Used Car Industry in Egypt is on a Rapid Growth Trajectory, generating a massive revenue with a few players dominating the Market: Ken Research

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1. The used car industry in Egypt is expected to grow at a CAGR of 15.3%, with a few players dominating the majority of the market

The market grew at a CAGR of 5.9% between 2016 & 2021 is expected to witness a growth of 15.3% between 2021 & 2026. The major growth drivers are availability of financing options, online presence of new emergent players & increasing smartphone & internet penetration. On the other hand, a few market restraints such as outdated regulations, sheer lack of organized sector & low purchasing power of the millennials might be a hindrance when it comes to the overall growth trajectory of the market. When it comes to the way forward a few steps can be initiated to ensure a positive growth:

• Leveraging technologies such as Artificial Intelligence & Virtual Reality to enhance user browsing experience and car inspection
• Growth of transactional marketplaces offering one-stop solutions to buyers & connecting dealers, financing & insurance companies.

• Dealerships anticipated to increase online presence on online platforms or through own websites & Instagram to boost sales

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2. Unorganized sector accounts for a major portion of the pie & has outnumbered the organized sector when it comes to ‘Used Car Market’ in Egypt

Capturing majority of the Used Car Market in Egypt, unorganized sector had the commission margin of 5%-15% operating across Egypt especially rural areas. Moreover, online advertisements have acted like a catalyst when it comes to the sale & purchase of used cars across Egypt. Independent dealers are able to have a major influence across the market by increasing their online presence like listing their inventory on their own website/Facebook account thereby attracting a large number of customers.

3. Used car portals in Egypt have evolved over the years from basic classified listings to transactional marketplaces with their main focus on improving industry efficiency.

• C2C: The emergence of used car portals started off with general listing platforms such as Car Semsar which allow sellers to post ads of various products. The potential of used car market led to the entry of dedicated used car platforms. Moreover, the C2C scenario connected buyers & sellers on a mutual platform which enabled efficient processing of the entire deal.
• B2C: B2C basically acted as the evolved version of C2C platforms, providing specialized monthly & annual listing & subscription packages for dealers.
• C2B: C2B enabled sellers to sell used cars directly to online players who in turn sell the inventory to the dealers either by way of bidding or a general sales process while charging a margin of the principal amount.
• B2B: In the recent years, auto portals have started partnering with finance & insurance companies, connecting them to dealers. Moreover, a possibility of auto portals enabling businesses to sell/auction cars on their platform to the dealers can also be perceived.
• Complete transactional marketplace: Transactional marketplaces provide consumers a completely digital experience & enable them to book test drives & buy cars online. Moreover, these platforms also provide ancillary services which includes insurance, warranty, financing options & documentation support.

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Egypt Used Car Market Outlook to 2026: Ken Research

Global Medical Plastics Market is expected to reach approximately US$ 60 billion by 2028: Ken Research

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Plastics made specifically for use in medical products are referred to as medical-grade plastics. Additionally, it is employed in the production of in vitro diagnostic devices and pharmaceutical packaging, which protects and contains medications to prevent tampering. Medical plastics are steadily replacing other materials used in the healthcare industry such as glass, ceramics, and metals. It becomes extremely essential for the manufacturers to meet the required standards and regulations along with maintaining the varying characteristics and properties of the medical-grade polymers.

According to Ken Research Analysis, the Global Medical Plastics Market is expected to record a positive CAGR of ~7% during the forecast period (2022-2028) and is expected to reach approximately US$ 60 billion by 2028.

Rising awareness regarding personal hygiene, technological advancement, and high investment by the players in the development of medical plastics is positively impacting the market.

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• Technologies including device downsizing, multipurpose drug packaging, and point-of-care (POC) diagnostic tools have all contributed significantly to the rapid expansion of the medical plastics market. As an illustration, bespoke blow forming is a technical approach developed to produce thinner prescription bottles, enhance performance in terms of moisture transmission rate, and strengthen the twist caps. A simple biocompatibility test is made possible by the design of Unique Device Identification (UDI) and other device identification barcodes.
• Concerns about improper medical waste management as well as environmental concerns limit the market growth.
• The demand for medical plastics has grown as a result of the continually rising human population. Due to the constant rise in plastic production and waste creation caused by these items, environmental pollution levels are rising and the development of the medical plastics industry is being hampered. These are typically non-recyclable materials that receive separate treatments to prevent the spread of infection. The lack of medical waste management services is causing a variety of contamination, including land and water pollution.

