Surging Demand for Lightweight Vehicles Fueling Automotive Thermoplastic Sales

The mushrooming popularity of lightweight and fuel-efficient vehicles is pushing up the worldwide demand for automotive thermoplastics. This is because thermoplastic components are extensively used for reducing the weight of the automobile, which, in turn, causes a sharp rise in its fuel economy. Moreover, as thermoplastics are heavily used in various applications in the automobile industry, the expansion of this industry, owing to the burgeoning manufacturing and sales of automobiles, especially in the Asia-Pacific (APAC) region, is driving their demand across the world. 

Automotive Thermoplastics Market Outlook

According to the Organisation Internationale des Constructeurs d'Automobiles, 77,971,234 automobiles were sold all over the world in 2020. Furthermore, as per the India Brand Equity Foundation (IBEF), the automotive industry in India is predicted to witness its value rise to Rs. 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026. These materials are being increasingly used in the manufacturing of several automobile parts, such as bearing parts, vehicle-body, and battery frames. Due to these factors, the value of the global automotive thermoplastics market will surge massively in the coming years.

For instance, according to the estimates of the IBEF, the automobile industry in India will exhibit huge expansion in 2021–2022. Additionally, the country will witness a sharp surge in the sales of electric vehicles, particularly two-wheelers, in 2021–2022. One of the major trends currently being witnessed in the automotive thermoplastics market is the growing adoption of carbon fiber reinforced plastics (CFRP), produced from thermoplastics, in racing and luxury vehicles. 

This is attributed to the various beneficial characteristics of these parts and the several advantages of using them over the conventionally used plastics. For example, the use of CFRP-based components assists vehicle manufacturers in producing lightweight and high strength-exhibiting vehicles. BASF SE, Toray Industries Inc., Nippon Sheet Glass Co. Ltd., Quickstep Holdings Ltd., Celanese Corp., Gurit Holding AG, Jushi Group Co. Ltd., Saudi Basic Industries Corp. (SABIC), Teijin Ltd., and Dow Chemical Co. Ltd. are some of the leading automotive thermoplastic producing companies across the world. 

Thus, it can be said with confidence that the demand for automotive thermoplastics will explode in the coming years, mainly because of the growing requirement for lightweight vehicles and the expansion of the automotive industry across the world. 

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What Are Advantages of Synthetic Rubber over Natural Rubber?

Despite the COVID-19 pandemic, new vehicle registrations and sales during January–March 2021 reached 18,788,699 units, surpassing the 2020 number, as per Organisation Internationale des Constructeurs d'Automobiles (OICA). This has perhaps been due to the lifting of the lockdowns in most of the countries, resumption of manufacturing operations, and recovery in people’s financial health. Even before the pandemic, automotive sales increased steadily, especially between 2009 and 2019, due to a rise in people’s disposable income.

As a result of the resumption of manufacturing and sales, P&S Intelligence expects the synthetic rubber market value to increase massively from $31.0 billion in 2020 during 2021–2030. This is because a large amount of the rubber produced goes into the production of automotive tires, the sales of which are surging with the rising demand for automobiles. Tires are among the most-essential components of a vehicle as they allow the latter to move on the road. With time, tires wear down, which creates the requirement for replacements.

Moreover, with continuous advancements in the materials and production methods, vehicles are becoming more durable. As per the Bureau of Transportation Statistics, the average vehicle age in the U.S. has consistently increased from 8.4 years in 1995 to 11.9 years in 2020. As the tire replacement rate is already higher than the vehicle replacement rate, the increasing operational life of the latter is propelling the demand for the replacement of the former. Additionally, new variants of automotive tires, such as ultra-high-performance and all-weather tires, are being launched.

Moreover, owing to all these reasons, the synthetic rubber market has been dominated by Asia-Pacific (APAC) till now. The region is home to the largest automotive and building and construction sectors, which has been creating a huge demand for rubber. Additionally, APAC is a haven for manufacturers, who are shifting their plants from Europe and North America to China, India, Vietnam, and other regional nations. Further, the growing healthcare sector here is propelling the demand for rubber products and, in turn, of rubber itself.

Thus, with widening applications, the consumption of synthetic rubber will keep increasing.

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How Are Automotive Adaptive Front-Lighting Systems Mitigating Road Accidents?

The World Health Organization (WHO) estimates that nearly 1.3 million deaths across the globe occur due to road traffic crashes each year. As per the WHO, 93% of the global deaths on the roads are recorded in low- and middle-income countries, even though such nations are home to 60% of the world's automobiles. The organization further states that over 20–50 million road accident victims suffer non-fatal injuries, many of which result in disabilities among such victims.

Automotive Adaptive Front-Lighting System Market Outlook

Thus, the surging incidence of fatal road accidents will help the automotive adaptive front-lighting system market prosper during 2020–2030. To prevent road crashes, automakers are deploying light-emitting diode (LED), xenon or high-intensity discharge (HID), laser, halogen, and organic light-emitting diode (OLED) adaptive front-lighting systems in their offerings. In the coming years, xenon systems will be adopted at the highest rate because they offer increased visibility of peripheral objects, such as street signs and markers.

Currently, the requirement of passenger car and commercial vehicle manufacturers for such advanced lights are met by Valeo SA, STANLEY ELECTRIC CO. LTD., HYUNDAI MOBIS CO. LTD., Magneti Marelli S.p.A., ZKW Group GmbH, OSRAM GmbH, Varroc Group, HELLA GmbH & Co. KGaA, SL Corporation, KOITO MANUFACTURING CO. LTD., and Mazda Motor Corporation. These companies are entering into collaborations and engaging in product research to expand their product portfolio and cater to a greater number of automobile manufacturers and aftermarket entities.

According to P&S Intelligence, Asia-Pacific (APAC) dominated the automotive adaptive front-lighting system market in the preceding years. This can be credited to the presence of automotive giants, such as Toyota Motor Corporation, Hyundai Motor Company, and Honda Motor Co. Ltd., in the region, which are installing such systems in their offerings. Additionally, the surging automobile sales in developing countries, such as China and India, owing to the mounting disposable income of people, and increasing incidence of road accidents in these emerging economies will create a huge requirement for such lighting systems.

Thus, the rising prevalence of road accidents and surging demand for ADAS features will augment the adoption of automotive adaptive front-lighting systems in the foreseeable future.

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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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