Mushrooming Petrochemical Sales Propelling Global Methanol Demand

The burgeoning demand for petrochemicals is driving the sales of methanol across the world. This is because methanol is extensively used in the petrochemical industry for manufacturing various petrochemical products such as methyl chloride, methyl methacrylate (MMA), meth tert-butyl ether, formaldehyde, methylamine, and acetic acid. The expansion of several end-use industries such as automotive and construction, primarily because of the increasing disposable income and surging population, is propelling the sales of these products.

Furthermore, the rising globalization rate is creating lucrative growth opportunities for petrochemical companies, as they are now able to open their production facilities in multiple regions. Apart from this, the soaring requirement for methanol-based fuel, on account of its eco-friendliness, is also fueling the demand for methanol, thereby driving the expansion of the global methanol market. As a result, the market value is predicted to rise above $20 billion (its value in 2020) in the coming years.

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Automotive, electronic, construction, paint & coating, chemical, packaging, and pharmaceutical are the major end-use industries of methanol. Out of these, the requirement for the chemical was the highest in the automotive industry during the last few years, as per the observations of P&S Intelligence, a market research company based in India. This was because of the huge requirement for automobiles around the world and the huge demand for clean and green fuel sources for vehicles.

This is ascribed to its several applications such as development of building materials and many household items. Furthermore, formaldehyde is heavily used for manufacturing interior-molded components of automobiles for reducing their weight and increasing their efficiency and as a preservative in various biological materials. Geographically, the demand for the chemical is predicted to soar in Asia-Pacific (APAC) in the upcoming years, primarily because of the surging utilization of methanol-based fuel in the regional countries such as India, Japan, and China.

Hence, it is clear that the demand for methanol will shoot up all over the world in the coming years, mainly because of the soaring sales of petrochemicals, growing requirement for methanol-based fuel, and the increasing production of formaldehyde. 

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Why Is Transportation Sector Substituting Fasteners with Structural Adhesives?

The transportation sector is switching from traditional fasteners to structural adhesives, due to the surging preference for high structural strength vehicles like automobiles, ships, and airplanes. This shift can be owed to the lower cost, better fuel economy, eco-friendliness, and lesser weight of structural adhesives, as compared to fasteners. In addition, these adhesives also have the ability to lower differential expansion rates, a natural, watertight, and inert protective barrier between potentially corrosive metals. Thus, these benefits will fuel the adoption of structural adhesives in the coming years.

In addition, the rising application of structural adhesives in the infrastructure sector will drive the market for structural adhesives at 5.2% CAGR during 2019–2024. The market was valued at $11,677.9 million in 2018 and it is expected to reach $15,683.0 million by 2024. These products are used to bind several surfaces and for repairing roads, railways, and bridges, owing to their high strength and resistance toward chemicals, temperature, and weather. Also, rapid urbanization has led to the construction of several residential and commercial units, which require large quantities of structural adhesives for binding purposes.

The market is categorized into wind energy, woodworking, building & construction, DIY, footwear, automotive, and aerospace, on the basis of application. Out of these, the building & construction category is predicted to register the fastest CAGR during the forecast period, owing to the increasing usage of such adhesives in various applications, such as concrete, ceramic tiles, flooring underlayment, countertop lamination, drywall lamination, HVAC, houses, cement, wall covering, resilient flooring, and roofing. 

Geographically, the structural adhesives market was dominated by Asia-Pacific in the past, and the region is further predicted to exhibit the highest CAGR during the forecast period as well. The rapid expansion of the construction industry, which can be attributed to the rising infrastructural investments, is creating high demand for structural adhesives in APAC. Moreover, these adhesives are also being used in the region in automotive, manufacturing, and metal applications.  

In conclusion, the increasing need for infrastructural development and expanding construction industry are leading to the growing demand for structural adhesives.

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Why Is Food and Beverage Sector Increasingly Using Packaging Adhesives?

Adhesives are widely used in the packaging of food and beverages to ensure the safety of these items. With the escalating consumer consciousness regarding health, there has been a notable surge in the need to maintain shelf life or freshness of packaged food products. Moreover, the booming urban population, increasing travel activities, and rising awareness on nutrition will amplify the consumption of packaged healthy food in the coming years. Besides, the busier lifestyle of people is also forcing them to shift toward packaged food items that require adhesives in large quantities.

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Additionally, the rising consumption of low-tack adhesives (LTAs) for the reclosable application will drive the packaging adhesives market at a CAGR of 4.6% during the forecast period (2020–2030). The market generated a revenue of $10,426.9 million in 2019 and it is projected to generate $17,137.4 million by 2030. The LTA is used in reclosable application, due its high-adhesion ability, which provides better usability for consumers and offers a cost-competitive option to manufacturers of packaging products. Unlike the zipper seals, the LTAs do not need to be precisely aligned to reclose a package.

