Over $800 Million Worth of Genset Sales Predicted in India by 2030

The increasing enactment of strict regulations for curbing the emission of toxic gases is pushing up the sales of gensets in India. The utilization of gensets in the country is monitored under a regulatory framework implemented by the government, on account of the generation of toxic emissions during their various operations. In the recent years, there has been a sharp surge in concerns regarding the escalating pollution levels in the major cities such as Mumbai, Delhi, Kolkata, and Chennai.

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The rapid expansion of the manufacturing industry, because of government programs such as Make in India, is also fueling the sales of gensets in the country. With the establishment of new manufacturing facilities, the sales of gensets will rise enormously in the country in the coming years. This will be because of the ballooning power requirements. Apart from the manufacturing industry, the rapid growth of the construction industry is also propelling the sales of gensets in the country.

As a result, the valuation of the market is predicted to rise from $554.5 million in 2019 to $855.1 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 6.8% between 2020 and 2030. Based on application, the Indian gensets market is divided into industrial, residential, and commercial categories. Amongst these, the commercial category recorded the highest growth in the market in the past years and the trend will continue in the forthcoming years as well.

Hence, it can be said with surety that the demand for gensets would skyrocket in India in the coming years, primarily because of the rising requirement for a continuous power supply in various industrial, commercial, and residential establishments in the country.

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How is Increasing Incidence of Asthma Contributing to Boom of North American Air Quality Monitoring Market in U.S?

 The rising prevalence of cancerous diseases in people living in highly polluted areas is one of the biggest factors responsible for the surging demand for air quality monitoring solutions in North America. The industrial revolution is one of the main factors responsible for the high air pollution in the region. In addition to this, there has been a massive surge in public awareness regarding air pollution, the diseases caused by air pollution, and the various air quality monitoring techniques, in the region, which has in turn, propelled the need for air quality monitoring in the region. 

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The other major factors fuelling the rise in the demand for air quality monitoring are the rising urbanization, industrialization, and soaring number of government measures and initiatives, in the region, for promoting awareness amongst the public about the adverse effects of air pollution. For instance, the United Nations Environment Programme (UNEP) is seeking to promote the 2030 Sustainable Development Agenda in North America in order to protect the natural environment in the region. As per the Canadian government, pollution in the country is majorly caused by volcanic eruptions, emissions of volatile organic compounds (VOCs) from vegetations, and forest fires.

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The North American air quality monitoring market is expected to boom in the U.S. in the immediate future. This is primarily attributed to the rising incidence of respiratory diseases like asthma, increasing prevalence of smoking, and rapid technological advancements in monitoring products in the country. As per the statistics published by the Asthma and Allergy Foundation of America (AAFA), the number of adults (aged 18 years and above) who died due to asthma in the U.S. in 2017 was 3,564. 

Therefore, it can be concluded that due to the soaring air pollution levels and the rising incidence of respiratory diseases caused due to air pollution, the demand for air quality monitoring equipment will surge in North America in the coming years.

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Rising Demand for Electric Scooter Sharing Services Driving Growth of North American Electric Scooters and Motorcycles Market

The North American electric scooters and motorcycles market generated a revenue of $164.7 million in 2020 and it is predicted to reach a valuation of $590.4 million by 2025. According to the forecast of the market research company, P&S Intelligence, the market will progress at a CAGR of 25.1% between 2021 and 2025. The growing popularity of electric scooter sharing fleets and the rising provision of tax credits on their adoption are the major factors driving the market advancement.

As electric scooters and motorcycles contain fewer moving and vibrating parts, their maintenance requirements are very low. This massively reduces the demand for periodic maintenance and servicing that usually cost the owners of the conventionally used fossil fuel-powered vehicles a huge amount. Moreover, due to their lower maintenance requirements than traditional vehicles, they are increasingly being adopted by people who don’t have the time required for routine vehicle maintenance and servicing. 

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Apart from the aforementioned factor, the provision of federal tax credits and other financial assistance regarding the purchase of electric scooters and motorcycles by the governments of several North American countries is also fueling the expansion of the electric scooters and motorcycles market in North America. Depending on type, the market is divided into motorcycle, scooter, and kick scooter. Out of these, the electric motorcycle category is predicted to exhibit the fastest growth in the market in the upcoming years.

Additionally, the growing popularity of electric vehicles, due to the soaring environmental concerns and the mushrooming diesel and gasoline prices, is also propelling the advancement of the market in the country. One of the major trends currently being witnessed in the market is the rapid developments and advancements being made in the battery technology in order to increase the capacity of the batteries for meeting the requirements for a longer driving range and reduce their prices.  

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Hence, it is safe to say that the market will demonstrate rapid expansion in the coming years, mainly because of the rising public preference for eco-friendly vehicles and the increasing implementation of favorable government policies regarding the adoption of electric vehicles in the region. 

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Home-Use Beauty Devices Market to Register 20.4% CAGR during 2020–2030

People across the globe are becoming increasingly conscious regarding their appearance. Most because of societal norms, appealing appearance is often related to a likeable personality and good health. At times, one’s appearance can also affect their confidence level. Because of these, people have started paying more attention to their physical appearance.  

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The demand for anti-aging devices is predicted to increase considerably in the coming years due to the surging aging population across the globe. As per the United Nations, in 2017, there were about 962 million people aged 60 or above, which comprised about 13% of the global population. The geriatric population is further growing at a rate of 3% each year. Therefore, several age-related skin problems such as loosening of skin, drooping eyebrows and eyelids, growth in facial hair, and wrinkles are resulting in the rising demand for anti-aging home-use beauty devices. 

