Boom Expected in Asia-Pacific Lithium-Ion Battery Recycling Market in Future

The global lithium-ion battery recycling market revenue stood at $161.4 million in 2020, and it is predicted to surge to $991.5 million by 2030. Furthermore, the market will demonstrate a CAGR of 19.9% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the burgeoning requirement for electric vehicles and the limited availability of the lithium metal across the world. 

The mushrooming use of lithium in various industries is augmenting the requirement for lithium mining, which is creating concerns, owing to the limited availability of the metal all over the world. Moreover, lithium mining causes environmental damage, because of extensive chemical leakage. Owing to these factors, the popularity of lithium-ion battery recycling is soaring. Additionally, recycling assists manufacturers in ensuring that only required quantity of lithium is used in batteries and other applications.

Apart from the aforementioned factor, the ballooning deployment of electric vehicles is also fueling the expansion of the lithium-ion battery recycling market. As per the Sustainable Development Scenario of the International Energy Agency (IEA), the total number of electric vehicles (excluding three- and two-wheelers) will rise to 245 million units by 2030, which is expected to promote the recycling of lithium-ion batteries so that their worldwide requirement can be met. 

Depending on battery type, the lithium-ion battery recycling market is classified into lithium-ferro phosphate (LFP), lithium-cobalt (LCO), lithium-nickel-cobalt-aluminum oxide (NCA), lithium-ion-manganese oxide (LMO), and lithium-nickel-manganese-cobalt oxide (NMC). Out of these, the LCO category dominated the market in 2020 and this trend is expected to continue in the coming years as well. This will be because of the soaring use of LCO batteries in various portable electronics, such as tablets, mobile phones, and laptops, due to their high energy density.

Globally, Asia-Pacific (APAC) held the largest share in the lithium-ion battery recycling market in the years gone by and it is predicted to retain its dominance throughout the forecast period as well. This is credited to the large-scale deployment of electric cars, which is driving the demand for recycled old batteries in order to meet the soaring requirement for these energy devices in the region. Additionally, the rising public awareness about the various environmental benefits of electric cars is also propelling the growth rate of the market in the region. 

Hence, it can be safely said that the demand for lithium-ion battery recycling will skyrocket in the coming years, mainly because of the mushrooming adoption of electric vehicles and the limited availability of lithium across the world. 

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Global Microdisplay Market To Grow At 17.1% CAGR during 2020–2030

The global microdisplay market was valued at $1,145.6 million in 2020, and it is predicted to generate a revenue of $5,535.6 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 17.1% from 2020 to 2030 (forecast period). The major factors driving the expansion of the market are the increasing use of heads-up display (HUD)-integrated advanced driver assistance systems (ADAS) and surging number of near-to-eye (NTE) applications.

The rising incidence of road accidents is pushing up the requirement for ADAS, especially in China, Japan, and the U.S. According to the World Health Organization (WHO), around 1.3 million deaths are recorded every year because of road accidents. According to the Federal Motor Carrier Safety Administration (FMCSA), the U.S. launched a project in order to promote the incorporation of ADAS in the trucking industry in 2019, owing to the ability of ADAS to mitigate the prevalence of road accidents and fatalities.

The government made an investment of $0.65 million in the project, which is predicted to be completed by the end of 2021. Besides, the soaring need for microdisplays in NTE applications is also propelling the microdisplay market across the globe. These screens are being increasingly used in NTE devices, such as HMDs, augmented reality (AR)/virtual reality (VR) headsets, full-color projection devices, and personal electronics, such as cameras and mobile phones.

Depending on technology, the microdisplay market is divided into liquid crystal on silicon (LCoS), organic light-emitting diode (OLED), digital light processing (DLP), and liquid crystal display (LCD) categories. Out of these, the OLED category is predicted to register the highest growth rate in the market in the coming years. This is ascribed to the mushrooming utilization of OLED screens in electronic devices and appliances, such as smartphones and TVs. Additionally, these screens provide a high pixel density and compact size, which is further boosting their popularity globally.

This market research report provides a comprehensive overview of the market

• The Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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Surging Construction Industry Driving U.S. Mattress Market Growth

A number of factors, such as the growing construction industry, booming hospitality and tourism sectors, surging concern toward sound and healthy sleep, and increasing prevalence of back and spine problems, across the country, are expected to drive the growth of the U.S. mattress market at a CAGR of 4.8% during the foreseeable period (2020–2030). According to P&S Intelligence, the market generated $16,716.5 million revenue in 2020, and it is expected to reach $26,790.4 million by 2030. 

