Why Are Synthetic Fibers Being Increasingly Used to Produce Clothing?

As per industry experts, the global apparel market valued $1.7 trillion in 2017, and it will likely reach $2.6 trillion by 2025. Earlier one of the three basic necessities for humans, along with food and dwelling, clothes have taken on a whole new significance with the passage of time. People in developing and developed countries both consider their clothes as an expression of their personality. This is why new pieces of clothing and textiles are being invented and ridiculous amounts are being spent on their promotion.

Therefore, P&S Intelligence expects the synthetic fibers market value to increase from ~$60.0 billion in 2020 at a significant rate between 2021 and 2030. This is because to produce new and stylish items of clothing, natural fibers, such as jute and cotton, are being replaced with polyester, acrylic, nylon, and polyolefins. For instance, polyesters, of which polyethylene terephthalate (PET) is a type, are widely utilized in eveningwear, shirts, pants, jackets, suits, socks, and undergarments. 

The reason is its many advantages, such as durability, chemical, abrasion, and wrinkle resistance, strength, and low weight. Additionally, polyester fibers can be easily dyed and washed, and clothes made out of them retain their shape. Nylon has similar properties, apart from the smooth feel, which makes it a popular choice in sportswear, yoga pants, stockings, and tights. Similarly, due to the warmth it provides, acrylic is utilized for winter clothing.

Additionally, APAC is witnessing a rapid increase in its urban population, with China and India expected to lead the global urbanization rate increase till 2050. This will drive the demand for automobiles, clothing, and household upholstery and furnishings, which will raise the consumption of polyester, acrylic and polyolefin fibers, and nylon. Plus, with the strengthening influence of the Western culture, people here are becoming fashion-savvy, which is propelling the demand for stylish clothes and home furnishings.

Thus, the demand for synthetic fibers will rise with their widening application area.

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Increasing Demand for Solar Power Driving Physical Vapor Deposition Market Growth

Due to the increasing adoption of the physical vapor deposition (PVD) technology in cutting tools, aerospace, firearms, and automotive applications, soaring utilization of semiconductors in consumer products, burgeoning need for PVD services, and surging requirement for solar energy products, the global physical vapor deposition market generated a revenue of ~$20 billion in 2020. Furthermore, the market will exhibit huge expansion during 2021–2030 (forecast period), as per the estimates of the market research organization, P&S Intelligence. 

With the rapid environmental degradation, increasing capacity of renewable power plants, falling setup costs, and improvements being made in the battery storage technology, the popularity of solar power is rising, which is, in turn, driving the expansion of the solar energy sector. Moreover, many countries such as the U.K., the U.S., Japan, India, Australia, Brazil, and France are launching initiatives and making huge investments for developing solar energy plants. This is subsequently propelling the advancement of the PVD market.

Depending on component, the market is divided into service, material, and equipment. Amongst these, the equipment category contributed the highest revenue to the market in 2020, and it is predicted to register huge expansion in the forthcoming years as well. This will be because of the rapid advancements being made in PVD equipment and the surge in the solar energy sector across the world. The PVD market is also classified, based on application, into data storage, microelectronics, cutting tools, solar products, and medical equipment.

One of the major trends currently being witnessed in the industry is the soaring requirement for new coating materials. Moreover, the usage of carbon, aluminum, and magnesium-reinforced plastic materials has increased massively, on account of the soaring requirement for lightweight materials in the machine tool and automotive industries. Apart from mitigating the weight of the final end products, these coatings also strength automotive components and cutting tools and they are also being increasingly used as decorative coatings on various end products. 

Thus, the market will surge rapidly in the coming years, owing to the growing adoption of solar power and the booming usage of semiconductors in various consumer products across the world.

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How Is Urbanization Fueling Construction Equipment Market Growth?

Factors such as the booming demand for housing units, owing to rapid urbanization, and mounting investments being made in the infrastructure sector will drive the construction equipment market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated a revenue of around $180 billion in 2020. In recent years, the increasing use of electric and autonomous equipment, due to the high requirement for greater worker safety on-site and enhanced productivity, has become a prominent market trend.

