCV
Off-Road Vehicle

By Process:

Pre-cure
Mold cure

By Sales Channel:

OEM
Independent Service Provider

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Automotive Garage Equipment Market Share Set to Reach US$ 63.1 Billion by 2033 with a CAGR of 8.94%

The global automotive garage equipment market share in 2022 was US$ 24.4 billion and is estimated to be US$ 26.8 billion in 2023. Future Market Insights has mentioned in its reports that the Automotive Garage Equipment Market is predicted to expand at a CAGR of 8.94% between 2023 and 2033, totalling around US$ 63.1 billion by 2033.

Key Takeaways from the Market Study

The global automotive garage equipment market expanded at a CAGR of 7.12% between 2017 and 2022.
Demand for automotive garage equipment is projected to increase at a 4.3% CAGR, in comparison with the 3.7% CAGR registered between 2018 and 2022.
The United States is home to a large automotive industry holding a significant part with a value share of 31.2%.
North America’s automotive garage market is expected to account for 36.9% of the total market share.

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China is expected to set to account for 40.3% of the global market share.
Japan holds a market share of 16.9%.
Introduction of new franchisee garages in India is expected to boost the market in the forthcoming years with a CAGR of 7.15%.
Increasing sales of two-wheelers such as mopeds, motorbikes, and scooters in the country are expected to boost the market in Australia at a CAGR of 6%.
Europe’s automotive garage equipment market is forecasted to account for 54.1% of the total market share, notably driven by increasing sales of luxury vehicles.
Two-wheeler mobility solutions in the United Kingdom at a CAGR of 7.92%.
Refurbishment of old garages is likely to drive sales of garage lift systems.
Sales of lifting equipment are expected to remain high over the assessment period with a market share of 44%.
Servicing premium cars are estimated to boost demand for independent garages for car workshops.
Inexpensive labor costs and the growing availability of premium car servicing equipment might drive sales with a market share of 33.2%.
Increasing repair services for passenger vehicles is expected to boost sales of light vehicles.
Sales in the light vehicles segment are projected to increase over the forthcoming years with a market share of 23.1%.

High demand for electric and hybrid passenger vehicles across the globe acts as one of the major drivers of the automotive garage equipment market”, comments a Future Market Insights Analyst.

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Key Innovation of the Market Players in the Market

In June 2023, ISTOBAL showcased its new M’WASH3 PRO rollover at Autozum 2023, the leading Austrian trade show for the car wash, service station, and dealership industry, held at Messezentrum Salzburg (Stand 09-0200).

The company is exhibiting for the first time at a show and on the international market. This innovative high-end equipment is aimed at increasing profitability in carwashes and improving the user experience through efficient and connected technology.

Some of the prominent players in the global market are-

MAHA Maschinenbau Haldenwang Gmbh & Co. KG
Snap-on Incorporated
Robert Bosch GmbH
Continental AG
Forward Lift Company (Dover Corporation)
VisiCon Automatisierungstechnik GmbH
Standard Tools and Equipment Co.
Symach Srl
Nussbaum Automotive Solutions
SAMVIT GARAGE EQUIPMENT
Sarveshwari Engineers
PULI Industries (Guangzhou Jingjia Auto Equipment Co., Ltd.)
Boston Garage Equipment Ltd.
Arex Test Systems B.V.
LKQ Coatings Ltd.
Aro Equipments Pvt. Ltd
Istobal S.A.
Con Air Equipment Private Limited
Oil Lube Systems Pvt Ltd.
Gray Manufacturing Company, Inc.

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Automotive Garage Equipment Market Segmentation

By Vehicle:

2 Wheelers
Light Vehicles
Heavy Vehicles

By Equipment:

Lifting Equipment
Body Shop Equipment
Wheel & Tire Alignment
Vehicle Diagnostics & Testing
Washing Equipment
Other Tools

By Garage:

OEM
Franchisee Garages
Independent Garages

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East & Africa

Author

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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 5000 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

Concrete Fibers Market Set to Surge, Projected to Reach US$ 4.39 Billion with a 9.75% CAGR by 2033

The global concrete fibers market, with a value of US$ 1.91 billion in 2022, is poised for steady growth, projected to reach US$ 2 billion in 2023 and expected to expand significantly to a market valuation of US$ 4.39 billion by the end of the forecast period, demonstrating a robust compound annual growth rate (CAGR) of 9.75%. This growth is driven by the increasing demand for reinforced concrete solutions in various construction and infrastructure projects worldwide.

Increasing public investment in infrastructure construction coupled with a growing focus on environmentally safe products in construction is expected to help the industry grow. The rising demand for off-site construction is also expected to drive the demand for the concrete reinforcing fiber industry. The rising population coupled with rapid urbanization and industrialization in emerging economies is driven by the increase in construction spending is likely to boost the global construction industry. This, in turn, is projected to drive the demand for reinforced concrete in various construction applications, thereby driving growth.

