Growing Automotive Industry Driving Paints and Coatings Market Growth

A number of factors such as the growing construction industry, increasing demand for paints and coatings in the oil and gas sector, rising consumer spending, and surging need for automobiles are projected to propel the growth of the paints and coatings market at a CAGR of 5.8% during 2020–2030. According to P&S Intelligence, the market generated $151,399.4 million revenue in 2020, which is expected to reach $266,243.2 million by 2030. Moreover, the market is witnessing a trend of surging adoption of smart coatings across the world. 

One of the prime factors propelling demand for paints and coatings is the rising need for automobiles. The demand for automobiles is increasing globally, due to the rapid urbanization, surging disposable income, and changing lifestyles. The paints and coatings are widely used in automobile applications to provide attractive looks, as people are tending toward purchasing good-looking vehicles. For example, around 91.3 million automobiles were sold in 2019 worldwide, as compared to 88.3 million units in 2014. This not only increases the demand for paints and coatings during the production of automobiles, but also during their lifetime, including painting over scratches.

The formulation segment of the paints and coatings market is categorized into acrylic, polyurethane, polyester, epoxy, and others. Among these, the acrylic category held the largest market share in 2020. This is attributed to its highly soluble, versatile, elastic, non-toxic, and water resistance nature. Moreover, the need for acrylic coatings is rising on account of their surging use on exterior and interior walls, door panels, and windows. Whereas, the polyester category is expected to witness the fastest growth in the coming years, due to the growing automotive industry, surging defense budget, and increasing urbanization and industrialization rate in developing countries.

Geographically, the Asia-Pacific paints and coatings market accounted for the largest share in 2020, and it is also projected to record the highest CAGR during the forecast period. This can be attributed to the surging consumption of these materials in several end-use industries. Moreover, the mounting government and private investments in the automotive and construction industries, increasing disposable income, growing population in regional countries, rising spending on industrial infrastructure development, and renovation and repair of commercial and residential buildings are projected to boost the demand for paints and coatings in the region.

Thus, the rising need for automobiles and the growing construction industry are expected to propel the market growth in the forecast period.

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Growing Demand for Lightweight Vehicles Driving Sales of Automotive Adhesives and Sealants

The growing requirement for lightweight vehicles is fueling the demand for automotive adhesives and sealants. To maximize power and speed, several automobile manufacturing companies are making huge investments in research and development (R&D) projects for developing lightweight vehicles. In recent times, many automakers have focused on replacing conventional steel fixtures, such as bolts and nuts, with structural adhesives that provide excellent bonding. The use of these adhesives allows automakers to avoid the utilization of heavy steel fixtures, which, in turn, helps them develop lightweight vehicles.

As lightweight vehicles provide excellent fuel efficiency, their popularity is soaring across the globe. Furthermore, the implementation of strict vehicle safety regulations and standards by the governments of several countries is also propelling the progress of the automotive adhesives and sealants market. Moreover, the growing requirement for greater vehicle safety, on account of the rising incidence of road accidents, is also pushing up the demand for automotive adhesives and sealants, as these materials improve the strength of vehicle parts.

Additionally, these adhesives can easily absorb the impact of accidents and head-on collisions. Mastics, which are basically rubber compounds utilized in various non-structural application areas, assist in filling the vacuum in an automobile, thereby aiding in shock absorption and improving the safety of passengers. Owing to these factors, the value of the automotive adhesives and sealants market is predicted to grow from $6,414.1 million in 2020 to $11,643.5 million by 2030.

Across the globe, the sales of automotive adhesives and sealants are expected to soar in the Asia-Pacific region in the coming years. This will be because of the growing investments being made by various European automakers for expanding their presence in Southeast Asian countries. In addition, the booming automobile sales, on account of the growing disposable income of people in developing countries, such as India, Thailand, Indonesia, and China, are also creating lucrative growth opportunities for the players operating in the APAC automotive adhesives and sealants market.

Thus, it can be safely said that the demand for automotive adhesives and sealants will rise sharply in the coming years, mainly because of the growing requirement for lightweight vehicles and greater vehicular safety, owing to the rising prevalence of road accidents all over the world.

Read More: https://www.psmarketresearch.com/market-analysis/global-automotive-adhesive-and-sealant-market

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How Will Manufacturing Sector Strengthen India Coding and Marking Systems Market?