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In addition to this, the demand for hair growth devices is also predicted to rise in the near future because of the rising prevalence of androgenetic alopecia (hair loss), primarily in Europe. European population is more prone to this condition as compared to African-Americans, Asians, and Native Americans, which is why the home-use beauty devices market in Europe is expected to lead rather than North America during the forecast period. The region is further registering introduction of specialized hair regrowth devices and applications which educate consumers regarding the utilization of such devices. Other than this, the rising geriatric population and growing prevalence of hair and skin-related diseases is also resulting in the growing need for home-use beauty devices. 

In conclusion, the demand for home-use beauty devices is increasing due to the rising consciousness of people regarding appearance.   

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How Are Anti-Aging Devices Helping the Elderly?

According to the United Nations (UN) World Population Ageing report of 2019, the population of people aged 65 years and above is estimated to reach around 1.5 billion by 2050. This group of people is already adopting large quantities of anti-aging products, as it suffers from the loss of fibrous tissue and reduced glandular and vascular network in the skin layers. All these conditions lead to dryness, skin sagging, wrinkles, and pigmentary alteration, which can be treated with anti-aging products that give a younger look by tightening and revitalizing the skin.

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In recent years, the usage of easy-to-use at-home devices has surged significantly due to the easy availability of an array of such user-friendly and portable devices for skin rejuvenation, wrinkle reduction, microdermabrasion, and cellulite reduction. These products are more advanced and protect the skin from sun damage. The aging population is concentrating on preventive measures to minimize the signs of aging, and the adoption of these devices helps the elderly in maintaining a youthful appearance.

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Some of the most-widely used anti-aging products are anti-stretch mark, hair color, anti-wrinkle, and ultraviolet (UV) absorption devices. Among these products, the demand for anti-wrinkle products, such as dermal fillers and Botox injections, is substantially rising due to the growing awareness regarding aesthetic appearance. Dermal fillers are technologically advanced and can help in slowing down the aging process, which is why collagen-based, hyaluronic acid-based, synthetic polymer-based, and hydroxylapatite-based fillers are being adopted on a large scale.

To meet this demand, players operating in the anti-aging market are strongly focusing on product launches. For instance, Revlon Inc., in January 2020, launched NEW Total Color, a vegan, clean, and high-performance permanent hair color that covers gray hair almost completely. Similarly, in March 2020, Lumenis Ltd. launched the next generation of its multi-application platforms for skincare, named Stellar M22. It includes an enhanced user interface with a larger screen that allows for quick treatment and a more-convenient remote consultation process.

Thus, the booming population of the elderly and rising awareness about skin aesthetics will boost the demand for anti-aging products and procedures in the foreseeable future.

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Why Are Individuals Buying More Electric Scooters and Motorcycles Every Year?

In the context of transportation, one phrase that is on everyone’s minds these days is ‘electric vehicle (EV)’. Such automobiles are being considered the future of traveling, as they are specifically designed to reduce the air pollution levels drastically. Therefore, to increase their penetration among the masses, governments across the globe are offering purchase subsidies, tax rebates, and financial incentives. For instance, the Indian government has made an investment of INR 10,000 crore under the FAME India II scheme to promote EVs.

Thus, P&S Intelligence expects the electric scooter and motorcycle market value to rise to $10,529.7 million by 2025 from $5,913.9 million in 2019, at a high 14.4% CAGR between 2020 and 2025. Unlike several models of hybrid cars and buses, only pure-electric two-wheelers are available, which makes them, on average, more environment-friendly than other vehicles. Moreover, they are cost-effective, which is why government EV promotion schemes generally support more scooters and motorcycles than cars, trucks, and buses. For instance, the FAME India II scheme is offering support for one million electric two-wheelers compared to just 35,000 cars and 7090 buses.

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A key reason for the cost-effectiveness of electric two-wheelers is the reducing price of lithium-ion (Li-ion) batteries. Though the use of sealed lead–acid (SLA) batteries is more prevalent in such automobiles, the low weight, higher energy density, eco-friendliness, and smaller size of Li-ion batteries are making them popular now. Between 2010 and 2019, such battery packs witnessed a massive 87% decline in their prices, and since they account for almost 50% of the purchase cost of an electric two-wheeler, this slump is making these automobiles affordable.

Presently, Asia-Pacific (APAC) is the largest electric scooter and motorcycle market due to the dominance of China on the worldwide EV sector. According to the Global EV Outlook 2020 report of the International Energy Agency (IEA), 25% of all electric two-wheelers around the world are operational in China. This is a result of the rapid urbanization and people’s rising disposable income, as well as government bans on conventional scooters and motorcycles. With other regional countries also promoting electric two-wheelers strongly, their sales will keep picking up in APAC.

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Hence, with the rising environmental concerns and cost-effectiveness of electric scooters and motorcycles, their adoption will rise in the coming years. 

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Global CNG and LPG Vehicle Market Set for Lucrative Growth in Future

The global compressed natural gas (CNG) and liquefied petroleum gas (LPG) vehicle market attained sales of 56.2 million vehicles in 2019. According to the forecast of P&S Intelligence, a market research company, the market size will reach 102.3 million units by 2030. Furthermore, the market will progress at a CAGR of 5.9% between 2020 and 2030. The growing usage of clean-energy vehicles and the ability of LPG and CNG vehicles to replace traditional vehicles are the main market growth drivers.

Additionally, the low running costs of these vehicles are also contributing heavily toward the boom of the LPG and CNG vehicle market. Automobiles that run on LPG and CNG have lower running costs than the diesel and gasoline-based vehicles. This is because of the lower costs of LPG and CNG than diesel and gasoline. The cost of CNG ranges from around $1.50 to $2.80 per gallon in Europe, registering a reduction of as much as 40–75% in fuel cost.

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Depending on fuel type, the CNG and LPG vehicle market is classified into LPG and CNG. Of these, the CNG category recorded higher growth in the market in the past and it is predicted to demonstrate faster growth in the forthcoming years. This is credited to the burgeoning deployment of CNG vehicles, particularly in the emerging economies of the Asia-Pacific (APAC) region. The market is further categorized, based on fuel type, into light and heavy-duty trucks, bus, and passenger cars.

