Antimicrobial Additives Market Growth, Leading Players and Future Analysis
Due to the increasing population, the construction, healthcare, and packaging industries are growing. Another key driver for the healthcare industry is the rising incidence of chronic diseases. This is expected to be a reason behind the increase in the global antimicrobial additives market revenue to $3,784.3 million in 2030 from $1,753.2 million in 2019, at a 7.4% CAGR between 220 and 2030.
Another industry where the usage of such compounds is rising is food packaging, with the Association for Packaging and Processing Technologies estimating this sector to be worth $400 billion by 2025. During long-distance transportation, microbes, especially fungus and mold, can spoil ready-to-eat products. Therefore, the anti-microbial additives market is growing on account of the usage of such compounds in packaging materials.
In the near future, the fastest anti-microbial additives market growth, on the basis of material type, is projected to be observed in the plastics and polymers category. In the construction and healthcare sectors, plastics and polymers are widely used in window blinds, insulation, pipes, and vinyl sidings. Moreover, these materials are replacing conventional materials during the production of medical devices, which is why they are now being bolstered with anti-microbial additives.
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The global antimicrobial additives market competition is shaped by major players such as LyondellBasell Industries B.V., The Dow Chemical Company, BASF SE, Clariant International Limited, Akzo Nobel N.V., DuPont de Nemours Inc., RTP Company, Momentive Performance Materials Inc., Microban International Ltd., Avient Corporation, Biocote Limited, Milliken Chemical Company, and Sanitized AG.
Sustainability Efforts Driving Bio-Based Polyethylene Terephthalate Usage
One of the most common plastics, polyethylene terephthalate (PET) is used in bottles, films, fibers, and other consumer goods. But the overuse of plastics and the fact that they are not biodegradable are leading to massive plastic pollution in the air, land, and sea. Plus, most of the discarded plastic is left to rot in the open, while a lot of it is burned, with only a fraction of it actually making it to a recycling facility.
Citing the rising concerns regarding plastic pollution, P&S Intelligence expects the bio-based PET market to grow to $8,682.6 million by 2023 from $3,917.4 million in 2017, at a healthy 14.7% CAGR between 2018 and 2023. Such plastic contains 70% purified terephthalic acid (PTA) derived from fossil fuels and 30% ethylene glycol derived from plant matter or biomass. This is why bio-based PET is fully biodegradable, recyclable, renewable, and compostable. Such bioplastics are answering the need for sustainable plastics, since mass-scale plastic recycling is yet to pick up and the demand for these materials is rising fast.
Apart from packaging, which is the largest consumer of this material, bio-based PET is used in numerous other industries, such as electronics, automotive, medical, textile, and horticulture. The demand for bio-based PET is expected to rise the fastest among automakers because of the growing usage of sustainable materials in dashboard components, seat covers, vehicle covers, and battery cases. One of the purposes this is being done is to reduce greenhouse gas (GHG) emissions.
It has been found that 6 kg of carbon dioxide is emitted from 1 kg of synthetic plastic, which is contributing to global warming, thus stirring the consciousness of countries to do something about it. As a result, many nations have already introduced stringent laws to check GHG emissions and many more are following suit. For instance, the Energy Transition for Green Growth Law was implemented in France in 2015 to reduce GHG emissions by using lesser nuclear and fossil fuels than before, which is now boosting the usage of bioplastics.
Thus, with extensive R&D to keep GHG emissions in control and check plastic pollution, the usage of bio-based PET and other sustainable plastics will keep rising.
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Concentrated Solar Power To Be Preferred Way for Storing Thermal Energy in Asia-Pacific in Coming Years
The rapid industrialization and urbanization in several countries has massively pushed up the requirements for electricity. This has resulted in the deployment of various types of power-producing units such as CSP (concentrated solar power) plants across the world, which is, in turn, fueling the growth of the thermal energy storage market. According to the National Energy Administration in China, “111 CSP projects are underway in the country, with an aggregated capacity of around 9 GW.”