One of the primary growth drivers for the market is the burgeoning demand for housing projects, on account of the escalating urbanization rate in several countries. People across the world are shifting from rural areas to urban areas in search of employment opportunities and improved living standards. The surging influx of people in urban localities can also be ascribed to the soaring global population. According to the United Nations Department of Economic and Social Affairs (UNDESA), around 68% of the world population will reside in urban areas by 2050.

At present, the construction equipment market is consolidated in nature due to the presence of a few players such as Caterpillar Inc., Doosan Infracore, Sany Heavy Industry Co. Ltd., Hitachi Construction Machinery, Joseph Cyril Bamford Excavators Ltd., Volvo Construction Equipment, Deere & Company, Terex Corporation, and Liebherr AG. These players are focusing on product launches to gain a competitive edge. For instance, in April 2019, Volvo Construction Equipment announced its plan to introduce electrically-propelled compact excavators (EC15 to EC27) and wheel loaders (L20 to L28) to stop the development of diesel engines for these models. 

Geographically, Asia-Pacific (APAC) will account for the largest share in the construction equipment market during the forecast period, due to the rising number of construction projects in the developing countries of the region. Moreover, the soaring demand for housing units in India, China, Japan, and South Korea, owing to the rapid urbanization, will also augment the demand for construction equipment in the region in the foreseeable future. Additionally, the increasing government investments being made in the construction industry will also supplement the market growth in the region in the coming years. 

Thus, the mushrooming demand for housing projects will propel the demand for construction equipment in the years to come.

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Why will European Medical Cartridges Market Boom in Near Future?

Due to the expansion of the pharmaceutical industry and the burgeoning requirement for injectable pharmaceutical products, the global medical cartridges market is expected to exhibit huge expansion during 2021–2030 (forecast period). According to the forecast of the market research company, P&S Intelligence, the market revenue will surge from $920.8 million in 2020 to $1,691.1 million by 2030. Furthermore, the market is expected to progress at a CAGR of 6.4% during the forecast period. 

Browse In-depth Medical Cartridges Market Research Report

According to the World Population Aging 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. Moreover, as per the World Health Organization (WHO), cancer is one of the major causes of deaths across the world and was responsible for around 10 million deaths in 2020. 

This will be because of the various beneficial traits of glass that prevent it from reacting with the items or materials stored within it, which eliminates the chances of adverse reactions. Geographically, Europe held the largest share in the medical cartridges market in 2020. This was primarily because of the presence of a large geriatric population, high incidence of diabetes, and the existence of well-developed healthcare infrastructure in the region. 

As per the European Chronic Diseases Alliance (ECDA), at least one chronic disease affects nearly one-third of the total population in the age bracket—15 years and above—in the region. Because of these reasons, the region will also dominate the market in the coming years. Whereas, Asia-Pacific (APAC) is predicted to be the fastest growing region in the medical cartridges market in the upcoming years, on account of the increasing healthcare expenditure and the mushrooming population of geriatric people in the region. 

Hence, it can be safely said that the market will register huge expansion in the coming years, mainly because of the rising incidence of chronic diseases, surging population of older people, and growth of the pharmaceutical industry across the world. 

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How Are Minimally Invasive Procedures Boosting Endoscope Repair Service Demand in the U.S.?

The medical device industry of the U.S. is witnessing significant growth, due to the constant focus of medical device manufacturers on offering novel technologies to the people. For example, a video capsule endoscopy (VCE) system, a contemporary endoscope technology, and a powerful diagnostic tool for gastrointestinal (GI) diseases can visualize the colon, stomach, esophagus, and proximal small bowel, and offer functional information. Thus, the expanding medical device industry is creating a huge requirement for endoscope repair services in the U.S.

Browse detailed report with COVID-19 impact analysis at U.S. Endoscope Repair Market Research Report

Moreover, the rising preference for minimally invasive surgical procedures, owing to the minimum infection risks associated with them, will also help the U.S. endoscope repair market demonstrate a CAGR of 9.3% during 2020–2030. The market was valued at $248.6 million in 2020 and it is expected to generate $603.6 million revenue by 2030. The surging shift of the U.S. populace toward minimally surgeries can be owed to the increasing prevalence of GI diseases, such as gastroesophageal reflux disease (GERD) and abnormal throat, which require endoscopes for their diagnosis.

