Market Research Blog – Page 808 – New Product Development

OPP Pouches Market Forecast to Reach USD 9.6 Billion in 2024, with Steady Growth Projected through 2034 | FMI

The global sales of OPP (Oriented Polypropylene) pouches are forecasted to witness steady growth, with revenue projected to reach USD 9.6 billion in 2024, up from USD 9.3 billion in 2023. Over the next decade, the market is expected to expand further, reaching a value of USD 12.3 billion by 2034, reflecting a compound annual growth rate (CAGR) of 2.6% between 2024 and 2034. Notably, the OPP pouches industry is set to exhibit a year-on-year (Y-o-Y) growth of 2.8% in 2024.

Stand-up OPP pouches are poised to dominate the global market, holding nearly 45% of the total market share. This segment is expected to generate an incremental opportunity exceeding USD 1 billion over the next decade. The versatility of stand-up OPP pouches has solidified their position as a popular choice across various industries, including food, pharmaceuticals, and personal care products.

These pouches not only provide ample storage space but also are easy to store due to their space-efficient design, making them especially attractive to small and medium-sized enterprises (SMEs).

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In terms of capacity, OPP pouches with a range of 201 to 500 grams are projected to remain the most lucrative segment throughout the forecast period. This segment is expected to account for over 35% of the market share in 2024, growing at a CAGR of 2.4% through 2034.

Key Takeaways from the Global OPP Pouches Industry:

The OPP pouches industry recorded a CAGR of 1.8% during the historical period (2019-2023).
In 2023, the industry reached a market value of USD 9.3 billion.
The United States is expected to lead the North American market, holding over 60% market share through 2034.
India in the South Asia Pacific region is projected to experience a robust CAGR of 4.7% by 2034.
Stand-up pouches are anticipated to grow at a CAGR of 3.4% until 2034.
The food industry is expected to dominate, accounting for 68.7% of the market share by 2024.

Competitive Landscape

The majority of producers operating in the global market are concentrating on the development of OPP pouches that can meet the regulatory standards of numerous regions simultaneously. Some other significant businesses are striving to develop OPP pouches that can meet customers’ ESG goals. Meanwhile, a few other companies are looking for additional funding to expand their operations, increase sales, and acquire a huge global consumer base.

To preserve their competitive advantage, key market manufacturers are working on growing their geographical presence, technical advances, meeting sustainability targets, executing mergers and acquisitions, and enhancing customer service.

Key Players of OPP Pouches Industry

Amcor Plc
Carepac
Ouma Industrial Limited
United Bags
Jarrett Industries
Kleer Pak
Inteplast Group
Palmetto Industries International Inc.
MTC Polymers & Packaging
Huizhou Yangrui Printing & Packaging Co.,Ltd
Qingdao Huahongxing Plastic Co.Ltd.
JEMCO Equipment MFG Co
Politas Ambalaj A.S.
Imperial Packaging And Plastics Sdn Bhd
Kemahlioglu Plastik Sanayi Ticaret A.S.

Recent Industry Developments in OPP Pouches Market

In March 2024, Inteplast Group secured International Sustainability and Carbon Certification (ISCC) PLUS verification for three of its US-based biaxially oriented polypropylene (BOPP) film facilities located across the USA.
In August 2023 Amcor plc announced their expansion in the Indian market through the acquisition of Phoenix Flexibles, a manufacturer of flexible packaging products in India.

Key Segments of OPP Pouches Industry

By Pouch Type:

In terms of material, the industry is divided into stand up pouches, flat pouches, gusset pouches, and spout pouches.

By Capacity:

In terms of capacity, the industry is segregated into less than 200 grams, 201 to 500 grams, 501 to 1000 grams, above 1000 grams.

By End Use:

In terms of packaging format, the industry is segregated into food, beverages, personal care & cosmetics, pharmaceuticals, and other industrial.

By Region:

Key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa (MEA) have been covered in the report.

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

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Cake Base Discs Market is Expected to Progress at a CAGR of 2% by 2032 | Future Market Insights, Inc.

The global cake base discs market is projected to grow at a steady CAGR of 2% during the forecast period, with the market expected to reach a valuation of USD 50 billion by 2032, up from USD 40 billion in 2020. This growth is attributed to the increasing demand for custom cake designs and enhanced presentation options for cakes.

Cake base discs are manufactured from high-quality materials such as cardboard, paper, plastic, and wood, providing not only visual appeal but also ensuring strength and durability. These discs play a crucial role in offering a sturdy foundation for cakes during processing, storage, transportation, and display. As such, they have become an indispensable part of the bakery and confectionery industry, enhancing both presentation and functionality.

As the global cake market continues to expand with the growing trend of personalized cakes, customers are seeking more creative and customized options. This shift in consumer preferences has driven producers to focus on innovative shapes, sizes, and styles of cake base discs, catering to the specific needs of their clients.

