Why are Worldwide Sales of Tungsten Carbide Booming?
The growing adoption of tungsten carbide in various industries such as oil & gas, defense, metalworking, power generation, and automotive is fueling its sales across the world. Tungsten carbide exhibits high stiffness and thermal conductivity and provides good resistance against ethanol, gasoline, acetone, water, ammonia, organic solvents, and weak acids. It can be easily molded and pressed into various sizes and shapes for use in applications in cutting tools, equipment, industrial machinery, abrasives, and drills.
Besides, the recovery in the oil and gas industry and increasing oil and gas exploration & production (E&P) activities and expansion of the metalworking industry are also propelling the demand for tungsten carbide across the world. Due to these factors, the global tungsten carbide market is exhibiting huge expansion, as a result of which, the revenue of the market is predicted to rise from $1,762.1 million in 2017 to $2,176.8 million by 2023, while the market will advance at a CAGR of 3.6% from forecast period.
Depending on grade, the tungsten carbide market is divided into rotary drilling & mining grades, submicron grades, metal forming and wear grades, corrosion resistant grades, general purpose grades, and other grades. Amongst these, the rotary drilling & mining grades category is predicted to demonstrate the highest CAGR in the market throughout the forecast period. This will be because of the surging requirement for these grades in the construction, mining, and oil & gas industries.
When end-use industry is taken into consideration, the tungsten carbide market is classified into oil & gas, mining & construction, industrial engineering, transportation, and aerospace & defense. Out of these, the oil & gas category is predicted to demonstrate the highest growth rate in the market in the forthcoming years. This is credited to the soaring investments being made in exploration and production (E&P) activities and shale gas exploration projects across the world.
Geographically, the tungsten carbide market will register the fastest growth in the Asia-Pacific (APAC) region in the coming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the growing requirement for tungsten carbide powder in the automotive industry. For example, China witnessed the largest manufacturing of commercial vehicles and passenger cars in the world in 2017. The manufacturing of motor vehicles grew in the country from 28.1 million in 2016 to 29.0 million in 2017.
Hence, it is safe to say that the demand for tungsten carbide will rise enormously in the coming years, primarily because of the growing usage of the material in the automotive, construction, and oil & gas industries, which are themselves exhibiting huge expansion all over the world.
Economic Growth Leading to Rising Consumption of Hot melt Adhesives
Factors such as the surging consumer expenditure and the expanding packaging industry will help the hot melt adhesives market to display a CAGR of 6.1% during the forecast period (2020–2030). According to P&S Intelligence, the market generated a revenue of $7,717.0 million in 2019, and it is expected to reach $12,761.3 million by 2030. Hot melt adhesives are widely used in the electronics, construction, packaging, and automotive industries, due to their ease of application, non-volatile organic compound (VOC) emitting, and fast setting time properties.
The flourishing packaging industry, primarily on account of the burgeoning demand for packaged food and drinks and the growing e-commerce sector, is one of the key contributors to the market growth, worldwide. Since packaged products require both rigid and flexible packaging, this industry uses hot melt adhesives in abundance because of their easy application and fast setting time features. With the increasing penetration of e-commerce platforms, owing to the rapid internet and smartphone adoption, the demand for such adhesives is escalating rapidly.
In recent years, the rising shift of automobile manufacturers toward advanced assembly techniques from conventional ones has become a major trend in the hot melt adhesives market. The conventional assembly techniques in the automobile industry involve the usage of mechanical welds or fastener; whereas, the advanced techniques use hot melt adhesives. Nowadays, automakers have started using such adhesives in abundance, as these offer flexibility during the production process. Moreover, the hot melt adhesives are used in the automobile industry to join various types of substrates used in vehicles.
Globally, the Asia-Pacific hot melt adhesives market generated the highest revenue in 2019, due to the presence of vast manufacturing hubs in China, India, Japan, and South Korea. Additionally, the regional market is also expected to retain its dominance throughout the forecast period. This will be due to the booming population and escalating per capita income in APAC countries. Owing to these reasons, the consumption of automobiles, electronics, and packaged goods will surge rapidly, which will create a huge demand for hot melt adhesives, in the region.
