Food-Grade Lubricants Market To Reach $516.5 Million in 2030

 The food-grade lubricants market was valued at $260.1 million in 2021, and it is projected to advance at a CAGR of 7.9% from 2021 to 2030. The market value will be $516.5 million in 2030 owing to the increasing incidence of foodborne diseases and burgeoning food safety concerns, as a result. Approximately 650 million people suffer from foodborne diseases every year around the globe. The major cause is coincidental proximity with lubricants that are extensively used in machines. Moreover, there is a dire need to preserve the manufactured products and raw materials from adulteration.

The paradigm shift in consumer preferences toward processed eatable items, due to their changing lifestyles, will spur the food-grade lubricants market growth. Due to their busy lifestyles, which is primarily credited to the high urbanization rate, they have less time to cook food. This increases the demand for processed food, especially in emerging economies. Food processing units employ an array of simple and complicated equipment, which creates a high-volume demand for lubricants. Food processing equipment widely features conveyor belts, guillotines, spice & seasoning dispersers, and many other parts that witness continuous movement.

The rapid adoption of advanced technologies has increased the use of automated lubrication systems. This can be ascribed to their inherent ability to lower the probability of equipment failure and reduce operational costs. Apart from assisting in risk reduction due to adulteration, such equipment helps meet the lubricant supply regulations for both mobile and static components. Thus, the adoption of automated units is rising to meet the product quality requirements, which offers market players lucrative growth opportunities.

The mineral category ruled the food-grade lubricants market in 2021 under the product segment, with revenue of $163.0 million. This category is further expected to witness growth at a CAGR of 8.3% from 2021 to 2030. This is credited to the economic nature of lubricants made from mineral oil than those made from other raw materials and, consequently, the high demand for them in the cosmetic, food, and beverage sectors. Furthermore, consumers are much more informed about mineral oils than other raw materials, and many oil & gas and petrochemical companies exist on earth.

Based on application, the food category will witness a food-grade lubricants market CAGR of 8.1% in the coming years. This is because of the greater clarity among consumers and a strong preference for superior-quality meat, which will result in the development of the seafood, meat, and poultry sectors. Because of the changing market dynamics due to the alterations in lifestyles, the demand for processed meat and ready-to-eat items in everyday diet is rising, as people adapt to the trend of replacing cooked meals with on-the-go meals. 

Europe led the food-grade lubricants market in 2021, generating approximately $89.1 million. It is predicted to grow at an 8.1% CAGR in the future owing to the existence of an intricate network of processing units, stringent food quality standards, and high awareness of healthy processed food among consumers. However, APAC will witness the fastest growth, at a CAGR of 8.4%, due to the favorable policies of the regional governments, increasing R&D expenditure, and innovations to curb the hazardous environmental impact of lubricants with mineral oils and other raw materials.

Hence, a rising incidence of foodborne diseases and burgeoning food safety concerns will drive the market.

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What Is Fueling Demand for HVAC in Commercial Sector of Southeast Asia?

 The cooling of space is the fastest-growing application of energy in buildings in Southeast Asia. The use of electricity for cooling in commercial buildings and households has enhanced dramatically over the past decades. However, as per the IEA, only 15% of the households had an air conditioner in the region in 2019. Air conditioning will be more accessible to people throughout the region as incomes increase, access to energy improves, and prosperity spreads. Thus, as time passes, the demand for HVAC systems will continue increasing here.

Earlier, such appliances were majorly found in commercial buildings, but slowly, the people of the region are starting to use them in their homes as well. Therefore, the Southeast Asian HVAC market was worth $18,745.5 million in 2021, which is projected to reach $32,824.1 million, growing at a 6.4% CAGR during 2021−2030. As per P&S Intelligence, this will majorly be owing to the rising infrastructure spending, burgeoning hotel industry, and growing tourism activities, apart from the perpetually hot and humid weather in much of the region.

