Air Separation Plant Market size is set to reach a Valuation of US$ 7.9 Billion during Forecast 2022 to 2028, Get Insights FMI

The global air separation plant market is now valued at US$ 5.9 billion, with a 5% CAGR predicted to reach US$ 7.9 billion by 2028. The rising demand for air separation plants in the healthcare industry is projected to be a significant trend boosting worldwide market expansion across geographies.

The global market for air separation plants is estimated to be worth US$ 7,891.1 million by 2028, increasing at a 4.9% CAGR over the next decade, with China accounting for the lion’s share.

Furthermore, as many industrial processes transition to high-purity gases, the market for air separation plants is evolving rapidly. These gases are suitable for use in a variety of industries due to chemical properties such as reactivity and physical properties such as density, boiling point, and vapour pressure; depending on the industry, they are known as fuel gases, medical gases, refrigerant gases, or speciality gases.

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An Overview of the Global Air Separation Plant Market

A large share of the market revenue is likely to be generated by the chemical, iron and steel, healthcare, and food and beverage industries. Air separation plants are used for separating atmospheric air into industrial gases, including nitrogen, oxygen, argon, and other inert gases. Increasing demand for such industrial gases will create opportunities for the air separation plant market to grow in the coming years.

The food and beverage industry’s growing emphasis on gas packaging, rapid refrigeration, and freezing technologies is driving up demand for liquid nitrogen freezing.Several air separation plant manufacturers are specifically launching units for gas-related products in the food industry. Additionally, demand for medical gases and equipment like infusion pumps and continuous positive airway pressure (CPAP) devices in hospitals and private homes will ramp up investments in the air separation plants market in the coming years.

Growing Demand for Pure Gases Augments Adoption of On-site Air Separation Plants

In lieu of growing demand for on-site gas generation for environmentally friendly operations, key players in the air separation plant market are catering to the diverse needs of several industries looking for volume and purity with customizable on-site production solutions. An on-site air separation plant enhances energy efficiency, boosts product quality, and increases throughput. Modular configuration, designed with backup systems, and easy installation and integration are some of the factors pushing the adoption of on-site air separation plant technologies—offering a highly reliable source of energy.

Customized solutions, mergers and acquisitions, and divestitures are the key strategies driving the global air separation plant market.

Top players operating in the global air separation plant market are focusing on strategic mergers and acquisitions to expand their businesses in regions with high industrial growth. Manufacturers are also empowering end-users with innovations and digitization in air separation plants for increased operator comfort and protection. Market players are customising air separation plants in order to meet specific customer demands in terms of gas volume and purity. For instance, Linde AG serves a major share of customers looking for customised solutions owing to their worldwide presence and vast experience in engineering and operation of customised air separation plants.

However, factors such as high capital costs associated with setting up air separation units and cyclical fluctuations in end-user markets could negatively impact the growth of the air separation plant market, in terms of market volume. Mature markets in Japan are likely to reduce air separation plant deployments in the coming years.

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Key Segments of Air Separation Plant Industry Survey

Air Separation Plant Market by Type:

  • Cryogenic Air Separation Plants
  • Non-cryogenic Air Separation Plants
    • Pressure Swing Adsorption (PSA)
    • Vacuum Pressure Swing Adsorption (VPSA)
    • Membrane Separation

Air Separation Plant Market by Gas:

  • Oxygen
  • Nitrogen
  • Argon
  • Diesel

Air Separation Plant Market by End-use Industry:

  • Air Separation Plants for Chemical Industry
  • Air Separation Plants for Iron & Steel Industry
  • Air Separation Plants for Healthcare Industry
  • Air Separation Plants for Food & Beverage Industry
  • Air Separation Plants for Paper & Pulp Industry
  • Air Separation Plants for Oil & Gas Industry
  • Others

Air Separation Plant Market by Region:

  • North America Air Separation Plant Market
  • Latin America Air Separation Plant Market
  • Europe Air Separation Plant Market
  • East Asia Air Separation Plant Market
  • South Asia & Pacific Air Separation Plant Market
  • Middle East & Africa (MEA) Air Separation Plant Market

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Pallet Truck Market to Expand at a Steady 7.5% CAGR from 2022 to 2032: Analysis of Key Trends, Drivers & Challenges

The global pallet truck market is predicted to increase at a 7.5% CAGR between 2022 and 2032, according to the publisher. A complete analysis, market size and forecast, trends, growth drivers and challenges, and vendor analysis are all included in the pallet trucks market study.

Pallet truck utilisation is expected to rise in the next years as a result of industrial automation in emerging economies. The majority of new infrastructure is being constructed for industrial and storage reasons, prompting businesses to invest in technology such as automation, the Internet of Things (IoT), visual guidance systems, lasers, and GPS.

Furthermore, firms are merging AGV systems and self-driving trucks to provide full-service warehouse solutions.

