APAC is Dominating Force in Rare Earth Metals Market

The size of the worldwide rare earth metals market was approximately $7,063.8 million in the year 2021 and it will reach a value of $15,473.0 million by 2030, advancing at a compound annual growth rate of approximately 9% during the forecast period. This will chiefly be a result of the growing use of these elements in the customer electronics, space, and automotive industries. With rapid industrialization, there is been an intensification in the growth of all the industries employing rare metals as raw materials.

The APAC rare earth metals market will have the highest growth rate, in excess of 9%, in the near future. China has the largest reserves of the majority of rare earth elements and is the largest producer, with a share in excess of 60% of the global output. Furthermore, it is the key exporter of these elements. With the increase in the production of vehicles and the development of the construction industry, the industry is growing continuously. These minerals are employed as alloys for the manufacture of automobiles and their parts.

The growth of the rare earth metals market is mainly because of the increasing use of neodymium magnets in the machines of MRI, to get internal assessments of the human body without the use of radiation. This is because of the heavy funding in the healthcare industry by the government and top companies at a global level. According to statistics, in 2021, the global healthcare investment was valued at around $6 billion. Furthermore, numerous uses of these metals are in protection equipment like communication equipment, precision-guided weapons night-vision goggles, and stealth technology, which are pushing the demand for the same.

There is an increase in the demand for rare metals at a global level due to the use of the same in a large number of industries such as customer goods.

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Increasing Focus on EVs in India Propelling Demand for Discrete Power Semiconductor Devices

 EVs promise zero emissions from the exhaust and a decrease in city air pollution. With an aim of attaining 30% EV penetration by 2030, the Indian government has initiated the FAME India program, which encourages the adoption of EVs. The initiative propels the requirement for discrete power semiconductors as they are used for power conversion purposes in these automobiles.

Apart from the increasing use of EVs in the country, the growing need for power electronic modules in various industries is the major factor for the Indian discrete power semiconductor devices market advance. From $1,007.7 million in 2021, revenue generated from the sale of these components is likely to propel at a 12.2% CAGR during 2021–2030, ultimately reaching $2,834.2 million.

Due to the rising pollution levels and increasing fuel prices, several policies have been adopted by the government to push the use of EVs. For example, a policy was introduced by the Delhi government in 2020 to fuel the evolution of battery EVs, in order to achieve a 25% EV share in the registrations of new vehicles by 2024. Initially, 100 EV charging points and battery stations, each of which can charge five automobiles, will be set up at as many locations, the majority on land under the ownership of DMRC.

The largest share in the Indian discrete power semiconductor devices market was held by the TO-247 category within the package type segment in 2021, a situation that is predicted to remain unchanged over the forecast period. This is credited to the decent thermal conduction straight to a heat sink, negligible stress in installing activities, and a bigger die or lower on-resistance and high-current devices provided by this type of packaging.

The rising acceptance of consumer and connected devices is also likely to intensify the growth of the industry. Power electronic products are widely used in home appliances, such as AC power supplies, dishwashers, induction heaters, and washing machines. Most power electronics are enhancing load controls, for example, variable-speed-drive motors for fans, compressors, pumps, or switching power supplies that are there in most consumer electronics.

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LED Technology Contributes 71.9% Revenue to Automotive Ambient Lighting Market

 In 2021, the automotive ambient lighting market stood at $3,203.8 million; it is set to grow at a rate of 9.2% from 2021 to 2030, to acquire $7,087.5 million revenue by 2030. Ambient automotive lightning is attractive and robust and possesses exterior and interior illumination. The rise in the disposable income of inhabitants leading to the adoption of a luxurious lifestyle to add comfort is driving the demand for automotive ambient lights. Moreover, the growing economies and original equipment manufacturing unit establishments lead to market expansion. 

The automotive sector is witnessing rapid growth in India, China, South Korea and Japan, leading to the expansion of the automotive ambient lighting industry. The increase in demand for economy vehicles in APAC is attributed to the significant users of car body lights, roof console lights and reading lights. This is why APAC registers over $1,400 million in sales of ambient lighting products to OEMs, garages, service centers, and DIY consumers. The government initiatives to promote the adoption of connected and autonomous cars is also resulting in the market boom. 

Automotive Ambient Lighting Market Value 2022-2030

The halogen technology is expected to witness an increase in demand in the near future, ascribed to the low-cost availability of the technology, leading to automotive ambient lighting market expansion. The halogen technology appeals to the vehicle’s interior, enhancing its outlook. Halogen lamps are easy to install and utilize, attributed to their standard design and “plug and play” function, resulting in a boost in the market. 