On the other hand, the market is predicted to exhibit the fastest growth in the Latin America, Middle East, and Africa (LAMEA) region in the upcoming years. This will be because of the fact that the emerging economies in this region such as Argentina and Brazil are providing lucrative growth opportunities for the market players, because of the surging purchasing power of the people and the subsequent rise in the per capita spending on personal transportation in the region.

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Hence, it can be said with full confidence that the market will grow substantially all over the world in the upcoming years, primarily because of the increasing public preference of environment-friendly fuel sources and the lower operating costs of CNG and LPG-based automobiles. 

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Why Is Application Base of Levulinic Acid Broadening?

The growing applications of levulinic acid derivatives, such as hydroxymethylfurfural (HMF), diphenolic acid, sodium levulinate, ethyl levulinate, methyltetrahydrofuran (MTHF), and succinic acid, as additives in food and beverages, fuel, and personal care products will accelerate the levulinic acid market growth at a CAGR of 8.8% between 2020 and 2030. According to P&S Intelligence, the market stood at $27.2 million in 2019, and it will reach $60.2 million by 2030. Moreover, the rising investments in research and development (R&D) to find novel applications for these compounds will boost their usage in the coming years.

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At present, bio-based production methods for the compound are being adopted by several key chemical firms. The usage of the base compound and its derivatives is at an infant stage, with a small number of companies offering them. Due to this factor, these chemicals hold an extensive potential for commercialization, thus helping companies achieve economies of scale and driving down the manufacturing costs. Apart from this, manufacturers are also making heavy investments to expand their presence and, in turn, widening the availability of these products.

Globally, North America utilized the highest volume of levulinic acid in 2019, due to a surge in the demand for it in the production of n-butyl levulinate, a fuel additive. The compound is also applied in the production of agriculture and personal care products in Canada and the U.S. In the agrochemical sector, the acid finds usage as an additive in environment-friendly herbicides. With the escalating adoption of herbicides with renewable chemicals, the demand for the compound is projected to accelerate in the foreseeable future. Moreover, the growing focus on non-conventional fuels has led to the rising deployment of levulinic acid in the conversion of biomass into fuels.

Furthermore, the Asia-Pacific levulinic acid market is projected to demonstrate the fastest growth throughout the forecast period. This can be owed to the spurring demand for the compound from the personal care and agriculture sectors of developing countries, such as India, Thailand, Indonesia, and China. These industries mainly use ethyl levulinate as an ingredient in perfumes and fragrances. Other derivatives of the compound are used as additives in cosmetic products like lipsticks and makeup removers.

Thus, the expansion of the personal care and fuel additive sectors will broaden the application base of levulinic acid in the foreseeable future.

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Why Are Drug Manufacturers Using Magnesium Stearate as Releasing Agent?

High-volume of magnesium stearate is used in the personal care industry, especially in India, Germany, South Korea, China, France, and the U.S., as the compound can serve as an excellent lubricant and texturizer in cosmetics. It is also utilized as a thickening agent in creams and haircare products such as hair masks, conditioners, and shampoos. With the rising consciousness about physical appearance, the adoption of personal care products will significantly increase in the coming years, which, in turn, will drive the demand for this chemical.  

Apart from this, magnesium stearate also finds application in the food and beverages sectors, on account of its food additive property. This compound serves as a food additive in food supplements and food items like chewing gums, granulated mints, and confectionery products. Thus, the increasing consumption of the chemical in the personal care and food and beverages industries will drive the market for magnesium stearate at a CAGR of 5.3% during 2020–2030. The market was valued at $1,492.3 million in 2019 and it is expected to reach $2,637.6 million by 2030.

According to P&S Intelligence, Asia-Pacific consumed the highest quantity of magnesium stearate in 2019, due to the considerable rise in applications of the compound in food and beverages, plastics, pharmaceutical, and personal care industries in the region. Chemical companies in APAC nations are focusing on facility expansions to meet the high-volume demand from these end-use sectors. Additionally, the growing requirement for medicated drugs in the region will boost the consumption of the compound.

Thus, the rising consumption of medicated drugs, food items, and personal care products will fuel the adoption of magnesium stearate, globally, in the foreseeable future.

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How Are Government Initiatives Pushing Single-Cylinder Pumpset Sales in India?

The population of India, which is already the second-highest in the world, rose to 1.36 billion in 2019 from 1.35 billion in 2018, and it will further increase to 1.7 billion by 2050, says the United Nations (UN). This is putting immense pressure on the agrarian community to feed the rising number of mouths, which hasn’t been easy considering the rapid urbanization taking place in the country. As cities are growing and rural lands are transforming into urban zones, farmlands are giving way to buildings and roads.

Additionally, for a long time, most of the farmers in India have depended on seasonal rains, but with time, irrigation is being practiced to grow crops round the year. As a result of all these factors, the single-cylinder pumpset market in Indian  is forecast by P&S Intelligence to grow from $1,126.8 million in 2019 to $1,834.3 million by 2030, at a 5.3% CAGR between 2020 and 2030. Pumps are an important tool to draw water from underground sources and irrigation canals and route them to fields.

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Since it is not always practical to have an electricity connection in the middle of the farm, pumps connected to an engine are widely used in the nation. Apart from feeding itself, India is also looking forward to augmenting its agricultural exports. The Agricultural Export Policy of the Ministry of Commerce and Industry envisions exporting agricultural products worth $60 billion by 2022. This is creating the requirement for additional land fit for cultivation, which is why pumpset sales are increasing in the country; water being one of the most-important resources for agriculture.

Engines fueled by diesel are more popular in the Indian single-cylinder pumpset market than those running on petrol (gasoline). Diesel engines are not only more fuel-efficient than gasoline engines, but diesel is also itself cheaper than gasoline. This brings down the overall operating cost of the pumpset, which is a boon for India, where most of the farmers do not have high incomes. With the decreasing farming area per person, farmers have less land to grow on, thus, less produce to sell, which is why cost-saving in any form possible is only going to help them.

