Flourishing Automotive Industry Powering Demand for Paints and Coatings in Asia-Pacific

Paints and coatings are extensively used in vehicles for aesthetic and protection purposes. Several types of paints and coatings materials are applied on various vehicle components and also over the body of the automobile in order to improve its efficiency, resistance to various environmental conditions, and durability. With the surging per capita income of people in the emerging economies such as India and China, the sales of personal vehicles are rising sharply.

As per the China Association of Automobile Manufacturers (CAAM), in 2017, the sales of new automobiles reached 28.88 million units in the country. Moreover, this number is predicted to rise even more in the coming years. This will push up the demand for paints and coatings in the country in the coming years. Apart from being heavily used in the automotive industry, paints and coatings are also extensively used in the construction industry.

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This is why the rapid advancement of the construction industry in the developing countries is positively impacting the demand for paints and coatings. Due to these factors, the Asia-Pacific paints and coatings market is registering huge growth. Depending on resin type, the market is divided into polyester, acrylic, epoxy, and polyurethane categories. Out of these, the polyurethane category is predicted to exhibit the highest CAGR in the market in the future years.

This will be because polyurethane provides beauty and strength and is thus, heavily used in all commercial and residential interior projects. With the rise in construction activities, the sales of polyurethane will grow massively across the region. When formulation is taken into consideration, the APAC paints and coatings market is classified into solvent-based, UV coatings, powder coatings, and water-based. Out of these, the UV coatings category is predicted to register the fastest growth in the market in the coming years.

The main factors fueling the progress of the industry in this country are the rapidly expanding construction industry and the soaring private and government spending on residential and commercial construction applications and projects there. As per reports, the Airport Authority of India is aiming to build city-side infrastructure at as many as 13 regional airports around the country. The surge in the manufacturing sector is also positively impacting the sales of paints and coatings in the country. 

Thus, it can be said with certainty that the demand for paints and coatings will explode in the region in the coming years, primarily because of the surging construction activities and the mushrooming sales of automobiles in the region.

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Huge Growth Expected in Medical Display Monitor Market in Future

Display monitors are among the most essential and easily recognizable equipment types at healthcare settings. A lot of the diagnoses these days are made by doctors based on what they see on these monitors. From the results of imaging studies and vital sign readings to what is going on inside the body, as the surgeon operates, everything can be seen on such screens. With the increasing population around the world, the demand for healthcare services is constantly going up. With more medical centers being set up in this regard, the procurement of display monitors is also rising.

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Thus, with a higher hospitalization rate, the medical display monitor market is projected to reach $2.8 billion by 2023 from $2.1 billion in 2017, witnessing a CAGR of 4.9% during 2018–2023 (forecast period). A monitor could be a simple one attached to a physician’s computer or that integrated with a particular system, such as a vital sign monitor or an ultrasound scanner. One thing all medical professionals desire with monitors is good display quality. 

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Therefore, with the increasing demand for such systems, companies providing them have upped their product development activities. For instance, CuratOR LX550W, a 55-inch 4K ultra-high-definition (UHD) monitor, was launched by EIZO GmbH in October 2017, for interventional endoscopy and radiology. In June 2016, the company had acquired Panasonic Healthcare Co. Ltd.’s endoscope monitor business, to offer 4K and 3D endoscopy monitors for ORs. Similarly, LG Display Co. Ltd. introduced a transparent and flexible organic light-emitting diode (OLED) monitor, in a 77-inch size, in June 2017.

The increasing usage of display monitors in ORs is also credited to the rising preference for MISs, which is also why North America has been the largest medical display monitor market till now. According to the American Society of Plastic Surgeons, 17.7 million MISs were performed in the U.S. in 2018, which was an increase of 2% from previous year. In the coming years, the highest rise in the procurement of medical display monitors is predicted in Latin America (LATAM), as a result of the advancing healthcare infrastructure in the region.

Hence, as the number of medical centers and patients increase, so will the sale of display monitors.

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Mushrooming Popularity of Electric Vehicles Fueling Demand for Lithium-Ion Battery Recycling

The limited availability of lithium is pushing up the popularity of lithium-ion battery recycling across the world. Due to the rising concerns being raised over the escalating pollution levels caused due to the indiscriminate mining of lithium, the governments of many countries are limiting the mining of the metal. Lithium mining causes severe environmental degradation and the pollution of water bodies, on account of the leakage of toxic chemicals into the water supply. 

Moreover, there are only a few lithium reserves around the world and there are alternative substances that can replace lithium in various applications. This is massively propelling the demand for the recycling of lithium-ion batteries. This process allows battery manufacturing companies to use lithium judiciously and avoid the exploitation of the material for commercial use. The other major factor fueling the expansion of the global market for lithium-ion battery recycling is the increasing deployment of electric vehicles across the world.

