Mushrooming Automobile Sales Fueling Boom of Global Paints and Coatings Market

The global paints and coatings market generated a revenue of $156,086.2 million in 2019 and is predicted to register a CAGR of 4.2% between 2020 and 2030. Furthermore, the market would reach a valuation of $227,834.0 million by 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The main growth drivers of the market are the presence of several commercial, industrial, and residential end users and soaring construction activities around the world. 

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Additionally, the government sanctioned the allocation of $24.27 billion to the infrastructure sector in the 2020–21 Union Budget for developing transport infrastructure in the country. This would push up the requirement for paints and coatings, which are heavily required for improving the aesthetics and durability of structures. The changing lifestyles of people and the growing urbanization are boosting the requirement for housing, which is, in turn, propelling the sales of paints and coatings across the globe. 

Apart from the aforementioned factors, the mushrooming sales of automobiles are also pushing up the demand for paints and coatings around the world. This is because paints and coatings are used heavily in various automotive applications. For example, the total sales of automobiles around the world rose from 88.3 million to 91.3 million from 2014 to 2019. The paints and coatings market is divided, on the basis of application, into industrial coatings, special coatings, and architectural coatings. 

Hence, it can be safely concluded that the market would demonstrate substantial growth across the world in the coming years, primarily because of the surging construction and infrastructural development activities in various countries and the ballooning sales of automobiles around the world.

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How Is Shale Gas Production Boosting Digital Oilfield Technology Market?

The compounding demand for energy and rising shale gas production in the U.S. are expected to accelerate the digital oilfield technology market at a CAGR of 4.6% during the forecast period (2018–2023). At this rate, the market will witness an increase in its size from $26,570.4 million in 2017 to $34,871.6 million in 2023. Additionally, a significant dip in the number of onshore reserves in oil-and-gas-producing nations is creating huge opportunities for the industry players, who are offering a range of exploration & production (E&P) solutions to increase the supply of oil and gas.

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The substantial growth in shale gas production in the U.S. will drive the market growth in the coming years. A rise in the E&P activities for shale gas is generating a large amount of spatial and seismic information and data related to drilling and production cycles. All these unstructured data sets need to be examined and analyzed to amplify the drilling and production performance. E&P firms are using the digital oilfield technology that uses big data analytics to capture, analyze, and transform this data into easy-to-understand sets.

During the forecast period, the Middle East and African digital oilfield technology market is set to demonstrate the fastest growth. This can be ascribed to the existence of numerous oilfields, increasing energy demand, and decreasing production from mature oilfields, all of which are coercing upstream companies to enhance the recovery rates by using digital oilfield technologies. Moreover, the recent discovery of a large number of brownfield oil and gas reserves is expected to propel the market growth in the region during the forecast period.

Thus, the declining production from mature oilfields, rising production of shale gas, and discovery of new oil and gas reserves are driving the growth of the market across the globe.

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Why will Popularity of Smart Grid Technology Skyrocket in North America in Future?

The increasing electricity wastage and the rising carbon footprint being produced during power production are becoming major issues in several countries with each passing day. Apart from over-burdening the public utilities sector, these factors are also responsible for the rapid environmental degradation across the world. Moreover, these factors are massively accelerating the depletion of fossil fuel reserves, on account of their overexploitation. Because of these reasons, smart grid technologies are increasingly being adopted in the utilities sector of many countries.

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Grid connectivity is normally a one-way communication between the end users and power transmission companies. However, the integration of smart grid technologies converts this one-way communication into two-way communication, which allows the transmission companies to take back extra power from the end users who are generating electricity at their commercial and residential installations. As per the estimates of the International Energy Agency, the U.S. government will invest $2.1 trillion in the development of smart grid technology infrastructure by 2035.