 The Indian coding and marking systems market will display a healthy CAGR of around 12% between 2021 and 2030, primarily on account of the surging need for traceability across industries and the increasing implementation of government regulations on product labeling. According to P&S Intelligence, the industry was valued at $42.7 million in 2021, and it will generate $127.6 million revenue by 2030. Additionally, the booming packaging and manufacturing industries and the increasing application of coding and marking systems are also key contributors to the market growth.

One of the primary growth drivers of the market is the ongoing boom in the manufacturing and packaging industries. To create a healthy environment for these industries, the Government of India is taking numerous initiatives, such as the 'Make in India' campaign and the production-linked incentive (PLI) scheme.  Under the 'Make in India' scheme, the government has prioritized the food processing industry, which is one of the key users of coding and marking systems for product labeling. Likewise, the PLI scheme supports the pharmaceutical sector, which uses such systems for labeling pharmaceutical products.

In addition, the booming population will also help the Indian coding and marking systems market growth in the future. Population boom will result in the high volume consumption of chemicals and agrochemicals and electrical and electronic products. Additionally, the surging population will also lead to the wide-scale construction of residential and non-residential projects. Tools and products are labeled using coding and marking systems. According to the World Bank, the population of India grew from 1.36 billion in 2019 to 1.38 billion in 2020.

At present, the Indian coding and marking systems market is consolidated, due to the presence of a few key players, such as Kishu Giken Kogyo Co. Ltd., RYNAN Technologies Pte Ltd., Hitachi Ltd., Control Print Limited, Dover Corporation, Danaher Corporation, and Domino Printing Sciences plc. In recent years, these players have been actively involved in product launches to gain a competitive edge. For instance, in November 2020, Domino Printing Sciences plc introduced the K600G, a blister foil and web digital printing solution, for product-level sterilization in the pharmaceutical sector. 

Therefore, the flourishing industrial and packaging sectors and the soaring population will propel the demand for coding and marking systems in India.

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Why is there a Need for Increasing Healthcare Expenditure for Introducing Peripheral I.V. Catheters?

As the prevalence of chronic diseases across the globe is increasing, the expenditure in the healthcare is also increasing. Since chronic diseases are harder to manage and often are incurable, the need for advanced solutions to deal with these problems is growing as well. Increased expenditure in the sector will facilitate the introduction of advanced healthcare solutions that can be afforded by a larger number of people. Moreover, this is will also increase the accessibility of several treatment options across the globe. 

This increased healthcare expenditure has led to the rising demand for peripheral I.V. catheter. As per a report by P&S Intelligence, the global peripheral I.V. catheter market is predicted to reach a value of $5.5 billion by 2022, increasing from $3.7 billion in 2015, and is expected to advance at a 6.0% CAGR during the forecast period (2016–2022). Peripheral I.V. catheters are used for facilitating the intravenous administration of antibiotics, analgesics, psycholeptics, and intravenous fluids.  

Browse report overview and detailed TOC at Peripheral I.V. Catheter Market Growth Forecast Report

The incidence of bloodstream infections and hematoma-related complications has decreased to a certain extent owing to the introduction of these advanced catheters. The utilization of different types of peripheral I.V. catheters aids in preventing the transference of blood-borne pathogens in to other people present in the healthcare setting. There are two types of peripheral I.V. catheters, namely integrated/closed and short, between which, the demand for short peripheral I.V. catheters was higher in the past.  

This being said, the demand for integrated/closed peripheral I.V. catheters is also projected to rise considerably in the coming years. Peripheral I.V. catheters are based on safety and conventional technologies, and the demand for safety variants is expected to increase significantly in the near future. These products are utilized in a number of clinical areas, namely infectious diseases, oncology, pediatric diseases, gastroenterology, and renal diseases. 

Geographically, the North American region emerged as the major peripheral I.V. catheter market in the past and is further expected to create the largest demand for these medical devices in the coming years as well. The surging geriatric population, increasing requirement for injectable drugs, and rising healthcare expenditure are leading to the growing need for peripheral I.V. catheters in the region. Within the region, the U.S. has been creating the largest demand for peripheral I.V. catheters and the situation is likely to remain the same in the coming years as well. 

In conclusion, the increasing healthcare expenditure and growing geriatric population are driving the market. 

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Why are Sales of X-ray Imaging Systems Booming Globally?