With the region's glistening white beaches, spicy food, and cultural legacy, tourism is seeing extraordinary expansion year after year. Malaysia, Indonesia, Thailand, and Singapore are all well-known tourist destinations, and many are also gaining prominence as business hubs. In the next few years, this is expected to stimulate the installation of HVAC systems in hotels. Humid and hot summers define the climate of Southeast Asia, which fuels the expansion in the requirement for HVAC, especially VRF systems, room air conditioners, split units, and ducted splits.

Moreover, due to the increasing investment in building activities, the demand for HVAC equipment is surging. Since the building industry came to a standstill in 2020 owing to COVID-19, government activities for infrastructure development have accelerated now, which is propelling the Southeast Asian HVAC market growth. For example, the Thai government had a construction spending of $5.43 billion in public–private partnerships (PPPs) planned for 2021. In all, between 2020 and 2027, Thailand's government plans to invest $29.68 billion (BHT 1 trillion) via PPPs in construction activities.

Much of the HVAC requirement comes from commercial areas, owing to the expanding number of commercial buildings and offices, hotels, airports, and entertainment centers. The Capital Spring project in Singapore, for example, is a vertically linked integrated complex comprising working and leisure facilities. As of February 2022, this $1.3-billion project was 93% complete. It has 29 office levels, as well as eight floors of serviced residences and adjacent retail areas. Because of the visitor rush, commercial buildings require HVAC systems to maintain the temperature. 

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Why Will 15–75 kVA Category Hold Largest Share in South Africa DG Set Market?

In 2021, the South Africa DG set market accounted for $113,289.3 thousand in revenue, which is projected to reach $159,129.0 thousand by 2030, advancing at a 3.9% CAGR from 2021 to 2030. This is owing to the rapid expansion in the manufacturing and construction industries, coupled with a dire demand for high- and medium-power DG sets from the commercial sector.  The expansion of such industries is particularly owing to the macroeconomic development, government reforms to encourage domestic and foreign investments, and increasing capital expenditure (CAPEX).

Due to the lower operating costs and less dependence on a single fuel, hybrid generators are becoming more and more recognized. Moreover, the persistent power cuts in the nation have not only caused traffic delays but also lowered quarrying activities. By ensuring a regular and frequent power supply, DGs have a prolific role in this industry, especially that have unreliable grid connectivity in states. All of these factors will together offer lucrative opportunities for the expansion of this market.

The major share in the South Africa DG set market, of 40%,  in 2021 was held by 15–75 kVA, when segmented by power rating. This is credited to the growing adoption of gensets of this power rating in commercial and residential places, such as small offices, retail outlets, and telecom towers. Furthermore, power failure is often attributed to improper distribution channels and significant energy losses from the grid. 

The competitors in the South Africa DG set market are taking various measures for achieving dominance. For example, YANMAR established a relationship with Vert Energy Group in December 2020 to become the exclusive distributor of YANMAR’s industrial engines in South Africa and adjacent countries, succeeding Prodist. The major players in this market include GENERATOR BOYS, Aksa Power Generation SA (Pty) Ltd., Kohler Co., Jubaili Bros, Multilec Generator Services, Algen Power Generation (PTY) Ltd., Caterpillar Inc., PacB Power Solutions, Aggreko Ltd., Cummins Inc., and Atlas Copco AB. 

Thus, the government reforms for infrastructure development, along with the growth in the manufacturing and construction industries, are propelling the market.

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Hybrid Work Model Leading To Europe E-Signature Market Boom

Since the outbreak of COVID-19, a great shift has been witnessed in the global work culture. Owing to the existence of advanced technologies and high-speed internet, economies could deal with the disruption in the functioning of numerous industries, with the mass adoption of remote work policies. Due to this factor, the revenue generated by the European e-signature market was $711.8 million in 2021. It will advance at a massive CAGR of 34.9% from 2021 to 2030 and reach $10,504.7 million by the year 2030.