Hence, with the demand for agricultural products rising in India, the sale of single-cylinder pumpsets will grow too.

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Booming Automobile Industry Driving Expansion of Global Metal Finishing Equipment Industry

The global metal finishing equipment market was valued at $13,845.6 million in 2019. According to the forecast of P&S Intelligence, a market research company based in India, the market will generate a revenue of $19,554.7 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 4.2% from 2020 and 2030. The expansion of the aerospace and automotive industries is one of the major factors driving the progress of the market across the globe.

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Due to the surging sales of automobiles in the developing nations such as India, China, Mexico, and Indonesia, the automotive industry is registering rapid growth. Moreover, with the soaring sales of vehicles, the demand for metal finishing solutions is rising sharply in the automotive industry. Automotive systems and components such as brake parts, under-the-hood components, air conditioning parts, power steering systems, fuel systems, and chassis hardware are highly susceptible to corrosion because of snow and rain.

This can cause the premature failure of these components. Because of this reason, automakers are increasingly adopting metal finishing solutions for improving the life of various automotive parts. This is subsequently causing a sharp surge in the sales of metal finishing equipment all over the world. Similarly, the boom in the aerospace industry is positively impacting the global demand for metal finishing solutions and equipment. This is because these equipment help aircraft manufacturers maintain the quality of the aircrafts. 

Based on process, the metal finishing equipment market is divided into anodizing, galvanizing, conversion coating, electropolishing, electroplating, vibratory/mass finishing, electroless plating, and cladding. Amongst these, the electroplating category recorded the highest growth in the market in the past years, on account of the large-scale utilization of this method in the metal fabrication, aerospace, electronics, and automotive industries. The electroplating of highly critical metallic parts and components makes them resistant to corrosion and reduces the chances of premature failure.

Hence, it can be said with confidence that the market will prosper in the coming years, primarily because of the soaring usage of metal finishing solutions and equipment in the automobile and aerospace industries around the world.

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India Electric Rickshaw Market To Register 33.3% CAGR during 2020–2025

A number of growth factors, such as the proliferation of electric vehicles (EVs) on Indian roads, rise in the demand for low-cost vehicles for first- and last-mile connectivity, implementation of stringent environmental policies, and government initiatives to promote EVs, are expected to propel the Indian electric rickshaw market at a CAGR of 33.3% during the forecast period (2020–2025). According to P&S Intelligence, the market generated $786.2 million revenue in 2019,which is projected to reach $1,394.2 million by 2025.

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The Indian electric rickshaw market growth is driven by the escalating demand for low-cost vehicles for first/last-mile connectivity. Electric rickshaws rides are being seen as an economical solution to bridge the public transport service gaps for commuters. Therefore, the service is gaining traction among the daily commuters in the country. For instance, the price per head per kilometer of the service is $0.14 (INR 10). Thus, these vehicles are extensively used for first- and last-mile connectivity in Indian cities.

At the state level, Delhi generated the highest demand for electric rickshaws in 2019, on account of the existence of a vast metro commuter base and subsidy of $413 (INR 30,000) on electric rickshaws provided by the Delhi government to reduce the air pollution level in the state. On the other hand, the market in Uttar Pradesh is projected to witness significant Indian electric rickshaw market growth during the forecast period, owing to the rising demand for electric rickshaws in Tier-1 and Tier-2 cities, as well as in the rural areas of the state.

Thus, the growing adoption of EVs to reduce pollution and the rising demand for low-cost vehicles for first- and last-mile connectivity will accelerate the market growth in the foreseeable future.

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Market Segmentation

Market Segmentation by Vehicle

• Passenger Carrier
• Load Carrier

Market Segmentation by Motor Power

• <1,000 W
• 1,000–1,500 W
• >1,500 W

Market Segmentation by Battery Capacity

• <101 Ah
• >101 Ah

Market Segmentation by Sales Channel

• Organised
• Unorganised

Market Segmentation by State

• Madhya Pradesh
• Uttar Pradesh
• Delhi
• West Bengal
• Rajasthan
• Bihar
• Haryana
• Chhattisgarh
• Uttarakhand
• Punjab
• Jharkhand
• Assam
• Tripura
• Rest of India

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How Will China Account for Sorbic Acid Market Growth?

The sorbic acid market size is expected to increase its revenue from $347,661.0 thousand in 2019 to $521,126.7 thousand by 2030, progressing at a CAGR of 4.7% during the forecast period (2020–2030). The market growth can be ascribed to the strong presence of the pharmaceutical and food & beverages industries in Western countries and high per capita food and beverages consumption in developing countries like India, Brazil, and China. Moreover, preservative property of sorbic acid has promoted its usage in manufacturing of food and beverages and pharmaceutical products.

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One of the prime growth drivers of market is changing food consumption patterns of people across the world. Sorbic acid is utilized as a food preservative, as it is highly efficient in obstructing the mold growth that may adulterate and spoil the food. The acid is widely used in food products, such as wines, baked items, cheeses, refrigerated meats, and fresh produce, as it does not affect the final flavor of these items. These advantages will, therefore, boost its application in the production of processed foods and beverages.

Currently, the sorbic acid market is exhibiting a key trend of shifting of manufacturing base to China, due to the improving economic structure and escalating market opportunities in the country. Various chemical companies are shifting their production base in China from Western countries, owing to the stringent environmental norms in the European and North American regions. Moreover, high labor cost, small profit margin, and expensive raw materials in Western countries are compelling these companies to shift their production base to China.

Thus, the food & beverages and pharmaceutical industries will be the major contributors to market growth in the forecast period.