Thus, the booming packaging sector and mounting public spending in developing countries will supplement the market growth in the forecast years.
How will Consumer Electronics and Manufacturing Industries Fuel Boom of Liquid Crystal Polymer Market?
The burgeoning requirement for consumer electronic devices, on account of the booming population and the surging per capita income, especially in the developing countries such as India, Indonesia, Brazil, and China, is driving the demand for liquid crystal polymers (LCPs) across the world. With products such as smartphones, computers, microwaves, and iPhones rapidly becoming indispensable parts of households, the demand for LCPs is shooting up sharply all over the globe.
This is because these polymers contribute heavily toward the development of these products, on account of their excellent mechanical and electrical properties. Moreover, the ballooning sales of these products are making companies such as Kuraray Co. Ltd., Sumitomo Chemical Co. Ltd., Celanese Corporation, and Toray Industries Inc. increase their LCP production and research and development (R&D) activities. Besides these factors, the soaring sales of automotive components and medical equipment are also fueling the demand for LCPs.
Due to the above-mentioned factors, the global liquid crystal polymer market is exhibiting huge expansion. According to the estimates of P&S Intelligence, a market research company based in India, the value of the market will rise from $1,037.4 million in 2017 to $1,447.9 million by 2023. The market is also expected to progress at a CAGR of 5.7% between 2018 and 2023. Lyotropic and thermotropic are the two most widely used types of LCPs across the world.
Between these, the demand for the thermotropic LCPs was found to be the highest during the last few years. These LCPs are processed from anisotropic phases in order to form liquid-crystal phases. This affects the structure and the orientation of these molecules. In addition to this, the end-polymer has good mechanical properties, because of the self-reinforcing characteristics that were derived from the macromolecular orientation in the mesophase. Due to these characteristics, these polymers are extensively used for manufacturing electronic components.
Many LCP producers such as Toray Industries Inc. and Kuraray Co. Ltd. are making huge investments in research and facility expansions. Across the globe, the sales of LCPs were observed to be the highest in the Asia-Pacific (APAC) region during the last few years. This was because of the existence of semiconductor manufacturing hubs in the regional countries such as Japan, China, and Taiwan and a thriving consumer electronics industry in nations such as Vietnam and India.
Hence, it can be safely said that the demand for LCPs will shoot up around the world in the coming years, primarily because of the surging sales of consumer electronics, automotive components, and medical equipment.
Governments Mandating Fire Extinguishers to Prevent Human and Property Loss
Governments across the world and international regulatory bodies are drafting stringent fire safety norms for residential, commercial, and manufacturing units to ensure the safety of people and avoid asset loss. For instance, the National Fire Protection Association (NFPA) publishes over 300 consensus codes and standards, such as standards for portable fire extinguishers and standards on hybrid (water and inert gas) fire extinguishing systems, to minimize the possibility and effects of fire and other risks. To comply with such regulations, fire extinguishers are being deployed in large numbers.
Moreover, the increasing construction activities in developing countries will help the fire extinguishers market advance at a CAGR of 6.2% during 2018–2023. According to P&S Intelligence, the market was valued at $4,487.0 million in 2017, and it is projected to generate $6,452.3 million revenue by 2023. The construction industry in India, Saudi Arabia, Indonesia, and China and developed countries, including Japan and the U.S., is witnessing the influx of hefty investments, owing to which a substantial surge in the number of industrial plants, commercial centers, and smart cities is being observed.
Commercial centers, housing units, and manufacturing plants deploy dry-chemical and dry-powder, water-based, foam-based, carbon dioxide, and clean-agent fire extinguishers. In the recent past, dry-chemical and dry-powder fire extinguishers were adopted in the highest numbers, a situation that will remain the same in the coming years. These variants are widely used in industrial settings, such as manufacturing plants and warehouses, because the extinguishing agent in them is dry, owing to which they pose minimum damage to the electrical appliances at the hazard location.
These fire extinguishers are available in the portable and trolley-mounted variants. At present, portable fire extinguishers are preferred because they are easy to move, handle, and operate in emergencies. The industrial sector is the largest user of such products owing to the high chances of fires at manufacturing sites, especially those that handle chemicals and petroleum products. Therefore, the increasing number of manufacturing facilities in developing countries, such as India, Brazil, and China, will propel the installation of various types of fire extinguishers in the upcoming years.