It is believed by European business leaders that organizations that have shifted to hybrid work models are more profitable. Indeed, remote working and hybrid work models are the major drivers of the European e-signature market. The rising in the volume of online documentation processes, cost-effectiveness of e-signatures, and favorable government laws have played a great role in the growing trend of remote working even after the lifting of COVID-19 lockdowns. The increased efficiency, cost savings, timeliness, instant support, and many other benefits have made it feasible to shift to hybrid work models for the long term.

Europe E-Signature Market Report 2022-2030

The constantly growing e-commerce sector is creating more opportunities in the European e-signature market. Businesses are shifting their processes online, and e-signatures are required to legally bind documents, to govern and facilitate the accommodation of such transition. Security, being the major concern here for sensitive documents, needs a significant solution. The rise in the internet penetration has also resulted in a significant increase in the cyber-crime prevalence, such as theft of information and money and online fraud. Since online transactions have made merchant processes easier, their volume is significantly increasing.

In the European e-signature market, the U.K. held a 20% revenue share in 2021, the largest in the continent. It is because e-signatures are widely being utilized for online identification in the country, as they are crucial for services facilitated by the World Wide Web. In order to identify the individual through his or her documents, such as passport, photo ID card, and driving license, there is a specific platform. It has made it easier for the residents of the U.K. to access government services, such as filing for tax or tracking application status.

Hence, the increased efficiency and cost-effectiveness provided e-signatures are the major driving factors behind the boom in the market.

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Why 15 –75 kVA Category Will Hold the Biggest Share in the Zambia Diesel Genset Market?

By 2030, the Zambia diesel genset market is predicted to touch $21,210.5 thousand and was valued $13,762.1 thousand in 2021. The market is predicted to advance at a 4.9% CAGR owing to increasing backup power sources in hotels, offices, retail stores, hospitals, and residential buildings. Moreover, there is a dire need for these gensets in the oil and gas, power, manufacturing, and construction industries. In addition, the requirement for dependable and safe electric supply, swift urbanization, and constant government policies to develop and enhance electrification in the power sector will drive the market. 

The 15 –75 kVA category holds the biggest share in the Zambia diesel genset market accounting for more than 40% of the total sales. This can be credited to the sharply increasing demand in commercial complexes, hotels, small industries, telecom towers, restaurants, and residential facilities. Furthermore, apartments, as well as commercial complexes, have higher installation rates, coupled with better suitability in small-to-medium-sized locations. These factors assist in generating higher sales in this country during the forecast period.

The diesel generators play a pivotal role in the hospitals and clinics. There are diesel generators in the healthcare industry to give constant and consistent energy supply, and power backup for medical equipment. With the outbreak of COVID-19, the government has been surging the count of hospitals, which will propel the demand for gensets in Zambia. Thus, the growth of healthcare infrastructure and the genset market will go hand in hand. 

The highly-competitive Zambia diesel genset market is driven by new product launches. For instance, Volvo Penta enhanced its portfolio of generation of engines by launching the latest D13 power node named TAD1346GE 500 kVA. This well-grounded and fuel-efficient compact engine is a prominent part of the company’s power provision. It is a major feature for a backup genset, exhibiting 100% power output, especially for emergency operations.

Hence, a dire need for power backup, and extensive government support, coupled with rising backup power sources will drive the market.

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Why Will Steelmaking Equipment Will Fitness Fastest Metallurgy Equipment Market Growth?

The major drivers for the global metallurgy equipment market are robust digitalization and surging integration of powder metallurgy in numerous sectors. In 2021, the market stood at $100.3 billion and it is predicted to touch $133.9 billion by 2030, booming at a 3.3% CAGR from 2021 to 2030. The outbreak of COVID-19 ruptured the market as it disrupted the industries that consume large amounts of metal, including industrial, automotive, and aerospace & defense. Thus, there was a significant fall in the power metal requirements, such as steel and iron.

