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According to Future Market Insights, the sodium lactate market will be worth US$158.7 million in 2021. (FMI). Overall sodium lactate sales are predicted to reach US$ 368.3 million by 2031, rising at an 8.8% CAGR between 2021 and 2031.

Sodium lactate find extensive applications in the food & beverage industry, pharmaceutical and cosmetic and personal care products owing to its superior properties and cost-effective nature. This is expected to create attractive opportunities for growth. The global sodium lactate market is estimated to be US$ 158.7 Mn in 2021, registering high growth through the forecast period (2021-2031)

Focus on reducing the cost of production to offset the high feedstock cost and gain competitive edge among leading players will bode well for the market. Moreover, manufacturers are expanding their manufacturing capabilities and increasing their exports to make deeper inroads in markets with unmet needs.

Increasing safety concerns have encouraged governments around the world to implement stringent regulations to maintain and enhance the quality of food, cosmetic and chemical products. These regulations have been created with the intent to keep an eye on chemical additives and contaminants in food supplies.

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Key Takeaways from Sodium lactate Marker Study

• Liquid form by form type is expected to contribute more than 54% of revenue share to the market.
• By application, food & nutritional supplements held the highest market share in 2021 due to diversifying the application of sodium lactate in the food industry.
• North America holds a t share of over 38% in the global sodium lactate market.
• Germany is expected to remain the dominant market for sodium lactate in Europe, accounting for over one-fourth of sales through 2031.
• China will continue leading the East Asia market, exhibiting double-digit growth through the forecast period.

“Diverse applications of sodium lactate across diverse industries, from pharmaceutical to the food sector will drive the sodium lactate market,” says a FMI analyst. 

Fast Expanding End-User Industries and Product Compliance

Food & beverage, cosmetic industry, pharmaceuticals manufacturers are prominent end-user industries gaining momentum. With the prompt expansion of the food & beverage and agricultural industry across the globe, it will fuel the demand for sodium lactate-based products.

Manufacturers may want to steadily exit or avoid entering the vulnerable solvents marketplace as the usage of VOC-based products is banned and prohibited in developed countries. Increasing safety concerns have encouraged several governments to implement stringent regulations to maintain and enhance the quality of food, cosmetic and chemical products.

These regulations have created use of chemical additives and contaminants in food supplies on check. Also, within the pharmaceutical industry, regulations and quality assurance play an important role. These factors will continue creating scope for sodium lactate applications.

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Competitive Landscape

Manufacturers are focusing on the development of intermediates. Moreover, they are focusing on expanding their regional presence through acquisition and expansion.

Some of the leading companies of this market include:

• Jungbunzlauer Suisse AG
• Biosynth Carbosynth
• Corbion N.V.
• Prathista Industries Limited
• Dr. Paul Lohmann GmbH KG
• Merck KGaA
• Advance Inorganics
• Hexon Laboratories Private Limited
• Galactic S.A.
• abcr GmbH

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Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global sodium lactate market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.

The study provides compelling insights on the sodium lactate market on basis of Product Form in detail cover every aspect of the market such as:

Sodium lactate Market by Category

Product Form:

• Powder
• Liquid

Application:

• Beverages
• Food & Nutritional Supplements
• Clinical Nutrition
• Dialyses Solutions
• Personal Care & Cosmetics
• Cleaners & Detergents

End-User:

• Food & Beverages Industry
• Cosmetic Industry
• Pharmaceuticals Manufacturers
• Medical Devices Manufacturers

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What Are Key Opportunities For The Market To Growth In Future?

In developed economies, customers are progressively transitioning to products that confirm to stricter requirements for safety. This will create opportunities for research and development activities and product innovation to launch lactates-based products.

Development of custom formulation and products as per end-user requirements is expected to gain impetus across the world. Some of the leading companies are therefore focusing on produyct launches.

A majority of manufacturers in the MEA region are based out of South Africa, Turkey and GCC. They are primarily focusing on manufacturing international quality products to garner significant attention from end-users in the region. Sodium lactate also is used in food products that need to be Kosher & Halal certified.

Expansion in APAC and ban on VOC-based solvent in Europe and North America will create growth opportunities for sodium lactates manufacturers.

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Global Drum Handling Equipment Market demand is anticipated to be valued at US$ 2.5 Billion in 2022, forecast to grow at a CAGR of 6.29% to be valued at US$ 4.6 Billion from 2022 to 2032. The growth of the Drum Handling Equipment Market is attributed to its global utilization across the Industrial Automation industry.

