Replacement of Conventional Automotive Materials To Boost Polymer Market Growth

Factors such as the increasing replacement of conventional materials in the automotive sector, rising usage of smart polymers in the healthcare sector, and surging demand for polymers in the packaging and electronics sectors are expected to drive the growth of the polymer market at a 5.1% CAGR during the forecast period (2020–2030). With this growth rate, the market size will increase from $533.6 billion in 2019 to $838.5 billion by 2030.

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Moreover, the surging usage of smart polymers in the healthcare sector is another key driving factor that boosts the polymer market. There has been a considerable increase in the use of smart polymers in the healthcare sector to manufacture biosensors, hydrogels for targeted drug delivery, and artificial body parts. The behavior of polymers like chitosan, poly(hydroxyproline), and polysilamine toward a stimulus is non-linear in nature, and these are flexible, strong, and biocompatible. Owing to these properties, the requirement for these polymers is projected to rise during the forecasted period.

Presently, Asia-Pacific is the most-productive polymer market, and it is also set to grow the fastest in the years to come. The expansion of the construction, automotive, agriculture, packaging, textile, and electronics & electrical industries is propelling the consumption of numerous polymeric materials in the region. Among the most-significant applications of polymers in APAC are the production of battery parts, flexible bottles, bearings, film wrapping, cams, gears, handles, bushings, wire and cable jacketing, anti-corrosion seals, and safety helmets.

Thus, the rising use of smart polymers in the healthcare sector and the increasing replacement of conventional materials in the automotive sector are expected to propel the demand for polymers during the forecast period.

Key Findings of Global Polymer Market Report

• COVID-19 blow on market cushioned by growing polymer demand in food processing, packaging, pharmaceutical, and personal care sectors

• Thermoplastics remain industrialists’ choice of polymer

• Polymer demand rising fastest in packaging industry

• APAC to remain largest and fastest-growing consumer of polymers

• Biopolymers key opportunity area for industry players

• Polymer providers engaging in mergers and acquisitions to consolidate competition

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Floating Solar Panels: The Future of Solar Power Generation

The surging global population and the lack of availability of land for solar power plants are the two major factors responsible for the burgeoning requirement for floating solar panels across the world. Furthermore, the adoption of various technologies like ground-based solar power plants that require large areas of land for generating a huge amount of power is causing a drastic reduction in the availability of land. This is propelling the deployment of floating solar panels in many countries.

The value of the market is predicted to grow from $685.2 million in 2019 to $2,301.8 million by 2026. Depending on type, the floating solar panels market is divided into solar tracking and stationary panels. Between the two, the stationary category will demonstrate higher growth in the market in the forthcoming years. This will be because of the lower operational costs of these panels and the very low probability of these panels getting damaged because of current waves.

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One of the major trends currently being witnessed in the floating solar panels market is the huge investments being made by manufacturing firms for making the technology highly efficient. Additionally, several governments around the world are making huge investments in this technology, on account of the fact that floating solar panels do not require any land for operation and are therefore, more affordable than the conventionally used ground-based solar panels.  

Hence, it is quite clear that the demand for floating solar panels will skyrocket all over the world in the coming years, mainly because of the lack of availability of large land areas for power generation and the implementation of favorable government regulations regarding the usage of renewable energy in many countries.

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Why Are MEA Countries Deploying Large Number of Rented Power Equipment?

In contemporary times, the demand for power has substantially increased in developing countries, such as Thailand, Brazil, China, Qatar, and India, owing to the rapid industrialization and urbanization in these nations. These countries are witnessing immense technological developments and heavy investment in the construction sector that will lead to higher adoption of rented power equipment. In addition to this, numerous European and North American companies are expanding their presence in these countries to meet the escalating demand for electricity.

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Moreover, rising number of obsolete power plants is augmenting the demand for rented power, across the globe. These plants are inefficient in operations and lead to high pollution levels. Governments across the world are legislating several policies to enforce the shutdown of these outdated power plants to curtail environmental pollution. Owing to these factors, the power rental market is expected to accelerate at a CAGR of 10.3% during the forecast period (2018–2023). The market stood at $9,167.6 million in 2017 and it is projected to reach $16,855.5 million by 2023.

The end-user segment of the power rental market is categorized into oil and gas, utilities, construction, industrial, mining, and events. Amongst these, the utilities category held the largest market share in 2017 and it is projected to maintain its leading position throughout the forecast period. This can be ascribed to the renting of power equipment by utility companies for redevelopment or conversion process. With the depleting network of thermal power plants in the world, the adoption of rented power is expected to spur in coming years.

Keeping up with the trend, the MEA power rental market is also expected to exhibit the fastest growth during the forecast period, globally. This can be attributed to the soaring electricity demand from end-use industries in the region, on account of a rising number of events, utility services, and construction activities. Moreover, the market is gaining momentum in the region, due to the rapid infrastructure development and urbanization in countries, such as Saudi Arabia and the U.A.E.

Thus, due to the rising need for power in times of reducing the capacity of thermal power plants and increasing number of outdated plants, the demand for rented power will surge in the coming years.

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Why Are End Users Opting for Water-Based and UV-Cured Printing Inks?

Printing inks refer to a paste or liquid that are used to color surfaces, like cardboards, books and magazines, newspapers, and ceramic tiles, to produce design, text, and images. These inks contain dyes or pigments that are mixed with water, oil, or solvents, which form paste or liquid. Moreover, with the growing environmental consciousness, the printing industry is increasingly adopting eco-friendly inks, such as UV-cured and water-based, as these products enhance the efficiency and decrease the harmful effects of toxic and inorganic materials used in conventional printing inks. 