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With the increasing importance of cake aesthetics, the cake base discs market is poised for further growth. The versatility and customizable features of these discs are expected to fuel demand, enabling bakeries and home bakers alike to elevate their cake displays to new levels of sophistication.

Key Features and Applications:

Support: Cake base discs are essential for supporting cakes of various sizes and weights, ensuring they remain intact during handling and transport.
Decoration: These discs serve as a stable surface for cake decoration, allowing bakers to add frosting, fondant, and other decorations with precision.
Presentation: Cake boards enhance the presentation of cakes, making them look more professional and appealing, whether for personal or commercial purposes.
Transport: Cake base discs make it easier to move cakes from one location to another, such as from a bakery to a customer’s venue.

Market Drivers:

Bakery Industry Growth: The cake base discs market is closely tied to the bakery and confectionery industry, which has been experiencing steady growth due to increased consumer demand for baked goods.
Customization: The trend of customized cakes for special occasions like weddings, birthdays, and anniversaries has boosted the demand for cake base discs in various shapes, sizes, and designs.
E-commerce: The rise of online cake ordering and delivery services has led to increased demand for cake base discs that can withstand shipping and maintain the cake’s integrity.
Baking at Home: The popularity of home baking has surged, with many amateur bakers using cake base discs to create professional-looking cakes.

Market Trends:

Sustainability: There is a growing trend toward eco-friendly and recyclable materials for cake base discs, in response to consumer demand for sustainable packaging solutions.
Customization: Personalized cake base discs with printed designs, logos, or messages are gaining popularity for special events and marketing purposes.
Different Shapes and Sizes: Cake base discs are available in a variety of shapes, including round, square, and heart-shaped, to accommodate different cake designs.

Challenges:

Competition: The cake base discs market is competitive, with multiple manufacturers offering similar products, which can lead to price pressures.
Environmental Concerns: As with all packaging materials, there are concerns about the environmental impact of disposable cake base discs, driving the demand for sustainable alternatives.

Competitive Landscape

Some important participants in the cake base discs market include T N Packaging, Smurfit Kappa Group plc, Sabert Corporation, Mondi Group Plc, Wilton Brands LLC, New Method Packaging, and Sun Packaging, all of which contribute significantly to the market share.

The research is based on firsthand experience, qualitative and quantitative analysis by industry analysts, and contributions from industry professionals and value chain participants.

The report investigates parent market trends that influence cake base disc sales, as well as regulatory issues and market attractiveness by category. The study also demonstrates how significant market characteristics influence market segmentation and geography qualitatively.

Key Segments in the Cake Base Discs Market

By Material Type:

Cardboard Paper
Plastic
Aluminium Foil
Silver Foil
Gold Foil
Wood

By Thickness:

Upto 5 mm
5 mm – 8 mm
9 mm – 12 mm
More than 12 mm

By Sales Channel:

Manufacturers
Distributors
Retailers
E-retail

By Region:

North America
Latin America
Asia Pacific
Middle East and Africa
Europe

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Self-Sealing Bags Market is Growing at a Strong CAGR of 5.5% by 2032 | Future Market Insights, Inc.

The global self-sealing bags market is projected to witness significant growth, with revenues expected to reach approximately USD 6,231.1 million by 2032, up from USD 3,647.9 million in 2022, reflecting a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2022 to 2032.

Self-sealing bags, which serve as carrier pouches, have seen increasing adoption across various industries for the packaging of a wide range of commodities, particularly small to medium-sized items. This rise in demand is largely attributed to the convenience of these bags, which feature an adhesive that allows them to be opened and closed multiple times without compromising the seal.

The growth of the self-sealing bags market is driven by several factors. One of the main advantages of these bags is their ability to act as an excellent barrier against foreign contaminants, safeguarding contents from moisture and dampness. This protective feature makes self-sealing bags ideal for a wide variety of products, enhancing their appeal in the global packaging market.

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Self-Sealing Bags Market Overview:

Market Drivers:

Consumer Convenience: Self-sealing bags offer consumers an easy and convenient way to store, transport, and access a wide range of products, including food, personal care items, and electronics.
Food Packaging: The food industry relies heavily on self-sealing bags for packaging and preserving items like snacks, frozen foods, and fresh produce.
E-commerce Growth: With the rise of e-commerce, self-sealing bags are frequently used for packaging small items, providing protection during transit, and ensuring ease of use for customers.
Sustainability: There is a growing demand for sustainable and eco-friendly self-sealing bag options, including those made from recyclable or biodegradable materials.
Health and Safety: In light of health and hygiene concerns, self-sealing bags are utilized for packaging personal protective equipment (PPE) and medical supplies.
Customization: Custom-printed self-sealing bags are used by businesses for branding and marketing purposes.