Due to the above-mentioned factors, the demand for smart grid technology will rise enormously in the coming years, which will, in turn, cause the surge of the global smart grid technology market in the upcoming years. The installation of smart grids is usually very expensive, but, in the long run, these grids will help reduce over expenditure and financial losses. Moreover, the installation of grids will drastically reduce the pollution levels over a significant period of time. 

In addition to the aforementioned factor, the huge investments being made by Canada and the U.S. in smart grid technology will massively augment the sales of these systems in the North American region in the coming years. The industry will also grow explosively in the Middle East and Africa (MEA) region in the future, on account of the abundant availability of various renewable and conventional energy resources and the growing implementation of community-based micro smart grids in the rural areas. 

Therefore, it can be said with surety that the requirement for smart grid technology will soar all over the world in the coming years, primarily because of the rising concerns being raised in several countries over the increasing electricity wastage and carbon footprints and the rapid depletion of fossil fuel reserves around the world.

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Affordable Housing to Boost Autoclaved Aerated Concrete Market Growth

The autoclaved aerated concrete market growth can be attributed to the increasing investments in the construction sector worldwide and the widescale construction activities in developing nations. Due to the growth in the construction sector, the market is expected to reach from $4,498.5 million in 2019 to $8,314.9 million by 2030, while displaying a CAGR of 6.0% during the forecast period (2020–2030). Other factors contributing to this market growth include increasing focus on sound-proof and green buildings, surging requirement for lightweight construction materials, rising urbanization and industrialization, and growing preference toward low-cost houses.

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People across the world are opting for low-cost houses and this can be achieved by employing low-cost construction materials, such as autoclaved aerated concrete (AAC) blocks. These blocks are manufactured at a cost lower than the clay bricks. Additionally, the AAC blocks can be easily transported in difficult terrains at a reduced cost, due to their lightweight that cuts down the transportation cost. With an increasing demand for affordable housing, the demand for AAC blocks is expected to increase during the forecast period.

Globally, the Asia-Pacific (APAC) region is expected to lead the autoclaved aerated concrete market in coming years. Additionally, the regional market is also projected to demonstrate the fastest growth in the same period. This can be ascribed to the increasing number of construction activities in APAC nations. Additionally, rapid urbanization, increasing purchasing power, government initiatives to provide affordable housing, and surging population is expected to propel the growth of the APAC market.

Thus, expansion of the construction industry and increasing demand for lightweight and environment-friendly building materials are projected to boost the market in foreseeable future.

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Why is Demand for Antimicrobial Additives Skyrocketing in Asia-Pacific?

The large-scale usage of antibiotics for treating and reducing the risks of bacterial and fungal infections has massively increased the possibility that the pathogens would rapidly become stronger and highly resistant to these antibiotics in the near future. Moreover, with the growing usage of disinfection chemicals, the problem is becoming more severe. This is because the disinfection chemicals do not provide long-lasting protection against the pathogens and are likely to cause irregular effects on the body. Because of these reasons, antimicrobial additives are being increasingly integrated in the production processes of these chemicals and drugs.

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In addition to the aforementioned factors, the growth of the global healthcare industry is also causing a sharp surge in the requirement for antimicrobial additives around the world. Moreover, the various advantages of the incorporation of antimicrobial additives in pharmaceutical products such as the increased efficacy of the pharmaceutical formulations, reduced bioburden, and lower threat of development or retention of any kind of bio-resistance are bolstering the demand for these materials across the globe.

The growing incidence of chronic diseases and increasing geriatric population are tremendously pushing up the requirement for pharmaceutical products, which is, in turn, driving the sales of antimicrobial additives around the world. Furthermore, many private and public organizations are making huge investments in the development of antimicrobial additives so that these products can be available for mass consumption throughout the world. Due to these factors, the valuation of the global antimicrobial additives market is predicted to rise from $2,010.2 million to $3,786.8 million from 2019 to 2030, with the market advancing at a CAGR of 7.5% between 2020 and 2030. 