Geographically, the Far East generated the highest revenue in the packaging adhesives market in 2019, due to wide-scale consumption of adhesives in China in industries like e-commerce, food & beverage, personal care, and consumer goods. Further, the region is projected to hold the largest market share, in terms of volume, during the forecast period. This can be ascribed to the growing e-commerce and consumer goods sectors in South Korea, Japan, and China. The e-commerce industry uses packaging adhesives for labeling that is used for product tracing, coupled with the application of tapes for efficient delivery of goods.  

With the increasing applications of packaging adhesives, adhesive producers are undertaking several strategies, such as geographical expansion and product launch, to cater to the surging demand. One of the leading players of the packaging adhesives market, Evonik Industries, in November 2019, announced its plan to expand its presence in Darmstadt, Germany, for heat sealing and organic dispersion applications. As for the product launch, the company offers packaging adhesives under its DEGALAN brand, to cater to the packaging industry.

Thus, the expansion of the packaging and e-commerce industries will assist the market growth during the forecast period.

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Delhi To Witness Boom in Indian Used Car Market in Coming Years

The Indian used car market attained a value of $18.3 billion in 2020, and it is predicted to progress at a CAGR of 14.8% between 2021 and 2030. Furthermore, the market will generate a revenue of $70.8 billion by 2030. The factors driving the expansion of the market are the growing customer focus on premium automobiles that are available at affordable prices and the rising public preference for imported cars in the country.

In addition, the growing penetration of various organized players, original equipment manufacturers (OEMs), and large vehicle dealers such as OLX Autos by OLX Group, Quikr Cars by Quikr India Private Limited, and Cars24 Services Pvt. Ltd. in the industry is also fueling the expansion of the market. With the increasing involvement of these companies, the sales of second-hand vehicles will shoot up in the country in the coming years, primarily because of the higher reliability and trust offered by them. 

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Besides the aforementioned factors, the entry of several pre-owned luxury automobile dealers is also driving the progress of the Indian used car market. For example, Big Boy Toyz Pvt Ltd. (BBT) is a marketplace for imported and luxury vehicles in India. The organization buys a large number of vehicles from premium and luxury OEMs such as Toyota Motor Company (Lexus), General Motors (Cadillac), Tata Motors Limited (Land Rover and Jaguar), and BMW AG.

 The Indian used car market will exhibit the fastest growth in Delhi in the forthcoming years, as per the estimates of the market research firm, P&S Intelligence. This is attributed to the fact that the average new vehicle ownership time duration is decreasing rapidly in the state. Additionally, used vehicles are sold at highly affordable rates in Delhi. Moreover, many retailers usually perform minor repair works such as painting and denting and then sell the vehicles at high profit margins.  

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Hence, it can be safely said that the market will register huge expansion in the coming years, primarily because of the rising demand for second-hand luxury and premium vehicles and the growing public preference for imported cars in the country. 

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Why Are Automakers Shifting Toward 300–450 TBN Calcium, Barium, and Magnesium Sulphonates?

300–450 TBN calcium, barium, and magnesium sulphonates are being increasingly used in greases as a thickener, as they offer better water resistance, mechanical stability, extreme-pressure resistance, adequate-corrosion resistance, and anti-wear property. Additionally, the declining cost of these sulphonates, on account of improvement in manufacturing technology, has increased their preference over lithium sulphonates. Owing to the advantageous characteristics of the chemical, its usage has considerably amplified in steel, mining, and paper machinery.

The rapid shift to calcium sulphonate from lithium sulphonate in the production of grease-based products like automobile and industrial lubricants will drive the 300–450 TBN calcium, barium, and magnesium sulphonates market at 10.9% CAGR between 2020 and 2030. The market is expected to reach $231.2 million by 2030 from $73.5 million in 2019. Earlier, the manufacturing, marine, steel, automotive, and mining sectors used to prefer lithium sulphonate due to its low cost and highly pumpable features. However, stringent environmental legislations, in recent years, have shifted the focus toward calcium sulphonate.

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Depending on type, the 300–450 TBN calcium, barium, and magnesium sulphonates market is classified into calcium sulphonate, barium sulphonate, and magnesium sulphonate. Amongst these, the calcium sulphonate category is predicted to exhibit the highest CAGR, in terms of revenue growth, in the market in the forthcoming years. This will be because of the extensive usage of this salt in the marine, steel, automotive, and food processing sectors, on account of its appreciable hydrophobicity and high stability in extreme pressure.

When end use is taken into consideration, the 300–450 TBN calcium, barium, and magnesium sulphonates market is categorized into automotive, marine, and industrial machinery. Out of these, the automotive category registered the highest growth in the market during the past few years. This was because lubricants and greases containing the various sulphonates of calcium, barium, and magnesium are heavily used in chassis, universal joints, mirror gears, wheel bearings, electronic power steering, suspension parts, ball joints, and rolling bearings. 