Market Trends:

Sustainable Materials: Many manufacturers are shifting towards eco-friendly materials for self-sealing bags to align with consumer demands for more sustainable packaging options.
Security Features: Some self-sealing bags incorporate tamper-evident features to ensure product safety and integrity.
Customization: The ability to print branding, labels, and product information directly on self-sealing bags is becoming more popular, especially in the retail sector.
Resealable Technology: Ongoing research and development efforts focus on improving the resealable technology to enhance the seal’s reliability and freshness preservation.
Smart Packaging: Integration of smart packaging technologies, such as QR codes for product information, is a growing trend in the industry.

Challenges:

Environmental Concerns: The use of plastic in self-sealing bags has raised environmental concerns, leading to increased demand for sustainable alternatives.
Competitive Market: The self-sealing bags market is highly competitive, with numerous manufacturers offering similar products, which can lead to pricing pressure.
Regulatory Compliance: Manufacturers need to stay updated on evolving regulations related to packaging materials, especially concerning food safety and sustainability.

Regional Factors Impacting the Market:

E-commerce Growth: The level of e-commerce activity in a region directly impacts the demand for self-sealing bags.
Environmental Regulations: Different regions may have varying environmental regulations affecting the use of sustainable packaging materials.
Consumer Preferences: Regional preferences for packaging customization, security features, and sustainable materials can vary.

Key Players

Proficient Packaging CC
Checker Bag Co.
Ampac Holdings, LLC
Weldbank Plastic Co Ltd.
Universal Plastic
Prism Pak, Inc.
Ernest Cummins Printers Ltd.
Mapol S.L.
Polytec Kunststoffverarbeitung GmbH & Co. KG
Beaufy Group Ltd.

Key Segments Profiled in the Self-Sealing Bags Market Survey

By Material Type:

Cellophane
Polyethylene
BoPP

By Bag Type:

Renewable
Compostable
Biodegradable

By Bag Size:

0-70 sq. inches
70-224 sq. inches
224+ sq. inches

By End Use:

Electronics
Consumer Goods

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

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Security Tape Market to Reach USD 6.9 Billion by 2034, Driven by Innovations in Tamper-Evident Technology

The global security tape market is projected to experience significant growth, with an estimated valuation of USD 5.1 billion in 2024, reaching a forecasted value of USD 6.9 billion by 2034. According to industry forecasts, the market is expected to grow at a compound annual growth rate (CAGR) of 3.1% over the next decade. In 2023, the market generated USD 4.9 billion in revenue, underscoring its upward growth trajectory.

The increasing demand for security tapes is driven by innovations in gummed and tamper-evident tape technologies. The ability to add anti-tampering seals to packaging, providing additional protection for valuable assets, is becoming a critical feature for industries looking to secure their products. As a result, security tapes are gaining widespread adoption in the packaging sector, where safeguarding the integrity of goods is paramount.

One of the primary drivers of the market’s expansion is the growing necessity to protect physical assets from tampering, which has led to an increased demand for security tapes across multiple industries. This demand is further fueled by the rising trend of incorporating customizable features such as serial numbers, QR codes, and copyright trademarks, enhancing product security while meeting the specific needs of end users.

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The flexibility in customization allows businesses to tailor security tape solutions according to their packaging requirements, which has become a key factor in the tape’s growing popularity. These customizable options ensure that security tapes not only provide protection but also meet branding and logistical needs.

Key Takeaways from the Security Tape Industry:

The security tape industry recorded a CAGR of 2.6% during the historical period (2019-2023).
The United States is anticipated to experience steady growth in the security tape sector, with a projected CAGR of 1.9% by 2034, driven by the demand for stronger security solutions.
China is seeing rapid growth in the security tape industry, supported by key sectors like automotive and e-commerce, with an expected CAGR of 4.6% during the forecast period.
India’s security tape market is expanding significantly due to the demand for tamper-evident solutions and the maturation of various industries, with a projected CAGR of 5.5%.
The plastic segment dominates the industry, accounting for 38.2% of the market share in 2024, leading in terms of revenue.
Overall, the security tape sector is projected to maintain a 38.2% revenue share throughout the forecast period.

Competitive Landscape

The security tape industry is undergoing a dynamic shift as key companies adopt a variety of techniques to stay ahead of the curve. The trend encourages innovation and drives the introduction of intriguing new advancements.

Companies are continually releasing new security tapes with enhanced features including tamper-proof mechanisms and tracking technology integration. Mergers and acquisitions are strategic maneuvers used to consolidate resources and extend product portfolios in the security tape business.

Partnerships and collaborations are on the increase. These agreements bring together varied knowledge, allowing for the development of even more advanced security tape solutions. The collaborative approach promotes innovation and meets the specific needs of numerous businesses in the security tape industry.