The rise in the luxury lifestyle to increase comfort is resulting in dominance of dashboard lights in the automotive ambient lighting market. The increased traction of the passenger cars and autonomous vehicles on the road in North America results in a surge in demand for advanced lights in dashboards, leading to market expansion. Under the type segment, the heads-up display category is expected to witness substantial growth in the market. It is attributed to the growing requirement for the driver's uninterrupted vehicle information display.  

Therefore, the rising trend of utilizing halogen technology to make the vehicle look attractive and create an aesthetic appeal, including the luxurious lifestyle to add more convenience and enhance the driving experience, boosts the market. 

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How Does Automation Leads to Surge in Commercial Lawn Mower Market?

In 2021, the commercial lawn mower market valued $14,741.3 million, and by 2030, it is set to reach $26,346.6 million, advancing at a rate of 6.7% from 2021 to 2030. Technological advancements and infrastructure development projects such as smart cities are leading to market growth. The rapid urbanization leading to increased construction of commercial buildings is likely to boost the demand for gardening and lawn maintenance equipment.

The commercial lawn mower market is expected to boom due to the advanced systems integrated into the lawn mowers, such as sensors that perform weather sensing, obstacle identification, anti-theft and other tasks to provide convenience to the consumers. Moreover, lawn mowers powered by AI can potentially transform the market. It will enable users to connect the lawn mower with their smartphones and remotely access it through Bluetooth, cellular connectivity or Wi-Fi. 

The worldwide smart cities projects are gaining momentum, leading to a surge in demand for smart devices for ease of convenience penetrating the commercial lawn mower market. Artificial intelligence, machine learning and the internet of things led technologies expand smart cities equipped with smart infrastructure, leading to increased demand for robotic lawn mowers. The rapid urbanization leading to the construction of new structures, including maintenance of green areas for soccer fields, golf course fairways, airports and other sports fields, leads to a surge in demand for lawn mowers.

Golf courses & other sports arenas contribute highly to the commercial lawn mower market revenue generation, accounting for $3,307.1 million. It is expected to follow the same trend in the coming years, attributed to the rising popularity of golf among people. Numerous youngsters are participating in golf sports worldwide, leading to increased investments in the construction of golf courses. It will further lead to increased demand for commercial lawn mowers. 

North America contributed significantly to the commercial lawn mower market revenue generation amounting to $5,540.4 million; it is expected to retain the same position in the near future. Increased demand for lawn mowers is attributed to the prominence of golf courses in the region. Numerous initiatives of governments to promote the development of green areas for public usage have also resulted in the increased demand for lawn mowers. 

Thus, smart cities with smart infrastructure projects that includes the development of green areas for various sports and other public activities is expanding the market.

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Why Will APAC Dominate Epoxy Adhesive Market?

By 2030, the worldwide epoxy adhesive market is predicted to touch $13,483.9 million from $8,217.9 million in 2021. The market will advance at a 5.7% CAGR from 2021 to 2030 owing to the rising need for adhesives from the marine, cement, plastic, construction, and automotive sectors. To meet the environmental standards, corporations are developing green sealants and adhesives over chemical adhesives. They are engaging in advancing the technologies for the production of these green products. For instance, the RENUVA technology for sealants and adhesives has been developed by The Dow Chemical Company to enhance water resistance.

Based on end user, the building and construction sector ruled the epoxy adhesive market with revenue of approximately $2.3 billion in 2021. This can be attributed to the adaptability of the adhesives in the construction and building sector. Their dominance can be justified by their varied application in surface repair, gap filling, and lamination. Their application can be extended to stainless steel, bricks, ceramics & porcelain, cellular PVC, and fiberglass. Hence, with the growth in the construction of residential, industrial, and commercial spaces, the consumption of these bonding agents is booming.

Based on type, the epoxy adhesive market can be bifurcated into one component and two-component. The one-component category holds the larger share because of the enhanced features of these variants, including solvent-free mixture and fast curing. Since no mixing is required in this variant, it is more appropriate for assembly lines as it uncomplicates the manufacturing process and makes it effortless. However, there will be an increasing requirement for two component-based epoxy adhesives in the forecast period, especially in construction activities.

APAC dominates the epoxy adhesive market, attributed to its massive electrical, electronics, & semiconductor; automotive, and construction industries. China is the highest revenue generator in this region because it is among the biggest exporters of sealants and adhesives, home to all important market players’ manufacturing units because of economical labor, and the largest country in terms of purchasing power parity. In addition, India will also witness growth due to the rising count of consumers, cheap labor, and expanding automotive industry.

Hence, epoxy adhesive demand is burgeoning across the globe due to the growth of the automotive and construction industries.

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How Macroeconomic Development Drives India Prime Power Diesel Generators Market Growth?