Geographically, the 300–450 TBN calcium, barium, and magnesium sulphonates market will demonstrate the highest revenue growth in the Asia-Pacific region in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be a result of the rapidly soaring requirement for passenger cars and commercial vehicles in the region. The turbocharged direct-injection engines used in passenger cars require greases and lubricants made from stronger additives like calcium sulphonate. 

Thus, it can be said without any hesitation that the demand for 300–450 TBN calcium, barium, and magnesium sulphonates will skyrocket all over the world in the coming years, primarily because of the various beneficial characteristics of the calcium sulphonate-based greases and their minimal environmental impact.

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How Is Radiation Dose Management Software Improving Patient Care?

 Radiation dose management (RDM) solutions and services are deployed to protect patients from the damaging effects of the radiation emitted by medical devices. Exposure to high radiation doses even for a short duration can cause radiation sickness and more-severe issues such as cancer. Some of the common symptoms of radiation poisoning include fainting, confusion, nausea, hair loss, diarrhea, bleeding, and mouth and skin sores. Moreover, radiation overexposure is not just a risk for patients; even doctors, other medical staff, and people coming to visit or accompanying patients are at risk.

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Integrated and standalone RDM solutions and implementation and integration, support and maintenance, consulting, and training and education services are offered to hospitals and super-specialty clinics. These solutions and services are largely employed in hospitals, as most of the diagnostic procedures are performed in these facilities to help detect, treat, and manage several diseases. Additionally, RDM products and services are widely used in research laboratories and academic institutes to come up with better diagnosis and treatment options.

Geographically, North America generates the highest demand for radiation dose management solutions and services due to the rising incidence of chronic disorders and surging number of CT examinations in the region. In North America, the U.S. registers the higher adoption of RDM software in comparison to Canada, on account of the increasing prevalence of chronic diseases in the former country. The U.S. Centers for Disease Control and Prevention (CDC) states that 6 in 10 adults in the country are affected by chronic diseases. Additionally, the Medical Imaging and Technology Alliance (MITA) is taking measures to optimize patient dose across the industry in the U.S.

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Furthermore, the European region is expected to display a rapid adoption of radiation dose management software and services in the coming years. Healthcare providers here are adopting RDM solutions and services to maintain the safety standards regarding radiation exposure in medical settings. Moreover, the growing cases of chronic diseases and surging awareness regarding radiation dose safety, created through conferences and campaigns, will fuel the demand for these solutions and services in the future.

Thus, the surging consciousness regarding the harmful effects of overexposure to radiation and escalating focus on patient safety will increase the adoption of RDM solutions and services in healthcare facilities in the foreseeable future.

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Image-Guided Surgery Devices Market to Have Bright Future

Age is progress, and age is decline. While in the first half of life, age enables organisms to function better, in the latter half, it takes away from them, in terms of physical strength and immunity. This is why the elderly fall sick more often than younger people, which is why the former age group witnesses a higher hospitalization and surgery rate. As per the 2019 World Population Ageing report published by the United Nations, people aged 65 years or more will almost double, from 703 million in 2019 to 1.5 billion in 2050. Therefore, with a rise in the geriatric population, the volume of surgeries is also going up.

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Surgeons utilize computed tomography (CT), X-ray fluoroscopy, magnetic resonance imaging (MRI), endoscopes, positron emission tomography (PET), ultrasound, and single-positron emission computed tomography (SPECT), to obtain pre- or intra-operative visuals of the interior human anatomy. Among these, the most significant usage has been of CT, which displays thin 3D slices of tissues, bones, and organs. This is why this modality finds widespread application in surgeries for vascular diseases, skeletal abnormalities, and cancer.

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This is why it becomes even more important for the neurosurgeon to know exactly where to operate. This creates a dire need to have medical imaging handy during procedures, especially those that do not involve full-scale incisions. In the coming years, the usage of such equipment will rise the fastest in orthopedic surgery, owing to the increasing prevalence of bone diseases. The elderly are at the highest risk of bone disorders, including osteopetrosis, osteoporosis, osteopenia, and arthritis, which is why they require surgery.

Around the world, such systems are used the most in North America, as a rising number of people here are suffering from neurological diseases, the population of the elderly is increasing, and advanced technologies are making their way into the healthcare domain. In the continent, the image-guided surgery devices market in the U.S. has been more productive. In the coming years, healthcare centers in Asia-Pacific (APAC) would adopt medical imaging for surgeries at the most rapid pace around the world.

Hence, with the growing volume of surgeries and the need to make them more effective, doctors will increasingly use imaging modalities during the procedures.

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