Asia-Pacific Witnessing the Dawn of Electric Cars and Green Mobility

 As the air quality deteriorates and the prevalence of various lung diseases increases in the Asia-Pacific (APAC) region, the attention of governments, regulatory authorities, policymakers, and citizens is finally shifting toward the elephant in the room, that is, the large-scale usage of fossil-fuel-powered vehicles for both personal commuting and transportation of goods. The harmful emissions released from these vehicles are one of the major causes of air pollution and the rapid environmental degradation.

To combat the situation and make the air in urban areas breathable again, governments of several APAC countries are implementing policies aimed at promoting the deployment of eco-friendly modes of transport, such as electric cars. This is, in turn, fueling the advancement of the Asia-Pacific electric car market. For instance, as per industry experts, sales of electric vehicles grew in India by 32.0% or from nearly 576,000 units in 2018 to more than 760,000 units in 2019, among which 2,000 were passenger cars.

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Apart from the huge government funding and support, the rising public awareness about environmental degradation (deteriorating air quality), especially in tier-1 cities, is fuelingthe surge in the sales of electric vehicles in the country. Even summers often seem like winters, with grey skies and weak sunlight, due to the haze that envelops the major cities. Several reports have ranked certain Indian cities at the top of the list of the most-polluted ones in the world.

Electric Car Usage Highest on Chinese Roads in Asia-Pacific

In the APAC region, the sales of electric cars are currently the highest in China. Japan, South Korea, and India are the next biggest users of electric cars in APAC. The share of small electric cars is presently significantly high out of all the electric cars being sold in the region. This is primarily because of their high affordability and the cost-sensitive purchasing behavior of the people in the regional countries. Backed by the implementation of favorable government policies regarding the deployment of electric cars and the reducing prices of the batteries, the electric car industry will register huge expansion in the coming years.

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Hence, it can be said with utmost confidence that the sales of electric cars would shootup in Asia-Pacific (APAC) in the forthcoming years, primarily because of the escalating pollution levels in APAC countries due to the large-scale usage of oil- and gas-powered vehicles.The rapid implementation of favorable government initiatives and subsidy policies forthe utilization of these vehicles is further expected to make them popular among the masses.

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Why is Demand for Construction Chemicals Surging in Asia-Pacific?

With rapid economic progress of Asia-Pacific countries, their urban population is predicted to rise enormously in the coming years. This will fuel large-scale urban development in various developing nations of APAC such as India, Indonesia, and China. This rising urbanization rate will fuel the development of residential buildings, civic infrastructure facilities, education centers, healthcare facilities, and transportation centers, which will, in turn, propel the sales of construction chemicals in the region in the future years.

Apart from the aforementioned factor, the rapid expansion of the manufacturing sector in the regional countries such as India, China, Malaysia, and Vietnam is predicted to power the development of manufacturing facilities and plants, warehousing units, and assembly facilities. Moreover, with the launch of several large-scale construction projects in the APAC countries, on account of the enactment of favorable government policies and investments, the sales of construction materials including construction chemicals will soar in the coming years.

Additionally, the increasing industrialization rate is also positively impacting the demand for construction chemicals in the Asia-Pacific region. These factors are propelling the advancement of the Asia-Pacific (APAC) construction chemicals market. Construction chemicals are basically the chemical formulations used with cement, concrete, and various other construction materials for holding the construction materials together. These chemicals are heavily used in various civic and infrastructure repair and construction applications in the APAC countries.

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One of the major trends currently being witnessed in the industry is the growing usage of construction materials in the regional countries. This is credited to the soaring population levels and the consequent surge in the requirement for infrastructural development projects in the region. As per the Asian Development Bank, the population of APAC is predicted to rise to 4.3 billion by 2030. This would massively boost the demand for construction projects in the region in the future.

Hence, it is safe to say that the sales of construction chemicals will surge sharply in the APAC region in the forthcoming years, primarily because of the rising urbanization and industrialization and the mushrooming number of infrastructural development and construction projects in the region.

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Indian Government Investing INR 10,000 Crore To Drive Electric Vehicle Sales

In April 2019, the Indian government launched Phase 2 of the FAME India scheme with a total investment of INR 10,000 crore; phase 1 of the Fame India scheme was launched in 2014 with an investment of INR 795 crore, which was later increased by another hundred crores. The funds are being used to subsidize electric vehicles (EV) in the country, so that the problem of air pollution can be tackled. As per P&S Intelligence, government support is vital for the Indian electric vehicle market, as without it, EVs would be out of the reach of the masses.