Key Players of Security Tape Industry

3M Company
Protectaseal Ltd.
Securitypack co. ltd.
Terakom Enterprises Inc.
Horizons, Inc.
Amck Industries Corporation
SHEP Company, Inc.
TN Tapes, Seal King Industrial Co. Ltd.
TamperSeals Packing (RU) Co. Ltd.
Hira Holovision

Recent Industry Developments in Security Tape Market

In October 2023, Ahlstrom expanded its pressure-sensitive adhesive packaging tape range, adding a MasterTape pack to support e-commerce and sustainable packaging. The company offers fiber-based solutions for water-activated and pressure-sensitive adhesive tapes, offering high-quality performance and sustainability.
In September 2023, IPG introduced 170e water-based acrylic pressure-sensitive carton sealing tape featuring 30% recycled film; this product reduces virgin raw material consumption and carbon footprint while maintaining performance characteristics.
In August 2023, Tesa introduced recyclable paper-based tear tape, offering a reliable opening experience and simplifying the recycling process for shipping boxes and envelopes, catering to the growing consumer demand for sustainable packaging.

Key Segments of Security Tape Industry

By Material:

In terms of material, the industry is divided into paper, plastic, metal foil, glass fiber, foam, and cloth.

By Adhesive:

In terms of adhesive, the industry is trifurcated into acrylic adhesive, rubber adhesive, and silicon adhesive.

By End-use:

The sector is utilized by several end use industries such as automotive, logistics and transportation, electrical and electronics, building and construction, pharmaceutical and medical devices, and other industrial applications.

By Region:

Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report.

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Global Functional Composite Market Set for 9.0% CAGR Growth, Projected to Reach USD 134 Billion by 2034

The functional composite market is projected to reach a value of USD 56.7 billion in 2024, following a strong growth rate of 10.9% in 2023. From 2024 to 2034, the market is expected to maintain robust expansion, with a compound annual growth rate (CAGR) of 9.0%. By 2034, the market value is anticipated to grow to approximately USD 134 billion.

The rising demand for lightweight materials in industries like aerospace, automotive, and construction is driving the popularity of functional composites. These materials offer superior lightweight properties, making them perfect for reducing fuel consumption, improving performance, and cutting costs. Additionally, as the need for sustainable energy grows, functional composites are increasingly used in wind turbine manufacturing to reduce weight and boost efficiency, leading to enhanced energy production and cost savings.

The aerospace and defense industries demand high-performance materials capable of withstanding extreme temperatures and pressures. As a result, the adoption of advanced materials like functional composites is increasing, as they are ideally suited to meet these rigorous requirements.

Automation is fueling the expansion of the functional composites market. Composites are increasingly used in automation equipment to reduce weight, improve efficiency, and drive cost savings, ultimately boosting productivity.

However, the market is expected to encounter challenges during the forecast period, primarily due to the high cost of raw materials. Functional composites are significantly more expensive than traditional materials, which can make it difficult for manufacturers to offer competitively priced products. This elevated material cost is likely to pose a barrier to market growth.

Key Takeaways from the Functional Composite Market

The global functional composite market is estimated to register a CAGR of 9.0% with a valuation of US$ 134 billion by 2034.
The metal matrix is anticipated to dominate the global market by considering an 8.7% market CAGR from 2024 to 2034.
With an 8.6% market CAGR, aerospace & defense will drive the global market through 2024 to 2034.

Competitive Landscape

Constantly evolving market, with a growing demand for lightweight and high-strength materials. This demand has led to an influx of new players and innovative solutions, with companies now prioritizing product innovation, strategic partnerships, and mergers & acquisitions to stay competitive. Moreover, the market is also witnessing the emergence of a number of start-ups and niche players that are disrupting traditional market dynamics through their unique offerings and business models.

Recent Developments in the Functional Composite Market

In 2023, Switzerland-based 3A Composites Core Materials has recently unveiled their new Engicore series of core materials for the North and South American markets. The series features a variety of customized core solutions that are tailored to meet each customer’s unique manufacturing process and standard needs. Engicore is specifically targeted towards customers who prioritize innovative and sustainable procurement solutions.

Key Market Players

Toray Industries Inc.
Hexcel Corporation
Owens Corning
Solvay, SGL Carbon
Teijin Limited
Mitsubishi Chemical Holdings Corporation
Gurit
Henkel AG & Co. KGaA
Huntsman Corporation
BASF SE

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Key Market Segments

By Matrix Type:

Metal Matrix
Polymer Matrix
Ceramic Matrix
Hybrid Matrix

By End-use Industry:

Aerospace & Defense
Wind Energy
Transportation
Building & Construction
Consumer Goods
Electronics
Others

By Industry:

Semiconductor
Healthcare
Automotive
Manufacturing
Others

By Region:

North America
Latin America
East Asia
South Asia
Europe
Oceania
MEA

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Manufacturing Execution Systems (MES) Market to Reach $27.6 Bn by 2032

The Asia Pacific Manufacturing Execution Systems (MES) Market is expected to see substantial growth over the next decade, as industrialization surges across the region and the manufacturing sector intensifies its focus on digital transformation. According to the latest report from FMI, the Asia Pacific MES market size was valued at USD 12,435.0 million in 2022 and is projected to reach USD 27,601.4 million by 2032, exhibiting a steady CAGR of 8.3% from 2022 to 2032.