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The market is expected to be driven by an increase in commercial construction activities to account for improving economic health. The rise in the growth of commercial sectors like food and consumer goods has called for an increase in office and storage space, which has contributed significantly to the construction industry and the need for durable and aesthetic floorings in the form of paving slabs. Product manufacturers have a highly integrated supply chain with the majority of the players engaging in the production and manufacture of raw materials used in the production of paving slabs. Most of the players in the market also have an extensive direct distribution network which helps in a smooth flow of products and helps them to create a larger product portfolio with multiple customization options, which is a key factor in purchase decisions.

The presence of multiple players with higher quality products and competitive prices with very less product differentiation has led to lower switching costs for the buyer and hence increased the bargaining power of buyers. At the same time, the rising popularity of the product due to its combined properties of strength, maintenance, and beauty has kept the threat of substitutes to a minimum.

Key Takeaways-

The north American concrete fiber market is anticipated to reach over USD 1 billion by 2033
Asia pacific is expected to be the fastest and highest-grossing market to create demand for concrete fibers. The market in this region is expected to be valued at USD 1.8 billion by the end of the forecast period.
By product type, the steel-concrete fiber market will dominate the segment by amassing over USD 950 million by 2033.
The glass fibers segment recorded a valuation of around USD 100 million in 2022 and is poised to depict more than 7.5% CAGR from 2023 to 2033.
The concrete fibers market from the pavement application amassed over USD 265 million in 2023 and is anticipated to grow at 9% CAGR between 2023 and 2033.

“The market’s expansion may be linked to a paradigm shift toward workflows and process automation across a wide range of businesses and industrial verticals. Enterprises all over the world are eager to embrace effective and smooth business processes that can be executed regardless of location, which is propelling this industry ahead.” comments a Future Market Insights analyst

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Competitive Landscape-

Some of the major company profiles included in the global Concrete fibers market report are-

MBCC Group, Sika AG, The Euclid Chemical Company, Bekaert Corporation, ABC Polymer Industries, Owens Corning, CEMEX S.A.B. de C.V., ArcelorMittal, GCP Applied Technologies, Inc, FORTA Corporation, Nycon Corporation, Fibercon International, Inc., SRW Products, Inc, Technobasalt-Invest LLC.

December 2021: Sika AG is going to extend its operations in both Canada and the United States by forming a partnership with CiDRA Concrete Systems Inc. Thanks to this enterprise, constructors will be able to access up-to-date information regarding various building materials.
In 2020, The STRUX 90/40 macro synthetic fibers mobile app solution, which can be utilized in a number of concrete applications, had its version 2.0 launched by GCP Applied Technologies Inc.
In August 2021, the MBCC group agreed to purchase Fabpro Polymers, a leading creator and manufacturer of synthetic fibers for reinforced concrete and other uses in North America.
In August 2019, Masters builders solutions launched a new Masterfiber website. Masterfiber portfolio is a lightweight and durable concrete reinforcement portfolio for sustainable construction.

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More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global concrete fiber market, presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.

The study reveals essential insights on the basis of product type [steel fiber, synthetic fiber (Polypropylene, Nylon, Polyester, Other synthetic fibers), glass fiber, natural fibers, basalt fibers )] By Application ( Pavement, shotcrete, precast, Slabs on grade, Composite metal decks, Other Applications) By End-user ( Residential, Industrial & Commercial Infrastructure, Roads& bridges, Others) and regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

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Automotive Tire Market Share Set to Surge, Projected CAGR of 6.6% from 2023 to 2033

The automotive tire market share is expected to grow at a CAGR of 6.6% from 2023 to 2033. The market is valued at US$ 503.9 Billion as of 2023, and by 2033, the market is expected to hit a valuation of US$ 958.8 Billion.

The stringent safety norms pertaining to road are expected to surge the sales of automotive tires during the forecast period. A sharp increase in the number of accident cases owing to bad quality tires has motivated the investors to spend huge amounts behind the development of top-notch tires.

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Rise in the disposable income, coupled with rapid urbanization is also expected to surge the demand for automotive tires during the forecast period. Apart from that, low production cost and lenient emission rules in certain parts of the world is also expected to have a positive outlook on the market.

Moreover, the current generation automotive tires have been designed on the grounds of latest technology. This has led to the development of properly mounted, correctly inflated, and balanced automotive tires. This is expected to have a positive effect on the automotive tires market key trends and opportunities.

Furthermore, an increase in the sales of passenger cars is also expected to bring about optimism in the market. The SUVs in general are having a strong penchant in Asia Pacific, particularly in India and China. Even the technological advancements are expected to surge the market share of automotive tires. Owing to this, the manufacturers have developed green tires which are gaining traction especially amongst the youngsters.

Thus, from the insights provided by FMI researchers, it can be inferred that “increasing focus on safety norms, technological innovation in the automobile sector and a number of other factors are expected to surge the automotive tires market share during the forecast period.”