Drum handling equipment refers to a piece of mechanical equipment or tool that is used to securely grip, lift and transport cylindrical modules such as steel drums, barrels, plastic drums and fiber drums. It consists of spring-loaded metal arms that create a tight and secure grip.

This equipment is commonly used in chemical and petroleum industries, as well as industries that require shipping and storing of cylindrical modules. In the rubber tire and tube industry, a drum handler may also refer to a worker who primarily removes drums of rubberized fabric wrapped between layers of canvas for separation from the bias cutter and rolls the drums to the tire-building department, returning empty drums and canvas liner for rewinding.

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Asia Pacific is considered to be a dominant region for the Drum Handling Equipment Market, owing to the increasing industrialization in the region.

The major factor that is expected to propel the growth of the Drum Handling Equipment Market during the forecast period includes increasing investments by the major manufacturers for carrying out R&D activities in the field of drum handling equipment.

The factor that is expected to hinder the growth of the Drum Handling market during the forecast period includes the limited adoption of drum handling equipment in small scale industries.

Increasing research and development (R&D) activities aimed at the development of new production technologies are expected to create growth opportunities for sodium hydroxide market, finds by Future Market Insights (FMI) in a recent research study.

According to the report, the sodium hydroxide sales are anticipated to surge at a CAGR of 4.3%, reaching US$ 43.7 Bn by the end of the assessment period in 2031. The growing demand for sodium hydroxide from various end-use sectors is encouraging market players to invest heavily in expanding their production capacities.

East Asia is estimated to remain a key regional market owing to increasing applications, particularly driven by the demand for textile chemicals in textile industry. Furthermore, the outbreak of the COVID-19 virus has resulted in reduced growth of many end-use industries including automotive and construction.

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This outbreak also has impacted the chemical industry. The losses arising during the pandemic have resulted in subduing growth for the sodium hydroxide market. However, the increasing demand in the pulp and paper industry is expected to support recovery of the sodium hydroxide market.

Key Takeaways from Sodium Hydroxide Market Study

• Caustic lye holds over 63% of the global value share in 2021 owing easier applications particularly in the chemical industry.
• Textile applications will account for over 19% of the market through the end of 2031, driven by inking and dyeing applications.
• China is dominant in East Asia with a share of over 63% through the assessment period, supported by the presence of prominent end-use industries in the country.
• The U.S. is a lucrative market accounting for over 89% of North America, propelled by demand in the automotive and construction sectors.
• India followed by ASEAN countries account for a cumulative share of over 72% of the South Asia and Pacific market, albeit driven by a fragmented end-use sector.

“Global trade tensions and COVID-19 outbreak have had a considerable negative impact on buyer confidence. This in turn has affected short term sales figures in the sodium hydroxide market. However, demand has been gradually recovering since last quarter of 2020 and is expected to reach pre-pandemic level in the coming years,” said a lead analyst at FMI.

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Valuable Insights into Sodium Hydroxide Market

Future Market Insights has published a market research report on the sodium hydroxide market that contains global analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides insightful analysis of the Sodium Hydroxide market through two different segments- Product Type, application and Region.

Who is Winning?

Leading players in the sodium hydroxide market are focusing on strategic expansions of production capacity, in addition to collaborations, partnerships, and acquisitions to produce high-quality products. They are also focusing on bolstering their product portfolio and developing stronger distribution partnerships.

Key manufacturers in the sodium hydroxide market, include but are not limited to Olin Corporation, Tosoh Corporation, BASF SE, Formosa Plastics Corporation, Dow Chemical Company, Shin-Etsu Chemical Co Ltd, Westlake Chemical Corporation, Covestro AG, Solvay S.A., Gujarat Alkalies and Chemicals Limited, Occidental Petrochemical Corporation, Tata Chemicals Ltd., Xinjiang Zhongtai Chemical Co. Ltd, Vynova Group, CJ Chemicals, ProChem, Inc., Chemical Store Inc, GFS Chemicals, Inc.