With manufacturing industries rapidly adopting advanced MES solutions to streamline operations and enhance productivity, the market is primed for significant expansion. The MES systems are proving essential to modern manufacturing facilities by bridging the gap between manufacturing floor activities and higher-level ERP systems, thus providing real-time visibility, reducing downtime, and improving overall operational efficiency.

Growing industrial automation trends, along with the robust expansion of industries such as automotive, electronics, and pharmaceuticals, are fueling the demand for MES solutions in Asia Pacific. The region’s emphasis on smart manufacturing initiatives and its proactive adoption of digital solutions are expected to further accelerate MES market growth.

The Asia Pacific region’s MES market outlook remains promising, with countries like China, Japan, and India leading in the adoption of advanced manufacturing solutions. Increased government investments in smart manufacturing and initiatives supporting Industry 4.0 are also driving market expansion.

Key Takeaways from Market Study

The Asia Pacific Manufacturing Execution Systems (MES) market is projected to reach a valuation of USD 27,601.4 million by 2032, up from USD 12,435.0 million in 2022.
From 2022 to 2032, the market is expected to register a CAGR of 8.3%, driven by rising industrialization and digitalization in the manufacturing sector.
Countries such as China, Japan, and India are leading contributors to MES adoption, accounting for a substantial market share in the region.
Automotive, electronics, and pharmaceutical industries are among the largest end-users, driving the adoption of MES to enhance operational efficiencies.
Increasing investment in Industry 4.0 initiatives across the Asia Pacific region is expected to spur demand for MES solutions.

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Drivers and Opportunities

The Asia Pacific MES market is being propelled by several growth drivers. Rising demand for improved production visibility, enhanced resource utilization, and stringent regulatory compliance are key factors contributing to MES adoption across industries. As manufacturing companies strive to minimize downtime, reduce production costs, and improve product quality, MES solutions offer significant opportunities for operational improvements.

The push toward Industry 4.0, backed by substantial government initiatives across the region, is creating lucrative opportunities for MES providers. Countries such as China and Japan are investing heavily in smart manufacturing solutions to remain competitive in the global market, and this focus is expected to have a direct positive impact on MES market growth.

Component Insights

The MES market comprises several components, including software and services. Software is anticipated to hold a dominant share of the market, attributed to the increasing demand for real-time data monitoring, process optimization, and streamlined workflows. Additionally, services such as training, consulting, and support are witnessing rising demand as manufacturers seek to optimize the deployment and functionality of MES systems within their facilities.

Application Insights

Manufacturing Execution Systems are widely applied in diverse sectors, with automotive, electronics, and pharmaceuticals being the primary end-users. The automotive sector, in particular, leverages MES solutions to enhance production flexibility, quality control, and compliance with regulatory standards. The electronics and pharmaceutical sectors also benefit significantly from MES, with its ability to streamline complex manufacturing processes and ensure adherence to quality and safety standards.

Deployment Insights

The MES market offers both on-premise and cloud-based deployment options. While on-premise solutions remain popular among large enterprises due to higher data security concerns, cloud-based MES is witnessing a sharp uptake, especially among small- and medium-sized enterprises (SMEs). Cloud deployment offers flexibility, cost-efficiency, and scalability, making it an attractive choice for companies looking to minimize infrastructure investments.

Key Companies & Market Share Insights

Leading players in the Asia Pacific Manufacturing Execution Systems (MES) market include Siemens AG, ABB Ltd., Dassault Systèmes SE, Honeywell International Inc., and Rockwell Automation, Inc. These companies are focusing on strategic collaborations, product innovation, and geographic expansion to strengthen their market positions. Siemens AG and ABB Ltd. are among the prominent players dominating the market, leveraging their strong portfolios and technological expertise.

Recent Developments

Siemens AG recently introduced an upgraded version of its MES software to enhance integration with IoT applications, focusing on real-time analytics and predictive maintenance for the automotive and electronics industries.
Dassault Systèmes SE expanded its MES offerings through strategic partnerships with regional firms, aiming to increase its footprint in Asia’s growing market for advanced manufacturing solutions.
Rockwell Automation announced a collaboration with Microsoft to develop cloud-enabled MES solutions, targeting manufacturers looking for scalable, flexible deployment options.