Furthermore, the organization reports that out of these projects, the first batch having a total power capacity of 1,349.0 MW, has been operationalized recently. The other plants are predicted to be commissioned in the near future, which will further augment the total power capacity in the country. Besides the growing power requirements, the rising requirement for electricity for district cooling and heating purposes is also boosting the worldwide demand for thermal energy storage.
The lack of sufficient independent heating and cooling systems in commercial and residential buildings is pushing up the requirement for electricity supplied by utilities to power these systems. As a result, the utilities sector is increasingly developing energy storage systems that can cater to the power requirements of these heating and cooling systems such as heating, ventilation, and air conditioning (HVAC) equipment. Due to these factors, the global thermal energy storage market will record rapid advancement in the future years.
Across the globe, the thermal energy storage market is predicted to grow at a rapid pace in Asia-Pacific in the upcoming years, on account of the burgeoning requirement for energy in this region. This is because of the increasing population levels in several APAC countries and the rapidly depleting reserves of natural gas and oil. Moreover, the rising utilization of renewable energy in various residential and industrial applications is pushing up the demand for energy storage in the region.
Hence, it can be safely inferred that the demand for thermal energy storage systems will rise all around the world in the forthcoming years, primarily because of the growing requirements for power in residential, industrial, and commercial settings and the increasing usage of HVAC systems in these settings.
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How is Growing Demand for Paints and Adhesives Driving Methylene Chloride Market?
The demand for paints and adhesives across the globe is growing rapidly, which can be ascribed to the rising disposable income of people and increasing construction activities. Because of economic growth, the construction industry in several countries is registering growth, and as the industry is a major consumer of paints and adhesives, their demand is growing as well. In addition to this, due to rapid economic growth, particularly in emerging economies, people are now able to spend more on renovation of their houses. Paints and coating are widely utilized for increasing the aesthetic appeal of building and providing them protection against different weather conditions.
A major chemical utilized in the formulation of paints and adhesives is methylene chloride. Also known as dichloromethane, methylene chloride is a colorless liquid that evaporates easily, has a mild sweet odor, and does not burn with ease. It is utilized extensively as a paint stripper and an industrial solvent. The compound does not occur in the environment naturally and is obtained from wood alcohol or methane gas. According to a report by P&S Intelligence, the global methylene chloride market would generate a revenue of $2,485.5 million by 2023, increasing from $1,818.3 million in 2017, and is predicted to advance at a 5.4% CAGR during the forecast period.
Geographically, the Asia-Pacific (APAC) region emerged as the largest methylene chloride market in the past, which is primarily ascribed to the surging production of the chemical in the region, rapidly growing population, and increasing infrastructural activities. In APAC, China and India are among the major consumer of the chemical. Furthermore, companies in the domain from across the globe are shifting their production bases to the APAC region, owing to the strict environmental regulations and rules laid down by the governments of various countries, primarily those in the European region, banning the utilization of methylene chloride in paint stripper applications.
In conclusion, the demand for methylene chloride is being driven by the surging utilization of paints and adhesives in the construction industry.
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Extrusion Coating Market Share, Leading Players and Future Scope
Different industries including, personal care, food & beverages, healthcare, electronics, and consumer goods are witnessing rapid growth in Latin America, Asia-Pacific, and Middle East and Africa, which is majorly due to the strong economic in countries in these regions. For example, as per the International Trade Administration, the healthcare industry in India generated about $110 billion in 2016 and was estimated to attain $280 billion by 2020. The growth of an industry is driven by the increasing demand for its products and services. Because of increasing need for medical devices, electronic devices, and personal care & cosmetic products, the demand for extrusion coating is growing as well.
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Extrusion coating can be defined as a process where a coat of thermoplastic material is put on a substrate, such as woven fabric, paperboard, and aluminum foil. The process increases scuff resistance, tear resistance, resistance against chemicals, provides a heat sealable surface, grease resistance, and provides a barrier against different gases and water. Because of these advantages, the global extrusion coating market is predicted to reach a value of over $4,759.3 million by 2023, increasing from $3,703.8 million in 2017, and is expected to register a 4.2% CAGR during the forecast period.