Sodium Hydroxide Market by Category

By Product Type:

• Flakes
• Caustic Lye

By Application:

• Alumina
• Textile
• Pulp & Paper
• Soaps & Detergent
• Dyes & Inks
• Pesticides
• Pharmaceuticals
• Water Treatment
• Petrochemicals
• Power & Steel
• Food Processing
• Organics
• Inorganics
• Others

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How will COVID-19 Crisis Effect Sodium Hydroxide Market?

The COVID-19 outbreak has impacted various industries. In the short term, the world has seen a rise in demand for sodium hydroxide for water treatment applications. The sodium hydroxide market has been moderately impacted by the crisis.

However, for the long-term growth outlook, the market has displayed gradual recovery in the past few months and is expected to reach its pre-pandemic levels by the end of 2021, supported by the resurgence of the end users.

Sodium hydroxide is used in the chemical industry as a catalyst, reactant, and more. The use of sodium hydroxide has been increased significantly in the last few years and is expected to continue its growth soon. Strong economic activity is supporting sodium hydroxide demand in all segments.

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An evaporative air cooler Market controls the surrounding temperature through the dissipation of water molecules. When water molecules dissipate in air, the result is a blend of air and water molecules. This change requires heat; subsequently, latent heat is taken from the environment, thereby dropping the temperature of the surrounding.

Evaporative air coolers are easy to use and cool their surroundings through the dissipation of water and heat. Unlike traditional air conditioner systems, evaporative air coolers require outside air and work best with open windows and entryways. They are appropriate for homes, showrooms, shops, workplaces and particularly where entryways are opened and shut as often as possible – a noteworthy advantage over ordinary climate control systems. Plus, they consume less power and produce no emission.

Evaporative Air Cooler Market: Drivers and Challenges
Evaporative air cooler is a common and old technology in evaporative cooling. The residential sector, warehouses and commercial kitchens are the major end-users of evaporative air coolers. Hence, during the forecast period, the residential sector is anticipated to witness substantial demand for evaporative air coolers, particularity for portable evaporative air coolers. However, stationary evaporative air coolers are also expected to witness sustained demand in the market as they can be installed on walls and thus, spare floor space. Further, evaporative air coolers are cost effective, which makes them the ideal solution in residential and small-scale industries.

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The installation of central evaporative air coolers in a data center is an emerging trend in the evaporative air cooler market, and the growing IT sector is estimated to contribute significantly to the demand for evaporative air coolers in the coming years. Another emerging trend in the evaporative air cooler market is the use of solar powered coolers. The decreasing prices of solar modules and increasing awareness towards the environmental benefits associated with the adoption of renewable resources are expected to drive the replacement of conventional air cooler systems with solar powered evaporative air coolers.

On the flip side, shorter life, lower comfort and product quality are anticipated to inhibit the growth of the evaporative air cooler market over the projected period.

Evaporative Air Cooler: Market Segmentation
On the basis of type, the global evaporative air cooler market can be segmented into:
Stationary Evaporative Air Cooler
Central Evaporative Air Cooler
Portable Evaporative Air Cooler

On the basis of function, the global evaporative air cooler market can be segmented into:
Automatic
Semi-Automatic

On the basis of application, the global evaporative air cooler market can be segmented into:
Residential
Commercial
Industrial

Evaporative Air Cooler: Regional Market Outlook
A number of regions in the global evaporative air cooler market are poised to witness notable growth; some of these include North America, the Middle East, China and India. These regions have a comparatively dry and hot climate. For instance, in Mexico, the climate is semi-arid, ideal for evaporative air coolers. Regions on the equator such as the Middle East, South East Asia and Latin America record higher temperatures and thus, they register high demand for climate comfort devices such as evaporative air coolers. The rest of the regions including Western and Eastern Europe are estimated to witness sustained growth in the market over the forecast period. Japan is expected to witness moderate growth in the evaporative air cooler market in the coming years.

Evaporative Air Cooler Market: Market Participants
The global evaporative air cooler market is estimated to be fairly fragmented due to the presence of a large number of global as well as local manufactures. Examples of some of the market participants in the global evaporative air cooler market identified across the value chain include:

Bajaj Electricals Ltd
Honeywell International Inc.
Hessaire Products, Inc.
Seeley InternationaL Pty Ltd.
Symphony Limited
Aolan (Fujian) Industry Co., Ltd.
Fujian Jinghui Environmental Technology Co., Ltd
Luma Comfort
Phoenix Manufacturing
De’Longhi Appliances S.r.l.
Khaitan
AirGroup

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As per the report published by FMI, the global stainless steel market is projected to have a moderate-paced CAGR of 5.5% during the forecast period. The current valuation of the market is US$ 119.80 billion in 2022. The market value of stainless steel is anticipated to reach a high of US$ 183.86 billion by the year 2032.