Key Findings of Global Sorbic Acid Market

• Market not affected much by COVID-19 pandemic

• Powdered form of sorbic acid more popular among users

• Changing food habits driving sorbic acid consumption

• APAC is best region for sorbic acid suppliers

• Market highly consolidated

• Chinese players account for majority of sorbic acid supply

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How Are Herbal Aerosol Products Improving Skin Care Products?

The rapid industrialization in developing countries, such as Indonesia, China, Thailand, Brazil, and India, has increased the consumption of aerosol in the manufacturing sector. The expansion of this sector is attributed to the huge investments and sudden shift of manufacturing base, owing to the easy availability of raw materials and cost-effective labor, in these emerging economies. The household, personal care, medical, automotive, industrial, food, and paints and coatings sectors in these countries utilize aerosol in high amount in the production of numerous products.

Moreover, increasing shift toward herbal or organic aerosol products will fuel the market for aerosol at 6.4% CAGR during 2020–2030. The market size is expected to rise from $81.1 billion in 2019 to $149.7 billion by 2030. Manufacturers of personal care and cosmetic products are utilizing organic aerosol instead of chemicals to reduce harmful effects on the skin. The harmful chemicals can lead to skin disorders like blemishes, acne, and rashes. Owing to these problems, customers are switching to items that are prepared from natural and herbal floral extracts, blended with essential oils.

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Presently, the highest revenue for the companies in the aerosol market is generated by the personal care category, under segmentation by end use. The demand for hair setting sprays, deodorants, and make-up setting sprays is continuously rising with people’s growing purchasing power, thereby driving the consumption of aerosols.

Europe has been the largest aerosol market till now, on account of the rising demand for personal care products, especially those used for skincare purposes. Other sectors of the continent where the requirement for aerosolized products is high include automotive, industrial, and household. The fastest growth in the market in the years to come is expected in Asia-Pacific, as a result of the surging sales of shampoos, conditioners, liquid soaps, shower gels, antiperspirants, deodorants, and men’s grooming products.

Key Findings of Global Aerosol Market Report

• Personal care sector largest end user of aerosols

• Organic aerosols rapidly gaining popularity

• Demand for dimethyl ether (DME) product type increasing quickly

• APAC most-lucrative market for aerosol product manufacturers

• Existence of numerous players makes market fragmented

• Companies unveiling new and improved products for higher sales

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Increasing Incidence of Chronic Diseases Fueling Sales of Generic Drugs

Due to the surging geriatric population in several countries, the demand for generic drugs is growing sharply across the world. As per a report published by the World Health Organization (WHO), the average lifespan and life expectancy of the population is increasing rapidly. This is causing the geriatric population to boom all over the world. As healthcare and medical treatments with branded medicines and drugs cost a fortune, patients are, nowadays, preferring low-cost generic drugs.

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Apart from the surging geriatric population, the burgeoning customer preference for low-cost generics over the highly expensive branded medicines is also positively impacting the mushrooming sales of generic drugs across the world. Moreover, because of the soaring popularity of these drugs, many pharma companies around the world are waiting for various blockbuster and branded medicines to lose their patents. The patent expiration of some of these branded drugs is propelling the sales of generic drugs.

For example, the patent protection of DULERA, which is sold by Merck Sharp & Dohme Corp., expired in December 2020 and the patent protection of FORADIL, which is a drug sold by Novartis AG, expired in November 2020. Besides this, the growing incidence of chronic diseases is also fueling the worldwide demand for generic drugs. As per the WHO, three-quarters of the total number of deaths that occurred across the world in 2020 were caused because of chronic illnesses.

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Out of these, the requirement for generic drugs was found to be the highest for the treatment of infectious diseases during the last few years. This was because of the high incidence of infectious diseases in several countries around the world. Globally, the sales of generic drugs were the highest in Asia-Pacific in the past years and this trend is likely to continue in the coming years as well. This will be because of the rising incidence of chronic diseases.

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Network Connected Medical Devices Market to Witness the Highest Growth Globally in Coming Years

 The internet of things (IoT) technology has gained immense popularity in the recent times. The concept basically refers to the connection of devices, any device as long as it has an on and off switch, to internet and to other connected devices. In order for devices to be connected with internet or with other devices, they are integrated with built in sensors. 

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The various network connected devices are patient monitoring devices, ingestible sensors, glucose monitors, X-ray imaging systems, insulin pumps, computed tomography scanners, blood processing devices, dialysis, coagulation testing, dialysis, oxygen tanks, continuous positive airway pressure machines, smart beds, infusion pumps, ventilators, and defibrillators. Because of the growing adoption of cloud technology in the healthcare sector and high cost of patient monitoring devices, their requirement was the highest in the past. Types of patient monitoring devices are weight monitoring devices, temperature monitoring devices, hemodynamic monitoring devices, multi-parameter monitoring devices, neuromonitoring devices, respiratory monitoring devices, and cardiac monitoring devices.

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North America is projected to create considerable growth for network connected medical devices in the coming years, which is primarily attributed to the developed healthcare infrastructure in the region. Because of an advanced healthcare infrastructure, the adoption of technologically innovative is growing in North America. Moreover, people are able to afford these services in the region. Other than this, technological advancements and increasing research activities is further predicted to drive the growth of the network connected medical devices market in the coming years.      

Hence, the domain is witnessing growth because of advancements in the IoT technology. 

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How Will Pharmaceutical Industry Support Benzalkonium Chloride Market Growth?

Robust growth in the oil & gas and pharmaceutical industries will drive the benzalkonium chloride market at a CAGR of 9.6% during the forecast period (2020–2030). The market was valued at $525.0 million in 2019 and it is projected to reach $1,301.1 million by 2030. The pharmaceutical sector consumes high volume of benzalkonium chloride, as it serves as an antiseptic, antimicrobial preservative, wetting agent, solubilizing agent, and disinfectant. Moreover, affordability of healthcare services, hefty investments by governments in the sector, and rise in disposable income boost the demand for benzalkonium chloride.

