Why Is Medical Sector Increasing Its Reliance on Polytetrafluoroethylene?

Polytetrafluoroethylene (PTFE) has replaced traditional plastics in the medical sector owing to its resistance to ultraviolet (UV) radiation, chemical inertness, and low coefficient of friction. Such features make it highly suitable for bio-containment vessels, sutures, catheters, and syringes. Moreover, the high chemical resistance of PTFE makes it suitable for multi-lumen tubing that is needed in minimally invasive procedures. For instance, in May 2019, a custom medical service and solution provider, Bal Seal Engineering Inc., received the USP Class VI compliance status for its SP-23 (polymer with PTFE base) and SP-191 (filled PTFE) seal materials.

Additionally, the surging demand for this common plastic from the electrical and electronics industry will drive the polytetrafluoroethylene market at a CAGR of 5.0% during the forecast period (2019–2024). The market stood at $2,197.8 million in 2018, and it is projected to reach $2,953.6 million in 2024. The compound is required in brush holders, barb insulators, cable ties, connectors, circuit breakers, and fabrication of semiconductor devices. The booming population is fueling the demand for electrical and electronic goods, especially in the emerging economies. This will further increase the application of PTFE in wire and cable jacketing and separation of conductive surfaces in capacitors.

The type segment of the polytetrafluoroethylene market is categorized into powder, aqueous dispersion, and granular. Among these, the granular category accounted for the largest share in 2018, and it is expected to retain its dominance during the forecast period. This can be owed to the large-scale usage and suitability of granular PTFE for rings, gaskets, and seals for aerospace and automotive applications. The powdered category will exhibit the fastest growth in the forecast years owing to rising application of PTFE powder in coatings, electrical tapes, and wire and cables.

The European polytetrafluoroethylene market is expected to hold the second-largest share during the forecast period, on account of the high sales of lightweight vehicles. In the coming years, the production and adoption of lightweight vehicles will accelerate in Germany, the U.K., and France, which, in turn, will create an extensive demand for PTFE for coatings. Additionally, the North American market will also register significant growth in the coming years due to a considerable rise in the industrial processing activities in the region.

Thus, the surging demand for electronic goods and medical equipment and devices will fuel the sales of PTFE in the coming years.

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Why Do Medical Centers Require Specialized Patient Handling Equipment?

People in the age group of 65 and above are expected to number 1.5 billion in 2050, compared to 703 million in 2019, as per the United Nations (UN). They keep falling down, on account of their physical weakness, and regularly contract infectious and other diseases. Thus, the footfall of older patients at medical centers is continuously rising for regular check-ups, comprehensive health workups, and complex surgical and non-surgical procedures that require extended hospital stays.

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Therefore, owing to the rising geriatric population, P&S Intelligence says that the patient handling equipment market revenue will witness a healthy 10.5% CAGR between 2016 and 2022. This is because the elderly and even other hospital patients often need to be moved from one place to another, for instance between their room and the radiology lab or operation room (OR). While many can walk themselves, those with severe injuries or under anesthesia, elderly who lack physical strength, and those who have been asked not to move by doctors need to be handled by the medical staff.

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Apart from medical beds, wheelchairs, and scooters, other kinds of patient handling equipment include bathroom safety supplies, mechanical equipment, ambulatory aids, and non-mechanical equipment. Among these, hospital beds remain the most-widely used piece of such equipment because they are the basic amenities required at any medical center, be it a tertiary-care hospital, trauma center, neighborhood clinic, or diagnostic center. Moreover, with the introduction of controls in such beds for adjusting their ground clearance or angle of the head and footrests, the burden on the medical staff of having to physically handle the patients has significantly reduced.

Currently, Europe is the largest patient handling equipment market because of the high healthcare expenditure of regional countries. Moreover, many of them have a proper framework for medical insurance and reimbursements, which results in a high footfall at all types of healthcare facilities. Both these factors have also led to a high surgery volume, for both essential and elective purposes, thereby driving the demand for patient handling equipment at such centers.

Thus, as the number of patients at healthcare facilities rises, so will the procurement rate of equipment that can help the medical staff handle them with care.

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How Will Geriatric Population Boom Drive Point-of-Care Ultrasound Device Demand?

The World Population Prospects: the 2019 Revision reveals that 1 in 6 people in the world will be aged more than 65 years by 2050. The data also projects that the number of individuals aged 80 years or above will rise from 143 million in 2019 to around 426 million by 2050. Likewise, the World Population Ageing Report 2020 of the UNDESA estimates that the population of people aged 65 years or more will grow from 727 million in 2020 to approximately 1.5 billion by 2050.

The expanding geriatric population will help the point-of-care ultrasound (PoCUS) device market showcase a CAGR of 7.9% during this decade. According to P&S Intelligence, the market revenue stood at $2,186.8 million in 2020, and it will reach $4,546.5 million by 2030. PoCUS devices are used widely on elderly patients because they have more complications and a higher mortality rate as compared to their younger counterparts. For instance, primary-care physicians use these imagers to screen for abnormal aortic aneurysms (AAA) and prostatic enlargement in the elderly.

In this regard, the surging prevalence of chronic diseases will create an enormous requirement for PoCUS devices. The WHO estimates that non-communicable diseases (NCDs) or chronic disorders claim 41 million human lives each year, accounting for around 71% of the global deaths. The organization reveals that cancers, CVDs, diabetes, and respiratory diseases are responsible for nearly 9.6 million, 17.9 million, 1.5 million, and 4.1 million fatalities, respectively, annually.

PoCUS devices are used for diagnostic and therapeutic purposes in cardiology, musculoskeletal, emergency medicine, vascular and urology, and obstetrics and gynecology departments. In the coming years, diagnostic devices will gain higher traction due to the growing prevalence of heart diseases. These devices are being used for cardiac ultrasound for mitral regurgitation, pericardial effusion, left ventricular systolic function, pulmonary edema, pleural effusion, and pneumothorax. Medical professionals use compact/handheld and cart-based/trolley PoCUS devices for such diagnostic applications.

Globally, the European region dominated the point-of-care ultrasound device market in the recent past, and it is expected to maintain the lead in the foreseeable future as well. This can be owed to the growing aging population, expanding prevalence of chronic diseases, escalating healthcare expenditure, and ongoing advancements in technology. According to the European Commission, 20.3% of the people in the EU were aged 65 years or above in 2019. Among EU nations, Italy, Greece, Portugal, Finland, Germany, Bulgaria had the largest share of geriatric citizens in their total populations in 2019.

Thus, the increasing population of elderly people and rising incidence of chronic ailments will encourage the use of PoCUS devices in the forthcoming years.

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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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