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Global Glacial Acetic Acid Market Size Set to Reach USD 16521.8 million by 2034, Driven by Strong Chemical Sector Growth

The global glacial acetic acid industry size is projected to be valued at USD 8801.6 million in 2024 and further increase at a CAGR of 6.5% during the forecast period. Worldwide sales of glacial acetic acids are set to total USD 16521.8 million by 2034.

The demand for glacial acetic acid is driven by the growth of the chemical sector, particularly in Asia, which is essential for manufacturing Purified Terephthalic Acid (PTA) in textiles and packaging. The market is expected to grow due to its potential as a sustainable solvent. Companies are investing in research and development to optimize production procedures, reduce costs, and make domestic production competitive.

Governments worldwide are implementing stringent environmental laws and offering incentives for bio-based acetic production. Consumers are increasingly aware of environmental issues, and companies that demonstrate sustainability credentials are likely to attract eco-conscious consumers. Companies must adapt their products and marketing strategies to cater to regional market requirements and adhere to regional regulations.

Key Takeaways from the Market Report

The global glacial acetic acid market is set to reach USD 16521.8 million by 2034, with a CAGR of 5% in the forecast period.
Based on grade, the industrial grade segment accounted for a market share of 7% in 2024.
By end-use applications, the solvent segment is estimated to lead with a market share of 4% in 2024.
India is expected to record a CAGR of 7% between 2024 and 2034.
Sales in China are predicted to rise at a CAGR of 3% through 2034.

“There is an increasing demand for high-purity glacial acetic acids in the pharmaceutical and electronics industry. Manufacturers are therefore investigating novel technologies to produce such premium quality products,” says a lead analyst at Future Market Insights (FMI).

Who is Winning?

The glacial acetic acid market is dominated by prominent players like BASF SE, Eastman Chemical Company, Celanese Corporation, Hawkins, Inc., Sinopec, and Reliance Industries Ltd. They are investing in new applications and production methods to stay competitive. They are also researching substitute feedstocks and efficient manufacturing procedures to reduce costs and environmental impact.

They are focusing on end-use industries with increasing demand for glacial acetic acid. Environmental regulations and consumer demand are pushing for greener practices in the industry. Large companies are investing in high-purity glacial acetic acid for electronics and pharmaceuticals, creating branded products with unique functionalities and environmental benefits. They are also acquiring smaller enterprises to expand production capacity.

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Leading Players in the Industry-

BASF SE, headquartered in Ludwigshafen, is a chemical company that carries out the production, marketing, and sales of chemicals, plastics, crop protection, and performance products. It has an extensive product portfolio including solvents, adhesives, and fuel additives. The organization serves several industries including agriculture, automotive, chemicals, and electronics and electrical among others. BASF executed research and development in partnership with global consumers, scientists, and business partners to introduce sustainable solutions in the market.
Celanese Corporation, headquartered in Texas, is an American technology and specialty materials company. It’s the world’s leading producer of acetic acid and vinyl acetate monomer (VAM). The company has developed and manufactured TCX Technology, a hydrocarbon-based ethanol production process that helps create a fuel that helps nations decrease their need to import oil and gas.

Key Segments of Market Report

By Grade:

Based on grade, the sector is divided into food grade, industrial grade, and pharmaceutical grade.

By End-use:

Glacial acetic acids have applications in food additives, solvents, photographic chemicals, paints and coatings, textiles, cosmetics, and pharmaceutical intermediates.

By Region:

The sector is spread across North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa.

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Oxalic Acid Demand Soars as Key Industry Players Turn to Effective Cleaning and Bleaching Solutions

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

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

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

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

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

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

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

Key Takeaways

The market in China is projected to expand with a promising CAGR of 5% during the forecast period.
The sales of oxalic acid in the United States are expected to rise with a CAGR of 4.7% during the forecast period.
By grade, the technical/pharma segment is expected to generate demand with a CAGR of 5.5% during the forecast period.
By end use, the pharmaceutical segment is expected to generate demand with a CAGR of 5.9% during the forecast period.

“Increasing use of oxalic acid in bleaching and cleaning applications among various sectors is expected to fuel market expansion during the forecast period”- comments an FMI Analyst

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Competitive Landscape

The market for oxalic acid is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.