The stainless steel market is gaining rapid traction due to the flourishing demand for stainless steel in the manufacturing of kitchen products such as showpieces, cookware, and stoves owing to its benefits that include high ductility & toughness, resistance to corrosion, and low maintenance required that in turn fuel the market growth in the different industries.

According to the findings of Future Market Insights stainless steel seeks significant demand from the automotive industry again influences the market growth positively. Increasing automobile production in the regions such as the Middle East, the Asia Pacific, and Latin America has prominently escalated the demand for stainless steel in these regions.

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FMI has analyzed that the main factors contributing to the increased automobile production are the rise in easy access to credit facilities, disposable income, and the increasing necessity of people for personal transportation. The aforementioned factors are likely to boost the demand for stainless steel across the globe.

Key Takeaways from the Stainless Steel Market

• The automotive and transportation segment accounts for 12% market share of the global steel consumption.
• On the basis of the product type, the flat product segment is going to dominate at a significant CAGR during the period 2022-2032. This segment accounted for 73% of revenue share in 2021.
• Europe is projected to advance at a CAGR of 5.6% during the estimated period.
• Asia Pacific is projected to dominate the stainless steel market with a market share of 74% during the forecast period.

“Socio-economic factors and drastic development of the construction & building and automotive industry is likely to curate lucrative growth opportunities for the stainless steel manufacturers and leverage the market growth during the forecast period”– Says an FMI Analyst

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Competition Landscape in the Stainless Steel Market 

The market players in the stainless steel industry focus primarily on their capacity expansion across various regions. the manufacturer has helped in the development of advanced techniques to enhance the properties of stainless steel which further extends profitable opportunities to the market players in the forecast period of 2022 to 2032.

The global stainless steel market can be considered oligopolistic due to the presence of a considerable number of players across the globe. The intensity of participation in the market is high owing to the excellent scope of demand. Tier-I companies are planning to venture into collaboration and acquisitions of accompanying businesses to further increase their market presence.

Acerinox S.A., Aperam Stainless, ArcelorMittal, Baosteel Group, Jindal Stainless, Nippon Steel Corporation, and Outokumpu are some key players in the stainless steel market.

Key Segments In The Stainless Steel Market

By Type:

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

By Form:

• Flat Products
• Long Products
• Tubular Products

By End-Use:

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

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Recent Developments in the Stainless Steel Market:

• In November 2021, the U.S. government introduced USD 2 trillion plan for infrastructure. It includes heavy fund allocation for repair and renovation of bridges, highways, EV charging facilities, airports, water infrastructure, communication networks, high-speed Internet, clean energy & environment, and carbon reduction. This plan is likely to assist the SS demand for structural applications in infrastructure and construction.
• In February 2021, Jindal Stainless announced a CAPEX plan for its Odisha stainless steel plant worth Rs. 2000-3000 crore (USD 261.8-392.7 million) over the next few years

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As per the report published by FMI, the global expanded polypropylene (EPP) foam market is projected to have a moderate-paced CAGR of 11.40% during the forecast period. The current valuation of the market is US$ 1,685.97 million in 2022. The market value of expanded polypropylene (EPP) foam is anticipated to reach a high of US$ 4,962.51 million by the year 2032.

The expanded polypropylene (EPP) foam market largely penetrating a number of end-use industries and the market is expected to grow 1.7X in the estimated period of 2022-2032. The eco-friendly and high-performance nature of expanded polypropylene (EPP) foam makes it an ideal material for a variety of applications such as elements of seats, bumpers, outdoor & indoor furniture, and FMCG products.

According to the findings of Future Market Insights, the demand for EPP foam is expected to gain additional traction, amidst increasing investments in manufacturing sectors across major economies. EPP foam plays a supplementary role in the manufacturing processes of many end-use industries.

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An increase in the manufacturing of these products will directly impact the need for the product on a global level. FMI has analyzed that the growing demand for chemical- and water-resistant materials in the packaging and consumer goods industries is slated to propel product demand over the forecast period.