The COVID-19 pandemic has had a positive effect on some medical equipment markets. Polyethylene, polypropylene, and engineering plastics are just a few of the polymers that were highly demanded and are still in demand due to medical uses as well as due to the increased production of medical supplies and equipment during the pandemic, such as thermal scanners, ventilators, respirators, masks, and gloves. Additionally, increasing consumer awareness of good hygiene is promoting product consumption and fosters market expansion after COVID-19.

Key Trends by Market Segment

By Product: The polyphenylsulfone product segment held the largest market share in the Global Medical Plastics Market in 2021.

• Polyphenylsulfone resists heat and chemicals well, it is preferable for replacing metals in medical applications. The manufacturing of single- and multiple-use surgical instruments is made possible by these plastics' strong flexural strength, impact resistance, and longevity.
• Medical devices that must be frequently steam sterilized adopt polyphenylsulfone because of its resilience to high temperatures. These plastics are increasingly being employed in the production of biopharmaceutical products and surgical robots.

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By Application: The medical components application segment held the largest share of the Global Medical Plastics Market in 2021.

• The demand is anticipated to be driven by the expanding range of applications for polypropylene in the production of diagnostic pans, tools, trays, implant trials, containers, syringes, and medical cover sheets.
• Polypropylene is anticipated to experience significant expansion in the application for medical components owing to its high level of microbiological and chemical resistance, low weight, and low price, and can be used in the production of a variety of medical disposables. It also has a high demand in the syringe manufacturing industry since it is simple to mold into the required dimensions.

By Geography: North America accounted for the largest market share in 2021 within the total Global Medical Plastics Market.

• North America dominated the regional market and contributed a significant share of total sales in 2021. The growing older population in the USA and the rising need for home healthcare services are the main factors driving the market for medical plastics in North America.
• The regional market is also anticipated to be driven by increasing product demand for pharmaceutical packaging applications and the swift expansion of the pharmaceutical industries in Mexico and Canada.

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Competitive Landscape

• The Global Medical Plastics Market is highly competitive with ~300 players, including globally diversified players, regional players, and many country-niche players.
• Large global players constitute ~5% while regional players constitute ~45% of the competition. Some of the major players in the market include Evonik Industries AG, Solvay S.A., Dow, Eastman Chemical Company, Röchling Group, DuPont de Nemours Inc., BASF SE, Celanese Corporation, Mitsubishi Chemical Corporation, Nolato AB, Saint-Gobain Performance Plastics, and others.

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Recent Developments Related to Major and Emerging Companies

• In January 2021, Custom plastic injection molded PTA Plastics reported investing more than US$2 million in property and capital equipment to accommodate demand from current and potential clients in the medical industry.
• In June 2021, Pawling Engineered Products, a New York-based manufacturer of specialized elastomeric inflated seals and extruded solutions, has been acquired by Minnesota Rubber and Plastics, a producer of highly engineered elastomer and thermoplastic solutions for the Medical, Water, and Industrial end industries.
• In December 2020, PeelMaster Medical Packaging Corporation was acquired by Spectrum Plastics Group, a market leader in specialized medical packaging, components, and contract manufacturing. PeelMaster will strengthen the business's position as a flexible and specialized packaging provider for the medical device industry.

Conclusion

The Global Medical Plastics Industry is forecasted to continue a gradual growth. Key trends driving market expansion include the aging population's demand for improved medical gadgets, rising healthcare spending in developing nations like China and India, and an increase in demand for inexpensive and effective healthcare systems. The market is highly competitive with ~300 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled Global Medical Plastics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 That segment the Market by product and application. In addition, the report also covers market size and forecasts for the four major regions’ Medical Plastics Market. The revenue used to size and forecast the market for each segment is US$ billion.

By Product

Polyethylene

Polypropylene

Polycarbonate

Liquid Crystal Polymer

Polyphenylsulfone

By Application

Medical Device Packaging

Medical Components

Wound Care

BioPharm Devices

Tooth Implants

Other

By Geography

North America (USA, Canada, and Mexico)

Europe (Germany, UK, France, Spain, and Italy)

Asia Pacific (China, Japan, South Korea, India, Indonesia, and Australia)

LAMEA (Latin America, Middle East, and Africa)

Key Players

Evonik Industries AG

Solvay S.A.

Dow

Eastman Chemical Company

Röchling Group

DuPont de Nemours Inc.

BASF SE

Celanese Corporation

Mitsubishi Chemical Corporation

Nolato AB

Saint-Gobain Performance Plastics

Global Dietary Fibers Market expected to Reach a Market size of ~US$ 15 billion by 2028: Ken Research

 Dietary fiber is a class of plant-based substances that human bodies are unable to fully digest. Whole grains, fruits, and vegetables are all high in fiber, which has repeatedly been demonstrated to improve health and reduce illness risk. Foods made of plants, such as fruits, vegetables, whole grains, beans, and pulses, contain a complex mixture of many various substances that together make up dietary fiber.

