Automotive OEM Coatings Market to Display Fastest Growth in Asia-Pacific

The automotive original equipment manufacturer (OEM) coatings market stood at $10,997.4 million in 2018, which is projected to reach $13,661.4 million by 2024, progressing at a CAGR of 4.2% during the forecast period of 2019–2024. The market growth can be driven by technological innovations and developments and the booming automobile industry in developing countries. Besides, the shift toward power coatings from liquid coatings, due to reduced emission of volatile organic compounds (VOCs), is the current trend being observed in the market.

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Additionally, advancement and innovation in the market will add to its growth during the forecast period. This can be ascribed to the increasing focus of OEM paint and coating producers toward novel products, technologies, and processes, to offer premium products for car manufacturers. Besides, automotive producers are seeking technological initiatives and advancements that cover different features and benefits in automobile coatings. These benefits include low maintenance cost, regulatory compliance, greater functionality, and reduced emission.

The technology segment of the market is classified into the powder coatings, solvent-borne coatings, water-borne coatings, and UV-curved coatings. Of these, the water-borne coatings category is expected to grow the fastest in the automotive OEM coatings market till 2024. This can be credited to the increasing inclination toward water-borne coatings over solvent-borne coatings, due to several environmental benefits offered by them. Also, the stringent norms regarding the emission of VOCs are adding to the high-volume demand for water-borne automotive coatings.

Due to the presence of few major players, the automotive OEM coatings market has a consolidated nature. This consolidated market is led by only seven manufacturers: Akzo Nobel N.V., BASF SE, PPG Industries Inc., Nippon Paint Holdings Co. Ltd., Axalta Coating Systems Ltd., The Sherwin-Williams Company, and Kansai Paint Co. Ltd. These players are adopting measures like product launches, geographical expansions, strategic alliances, and mergers, to gain a competitive edge in the market. 

Thus, the increasing demand for automobiles is driving the growth of the market during the forecast period.

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Demand for Acrylates Set to Shoot Up in Asia-Pacific in Near Future

The burgeoning requirement for paints and coatings in the construction industry is one of the major factors fueling the demand for acrylates across the world. Moreover, because of this reason, the boom in the global construction industry, on account of the surging population levels and the increasing urbanization rate, is causing a massive rise in the sales of acrylates across the world. Many countries are making huge investments in infrastructural development projects.

This is pushing up the requirement for acrylate-based paints and coatings, on account of the fact that these materials have high durability, can remain stable at extreme temperatures, and contain zero or negligible concentration of volatile organic compounds (VOCs). Apart from the expansion of the construction industry, the ballooning requirement for acrylic esters in adhesives and sealants is also positively impacting the demand for acrylates across the world. This is, in turn, fueling the advancement of the global acrylates market.

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This was primarily because of the huge requirement for acrylic formulations in various architectural paints and coatings that are applied on the exterior and interior walls of buildings. One of the major trends currently being witnessed in the acrylates market is the increasing preference of consumers for acrylic-based (or water-based) emulsions over the conventionally used oil-based products, due to the various beneficial traits of these products such as short drying time, resistance to water and wear, color fastness, and eco-friendliness.

Hence, it is safe to say that the demand for acrylates will skyrocket all over the world in the coming years, primarily because of the expansion of the construction industry and the surging requirement for acrylic esters in adhesives and sealants.

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Huge Growth Expected in Medical Connectors Market in Future

Cardiovascular diseases kill about 18 million people, while cancer claims around 9.5 million lives each year, says the World Health Organisation (WHO). Similarly, the CDC says that every six in 10 people in the US have a chronic disease. This rising prevalence of long-term diseases is leading to an increase in the demand for healthcare and medical services. Thus, with the expanding patient pool, new hospitals and other healthcare centers are being constructed, which is creating a high demand for various medical devices and associated components.

