Increasing Government Support Driving Fuel Cell Electric Vehicle Market Growth

The global fuel cell electric vehicle market generated $3,059.5 million revenue in 2020. The market is being driven by the enactment of strict carbon emission regulations, such as those regarding fuel efficiency, by various governments and organizations, and the burgeoning requirement for environment-friendly vehicles, on account of the surging concerns being raised over the escalating carbon dioxide emissions all over the world. For example, the U.S. Environmental Protection Agency (EPA) is encouraging the adoption of fuel cell electric vehicles in order to reduce carbon dioxide emissions in the country.

Fuel Cell Electric Vehicle Market Outlook

Furthermore, the European Union has announced recently that it aims to reduce vehicular emissions by 80% by 2050 from the levels reported in 1990. The organization would achieve this objective by promoting the use of green vehicles. Besides, the mushrooming deployment of electric vehicles in several countries is also driving the growth of the fuel cell electric vehicle market. For example, as per the International Energy Agency (IEA), the sales of electric cars surpassed 2.1 million across the world in 2019, thereby propelling the global electric car fleet to 7.2 million.

This will be primarily because of the enactment of strict emission norms by the governments of China and Japan. Further, the existence of several major fuel cell vehicle manufacturing organizations such as Toyota Motor Corporation, SAIC Motor Corporation Limited, and Hyundai Motor Company, is also fueling the deployment of fuel cell electric vehicles in the region. Furthermore, the implementation of initiatives such as the promotion of zero-emission automobiles during major events like the 2020 Summer Olympics in Tokyo, is also propelling the market expansion in the region.

Hence, it is safe to say that the demand for fuel cell electric vehicles will surge sharply in the upcoming years, mainly because of the growing demand for environment-friendly vehicles, on account of the increasing air pollution levels and carbon dioxide emissions, and the enactment of favorable government initiatives regarding their deployment across the world. 

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Why Are Automotive Companies in APAC Using Adhesives and Sealants in Huge Quantities?

Automotive adhesives and sealants refer to the substances that are used for several bonding and sealing applications in the automobile industry. These substances are chemically similar but functionally different. Such adhesives and sealants help in enhancing performance, driving experience, reliability, and vehicle safety. These substances are being used in large quantities in Indonesia, Thailand, Vietnam, the Philippines, Japan, and China, due to the implementation of automotive fuel economy policies in such Asia-Pacific (APAC) countries. As adhesives and sealants improve the fuel economy of light trucks and cars, automakers have started using them in large quantities.

Moreover, the surging preference for lightweight vehicles, for optimizing the speed and power of automobiles, will also help the APAC automotive adhesives and sealants market advance at a CAGR of 6.5% during forecast period. The market was valued at $3,403.6 million in 2017 and it is expected to reach $4,938.0 million revenue by 2023. In recent years, the automotive industry has been replacing steel with lightweight materials such as aluminum, composites, and plastic, to improve the fuel efficiency of vehicles.

According to P&S Intelligence, China dominated the APAC automotive adhesives and sealants market in the recent past, due to the presence of a strong automotive manufacturing base in the country. Moreover, the high purchasing power parity and high nominal gross domestic product (GDP) of the country also fuels the consumption of adhesives and sealants in the automobile industry. China is one of the largest exporters of such substances in the world. 

Therefore, the increasing implementation of government policies aimed at promoting automotive fuel economy and the growing shift toward lightweight vehicles will fuel the need for automotive adhesives and sealants in APAC in the foreseeable future.

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Increasing Electric Vehicle Deployment Fueling Adhesive and Sealant Usage in German Automotive Industry

The mushrooming usage of adhesives and sealants in the German automotive industry is the major factor responsible for their booming sales in the country. These adhesives and sealants are being increasingly used in the manufacturing of several automotive parts and components in the country, primarily because of their higher resistance to moisture and strong bonding capability. In addition, they also offer higher flexibility, good impact resistance, and durability than the conventionally used adhesives and sealants.

Moreover, epoxy adhesives and sealants are being extensively used in the manufacturing of headlights and signal lights and also in the bonding of automobile bumpers. As Germany is one of the largest exporters and manufacturers of automobiles, the sales of adhesives and sealants are shooting up in the country. Besides, the surging deployment of electric vehicles, on account of the implementation of various vehicle electrification policies by the government and the increasing environmental concerns, is also creating lucrative growth opportunities for adhesive and sealant producers in the country. 