According to Ken Research Analysis, the Global Dietary Fibers Market was valued at ~US$ 5 billion in 2017. Increased product demand due to growing consumer awareness of eating a healthy diet and leading an active lifestyle is likely to fuel the market expansion of dietary fibers in the forecasted period. It is estimated to be ~US$ 8 billion in 2022 and is expected to reach a market size of ~US$ 15 billion by 2028 growing at a CAGR of ~11% during 2022-2028.

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• It is anticipated that the growing consumption of dietary fiber supplements to fulfill nutritional requirements will drive market growth. Due to the aging population, rising rates of lifestyle diseases like heart disease, obesity, diabetes, and stroke among others and rising healthcare expenses, dietary supplements are in extremely high demand.
• The demand for functional foods such as fruits, vegetables, nuts, and seeds in the regions like Asia Pacific and North America is also being driven by an increase in the consumption of plant-based, fortified, vegan, low-salt, low-fat foods with added health benefits, which is expected to boost demand for dietary fibers in the forecasted periods.
• Market expansion is being hampered by the lack of awareness of the health advantages of dietary fiber in rural areas and stringent government regulations regarding dietary fibers.
• The market for dietary fibers was just slightly impacted by COVID-19. To increase immunity and muscular mass, dietary fibers are also utilized. As a result, there was a strong demand for dietary fiber products during the pandemic. Additionally, consumers started using dietary fibers in their daily diets, which had an impact on the market's overall growth.

Key Trends by Market Segment

By Source - The Cereals & Grains segment dominated the market in 2021, as consumption of fibers lower the risk of cardiovascular conditions like coronary heart disease and stroke.

• The primary dietary fiber sources in cereals & grains include oat, bran, corn, rice, and wheat which are abundant in soluble and insoluble fibers including beta-glucan, cellulose, and hemicellulose, which have health advantages like lowering the risk of diabetes and heart disease.
• Due to its improved nutritional profile, breakfast cereals are significantly expanding the market share in the global dietary fiber market. This is due to consumers' growing health worries about the negative health impacts of processed and fast foods as well as their excessive calorie consumption when compared to recommended daily intake levels.

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By Type- The soluble segment accounted for the highest market share in 2021, as soluble fiber has the potential to lower blood cholesterol and sugar levels which aids in blood glucose control, lowering the risk of diabetes.

• During digestion, soluble fibers attract water and turn it into a gel. Soluble fibers can be found in fruits, vegetables, cereals, nuts, whole grains, and seeds.
• Soluble fiber also aids in the prevention of diarrhea, constipation, and inflammatory bowel disease. It aids in caloric control by increasing the release of satiety hormones.

By Application- Food & Beverages accounted for the highest market share in 2021 owing to increased consumer knowledge of the value of dietary fiber in daily meals.

• The demand for nutrient consumption among younger generations has driven the expansion of nutritional supplements, which offer dietary fiber-related supplements.
• As a result of consumer’s improved nutritional profile, breakfast cereal sales are also increasing rapidly. The domination of the market is due to an increase in health-conscious customers and awareness of the harmful effects of fast food and excessive calorie consumption, which can result in a number of lifestyle diseases.

By Geography: Asia Pacific accounted for the largest market share among all regions in 2021, due to the young population in developing countries like India and Bangladesh becoming more aware of the importance of consuming nutrient-dense food products .

• China continues to be a profitable market for insoluble and soluble dietary fibers in the region due to the enormous population base with a potential customer market. Additionally, the nation is going through a huge period of innovation and the introduction of new products.
• Some of the reasons driving the expansion of the market for dietary fibers in Asia-Pacific include a rise in the aging population, government recommendations to incorporate fiber-rich foods in the daily diet, and rising per capita income. Also, busy lifestyles have led consumers to choose ready-to-eat foods, which has aided manufacturers in developing fiber-rich snacks, particularly for health-conscious customers.

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Competitive Landscape

The Global Dietary Fibers Market is highly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in Dietary Fibers. Large global players constitute ~15% of competitors, while country niche players represent the largest number of competitors. New product launches, geographic expansions, R&D investments, and mergers and acquisitions are major endeavors to boost market share. This aids in their investigation of the untapped market potential. To ensure an effective flow of their products throughout all regions, industry players turn to supply chain agreements with dealers and distributors. Some of the major players in the market include Cargill, Incorporated. Ingredion., Tate & Lyle, Roquette Frères, Archer Daniels Midland Company (ADM), DuPont., J. Rettenmaier & Söhne GmbH + Co KG, Kerry Group plc., Nexira, BENEO, and others.

