Increasing Construction Activities Driving Non-Destructive Testing and Inspection Market Growth

The global NDT and inspection market revenue stood at $9 billion in 2020 and the market is predicted to demonstrate rapid advancement in the coming years. The enactment of strict government regulations and policies regarding public safety and product quality and the increasing construction and infrastructure development activities, owing to the rising urbanization rate, especially in emerging economies, are some of the major factors fueling the expansion of the market across the world.

Economies, such as Mexico, Brazil, and China currently account for the majority of the construction spending across the world. Many construction projects, including those launched for major upcoming sporting events, hotels, shopping complexes, and skyscrapers, are presently underway in these nations. For example, the hospitality sector in the APAC region recorded a growth of 12% in construction pipeline from 2017 to 2018. Moreover, the region, excluding China, has 1,673 hotel construction projects currently in the pipeline.

As non-destructive testing and inspection can detect and aid in the repair of corrosion and cracks before any accident occurs and thus, prevent a road or bridge closure or a catastrophic failure, they are being increasingly adopted at construction sites. Moreover, structural health monitoring and infrastructure inspection are widely preformed after construction activities in order to ensure quality and safety. Depending on offering, the NDT and inspection market is classified into services and equipment. Between these, the services category dominated the market in 2020.

Geographically, the Asia-Pacific (APAC) region will be the fastest growing region in the non-destructive testing and inspection market in the upcoming years, as per the estimates of the market research firm, P&S Intelligence. This is credited to the rapid infrastructure development in various developing countries, such as China and India. Additionally, the expansion of the aerospace and defense and oil and gas industries in the region is boosting the requirement for these testing methods, as they are increasingly being required for guaranteeing the safety of employees and the efficiency of the devices that are used at the site. 

Therefore, the market is set to exhibit rapid advancement in the coming years, primarily because of the surging construction and infrastructure development activities, especially in developing countries, implementation of strict safety regulations by the governments of many countries, and the burgeoning requirement for efficient and effective testing and inspection methods across the world.

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International Air Pollution Mitigation Laws Driving Low-Emission Vehicle Demand

The United Nations Economic Commission for Europe (UNECE) states that air pollution has a detrimental impact on all aspects of human life and climatic conditions. Air pollution harms human health, obstructs economic development, affects food security, facilitates climate change, and deteriorates the environment, upon which the livelihood of every individual depends. To mitigate its levels, the UNECE Convention on Long-range Transboundary Air Pollution is focusing on the implementation of protocols such as the Gothenburg Protocol to Abate Acidification, Eutrophication and Ground-level Ozone, in Eastern Europe, South-Eastern Europe, Central Asia, and the Caucus.

In the same vein, the World Health Organization (WHO) monitors the progress on health indicators to track the progress in achieving sustainable development goals (SDGs) 3,7, and 11. The SDG target 3.9.1 calls for a notable reduction in air-pollution-related illnesses and deaths. Similarly, the SDG target 11.6.2 aims to decrease the environmental impact of cities by improving the air quality. The surging global focus on reducing air pollution will, therefore, help the low-emission vehicle market grow in the foreseeable future, as vehicular pollution is a major cause of climate change.

Low Emission Vehicle Market - P&S Intelligence 

Moreover, the increasing developments in the battery technology will steer people toward low-emission vehicles in the foreseeable future. Automotive original equipment manufacturers (OEMs) and auto component firms are constantly working toward developing efficient and eco-friendly batteries to improve the life of pure electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs), mild HEVs, and full HEVs. These automobiles contain nickel–metal hydride, lithium-ion (Li-ion), metal hydride, lead–acid, and nickel–cadmium batteries.

Currently, companies operating in the low-emission vehicle market, such as Bayerische Motoren Werke AG, Mitsubishi Motors Corporation, Nissan Motor Co. Ltd., Toyota Motor Corporation, Honeywell International Inc., and Volkswagen AG, are focusing on research and development (R&D) activities for fuel-efficient vehicles. For instance, the automotive industry is producing lightweight vehicles in large numbers to meet the burgeoning demand for fuel efficiency, owing to the low fuel requirement of such vehicles.

Thus, the rising global focus on mitigating air pollution, increasing implementation of emission norms, and strengthening EV charging infrastructure are encouraging the adoption of low-emission vehicles.

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Saudi Arabia Color Cosmetics Market To Generate $1,197.2 Million Revenue by 2030

Factors such as the escalating disposable income of people, surging public awareness about physical appearance, booming population of working women, burgeoning demand for organic color cosmetics, and mounting investments being made by players in marketing and advertising initiatives are expected to drive the Saudi Arabian color cosmetics market at a CAGR of 7.1% during 2020–2030. The market was valued at $603.6 million in 2020 and it is projected to generate $1,197.2 million revenue by 2030.