Categories under the application segment of the benzalkonium chloride market include eye, ear, and nasal drops, shampoos, spermicidal creams, disinfectants, hand sanitizers, coatings, timber protection chemicals, water treatment chemicals, and aquaculture chemicals. Amongst these, the disinfectants category held the largest market share in 2019 and it is expected to retain its position during the forecast period. This can be ascribed to the rising incidence of hospital-acquired infections (HAIs) and the implementation of stringent regulations regarding the utilization of surface disinfectants in pharmaceutical and biotechnology labs, hospitals, diagnostic labs, and research labs.

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North America generated the highest revenue in the benzalkonium chloride market in 2019, owing to the booming opportunities for oilfield equipment manufacturers in the region. The region is also expected to lead the market during the forecast period, due to the rise in exploration and production (E&P) activities and the increase in investments in the oil & gas industry. Moreover, the U.S. is expected to be the leading consumer of this chemical in North America in the coming years.

Presently, the benzalkonium chloride market is consolidated in nature, with the presence of a handful of key players like Novo Nordisk Pharmatech A/S, Dishman Group, Merck KGaA, and KLK Oleo. The market is led by Novo Nordisk Pharmatech A/S, due to its rising focus on tapping new applications. The company offers benzalkonium chloride to be used as a preservative and active pharmaceutical ingredient in creams, ointments, antiseptic agents, personal care products, wound care products, ophthalmic products, and oral, topical, and nasal drugs. 

Thus, the disinfectant and preservative properties of benzalkonium chloride will fuel its demand from the pharmaceutical and oil & gas sectors in the forecast period.

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Pump Jack Sales Expected to Shoot Up in Asia-Pacific in Coming Years

With the surge in the number of mature oilfields around the world, the demand for pump jacks is growing rapidly, especially in the petroleum industry. A majority of these oilfields have already reached their saturation points and therefore, produce very less oil. As these wells cannot be restarted economically once they are closed down, they are kept alive with the help of pump jacks. These devices enable the extraction of even the last few barrels of oil from these fields.

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Due to the above-mentioned factors, the sales of pump jacks are soaring all over the world. This is, in turn, fueling the expansion of the global pump jack market. Onshore and offshore oil wells are the major application areas of pump jacks. Between the two, the requirement for pump jacks will rise at a faster rate in onshore oil wells in the coming years, as per the estimates of P&S Intelligence, a market research company based in India.

Across the globe, the sales of pump jacks are predicted to rise enormously in the Asia-Pacific (APAC) and North American regions in the upcoming years. This is ascribed to the existence of several leading pump jack-producing companies, the surging number of mature oilfields, and the presence of several aging oilfields in this region. The demand for pump jacks is also predicted to boom in various European countries such as Russia in the coming years.

Hence, it can be safely said that the demand for pump jacks will skyrocket all over the world in the future years, mainly because of the increasing number of aging and mature oilfields. 

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How Is Hospitality Sector Helping North America Acid-Etched Glass Market Grow?

A number of driving factors such as the soaring urban population, escalating construction activities in the commercial and residential sectors, and rising preference for high-end products will propel the North American acid-etched glass market at a 5.5% CAGR during the forecast period (2021–2030). According to P&S Intelligence, the market generated revenue of $237.3 million in 2020, and it is projected to generate $403.1 million by 2030. Additionally, the increasing preference for etched decorative glass doors and windows is also supporting market growth.

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Moreover, amplifying demand for etched decorative windows and doors is driving the North American acid-etched glass market growth. Residential and commercial users are adopting large quantity of etched glasses for decorative purposes, due to their magnifying focus on an array of gradients, shades, and textures in glass. These beautifying materials also provide several gradients and opacities to meet the varied needs of the customers. These doors and windows cut down glare, heat, and flame, enhance aesthetic quotient, provide security from external environment, prevent penetration of ultraviolet (UV) radiations, and improve lighting.

Geographically, the U.S. generated higher revenue for the North American acid-etched glass market in 2020. This is due to the surging number of government initiatives to amplify tourism and the growing construction industry in the country. The demand for the glass in this nation was met by key players like Bear Glass, OcuGlass LLC, Dillmeier Glass Company, Compagnie de Saint-Gobain S.A., Guardian Industries Holdings LLC, Cosmopolitan Glass INC., Asahi Kasei Corporation, General Glass International, and CARVART.

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Thus, the growth of the tourism and hospitality industry and the surge in construction activities in the residential and commercial sectors will boost the market growth in the forecast years.

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Growth of Sharing Services To Drive Europe Electric Scooters and Motorcycles Market

A number of growth factors, such as the proliferation of electric two-wheelers in sharing services, rise in the traffic concerns in the region, focus on reducing greenhouse gas emissions, and implementation of stringent emission regulations, are expected to propel the European electric scooters and motorcycles market at a CAGR of 27.6% during the forecast period (2020–2025). According to P&S Intelligence, the market generated $284.2 million in 2019,which is projected to reach $758.5 million by 2025.

The European electric scooters and motorcycles market growth is driven by the proliferation of electric scooters in sharing fleets in major European countries. This is due to the presence of several sharing service providers, with a large number of electric scooters in their fleets. For instance, France had around 2,560 electric scooters and Italy had about 1,225 scooters in their sharing fleets in 2019, which are expected to grow in the coming years. Thus, the increasing deployment of electric scooters for sharing services plays a pivotal role in the market growth.

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At the country level, France held the largest share in the European electric scooters and motorcycles market in 2019, on account of the increasing demand for EVs in the country and the rising number of government initiatives, to reduce greenhouse gas emissions. On the other hand, the market in Spain is projected to record the fastest growth during the forecast period. This can be attributed to the surging demand for electric two-wheelers in the country and government initiatives to draw consumers’ attention toward electric variants from conventional vehicles.