Based on end-use industry, the antimicrobial additives market is divided into food and beverages, healthcare, consumer goods, automotive, construction, and packaging categories. Out of these, the healthcare industry registered the highest growth in the market over the last several years, as per the findings of the market research company, P&S Intelligence. Further, this category is predicted to continue exhibiting rapid growth in the coming years. This is ascribed to the increasing incidence of hospital-associated infections (HAIs) and nosocomial infections across the world.

Thus, it can be safely said that with the growing adoption of antimicrobial additives in pharmaceutical products, rapid advancement of the healthcare industry, and the increasing requirement for stronger and more effective drugs, the sales of antimicrobial additives will skyrocket all over the world in the upcoming years.

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What Are Present Opportunities in Kuwait Diesel Generator Set Market?

The most important factors driving the growth of the Kuwaiti diesel generator set market are the expanding oil & gas sector in the country and unreliable grid supply. A staggering 90% of the revenue for the country’s government comes from oil & gas export, which additionally contributes 43% of the national gross domestic product. Kuwait’s oil reserves, which stood at 104 billion barrels in 2019, made up 9% of the global. To keep rigs, terrestrial oilfields, piping operations, and refineries running efficiently, DG sets are installed in large numbers.

On segmenting the market by power rating, the categories are 5 kilovolt-Ampere (kVA)–75 kVA, 75 kVA–375 kVA, 375 kVA–750 kVA, and above 750 kVA. Among these, the largest share in the Kuwaiti diesel generator set market during the forecast period (2020–2030) will be held by the 5 kVA–75 kVA category. This is attributed to the increasing requirement for gensets that deliver power under this rating at telecom towers, retail establishments, offices, commercial complexes, and small industrial facilities.

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Another major driver for the Kuwaiti diesel generator set market is the easy and cost-effective availability of diesel. Being an oil-driven economy, Kuwait has no shortage of refineries. Owing to the large crude oil reserves and well-developed refining infrastructure, diesel is readily available here at cost-effective rates. This allows the masses to adopt diesel generator sets without worrying about the high fuel costs. Key players making efforts to meet the growing demand are Jubaili Bros., YANMAR HOLDINGS CO. LTD., Caterpillar Inc., Cummins Arabia, Atlas Copco AB, and Mitsubishi Power Ltd.

Therefore, with economic growth taking on all fronts in Kuwait, the demand for diesel generator sets will rise massively here.

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Why Are Buildings and Industrial Equipment Being Rapidly Insulated?

With the earth’s population on the path to reaching close to 11 billion by 2100, as per the United Nations (UN), the construction sector around the world is growing. However, the overuse of fossil fuels to produce electricity has led to a surge in the amount of greenhouse gases (GHG) in the atmosphere, which is, in turn, resulting in global warming and the increasing cases of severe respiratory diseases. Therefore, the focus has shifted rapidly to energy efficiency, so that less fossil fuels are burned at power plants and air pollution can be controlled.

P&S Intelligence says that due to these reasons, the insulation market, which generated $52.3 billion in 2017, will reach $101.3 billion by 2025, at an 8.6% CAGR during the forecast period (2018–2025). Insulation prevents heat loss and gain, depending on the requirement. Thus, building insulation is expected to keep them warm in winters and cool in summers. Buildings that are not insulated properly consume more electricity than those that are, as in the former’s case, heating and cooling systems have to work harder to maintain the temperature due to excessive heat loss and gain.

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In fact, a key opportunity for the players in the insulation market is the increasing infrastructure development activities in Mexico, Russia, India, South Africa, Brazil, China, and numerous other emerging economies. This, complemented by the rising concerns regarding GHG emissions from the power sector and surging government focus on energy-efficient buildings, is expected to drive the consumption of insulating materials in these nations. With the booming population and increasing disposable income making these countries increasingly urbanized, the market for insulation will keep growing.

Therefore, with the rising concerns regarding GHG emissions, the energy conservation initiatives being implemented to check the same will drive insulation efforts.

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