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In freight and logistics, wholesale distribution, fast-moving consumer goods, food & beverage, and automotive industries, pallet truck is very efficient piece of equipment to streamline the warehousing process.

Manufacturers are introducing new and innovative products with cutting-edge design. They are improving both manual and electric pallet trucks for light and medium duty material transportation in the most effortless and economic way.

“Expansion of warehouse spaces and value addition in the operation of warehousing due to implementation of advanced technologies will boost sales of pallet trucks. Also, surging demand for electric pallet rucks will fuel growth in the market,” says an FMI analyst.

Key Takeaways:

  • By product type, the standard pallet truck segment is projected to hold 59% of the total market share in 2022.
  • In terms of control type, sales in the electric pallet truck segment will increase at a CAGR of 9.8% over the forecast period.
  • Based on end use segment, demand in the wholesale distribution segment is expected to hold more than 20% of the total market share in 2022.
  • From 2022 to 2032, the load capacity of 2000-4000 KG pallet truck segment will account for 58.7% of the total market share.
  • Sales of pallet trucks in the U.S. market will increase at a 7.2% CAGR over the forecast period.
  • Total demand in the China market is expected to reach a valuation of US$ 22.5 Bn over the assessment period.
  • Germany will emerge as a lucrative market, with demand increasing at a 5.6% CAGR through 2032.

Competition Landscape 

Owing to the growing demand from manufacturing industries, key manufacturers operating in the global pallet truck market are offering innovative products to improve sales. Leading players in the market are adopting alternative distribution channels to further strengthen their market presence in regional markets.

Some of the key pallet truck manufacturers include Kion Group, Toyota Industries Corporation, Mitsubishi logisnext, Jungheinrich AG, Crown equipment corporation, Hyster Company, Hyundai heavy industries and others.

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Key Segments Covered In Pallet Pooling Industry Analysis

Control:

  • Manual
  • Semi-Electric
  • Electric
  • Diesel
  • Compressed Natural Gas (CNG)
  • Others

Product Type:

  • Standard
  • Quarter
  • Silent
  • Weighing
  • Scissor

Load Capacity:

  • Below 2000 Kg
  • 2000 – 4000 Kg
  • 4000 – 6000 Kg
  • Above 6000 Kg

End-Use Industry:

  • Food & Beverages
  • Retail stores
  • Wholesale Distributions
  • Freight and Logistics
  • Manufacturing
  • Others

Region:

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

About Us

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US Plastic-to-fuel Market is Projected to Surpass US$ 221.3 Million from 2022 to 2032| FMI Study

The US plastic-to-fuel market is expected to develop at a 7% annual rate from 2022 to 2032. The US plastic-to-fuel market is expected to achieve a valuation of roughly US$ 221.3 Million by the end of 2032, up from a present valuation of US$ 112.5 Million in 2022.

Because of the need for a clean and sustainable environment, there is a continual effort to obtain energy from other sources such as waste. In accordance with this requirement, the US government has begun employing plastic-to-oil machines in a number of locations to reduce the increase in household and industrial rubbish.

The need for clean fuel is anticipated to expand exponentially each following year, as the demand for fossil fuels is anticipated to rise in the near future as a result of rising pollution levels and tightening government laws aimed at reducing the amount of carbon in fuels. For this reason the hydrogen segment has emerged to be a major stakeholder for US plastic-to-fuel market opportunity in the coming days.

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The US plastic-to-fuel market’s development is anticipated to be constrained by the high setup costs. Pre-processing used plastic garbage is still another significant element that raises the whole cost presenting a major challenge for the US plastic-to-fuel market growth in US as well as other parts of the world. Moreover, the plastic fuel business will soon see rapid growth because of the favourable regulatory framework that the international organizations and local politicians are creating.

However, a number of factors, such as feedstock contamination, process choice, etc. may affect how much fuel is produced. Due to increased concerns about high-quality & sustainability among plastic makers, many plastic-to-oil producers are concentrating on employing advanced machines which is boosting the industry’s popularity of liquid fuel.

Key Takeaways from US Plastic-to-fuel Market Study

  • The overall growth of the US plastic-to-fuel market is estimated to be around US$ 11.5 Billion over the forecast years through 2032, by experiencing the astounding CAGR of 13.5%.
  • By acquiring roughly about 40% of the market share in terms of revenue in the year 2019, Vadxx led the US plastic-to-fuel market share in terms of total sales of fuels, followed Agilyx and RES Polyflow, in that order.
  • Crude oil and diesel are the two major sub-segments of the fuels generated by conversion technologies, with crude oil projected to have the largest market share in the coming days. In the aftermath of such developments the US plastic-to fuel marketparticipants have, however, made changes to the method that they have all trademarked as private technology.