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Compared to the long-proven internal combustion engine (ICE) technology, electric propulsion is slightly cost-intensive to achieve. This is majorly because of the high cost of batteries, which makes the overall EV expensive. Moreover, the vehicles also need to be equipped with a high-voltage charging mechanism, which further escalates the purchase cost. This is why the government is not only offering purchase subsidies and tax rebates on EVs, but also bearing a major portion of the cost for research and development (R&D), to come up with cost-effective EV technologies.

Seeing the success of e-rickshaws and potential customer base for other EVs, a lot of companies have entered the Indian electric vehicle market, including Lohia Auto Industries, Hero Electric Vehicles Pvt. Ltd., Electrotherm (India) Ltd., Saera Electric Auto Pvt. Ltd., Ather Energy Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Tata Motors Ltd., Mahindra Electric Mobility Ltd., TVS Motor Co. Ltd., Toyota Kirloskar Motor Pvt. Ltd., Olectra Greentech Ltd., Terra Motors Corporation, and Ashok Leyland Ltd. They are signing sales agreements not only with public transportation agencies, such as Delhi Transport Corporation, but also private shared mobility companies, including Uber and Ola, to increase the penetration of clean-energy automobiles.

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Hence, bolstered by government support, sales of EVs in India will definitely pick up in the coming years.

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What is Biggest Trend Currently Witnessed in Complementary and Alternative Medicines Market?

 Lifestyle of people has changed radically over the past few years, and the work life of people is becoming more and more stressed. Due to this, medical conditions such as stress, hypertension, obesity, and insomnia are affecting an increased number of people. As per Our World in Data, 3.4% and 3.8% of the global population was suffering from anxiety and depression, respectively, in 2017. In addition to this, according to the World Health Organization, about 108 million people in the world were suffering from diabetes, and this number rose to 422 million in 2014. 

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It is because of these factors, that the demand for complementary and alternative medicines is growing around the world. These medications are utilized along with standard medical treatments or instead of standard medication. According to a study conducted by P&S Intelligence, the global complementary and alternative medicines market is predicted to reach a value of $271.8 billion by 2024, increasing from $192.0 billion in 2018, progressing at a 6.0% CAGR during the forecast period (2019–2024). Different types of complementary and alternative medicines are mind-body intervention-based, nature-based, energy-based, and manipulative body-based. Out of these, the demand for nature-based medicines was the highest in the past. 

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Out of these, a considerable demand for complementary and alternative medicines was created for depression and anxiety, which is due to the hectic life schedule and rising societal and work pressure. The modes of service for complementary and alternative medications are e-learning, therapy class, and direct consultation. The demand for therapy classes has been rising rapidly across the globe, which can be ascribed to the larger number of people that are opting for such sessions to manage various medical conditions. Complementary and alternative medication are demanded from hospitals & clinics, yoga & meditation centers, home care, and therapy centers. 

Hence, the demand for complementary and alternative medicines is growing due to the changing lifestyle of people, which is causing increased stress and other physical and mental health problems. 

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Last Mile Delivery Market to Witness Robust Growth in Coming Years

The huge investments being made by various venture capitalists in last-mile delivery services are fueling the expansion of the global last mile delivery market. The market is witnessing a sharp surge in the number of start-ups that are being heavily funded by various venture capitalists for expanding their businesses. Because of these reasons, the last mile delivery market is predicted to exhibit a CAGR of 20.3% between 2020 and 2030, according to P&S Intelligence.

Depending on application, the last mile delivery market is classified into package delivery, e-commerce, and others. Out of these, the e-commerce category recorded the highest growth in the market during the past few years. This was because of the presence of a large customer base and the changing buying behavior of people and their huge expectations regarding product deliveries. People are increasingly expecting free shipping and fast product deliveries and the availability of goods at affordable and competitive prices.

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Geographically, the last mile delivery market is predicted to demonstrate the fastest growth in the Latin America, Middle East, and Africa (LAMEA) region in the forthcoming years. This will be because of the rising gross domestic product (GDP) and the increasing disposable income of the people living in the developing nations of LAMEA such as Mexico and Brazil. Additionally, the increasing number of last mile grocery and food delivery start-ups and the rising popularity of omnichannel retailing are propelling the advancement of the market in this region.

The players operating in the global last mile delivery market are increasingly focusing on business mergers and strategic partnerships for remaining competitive. For instance, Microsoft Corporation and FedEx Corporation launched a collaboration with each other in May 2020 for enhancing their operations. Moreover, this collaboration is aimed at combining the global logistics and digital network of FedEx and the intelligent cloud solutions of Microsoft. This collaboration will allow the companies to have greater control and gain better insights into the movement of products across the world.