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Thus, the induction of electric scooters into sharing fleets and the rising focus on reducing greenhouse gas emissionswill accelerate the market growth in the foreseeable future.

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Installation of Online Automated External Defibrillator Devices at Public Spaces Rising in Italy

The prevalence of cardiac diseases in Italy has been on a rise since the past few years. As per the WHO’s data, deaths caused due to coronary heart disease (CHD) reached 108,924 (20.5% of total deaths), in 2017, in the country. The rising consumption of high calorie food, sedentary lifestyle, and surging prevalence of obesity are leading to the increasing incidence of heart-related ailments. After CHD, most of cardiovascular disease-related deaths have been caused because of stroke and heart failure in Italy. 

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As the response of AEDs, when it comes to saving lives in case of emergencies, is rising, they are widely being installed at public places, including schools and colleges, railway stations, airports, shopping centers, leisure centers, and malls. Also known as public-access defibrillators (PAD), these medical devices can be utilized by anyone in case of a cardiac arrest emergency. Various programs, including the Regional Early Defibrillation Program in Italy, are being initiated to provide information regarding the application of AEDs. 

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It is because of such advantages of fully automatic Italian online automated external defibrillator market that their demand is rising rapidly in the country. AEDs are utilized at hospitals, clinics, & cardiac centers, homecare settings, public access settings, and pre-hospital care and emergency medical service providers. The demand for these devices is projected to increase at public-access settings in the years to come due to the increasing prevalence of chronic cardiovascular diseases, enhancing healthcare infrastructure, and growing number of awareness campaigns conducted by public and private organizations in the country. 

Hence, the market is growing due to the increasing incidence of chronic diseases and rising installation of AEDs at public spaces in the country. 

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Asia-Pacific Pharmaceutical Fine Chemicals Market Set for Prosperity in Near Future

The global pharmaceutical fine chemicals market generated a revenue of $100.3 billion in 2019. According to the forecast of P&S Intelligence, a market research company based in India, the market will progress at a CAGR of 6.2% between 2020 and 2030. The rapid growth of the pharmaceutical industry in the Asia-Pacific region and the surging population of geriatric people are the key factors driving the advancement of the market across the world.

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According to the latest World Population Ageing report produced by the United Nations Department of Economic and Social Affairs (UNDESA), globally, there were as many as 703 billion people in the age bracket- 65 years and above in 2019 and this number will rise to 1.5 billion by 2050. Because of their physical weakness and immunocompromised nature, geriatric people are highly vulnerable to various diseases. As a result, the soaring population of geriatric people is propelling the market expansion.

Depending on drug type, the market for pharmaceutical fine chemicals is divided into proprietary and non-proprietary categories. Between the two, the proprietary category is predicted to exhibit faster growth in the market in the forthcoming years. This will be due to the increasing demand for huge capital investments, surging number of research and development (R&D) activities, and the implementation of strict regulations regarding the development and commercialization of these drugs in many countries around the world.

Hence, it can be said with full surety that the market will demonstrate huge expansion all over the world in the upcoming years, primarily because of the surging population of geriatric people and the increasing enactment of strict government regulations regarding drug production and commercialization in various countries.

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Why Are Manufacturers Relying on Biocides?

Biocides refer to microorganisms or chemical substances that intend to deter, render harmless, destroy, or exert a controlling effect on any harmful organism by biological or chemical means. These compounds can act as pesticides, disinfectants, or preservatives for several end-use applications. As the excessive usage of this chemical can be harmful to humans, the biocidal products are regulated under the Biocidal Products Directive of the European Union (EU). Under the 98/8/EC directive of the EU, such products are classified into 22 types, based on their applications.

Owing to the disinfectant property of biocides, these are widely used to treat water and are also applied in the production, storage, and transportation of water. These compounds can act as disinfectants and anti-fouling agents for impeding the growth of harmful organisms like protozoans, viruses, and bacteria. Thus, biocidal products are being increasingly used in Indonesia, China, the U.S., and India, to meet the high requirement for portable water. Therefore, the market for biocides will grow at 4.4% CAGR during 2019–2024, to reach 1,376.6 kilotons by 2024 from 1,062.3 kilotons in 2018.

Across the globe, the biocides market will exhibit the fastest growth in the Asia-Pacific (APAC) region in the upcoming years, as per the estimates of P&S Intelligence, a market research firm based in India. The main factor fueling the demand for biocides in the region is the burgeoning requirement of treated water in industrial and residential applications in India, China, and various other Southeast Asian nations. In addition to this, the rising industrial capacity of these nations will further boost the usage of biocidal products in the region in the coming years.

Thus, the burgeoning consumption of consumer goods and the escalating requirement for portable water will propel the adoption of biocides in several end-use industries.

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Why Is Usage of Pour Point Depressants Rising in Automotive Sector?

Crude oil includes wax that has the tendency to solidify within the temperature range of 5–10 oC. High content of n-aliphatic hydrocarbon chains in the crude oil leads to the crystallization of n-paraffin crystals that amplify with reduction in temperature. Formation of paraffin, thereby, reduces the fluidity of oil. To boost the flow of crude oil, lubricant manufacturers use flow improvisers or pour point depressants (PPDs) as chemical additives while transporting such oils at temperatures below which wax starts to appear.

The automotive sector requires the largest quantity of PPDs for the production of lubricants used in vehicles. Largescale manufacturing of automobiles in countries, such as Brazil, India, Indonesia, and Thailand, will assist the market for pour point depressant to advance at a CAGR of 3.7% during forecast period. The market stood at $1,487.2 million in 2016 and has the potential to reach $1,902.3 million by 2023. Apart from this, the lubricant industry also deploys a significant volume of PPDs as they prevent the formation of wax crystal in oil, at low temperatures.