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Competitive Landscape for the US Plastic-to-fuel Market

Major US plastic-to-fuel businesses include Plastic2Oil, Agilyx Corporation, Vadxx Energy, Green Envirotecir Holdings LLC, and RES polyflow dominate the U.S. plastic-to-fuel market.

Major p layers in the US plastic-to-fuel market are collaborating with sources of gas plastic feedstock, includiing businesses that produce waste plastic and local governments. The majority of businesses intend to expand in the upcoming years, which could probably result in a rise in the amngount of money made in the US plastic-to-fuel industry.

Recent Developments in the US Plastic-to-fuel Market:

  • A 20-year master contract between Plastic2Oil Inc. and Veridisyn Technologies LLC, which is an alternative energy project developer with offices in Tuscaloosa, Alabama, was announced in January 2018. As part of the arrangement, Veridisyn has promised to acquire P2O processors and license for P2O’s technology for improving the efficiency of its established facilities.

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Key Segments

By Revenue Generation Model:

  • Fuel
  • Processors
  • Royalties

By Technology:

  • Pyrolysis
  • Depolymerization
  • Gasification

By End Products:

  • Crude Oil
  • Sulphur
  • Hydrogen
  • Diesel
  • Others

By Region:

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

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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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Global Truck Mounted Cranes Market size is set to reach a Valuation of US$ 3,769.7 Million during Forecast 2023 to 2033, Get Insights FMI

The global truck mounted cranes market is anticipated to be worth US$ 3,769.7 million by 2032. Between 2022 and 2032, it is predicted to expand at a CAGR of 4.5%. Stiff boom models account for more than 67% of the worldwide truck mounted cranes market.

According to the International Monetary Fund, global economic growth would expand by 3.6% in 2023, offering tremendous opportunities for the infrastructure industry to develop around the globe. As construction activity rises and financial conditions improve in numerous nations, the market is likely to expand. The mining and construction sectors’ rise is likely to enhance the market even further.

Furthermore, the global expansion of the oil and gas, utilities, commercial, automotive, and mining industries is likely to fuel the market. These cranes make up almost 4.7% of the parent market. Their increased deployment in infrastructure building activities, as well as the electricity and telecommunications industries, is primarily responsible for their growth.

Crane sales are likely to increase further as they are increasingly used in the material loading, shipbuilding, and manufacturing industries. These cranes’ high load bearing capability and shifting designs are expected to suit the needs of a wide range of industries, including telecoms work sites and complex industrial processes.

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Truck mount cranes can be hydraulic, mechanical, or electrical having load capacities ranging between 2.5 to 16 tons. Additionally, the truck mount crane has an extending boom, auxiliary devices, a hook, and supplementary support while lifting which increases its stability, landing leg, rotatory table, and rack. The increasing economical and infrastructural growth all across the globe has boosted the demands of instruments for construction this is playing a significant role in the expansion of the truck mount crane market all across the globe.

Regional Outlook:

Significant growth in the infrastructure, economy and industrialization in the MEA, North America, and European countries has boosted the sale of truck mount cranes in this region. Being safe, reliable, and productive the Truck Mounted Crane market is forecasted to grow in all the above regions. Moreover, there is the growth of urbanization in all the developed countries which includes the USA, Europe, and Japan, this is estimated to accelerate the Truck Mounted Crane market over the forecast period.

In the Asia-Pacific region, countries like China and India have increased the use of Truck Mounted Crane due to the inclination of consumers towards more productive, user-friendly, and efficient technology. The never-ending demand for constructional infrastructure by various end-use industries is also expected to drive the global Truck Mounted Crane market over the forecasted period. Based on all the above-mentioned factors, the Truck Mounted Crane market is forecasted to grow with a prominent CAGR over the forecast period.

The regional analysis includes:

  • North America (U.S., Canada)
  • Latin America (Mexico. Brazil)
  • Western Europe (Germany, Italy, France, U.K, Spain)
  • Eastern Europe (Poland, Russia)
  • Asia-Pacific (China, India, ASEAN, Australia & New Zealand)
  • Japan
  • The Middle East and Africa (GCC Countries, S. Africa, Northern 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 an 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.

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Key Players

Key players in the global market of Truck Mounted Crane are:

  • Shanghai Guanhai Heavy Industry Science & Technology Co., Ltd
  • Chowgule and Company Pvt. Ltd.
  • Amma Engineering Pvt. Ltd
  • Cherokee Truck Equipment, LLC.
  • Lift and Shift Equipment
  • HYVA Global B.V.
  • Jomac
  • Stellar Industries
  • Sinomach Heavy Industry Corporation
  • Manitex International.
  • Mech-Tech Industries
  • Kissan Engineering
  • Palfinger Cranes India Pvt. Ltd.
  • PM Group S.p.A.
  • Liftmoore, Inc.