The booming population of working females is one of the key factors propelling the demand for color cosmetics in Saudi Arabia. According to the General Authority for Statistics, Labor Force Survey data, the labor force participation rate of the total female working population increased from 32.1% in the fourth quarter of 2020 to 33.6% in the first quarter of 2021. As more women are stepping out of their homes, they are becoming more aware of personal care products, owing to which they are generating extensive demand for improved color cosmetic products.

Currently, the Saudi Arabian color cosmetics market is fragmented in nature due to the presence of numerous players. At present, market players are engaging in mergers and acquisitions to consolidate their position. For example, in July 2021, Sephora SA acquired Feelunique.com from Palamon Capital Partners, a U.K.-based online retail company for premium beauty products. This online retailer has over 1.3 million active customers across 120 countries, including Saudi Arabia, and has over 35,000 products from more than 800 brands.

According to P&S Intelligence, the western region is expected to account for the largest share in the Saudi Arabian color cosmetics market in the coming years. The market in the region is also projected to demonstrate the fastest growth during the forecast period. This can be ascribed to the accelerating urbanization rate and escalating disposable income of people in this part of the country. The burgeoning demand for color cosmetics from the region is being met by L'Oréal S.A., Coty Inc., The Estée Lauder Companies Inc., Shiseido Co. Ltd., Unilever Group, Oriflame Holding AG, The Procter & Gamble Company, and others.

Therefore, the burgeoning population of working women and the increasing availability of improved products will augment the demand for color cosmetics in Saudi Arabia.

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Why Is Automotive Industry Using Plastics in Vehicles?

The International Organization of Motor Vehicle Manufacturers (OICA) recorded that a total of 21,787,126 commercial vehicles and 55,834,456 cars were manufactured in 2020. The manufacturers of these vehicles are increasingly shifting from heavy metals to lightweight plastics for vehicle interiors, to reduce the overall vehicle weight. The reduction of the vehicle weight helps in enhancing the fuel efficiency. With the rising awareness on the alarming air pollution levels and depleting fossil fuel reserves, customers are increasingly opting for lightweight vehicles.

Thus, the booming demand for lightweight vehicles will add to the prosperity of the automotive plastics market in the foreseeable future. Automakers use polybutylene terephthalate, polyurethane, polypropylene, acrylonitrile butadiene styrene, polyvinyl chloride, polycarbonate, high-density polyethylene, and polyamide to reduce the automobile weight. In the coming years, automobile manufacturers will adopt a significant volume of polypropylene due to the high durability, excellent flexibility, and exceptional abrasion resistance exhibited by it.

Automotive Plastics Market - P&S Intelligence 

Automakers across the world are procuring plastics from Covestro AG, Magna International Inc., Lear Corporation, Adient plc, SABIC, Borealis AG, BASF SE, Quadrant AG, Teijin Limited, Akzo Nobel N.V., Evonik Industries, and Hanwha Azdel Inc. These companies use three major techniques to produce these materials: injection molding, thermoforming, and blow molding. The rapid advancements in vehicle designing, owing to the evolving needs of customers and growing preference and transition toward aesthetically appealing vehicle interiors, are creating a huge requirement for automotive plastics worldwide.

According to P&S Intelligence, the Asia-Pacific (APAC) automotive plastics market is expected to advance at the highest rate in the upcoming years, owing to the presence of a vast manufacturing base in India, China, Thailand, Indonesia, and South Korea and the availability of affordable transportation options and cheap raw material in China. Additionally, the increasing focus of automobile manufacturers on shifting their production base from North America and Europe to Thailand, Vietnam, and China, owing to the availability of low-cost labor in such countries, accelerates the production and consumption of automotive plastics here.

Thus, the burgeoning demand for lightweight vehicles and increasing customer preference for aesthetically appealing vehicle interiors will fuel the consumption of plastics for auto production across the world.  

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North America ISOs Medical Device and Equipment Maintenance and Calibration Services Market To Reach $3,612.9 Million by 2030

Factors such as the enhancements in the medical device industry, stringent regulatory norms, and high awareness on preventive medical equipment maintenance will drive the North American independent service organizations (ISOs) medical device and equipment maintenance and calibration services market at an 8.9% CAGR during the forecast period (2021–2030). The market accounted for a $1,468.8-million size in 2019, and it is expected to reach $3,612.9 million by 2030. Currently, the market is witnessing the trend of the adoption of comprehensive contracts among the medical centers in the region.

North America ISOs Medical Device and Equipment Maintenance and Calibration Services Market Revenue Estimation and Forecast

Additionally, the increasing awareness regarding preventive medical equipment maintenance will boost the North American ISOs medical device and equipment maintenance and calibration services market in the future. Medical devices, such as ultrasound systems, X-ray systems, and endoscopes, are used in several clinical applications. These systems require proper and constant maintenance to increase their lifespan. In addition, maintenance and calibration aid in preventing infections due to the usage of such devices on multiple patients. To avoid any unprecedented situation, healthcare facilities are increasingly focusing on the cleanliness of medical equipment and devices.