Recent Developments Related to Major Players

• In November 2019, DuPont Nutrition & Biosciences launched a brand-new dairy enzyme, DuPont Danisco Nurica, which is said to facilitate total sugar by up to 35% while simultaneously producing prebiotic dietary fibre on-site through the natural conversion of lactose.
• In December 2021, Nexira announced that the Food and Drug Administration (FDA) has now officially recognized Acacia as a dietary fiber.

Conclusion

The Global Dietary Fibers Market is anticipated to grow significantly during the projected period (2022-2028) as the rising consumer preference for preventative healthcare and maintaining a healthy lifestyle. Additionally, the market is developing due to the rising prevalence of chronic lifestyle diseases like gastrointestinal disorders, hypertension, diabetes, and cardiovascular diseases (CVDs). Consumers are becoming more aware of the advantages of including fiber in regular diets through meals, beverages, nutritional supplements, and medications. Though the market is competitive with ~200 participants, country-niche players control the dominant share and regional players also hold a significant share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Market Taxonomy

The Global Dietary Fibers Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 is segmented into Source, Type, and Application. In addition, the report also covers market size and forecasts for the four regions. The revenue used to size and forecast the market for each segment is US$ Billion

By Source     

• Fruits & Vegetables
• Cereals & Grains
• Nuts & Seeds
• Legumes

By Type         

• Insoluble
• Soluble

By Application

• Food & Beverages
• Pharmaceuticals
• Animal Feed
• Others

By Geography          

• North America (USA, Canada, and Mexico)
• Europe (France, Italy, Germany, Spain, UK, and Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, and Rest of Asia Pacific)
• LAMEA (Latin America, Middle East, and Africa)

Key Players  

• Cargill, Incorporated.
•  
• Tate & Lyle
• Roquette Frères
• Archer Daniels Midland Company (ADM)
•  
• Rettenmaier & Söhne GmbH + Co KG
• Kerry Group plc.
• Nexira
• BENEO

Global Hard Seltzer Market is expected to reach nearly US$ 18 billion by 2028: Ken Research

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Global Hard Seltzer Market is expected to record a positive CAGR of ~12% during the forecast period (2022-2028) and is expected to reach nearly US$ 18 billion by 2028, owing to the increasing demand for low-alcoholic beverages among sober-curious and others consumers. Additionally, change in drinking patterns and rising adoption of low-calorie content, natural ingredient, and less-sugar content beverages among consumers are further expected to fuel the growth of the market.

Increasing adoption of western culture coupled with rising preference for flavored alcoholic beverages among young consumers is anticipated to propel the growth of the Global Hard Seltzer Market during the forecast period.

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• Rising consumption of carbonated beverages along with the increasing preference for hard seltzer beverages for their low-calorie and enhanced taste among millennials is likely to propel the growth of the Global Hard Seltzer Market.

The Global Hard Seltzer Market faces challenges due to the stringent regulations laid by governmental bodies on hard seltzer products.

• The high custom duties and excise duties limit coupled with tax policies laid on the import and exports of seltzer beverages may hinder the growth of the market.

The COVID-19 pandemic drastically impacted the Hard Seltzer Market owing to the strict lockdown impacted the import and export, the manufacturing process of hard seltzer as well as the limitations on social gatherings in the initial stage have dropped the demand for hard seltzer. In the second stage, the demand for hard seltzer rose significantly as hard seltzer drinks were easily available on e-commerce channels like Drizly, Minibar, and others. Moreover, the outbreak impacted the consumption pattern of alcoholic beverages among consumers and increased the demand for low-calories, low-alcohol-content beverages among consumers, which has benefitted the growth of the Global Hard Seltzer Market.

Key Trends by Market Segment:

By ABV Content: ABV more than 5% segment held the largest share of the Global Hard Seltzer Market by type in 2021, owing to the growing trend of moderation among consumers.

• The change in drinking patterns and rising focus on health and wellness along with the increasing number of consumers wanting to cut down on alcohol has boosted the demand for low-alcohol content beverages like hard seltzer, which is anticipated to fuel the demand for the segment in the Global Hard Seltzer Market.
• 

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By Flavor: The lime segment accounted for the largest share of the Global Hard Seltzer Market in 2021, attributed to increasing consumer preferences for sour and fruity flavors in alcoholic beverages.

• The increasing company focus on the innovation of new flavors including lime flavor hard seltzer in the market to fulfill the demand of consumers coupled with the rising popularity of citrus-flavored hard seltzer like lime among the young population, is anticipated to aid the growth of the segment in the Global Hard Seltzer Market.

By Packaging Type: Cans segment accounted for the largest share of the Global Hard Seltzer Market in 2021, owing to its lightweight and easy-handling packaging.