Truck mount trucks are mainly used for power distribution as well as construction purposes. With the growing expansion of the power and distribution network demand for truck-mounted cranes is also increasing in the global market. Truck mount cranes make the task easy by saving human time and energy and allowing the completion of tasks efficiently and effectively, this makes them more reliable for the customers and this is propelling the growth of the market of truck mount globally.

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, type of product, and applications.

Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint.

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Truck Mounted Cranes Market Outlook by Category

By Product Type:

  • Stiff Boom
  • Knuckle Boom

By Drive:

  • Electrical
  • Mechanical
  • Hydraulic

By Lifting Capacity:

  • Below 15 Ton
  • 15 to 30 Ton
  • 30 to 50 Ton
  • Above 50 Ton

By End Use:

  • Industrial
  • Commercial
  • Infrastructure
  • Others

By Region:

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

About Us

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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Hand Tools Market to attain a net worth of US$ 15.06 Billion from 2022 to 2032, Study by FMI

According to FMI, the worldwide hand tools market will be worth US$ 26.70 billion by 2032, with a 5.9% CAGR from 2022 to 2032.

Hand tool sales are predicted to expand at a 5.9% CAGR between 2022 and 2032. The global hand tools market is predicted to expand 5.6% year on year in 2022, reaching around US$ 15.06 billion by year’s end. Long tips for reaching difficult-to-reach locations, as well as specially engineered joints to make instruments easier to handle, are in high demand.

Hand tools are equipment and tools that do not require electricity to operate. These instruments are frequently used in gardening, agriculture, and farming. The tools’ capabilities and jobs are limited because they are operated by hand. Additionally, rising demand from the automotive maintenance and repair industry, as well as technological advancements in hand tool production, are driving the hand tools market’s expansion.

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Manufacturers have recognised the importance of regular tool design manipulations, innovations, and the addition of new features. Today’s tools must be robust, provide reliable performance, and be designed in such a way that they meet the needs of the job for which they are chosen.

“The hand tools market has been exhibiting consistent growth, despite a temporary lull witnessed amid COVID-19. Factors such as the rapidly growing urbanization in developing economies and the adoption of technologically sound and innovative hand tools have been encouraging market players to focus on innovations. Moreover, an increase in the practice of DIY activities is expected to create positive prospects for hand tools market growth over the forecast period,” said a lead analyst at FMI.

According to FMI, the market for hand tools is growing primarily due to the versatile features of hand tools such as the reduced size of the tool kit, maintenance & weight, and the increasing preference for multiple tools for multiple applications across various industries. Increasing customer preference towards DIY activities to surge the hand tools market globally.

Furthermore, the high cost of auto parts maintenance and repair services has created a desire among customers to perform do-it-yourself activities on their vehicles for short-term maintenance and repair. This has given manufacturers a tremendous opportunity to manufacture hand tools and introduce new and innovative products to the market.

Because of the large number of small and medium-sized manufacturers in the market, the hand tools market is extremely competitive. Leading manufacturers are increasingly focusing on positioning innovative technologies to design hand tools that will improve the operational efficiency of commercial and industrial facilities. There is a strong emphasis on innovation. Businesses in the hand tool market seek strategic collaborations with regional end-users and distributors in order to meet the growing consumer demand.

Some of the leading players operating in the market are Stanley Black & Decker, Inc., Snap-on Incorporated, IDEAL INDUSTRIES, INC., Apex Tool Group, KLEIN TOOLS INC., Emerson Electric Co., Akar Tools Limited, Channellock, Inc., JK Files (India) Limited, Kennametal Inc., Wera Tools.

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Global Hand Tools Market by Category

By Product Type, the Global Hand Tools Market is segmented as:

  • Wrenches
  • Pliers
  • Screwdrivers
  • Voltage Tester
  • Measuring Tools
  • Hammers
  • Cutters
  • Taps and Dies
  • Hand Saws
  • Punches
  • Others

By Sales Channel, the Global Hand Tools Market is segmented as:

  • Online
  • Offline
    • Authorized Dealers
    • Multi-Brand Outlet
    • Independent Dealers

By End-User, the Global Hand Tools Market is segmented as:

  • DIY
  • Commercial
    • Construction End-User
    • Electrical Service Provider
    • Garage and Workshop
    • Woodworking
    • Metal Fabrication
    • Sanitary End-User
    • Others
  • Industrial

By Region, the Global Hand Tools Market is segmented as:

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

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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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Biopharma Plastics Market is Materials and Technologies Shaping the Future of Healthcare

Depth filters, syringes, and containers are among the applications that benefit from biopharma plastics’ increased stability. The market has grown as a result of increased demand for using premium polymers in the manufacture of single-use biopharma plastics. The market for biopharma plastics and polymers is anticipated to be driven by rising healthcare costs and rising health concerns.