For instance, the German government provided various tax and financial incentives to automobile manufacturers to reduce the price of electric vehicles, which helped it achieve its objective of electrifying 1 million cars in the country by 2020. This subsequently caused the expansion of the German automotive adhesives and sealants market. Furthermore, with the soaring sales of commercial vehicles and passenger cars in the country, the revenue of the market will rise from $891.8 million in 2017 to $1,156.8 million by 2023.

In Germany, the enactment of regulatory policies aimed at replacing the traditional adhesives and sealants with environment-friendly solutions that have lower quantity of polluting materials such as volatile organic compounds and exhibit excellent adhesion characteristics, is becoming a major trend. Due to these policies, the usage of eco-friendly water-based acrylic adhesives in place of solvent-based adhesives is soaring in the country. These adhesives are being increasingly used in the production of instrument panel dashboards and trim parts of automobiles in the country.

Hence, it can be said without any hesitation that the use of adhesives and sealants in the German automotive industry will shoot up in the coming years, primarily because of their ability to reduce the weight of vehicles and impart higher durability and impact resistance to automobiles.

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Why Are Corporates Adopting Cut Size Uncoated Freesheet Paper In Abundance?

Cut size uncoated freesheet paper refers to a type of graphic paper that is manufactured by using about 10% mechanical pulp and 90% chemical pulp. This paper is available in rectangular sheets in three sizes— 210 mm*297 mm (A4), 215 mm*345 mm (legal), and 297 mm*420 mm (A3). A4-sized uncoated freesheet paper is preferred over other types of papers due to its higher compatibility with a variety of printers, such as laser and inkjet printers, and lower cost. 

As cut size uncoated freesheet paper is compatible with a variety of papers, the surging printer sales are expected to accelerate the cut size uncoated freesheet paper market at a CAGR of 2.4% during 2018–2023. The market revenue stood at $16,122.3 million in 2017 and it is projected to reach $18,483.6 million by 2023. Printers are used for producing textual and graphical output received from a computer on a printable medium, such as paper.

Apart from the commercial and educational sector, the residential sector is also using high volumes of cut size uncoated freesheet paper, due to the rising use of printers in this sector. Paper manufacturers, such as Domtar Corporation, Nippon Paper Industries Co. Ltd., Shandong Sun Holdings Group, International Paper Company, PT Pabrik Kertas Tjiwi Kimia Tbk., Asia Symbol, The Navigator Company S.A., PT. Indah Kiat Pulp & Paper Tbk, Mondi Group, Smurfit Kappa Group plc, and UPM Group, are producing large volumes of this grade of paper to cater to the demands of individuals, corporates, and educational institutes. 

According to P&S Intelligence, Asia-Pacific (APAC) dominated the cut size uncoated freesheet paper market in the past and it is expected to retain its dominance in the coming years as well. This can be attributed to the soaring number of educational institutes and offices and the flourishing paper industry in the region. Moreover, the mounting printer sales in the region will also boost the consumption of this grade of paper in the forthcoming years. Additionally, the APAC region is also expected to adopt cut size uncoated freesheet paper at the highest rate in the forthcoming years.

Thus, the surging adoption of printers and the rising number of educational institutes in emerging economies will fuel the consumption of cut size uncoated freesheet paper in the foreseeable future.

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How Are Automotive and Aircraft Manufacturers Benefitting from Biocomposites?

Biocomposites refer to structural materials that are created from renewable resources. After their successful use, these materials biodegrade in an anaerobic environment to produce a feedstock or fuel that is sustainable and degradable. The disposal of these composites is quite easy, and it causes no harm to the environment. Due to the high durability of these substances, they are majorly used to increase the shelf-life of products. These composites are made of materials that are used for multiple tissue engineering and restorative applications owing to their superior mechanical properties, biodegradability, and biocompatibility.

