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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