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Depending on battery type, the lithium-ion battery recycling market is classified into lithium-iron phosphate (LFP), lithium-cobalt oxide (LCO), lithium-ion manganese oxide (LMO), lithium-nickel-cobalt-aluminum oxide (NCA), and lithium-nickel-manganese-cobalt oxide (NMC) categories. Out of these, the lithium-iron phosphate (LFP) category is predicted to exhibit the fastest growth in the market in the coming years, on account of the several advantages of these energy storage devices such as lower weights, higher discharge rate, and better charging efficiency.

Globally, the lithium-ion battery recycling market will demonstrate the highest growth in Asia-Pacific (APAC) in the forthcoming years. This is attributed to the ballooning requirement for electric vehicles in the regional countries such as Vietnam, Indonesia, China, and the Philippines. In addition to these, the presence of several leading lithium-ion battery recycling organizations and the abundant availability of salvaged materials such as manganese, lithium, cobalt, and nickel in the regional countries are propelling the market advancement in this region.

Therefore, it is clear from the above paragraphs that the demand for lithium-ion battery recycling will surge all over the world in the coming years, primarily because of the limited mining of lithium and the growing usage of electric vehicles.

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Why Will Small Tractor Sales Benefit India Tractor Market Players?

The constant growth of the agriculture sector, high farm mechanization rate, and burgeoning on struction activities due to the rapid urbanization will drive the Indian tractor market during the forecast period (2020–2030). Moreover, the rising investments by the major tractor manufacturers in the country willfacilitate the market growth. Nearly 70% of Indians are dependent on the agriculture sector for their livelihood. The production of food crops, fruits, and vegetables requires tractors for sowing and harvesting. Owing to the vast size of the farming sector, tractors will always be significant for India.

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Currently, the Indian tractor market is observing the trend of small tractors for agricultural practices. Small tractors are being utilized in large numbers for activities like mowing grass, hauling, and cleaning up the piles. This helps in enhancing the efficiency of agricultural activities, as a particular tractor is designed to perform a particular task. Moreover, these tractors also help in reducing the cost burden on the farmers, who can now purchase the tractor designed for a specific purpose only, without affecting the utility of the larger tractors.

Geographically, the northern states of Uttar Pradesh, Punjab, and Haryana account for large shares in the Indian tractor market because of the flourishing agriculture sector in these states. These states practice extensive farming and are key producers of wheat, pulses, and other staple food grains. Additionally, the states of West Bengal, Madhya Pradesh, Assam, Kerala, Karnataka, Gujarat, and Tamil Nadu also generate a high demand for tractors and will be significant contributors in the coming years as well.

Some of the leading companies in the Indian tractor market include Mahindra & Mahindra Ltd., John Deere India Pvt. Ltd., Claas Agricultural Machinery Pvt. Ltd., Tractors and Farm Equipment Ltd., Force Motors Ltd., Eicher Motors Ltd., and CNH Industrial (India) Pvt. Ltd. These players are involved in the production of earth-moving tractors, utility tractors, garden tractors, rotary tillers, orchard-type tractors, row-crop tractors, implement carriers, and industrial tractors, to be used for multiple purposes in the construction and agriculture sectors.

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Thus, the expansion of the agriculture and construction industries will fuel the market growth in the coming years.

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What Are Catalysts for 3D Printing Filament Market Growth?

The 3D printing filament market stood at $693.1 million in 2019, and will reach $7,082.0 million by 2030, registering a 26.8% CAGR during 2020–2030. This growth can be ascribed to the rapid adoption of 3D printing technology in end-use industries like aerospace, automotive, and manufacturing. Application of filament in 3D printing allows the production of durable and lightweight components and parts. Moreover, the filaments aid in developing intricate and sophisticated designs on the components.

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Moreover, burgeoning demand for 3D printed parts and components from the automobile sector will accelerate the 3D printing filament market in the coming years. Automakers are making huge investments in the research and development (R&D) of this technology to reduce the vehicle weight and enhance the strength of automobiles. Moreover, utilization of these novel components amplifies the aesthetics of the vehicles. Due to these factors, the vehicle manufacturers have started creating components like air ducts, functional mounting brackets, full-scale panels, and interior parts through filament-based 3D printing.

Globally, the North American 3D printing filament market generated the highest revenue in 2019 and it is expected to remain the frontrunner in the forecast period. This is attributed to the hefty investments in advancement of 3D technology and initial adoption of this technology in several North American nations. Businesses are making hefty investments to integrate this technology with the traditional manufacturing machines. Additionally, the presence of industry leaders like 3D Systems Corporation, Stratasys Ltd., Huntsman Corporation, and DuPont de Nemours Inc. will aid the market growth in the foreseeable future.