The key manufacturers of such products are Amerex Corporation, Feuerschutz Jockel GmbH & Co. KG, First Alert Inc., Desautel, Minimax GmbH & Co. KG, and United Technologies Corporation. At present, these companies are focusing on developing new products, such as sound-based fire extinguishers, to offer improved solutions to their clientele. The acoustic waves produced by these fire extinguishers increase the air velocity, which eventually leads to the reduction in the boundary layer of the burning substance.
Globally, North America dominated the fire extinguishers market in the preceding years due to the large-scale construction of commercial, education, and residential infrastructure in the U.S. Additionally, the increasing modernization of existing commercial projects and surging fire safety concerns are fueling the adoption of these devices in the region. Whereas, the Asia-Pacific (APAC) region is expected to install them at the highest rate in the foreseeable future owing to the development of green buildings, including residential and commercial buildings, and smart cities.
Thus, the toughening fire safety regulations and expanding construction sector will boost the adoption of fire extinguishers across the world.
Growing Demand for Water Treatment Fueling Sales of Flocculants and Coagulants
Flocculants and coagulants refer to the chemicals that are used to separate solids from water during the water treatment process. Flocculants accelerate the clumping of particles, which amplifies the water treatment process, whereas coagulants neutralize the electrical charges present in the water and accumulate the dissolved materials to form larger particles that can be eliminated through filtration, clarification, or any other solid elimination process. Separation of solid particles from water is easier through the flocculation process than the coagulation process, as the former combines the small clumps developed during coagulation to form larger clumps, which are easier to remove.
The consumption of such water treatment chemicals will amplify in the coming years due to the burgeoning demand for clean water. Thus, the augmenting need for clean water, owing to the mounting health concerns, will aid the flocculants and coagulants market to exhibit a CAGR of 5.4% during forecast period. The market was valued at $10,270.2 million in 2017 and it is projected to reach $14,225.3 million revenue by 2023. Large-scale industrialization and urbanization, on account of the booming population, are the main factors responsible for the pollution of water bodies across the world.
In recent years, water treatment plants have been shifting from traditional products such as alum and chlorine to flocculants and coagulants, due to the better performance and cost-effectiveness offered by the latter. Moreover, the escalating concerns among environmentalists regarding the use of chlorine in water treatment will fuel the use of flocculants and coagulants in the upcoming years. Chlorine laden water forms acids in the human body, which are corrosive and greatly damage the human cells.
The surging need for flocculants and coagulants, owing to the burgeoning demand for treated water in several end-use industries, is being met by companies such as National Aluminium Company Ltd., SUEZ, Kurita Water Industries Ltd., Kemira Oyj, Chinafloc, BASF SE, Feralco AB, Solvay SA, SNF s.a.s., Ecolab Inc., and Akzo Nobel N.V. In the coming years, these companies will shift their focus toward Thailand, India, Indonesia, and China, due to the booming economy, accelerating industrialization rate, increasing construction activities, soaring number of residential units, and escalating number of power plants in such countries.
According to P&S Intelligence, the Asia-Pacific (APAC) region dominated the flocculants and coagulants market in the recent past, and it is expected to adopt a significant volume of such water treatment chemicals in the forthcoming years. This can be attributed to the flourishing chemical industry and mounting industrial output in the region. Moreover, the burgeoning need for flocculants and coagulants in the oil and gas, metal, and food and beverage industries will also boost the adoption of such chemicals in the region in the forthcoming years.
Thus, the burgeoning demand for treated water and expanding food and beverage industry will propel the consumption of flocculants and coagulants in the foreseeable future.
Booming Manufacturing Activities Driving Metal Bonding Adhesive Sales in India
The expansion of the manufacturing sector is propelling the sales of metal bonding adhesives in India. As per the India Brand Equity Foundation, the manufacturing sector in India boomed during April 2000–June 2019 and reached a value of $91.2 billion in 2019, mainly due to the surge in foreign direct investments. Additionally, several government initiatives such as ‘Make in India’ have fueled the growth of this sector, thereby creating new avenues for manufacturing firms and for the use of advanced industrial equipment. This is subsequently pushing up the requirement for metal bonding adhesives.