• The increasing preference for less bulky, lighter packaging, and readily recyclable packaging among manufacturers as well as packaging which also saves transportation costs and saves shelf space is anticipated to boost the demand for the segment in the market.

By Distribution Channel: Supermarkets/hypermarket segment accounted for the largest share of the Global Hard Seltzer Market in 2021, due to the high customer reach, wide availability of different brands in one place, a large consumer base, and the capacity to hold multiple users simultaneously.

• The availability of different flavors and brands of hard seltzer in supermarkets or hypermarkets along with the increasing preference of consumers to shop for hard seltzer in supermarkets due to huge discounts and offers is likely to propel the growth of the segment in the market.

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By End-User: Consumers segment accounted for the largest share of the Global Hard Seltzer Market in 2021, attributed to the increasing popularity of strong carbonated drinks with low-alcohol content and a variety of flavors.

• Rapid urbanization and an upsurge in disposable income, adoption of western culture along with the change in lifestyle and drinking patterns, and rising demand for low-calorie, less sugar alcoholic beverages among consumers, is likely to boost the demand for the segment in the Global Hard Seltzer Market.

By Geography: North America region accounted for the largest share of the Global Hard Seltzer Market in 2021, owing to the rising consumer awareness regarding hard seltzer and the presence of major brands in the region.

• Easy availability of international brands of hard seltzer in the region coupled with the increasing number of manufacturers promoting their products and introducing new products in the market, is expected to augment the growth of the region in the Hard Seltzer Market

.

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Competitive Landscape

The Hard Seltzer Market is significantly competitive with ~150 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in Hard Seltzer.

Regional players comprise ~55% of the total number of competitors, while the country-niche players comprise the second highest of the total number of competitors. Some of the major players in the market include Anheuser-Busch InBev, White Claw Seltzer, The Boston Beer Company, San Juan Seltzer, Hard Seltzer Beverage Company, LLC, BON V!V, THE SMIRNOFF CO., Blitz-Weinhard Brewing Company, Molson Coors Beverage Company, and Corona Seltzer among others.

The leading global Hard Seltzer companies such as Anheuser-Busch InBev, White Claw Seltzer, and BON V!V are highly focused on introducing new products with interesting flavors in the market and promoting their products on social media.

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Recent Developments Related to Major Players

• In May 2022, White Claw Seltzer launched a new product named White Claw Hard Seltzer REFRSHR Lemonade. The new seltzer lemonade contains striking flavors like Calamansi to Limón and has a distinct taste and comes in fabulous packaging. The White Claw REFRSHR comes in four distinct flavors namely Limón with a hint of Calamansi, Lemonade Blood Orange with a hint of Black Raspberry, Lemonade Blackberry with a hint of Red Cherry, and Lemonade Strawberry with a hint of Kiwi. The new product launch helped the company in expanding its product portfolio.
• In April 2022, Anheuser-Busch InBev invested US$ 50 million in its St. Louis campus to boost the production of seltzer. The company planned to add a new dedicated seltzer building with new equipment and systems for making their popular products like Michelob Ultra Organic Seltzer, Bud Light Seltzer, and others. The new brewery will also be equipped with equipment that allows the streamlined addition of flavors to the seltzer liquid. The investment helped the company in expanding its product line.
• In March 2022, Corona Seltzer launched a new product named Corona Hard Seltzer Seltzerita in four distinct flavors such as lime, mango, peach, and strawberry in the USA. The new innovative product has a fusion of traditional classic margaritas with a refreshing Corona perspective. The new product launch helped the company in enhancing its product portfolio.

Conclusion

The Global Hard Seltzer Market is forecasted to continue exponential growth, primarily driven by the growing demand for low-calorie, less-sugar, natural-flavored alcoholic drinks among young consumers. In addition, increasing consumption of strong carbonated drinks, especially among sober-curious consumers coupled with the rising popularity of hard seltzer as a status symbol among millennials is likely to augment the growth of the market. Though the market is highly competitive with ~150 participants, regional players control the dominant market share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled Global Hard Seltzer Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 report also covers market size and forecasts for the four region's Hard Seltzer Market. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By ABV Content

ABV Less than 5%

ABV More than 5%

By Flavor

Lime

Berries

Pineapple

Grapefruit

Orange

Others

By Packaging Type

Bottles

Cans

Others

By End-Users

Consumers

Commercial

By Distribution Channel

Hypermarkets/Supermarkets

Specialty Stores

Convenience Stores

Others

By Geography

North America (USA, Canada, and Mexico)

Europe (Germany, UK, France, Spain, and Italy)

Asia-Pacific (China, Japan, South Korea, India, Indonesia, and Australia)

LAMEA (Latin America, Middle East, and Africa)

Key Players

Anheuser-Busch InBev

White Claw Seltzer

The Boston Beer Company

San Juan Seltzer

Hard Seltzer Beverage Company, LLC

BON V!V

THE SMIRNOFF CO.

