Why Will APAC Rule Low VOC Adhesives Market?

The low VOC adhesives market is predicted to touch $81.1 billion by 2030, since being valued at $47.6 billion in 2021. The market will grow at a 6.1% CAGR from 2021 to 2030 owing to the stringent regulations being imposed by the government to reduce the VOC content in products, coupled with the rising awareness of sustainability standards. For example, in 2020, there was an imposition of new VOC standards for corporations producing numerous commodities, including inks, cleaning products, coatings, and adhesives, in China.

Another major driver for the low VOC adhesives market is corporations’ investments in emerging economies, to launch new products. This trend is accompanied by an inclination toward low-carbon-emitting vehicles and a gradually growing awareness about green homes or smart homes. For example, the building of an Adhesive Technologies Innovation Center in Shanghai was announced by Henkel in 2021, with the total spending accounting for about $65 million. This was done to leverage the growing consumption of adhesives with a low VOC content by various industries.

Within the end use segment, the paper & packaging category accounts for more than 30% of the overall low VOC adhesives market share. This can be credited to the rising requirement for sustainable and environment-friendly packaging commodities, including corrugated boxes. Furthermore, the Food and Drug Administration has allowed low-VOC adhesives to be used in food packaging. In addition, the green building and construction sector will fuel the market advance due to the extensive utilization of pressure-sensitive adhesive technology for flooring purposes, including vinyl and carpet floor tiles.

APAC will lead the low VOC adhesives market in the coming years due to the surging infrastructure spending, robust economic growth, and skyrocketing purchasing power of consumers. Moreover, the rising population and developing automotive sector will augment growth in the market, because of a increasing requirement for adhesives in the packaging, healthcare, and automotive sectors. Furthermore, being home to emerging economies, which have a stronger consumer base and economical labor costs, new manufacturing units of low VOC adhesives are being set up in the region.

Hence, the snowballing demand for these products in the packaging industry, coupled with rising vehicle safety standards, will create lucrative opportunities for the key players.

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Why Industrialization and Urbanization Help Propel Heat Pump Market

From $53,821.2 million in 2021, the heat pump market value will increase at a growth rate of 8.8% in the years to come and reach $115,435.6 million by 2030. The replacement of conformist fuel-based heating know-how in these systems and momentous adoption of the heat pump expertise in housing uses as a lucrative heating technique are influencing the market development positively. Also, this technology contributes considerably to the decrease of carbon emissions and also obeys governing norms. Consequently, the rising environmental apprehensions and promising governing policies also are responsible for the growth of the industry.

The air-to-air heat pumps lead the heat pump market, with approximately 80% share, in the year 2021. Fast and easy fitting, longer lifespan, and little emissions are some projecting drivers quickening the use of these variations. They absorb heat from the outdoor air and transmit it to a walled space via central heating system. Key fundings in the manufacture of personalized systems for operations athwart regions with extreme weather conditions will also inspire business growth for the important manufacturers.

The heat pump market value in the APAC region is likely to exceed $50 billion by the year 2030, with an around 9% CAGR. The growing scale of commercial and residential construction, including hotels, offices, and educational organizations, is responsible for market growth. Furthermore, the strict regulations regarding energy efficiency and the increasing R&D for upgrading know-how, to reduce the influence of human actions on the atmosphere, would lead to industrial growth.

This technique is measured as favorable for lessening the emissions of greenhouse gas. These pumps extract heat from the air and then with the use of use electricity either increase or decrease its temperature relying on whether they are used for cooling or heating. These kinds of pumps can take up to 77% of the heat from the air; therefore, their usage can diminish the utilization of renewable energy sources expansively as opposed to alternate HVAC know-hows, thus lowering the emissions of carbon.

Industrialization and urbanization are the main factors for the demand of heat pumps around the world.

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How Limited Freshwater Resources Propel Wastewater Treatment Plants Market

In the year 2021, wastewater treatment plants market value was at about $117.2 billion, and it is probable to drive at a compound annual growth rate of 5.8% in the years to come and reach $194.5 billion by 2030. The main factors attributed to the evolution of the market embrace the inadequate obtainability of freshwater all around the world and strict environmental rules which are applied by governments of a number of countries at a global level.