Owing to their low weight, these lightweight adhesives are also being increasingly used in ships and aircrafts. Another major factor fueling the demand for metal bonding adhesives in India is the growth of the healthcare industry. Due to the surging healthcare expenditure of the government, the country’s healthcare industry is predicted to attain a value of $372 billion by 2022. As metal bonding adhesives are heavily used for producing healthcare equipment such as surgical instruments, X-ray machines, implantable devices, and biosensors, the boom in the healthcare industry is positively impacting their sales.
Due to the above-mentioned factors, the value of the Indian metal bonding adhesives market is predicted to rise from $198.9 million in 2019 to $343.6 million by 2030. The market is also expected to advance at a CAGR of 5.2% between 2020 and 2030. Epoxy, acrylic, cyanoacrylate, anaerobic, rubber, and polyurethane are most commonly used metal bonding adhesives in India. Out of these, the demand for epoxy adhesives is predicted to rise at the highest rate in the country in the forthcoming years.
This is credited to the growing adoption of epoxy adhesives for joining the metal sheets used in automobiles and trains. Moreover, these adhesives have features such as high resistance to extreme temperatures, moisture, chemicals, oil, stress, and various other solvents, and are highly compatible with several metals. Automotive, industrial machinery, industrial maintenance, consumer appliances, and construction are the major application areas of metal bonding adhesives in India. Out of these, the usage of these adhesives was the highest in automotive applications in the past years, and this trend will continue in the upcoming years as well.
This will be a result of the surging demand for various automotive components, owing to the surge in the transportation and automotive industries. Furthermore, these adhesives have several advantages such as high chemical resistance, high bonding strength, rapid curing speed, shock resistance, and non-flammability, that make them highly suitable for joining automotive parts and components. Pidilite Industries Limited, Sika AG, Arkema Group, Henkel AG & Co. KGaA, and The 3M Company are some of the major metal bonding adhesive producers in India.
Thus, it is clear that due to the expansion of the manufacturing, automotive, and healthcare sectors, the sales of metal bonding adhesives will rise tremendously in India in the coming years.
Soaring Number of Outdated Power Plants Fueling Rented Power Demand
The burgeoning requirement for power, especially in emerging economies, such as India, China, Brazil, Qatar, Thailand, Turkey, and Thailand is driving the demand for power rental services. Moreover, these countries are witnessing rapid technological advancements and surging foreign direct investments in the construction industry, which is further boosting the requirement for power rental services. Additionally, many European and North American countries are expanding their operations in these emerging nations, on account of their huge growth potential.
For example, Aggreko PLC started a joint venture called Shanghai Yude Aggreko Energy Equipment Rental Co. Ltd. with Shanghai Yude, which is a Chinese power rental company, in January 2018 for expanding its business in the country with the help of a trusted and established local partner. Apart from the soaring power requirements in several countries, the presence of outdated power plants, which are highly inefficient and cause environmental pollution, is also driving the demand for power rental services. The governments of many countries are implementing strict regulations for shutting down these power plants.
This will fuel the requirement for power during the redevelopment process, which will, in turn, create lucrative growth opportunities for the players operating in the global power rental market. Owing to these factors, the value of the market is predicted to surge from $9,167.6 million in 2017 to $16,855.5 million by 2023. Furthermore, the market will demonstrate a CAGR of 10.3% between 2018 and 2023, as per the estimates of the market research company, P&S Intelligence.
Amongst these, the requirement for power rental services is predicted to rise rapidly in the utilities sector in the coming years. This is credited to the supply of rented power by various utility companies during the redevelopment or conversion process. Geographically, the demand for power rental services is predicted to soar in the Middle East and Africa (MEA) region in the coming years. This will be because of the surging power requirements in various end-use industries, such as construction and utilities in the region. Additionally, the increasing infrastructure development activities and rising industrialization rate are fueling the requirement for power rental services in the region.
Therefore, it can be said without any hesitation that the demand for power rental services will rise enormously across the world in the coming years, mainly because of the mushrooming requirement for power and the presence of inefficient and outdated power plants in several countries.