Blitz-Weinhard Brewing Company

Molson Coors Beverage Company

Corona Seltzer

Global Fire Safety Equipment Market is expected to reach US$ 65 bn by 2028: Ken Research

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The Fire Safety Equipment Market is expected to record a positive CAGR of ~7% during the forecast period (2022-2028) and reach revenues of US$ 65 Bn by 2028. The market’s expected growth is due to the advancements of smart technologies in the fire safety industry such as Artificial intelligence, Internet of Things, and the increase in safety budgets in buildings and Transports Services i.e., to develop a fire safety plan for a possible fire outbreak such as fire exits, fire suppression, and detection tools and more.

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Key Growth Drivers

• The introduction of smart technologies in fire safety is gaining momentum with the concept of Smart Connected Things (ScoT), which provides an accurate and efficient system for fire detection and suppression. SCoT alert the users about faulty sprinklers in the building and notifies them about the maintenance of the system from time to time.
• Corrosion in the fire suppression system is the major challenge that is derailing the growth of the fire safety equipment market. According to the National Fire Protection Association (NFPA), 73% of dry systems have corrosion issues. Dry system is a sprinkler system in which water is released with help of air thus ensuring that water doesn’t freeze in the system.
• The complete shutdown of the manufacturing units, delay in supplies, and decrease in demand were the biggest challenges faced by the fire safety equipment market during the COVID-19 pandemic.

Key Trends by Market Segment

By Product:  The fire detection segment held the major market share in 2021, owing to the use of smart technologies in fire detection systems as well as the adoption of fire safety systems in buildings and houses.

• Fire Detection is further divided into detectors and alarms, which are used to detect and alert people regarding fire outbreaks.
• The advancements in the fire detection systems such as wireless alarms, new loudspeaker technologies, and new supervising station reporting technology i.e., wireless radio, cellular, and internet protocols are driving the growth.
• The NFPA 72 (National Fire Alarm and Signaling Code of National Fire Protection Association) focuses on providing the most up-to-date safety measures with respect to fire detection, such as signaling, and emergency communications. All such factors will drive the growth of the market during the forecast period.

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By Technology: Passive fire protection systems segment is expected to hold the largest market share, by technology during the forecast period, as it helps to slow down or prevent the spread of fire and smoke from one room to another.

• Passive fire protection systems include floor ceilings, roof exhaust, fire doors, windows, wall assemblies, fire-resistant coatings, and other fire and smoke control assemblies as well as fire dampers that help to slow down and prevent fire.
• In Europe, BS EN 1364-1:2015 is a European standard that specifies a method for determining the fire resistance of non-loadbearing walls.
• In the US, ASTM E119 is the standard test method for fire tests of building construction and materials, such initiatives are likely to support the growth of fire safety equipment.

By Service: Installations & replacements segment is expected to hold the largest market share during the forecast period in the service segment, owing to the rise in installations of fire systems in the buildings.

• Installations & replacement services are increasing as an increase in the budget for fire safety systems in buildings and a variety of government norms for the standard fire safety equipment to be available in the area is acting as a driver for the segment.
• The system inspection & maintenance segment is expected to show the fastest growth during the forecast period as rapid installations of the fire safety system are making a way for maintenance of those earlier installed fire safety systems.

By Application: The industrial segment accounted for the largest market share in 2021, this is due to the use of fire safety systems in factories and manufacturing units to prevent the possible fire outbreak and minimize the damage to expensive machinery and workers.

• According to National Fire Protection Association (NFPA) for the years 2011- 2015, there have been an average of 37,910 fires the in U.S for industrial or manufacturing properties each year, which accounted for the loss of US$1.2 billion in property damage and 16 Civilians deaths and making 273 other heavily injured.
• The industrial segment comprises oil & gas refineries, mining, energy and power, and manufacturing units thus fire safety systems have to be installed to avoid major fires in the future.

By Geography: North America Region accounted for the largest market share in 2021, due to strict fire safety rules and continuous structural developments.

• The rising demand for smart houses and buildings in the US which provide high security as well as new advanced fire system enabled with IoT and AI is acting as a driving factor for the North American market.
• The major manufacturers like Gentex Corp., Space Age Electronics, Honeywell International Inc., Napco Security Technologies, Inc., and Johnson Controls are all headquartered in the US.

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Competitive Landscape

The Fire Safety Equipment market is highly competitive in nature with ~1,000 players in the market, which include globally diversified players, regional players as well as a large number of country-niche players having their niche in fire safety equipment for multiple applications.

