How Does PEG400 Drive Polyethylene Glycol Market Growth?

In 2021, the polyethylene glycol market size stood at $4,534.8 million; it is expected to reach $6,909.6 million by 2030, growing at a rate of 4.8% from 2021 to 2030, attributed to the surge in demand for polyethylene glycol in the pharmaceutical industry to manufacture drugs and medical devices. Similarly, the increase in demand for PEG in inks, paints and water-based coatings drives the market growth. Moreover, the massive usage of polyethylene glycol as a specialty solvent or surface-active agents such as conditioners, shampoos, lotions, toothpaste and deodorants propel the market. 

PEG400 holds a significant share of polyethylene glycol market revenue, attributed to its low-molecular-weight grade with low toxicity. It is highly utilized in the manufacturing of drugs due to the hydrophilic nature of the PEG400, resulting in increased bioavailability and solubility of weaker water-soluble drugs. Ophthalmic solutions also use PEG400 as it acts as a relieving agent in irritation, discomfort or burning sensation in the eyes. Under the form segment, the opaque liquid category holds a significant market share. 

APAC holds the largest share of the polyethylene glycol market, attributed to the massive usage of water-based coatings, inks and paints in the construction industry. Similarly, the surge in the paper industry in China and India results in market proliferation due to the rising demand for chemicals. The hydraulic fracturing technology is expected to create new opportunities for market players, attributed to the surge in unconventional resources production such as tight oil and shale gas.

The U.S. Energy Information Administration reported that presently the crude oil production in the region amounts to 11 million barrels daily. This is why North America holds a 30% polyethylene glycol market revenue share. Moreover, the expansion of the food and beverage and cosmetics and self-care industries drive the market. The rise in the cosmetics & personal care businesses is witnessed in the region, attributed to rising employment, busy lifestyles and growing demand for personal care products. 

Therefore, the construction and pharmaceutical industry expansion drives the market. 

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Why Will APAC Dominate the Crop Protection Chemicals Market?

The major drivers in the global crop protection chemicals market are burgeoning population levels, the dire need to improve the scalability of crop production, scarce resources such as agricultural labor and land, and surging concerns over food security. In 2021, the market was valued at $78,407.3 million, and it is predicted to touch $117,436.6 million by 2030. Furthermore, the market will advance at a 4.6% CAGR from 2021 to 2030. In addition, there is a huge pressure exerted on the agricultural land and the farmers to improve the efficiency of agricultural lands. 

A skyrocketing investment in R&D will spur crop protection chemicals market growth. Enhanced integration of technologically advanced devices into the current farming activities will pave the way for generating higher revenue in the market by providing lucrative opportunities to the market players to gain a competitive edge. The farmers are in constant fear of crop failure because of the threat of pest attacks. Moreover, to minimize the risks associated with crop damage and to maximize crop production, pesticides are being extensively used in farming techniques.

Within the application segment, the cereals category will generate the highest crop protection chemicals market revenue, growing at a 5% CAGR from 2021 to 2030. The requirement to meet the skyrocketing need for food inventories by the population will enhance the efficiency of production, thereby helping the corporations to attain economies of scale. The surging awareness of leading a healthy lifestyle among the people is exerting a noticeable push on cereal production to cater to the dietary requirements of people. Therefore, this will propel growth in the market.

APAC led the global crop protection chemicals market in 2021, accounting for about 40% of the total market value. This can be credited to surging awareness of the use of pesticides, extensive farmland, and an inherent strong agricultural base. Moreover, the increasing adoption of technologically advanced products will propel growth in the market. In addition, it is also expected to exhibit the fastest CAGR because of the greater requirement for agrochemicals in emerging economies, such as China and India.

Hence, the skyrocketing population levels will drive the market by offering extravagant opportunities to the market players.

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Why Will APAC Witness Highest CAGR in Air Purifier Market?

 The most-prominent factors propelling the air purifier market are the rising prevalence of airborne diseases, poor indoor air quality, and surging global air pollution levels, accompanied by better living standards. In 2021, the market stood at $11,422.7 million, and it is expected to reach $31,195.6 million by 2030. The market is projected to advance at a CAGR of 11.8% from 2021 to 2030 due to the rising awareness about curbing the spread of respiratory illness by driving down pollution levels.