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This is the primary reason for the growth of the medical connectors market, as none of the electrical systems in medical settings can effectively function without connectors. Board-to-board, push–pull, radio-frequency (RF), magnetic, disposable plastic, hybrid, light-weighted hospital-grade, power/high-voltage, and input/output (I/O) rectangular connectors and power cords with retention systems are used in the healthcare sector. Among these, the demand for RF connectors would rapidly rise in the coming years, owing to the swift miniaturization of medical equipment.

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Among the various healthcare and related settings — diagnostic laboratories & imaging centers, hospitals, academic institutions, ambulatory surgical centers & clinics, and research laboratories — the demand for medical connectors has traditionally been the highest in hospitals. This is because these are much larger than other settings, thus account for a higher number of medical devices in use. Additionally, with more patients visiting hospitals than other places for diagnosis or treatment, the medical devices here work more than elsewhere, thereby leading to wear and tear and higher component replacement rates.

In the coming years, the medical connectors market is expected to witness the fastest growth in Asia-Pacific (APAC), as a result of the rising geriatric population, incidence of chronic illnesses, primarily diabetes and cancer, spending on healthcare and medical research and development (R&D), and disposable income of people. For instance, according to the United Nations Department of Economic and Social Affairs (UNDESA), people aged 60 and above made up 23.2% of the Japanese population in 2000, and this percentage would rise to 35.1% by 2025.

Therefore, as hospitalization rate increases as a result of the growing incidence of chronic diseases and rising geriatric population, the demand for medical connectors would surge too.

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What are Key Factors Driving the Growth of Medical Equipment Maintenance Market?

 The market growth is propelled by the improvements in medical devices, rise in the awareness regarding preventive maintenance, and stringent regulatory ecosystem. At present, end users are entering into multi-vendor contracts to reduce the complexities and additional expenses related to different services offered under individual agreements with the producers of medical equipment.

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One of the key growth drivers for the medical equipment maintenance market is the advancements in the medical device industry. Manufacturers of medical equipment are developing an array of high-quality products by using innovative technologies, on account of the heavy investments in research and development (R&D) activities. Medical devices have a certain life expectancy and need maintenance or replacement after a certain time. Thus, the expansion of the medical device industry will boost the market growth during the forecast period.

Another factor supporting the medical equipment maintenance market growth is the rising awareness regarding preventive medical equipment maintenance. Healthcare facilities are emphasizing cleanliness due to the guidelines laid down by international organizations to prevent infections and improve the cleanliness regimen. For example, as per the hospital hygiene and infection control guidelines of the World Health Organization (WHO), hospitals must focus on equipment management. Due to this, healthcare facilities are adopting numerous types of maintenance services for various medical devices.

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Moreover, the Asia-Pacific medical equipment maintenance market is projected to exhibit the fastest growth during the forecast period. This market is stimulated by the rising number of diagnostic tests in the region and increasing incidence of chronic ailments, which need medical devices for early diagnosis. Moreover, the rapid rise in the number of hospitals in the region, especially in China, will drive the market growth in the future. The number of hospitals in China increased from 27,600 in 2015 to nearly 33,000 in 2019.

Thus, the largescale construction of hospitals, rapid installation of advanced medical equipment, and increasing awareness regarding preventive medical equipment maintenance will fuel the market growth in the coming years.

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Revenue Boom Expected in Global Micromobility Telematics Market Between 2021 and 2030

The global micromobility telematics market revenue stood at $957.7 million in 2020, and the market is predicted to advance at a CAGR of 26.7% from 2021 to 2030. Furthermore, the market will reach a value of $13,010.4 million by 2030, as per the forecast of P&S Intelligence, a market research company based in India. The market is being driven by the large-scale adoption of micromobility solutions all over the world. 

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With the increasing adoption of network services, smartphone connectivity, fleet optimization, and locking mechanisms into these services, the market will register rapid expansion in the coming years. Besides these, the burgeoning requirement for first- and last-mile transportation is also fueling the advancement of the micromobility telematics market around the world. Micromobility services provide mobility solutions for shorter distances, which, in turn, bridges the gap existing in first- and last-mile transportation.