Owing to the multiple applications of printing inks and advantages of environment-friendly inks, their consumption has notably increased in end-use industries such as packaging, publication, printing, and food and beverages. In recent years, the usage of these inks has surged in the packaging industry, especially in India, the U.S., and China, due to their applications in flexible materials, tags and labels, and metal cans. These factors assist the printing inks market to grow by 4.7% during 2017–2023, and its value will increase from $17,537.4 million in 2016 to $23,881.9 million by 2023.

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Geographically, North America consumes the highest volume of printing inks, wherein the U.S. is larger contributor to the regional printing inks market. Whereas, Germany, Turkey, and Brazil were the largest consumers in the European, Middle East and Africa (MEA), and Latin American regions, respectively.

In addition to this, the penetration of bio-based products is also increasing, as people are becoming increasingly aware regarding the adverse effects of volatile organic compounds emissions in printing inks. Due to this the need for bio-based products in the different end-use industries, including printing, packaging, food & beverages, and publication, is growing. Printing inks find applications such as metal cans, tags and labels, and flexible materials in the packaging industry. 

In conclusion, the demand for printing inks is growing because of the expanding packaging industry and rising requirement for eco-friendly products.

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Mushrooming Geriatric Population Positively Impacting MRI System Sales

 The surging geriatric population in several countries is positively impacting the sales of MRI systems across the world. According to the 2017 World Population Ageing report published by the United Nations Department of Economic and Social Affairs (UNDESA), the global population of people in the age bracket- 60 years or above is rising rapidly. As geriatric patient care needs efficient management via cutting edge technologies, the soaring geriatric population is massively boosting the worldwide demand for MRI systems.

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MRI also provides excellent characterization of various musculoskeletal diseases and is used for detecting suspected soft tissue invasion. Thus, due to the intensive patient care requirements of the geriatric population, numerous medical facilities and healthcare centers are increasingly incorporating technologically advanced and innovative radiology systems. This is, in turn, pushing up the sales of MRI systems all over the globe. Furthermore, numerous research and development (R&D) activities have caused huge innovations in MRI systems over the last few years.

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Globally, the MRI systems market will exhibit the fastest growth in the Asia-Pacific (APAC) region in the years to come, as per the estimates of P&S Intelligence, a market research firm based in India. The main factors propelling the demand for MRI systems are the rising incidence of chronic diseases, the presence of well-developed healthcare facilities and diagnostic centers, and the rapid technological innovations being made in imaging modalities in the region.

Thus, it is quite clear that the demand for MRI systems will shoot-up across the world in the upcoming years, mainly because of the increasing incidence of chronic diseases and the surging population of geriatric people all over the world.

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Why Are Hospitals Purchasing High-Slice CT Scanners despite Their High Costs?

As per the World Health Organization (WHO), 17.9 million people die of heart diseases and 9.6 million of cancer each year. Those who succumb to or survive such diseases experience long-term discomfort, and the quality of their life is severely destroyed. Hence, the focus of the global healthcare fraternity on their effective diagnosis, so that the appropriate care regimen can be initiated, is rising. A variety of tests are done at hospitals and diagnostic centers for the detection, staging, and treatment evaluation for these and many other diseases.

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Therefore, with the rising number of people requiring diagnostic tests, the computed tomography (CT) market is expected to witness a steady 5.0% CAGR between 2016 and 2022, since generating $4,894.3 million in 2015, according to P&S Intelligence. A CT machine is one of the most-useful tools at medical centers to scan the insides of the body. It uses X-rays to create pictures of bones, muscles, tissues, organs, and blood vessels, so that the issues related to them can be identified.

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However, the demand for high-slice CTs is still expected to increase fast in the coming years, as their potential usage for more applications than before is evaluated. For instance, owing to their ability to scan the entire heart in 0.5 seconds, 320-slice CTs might be a better option for cardiac perfusion imaging than 64-slice variants and for adenosine stress imaging, currently done by MRIs and positron emission tomography (PET) systems. For the same reason, high-slice CTs could also be used for the perfusion imaging of the brain and liver, thus allowing multiple departments of a hospital to share one system.

Thus, as the awareness regarding the early and effective diagnosis of diseases increases, so will the procurement of CT systems by medical centers around the world.

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Boom Expected in Diesel Genset Sales in Nigeria in Coming Years

Due to the surge in upstream exploration and production (E&P) activities and the expansion of the refining industry, because of the huge investments made by both foreign and domestic organizations, the sales of diesel gensets (or generator sets) are rising rapidly in Nigeria. Additionally, various proposed construction projects such as the building of airport terminals, bridges, and the Lagos–Calabar coastal railway lines are predicted to propel the sales of diesel gensets in Nigeria in the coming years.

Moreover, the already existing power infrastructure in the country is very poor, with the country recording huge power transmission losses and high base power deficit. In addition to this, the presence of grid uncertainty is propelling the requirement for gensets in the country. This is because of the surging auxiliary and prime power requirements in the industrial, residential, and commercial establishments in the country. Furthermore, the increasing population is predicted to propel the power requirements in the country.

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Due to the above-mentioned factors, the sales of diesel gensets are climbing in Nigeria. This is fueling the expansion of the Nigeria diesel genset market. The value of the market is predicted to grow from $410.9 million in 2018 to $527.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.1% between 2019 and 2024. Residential, industrial, and commercial sectors are the biggest application areas of diesel gensets in the country.

Hence, it can be said with surety that the demand for diesel gensets will soar in Nigeria in the future years, primarily because of the existence of a poor power infrastructure and grid uncertainties and the growing adoption of renewable energy sources in the country.

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