The value from effluent treatment plants is in excess of 50% of the overall wastewater treatment plants market. This is for the reason that a huge amount of wastewater is produced from manufacturing units. As per the forecasts made in the UN World Water Development Report of 2021, water withdrawals for industrial usage are likely to double by the year 2030. Moreover, in the majority of the countries, according to government regulations, the wastewater generated from industries has to undergo treatment before it can be put into the water bodies.

APAC region leads the market generating in excess of 40% of the total value in the year 2021, and it will observe the highest growth, of about 7%, in the years to come among all regions. Presently, China is the highest revenue generator in the APAC, and India is second. The key aspect attributing to the wastewater treatment plants market growth is the increasing power, oil & gas, pulp, mining chemicals, and further industries. The surge in the requirement for potable water is responsible for the rising emphasis on the treatment of wastewater, as these sectors use a lot of water and produce huge effluents.

China houses 21% of total population of the world; though, it has merely 6% of the global freshwater resources. In the year 2020, the nation discharged about of wastewater amounting to 55.7 billion cubic meters. Therefore, the country immensely funds effluent treatment services for catering to the growing demand for water for housing along with manufacturing use. In all, 39,000 novel wastewater treatment plants were established in China in the year 2020, thus contributing to the development of the wastewater treatment plants market globally.

Limited availability of freshwater has much to do with the increasing demand of wastewater treatment plant systems.

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How Technological Advancements Are Helping Recycled Plastic Market Advance

The size of the worldwide recycled plastic market was around $59,777.3 million in 2021, which is expected to advance at a CAGR of 8.5% in the coming years and reach a value of $124,314.1 million by 2030. The primary factors driving the growth of the market include the increasing focus on reducing the volume of plastic waste, supportive government policies and initiatives to surge the acceptance of recycled products, and growing awareness of energy savings.

The revenue produced from plastics recycled from packaging materials is likely to grow with over 8% CAGR in the market in the near future. This can be credited to the relative ease of recycling packaging materials produced from bottles, films, pouches, and wraps. Moreover, the increasing demand for reprocessed products and ease of commercial adoption of power-driven recycling for packaging waste drive the market. Additionally, government initiatives and policies focusing on integrating recyclable materials in the packaging industry, to decrease the volume of non-recyclable waste, are projected to help the market growth.

APAC had the largest revenue share in the recycled plastic market in 2021. The region has a lot of potential for producing recycled plastics due to the increasing imports of plastic waste and accessibility of domestic waste and low-cost labor, which permits easier collection, cleaning, and sorting. These factors have played a major part in the market growth in the countries like China and India, which account for a huge volume of plastic waste production.

The European recycled plastic market will grow at the highest CAGR in the coming years. This can be ascribed to the expansion of domestic recycling facilities, banning of plastic waste import by China, government policies for resurging local manufacturing, and environmental sustainability targets intended at integrating recycled products throughout the supply chain. The adoption of technological advancements in recycling plastic has helped the market in this region advance at a significant pace.

Cutting-edge technologies in the field of plastic recycling are helping in the expansion of the recycled plastic market by keeping more plastics out of the environment and putting it to productive use. The plastic industry is continuously developing and coming up with new ideas for recycled plastics. As per a study published in AMI International, progressive recycling technologies could process 5–15 million tons of added plastic waste every year by 2030.

The food and beverage industry is the largest in terms of recycled plastic market revenue generation, owing to the high volume of plastics consumed for product storage and transportation in bottles, packaging films, trays, bins, and disposables, which is responsible for the generation of a large volume of plastic waste. The volume of waste produced by the food and beverage industry puts companies under pressure to integrate the recycling process into the whole supply procedure. 

One of the key players in the beverage industry, Coca-Cola, has decided to lessen packaging waste in the U.S. and around the globe.  It was decided to collect and recycle a bottle or can for every unit sold by 2030, to make the entire packaging recyclable by 2025, and to make bottles and cans with 50% recycled materials by 2030. The plant-based PET bottle of the company, which is 100% recyclable, has already started making waves in the field.