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The COVID-19 pandemic is severely hampering the progress of the last mile logistics industry. Moreover, the imposition of lockdowns and the shrinking of workforce have caused disruptions in the last mile delivery market. However, the increasing internet penetration and digitization and the rising number of product delivery orders, on account of the growing popularity of online shopping, especially during the pandemic, are fueling the expansion of the market.

Market Segmentation by Service

B2C
B2B

Market Segmentation by Application

E-commerce
Package delivery
Others

Market Segmentation by Region

North America
By service
By application
By country – U.S. and Canada

Europe
By service
By application
By country – Germany, the U.K., Italy, France, Spain and Rest of Europe

APAC
By service
By application
By country – China, Japan, India, South Korea, and Rest of APAC

LAMEA
By service
By application
By country – Mexico, Brazil, Argentina, and Rest of LAMEA

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Why Are Ethanolamines Being Used as Surfactants?

Factors such as the soaring demand for surfactants and surging sale of agrochemicals will stimulate the ethanolamines market growth at a 5.0% CAGR during the forecast period (2020–2030). At this rate, the value of the market will increase from $2,933.5 million in 2019 to $5,079.0 million by 2030. The compound is used as a surfactant in personal care products due to its ability to remove grease, stains, and dirt. Apart from this, the chemical serves as a suitable emulsifying agent in bath washes, soaps, and shampoos.

The compound is also used in high volumes for the production of agrochemicals. Diethanolamine (DEA) is primarily used in the production of a herbicide known as glyphosate, to prevent unwanted vegetation at farmlands. The consumption of glyphosate is surging in the countries of Asia-Pacific (APAC), North America, and Latin America on account of the soaring demand for agricultural produce. Besides, the growing awareness amongst farmers about the advantages of using such herbicides will fuel the demand for ethanolamines in the coming years.

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Geographically, the APAC region consumed the highest volume of ethanolamines in the past, driven by China. In 2019, China imported 168.4 kilotons of the chemical from manufacturers in Saudi Arabia and Thailand. Moreover, the region is also expected to utilize the highest quantity of the compound in the coming years. This can be ascribed to the increasing demand for ethanolamines in end-user industries in Vietnam, India, and Thailand.

To cater to the escalating demand, chemical companies, such as Oriental Union Chemical Corporation, BASF SE, The Dow Chemical Company, Saudi Kayan Petrochemical Company, Huntsman Corporation, Sadara Petrochemicals, Akzo Nobel NV, and INEOS Group Holdings S.A., are focusing on expanding their production capacities. For example, in July 2019, INEOS Group Holdings S.A. announced a new plant for producing ethyl oxide and derivatives in Houston, U.S. Likewise, BASF SE, in September 2019, announced the expansion plan for its ethylene oxide and derivative complex in Antwerp, Belgium.

Thus, the growing consumption of personal care products and agrochemicals will augment the demand for ethanolamines in the foreseeable future.

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How is Chemicals Industry Fuelling Expansion of Chloromethanes Market?

In 2018, the global chloromethanes market generated a revenue of $2,675.9 million. According to the forecast of P&S Intelligence, a market research firm based in India, the market would attain a value of $3,286.9 million by 2024. Furthermore, the market is predicted to advance at a CAGR of 3.4% between 2019 and 2024. The rapid expansion of the pharmaceutical industry and the extensive solvent production in various countries are the main factors driving the progress of the market.

With the rising sales of chloromethane derivatives, the chloromethanes market will exhibit huge expansion all over the world in the coming years. Another major factor fueling the growth of the market is the swift progress of the pharmaceutical and agriculture industries and the increasing oil and gas exploration and production (E&P) activities in the Middle East and Africa (MEA) region. Many global players operating in the chloromethanes industry are upgrading their production efficiencies and establishing new production plants.

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This is causing a sharp surge in their production capacities. For example, Nouryon, former AkzoNobel N.V. specialty chemicals segment, announced in April 2019 that it intends to increase its chloromethane production capacity at its production plant in Frankfurt, Germany for grabbing the global industry opportunity. Depending on type, the chloromethanes market is classified into methylene chloride, methyl chloride, chloroform, and carbon tetrachloride. Out of these, the methylene chloride category registered the highest growth in the market in the past.

Hence, it can be said with full surety that the market would register huge expansion all over the world in the upcoming years, mainly because of the rapid expansion of the agriculture and pharmaceutical industries and the heavy usage of chloromethanes for producing industrial solvents.

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