Within the equipment segment, the milling machines category dominates the metallurgy equipment market, accounting for about 55% of the total market share. This can be credited to the steep rise in the count of metalworking facilities all around the world which has led to the enlargement of the global metalworking industry. Furthermore, the companies are involved in enabling software programs that run the tool changes, spindle speeds, and axis in machines that facilitate milling because of exorbitant labor costs. To improve the productivity of these machines, there is increased integration of CNC technology.

The rising integration of powder metallurgy in the automotive sector will spur the metallurgy equipment market growth. This can be ascribed to everlasting impact and lesser weight of powdered metals. They not only enhance the effectiveness of automotive components but also minimize the wastage of materials. Powder metallurgy is being adopted in the manufacturing of cars by developing nations, such as China. For instance, car registrations in China have increased by 1.3 million from 2020 to 2021, even amid the global pandemic, thereby propelling growth in the market.

Within the type segment, steelmaking equipment will witness the fastest growth in the metallurgy equipment market in the coming years at a 3% CAGR. This can be attributed to the rising deployment of steel in the electronics, infrastructure, equipment and machinery, marine, aerospace, and automobile industries. For example, steel contribution accounted for $3 trillion in the global economy. Moreover, to improve the durability and safety of passengers and vehicles, the steel is crush- and corrosion-averse. The snowballing demand for hybrid and electric vehicles will augment growth in the market.

APAC has generated the highest revenue in the market, of about $47.2 billion, attributed to the existence of advanced production centers in numerous industries. Moreover, China and India are two of the largest producers of iron and steel, which leads to an easy availability of these raw materials for regional industries. APAC countries are on the path to replacing those in North America and Europe as the major manufacturing hubs, with India, China, Japan, and South Korea already among the top 10 manufacturers in the world.

Hence, as the demand for metals grows in different industries, so will that for the equipment used to process them.

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Industrial Starches Market To Touch $169,971.8 Million By 2030

 In 2021, the industrial starches market stood at $97,623.6 million, and it is projected to reach $169,971.8 million by 2030, advancing at a CAGR of 6.4% from 2021 to 2030. The food industry majorly uses industrial starches in the form of additives, owing to their gelling, film-forming, thickening, and stabilizing characteristics. Moreover, because of the stringent regulations of government agencies, such as the FDA and FSSAI, regarding the quality of food products, there has been a surging demand for these starches all around the globe.

The extensive government support in numerous countries assists in the efficiency of the global supply chain and the attainment of national food security amid hunger crises. This and the presence of a strong logistical network justify the negligible impact on the agriculture sector of the outbreak of COVID-19. Furthermore, there was a positive impact on the pharmaceutical industry, with the surging starch use in medicines and drugs. However, most industries, including textile and paper & pulp, were shattered, but with the removal of lockdowns, the market will grow consistently in the forecast period.

Under segmentation by source, corn will spur the industrial starches market growth, being a prominent raw material. The overall corn production in 2022 exceeded the 2021 numbers by more than 7%, on account of the swift expansion of the food processing and agricultural sectors. Starch is used in various forms in the paper industry, such as coating agents, surface sizing agents, and wet-end additive agents. The inherent environmental benefits over the conventional plastic raw materials, primarily biodegradability, drive the market.

The highest revenue generator in the industrial starches market was native starch, accounting for an around 30% share, in 2021. There is a high popularity of native starch in the food processing industry as a stiffening agent, to provide stability and texture to the food. Additionally, it can be used to bring a loose mixture together, being a binding agent. Moreover, there is a skyrocketing demand for natural-ingredient-based food, as consumers are well-informed about the environmental impact, nutrient content, and safety aspects of food in the long term.

APAC will dominate the industrial starches market and exhibit quick expansion in the forecast period. This will be due to the rising yield of starch sources in developing nations, which is resulting in the escalating number of product offerings. In addition, there is greater adoption of starches in industries such as paper and textile. Moreover, the growing young population, higher disposable income, and, consequently, the rising purchasing power of consumers, accompanied by the snowballing demand for starch-containing food, will provide lucrative opportunities for the regional market.

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