One of the prime factors aiding the U.S. mattress market growth is the surging construction industry. For instance, as per the U.S. Census Bureau, construction spending reached $1.324 trillion in 2019, from $1.271 trillion in 2018 in the country. Moreover, the spending on private construction was 1.6% more in 2019 as compared to 2018. Likewise, residential construction spending was 2.7% higher in 2019, than the previous year. The data states that the construction sector is observing notable growth in the U.S., which is driving the demand for mattresses.

Furthermore, the booming hospitality and tourism sectors are also driving the need for mattresses in the U.S. For instance, travel activities in the country reached a total of 2.3 billion person-trips, augmented by 1.7%, in 2019. Moreover, domestic leisure travel activities stood at 1.9 billion person-trips, increased by 1.9%, in 2019. Similarly, domestic business travel activities reached 464 million person-trips, amplified by 1.1%, in 2019, as compared to 2018.

Geographically, in the U.S. mattress market, the southern region held the largest share in 2020. This is because the region offers growth opportunities to players operating in the market, due to the high urbanization rate in this part of the country, and southern cities have a huge population base. For example, Metropolitan Atlanta has been observing a significant rise in its population, with an addition of 69,200 residents every year.

Thus, the growing construction industry and the booming hospitality and tourism sectors are expected to boost the market growth during the forecast period in the country.

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Plant-Based Protein Market Being Propelled By Growing Intolerance to Animal Protein

The global plant-based protein market reached a revenue of $11,104.3 million in 2020 and it is predicted to advance at a CAGR of 9.2% from 2020 to 2030 (forecast period). According to the estimates of the market research company, P&S Intelligence, the market will attain a value of $26,721.3 million by 2030. The major factors driving the market are the growing intolerance of people to animal protein, surging customers’ expenditure, and rising public awareness about healthy plant-based foods. 

Plant-Based Protein Market Report - P&S intelligence 

The rise in customer spending and rapid improvements in the living standards of people are pushing up the sales of plant-based proteins across the globe. As per the World Bank, the total expenditure of customers rose from $49.33 trillion in 2010 to $64.130 trillion in 2019. Furthermore, the growing popularity of the vegan lifestyle, owing to its eco-friendliness, is also positively impacting the worldwide demand for plant-based proteins. Besides, the increasing incidence of animal protein intolerance among people, especially in Western countries, is also propelling the expansion of the plant-based protein market.

Geographically, North America contributed the highest revenue to the plant-based protein market in the past. This was because of the growing preference of people for natural ingredients in the food and beverage industry and surging concerns being raised over the rising prevalence of obesity in the region. In the coming years, the market is expected to exhibit the fastest growth in the Asia-Pacific (APAC) region, owing to the growing population of vegetarians, rising income of people, and soaring requirement for protein among people in the region.

Hence, it can be safely said that the demand for plant-based proteins will surge sharply in the upcoming years, mainly because of the growing disposable income of people, rising popularity of the vegan lifestyle, and increasing intolerance of people toward animal protein across the world.

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Rising Infertility Cases Augmenting Female Fertility and Pregnancy Rapid Test Kit Demand

 As per the World Health Organization (WHO), infertility refers to the “failure to achieve a pregnancy after 12 months or more of regular unprotected sexual intercourse”. This is a disease of both the male and female reproductive systems. Infertility is caused by problems in the ejection of semen, abnormal shape and mobility of the sperm, or absence or low levels of sperm in the male reproductive system. Whereas, in the female reproductive system, this disease may be caused by a range of abnormalities of the endocrine system, fallopian tubes, uterus, and ovaries.

Access Report Summary - Female Fertility and Pregnancy Rapid Test Market Size and Value

The WHO estimates that around 48 million couples and 186 million individuals are living with infertility globally. Thus, the surging incidence of infertility is expected to help the female fertility and pregnancy rapid test market progress at a CAGR of 4.5% during 2016–2022. According to P&S Intelligence, the market will generate $489.3 million by 2022. Currently, women dealing with infertility issues are creating a huge requirement for such at-home diagnostic devices owing to their lower cost than laboratory tests.

Essentially, the high number of infertile women is the key factor driving the demand for the associated test kits. As per a study conducted by the WHO, between 1990 and 2012, the global female infertility burden remained almost the same, thus highlighting a high need for diagnoses. The most common examples of abnormal menstruation, which could be a symptom of infertility, affecting the global female population are oligomenorrhea, amenorrhea, and dysmenorrhea. Essentially, family history, smoking, polycystic ovarian syndrome (PCOS), premature ovarian insufficiency, and impaired hypothalamus and pituitary gland function can cause female infertility.

Geographically, North America will dominate the female fertility and pregnancy rapid test market in the foreseeable future due to the soaring incidence of uterine fibroids and PCOS. Additionally, the female population of the region is experiencing irregular and heavy bleeding, abnormalities of the uterus, and indescribable miscarriages, owing to which North America is witnessing a considerable use of such kits. As per the Centers for Disease Control and Prevention (CDC), “About 6% of married women aged 15 to 44 years in the United States are unable to get pregnant after one year of trying (infertility).”