Additionally, the presence of substantial PP molding facilities and the manufacturing industry is anticipated to fuel market expansion throughout the anticipated time frame. The biopharma plastics market is being driven by industry players who are extensively spending R&D to create biopharmaceutical goods that cater to all aspects of customer needs.

Due to the presence of major producers of biopharma plastics including Celanese Corporation, Eastman Chemical Co., and DuPont in the region, North America dominates the market for these materials. Due mostly to the expanding governmental support and advantageous reimbursement policies for medical equipment, Europe is the second-largest shareholder in the industry.

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Key Takeaways from the Market Study

  • As of 2023, the biopharma plastics market was valued at US$ 5.42 Billion
  • From 2023 to 2033, the biopharma plastics industry is poised to grow at an 11.4% CAGR
  • By 2033, the biopharma plastics market is slated to reach a valuation of US$ 15.95 Billion
  • By polymer type, the polyvinyl chloride segment accounted for the largest share of 21.5% and is expected to continue this trend over the forecast period.
  • China is poised to yield a CAGR of 11.3% concerning biopharma plastics in 2033

“Growing healthcare spending and increasing application of biopharma plastics are expected to radically transform the biopharma plastics market in the coming years,” comments an analyst at FMI.

Competitive Landscape

BASF SE, LyondellBasell Industries Holdings B.V., SABIC, LG chem, Toray Industries, Inc., Solvay, Dow, Inc., DuPont de Nemours, Inc., Saint-Gobain Performance Plastics, Tekni-Plex are some of the key players in the biopharma plastics industry.

The manufacturers are involved in the production of biopharma plastics in a larger capacity. Research and innovation are also conducted to launch innovative plastics for biopharmaceutical products. Also, some of the key players are acquiring small pharmaceutical companies to increase their production capacity.

  • In September 2022 – LyondellBasell announced today that Hanwha Solutions Corporation will use the LyondellBasell Lupotech T high-pressure polyethylene technology at a new site in Yeosu, South Korea.  The Lupotech T process technology will be used for a 300 kiloton per year (KTA) vinyl acetate copolymer (EVA) line.
  • In July 2022 – DuPont celebrated the opening of its new DuPont™ Liveo™ Healthcare Solutions manufacturing facility located at the Cooper River Site in South Carolina. The new facility will expand the capacity for biopharmaceutical tubing extrusion to meet increased demand from Liveo™ customers
  • In October 2021 – Tekni-Plex Healthcare acquired precision extrusion manufacturer Johnson Plastic Group (JPG) as part of a strategy to expand the company’s patient care solutions platform. The acquisition expands Tekni-Plex Healthcare’s medical device capabilities and broadens the division’s global footprint by adding a presence in Mexico.
  • In November 2022 – Solvay, a leading supplier of advanced materials, teamed up with French start-up Ostium in a joint project designed to enable the mechanical recycling of end-of-life single-use surgical instruments molded in glass-fiber reinforced Ixef® polyacrylamide (PARA) from Solvay’s portfolio of specialty polymers

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Key Segments Covered in the Biopharma Plastics Market Survey

Biopharma Plastics Market by Polymer Type:

  • Polyethylene – PE
  • Polypropylene – PP
  • Acrylonitrile Butadiene Styrene – ABS
  • Polyethylene Terephthalate – PET
  • Polyvinyl Chloride – PVC
  • Polytetrafluoroethylene – PTFE
  • Other

Biopharma Plastics Market by Application:

  • Protective Wear
  • Container
  • Bioreactor Bags
  • Syringes
  • Depth Filter
  • Disposable Medical Connectors
  • Others

Biopharma Plastics Market by Region:

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

More Valuable Insights Available

FMI, in its new offering, presents an unbiased analysis of the biopharma plastics market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033. The study divulges essential insights into the Biopharma Plastics Market by Polymer Type, Application, and Region.

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Future Market Insights (ESOMAR-certified market research organization and a member of the 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 based on Source, Application, Sales Channel, and End Use over the next 10 years.

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Bio-based Elastomers Market is a New Era of Rubber to be Worth US$1.9 Billion by 2033

The global bio-based elastomers market is expected to be worth US$ 513 million in 2023 and US$ 1,901.8 million by 2033. During the forecast period of 2023 to 2033, the predicted growth rate is about 14%. The benefits provided by bio-based elastomers over crude oil-based elastomers regarding volatile organic compounds emissions are expected to contribute to the growth of the market.

Major crude oil-based elastomer manufacturers are extensively engaging in developing bio-based elastomers. End-use companies in the elastomer market also include sustainable materials in their product manufacturing, which can significantly impact market growth.

For instance, in January 2022, The Goodyear Tire & Rubber Company launched a demonstration tire containing 70% sustainable-material content such as soybean oil and silica produced from rice husk ash to develop tires.

Pela, a phone case manufacturing company in Canada, manufactures 100% compostable phone cases from Flaxstic, a bio-based material. This material includes a by-product of the flax oil seed harvest and a bio-based thermoplastic elastomer.