The accelerating pace of the spread of airborne diseases, including the common cold, tuberculosis (TB), measles, and influenza, has been driving the air purifier market over the past few years. For instance, TB is the second-deadliest infection, followed by COVID-19 currently, and it ranks 13th among the leading roots of death all around the world. There were 10 million reported cases of TB and 7.5 million reported cases of measles worldwide in 2020. Air purifiers result in lower amounts of airborne pollutants in constricted spaces, as per the U.S. Environmental Protection Agency.

Within the technology segment, air purifiers with ionic and HEPA technologies constitute more than half the total market share. Of these, HEPA-technology-based devices are dominant owing to their advanced filters, which encompass multiple layers of meshes made out of fine threads of fiberglass. Bombarded with swift-paced air, these filters can dry out all the viruses. The minutest airborne components in the indoor air are captured by these filters, thus curbing allergies and other lung diseases. In addition, they can even capture the minute 0.125-micron COVID-19 virus.

A greater adoption of advanced ventilation technologies will encourage the air purifier market players to adapt to the shifting market dynamics. Without using any filter, negatively and positively charged ions are leveraged by ionizers to not only remove the tiny allergens but also improve the air quality, by purifying the air. The cost of ionizing-technology-enabled purifiers ranges from a minimum of $30 to a maximum of $300, depending on the model, size, and brand. Apart from reducing the air pollution levels, this technology also causes less noise pollution at the lowest possible operational costs.

Under the application segment, by holding an around 20% share, the residential category occupied a significant position in the air purifier market in 2021. Additionally, it is projected to advance at the highest compound annual growth rate owing to the rising adoption of smart homes and green buildings, accompanied by a surging awareness of diseases resulting from deteriorated air among people. Owing to their enhanced performance, lower weight, lower costs, and higher reliability, HEPA-technology-enabled air purifiers are extensively used in houses.

In 2021, approximately 40% of the total revenue in the air purifier market was generated by APAC. This can be attributed to the extensive industrialization, swift urbanization (and subsequently rising disposable income), and growing population. All of this goes hand in hand with the deteriorating air quality levels, especially in Pakistan, Bangladesh, and India, where the pollution levels exceed by a minimum of ten times, as mentioned in the IQAir report of air quality.

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Why Will APAC Rule the Pressure Washer Market?

The major drivers in the global pressure washer market are the increasing count of carwash stations, coupled with a snowballing demand for pressure washers in commercial as well as residential areas. In 2021, the market stood at $2,629.1 million, and it is predicted to touch $3,868.9 million by 2030. In addition, the market will grow at a 4.4% CAGR from 2021 to 2030. A swift urbanization rate will increase the requirement for residential projects, in turn, surging the requirement for home cleaning systems, such as pressure washers. This will augment growth in the market.

The outbreak of COVID-19 had disrupted several sectors but the pressure washer market is among the exceptions. The spread of the virus had exerted a push on the importance of sanitization and cleaning among several corporations. There would be dramatic changes within the cleaning industry amid the pandemic. There is a skyrocketing requirement for pressure washers in the cleaning applications in an attempt to meet the standards of sustainability and hygiene. Thus, the commercial cleaning industry had very well bridged the spaces between the forces of demand and supply by enhancing their efficiency.

APAC will witness the fastest pressure washer market growth, of approximately 5%, on account of extensive government support. For example, an investment of $1.4 trillion was made by the government of China with the aim of inter-city transportation systems, 5G networks, and digital infrastructure development. Moreover, an increasing disposable income will exert a push on the requirement for swimming pools, gardening, floor cleaning, and vehicle washing maintenance services. Approximately, 80 million sales were accounted for in the automobile sector in 2021 according to the OCIA, thereby, creating the carwash services demand.

The hot water category will witness a 4% CAGR in the pressure washer market from 2021 to 2030. It offers an efficient cleaning process and minimizes the cleaning time by 35%. There is a robust demand for deep cleaning applications, including grease and clean oil. Daimer's Super Max hot-water pressure washers, in particular, have temperatures of up to 572 °C (300 °F), pressures of up to 3,500 psi, and flow rates of up to 10 gallons per minute.

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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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