The rising incidence of chronic diseases such as cancer and diabetes is driving the demand for X-ray imaging systems. This is attributed to the fact that these systems are extensively used for diagnosing diseases. According to the World Health Organization (WHO), cancer is the second biggest cause of death across the world and claimed 9.6 million deaths in 2018. In other words, cancer was responsible for one out of every six deaths across the globe in 2018. 

The organization also reported that nearly 422 million people all over the world are suffering from diabetes and the disease claims 1.6 million deaths every year. Due to the burgeoning requirement for effective disease diagnosis, healthcare facilities are extensively using X-ray imaging systems. Moreover, many research institutes and organizations are conducting exhaustive research and development for developing technologically advanced X-ray imaging. These advancements have led to the development of innovative products such as mobile and digital X-rays. 

Access Report Summary - X-Ray Imaging Market Global Industry Analysis and Demand Forecast

Portable and stationary X-ray imaging systems are the two most widely used types of X-ray imaging systems. Between these, the demand for stationary X-ray imaging systems was found to be higher in the past. On the other hand, in the forthcoming years, the sales of portable X-ray imaging systems are expected to surge sharply. These systems are heavily used in mammography, dental X-ray, chest X-ray, and orthopedic X-ray applications. Amongst these, the usage of these systems was observed to be significantly high in orthopedic X-ray applications during the last few years.

Geographically, North America witnessed the highest usage of X-ray imaging systems in the years gone by. This was due to the high healthcare expenditure, soaring incidence of chronic diseases, and the presence of a large geriatric population and well-developed healthcare infrastructure in the region. Additionally, the region is also home to a large number of geriatric people, which also contributed massively to the X-ray imaging market growth in the region during the last few years. 

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What Key Factors would Contribut to Surge of Portable Ultrasound Device Market in Asia-Pacific?

Owing to the surging geriatric population, rising prevalence of chronic diseases, and soaring healthcare expenditure in several countries, the demand for portable ultrasound devices is expected to increase in the coming years. Since the last few years, there has been a massive rise in healthcare spending by the governments of various countries, especially developing nations, such as India and China, and this has resulted in the development of modern medical devices. 

Ultrasound refers to sound having a frequency higher than 20 kHz. The medical ultrasound devices operate at higher frequencies, typically in the range of 1–10 MHz. This machine computes the distance between the organ or tissue and the probe, by using the speed of the sound in the tissue and the time taken for each echo to return. An ultrasound machine, which uses these high-frequency sound waves to draw an image of the internal body structure, is used for studying a developing fetus, muscles and tendons, and abdominal and pelvic organs.

The Asia-Pacific (APAC) region is also predicted to register tremendous growth in the adoption of portable ultrasound devices in the coming years, mainly due to the increasing incidence of chronic and lifestyle-associated diseases and rising geriatric population in the region. The huge population pool and enhancing healthcare infrastructure are the other major factors fueling the growth of the portable ultrasound device market in APAC.

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What are the Growth Projections for Immunotherapy Drugs Market in Emerging Countries?

The ballooning incidence of chronic diseases is turning out to be a healthcare burden that is affecting both low- and middle-income countries (LMIC) and high-income nations. According to the World Health Organization (WHO), these diseases were responsible for the deaths of as many as 9.6 million people in 2018. In addition to this, the organization found that the LMIC witness nearly 70% of the total deaths caused due to cancer.

Many drugs produced by the immunotherapy industry players for the management and treatment of various chronic diseases are currently undergoing clinical trials. This is a major reason why the rising usage of immunotherapy drugs for combating the growing incidence of chronic diseases is a crucial factor fueling the sales of these medicines. Additionally, the rising requirement for monoclonal antibodies (mAbs), the increasing adoption of target therapies, and the growing popularity of biosimilars are propelling the global sales of immunotherapy drugs.

Geographically, the sales of immunotherapy drugs were the highest in North America in the past years. This was because of the high per capita healthcare expenditure, the presence of a large geriatric population and several industry players, and the high incidence of chronic diseases in the region. Furthermore, the large-scale development of several research laboratories also contributed toward the high sales of these drugs in the region in the past.

Moreover, the huge investments, both indirect and direct, in research and development (R&D) projects by biotechnology and pharmaceutical companies fueled the sales of these drugs in the region. The immunotherapy drugs market is predicted to exhibit the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This would be because of the surging healthcare expenditure in the improvement of healthcare facilities and infrastructure and the soaring research and development (R&D) activities being performed in the regional countries.

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