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The U.S. in North America is expected to witness significant growth in the demand for bio-based elastomers. This is due to the fact the country hosts several conventional elastomer manufacturers such as Avient Corporation, Huntsman International LLC, The Lubrizol Corporation, Trinseo, and Dow that are now engaged in the development of bio-based elastomers.

Key Takeaways from Market Study

  • Bio-based thermoplastic elastomers dominated the market and accounted for more than 75.0% share of the overall revenue in 2022.
  • The automotive application segment dominated the market in 2022. This is attributed to the growing use of bio-based elastomers in automotive trims, dashboards, mats, and tires.
  • North America emerged as the second-largest regional market in 2022.
  • The high price of bio-based elastomers compared to crude oil-based elastomers is expected to restrain the market growth.
  • Europe accounted for the largest revenue share of more than 40.0% in 2022.
  • The bio-based thermoplastic elastomers accounted for the largest revenue share of more than 75.0% in 2022.
  • Automotive emerged as the leading application segment and accounted for more than 35.0% share in terms of revenue in 2022.

“Technology collaboration is being observed among elastomer raw material manufacturers to develop bio-based alternatives. Such instances create a sufficient supply of bio-based raw materials, enabling adequate production of bio-based elastomers,” says an analyst at Future Market Insights.

Key Market Players

Major players are channeling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market.

Key players in the Bio-based Elastomers market are Dow; FKuR; BASF SE; ARLANXEO; Trinseo; Eni S.p.A.; Asahi Kasei Corporation; DSM; Mitsubishi Chemical Europe GmbH, Ltd.; Arkema; The Goodyear Tire & Rubber Company; The Lubrizol Corporation; KURARAY CO., LTD.; Wacker Chemie AG; Huntsman International LLC; Covestro AG; HEXPOL TPE; and Avient Corporation.

  • In April 2021, Audia Elastomers launched sustainable thermoplastic elastomers under the brand name AudiaFlex consisting of customizable grades that are produced from marine-based, bio-based, post-industrial, and post-consumer sources.
  • In November 2022, Asahi Kasei Corporation announced the beginning of the sale of Asadene BR and Tufdene S-SBR for the production of eco-friendly tires. These elastomers are manufactured by the mass-balance method with raw material derived from plastic waste and biomass.
  • In August 2022, the Beijing University of Chemical Technology developed bio-based polyester elastomer soles for biodegradable footwear manufactured using corn stalk latex, bamboo fiber, and hemp fiber.

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Key Market Segments Covered in the Global Bio-based Elastomers Market

By Product Type:

  • Bio-based Thermoplastic Elastomers
  • Bio-based Thermoset Elastomers

By Application:

  • Footwear
  • Automotive
  • Sports
  • Electrical & Electronics
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
More Valuable Insights 

Future Market Insights, in its new offering, presents an unbiased analysis of the global Bio-based Elastomers market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033. The study reveals essential insights based on Product (Bio-based Thermoplastic, Bio-based Thermoset), By Application (Automotive, Footwear, Sports, Electrical & Electronics), & Region.

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Future Market Insights (ESOMAR-certified market research organization and a member of the 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 based on Source, Application, Sales Channel, and End Use over the next 10 years.

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Exploring the Future of Chemistry 4.0 Market: Emerging Opportunities and Challenges by 2033

The chemistry 4.0 market is anticipated to grow from 70.82 billion USD in 2023 to 178.73 billion USD in 2033, with a projected CAGR of 9.7% over the forecast period.

The primary drivers of chemistry 4.0 market growths are the manufacturing sector’s rapid adoption of artificial intelligence (AI) and the Internet of Things (IoT), as well as rising consumer demand for industrial robots used in the production of pharmaceuticals and medical devices, increasing government investments in additive manufacturing and 3D printing, and expanding use of blockchain technology. The need for robots has increased.

Additionally, robots, which were formerly more expensive and had fewer possibilities, are now accessible tools that can do a range of tasks. Industrial robots, in particular, are commonly used by people all around the world. According to a report on the most recent trends in the robotics industry, industrial robots are being used more frequently in production hubs, which has sped up their development, evolution, and improvement. This will probably encourage the growth of the Chemistry 4.0 market.

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Corporations in North America are adopting the idea of smart manufacturing more and more, and the area is predicted to rule the chemistry 4.0 markets. Europe had the second-largest market share for Industry 4.0. To maintain its position in the international market, the European Chemistry 4.0 markets have made enormous investments in technologies and expertise.

Japan, China, and South Korea are navigating the Asia Pacific chemistry 4.0 market expansions thanks to their thorough approaches to adopting industrial automation and implementing new technologies in their production system value chain.