Key Takeaways from the Expanded Polypropylene (EPP) Foam Market

• North America and Europe cumulatively account for a total of 35% market share in the Expanded Polypropylene (EPP) Foam Market.
• Asia Pacific (APAC) region is projected to dominate the global market with a revenue share of 52% in the Expanded Polypropylene (EPP) Foam Market.
• The automotive industry segment is projected to hold the highest revenue and constituted 40.0% of the total revenue share in the base year.
• The high-density product segment accounted for a market share of more than 53% during the base year and is likely to dominate during the forecast period.

“Green buildings are offering advantages including improved air quality, reduction in operating expenditure, reduction in overall load on metal frames, and efficient use of energy & water as compared to conventional buildings, therefore the use of EPP in the construction sector is likely to gain rapid traction in coming years.” – Says an FMI Analyst

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Competition Landscape in the Expanded Polypropylene (EPP) Foam Market 

The majority of the market players are engaged in the expansion of manufacturing facilities, mergers & acquisitions, and vertically integrating across the value chain. These initiatives enable companies to cater to increasing global demand, ensure competitive effectiveness, enhance sales & operations planning, develop innovative products & technologies, lower production costs, and expand customer base.

Paracoat Products Limited, ACH Foam Technologies, Eurofoam Group, Dongguan City Prosperous Mass Poly Foam Co.Ltd are some key players in the expanded polypropylene (EPP) foam market.

Key Segments in The Expanded Polypropylene (EPP) Foam Market

By Grade Type:

• Low Density
• High Density
• Porous PP

By Application:

• Automotive
• Industrial Packaging
• Consumer Products
• Building & construction
• Others

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Recent Developments in the Expanded Polypropylene (EPP) Foam Market:

• Kaneka Corporation stated in August 2017 that it would open a new enlarged polyolefin foam manufacturing plant in Rayong, Thailand. To meet the growing demand in Southeast Asia and India, an investment of USD 18 million was made to build a production capacity of 3,000 metric tonnes per year.
• JSP stated in August 2020 that its ARPRO extended polypropylene (EPP) brand would complete a full cycle. JSP has introduced ARPRO 5134 RE, a new product line with 25% recycled content derived from recycled EPP.

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The manufacturing of a tire involves different production processes including raw material mixing and rubber sheet molding. A tire curing press machine is used to apply substantial pressure and heat to mold the outer surface of the tire to form trademarks and grooves along with other designs and finalizing the curing of rubber of the tire by a chemical reaction. The selection of a tire curing press depends upon the control system type, green tire stands type, heating process, applications such as floor erection or foundation pit erection, and operating cavities type among others. Tire curing presses come with a long column design with a locking and squeeze system as per specifications that provides both independent and common controlled presses.

Mobility has turned out to be the megatrend of the 21st century across the globe. The global tire market is growing significantly owing to the increasing demand for mobility around the world. In the times of increasing energy prices, saving energy, along with protecting the environment, would also help in significant cost-reduction for the machine user. Furthermore, tire production machinery, tire curing presses or extruders, must contribute to energy-efficient, economical, reliable, and secure production processes as much as possible.

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Tire Curing Press Market: Dynamics
Larger hydraulic tire curing presses can replace the conventional and old machines with the same space requirement, thereby providing flexibility and increasing the turnout based on considerably shorter cycle times. Furthermore, tire curing presses are smart and flexible enough to respond with increased number of tire types and sizes which is estimated to drive the global tire curing press market during the forecast period. Advancements in tire curing press offer technological edge with competitive advantages to the manufacturers, thus attributing to substantial growth of the global tire curing press market over the forecast period. Moreover, the integration of multiple functions and easy-to-service design will propel the demand for tire curing presses in the near future.
The rising demand for durable tires associated with the growing automotive production in the Asia Pacific region, majorly in countries such as China, Japan, and India, to fuel the global tire curing press market over the forecast period. Further, tire curing press is used to mold and produce tires for various vehicles such as passenger cars, light commercial vehicles, and heavy commercial vehicles.
However, the lack of skilled labor to perform required complex operations and functions is expected to hamper the growth of the global tire curing press market during the forecast period.