The key industry players are Mudanjiang Fengda Chemical Co., Ltd., Oxaquim, Merck KGaA, UBE Industries Ltd., Clariant International Limited, Indian Oxalate Limited, Shijiazhuang Taihe Chemical Co., Ltd., Spectrum Chemical Manufacturing Corp., Shandong Fengyuan Chemical Co., Ltd., Penta s.r.o

Key Segments Profiled in the Oxalic Acid Market Survey

By Grade:

Standard Grade (Purity 96%-99%)
Technical/ Pharma Grade (Purity 99%-99.9%)
Electronic/ Food Grade (Purity 99.9%-99.999%)

By Application:

Bleaching & Purifying Agents
Reducing Agents
Stain & Rust Removers
Miticide
Precipitation Agents
Others

By End Use:

Petrochemicals
Water Treatment Chemicals
Metallurgy
Textiles & Leather
Pharmaceuticals
Electronics & Semiconductors
Food
Wood Pulp
Bee-hiving

By Region:

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

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Sulphur Hexafluoride Demand Surges, Driven by Growth in Electronics, Medical Applications, and HVDC Transmission

The global sulphur hexafluoride market size is projected to amass a revenue of USD 487.93 million by 2033 as opposed to USD 288.37 million in 2023. The market is set to expand at a CAGR of 5.4% from 2023 to 2033. Escalating demand for electronic devices and electricity, as well as the increasing adoption of sulphur hexafluoride in the medical sector, is responsible for the growth of the sulphur hexafluoride market in the forecast period. Electronic manufacturers fuel the demand for sulphur hexafluoride so as to develop large appliances with varied operating ranges and conditions. Thus, surging demand for household electronic appliances like TVs, refrigerators, and mixers, among others, will drive the growth of the sulphur hexafluoride market over the upcoming years.

Sulphur hexafluoride is a colorless and odorless gas that is non-toxic, non-inflammable, and soluble in water. It has superior thermal, electrical, and chemical characteristics which makes the chemical an ideal fit for several applications. Sulphur hexafluoride, thus, finds application in several industries including power, medicine, electronics, glass, metal, and others.

It is estimated that the power and energy sector will record the highest demand for sulphur hexafluoride. Power generating and energy plants and the use of high-voltage electronic equipment will continue to adopt sulphur hexafluoride. Renewable energy plants like wind and gas, too, contribute to the growing demand for sulphur hexafluoride to produce and supply energy to various industries. Moreover, recent years have witnessed a growing demand for sulphur hexafluoride from the healthcare sector due to its usage in plasma processing, medical technology, and other therapeutic processes. The increasing prevalence of chronic ailments, rising number of patients, and surging government expenditure in the healthcare industry will open avenues of growth for the sulphur hexafluoride market. Telecommunication, consumer goods, the electronic industry, and others will also drive the demand for sulphur hexafluoride.

Growing demand for electronic goods like semiconductors, photovoltaic panels, power equipment, and switch gear will amplify the demand for sulphur hexafluoride. The increasing development of power infrastructure along with government aid in this respect will also facilitate the expansion of the sulphur hexafluoride market size. With healthcare and the electrical and electronics industry thriving in the upcoming years and sulphur hexafluoride finding function in these sectors, the prospects for the market look bright during the projection period. However, the market for sulphur hexafluoride also has its share of restrictions. Sulphur hexafluoride has an adverse impact on the atmosphere as its causes global warming. Due to increasing environmental consciousness, sulphur hexafluoride’s negative effect on the environment will likely impede the growth of the market.

Key Takeaways:

By end use, the power and energy segment will dominate the global marketplace by acquiring a sizeable portion of the market share.
Increasing adoption of sulphur hexafluoride in the healthcare sector will also strengthen the market prospects.
Rising application of sulphur hexafluoride in loudspeakers, leak detection, and lasers augurs well for the global market.
Developing regions like China, India, and Brazil offer lucrative opportunities to the market due to the dense population, rising disposable income, and favorable government initiatives.

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Competitive Landscape

Solvay, Honeywell, Airgas, Concorde Specialty Gases, Yingde Gases, Fujian Shaowu Yongfei, and Advanced Specialty Gases, among others, are a few of the significant players in the sulphur hexafluoride market profiled in the full version of the report.

Prominent market players are keen on expanding their production facilities and establishing themselves in emerging economies. These organizations also employ various organic and inorganic business strategies.

More Insights Into Sulphur Hexafluoride Market

FMI offers an unbiased analysis of the global sulphur hexafluoride market in its latest report, providing historical data and forecast statistics for 2023 to 2033. The report presents a study of a ten-year sales forecast, market drivers, restraints, trends, and opportunities. To understand the global market potential, growth, and scope, the market is segmented on the basis of application, industry, and region.

FMI predicts that, based on segmentation, the power and energy category will dominate the global marketplace. This segment will create high demand for the market as a key end user. Based on region, developing regions like Brazil, China, and India will present immense potential in the market. Rapid industrialization, growing population, rising disposable income, and increasing government spending in these countries will aid the growth of the market in these developing nations. In developed countries, the sulphur hexafluoride market is shaped by the rapid rise of the aging population and the high prevalence of chronic ailments as these factors amplify the demand for sulphur hexafluoride in the healthcare sector. Thus, extensive use of sulphur hexafluoride in different industrial verticals and contributions from developed and developing regions will aid the global growth of the sulphur hexafluoride market.