Hence, the industry is set to grow with the rising technologies entering the domain of plastic recycling.

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How Will Agriculture Sector Steer Ethylene Vinyl Acetate Market Growth?

A number of factors such as the surging agricultural activities, increasing solar PV installation, and burgeoning demand for ethylene vinyl acetate in several industries are expected to drive the ethylene vinyl acetate market at 7.2% CAGR during 2021–2030. According to P&S Intelligence, the industry was valued at $7,060.8 million in 2021, and it will generate $13,149.7 million revenue by 2030. In recent years, the increasing number of mergers and acquisitions among leading players has become a key market trend.

A surge in agricultural activities, on account of the growing population, is expected to drive the demand for ethylene vinyl acetate in the future. As per the UNFPA, the global population will increase from 7.7 billion in 2020 to 9.7 billion by 2050 and could reach approximately 11 billion around 2100. The organization also states that Asia, Africa, Europe, Latin America and Caribbean, North America, and Oceania is home to 4.7 billion, 1.3 billion, 750 million, 650 million, 370 million, and 43 million people, respectively.

Moreover, the increasing PV installation, owing to the surging focus of governments and people on renewable energy, will also support the ethylene vinyl acetate market growth. As solar power is the cleanest renewable energy source and is available in abundance, developed and developing countries around the world are aggressively focusing on the installation of solar power plants. Ethylene vinyl acetate refers to a thermoplastic polymer that is used as an encapsulating agent in solar modules because it offers an insulating and sealing coating over PV cells.

The foam category, within the application segment, accounted for the largest share in the ethylene vinyl acetate industry in 2021. This was primarily on account of the booming end-use industries, such as building and construction, furniture, automotive, healthcare, consumer goods, sports equipment, and electronics, in emerging economies, such as China, India, and Thailand. The growth of these end-use industries can be credited to the economic growth of countries and the surge in disposable income of people. Owing to this factor, the category is expected to witness the fastest growth throughout this decade.

At present, the ethylene vinyl acetate industry is fragmented in nature, due to the presence of numerous players, such as ARLANXEO Holding B.V., Arkema Group, Asia Polymer Corporation, Braskem S.A., Celanese Corporation, Clariant AG, and The Dow Chemical Company. Nowadays, the market players are focusing on product launches to consolidate their position. For example, in August 2021, Braskem S.A. unveiled HD1954M, a new HDPE resin, which delivers rigidity, productivity gains, impact strength, and packaging optimization. 

Globally, the APAC ethylene vinyl acetate market generated the highest revenue in 2021, and it is also expected to continue witnessing this trend in this decade. The dominance can be credited to the booming population, increasing urbanization and commercial activities, and mounting disposable income of people. Additionally, the flourishing footwear and packaging industries will also contribute to the market growth in the region. Furthermore, the APAC market is also expected to exhibit the fastest growth in the coming years, due to the burgeoning demand for durable plastic products from the PV panel, footwear, and pharmaceutical sectors. 

Thus, the increase in agricultural activities and the wide-scale installation of solar power plants are expected to create a high demand for ethylene vinyl acetate across the world.

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Growing Demand for Lightweight Vehicles Driving Sales of Automotive Adhesives and Sealants

The growing requirement for lightweight vehicles is fueling the demand for automotive adhesives and sealants. To maximize power and speed, several automobile manufacturing companies are making huge investments in research and development (R&D) projects for developing lightweight vehicles. In recent times, many automakers have focused on replacing conventional steel fixtures, such as bolts and nuts, with structural adhesives that provide excellent bonding. The use of these adhesives allows automakers to avoid the utilization of heavy steel fixtures, which, in turn, helps them develop lightweight vehicles.

As lightweight vehicles provide excellent fuel efficiency, their popularity is soaring across the globe. Furthermore, the implementation of strict vehicle safety regulations and standards by the governments of several countries is also propelling the progress of the automotive adhesives and sealants market. Moreover, the growing requirement for greater vehicle safety, on account of the rising incidence of road accidents, is also pushing up the demand for automotive adhesives and sealants, as these materials improve the strength of vehicle parts.