Therefore, the burgeoning infertile female population will boost the adoption of fertility and pregnancy rapid test kits.

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What Factors would be Responsible for Boom of Anatomic Pathology Market in Asia-Pacific in Future?

 One of the biggest factors resulting in the increasing demand for anatomic pathology services across the world is the escalating prevalence of chronic diseases, such as hypertension, cancer, heart diseases, autoimmune diseases, liver cirrhosis, and kidney diseases, especially in low- and middle-income countries (LMICs). According to a report of the World Health Organization (WHO), 9.6 million people died from cancer across the world in 2018. Furthermore, the report also states that almost 70% of the deaths from cancer occur in LMICs, which, in turn, boosts the demand for anatomic pathology screening in these countries. 

Read the full report - Anatomic Pathology Market Insight

The other key factor responsible for the growth of the anatomic pathology market is the soaring geriatric population across the globe. As per the World Population Ageing published by the United Nations (UN), the global geriatric population is predicted to increase from 703 million in 2019 to 1.5 billion by 2050. Additionally, the WHO reports that the prevalence of chronic diseases, such as depression, diabetes, organ failure, dementia, and pulmonary diseases, increases with age, which further pushes the need for efficient diagnosis, thereby propelling the volume of pathological tests.

The biggest rage currently being witnessed in the anatomic pathology market is the heavy investments in the rapid development of new technologies, in order to speed up the disease diagnosis process. For instance, Greg Clark of the U.K. government announced in November 2018 that several consortium groups will together develop five new digital imaging and pathology centers, in various places in the U.K., such as Oxford, Glasgow, Leeds, Coventry, and London. The U.K. government, in order to make this possible, plans to invest $65 million from the Industrial Strategy Challenge Fund. 

Geographically, the Asia-Pacific (APAC) region is expected to observe the fastest growth in the demand for anatomic pathology testing during the forecast period. The main factors contributing to the surge in this region are the rising acceptance of personalized medicine, mushrooming patient pool suffering from chronic diseases, increasing investments by the governments of various APAC countries, as well as numerous non-government organizations, on diagnostic research, and increasing penetration of major companies in the region, which provide products for pathological screening.

Therefore, it can be concluded that owing to the ballooning need for quick and effective diagnosis of chronic diseases and rapid technological advancements in the healthcare industry, the usage of anatomic pathology testing is set to observe huge growth in the coming years.

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Why Are Governments Constantly Monitoring Air Quality?

 From 29,848,570 kilotons (kt) of CO2 equivalent in 1990, global greenhouse gas (GHG) emissions surged to 45,873,850 kt of COs equivalent in 2018, as per the World Bank. The sources of these emissions are diverse, from power plants and factories to homes and even living things (nasal exhalations). The major ill-effect of these emissions is air pollution, which, in turn, gives rise to the more-serious global warming, climate change, and respiratory problems, such as asthma and chronic obstructive pulmonary disease (COPD). While nothing can be done about human exhalations, a lot could be done about checking the GHG emissions from other sources.

Browse In-depth Air Quality Monitoring Market Size Research Report

Apart from this, it is important to measure the level of such pollutants in the environment, which is why, as per P&S Intelligence, the air quality monitoring (AQM) market value will likely surge from $3.9 billion in 2017 to $6.5 billion by 2023, at an 8.9% CAGR between 2018 and 2013. Air quality index (AQI) readings are commonly available these days at major city landmarks, news channels and papers, and government and private websites. These readings are generally available for various areas in a city, with an advisory for sensitive groups, in case the AQI is too bad.

The key reason behind air pollution is the rapid urbanization, with the United Nations (UN) saying that 68% of the people on earth will be city dwellers by 2050, compared to 55% in 2019. This is leading to the rise in the number of gasoline (petrol) and diesel automobiles, rapid construction of power plants, most of which still burn coal or crude oil; rampant construction, which releases huge amount of dust and other fine particles into the atmosphere; and surging consumption of cooking gas.

However, Asia-Pacific (APAC) is expected to be the fastest-growing air quality monitoring market in the years to come. Home to the most city dwellers in the world, APAC’s problem of GHG emissions is especially serious. Moreover, this region also has the largest number of automobiles on the roads, which are a major contributor to these emissions. Delhi, Beijing, and several other Chinese and Indian cities constantly rank as the most-polluted in the world, which has created a strong need for regular AQI bulletins based on the readings from AQM devices.

Thus, with the rising levels of pollutants in the air, the demand for devices to measure the indoor and outdoor air quality will rise.

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