Sulphur Hexafluoride Market Segmentation

On the basis of the end-use industry, the global Sulphur hexafluoride market can be segmented as:

Electrical & Electronics industry
Steel & Metals industry
Medical applications
Glass Industry
Electrostatic loudspeakers
Entertainment industry

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Petrochemical Industry Growth Spurs Demand for Advanced Refinery Catalyst to Meet Fuel Efficiency Standards

Increasing use of transportation fuel is likely to have a direct impact on the demand for refinery catalysts, according to a recent report published by Future Market Insights (FMI). The evolving composition of transportation fuel composition requirements to match the environmental regulations and changes in engine design are expected to drive the refinery catalyst market. Catalytic processes are imperative for the production of transportation fuels such as gasoline, diesel, jet fuel and others from petroleum.

Environmental regulations are getting stricter across the world. Considering this, with the need for cleaner emission growing stronger, companies are looking for newer ways to reduce their harmful emissions.

In order to adhere to these stringent rules, the use of cleaner emission fuels is encouraged. This has led to high use of low Sulphur fuels as these cause less damage to the environment. Refinery catalysts play a major role as they are critical in reducing Sulphur from fuels. Owing to these applications, global refinery catalyst market is expected to experience a surge in demand.

Furthermore, the increasing uses of different catalysts such as Fluidised Catalytic Cracking (FCC) and Hydroprocessing technologies are poised to boost the market growth. The report offers exclusive insights into the market.

Key Takeaways in Refinery Catalyst Market Study:

Asia Pacific is expected to emerge as the most lucrative market for refinery catalysts during the forecast period
North America and Europe are likely to exhibit witness substantial growth during forecast period 2020-2030
FCC is projected to emerge as the most lucrative product type, however, the hydrotreating segment expected to witness highest growth during the forecast period
Zeolites likely to remain the highest used ingredient segment
Rising use of transportation fuel to boost growth of global refinery market.

“Regulations encouraging the use of cleaner emission fuels are expected to get more stringent in the near future as concerns over environmental safety is taking precedence globally. Hence the role of refinery catalysts in lowering the Sulphur levels of fuels is expected to gain more prominence, providing huge market potential for manufacturing companies in the industry” said an analyst at FMI.

COVID-19 Impact on Refinery Catalyst Market

COVID-19 pandemic is impacting the global economy since its advent. Refining catalyst market is affected by the impact pandemic had on the petrochemical industries across the world. The pandemic has affected all aspects of business.

With restricted productions and lack of labor due to the social distancing norms, the manufacturing companies are still recovering from the impact. This negative impact is expected to lead to a drop in demand of refinery catalysts in 2020.

As transportation was restricted across worst hit countries for a significant time during the year, the demand took a huge dip. Decelerating growth was recorded as crude oil prices went to an all-time low with negative pricing for the first time.

Additionally, with end-use industries affected in the regions such as Asia Pacific, North America and Europe, a significant drop in year on year growth rate is expected. Although the market has suffered losses, it is expected to pick itself up by the beginning of 2021.

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Who is Winning?

Global refinery catalyst market encompasses established players who operate internationally as well as regional players. This has resulted in a highly competitive market. The key strategies adopted by players include strengthening supplier base and improving distributor networks.

Furthermore, product innovations is a key strategy employed by large players to sustain in the market and gain advantage over competitors. For instance, key player in the global refinery catalyst market, BASF has announced launch of a new fluid catalytic cracking (FCC) catalyst product for gasoil feedstock. It is based on the multiple framework technology (MFT) by BASF.

This new product has confirmed its ability to deliver better economic performance during trials. This is achieved through butylene selectivity, high conversion and coke selective bottoms upgrading in order to increase refiner’s profitability.

Some of the key players in the global refinery catalyst market are Exxon Mobil, Albemarle Corporation, W.R. Grace and Co., Honeywell International Inc., Clariant AG, BASF SE, Axens SA, Haldor Topsoe A/S.

Get to Know More about Refinery Catalyst Market

The research report analyzes the total sales of refinery catalyst on the basis of volume (Units) and value (US$ Mn). The market is projected on the basis of factors such as petrochemical industry growth, fuel sales, global GDP growth, industry value added, and government regulations. The scope of the research report includes only new sales of refinery catalyst for OEM. The report offers critical insights into the refinery catalysts market in terms of product type (FCC, reforming, hydrotreating, hydrocracking, isomerization and alkylation), ingredients ( zeolites, metals and chemical compounds), and across 5 key regions (North America, Latin America, Europe, Asia Pacific & Middle East & Africa)

Global Refinery Catalyst Market By Category

By Product Type :

FCC (Fluidised Catalytic Cracking)
Reforming
Hydrotreating
Hydrocracking
Isomerization & Alkylation

By Ingredients :

Zeolites
Metals
Chemical Compounds

By Region :

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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