Additionally, these adhesives can easily absorb the impact of accidents and head-on collisions. Mastics, which are basically rubber compounds utilized in various non-structural application areas, assist in filling the vacuum in an automobile, thereby aiding in shock absorption and improving the safety of passengers. Owing to these factors, the value of the automotive adhesives and sealants market is predicted to grow from $6,414.1 million in 2020 to $11,643.5 million by 2030.

Across the globe, the sales of automotive adhesives and sealants are expected to soar in the Asia-Pacific region in the coming years. This will be because of the growing investments being made by various European automakers for expanding their presence in Southeast Asian countries. In addition, the booming automobile sales, on account of the growing disposable income of people in developing countries, such as India, Thailand, Indonesia, and China, are also creating lucrative growth opportunities for the players operating in the APAC automotive adhesives and sealants market.

Thus, it can be safely said that the demand for automotive adhesives and sealants will rise sharply in the coming years, mainly because of the growing requirement for lightweight vehicles and greater vehicular safety, owing to the rising prevalence of road accidents all over the world.

Read More: https://www.psmarketresearch.com/market-analysis/global-automotive-adhesive-and-sealant-market

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How Will Manufacturing Sector Strengthen India Coding and Marking Systems Market?

 The Indian coding and marking systems market will display a healthy CAGR of around 12% between 2021 and 2030, primarily on account of the surging need for traceability across industries and the increasing implementation of government regulations on product labeling. According to P&S Intelligence, the industry was valued at $42.7 million in 2021, and it will generate $127.6 million revenue by 2030. Additionally, the booming packaging and manufacturing industries and the increasing application of coding and marking systems are also key contributors to the market growth.

One of the primary growth drivers of the market is the ongoing boom in the manufacturing and packaging industries. To create a healthy environment for these industries, the Government of India is taking numerous initiatives, such as the 'Make in India' campaign and the production-linked incentive (PLI) scheme.  Under the 'Make in India' scheme, the government has prioritized the food processing industry, which is one of the key users of coding and marking systems for product labeling. Likewise, the PLI scheme supports the pharmaceutical sector, which uses such systems for labeling pharmaceutical products.

In addition, the booming population will also help the Indian coding and marking systems market growth in the future. Population boom will result in the high volume consumption of chemicals and agrochemicals and electrical and electronic products. Additionally, the surging population will also lead to the wide-scale construction of residential and non-residential projects. Tools and products are labeled using coding and marking systems. According to the World Bank, the population of India grew from 1.36 billion in 2019 to 1.38 billion in 2020.

At present, the Indian coding and marking systems market is consolidated, due to the presence of a few key players, such as Kishu Giken Kogyo Co. Ltd., RYNAN Technologies Pte Ltd., Hitachi Ltd., Control Print Limited, Dover Corporation, Danaher Corporation, and Domino Printing Sciences plc. In recent years, these players have been actively involved in product launches to gain a competitive edge. For instance, in November 2020, Domino Printing Sciences plc introduced the K600G, a blister foil and web digital printing solution, for product-level sterilization in the pharmaceutical sector. 

Therefore, the flourishing industrial and packaging sectors and the soaring population will propel the demand for coding and marking systems in India.

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Retail E-Commerce Packaging Market To Prosper in Future

Valued at $23,987.7 million in 2020, the global retail e-commerce packaging market is expected to generate a revenue of $74,873.0 million by 2030. Furthermore, the market will demonstrate a CAGR of 12.1% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the expansion of the e-commerce industry, on account of the increasing penetration of the internet and the changing buying patterns of people across the world. 

Additionally, the mushrooming population all over the world is also positively impacting the e-commerce industry, as people are increasingly buying various products from digital platforms. As per the United Nations Department of Economic and Social Affairs (UNDESA), the global population will surge from 7.7 billion in 2020 to 8.6 billion, 9.8 billion, and 11.2 billion by 2030, 2050, and 2100, respectively, with the addition of nearly 83 million people every year. The rising public preference for shopping from online channels over conventional retail stores is fueling the surge in the retail e-commerce business, thereby propelling the market to new heights.