These composites are being increasingly used in the automobile industry as they offer huge energy and cost savings for automakers. Moreover, the low weight of biocomposites also makes them ideal for the automotive industry. With the increasing adoption of lightweight vehicles owing to their energy efficiency, the biocomposites market will advance at a CAGR of 12.8% during 2018–2023. The market stood at $4,167.2 million in 2017, and it is projected to reach $8,473.4 million by 2023. Additionally, the usage of bio-based composites also reduces the dependence of automakers on non-renewable, petroleum-based polymeric plastics.

According to P&S Intelligence, the Asia-Pacific (APAC) region dominated the biocomposites market in the past due to the escalating adoption of lightweight materials in the automotive and aerospace industries, spurring demand for flame-retardant and electricity-resistant materials in the electrical and electronic sector, and accelerating usage of chemical- and corrosion- resistant materials in the pipe and tank and construction industries. Moreover, the region is also expected to adopt bio-based components at the highest rate in the coming years.

Thus, the growing consumption of lightweight and biodegradable composites in automotive and military aircraft production will augment the usage of biocomposites in the foreseeable years.

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Digitization of Financial Institutions Propelling Anti-Money Laundering Solution Demand

Money laundering refers to the illegal process of making huge sums of money generated by criminal activities, such as terrorist funding and drug trafficking, appear to have come from a legitimate source. Thus, the surging cases of money laundering, primarily on account of the rising penetration of the internet and increasing use of virtual currencies, will create a huge requirement for anti-money laundering (AML) software in the forthcoming years.

Moreover, the escalating use of online banking services, such as digital payments, will amplify the need for AML software and associated services in the foreseeable future. Additionally, the toughening government regulations regarding money laundering will facilitate the anti-money laundering market growth during 2021–2030. According to P&S Intelligence, the market generated a revenue of $2.4 billion in 2020.

With the growing use of online banking services, escalating frequency of digital transfer of funds using unified payment services, and soaring traffic over the internet, governments are drafting stringent AML laws and digital payment laws, to mitigate the cases of money laundering. In recent years, AML solution providers have been focusing on the introduction of new products to attract more customers.

For instance, in August 2020, Comarch SA launched a fraud detection system for small and medium enterprises (SMEs) and corporate banking. This system can reduce the effort in transaction screening as it can automatically flag suspicious transactions. Additionally, the system can be extended with artificial intelligence (AI) algorithms to develop models that can regulate the occurrence of specific events with high accuracy, based on historical data.

This market research report provides a comprehensive overview of the market

• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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Why Is Geriatric Population Boom a Key Surgical Simulation Market Driver?

The surgical simulation market is expanding on account of the increasing surgery volume, booming geriatric population, rising popularity of minimally invasive surgeries, and rapid technological advancements. Thus, the revenue generated from the sale of such solutions, which was $337.4 million in 2019, is predicted to display a healthy 16.4% CAGR between 2020 and 2030 (forecast period). Such simulators create virtual representations of real-life medical situations, so that students, as well as experienced doctors, can practice their skills.

The divisions on the basis of end user are hospitals, academic & research institutes, military organizations, surgical clinics, and others, which include nursing homes and fertility centers. In 2019, the highest market revenue was generated by the academic & research institutes division, as students are now demanding a first-hand training experience, before they operate on real patients. Moreover, even professionals are using simulators to improve their skills, as new medical procedures are being innovated. Even during the forecast period, this division is expected to witness the fastest advance in the industry.

Another key driver for the surgical simulation market is the booming geriatric population. The United Nations Department of Economic and Social Affairs (UNDESA) says that by 2050, the population of people in the 65-and-above age group will rise to 1.5 billion, from 703 million in 2019. The elderly suffer from more-serious diseases more often, which creates a need for long-term medical care. Therefore, the hospitalization rate, surgery volume, and chances of surgical complications in the elderly are higher, thus leading to the rapid adoption of surgical simulators.

Asia-Pacific (APAC) is projected to advance the most rapidly in the surgical simulation market during the forecast period. The geriatric population is increasing in the region, with the UN predicting the number of elderly people in India and China to reach 324 million and 437 million, respectively, by 2050. Moreover, medical procedures in the regional developing countries are cheaper than in developed countries, which is why hordes of people from the latter come to the former for treatment, thereby resulting in the increasing adoption of surgical simulation solutions for training.

Hence, as the volume of surgeries and number of older people increase around the world, so will the demand for surgical simulators for first-hand training.

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