How Technological Advancements Are Helping Recycled Plastic Market Advance

The size of the worldwide recycled plastic market was around $59,777.3 million in 2021, which is expected to advance at a CAGR of 8.5% in the coming years and reach a value of $124,314.1 million by 2030. The primary factors driving the growth of the market include the increasing focus on reducing the volume of plastic waste, supportive government policies and initiatives to surge the acceptance of recycled products, and growing awareness of energy savings.

The revenue produced from plastics recycled from packaging materials is likely to grow with over 8% CAGR in the market in the near future. This can be credited to the relative ease of recycling packaging materials produced from bottles, films, pouches, and wraps. Moreover, the increasing demand for reprocessed products and ease of commercial adoption of power-driven recycling for packaging waste drive the market. Additionally, government initiatives and policies focusing on integrating recyclable materials in the packaging industry, to decrease the volume of non-recyclable waste, are projected to help the market growth.

APAC had the largest revenue share in the recycled plastic market in 2021. The region has a lot of potential for producing recycled plastics due to the increasing imports of plastic waste and accessibility of domestic waste and low-cost labor, which permits easier collection, cleaning, and sorting. These factors have played a major part in the market growth in the countries like China and India, which account for a huge volume of plastic waste production.

The European recycled plastic market will grow at the highest CAGR in the coming years. This can be ascribed to the expansion of domestic recycling facilities, banning of plastic waste import by China, government policies for resurging local manufacturing, and environmental sustainability targets intended at integrating recycled products throughout the supply chain. The adoption of technological advancements in recycling plastic has helped the market in this region advance at a significant pace.

Cutting-edge technologies in the field of plastic recycling are helping in the expansion of the recycled plastic market by keeping more plastics out of the environment and putting it to productive use. The plastic industry is continuously developing and coming up with new ideas for recycled plastics. As per a study published in AMI International, progressive recycling technologies could process 5–15 million tons of added plastic waste every year by 2030.

The food and beverage industry is the largest in terms of recycled plastic market revenue generation, owing to the high volume of plastics consumed for product storage and transportation in bottles, packaging films, trays, bins, and disposables, which is responsible for the generation of a large volume of plastic waste. The volume of waste produced by the food and beverage industry puts companies under pressure to integrate the recycling process into the whole supply procedure. 

One of the key players in the beverage industry, Coca-Cola, has decided to lessen packaging waste in the U.S. and around the globe.  It was decided to collect and recycle a bottle or can for every unit sold by 2030, to make the entire packaging recyclable by 2025, and to make bottles and cans with 50% recycled materials by 2030. The plant-based PET bottle of the company, which is 100% recyclable, has already started making waves in the field.

Hence, the industry is set to grow with the rising technologies entering the domain of plastic recycling.

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Europe Electric Car Market Driven by Extensive Government Support

The European electric car market is witnessing rapid growth owing to the elevation in the consumer demand for shared mobility, strict government policies to lower the pollution levels, reduction in the costs of batteries, and improvements in the environmental awareness among consumers. In April 2022, 684,506 electric cars were sold in Europe, as per the ACEA. EVs accounted for about 10% of the total passenger cars registered in the European Union that year, as per the data of the ACEA.

Germany is expected to be one of the highest revenue generators in the European electric car market, attributed to its commitment to environmental sustainability, a strong industrial base, and the automotive manufacturing strengths, which give it an edge over other countries in Europe, such as Norway. In addition to this, German consumers benefit from a 10-year exemption from ownership tax on electric vehicles purchased between 2011 and 2030. All the benefits offered by the government, coupled with the industrial expertise, will strengthen the German EV supply chain logistics.

Europe Electric Car Market Report by P&S Intelligence 

The HEV category, based on propulsion type, will be potentially large in the European electric car market, owing to the regenerative braking system, smaller engines, lighter raw materials, and consequently lower energy requirements of these vehicles. The FCEV category will also observe growth owing to the fast refueling and zero tailpipe emissions of these variants, rising number of government initiatives for setting up hydrogen stations, and increasing expenditure on the R&D of the hydrogen fuel cell technology. 

The outbreak of the novel coronavirus fractured the European electric car market, like many other sectors, by disrupting supply chains and limiting the workforce. It had a deep impact on consumer behavior, as people reduced their spending on purchasing a car and on shared mobility services, while the manufacturing facilities were paralyzed in the first half of 2020 due to the lockdown measures.  However, the automotive sector recovered soon owing to the strong government support, which benefitted the manufacturers and the consumers.

Therefore, a strong industrial base, coupled with the extensive government support, will burgeon the adoption of the electric cars in the continent.

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Due to Increasing Data Volumes, Data Center Market Size Will Reach $343.6 Billion in 2030

 The global data center market size was about $220.0 billion in 2021, which is likely to increase with a CAGR of 5.1% to $343.6 billion by 2030. A significant increase in data is a principal factor contributing to the market growth. The key reasons the demand for these facilities is increasing with each passing day include the rising usage of social, mobile, analytics, and cloud services. Recently, there is an explosion in the use of social media platforms, which calls for the development of data centers to store all the data.