China is witnessing a sharp surge in e-commerce sales, because of the rising public preference for online shopping, owing to the availability of a diverse range of products at affordable prices on digital platforms. The players operating in the retail e-commerce packaging market are focusing on collaborations and partnerships in order to strengthen their position in the industry. For example, Smurfit Kappa Group Plc entered into a partnership with World Wildlife Fund Colombia in August 2020 to improve forestry conservation efforts and expand, protect, and restore ecosystems and forests. 

Hence, it can be safely said that the market will register rapid expansion in the coming years, mainly because of the surging popularity of online shopping, owing to the increasing internet penetration and changing buying patterns of people all over the world.

Read More: https://www.psmarketresearch.com/market-analysis/retail-e-commerce-packaging-market-analysis

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How Is Rising Demand for Bio-based Packaging Boosting Green Chemicals Market Growth?

Prominent factors such as the rising demand for bio-based packaging materials and growing concerns over fossil fuel depletion are projected to drive the green chemicals market at a CAGR of 8.9% during 2020–2030. The market was valued at $9,413.1 million in 2020 and it is expected to generate $22,039.0 million revenue by 2030. Green chemicals are non-toxic and do not emit sulfur dioxide or particulate matter, as they are derived from plant or animal waste.

The increasing adoption of bio-based packaging materials, on account of the growing concerns being raised over environmental degradation, is one of the key growth drivers of the market. The packaging industry is generating a high demand for packaging materials derived from renewable sources, such as plant and animal waste, as they are cost-effective, non-toxic, and require less raw materials for production. As compared to traditional materials, bio-based packaging materials are easier to dispose of and thus, their growing adoption helps in reducing environmental pollution to a considerable degree.

At present, the players in the green chemicals market are launching new products to attain a notable position. For example, in October 2019, Braskem introduced a new 'I'm green' recycled polypropylene in the U.S. to include its entire portfolio of circular economy products as a part of its commitment to aid in the transformation of the plastic chain from a linear economy into a circular economy. In a circular economy, the materials are utilized, disposed of, and then recycled in a circular manner.

According to P&S Intelligence, Europe accounted for the largest share in the green chemicals market in 2020, and it is expected to maintain its dominance throughout the forecast period. This can be ascribed to the high-volume consumption of green chemicals in the personal care, packaging, food and beverages, and automotive industries, owing to the increasing environmental concerns in the region. Moreover, the surging focus of the chemical industry on developing sustainable and eco-friendly solutions will also boost the market growth in Europe.

Therefore, the rapid depletion of fossil fuel reserves and escalating demand for bio-based packaging materials will boost the market growth in the upcoming years.

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Increasing Construction Activities Driving Non-Destructive Testing and Inspection Market Growth

The global NDT and inspection market revenue stood at $9 billion in 2020 and the market is predicted to demonstrate rapid advancement in the coming years. The enactment of strict government regulations and policies regarding public safety and product quality and the increasing construction and infrastructure development activities, owing to the rising urbanization rate, especially in emerging economies, are some of the major factors fueling the expansion of the market across the world.

Economies, such as Mexico, Brazil, and China currently account for the majority of the construction spending across the world. Many construction projects, including those launched for major upcoming sporting events, hotels, shopping complexes, and skyscrapers, are presently underway in these nations. For example, the hospitality sector in the APAC region recorded a growth of 12% in construction pipeline from 2017 to 2018. Moreover, the region, excluding China, has 1,673 hotel construction projects currently in the pipeline.

As non-destructive testing and inspection can detect and aid in the repair of corrosion and cracks before any accident occurs and thus, prevent a road or bridge closure or a catastrophic failure, they are being increasingly adopted at construction sites. Moreover, structural health monitoring and infrastructure inspection are widely preformed after construction activities in order to ensure quality and safety. Depending on offering, the NDT and inspection market is classified into services and equipment. Between these, the services category dominated the market in 2020.