Currently, these companies are focusing on acquisitions and partnerships to serve a larger number of patients. For example, Agiliti Inc. completed the acquisition of Zetta Medical Technologies LLC, a Switzerland-based medical equipment services and parts providing company, in July 2019. With this acquisition, Agiliti Inc. expanded into the full-service clinical engineering field for advanced imaging devices. Similarly, in February 2020, Mobile Instrument Service & Repair Inc. was acquired by Agiliti Inc. The former specializes in servicing powered surgical equipment, rolling stock sterilizers, general and laparoscopic handheld instruments, and flexible and rigid endoscopes.

Therefore, the flourishing medical device sector, escalating public awareness on minimally invasive surgeries, and surging adoption of comprehensive servicing contracts are expected to augment the requirement for endoscope repair services in the U.S.

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Why will Demand for Automated Valet Parking Technology Soar in North America in Coming Years?

The mushrooming requirement for hassle-free, user-friendly, and more efficient parking systems is fueling the demand for automated valet parking technology. Because of the increasing road congestion, people are finding it very difficult to find proper parking spaces, which is consequently leading to increased cost, time, and distance of the parked vehicle from the destination point of the user. Owing to this factor, the popularity of the automated valet parking technology is surging, which is fueling the expansion of the global automated valet parking technology market.

Automated Valet Parking Technology Market Outlook

Furthermore, the industry is predicted to exhibit rapid expansion from 2020 to 2030 (forecast period). Additionally, this technology assists in freeing up and optimizing the available parking space, which is enabling people to find proper vehicle parking spots. Presently, the automated valet parking technology is still in its development stage and there are various prerequisites for both parking spaces and vehicles for the allowing the use of the technology. The automobile must have a mostly automatic gearbox, steering assistant, electronic stability program (ESP), electric parking brake, communication unit, and start/stop functions. 

Geographically, the demand for this technology will be the highest in North America in the coming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the rapid development and manufacturing of connected cars and autonomous vehicles and the ballooning requirement for parking spaces equipped with advanced technologies, such as sensors and the internet of things (IoT). One of the major trends currently being witnessed in the automated valet parking technology (AVP) market is the increasing collaborations between vehicle manufacturers and technology developers. 

Hence, it is safe to say that the demand for automated valet parking technology will soar in the coming years, primarily because of the increasing road congestion levels in major urban areas, rising requirements for proper parking spaces, and surging manufacturing of connected and autonomous vehicles all over the world. 

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How Is 3D Printing Construction Market Growing with Improving Building Materials?

Factors such as the surging environmental concerns regarding the waste generated by the construction sector, mounting investments being made in renewable energy infrastructure, and rising focus on reducing the accident rate and health and safety risks will drive the 3D printing construction market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue reached ~$15 million in 2020. Additionally, the presence of numerous possibilities for architectural flexibility and customization using this technology will supplement the market growth.

The increasing environmental concerns attributed to the waste generated during construction are one of the strongest drivers for the market. For instance, according to the Environmental Protection Agency (EPA), the construction sector of the U.S. generated around 600 million tons of debris in 2018. The waste can be minimized by the deployment of the 3D printing technology as it only utilizes the material required for printing the structure. As the materials used in 3D printers are lighter than conventional building materials, their transportation requires lesser energy.

In recent years, the introduction of improved construction materials and methods has become a major trend in the 3D printing construction market. Sand 3D printing and metal technologies and robotic arm extruders are the new methods being deployed in the construction sector. The deployment of these technologies helps in creating unusual and complex shapes and designs. For example, in May 2021, Forward AM, the additive manufacturing arm of BASF SE, and BigRep introduced the Concrete Formwork, a 3D printing material for architecture and construction purposes.

Geographically, Asia-Pacific (APAC) held the largest share in the 3D printing construction market in 2020 due to the soaring number of buildings being constructed using this technology and surging research and development (R&D) activities in the region. Additionally, the strong presence of a large number of construction companies will supplement the market growth in the region, as the building and infrastructure industries are the primary users of materials that can be used for 3D-printied construction here.

Thus, the mounting concerns regarding the waste produced during construction activities and the increasing availability of 3D printing building materials and new printing methods will catalyze the market growth.

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