Tire Curing Press Market: Segmentation
The global tire curing press market can be segmented into product type, application, and vehicle type. On the basis of product type, the global tire curing press market is segmented into:
Mechanical Tire Curing Press
Hydraulic Tire Curing Press
Hybrid Tire Curing Press
On the basis of application, the global tire curing press market is segmented into:
Ordinary Tire
Radical Tire
On the basis of vehicle type, the global tire curing press market is segmented into:
Passenger Cars
Commercial Vehicles

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Tire Curing Press Market: Regional Outlook
In the global tire curing press market, the European region is estimated to account for a dominant share, owing to the significant adoption of advanced technology and machines by tire manufacturers in the region. Furthermore, Europe is estimated to register robust growth in the global tire curing press market during the forecast period. North America is expected to witness substantial growth in the global tire curing press market over the forecast period owing to stringent carbon emission standards and tire design standards.

Growing automotive production in India, China, and Japan is projected to fuel the Asia Pacific tire curing press market over the forecast period. Moreover, the rising awareness amongst end users to opt for highly reliable and durable tires will augment the growth of the global tire curing press market in the near future.
Tire Curing Press Market: Participants
Some of the market participants in the global tire curing press market are:

Mitsubishi Heavy Industries Machinery Systems
HERBERT Maschinenbau GmbH & Co. KG
LARSEN & TOUBRO LIMITED
Uzer Makina
SICK AG
McNeil & NRM, Inc.
Guilin Rubber Machinery
AMCL Machinery Ltd.
REP International
ThyssenKrupp Elastomertechnik GmbH
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As per FMI analysis, the global veneer sheets market is projected to reach a market value of US$ 41,163 Mn by 2031, growing at a CAGR of 2.3% during the forecast period of 2021-2031. In a new study, FMI has forecast the market to reach US$ 33.37 Bn by 2021.

Steady growth registered by the veneer sheets market is attributable to consistently rising demand from commercial and residential construction. Growth forecasts continue to stay positive, albeit moderate because some of the established markets have been reaching maturity.

For instance, despite recovery post COVID-19 in 2020, Europe will continue exhibiting moderate growth through the forecast period. Veneer is a very thin coating used on the surface of the solid material. Veneer sheets are often glued to a solid material so that an otherwise dull piece of furniture can be made to appear elegant in a cost-effective manner.

Moreover, applying a layer of veneer increases the durability of furniture, which makes veneer sheets highly sought-after in the construction sector.

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Although the market for veneer sheets is projected to rise consistently, the COVID-19 pandemic is expected to have a major impact on short-term demand pattern. COVID-19 pandemic also has compelled manufacturers to revisit strategies adopted for expansion to ensure steady growth in the near future.

Also, delays caused in building projects and manufacturing process have contributed to a decline in demand for sheets of veneer. Nonetheless, with economies returning to normalcy post extended lockdown period, sales of veneer sheets are expected to pick up, especially in the residential sector, which has also been identified as leading end-use in the report. FMI has predicted it to account for nearly 65.5% of the market in 2021.

Veneer Sheets Market: Participant Insights                                                    

Some of the leading companies operating in veneer sheets market are GREENLAM INDUSTRIES LTD., Sauers & Company Veneers, Oakwood Veneer Company, Veneer Technologies, Inc, FormWood Industries, Inc., Turakhia Overseas Pvt. Ltd., CEDAN INDUSTRIES, CENTURYPLY, Ltd,   Herzog Veneers, Inc., Ltd, SR Wood, Ltd, Pearlman Veneers and Flexible Materials Incorporated. These companies are focusing on strengthening their product portfolio and expanding their market footprint through acquisition of smaller companies in the market.

Key Takeaways from Veneer Sheets Market Study

• Veneer sheet market will pick up pace post decline registered in 2020. FMI has projected the market to record 1.5% Y-o-Y growth in 2021
• The U.S. will continue leading the market in North America, accounting for 80.9% share in 2021
• The U.K. is projected to record growth at 1.0% in 2021
• Germany and France will remain key markets for veneer sheets in Europe
• Germany and France will continue exhibiting high demand, with Germany forecast to remain dominant in Europe through 2031
• Japan and South Korea to remain lucrative markets in East Asia. Among these countries, South Korea will exhibit high growth over the forecast period

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“Product differentiation is one of the key strategies adopted by the market players. They are focusing on introducing a wide range of veneer sheets, designed keeping in mind specific applications as per consumer requirement,”said a lead FMI analyst.