These services are generally required for covering a distance of less than 5 km (3.1 miles) per trip. Furthermore, these services are majorly provided via the station-less or dock-less model, that allows users to leave the vehicle after use at any location as per their convenience. This is massively improving first- and last-mile traveling. Another major factor driving the expansion of the micromobility telematics market is the huge investments being made in the industry by top investors across the world. 

Globally, the Asia-Pacific (APAC) region dominated the micromobility telematics market in 2020. This was attributed to the huge investments received by various regional micromobility telematics firms and the emergence of several technology start-ups in the region. Furthermore, the industry players operating in this region are increasingly focusing on offering affordable micromobility solutions in order to gain the first-mover advantage. This is massively propelling the expansion of the market in this region.

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Hence, it is safe to say that the market will exhibit huge expansion in the years to come, primarily because of the surging adoption of micromobility solutions, soaring requirement for first- and last-mile connectivity, and the huge investments being made by various venture capitalists and investors in the industry. 

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Surging Demand for Bio-Based Packaging Fueling Global Green Chemicals Market Boom

The global market for green chemicals attained a valuation of $9,540.0 million in 2019 and it is predicted to generate a revenue of $18,474.2 million by 2030. Furthermore, the market will progress at a CAGR of 6.6% between 2020 and 2030, as per the forecast of the market research company, P&S Intelligence. The major factors driving the advancement of the market are the growing popularity of bio-based packaging and the rapidly depleting reserves of fossil fuels around the world. 

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In recent times, there has been a sharp surge in the popularity of various bio-based packaging materials, on account of their highly eco-friendly nature. These materials are made from renewable and environment-friendly sources such as animal wastes and plants. Moreover, these materials are non-toxic, have low production costs, need less raw materials for their production, and can be disposed easily, which, in turn, helps in reducing the overall carbon footprint.

Globally, the green chemicals market is predicted to exhibit rapid expansion in the Asia-Pacific (APAC) region in the coming years. This will be because of the burgeoning requirement for these chemicals in various end-use industries such as automotive, agriculture, and personal care and the growing public awareness about the several advantages of using these chemicals over the traditional synthetic ones, especially in the emerging economies such as China and India. 

Hence, it can be said with full surety that the market will demonstrate huge expansion across the world in the coming years, mainly because of the growing demand for eco-friendly chemicals and the rising public awareness about the environmental degradation caused due to the usage of synthetic chemicals.

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How Is Cosmetics Industry Influencing Bismuth Nitrate Market Growth?

The largescale adoption of bismuth nitrate over other derivates of bismuth and rapid growth of the pharmaceutical sector will drive the market for bismuth nitrate at a CAGR of 5.1% during the forecast period (2020–2030). The market was valued at $190.6 million in 2019 and it is expected to reach $287.7 million by 2030. Additionally, the increasing adoption of the compound in the cosmetics industry for the production of hair sprays, nail polishes, eye shadows, and lipsticks has become a key market trend.

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Moreover, the growing inclination toward bismuth nitrate over other derivatives of bismuth will facilitate the market growth in the coming years. In recent years, largescale manufacturers have increased their focus from bismuth oxychloride, bismuth hydroxide, bismuth subsalicylate, and bismuth sub carbonate to bismuth nitrate, owing to the high suitability of the compound to serve as a suitable reactant for selective oxidation of sulfides to form sulfoxides. Besides, the low cost and easy-to-handle features of the compound have also accounted for its higher popularity over other derivatives.

Geographically, the Asia-Pacific bismuth nitrate market generated the highest revenue in 2019, and it is expected to continue its dominance during the forecast period. This is due to the rising R&D investments in the pharmaceutical industry to develop medications for diseases, which do not have any cure, at present. Moreover, the increasing prevalence of cancer in the region also facilitates the market growth. Cancer patients require pain-relieving drugs in large quantities and the requirement for such medicines will accelerate the demand for bismuth nitrate in the future.

Thus, the increasing usage of bismuth nitrate in the pharmaceutical and medical industries will boost the market growth in the coming years.

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