Geographically, the Asia-Pacific (APAC) region will be the fastest growing region in the non-destructive testing and inspection market in the upcoming years, as per the estimates of the market research firm, P&S Intelligence. This is credited to the rapid infrastructure development in various developing countries, such as China and India. Additionally, the expansion of the aerospace and defense and oil and gas industries in the region is boosting the requirement for these testing methods, as they are increasingly being required for guaranteeing the safety of employees and the efficiency of the devices that are used at the site. 

Therefore, the market is set to exhibit rapid advancement in the coming years, primarily because of the surging construction and infrastructure development activities, especially in developing countries, implementation of strict safety regulations by the governments of many countries, and the burgeoning requirement for efficient and effective testing and inspection methods across the world.

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Why Are Cosmetic Chemicals Being Innovated by Major Companies?

“Today the global beauty industry is a $532 billion business.”, said an article published by Forbes in September 2019. Growing steadily, the industry is spreading its wings in developing and underdeveloped countries too, on account of the rising disposable income here. Moreover, as people come under the influence of the Western culture, they are thinking more about how they look and taking steps to improve their physical appearance. For many, beauty and good looks are confidence boosters, especially those working in the media & entertainment and corporate sectors.

Due to these factors, the cosmetic chemicals market, which already valued around $20.0 billion in 2020, will grow substantially during 2021–2030, as per market research firm P&S Intelligence. This is because cosmetics are widely applied for enhancing the look of the face and maintaining general body hygiene. The range of products included under cosmetics is wide: from shampoos and conditioners to foundations and ointment. As each cosmetic product is designed for a specific purpose, the variety of chemicals used in their production is extensive as well.

For a simpler understanding, cosmetics can be grouped under skincare, make-up, haircare, and oral care products and fragrances. Among these, much of the cosmetic chemicals are used for manufacturing skincare products. As spot-free and healthy skin is considered important for overall beauty, the demand for skincare products, such as powders, lotions, ointments, cleansers, toners, and sera, is rising. The key reason for this is the surging prevalence of dermatological issues, the most common of which is acne.

Currently, Asia-Pacific (APAC) is the largest cosmetic chemicals market, as it is the most-populous region in the world. This creates a huge demand for cosmetic products and, in turn, of the chemicals that go into them. Moreover, loads of regional and Western chemical companies have manufacturing plants here. These companies are undertaking research studies for better ingredients and focusing on low-cost raw material procurement. Additionally, South Korea is said to have one of the largest cosmetics industries in the world, and it, along with Singapore, China, Hong Kong, and Japan, exports a high volume of cosmetics.

Thus, as people’s rising appearance consciousness and growing media & entertainment sector push the demand for cosmetics, the consumption of the chemicals that are utilized in their production will surge too.

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Why Are Synthetic Fibers Being Increasingly Used to Produce Clothing?

As per industry experts, the global apparel market valued $1.7 trillion in 2017, and it will likely reach $2.6 trillion by 2025. Earlier one of the three basic necessities for humans, along with food and dwelling, clothes have taken on a whole new significance with the passage of time. People in developing and developed countries both consider their clothes as an expression of their personality. This is why new pieces of clothing and textiles are being invented and ridiculous amounts are being spent on their promotion.

Therefore, P&S Intelligence expects the synthetic fibers market value to increase from ~$60.0 billion in 2020 at a significant rate between 2021 and 2030. This is because to produce new and stylish items of clothing, natural fibers, such as jute and cotton, are being replaced with polyester, acrylic, nylon, and polyolefins. For instance, polyesters, of which polyethylene terephthalate (PET) is a type, are widely utilized in eveningwear, shirts, pants, jackets, suits, socks, and undergarments. 

The reason is its many advantages, such as durability, chemical, abrasion, and wrinkle resistance, strength, and low weight. Additionally, polyester fibers can be easily dyed and washed, and clothes made out of them retain their shape. Nylon has similar properties, apart from the smooth feel, which makes it a popular choice in sportswear, yoga pants, stockings, and tights. Similarly, due to the warmth it provides, acrylic is utilized for winter clothing.

Additionally, APAC is witnessing a rapid increase in its urban population, with China and India expected to lead the global urbanization rate increase till 2050. This will drive the demand for automobiles, clothing, and household upholstery and furnishings, which will raise the consumption of polyester, acrylic and polyolefin fibers, and nylon. Plus, with the strengthening influence of the Western culture, people here are becoming fashion-savvy, which is propelling the demand for stylish clothes and home furnishings.