Key Segments

Product Type

• Paper-Backed
• Wood-Backed
• Phenolic-Backed
• Laid-Up
• Others

End Use

• Commercial
• Residential

To Know More about Veneer Sheets Market

A new market research report published by Future Market Insights (FMI) on the global Veneer Sheets market report offers in-depth insights into the market demand trends and assessment of opportunities during the forecast period.

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The report analyses the Veneer Sheets market through three different segments- product type, end-use, and region. The Veneer Sheets report also offers detailed analysis of pricing analysis by different product types demand across various end-use industries, and patent analysis in the market.

About FMI

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

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As per a Future Market Insights (FMI), the global biogas market size is projected to grow at a steady 6.80% CAGR over the forecast period from 2021 to 2031. The overall market size is expected to top US$ 61.2 Bn by 2031, with the U.S., Germany, India, and China emerging as key producers and exporters of biogas.

Shifting focus on renewable sources of energy to reduce fossil fuel dependency is a chief factor driving sales of biogas across various countries. In addition to this, governments in several countries are promoting the adoption of biogas as vehicular fuel, which is expected to augment growth of the market through 2031.

Sales prospects of biogas were dampened due to COVID-19 outbreak. However, with resumption in trade activities, recovery of the biogas market is on cards. FMI has projected demand for biogas to grow year-over-year by 7.10% globally between 2020 and 2021.

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The introduction of circular economy and increasing utilization of anaerobic digestion plants for biogas production are expected to emerge as lucrative trends in the biogas market. A circular economy promotes the reintroduction of wastes in the supply chain, improves waste management, and provides essential lipids for biogas production.

Apart from this, increasing adoption of biogas as vehicular fuel is also expected to fuel growth of the market. Countries such as Germany, Sweden, the U.K., and the U.S. are actively investing in biogas as an alternative to biofuels. This, in turn, is expected to push sales of biogas over the assessment period.

“Growing demand for biogas for household cooking applications, along with government-backed subsidies encouraging the usage of biogas in emerging economies are expected to bode well for the global biogas market through 2031,” says an FMI analyst.

Key Takeaways:

• Based on source, the municipal segment is expected to expand at a steady pace over the forecast period, due to increasing utilization of municipal solid waste (MSW) for biogas production.
• In terms of applications, sales of biogas in the electricity segment are projected to continue rising in response to growing demand for renewable sources of energy.
• The U.S. will emerge as a lucrative biogas market, with sales growing at a 6.10% CAGR in the North America region.
• Germany will continue exhibiting high demand for biogas due to stringent regulations regarding carbon neutrality. The Europe biogas market is poised to grow at a 5.90% CAGR through 2031.
• China is expected to remain one of the key producers and exporters of biogas, accounting for a dominant share of the global biogas market.
• Japan and South Korea will collectively account for 7.40% of the total biogas market share in 2021.

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Competitive Landscape

Air Liquide, Wartsila, EnviTech Biogas AG, Asia Biogas, SCANDINAVIAN BIOGAS FUELS INTERNATIONAL AB, Schmack Biogas GmbH, Swedish Biogas International AB, PlanET Biogas Global GmbH, S. P. Renewable Energy Source Pvt. Ltd, Agrinz Technologies GmbH, and Greenlane Biogas are among the leading players operating in the global biogas market.

As per FMI’s analysis, top 5 players comprising Total SA, Air Liquide, Wartsila, Planet Biogas Global GmbH, and EnviTec Biogas AG are projected to hold around 27.10% of the total biogas market share in 2021.

Leading players operating in the biogas market are focusing on production facility expansions through mergers, acquisitions, and collaborations. This is expected to assist manufacturers in gaining a competitive edge in the market.

For instance:

• In October 2021, EnviTech Biogas AG announced a strategic collaboration with BALANCE Erneuerbane Energien GmBH to build a bio-LNG (liquified natural gas) liquefication plant in Germany.
• In December 2020, Scandinavian Biogas Fuels International AB, a key producer of biogas in the Nordics, announced that it has finalized the acquisition of Ekdalens Biostransport AB. The acquisition is a part of Scandinavian Biogas’s plans to achieve greater integration across the entire value chain, from organic waste to biogas and bio-fertilizers.

Biogas Market by Category

By Source:

• Agriculture
• Municipal
• Industrial and Others

By Application:

• Electricity
• Heat
• Vehicle Fuel and Others

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More Insights into the Biogas Market Report

In its latest report, FMI offers an unbiased analysis of the global biogas market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.