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The automobile, lubricant, and oil & gas industries are increasing their focus on research and development (R&D), on account of the advancements in technologies, to innovate novel process for utilization of PPDs to enhance the quality of lubricants and crude oils. Moreover, the rising investments by these sectors for the development of polymethacrylate and styrene ester-based PPDs will improve the characteristics of depressants. Hence, the expansion of these end-use industries will lead to the development of enhanced PPDs, across the globe, in the coming years.

Thus, with the rising production of vehicles and the expanding oil & gas sector, the application and demand for PPDs will rise in the foreseeable future.

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U.A.E. E-Commerce Automotive Aftermarket To Grow by 14.8% during 2020–2025

A number of factors, such as the increasing number of do-it-yourself (DIY) customers, growing customer convenience and awareness, surging vehicle sales, and rising number of road accidents, are projected to boost the growth of the U.A.E. e-commerce automotive aftermarket at a CAGR of 14.8% in the forecast period (2020–2025). At this growth rate, the market size is expected to reach$634.4 million by 2025from $318.2 million in 2020. Moreover, the government initiatives to drive the e-commerce sector and rise in the digitization rate in the country propel the market growth.

The primary factor improving the U.A.E. e-commerce automotive aftermarket growth prospects is the rising customer convenience and awareness. The availability of several products, easy transaction, timely delivery as per consumers’ need, and extensive offers and discounts on e-commerce portals result in a shift from buying parts from traditional stores to online parts purchasing. Thus, several sellers are now trading their automotive parts online, for better accessibility. Also, the portals offer wide-ranging product details to allow customers to understand the specifications and compare products of a similar kind.

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Additionally, based on component, the product segment of the U.A.E. e-commerce automotive aftermarket is classified into car parts, lubricant, battery, and tire. Among these, the tire category accounts for the largest share, and it is projected to lead the market in the coming years. This can be ascribed to the increasing demand for sport utility vehicles (SUVs) for off-roading activities and various leisure and transportation purposes, due to the rising number of tourists in the country. This drives the demand for tires, and in turn, propels the market growth in this category.

Key players in the U.A.E. e-commerce automotive aftermarket have been involved in several strategic measures, like partnerships and acquisitions and launch of products, services, and websites, to improve their position and stay ahead in the market. For example, MasterCard Inc. and Amazon.ae announced their partnership to enhance the shopping experience of customers in the country and increase their online orders by offering different discounts on the products, in October 2020. Some other key players in the market include AKSA Trade LLC, Noon.com, AutoPlus Dubai, Ubuy.com, Carrefouruae.com, and Ebay.com.

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Thus, the rising customer convenience and awareness regarding online parts purchasing and the expanding DIY culture in the U.A.E. are expected to propel the growth of the market during the forecast period.

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How is Increasing Popularity of Minimally Invasive Blood Drawing Procedures Fuelling Growth of Lancet Market?

 The rising prevalence of chronic diseases is one of the major factors propelling the demand for lancets across the world. There has been a huge increase in the occurrence rate of chronic obstructive pulmonary disease (COPD), diabetes, cardiovascular diseases (CVDs), and cancer across the globe over the last few years and this has considerably boosted the need for minimally invasive blood-drawing medical devices such as lancets. According to the World Health Organization (WHO), more than 235 million people around the world are suffering from asthma and 3 million deaths are caused each year, due to COPD.

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In healthcare settings, the lancets are used for coagulation testing, glucose testing, and hemoglobin testing. Out of these different testing applications, lancets registered the highest usage in glucose testing applications in 2019. This is mainly attributed to the rising number of diabetics across the world. According to the World Health Organization (WHO), almost 422 million people are suffering from this endocrine disorder across the globe and around 1.6 million die globally each year because of diabetes. Lancets are very important in managing diabetes, as these devices are used for measuring the blood glucose level. 

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Across the world, the Asia-Pacific (APAC) region is expected to register the fastest growth in the adoption of lancets in the near future. This is primarily ascribed to the soaring geriatric population, improving healthcare infrastructure, rising prevalence of chronic diseases, increasing number of initiatives and measures being taken by the various public and private companies and organizations for increasing the awareness amongst the people about diabetes, and the rising spending power of the people in the region. For instance, as per the WHO, 90% of around 6 million diabetics in Southeast Asia are suffering from type 2 diabetes. 

Thus, it can be concluded that due to the rising incidence of chronic diseases especially diabetes and the ballooning popularity of minimally invasive blood drawing medical devices, the demand for lancets will rise significantly across the world, over the next few years. 

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Why is Personal Protective Equipment Industry Booming?

The implementation of strict regulations and policies regarding occupational safety and health in several countries in the recent times has positively impacted the sales of personal protective equipment. Moreover, with the outbreak of the COVID-19 pandemic and the rising awareness among people about personal safety, the demand for personal protective equipment is growing massively across the world. In many countries, the rising incidence of workplace fatalities, especially in the manufacturing sector, is rapidly becoming a major concern.

In the U.S., the Occupational Safety and Health Administration (OSHA) has laid down several codes of federal regulations (CFR), which make it mandatory for the employers to enact stringent safety regulations in their workplaces for protecting their employees from various hazards that can cause deaths and injuries. The prominent CFRs include the usage of head protection, face and eye protection, electrical protective equipment, hand protection, and foot protection. The non-compliance of these regulations can attract huge fines and penalties. 

Due to the aforementioned reasons, the sales of personal protective equipment are rising sharply all over the world, which is, in turn, causing the expansion of the global personal protective equipment market. Oil and gas, manufacturing, transportation and logistics, and construction are the major industries in which these protective tools are heavily required, as per the findings of P&S Intelligence, a market research firm based in India. Globally, the sales of these instruments are significantly high in the U.S. 

Thus, it is quite clear that due to the growing enactment of stringent workplace safety regulations and policies in several countries, the rising public awareness of personal safety, and the outbreak of the COVID-19 pandemic, the demand for personal protective equipment is rising at a rapid pace throughout the world. 

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