Data Center Market Report by P&S Intelligence 

IT infrastructure contributes the highest revenue in the data center market as it includes server, storage, and network infrastructure, which are the mainstay of such facilities. The demand for these components will further intensify in the future with around 5% CAGR. At present, businesses are shifting their data from their existing on-premises servers to data centers to allow for better data management, as data analysis has become integral to business growth, in addition to the public good.

North America had the largest share, of around 40%, of the market in 2021, and it will grow at a significant CAGR in the industry. The U.S. possesses more than 2,600 such centers, many of which are situated in northern California, which is home to the headquarters of many IT firms. including Google, Facebook, Uber, Twitter, and Yelp. North America also has highly innovative, extensive, and efficient technological infrastructure, which offers opportunities to companies offering various components and services for the construction of such facilities.

The COVID-19 pandemic has contributed to the strong growth of the data center market globally. Additionally, the adoption of cloud-based services by government agencies, along with online learning and contactless payments, aided in the growth of the market. Thus, the number of data management centers increased during the pandemic. For instance, in 2021, there were nearly 8,000 such centers around the world. The U.S. the U.K., Germany, China, Canada, and the Netherlands had most of them.

Hence, the industry boomed amidst the pandemic due to the rise in the volume of data because of the burgeoning usage of online platforms.

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Central European Heavy Ground Transportation Vehicles Market Is Set To Hit $66.6 Billion by 2030

In 2021, the Central European heavy ground transportation vehicles market was worth $42.9 billion, which is set to grow to $66.6 billion by 2030, at a CAGR of 5.0% from 2021 to 2030. The market is being driven by the growth in commercial activities and rise in the rate of urbanization, which are boosting the demand for the transportation of freight and people. Moreover, technological advancements, most prominently those in the propulsion, are making these vehicles increasingly popular.

Trade necessitates effective goods transportation, which enhances the Central European heavy ground transportation vehicles market growth potential. Regional countries have several trade agreements with each other, which necessitates efficient transportation. For instance, Austria’s key exports include specialized industrial power machinery, medicines, glassware, machinery, and foodstuffs typically through ground transportation to Germany, France, Italy, and Switzerland. This has been driving the demand for light- and heavy-duty trucks, thereby fueling the growth of the market.

Because of the increasing focus on electric transmission, truck sales account for largest share, in terms of revenue, in Central Europe. Regional nations are attempting to minimize greenhouse gas emissions, particularly from road traffic, as well as their reliance on oil. Mercedes-Benz and AB Volvo Group AG, for example, are increasing their R&D investment in order to develop transportation for futuristic cities. Autonomous driving, e-mobility, and connected cars will result in roads that are cleaner, quieter, and safer, which would be imperative for megacities built around the ideas of higher convenience and sustainability.

To obtain a competitive edge, companies in the Central European heavy ground transportation vehicles market have been releasing new products and forming strategic alliances and collaborations. For example, to accomplish comprehensive decarbonization of the transportation sector, Daimler Truck AG, AB Volvo, IVECO, Shell PLC, and OMV Group work partnered to launch H2Accelerate zero-emission hydrogen vehicles in Europe in December 2020. This is in tune with regional countries’ strong efforts to meet the climate neutrality targets decided by the Paris Agreement.

Hence, the rise in trade activities advances the growth of the Central European market.

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Western Europe Heavy Ground Transportation Vehicles Market To Reach $271.5 Billion by 2030

From $155.4 billion in 2021, the Western European heavy ground transportation vehicles market size is set to reach $271.5 billion by 2030 with a CAGR of 6.4%. This is attributed to the introduction of advanced automotive technology, rapid urbanization, and rise in the scale of trade among regional nations. Moreover, the integration of digital technologies and electric propulsions is allowing for the development of truck and trailer telematics solutions for a smarter logistical network.

Transit buses dominated the Western European heavy ground transportation vehicles market, and they are also projected to grow with the highest CAGR in the coming years. Buses are the most used public transport in the region and a vital contributor to tourism. Furthermore, these automobiles improve social inclusion by providing access to education, employment, and healthcare to all, including those with low income, non-drivers, the elderly, the disabled, and those living in remote areas.

Conventional trucks created the highest revenue in the Western European heavy ground transportation vehicles market in 2021. These trucks are the most common as they are less expensive as opposed to hybrid, electric, and fuel cell variants. Furthermore, they are more comfortable driving for long distances because of their longer wheelbase. Additionally, they are less hassle-prone to inspect and maintain because it is quite easy to lift their bonnet over those employing other propulsive technologies.

 Furthermore, the large number of trade agreements between neighboring countries boost the demand for buses and trucks. For example, Germany is the closest neighbor as well as the one of the biggest trade partners of France. Both the countries are involved in trade through different means of transportation, thereby offering lucrative opportunities to commercial vehicle OEMs. While France is a major exporter of wines, Germany is known for its automobiles, electrical goods, beers, and the many types of sausages

Hence, the growth of the market is mainly because of the rapid urbanization and technological innovations.