Key Takeaways

  • An estimated USD 3,571 billion was spent on sales of Chemistry 4.0.
  • From USD 3,826 billion in 2021, sales decreased by 4.5% in 2021.
  • Sales of Chemistry 4.0 were accounted for by the BRICS (Brazil, Russia, India, China, and South Africa) countries at 50.5%.
  • Rising Asian economies, particularly those in the Middle East, produced the majority of the sales of Chemistry 4.0 in the fourth quarter.
  • With USD 1,731 billion in sales of Chemistry 4.0, China is the largest chemical manufacturer in the world.
  • From 16.5% in 2010 to 12.3% in 2020, the United States’ share of global sales decreased.
  • Over the same period, Japan’s Chemistry 4.0 market share dropped from 6.8% to 4.1%.
  • China now accounts for 44.7% of chemistry 4.0 market sales, up from 25.9% in 2010.

Competitive Landscape

The key companies of the Chemistry 4.0 market are constantly on the lookout for effective ways to market their goods and consolidate their positions. One such tactic is to partner with other businesses to introduce new products to reach more end users.

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Recent Development

Merger –

  • After merging with DuPont in 2017, Dow Chemical became the largest chemical company in the world in 2018, dethroning BASF’s 12-year reign. But in April 2019, DowDuPont split into three separate businesses: Dow, DuPont, and Corteva Agriscience. In 2018, 18 different countries were represented, with more than half of the companies on the list having their headquarters in the United States, Japan, or Germany.
  • ABB, Inc. and Nestle, Inc. joined forces in March 2021 to put monitoring software in candy factories. By working with leaders in the sector, the company is concentrating on growing its product offering.

Agreement

  • Ansys, Inc. announced a technology agreement with LG Electronics, Inc. in November 2020 to develop a virtual learning portal that Ansys, Inc. has developed.

Purchase

  • HMS Networks AB announced the purchase of WEBFactory GmbH in October 2020 to offer web-based software solutions for the Industrial Internet of Things.

Acquisition:

  • The acquisition of BabbleLabs Technology, Inc. by Cisco Systems, Inc. was announced for October 2020 to enhance video meetings through the use of noise-reduction and speech-enhancement technology.

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Key Segments

By Technology:

  • IOT
  • AI
  • Automation

By Application:

  • Consumer
  • Enterprise
  • Industry
  • Construction
  • Manufacturing

About Future Market Insights, Inc.

Future Market Insights (ESOMAR-certified market research organization and a member of the 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 based on Source, Application, Sales Channel, and End Use over the next 10 years.

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Key Players in the Acid Chlorides Market: Altivia, BASF, Novaphene, CABB Chemicals, and Orion Chem Pvt. Ltd.

According to Future Market Insights, the Global Acid Chlorides Market is expected to grow from US$ 2,430.9 Million in 2022 to US$ 3,903 Million by 2032, with overall demand accelerating at 4.9% CAGR throughout the forecast period (2022 to 2032).

The rising application of acid chlorides in pharmaceuticals, chemical reagents, plastic & pigments, organic peroxides, and agrochemicals is a key factor driving the global market and the trend is expected to continue during the forecast period.

Since cardiovascular diseases like atherosclerosis are becoming more common, the demand for pharmaceuticals like aspirin continues to climb. According to data from the National Center for Biotechnology Information (NCBI) published in 2021, more than 30% of Americans used aspirin in 2019.

Furthermore, it is projected that sustained pharmaceutical demand will drive market revenue growth over the next few years. Apart from pharmaceutical applications, demand for acid chlorides is also witnessing substantial growth opportunities in the agrochemical sector.

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Consistent population growth is propelling sales of agrochemicals to increase crop yields to meet the growing food demand. Being key active ingredients, various acid chlorides are experiencing elevated demand levels from the agrochemical sector. On the other hand, various health hazards associated with exposure to a wide spectrum of acid chlorides and the regulations associated with them are limiting market expansion

“Growing prevalence of heart diseases and increasing demand for pharmaceuticals like aspirin are anticipated to propel the sales of acid chlorides over the forecast period,” says an FMI analyst.

Key Takeaways:

  • The global acid chlorides market is expected to attain a value of over US$ 3,903.5 Mn by the end of the forecast period, growing at a CAGR of 4.9% over the forecast period.
  • By product type, the benzoyl chloride segment holds the largest share of the global acid chloride market.
  • Based on end-use, the pharmaceuticals segment will grow at a higher CAGR over the next ten years.
  • The U.S. will continue to remain the most prominent acid chlorides market during the forecast period.
  • Demand for acid chlorides across China is poised to increase at a steady pace during the forecast period.

Who is Winning?

According to FMI analysis, Altivia, BASF, Novaphene, CABB Chemicals, Orion Chem Pvt. Ltd., Wilmar International, Transpek Industry Ltd., VanDeMark Chemical, Inc., Kuhlmann Europe, R. Drugs and Intermediates Pvt. Ltd., Twin Lake Chemical Inc., Shiva Pharmachem Ltd., Rheinmetall AG, and others are identified as the key manufacturers in the Acid Chlorides market.