Thus, the demand for synthetic fibers will rise with their widening application area.

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Why will Oxygen-Free Copper Market Surge in Asia-Pacific in Upcoming Years?

Due to the surging utilization of oxygen-free copper wires in the electronics and electrical industry and electric vehicles (EVs), on account of their high thermal and electrical conductivity, ease of welding, good creep resistance, high impact strength, and high ductility, the global oxygen-free copper market is predicted to exhibit rapid expansion during 2021–2030. Furthermore, as per the estimates of the market research company, P&S Intelligence, the market revenue surged to $20.0 billion in 2020.

The soaring sales of electric vehicles are propelling the expansion of the market across the world. As oxygen-free copper has low thermal and electrical resistance, it is being increasingly used in the manufacturing of EVs including plug-in hybrid electric vehicles (PHEVs). Additionally, in order to reduce the carbonization level in the automotive industry and mitigate the emission of greenhouse gases, automobile manufacturers such as BMW AG, Tesla Inc., and Hyundai Motor Company are actively focusing on manufacturing EVs, thereby fueling the growth of the oxygen-free copper market.

Geographically, the Asia-Pacific (APAC) region contributed the highest revenue to the oxygen-free copper market in 2020, and it is predicted to retain its market dominance during the forecast period as well. This is ascribed to the availability of raw materials and cheap labor in the region, which massively reduces the production costs of various materials, and the soaring deployment of electric vehicles, on account of the increasing concerns being raised over the escalating greenhouse gas emissions in the region. 

Thus, owing to the growing requirement for oxygen-free copper in the electrical and electronics industry and the mushrooming deployment of electric vehicles, the market will register substantial growth all over the world in the upcoming years. 

Market Size Breakdown by Segments

Based on Grade

• Oxygen-Free
• Oxygen-Free Electronic

Based on Product

• Wires
• Strips
• Busbars
• Rods

Based on End user

• Electrical and Electronics
• Automotive

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa

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Why Is North America Leading 3D Printing High-Performance Plastics Market?

Factors such as the escalating demand for mass customization of products and increasing applications of 3D printing technology in the automotive, defense, aerospace, and aviation industries will facilitate the 3D printing high-performance plastics market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue reached around $73.5 million in 2020. In recent years, increasing shift of manufacturers from traditional production methods to 3D printing, due to the zero-material wastage, more customizability, and cost-effectiveness offered by this technology, has become a major market trend.

One of the key catalysts for the market growth is the widening application base of 3D printing high-performance plastics in the aerospace industry. The rising production of aircraft components, primarily on account of the mushrooming demand for aircraft to ferry more cargo and passengers. 3D printing technology is an effective method of producing aircraft parts, as it uses filaments, which help in reducing the weight of the manufactured products. Furthermore, the usage of filaments also assists in enhancing strength and designing and creating complex structures for aircraft components. 

Currently, players operating in the 3D printing high-performance plastics market are engaging in partnerships to gain a significant position. For instance, in March 2021, Stratasys Ltd. partnered with Xometry to offer a wide range of high-performance nylon materials to end users. With this partnership, the customer base of Xometry, which includes Fortune 100 companies and startups, got access to the selective laser sintering (SLS) 3D printing technology of Stratasys Ltd. Other companies focusing on improving their presence through partnerships include Saudi Basic Industries Corporation (SABIC), EOS GmbH Electro Optical Systems, Solvay, and Victrex plc.

Geographically, North America held the largest share in the 3D printing high-performance plastics market in 2020, and it is expected to maintain its dominance throughout the forecast period as well. This can be ascribed to the increasing investments being made in the research and development (R&D) of 3D printing materials, on account of the escalating focus on technological advancements. Moreover, the expanding manufacturing base of the robotics, aerospace, medical prostheses, and automobile industries in the region will also catalyze the market growth in the forthcoming years. 

Thus, the increasing demand for aircraft and automobiles will supplement the market growth in the foreseeable future.

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