Whereas, the Asia-Pacific 3D printing filament market will exhibit the fastest growth during the forecast period. This can be ascribed to the rapid development in 3D printing technology and extensive digital manufacturing of medical prototypes, automobile components, agricultural machinery, and industrial tools. Among APAC nations, China will account for the largest market share, on account of strong government support to promote 3D printing filaments. Additionally, the existence of automotive giants like Hyundai Motor Company and Toyota Motor Corporation and the improving healthcare industry across the region are also facilitating the market growth. 

Thus, the expansion of the automobile and aerospace sectors will amplify the adoption of 3D printing filaments in the manufacturing of several components and parts.

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Which Is Ride Hailing Most-Popular Shared Mobility Service in Indian Cities?

“By 2050, it is projected that India will have added 416 million urban dwellers.”, the United Nations (UN) had said in its 2018 World Urbanization Prospects report. With such an influx of people from rural areas into cities and the latter’s own increasing population, urban areas are becoming increasingly crowded. Cities like Mumbai, Delhi, and Bengaluru are already notorious for their alarming traffic congestion due to an increasing number of vehicles on the limited road area.

Apart from merely causing road congestion, automobiles have also made these cities some of the most polluted in the world. A CNN report published in February 2020 had said that India is home to 21 out of the 30 most-polluted cities in the world. As a result of the dual problems caused by automobiles, P&S Intelligence expects the Indian shared mobility market revenue to increase to $3,952.8 million by 2025 from $1,025.8 million in 2019, at an explosive 56.8% CAGR between 2020 and 2025.

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Of the numerous shared mobility services available in the country — two-wheeler sharing, ride hailing, ride sharing, car rental, bus/shuttle service, and carsharing — ride hailing services witness the highest demand. They are being heavily used for traveling from the home to the office/college and markets and visiting family members and acquaintances. Moreover, the entry of automakers into the ride hailing space has widened the access to these services. Another service that is gaining widespread popularity in the country is two-wheeler sharing, as it is convenient, fast, and cost-effective.

Seeing the rising adoption of both these services, shared mobility companies, especially ride hailing companies, are investing in scooter and motorcycle sharing companies and expanding their service portfolio. For instance, Uber, one of the largest ride hailing companies in the world and India, invested in Neutron Holdings Inc. (Lime), an electric scooter and bike sharing company, in 2018. With this move, the scooters offered by Lime can be directly booked on Uber’s app.

Currently, the Indian shared mobility market is most prosperous in the southern region of the country owing to the presence of numerous urban areas here, including Bengaluru, Chennai, and Hyderabad. All these cities have a huge working population, which uses shared mobility almost daily for the commute between the home and office. Similarly, North India also witnesses a high usage of these services, which are especially popular in the Delhi/National Capital region, which also includes Gurgaon, Noida, Ghaziabad, and Faridabad.

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Therefore, with the rising demand for cost-effective urban transit, along with the increasing awareness on saving the environment, more people in the country are expected to adopt these services and shun their private vehicles.

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Why Are Offshore Wind Turbines Being Set Up around the globe?

“Global installed wind-generation capacity onshore and offshore has increased by a factor of almost 75 in the past two decades, jumping from 7.5 gigawatts (GW) in 1997 to some 564 GW by 2018.”, the International Renewable Energy Agency (IRENA) says. It goes on to say that the amount of wind power generated around the world doubled between 2009 and 2013. Similarly, the International Energy Agency (IEA) had forecast capacity additions of 60 Gigawatts (GW) and 5.3 GW for onshore and offshore wind plants, respectively, for last year.

In the context of offshore wind plants, the IEA further says, “Additions are expected to reach a record 7.3 GW in 2021”. With such a high increase forecast for the offshore wind power capacity in the years to come, P&S Intelligence expects the market for offshore wind turbine to grow from $24,683.3 million in 2019 to $68,869.3 million by 2026. The turbine is the main component of a wind power plant, as it generates the electricity in combination with an alternator.

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With the growing concerns regarding the emission of greenhouse gases from power plants, the focus on replacing fossil fuels with cleaner resources for creating electricity is increasing. The IEA says, “Global energy-related CO2 emissions grew 1.7% in 2018 to reach a historic high of 33.1 Gt CO2. It was the highest rate of growth since 2013, and 70% higher than the average increase since 2010.”, highlighting why switching to cleaner technologies is more important than ever. As a result, countries around the world are investing in renewable energy, including in the setting up of offshore wind power plants.

In 2026, Asia-Pacific (APAC) will be the dominating region in the offshore wind turbine market, as a result of the strong government support for renewable energy. The increasing requirement for electricity in the region, on account of the burgeoning population, coupled with the alarming air pollution levels, is driving the shift toward cleaner energy sources in APAC. Till 2030, China plans to have an aggregate wind power capacity of 400 GW, of which the first large-scale offshore wind farm will likely become operational in Chinese Taipei this year, as per the IEA.

Hence, with a strong focus on reducing the emission of GHGs from conventional power plants, the number of offshore wind power establishments will increase.

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