Large global players hold the highest market share, while regional players hold the second largest share. Some of the major players in the market include Robert Bosch GmbH, Eaton Corp., Inc., Gentex Corp., Space Age Electronics, Halma plc, Siemens Building Technologies, Hochiki Corp., Nittan Company, Ltd., Honeywell International, Inc., Napco Security Technologies, Inc., and Johnson Controls among others. The large number of competitors is providing buyers with high bargaining power whereas suppliers are struggling to survive in the market.

Recent Developments Related to Major Players

• In May 2022, Robert Bosch GmbH launched the Smoke detector II which has a built-in Siren that is able to deliver notifications directly to the user’s Mobile phones and also send a  signal to other connected alarms to alert every person around and avoid major mishappening.
• In June 2019, Halma acquired Ampac, Ampac was one of the leading Australian fire & evacuation system companies. With this acquisition, Halma was able to use the well-established network of Ampac in Australia, New Zealand, and the UK.
• In June 2022, Siemens launched the advanced IoT-enabled smart fire safety equipment, which is capable of accessing all alarm systems and cloud functioning as well as is easy to install, and has a low maintenance cost.

Conclusion

The Fire Safety Equipment Market is expected to grow at a CAGR of ~7% for the forecasted period (2022-2028), which is slightly higher than what the market witnessed between 2017 and 2021. The new advancements in the fire safety equipment market such as Artificial intelligence and IoT are creating new opportunities in the market. Though the market is highly competitive in nature with over 1,000 participants, few global players and regional players hold the majority of share in the market.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. In addition, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within a maximum of 2 working weeks.

Ken Research has recently published report titled, Global Fire Safety Equipment Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, that segments the market into by Product Type, Technology, Service, Application and Region. The revenue used to size and forecast the market for each segment is US$ Billion.

Market Taxonomy

By Product

• Fire Detection
• Fire Response
• Fire Suppression
• Fire Analysis

By Technology

• Active Fire Protection Systems
• Passive Fire Protection Systems

By Service

• Installations & Replacements
• System Inspection & Maintenance
• Fire Alarms & Sprinklers Monitoring
• Fire Extinguisher Training

By Application

• Commercial
• Industrial
• Residential
• Transportation & Logistics
• Others

By Geography

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Spain, Italy)
• Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia)
• Latin America, Middle East, and Africa (LAMEA)

Global Bearings Market is forecasted to grow further into US$ 120 billion by 2028: Ken Research

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Bearings are parts that assist in the rotation of an object. Bearings support the shaft that rotates inside the machinery. Machines that have the usage of bearings include automobiles, airplanes, electric generators, and others. They are also used in household appliances such as refrigerators, vacuum cleaners, air-conditioners, and others. The bearing supports the rotating shaft of the wheels, gears, turbines, rotors, and various other applications.

According to Ken Research estimates, the Global Bearings Market – which grew from approximately US$ 55 billion in 2017 to approximately US$ 80 billion in 2022 – is forecasted to grow further into ~US$ 120 billion opportunity by 2028, owing to the continuous upgradation in the product from multiple players, and growing usage of bearings.

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• New product launches by players and collaboration among the industry is one of the driving factors of the Global Bearing Market. For instance, In June 2022, The Timken Company announced that it is designing and supplying main shaft bearings for GE Renewable Energy Haliade-X, the world’s most powerful offshore wind turbine. Furthermore, In December 2020, The Timken Company acquired the assets of Aurora Bearing Company. Aurora manufactures rod ends and spherical plain bearings, which serve a diverse range of industrial sectors such as aerospace and defense.
• Counterfeit products are posing one of the major challenges for the Bearings Market. Leading companies in bearings product manufacturing are more open to this threat. Manufacturing fake products lead to machine damage and injuries. For instance, In October 2019, JTEKT cooperated with World Bearing Association (WBA) and its efforts against counterfeiting globally by developing a new WBA Check App (WBA Bearing Authenticator) to protect its customers and dealers from property damage risk, injuries, and other events.
• COVID-19 has slowed down the growth of the Bearings Market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in vehicle production globally, were all factors that reduce the use of bearings in the market. According to the International Monetary Fund (IMF), provided in the growth projection released in April 2022, global economic growth is projected to slow from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023. Declining economic growth will directly impact the chemical, construction, automotive, and other industries.

Key Trends by Market Segment:

By Product Type: Rolling bearing segment held the largest market share of the Global Bearings Market in 2021. Rolling bearings are used in multiple industries such as automotive, capital equipment, aerospace, home appliances, and others.