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Key Takeaways:

The automotive tires market is expected to grow at a CAGR of 6.6% during the forecast period.
As of 2023, the market is valued at US$ 503.9 Bn.
By 2033, the market is expected to reach a valuation of US$ 958.8 Bn.
Based on the regional analysis, Asia Pacific is expected to be the largest market during the forecast period.
The USA automotive tires market is projected to grow at a CAGR of 6.7%.
The Brazil market is projected to grow at a CAGR of 4.6%.
The Argentina market is projected to grow at a CAGR of 5.7%.
The India market is projected to grow at a CAGR of 7.4%.
The China automotive tires market is projected to grow at a CAGR of 7.3%.
On the basis of vehicle type, the commercial vehicles segment is expected to hold the largest market share, growing at a CAGR of 6.4% during the forecast period.
On the basis of sales channel, the aftermarket segment is expected to have the highest market share, growing at a CAGR of 6.6% during the forecast period.
On the basis of tire structure type, the radial automotive tires are expected to hold the largest market share during the forecast period, exceeding US$ 550.2 Bn by 2031.

Competitive Landscape

The key players operating in the market are focusing on the mergers and acquisitions. The companies are merging with one another mainly to access the technologies available with both parties. Apart from that, the market expansion strategy also happens to be one of the key reasons. The key players are also collaborating with the manufacturers from the electric vehicles niche as the market of electric vehicles has a lot of scope going ahead.

The Major Manufacturers of Automotive Tires Market Are:

Continental AG
Bridgestone
Michelin
Goodyear tire and rubber company
Pirelli

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Some of the Recent Developments in the Automotive Tires Market Are:

In November 2022, Continental AG announced that it would be making use of skai surfaces to deliver a wide range of solutions for interior fittings on board ships.
In September 2022, Bridgestone announced that it would be investing US$ 60 million to expand the Abilene Bandag Retread Tire Plant.

Automotive Tires Market Segmentation

By Vehicle Type:

2/3 Wheeler (<18”, >=18”),
Passenger Vehicle (<=15”, 16”-19”, >=20”),
Commercial Vehicle,
Light Commercial Vehicle (<=15”, 16”-19”, >=20”),
Heavy Commercial Vehicle (<=20”, 21”-24”, >=24”),
Specialty Vehicle

By Tire Structure:

Radial (Tube, Tubeless),
Bias

By Sales Channel:

OEM
Aftermarket

By Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
MEA

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Securing Market Dominance: Key Strategies of Leading Players in the Automatic Door Control Market

According to projections, the global market for automatic door controls will be valued at US$ 14,426.00 million in 2023 and will expand at a modest 7.2% annual growth rate. The automatic door control market is projected to grow to a value of US$28,913.00 million by 2033. A 5.1% HCAGR was found by Future Market Insights in their research.

A living organism generates infrared energy, which the PIR sensor can detect at a great distance. A microprocessor receives this sensed signal and transmits it to the door motor, which is then turned on. While a predetermined time delay is used to control the door’s closure.

The automatic door control system is basically based on intention analysis and human detection. This is achieved with the assistance of a passive infrared sensor. Sensor-based automatic door control technologies include ultrasonic/radio, infrared and other wireless sensing methods.

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Global Automatic Door Control Market: Drivers

The key factor driving the global automatic door control market are high disposable incomes. Moreover, changing lifestyles of people also accounts for a major share in driving the global automatic door control market. Improvement and increase in construction activities and adoption of automation in most of the developed regions is another factor driving the growth of the market. Moreover, increased construction of malls, high technology airports, grand hotels and multiplexes have led to the growth of the global automatic door control market.

Regional analysis includes

North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Global Automatic Door Control Market: Restraints

High initial costs is one major challenge pulling down the growth of the global automatic door control market. Moreover, heavy maintenance and repair costs and less demands of automation in small and emerging economies restricts the global automatic door control market to grow. Further, increased price of raw materials like metal and glass is another factor restricting the builders or owners to use such automatic doors thus challenging the overall growth of the global automatic door control market.

Global Automatic Door Control Market: Region-Wise Outlook

North America and Western Europe are the biggest markets for automatic door control because of high tech developments in the regions. Developed regions like North America and Western Europe are mature markets in terms of automatic door controls. Asia Pacific is the fastest-growing market followed by Middle East and Africa. Eastern Europe and Latin America are also showing positive growth in the global automatic door control market. Asia Pacific is expected to witness significant growth due to increasing development and automation in the developing economies like India and China.

The report covers an exhaustive analysis on:

Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition and companies involved

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By Segmentation

The global automatic door control market can be segmented on the basis of geography, type, operating mechanism, technology and application. On the basis of geography, the global automatic door control market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Middle East and Africa and Japan. On the basis of type, the global automatic door control market can be segmented into glass doors, metal doors, plastic doors and composite doors.

Key Players

Some of the major players in the global automatic door control market are GEZE Corporation, Door Controls Inc., Dorma, Automatic Door Controls Inc., Thomas Door and Windows.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology, and applications.

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 is 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 5,000 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