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How Will Agriculture Sector Steer Ethylene Vinyl Acetate Market Growth?

A number of factors such as the surging agricultural activities, increasing solar PV installation, and burgeoning demand for ethylene vinyl acetate in several industries are expected to drive the ethylene vinyl acetate market at 7.2% CAGR during 2021–2030. According to P&S Intelligence, the industry was valued at $7,060.8 million in 2021, and it will generate $13,149.7 million revenue by 2030. In recent years, the increasing number of mergers and acquisitions among leading players has become a key market trend.

A surge in agricultural activities, on account of the growing population, is expected to drive the demand for ethylene vinyl acetate in the future. As per the UNFPA, the global population will increase from 7.7 billion in 2020 to 9.7 billion by 2050 and could reach approximately 11 billion around 2100. The organization also states that Asia, Africa, Europe, Latin America and Caribbean, North America, and Oceania is home to 4.7 billion, 1.3 billion, 750 million, 650 million, 370 million, and 43 million people, respectively.

Moreover, the increasing PV installation, owing to the surging focus of governments and people on renewable energy, will also support the ethylene vinyl acetate market growth. As solar power is the cleanest renewable energy source and is available in abundance, developed and developing countries around the world are aggressively focusing on the installation of solar power plants. Ethylene vinyl acetate refers to a thermoplastic polymer that is used as an encapsulating agent in solar modules because it offers an insulating and sealing coating over PV cells.

The foam category, within the application segment, accounted for the largest share in the ethylene vinyl acetate industry in 2021. This was primarily on account of the booming end-use industries, such as building and construction, furniture, automotive, healthcare, consumer goods, sports equipment, and electronics, in emerging economies, such as China, India, and Thailand. The growth of these end-use industries can be credited to the economic growth of countries and the surge in disposable income of people. Owing to this factor, the category is expected to witness the fastest growth throughout this decade.

At present, the ethylene vinyl acetate industry is fragmented in nature, due to the presence of numerous players, such as ARLANXEO Holding B.V., Arkema Group, Asia Polymer Corporation, Braskem S.A., Celanese Corporation, Clariant AG, and The Dow Chemical Company. Nowadays, the market players are focusing on product launches to consolidate their position. For example, in August 2021, Braskem S.A. unveiled HD1954M, a new HDPE resin, which delivers rigidity, productivity gains, impact strength, and packaging optimization. 

Globally, the APAC ethylene vinyl acetate market generated the highest revenue in 2021, and it is also expected to continue witnessing this trend in this decade. The dominance can be credited to the booming population, increasing urbanization and commercial activities, and mounting disposable income of people. Additionally, the flourishing footwear and packaging industries will also contribute to the market growth in the region. Furthermore, the APAC market is also expected to exhibit the fastest growth in the coming years, due to the burgeoning demand for durable plastic products from the PV panel, footwear, and pharmaceutical sectors. 

Thus, the increase in agricultural activities and the wide-scale installation of solar power plants are expected to create a high demand for ethylene vinyl acetate across the world.

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Education Technology Market Is Expected To Reach $998.4 Billion by 2030

EdTech solutions are likely to evolve with the advancements in technologies such as IoT and AI. The integration of AR and VR in these solutions allows for a more-interactive learning experience for students. It aids students to cope with abstract concepts and produce better results. Asa result of these benefits, the worldwide education technology market size was $237.6 billion in 2021, which is expected to reach $998.4 billion by 2030, at a CAGR of 17.3% during 2021–2030. Moreover, many countries have been emphasizing smart classes, especially during the pandemic.

Education Technology Market by P&S Intelligence 

The hardware had around 60% revenue share in 2021 due to the rising importance of digital classrooms in the education industry. For example, the popularity of interactive whiteboards has swelled as they offer a better experience. They include dry-erase surfaces, digital pens, communication software, and other multi-touch choices. Users save and share notes across a variety of digital devices, including tablets, smartphones, and laptops, which has allowed to uninterrupted education during the COVID-induced lockdowns.

APAC region has a major share in the education technology market because of the growing usage of the internet and smart devices. Furthermore, the rising investment in developing countries, such as India and China, aids in widening the accessibility of digital devices for students. The rising number of vendors providing remote learning services correspondingly drives the market growth. China has the most-extensive education system, with 282 million students and 17.32 million teachers in over 530,000 schools.

The growing demand for EdTech solutions is a reflection of the rising awareness of their potential in taking economies forward. The pandemic has compelled many investors and EdTech companies to evolve in the new digital learning model. The stalwarts have expanded their product offerings using digital technologies, to ensure uninterrupted learning. The pandemic encouraged many students to improve their skills and augmented their reliance on educational technology.  It helped the education technology market grow and ensure that education remains non-disrupted even during COVID-19.

The market has progressed by leaps and bounds since the outbreak of the pandemic, with the transformation of the education sector by virtual platforms.

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