Extrusion coating is widely utilized in liquid packaging applications for increasing the salability of various types of semi-solid and liquid food items, including sauce, milk, and juice. When geography is taken into consideration, the Asia-Pacific region has been the largest extrusion coating market up till now, which is particularly because of the rising disposable income of people, and rapid industrialization in the region that is boosting the need for extrusion coating materials for packaging purposes. Within the region, China is the major consumer of extrusion coating materials.
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Hence, the demand for extrusion coating is growing due to the rapid economic growth in developing countries.
Booming Automotive Industry Fueling Global Sales of 3D Printing Materials
With the growing customer preference for lightweight vehicles over the conventional heavy ones, the demand for 3D printed automotive components is rising as these components are lighter than the traditionally built variants. Moreover, the 3D printed automotive parts and components consumer far lesser energy during manufacturing than the traditionally used variants. Because of these reasons, the growth of the automotive industry and the surging sales of automobiles are positively impacting the global demand for 3D printing materials.
China, Brazil, Indonesia, and India are currently witnessing huge demand for automobiles. According to reports, India and China were the two biggest automotive markets in the world, in terms of number of vehicles sold, in 2017. India witnessed the sales of as many as 4.02 million units, while in China, 29.12 million vehicles were sold in 2017. Apart from making vehicles lighter, 3D printing materials also make the designing of parts and components having complex geometries possible.
Hence, with the ballooning adoption of 3D printing materials in manufacturing operations and the automotive industry, their sales will rise steeply in the coming years, which would, in turn, cause the growth of the global 3D printing materials market. The valuation of the market would increase from $558.4 million to more than $1,365.6 million from 2017 to 2023. Moreover, the market is predicted to progress at a CAGR of 16.7% between 2018 and 2023.
Hence, it can be safely said that the sales of 3D printing materials would shoot-up all over the world in the forthcoming years, mainly because of the growing requirement for lightweight vehicles, the rising usage of these materials in the automotive and aerospace & defense industries, and the increasing incorporation of 3D printing in various manufacturing applications.
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How Investments in Manufacturing Sector Propelling Asia-Pacific Construction Chemicals Market?
From $120 billion in 2017, the real estate sector of India is expected to grow to $1 trillion by 2030, according to the India Brand Equity Foundation (IBEF). This would be a direct result of the increasing population, which already numbers at 1.35 billion. Similarly, China, the world’s most populous nation, is home to 1.39 billion people; the number of people in both the countries continues to increase. This is resulting in the rising demand for residential, industrial, and commercial infrastructure in the Asia-Pacific (APAC) region.
Thus, with population growth, the APAC construction chemicals market size is projected to increase to $29,686.2 million by 2023 from $19,754.8 million in 2017, at a 7.1% CAGR during 2018–2023 (forecast period). A wide range of chemicals is used in the construction of infrastructure, including adhesives, concrete admixtures, protective coatings, sealants, and asphalt modifiers. Among these, concrete admixtures witness the highest consumption, as concrete is one of the most essential materials used in the infrastructure sector, especially for tunnels, roads, water retention structures, and bridges.
Additionally, many of these cities are situated on or near the Pacific Ring of Fire. Being a high-seismic-activity region, it is prone to severe earthquakes, such as the 9.1-Richter earthquake of 2011, which resulted in the Tōhoku tsunami in Japan. With the population in the above-mentioned cities burgeoning, the construction activities are also picking up. And, with the land becoming increasingly scarce, skyscrapers are being erected to cater to as many people as possible, which is raising concerns over the quality of construction. Hence, strict regulations have been implemented in most APAC countries mandating the structures be durable and strong.
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Up till now, China has been the most productive country in the APAC construction chemicals market, on account of its strong economy, in terms of purchasing power parity. Further, the infrastructure development projects are rising at a rapid pace in the nation, which is further driving the consumption of associated chemicals. Additionally, the majority of the leading manufacturers of construction chemicals have plants in China, which results in an easy availability of these materials here. In the coming years, the consumption of these materials would rise the fastest in India, owing to its high urbanization and industrialization rate.
Thus, with the increasing demand for residential, commercial, and industrial infrastructure and the surging awareness about its quality, the consumption of construction chemicals would continue to grow in the APAC region.