The Indian prime power diesel generators market is being driven by the increasing infrastructure expenditures and a substantial power deficit. Because of these factors, the market is projected to reach $356.3 million in 2030 from $143.6 million in 2021, at a CAGR of 10.6% from 2021 to 2030. The commercial sector has a strong need for medium- and high-power diesel gensets. Similarly, the substantial expansion in the manufacturing and construction industries is likely to fuel market growth.

Furthermore, India's burgeoning telecommunications industry is a major driver for the Indian prime power diesel generators market. This industry is concentrating on overcoming one of the most-significant challenges of unpredictable power supplies from the grid. As a result, prime power diesel generators are commonly used by telecom tower operators. The number of telephone users in India rose by 0.71% from January 2021 to the end of February 2021, as per the Telecom Regulatory Authority of India (TRAI). This increases the strain on telecommunications businesses to maintain the operationality of the towers despite the inconsistent grid supplies.

By 2030, the commercial application category is set to account for over 70% of the Indian prime power diesel generators market revenue. This will be due to the high need for a constant electrical supply in commercial facilities, such as hotels, train stations, phone exchanges, and retail stores. Prime power diesel generators serve as a backup power source and a type of insurance, allowing businesses to avoid losing money due to a lack of adequate power for operations. As a result, in 2021, firms selling these devices in the country made over 60% of their income from commercial sales.

Uttar Pradesh has the highest demand for diesel gensets for prime power applications, and it is projected to continue to do so in the future. In 2021, the state had an Indian prime power diesel generators market share of over 10% and produced over $20 million revenue from genset sales. This was owing to the increasing expenditures in the telecom industry, rising power demand in the state's residential facilities, and rapid commercial infrastructure expansion. In addition, the rebound in the Indian commercial and residential real estate industries, commissioning of new construction projects, and a comeback in industrial investment would provide attractive prospects for participants in the future years.

Hence, the growth of the commercial sector is expected to drive the demand for gensets to offer prime power in India.

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Why Does APAC Hold Largest Share in Lithium-Ion Battery Market?

Due to the increasing demand for renewable energy and the high adoption of lithium-ion batteries in consumer electronics, the global lithium-ion battery market was worth $46,142.1 million in 2021. By 2030, with a high CAGR of 15.3%, the market size is expected to reach $165,847.8 million. The key factors responsible for the rising usage of these energy storage devices include a growing focus on environment-friendly practices, rising energy demand, and low operating and maintenance cost of lithium-ion batteries.

In 2021, Li-NMC versions accounted for 31.4% of the total lithium-ion battery market revenue. Because of their long life, large storage capacity, and excellent temperature stability, Li-NMC batteries are mainly utilized in electric vehicles and consumer devices. Moreover, battery researchers and designers are concentrating their efforts on reducing the cobalt percentage in the NMC cathode, which will decrease the cost of the battery and propel the market in the coming years. Furthermore, because these energy storage systems have high specific energy, most automotive businesses use them in EVs.

According to the United Nations, transportation networks have a substantial environmental impact, accounting for around 25% of the worldwide greenhouse gas emissions. As a result, governments are encouraging the usage of EVs to achieve a sustainable and environment-friendly lifestyle. Furthermore, as a result of the increasing oil costs, the demand for EVs has risen considerably in recent years, thus favoring the lithium-ion battery market. For example, the price of diesel has risen from $2.56 per gallon to $3.54 per gallon from 2020 to 2022, as per the U.S. Energy Information Administration.

The existing production capacity needs to be significantly increased, which presents an opportunity for businesses looking to invest in the lithium-ion battery market in certain locations. The acceptance of these solutions across a wide range of applications would be catalyzed by the lowering component prices, mass production, and the adoption of innovative technologies to enhance battery capacity and decrease the price. The cost of lithium-ion batteries has dropped by 85% in the last decade, thus making EVs and energy storage devices financially viable.

Li-ion battery recycling trends, favorable government legislations, advancements in environment-friendly technology, and expanding investor stake in the business are all contributing to an increase in the worldwide production of sustainable alternatives. Because of their high specific power/energy density, lithium-ion batteries have overcome the intermittency difficulties connected with renewable energy. They may be used to store the excess energy produced by wind and solar facilities during low-demand periods and then sell it to the market when the demand spikes.

In 2021, the APAC lithium-ion battery market earned $24,586.2 million in sales and held the largest share. Consumer electronics sales are rising in the region, which is boosting industry development. The use of these batteries is also aided by the fast technological advancements and increasing demand for smart gadgets. Moreover, electric car prices are decreasing in the region, thereby increasing the use of lithium-ion batteries in South Korea, India, Japan, and China.

Hence, the low maintenance and operating cost of lithium-ion batteries are propelling the market growth.

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