In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of source (agriculture, municipal, industrial, and others), and applications (electricity, heat, vehicle fuel, and others) across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).

About FMI

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

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The world for refrigeration oil market is currently estimated at around US$ 1.369 billion, and is expected to reach US$ 2,332.9 million by 2032. Refrigeration oil market sales are expected to increase at a compound rate of 4.9%. in the period 2022 and 2032.

Increasing consumption of refrigeration oil in various applications such as air conditioners, refrigeration systems, freezers, chillers, chillers and others is expected to boost sales. With this in mind, Future Market Insights (FMI) estimates that the global refrigeration oil market will reach a valuation of US$2332.9 million in 2032.

Refrigeration oil is a lubricant, derived from either mineral oil or synthetic oil which is a blend of a special high-temperature formulation of oils and additives in order to provide lubrication to compressors. The refrigeration oil flows under pressure where it changes its state from liquid to vapours for generation of the cooling effect.

Some of the major reasons for the rise in demand for refrigeration oil in compressors as a lubricant is the cold chain transportation for frozen food, beverages and meat products, HVAC&R systems in healthcare sectors and increasing preferences towards low GWP refrigerants.

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Consumption of electricity power more than 70% by the refrigeration equipment and the depletion of ozone layer due to increasing emission of Green House Gases (GHG) from refrigeration systems has led to the production and adoption of low GWP refrigerants which will boost demand for more energy efficient  refrigeration oil.

Various government organizations are trying to enforce amendments over the industries to reduce the use of HCFCs and CFCs in refrigeration system until 2030 by A5 countries in order to identify such refrigerants as obsolete. Thus, adoption of new refrigerants is expected to be the major reason behind the development of refrigeration oil compatible with these refrigerants in refrigeration.

Segmentation highlights

• Based on product type, the global refrigeration oil market can be segmented into mineral oil and synthetic oil. The synthetic oil segment is expected to hold a significant share in the global refrigeration oil market and is expected to expand relatively higher in terms of value over the forecast period. The segment is expected to create incremental opportunity more than the mineral oil segment during 2016–2026
• Based on the refrigerant type the global refrigeration oil market can be segmented as chlorofluorocarbon (CFC), hydro-chlorofluorocarbon (HCFC), hydro-fluorocarbon (HFC), ammonia and others. The growth rate of the others segment is expected to accelerate as compared to remaining refrigerants in terms of value and is anticipated to create a productive incremental opportunity over the forecast period
• Based on application the global refrigeration oil market can be segmented as air conditioners, coolers, chillers, refrigerators/ freezers, condensers and others. The air conditioners segment is estimated to account for a major share in the overall global refrigeration oil market with relatively maximum CAGR value over the forecast period
• Based on end user the global refrigeration oil market can be segmented as industrial, commercial and residential. Industrial segment is estimated to be a major contributor in the overall global refrigeration oil market followed by commercial and residential sectors by 2026 end 

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Vendor insights

The major shareholders of the global refrigeration oil market are MEIWA CORPORATION, Royal Dutch Shell plc, ExxonMobil Corporation, Idemitsu Kosan Co. Ltd, FUCHS Lubricants, Chevron Phillips Chemical Company, BASF SE and The Lubrizol Corporation.

These players have adopted a strategy of capacity expansion of their existing production units and strengthening the sales distribution networks worldwide to meet the increasing demand for refrigeration oil across the globe and are therefore expected to offer productive market opportunity over the forecast period.

Refrigeration Oil Market by Category

By Product Type:

• Mineral Oil
• Synthetic Oil

By Refrigerant Type:

• Chlorofluorocarbon (CFC)
• Hydro-chlorofluorocarbon (HCFC)
• Hydro-fluorocarbon(HFC)
• Ammonia
• Others

By End User:

• Industrial
• Commercial
• Residential

By Application:

• Air Conditioners
• Coolers
• Chillers
• Refrigerators/Freezers
• Condensers
• Others (Ice Machines etc)

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Regional market projections

The global refrigeration oil market is segmented on the basis of region into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa. APEJ is anticipated to register the highest CAGR in terms of value over the forecast period.

North America and Europe are highly focussed on using low GWP refrigerants in refrigeration oil. The markets of Latin America, Middle East & Africa and Japan are expected to remain stagnant over the forecast period.

About FMI

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

Contact Us

Unit No: 1602-006
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