How are Government Initiatives Driving Aortic Valve Market?

Every year, cardiovascular diseases (CVD) lead to 17.9 million human fatalities, as per the World Health Organization (WHO). With so many components, the heart is itself a complex organ to manage medically, with each component having its own set of diseases and disorders. It could be an electrical problem (malfunctioning of the sinoatrial or atrioventricular node in the cardiac pacemaker), clogging of the coronary arteries with plaque, valve destruction, inflammation of the chambers or cardiac muscle, myopathy (muscle death), infection or a structural defect, such as the arrhythmogenic right ventricular cardiomyopathy (ARVC).

Access Detailed Report - Aortic Valve Market Competitive Analysis

Valve replacement surgeries can be done the open way or minimally invasive way. Of these, minimally invasive surgeries (MISs) are performed in higher numbers than open procedures, as they account for significantly smaller incisions, lower blood loss and pain, and shorter hospital stays. Further, with patients becoming more conscious about their appearance, the nasty scars caused by open surgeries are putting these procedures out of preference around the world. There are two MIS approaches to aortic valve replacement — transfemoral and transapical — of which the former is preferred due to the larger diameter of the femoral artery, which makes threading the catheter easier.

Globally, Europe has been the largest aortic valve market till now, as aortic valve stenosis accounts for a high prevalence rate in regional nations. Additionally, new products and surgical technologies are getting approvals from regulatory authorities, which are revolutionizing cardiothoracic and vascular surgery in the continent. Even in the coming years, the procurement of aortic valves by healthcare centers will increase the fastest here, with the rapid improvements in the medical infrastructure.

Hence, as the prevalence of valvular heart disease increases across the world, so will the demand for artificial aortic valves.

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Increasing Construction Activities Driving Hydraulic Equipment Market Expansion

Due to the burgeoning requirement for material handling equipment and the surging usage of hydraulic systems in several industries, the global hydraulic equipment market is expanding rapidly. Besides these, the rise in underwater exploration activities is also fueling the sales of hydraulic equipment. As a result, the market reached a revenue of $37 billion in 2020. Furthermore, according to the forecast of P&S Intelligence, a market research company based in India, the market will register rapid growth between 2021 and 2030 (forecast period). 

Additionally, the increasing construction activities, especially in the developing countries, are also propelling the demand for hydraulic equipment. The governments of several emerging economies are making huge investments in the construction of civic infrastructure, offices, and apartments, thereby driving the demand for construction equipment including hydraulic systems. For example, the Indian government announced in 2020 that it intends to improve the infrastructure in the country by constructing roads. For this, the government aims to invest INR 15 lakh crore over the next two years.

Moreover, the surging population, especially in the urban areas, is driving the requirement for housing, which is, in turn, pushing up the demand for hydraulic equipment. Apart from the increasing urbanization rate, the rising industrialization rate is also fueling the growth of the hydraulic equipment market. Many companies are rapidly setting up their manufacturing facilities in the Asia-Pacific (APAC) countries, on account of the presence of a well-established supply chain and relaxed environmental protection laws in the region.

Globally, the APAC region dominated the hydraulic equipment market in 2020, and it is expected to grow massively in the upcoming years as well. This will be because of the surging requirement for agricultural and construction equipment, on account of the rising urbanization and industrialization rates, respectively, in the region. The mushrooming population and the soaring investments being made in infrastructural development projects are fueling the rapid urbanization and industrialization rates in the region. 

Hence, it can be safely said that the market will grow substantially in the coming years, because of the increasing construction activities and rising requirement for hydraulic equipment in the farming sector.

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Government Regulations on Passenger Safety Boosting Automotive Cockpit Electronics Demand

Cockpit electronics are integrated into vehicles to improve the driving experience, offer safety and better controls, and provide convenience. Vehicle cockpits include the human–machine interface (HMI), which has either analog (levers and knobs) or digital (touchscreen) controls. Wi-Fi, global positioning system (GPS), CD players, advanced parking support systems, in-car telephone, climate control, rear display, in-car lighting, and wireless interface are some of the controls that are directly accessible from the automotive cockpit. The increasing adoption of such controls owing to the surging public awareness on vehicle safety will fuel the integration of automotive cockpit electronics worldwide.

Moreover, the increasing implementation of government regulations on passenger safety will contribute to the progress of the automotive cockpit electronics market in the forthcoming years. For instance, the United Nations World Forum for Harmonization of Vehicle Regulations lays down the safety standards for motor vehicles and offers a legal framework that member nations may implement voluntarily. Automobiles that comply with these regulations are less likely to be involved in road accidents.

According to P&S Intelligence, North America dominated the automotive cockpit electronics market in the recent past due to the mounting investments and technological advancements in its automobile industry. For instance, Select USA states that the total foreign direct investment (FDI) in the U.S. automotive sector reached $114.6 billion in 2018. The automobile sector of the country is one of the frontrunners in innovation. As per Auto Alliance, approximately $18 billion is spent on research and development (R&D) in the automobile sector in the U.S.

Thus, the surging global focus on vehicle and passenger safety and escalating customer demand for an enhanced driving experience will boost the adoption of automotive cockpit electronics in the foreseeable future.

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Why Are Cosmetic Chemicals Being Innovated by Major Companies?

“Today the global beauty industry is a $532 billion business.”, said an article published by Forbes in September 2019. Growing steadily, the industry is spreading its wings in developing and underdeveloped countries too, on account of the rising disposable income here. Moreover, as people come under the influence of the Western culture, they are thinking more about how they look and taking steps to improve their physical appearance. For many, beauty and good looks are confidence boosters, especially those working in the media & entertainment and corporate sectors.

Due to these factors, the cosmetic chemicals market, which already valued around $20.0 billion in 2020, will grow substantially during 2021–2030, as per market research firm P&S Intelligence. This is because cosmetics are widely applied for enhancing the look of the face and maintaining general body hygiene. The range of products included under cosmetics is wide: from shampoos and conditioners to foundations and ointment. As each cosmetic product is designed for a specific purpose, the variety of chemicals used in their production is extensive as well.

For a simpler understanding, cosmetics can be grouped under skincare, make-up, haircare, and oral care products and fragrances. Among these, much of the cosmetic chemicals are used for manufacturing skincare products. As spot-free and healthy skin is considered important for overall beauty, the demand for skincare products, such as powders, lotions, ointments, cleansers, toners, and sera, is rising. The key reason for this is the surging prevalence of dermatological issues, the most common of which is acne.

Currently, Asia-Pacific (APAC) is the largest cosmetic chemicals market, as it is the most-populous region in the world. This creates a huge demand for cosmetic products and, in turn, of the chemicals that go into them. Moreover, loads of regional and Western chemical companies have manufacturing plants here. These companies are undertaking research studies for better ingredients and focusing on low-cost raw material procurement. Additionally, South Korea is said to have one of the largest cosmetics industries in the world, and it, along with Singapore, China, Hong Kong, and Japan, exports a high volume of cosmetics.

Thus, as people’s rising appearance consciousness and growing media & entertainment sector push the demand for cosmetics, the consumption of the chemicals that are utilized in their production will surge too.

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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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