The automation segment of the North American ISOs medical device and equipment maintenance and calibration services market is bifurcated into automated devices and manual devices. Of these, the automated devices category accounted for the larger market share in 2019, and it is expected to hold its dominance in the forecast years. This can be attributed to the amplifying financial support from the government for medical automation, increasing technological innovations in automation solutions, and fueling need for the accuracy and reproducibility of medical devices and equipment.

Therefore, with the strict government regulations and growing awareness regarding preventive medical equipment maintenance, the market will boom at a high rate in the coming years.

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How Are Modern Technologies Improving Regenerative Medicine?

 The World Health Organization (WHO) estimates that non-communicable diseases (NCDs), such as cardiovascular diseases (CVDs), cancer, diabetes, and respiratory diseases, account for around 71% of global deaths, annually. As per the organization, CVDs, cancer, respiratory diseases, and diabetes cause 17.9 million, 9.3 million, 4.1 million, and 1.5 million human deaths, respectively, each year. Furthermore, the United Nations (UN) states that approximately 3,000–5,000 children are born with chromosome disorder, globally. Thus, the surging prevalence of chronic ailments and genetic disorders is creating a huge requirement for regenerative medicines, worldwide.

Browse Details Regenerative Medicine Market: Emerging Technologies and Global Markets Outlook

Moreover, the rising technological advancements in the medical industry will also help the regenerative medicine market progress at a healthy CAGR, of 16.3%, during 2020–2030. According to P&S Intelligence, the market was valued at $8,186.9 million in 2019 and it is expected to generate $39,012.0 million revenue by 2030. Major biotech and pharma companies are making hefty investments in technological developments to provide more effective gene therapies. The advent of 3D bioprinting is one of the prime examples of technological advancements in regenerative medicine. 

Stem and somatic cell therapies, viral and non-viral gene therapies, and cell-based tissue engineered products are being offered by Smith & Nephew plc, Allergan plc, Integra LifeSciences Holdings Corporation, Organogenesis Holdings Inc., Stryker Corporation, Takeda Pharmaceutical Company Limited, Novartis AG, Vericel Corporation, and Amgen Inc. for patients suffering from chronic ailments and genetic disorders. In the coming years, cell therapy will be adopted at the highest rate due to the soaring number of clinical trials including several cell therapy techniques. 

Geographically, North America led the regenerative medicine market in the recent past, and it is also expected to maintain its position in the foreseeable future. This can be owed to the increasing advancements in the field of tissue engineering, rising number of stem cell banks, escalating healthcare spending, and surging reliance on stem cell therapy for chronic disease treatment. Whereas, Asia-Pacific (APAC) will adopt regenerative medicines at the highest rate in the upcoming years, due to the rising prevalence of chronic diseases, flourishing medical tourism industry, and escalating public and private funding in research organizations.  

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Agricultural Biotechnology Market to Grow Significantly because of Rising Demand for Transgenic Seeds

The world’s population has grown constantly since the age of human beings began; for example, in 1800 the population across the globe was under 1 billion, which has now, almost dramatically, risen to 7.7 billion. With this surging population, the need for enhancing the productivity of everything, for catering to the requirements of the people, has increased as well. This includes the productivity in agricultural fields, of course. In the old days, the only concern of people was to somehow grow enough food for their survival, and while survival is the major concern today as well, the priorities of the human race seem to have shifted.

Growth Opportunities and Latest Trends in Agricultural Biotechnology Market

Farming used to be the primary occupation in the past, but since the advent of industries and machines, the agricultural sector has somewhat been neglected. At the present time, however, there is a pressing need for increasing the agricultural productivity, which is why a number of technological advancements have occurred in the agricultural sector. One of such developments is the emergence of agricultural biotechnology, which involves the utilization of science for modifying animals and plants. This is done to breed out undesirable characteristics, such as low productivity and susceptibility to diseases. Furthermore, any beneficial traits can be bred in by making use of a gene which contains the specific characteristic.

Crop protection products, including biostimulants and biopesticides, and transgenic seeds, including fruits and vegetables, cotton, soybean, and maize, are produced using the above-mentioned technologies. The demand for transgenic soybeans was the highest in the past, because of the increasing import and export of this crop type around the world. Besides this, the need for crop protection products is expected to increase significantly in the near future, owing to the importance of protecting plants from any kind of harmful chemicals, weeds or pests.

North America was the largest agricultural biotechnology market in the past, which is ascribed to the growing adoption of genetically modified crops in the U.S. In addition to this, as per reports by the International Service for the Acquisition of Agri-Biotech Applications in 2016, a considerable increase was registered in the hectares of land being used for biotechnology crops in the predominantly industrial countries. Canada and the U.S. were among the key contributors to this, because of the rise in the cultivation of genetically modified crops. The reasons for the rising adoption of genetically modified crops in the U.S. include advantages such as higher crop yields, decrease in the application of pesticides, and higher returns from farming operations.

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