These key players are constantly focusing on increasing their production capacities to meet end-user demands. They are establishing new production facilities if upgrading older ones, besides forming partnerships and alliances with other companies.

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Acid Chlorides Industry Segmentation

By Product Type:

  • Ethanoyl Chloride
  • Propanoyl Chloride
  • Butanoyl Chloride
  • Benzoyl Chloride
  • Chloroacetyl Chloride
  • Thionyl Chloride
  • Palmitoyl Chloride
  • Others

By Application:

  • Chemical Reagents
  • Plastic and Pigments
  • Organic peroxides
  • Agrochemicals
  • Pharmaceuticals
  • Others

By End Use:

  • Pharmaceuticals
  • Agriculture
  • Plastics
  • Dyes & Inks
  • Cosmetic
  • Others

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More Insights into the Acid Chlorides Market Report

In its latest report, FMI offers an unbiased analysis of the global Acid Chlorides Market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032. To understand the market potential, its growth, and scope, the market is segmented based on Product Type, Application, End Use, and Region.

About Us

Future Market Insights (ESOMAR-certified market research organization and a member of the 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 based on Source, Application, Sales Channel, and End Use over the next 10 years.

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Understanding the Growing Above the Waist PPE Market: How the Construction Industry is Driving Growth

A recently published study by FMI expects the global above the waist PPE market to augment at a 5.9% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 50 Billion is expected for the market. Increasing worker safety awareness on the workshop floor is predicted to drive up demand for above the waist PPE throughout the forecast period.

Various industries in Asia Pacific nations, including construction, food manufacturing, chemicals, and pharmaceuticals, have seen substantial development as a result of increased investment from both public and private companies.

The developing industrial sector and increased awareness about personal protective equipment are likely to drive above the waist PPE market expansion over the forecast period. Continuous innovation, such as the development of lighter and more comfortable industrial protective equipment manufactured of high-quality fabric, is likely to drive market growth.

Demand for protective equipment that combines safety with improved aesthetics and technological innovation is projected to drive market growth.

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Because of stringent laws and high costs connected with workplace dangers, industry players are becoming more conscious of the need for worker safety and security at work, which is expected to fuel market expansion. Companies have prioritized worker safety and implemented safety norms to decrease workplace dangers, resulting in increased market growth.

Key Takeaways from the Market Study

  • FMI projects the global Above the Waist PPE market to expand at a 5.9% value CAGR by 2032
  • The global Above the Waist PPE market is estimated at a market value of US$ 28 Billion
  • The global Above the Waist PPE market is expected to garner a market value of US$ 50 Billion
  • Asia Pacific is expected to be the most lucrative for Above the Waist PPE market growth.
  • North America is expected to grow significantly during the forecast period.
  • The construction sector is expected to lead the market for Above the Waist PPE in the forecast period 2022-2032.

“The hearing protection product category is expected to increase considerably throughout the study period. The constant use of heavy machinery and the noise it generates might cause hearing difficulties in workers. This has increased the need for earplugs and earmuffs in the construction and mining sectors to prevent workers from hearing loss, which is expected to drive segmental adoption,” says an analyst at FMI

Market Competition

Key players in the Above the waist PPE market are Safety Products, Inc., 3M, Drager, Radians, SureWerx USA, Inc, Honeywell International, Inc., Hellberg Safety, Kimberly-Clark Corporation, MSA Company, Protective Industrial Products, ERB Industries, Inc

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Recent Development

  • In January 2022, Kimberly-Clark introduced new nitrile gloves for research and production facilities, life sciences, and non-sterile drug manufacturing applications. The company’s product offerings were to be improved as part of the strategic plan.

Key Segments Profiled in the Above the Waist PPE Market Industry Survey

Above The Waist PPE Market by Product:

  • Head Protection
  • Eye & Face Protection
  • Hearing Protection
  • Respiratory Protection
  • Hand Protection

Above The Waist PPE Market by End-Use:

  • Construction
  • Manufacturing
  • Oil & Gas
  • Chemical
  • Food
  • Pharmaceuticals
  • Transportation
  • Mining
  • Others

Above The Waist PPE Market by Distribution Channel:

  • Retail
  • Industrial MRO

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More Insights Available

Future Market Insights, in its new offering, presents an unbiased analysis of the global automotive axle market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights based on product, end-use, and distribution channels (retail and industrial MRO), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).

About Us

Future Market Insights (ESOMAR-certified market research organization and a member of the 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 based on Source, Application, Sales Channel, and End Use over the next 10 years.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Browse the latest Market Chemicals & Materials Reports: https://www.futuremarketinsights.com/category/chemicals-and-materials