• Roller bearing is a type of rolling-element bearing that used a cylinder instead of a ball. Roller bearings are used in all main shaft and auxiliary drive shaft applications to support the pure radical load.
• In July 2021, NTN Bearing Corporation announced the latest innovation, the KIZEI spherical roller bearing. Spherical roller bearings are manufactured with metallic shields that protect the bearing from solid contamination such as dust, pebbles, and other debris.

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By Application: The automotive segment accounted for the largest market share in 2021, owing to the surging automobile production worldwide.

• The increasing demand for vehicles is leading the automotive segment and is forecasted to be the fastest-growing segment in the forecast period.
• In September 2022, SKF and NIO, a leading premium smart electric vehicle manufacturer, have strengthen the strategic corporation. As part of the agreement, SKF will be the preferred supplier of ceramic ball bearings.

By Material Type: The metal type segment held the largest market in 2021, owing to its usage in several industries among multiple applications.

• Metal type bearing has application in outer rings, inner, rollers, and balls. Steel metal is the common type of material used to produce the load-carrying component in precision balls, roller bearings, and tapered roller bearings.

By Geography: Asia Pacific accounted for the largest market share within the Global Bearings Market in 2021, owing to surging machinery and motor vehicle production.

• The increasing demand for aftermarket products for industrial equipment and motor vehicle repair. The surging construction and mining industry requires efficient industrial tools to operate, which further propels the growth of this region.

Presence of leading companies manufacturing bearings products, like JTEKT Corporation, NSK Ltd., NTN Corporation, HKT Bearings Ltd., and others, are expected to further boost the expansion of this market.

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Competitive Landscape:

The global bearings market is significantly competitive with ~300 players which include globally diversified players, and regional players as well as a majority of country-niche players having their niche in bearings manufacturing for multiple product types and serving different industries.

Country-niche players constitute the majority share by competitor type. While large global players constitute ~5% of the competition. Some of the major players in the market include SKF, JTEKT Corporation, Regal Rexnord Corporation, Schaeffler AG, NSK Ltd., NTN Corporation, The Timken Company, MinebeaMitsumi Inc., HKT Bearings Ltd., Nachi-Fujikoshi Corporation, and others.

Recent Developments Related to Major Players

• In September 2022, The Timken Company announced an acquisition of GGB Bearing Technology (GGB), a division of Enpro Industries.
• In September 2022, SKF with Swedish steel producer Ovako introduced Spherical Roller Bearing (SRB) with 90% less emission than its standard SRB bearing.
• In September 2019, Regal Rexnord announced the release of a new Klamploc adapter lock for seal master-mounted unitized spherical roller bearings (USRB).

Conclusion

The global bearings market witnessed significant growth during the period 2017-2021, owing to the increasing number of vehicle production, and growing application of different types of bearing in multiple industries such as power transmission, wind turbine, and others. The growth rate is expected to remain significant during the forecast period.

Though the market is significantly competitive with ~300 participants, the majority of country-niche players constitute the majority by type, while global players hold a minor share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled Global Bearings Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 that segments the market into product type, application, and material type. In addition, the report also covers market size and forecasts for the four regions in the Bearings Markets. The revenue used to size and forecast the market for each segment is US$ billion.

Key Taxonomy

By Product Type

Lain Bearing

Ball Bearing

Roller Bearing

Others

By Application

Automotive

Application Transmission

Aerospace & Defense

Construction

Others

By Material Type

Metal

Plastic

Ceramic

By Geography

North America (USA, Canada, Mexico)

Europe (Germany, UK, France, Spain, Italy)

Asia Pacific (China, Japan, South Korea, India, Australia)

LAMEA (Latin America, Middle East, Africa)

Key Players

SKF

JTEKT Corporation

Regal Rexnord Corporation

Schaeffler AG

NSK Ltd.

NTN Corporation

The Timken Company

MinebeaMitsumi Inc.

HKT Bearings Ltd.

Nachi-Fujikoshi Corporation

Global Refractories Market is expected to reach market size of US$ 35 bn by 2028: Ken Research

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According to Ken Research Analysis, the global refractories market was valued at ~US$ 15 billion in 2017. Furthermore, owing to the growing demand for refractories in the iron and steel industry, it is estimated to be ~US$ 25 billion by 2022 and is expected to reach a market size of ~US$ 35 billion by 2028 growing with a CAGR of 5%.

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The refractories market is majorly driven by factors such as global urbanization, industrialization, increasing demand for automotive industries, and a rise in demand for iron and steel in the construction industry.

• The growth of the construction industry was in full swing before the COVID-19 pandemic hit its development. Despite a slowdown faced for a period of nearly six to eight months, the industry has revived quite positively. It is expected that India’s construction industry to grow at ~6% CAGR from 2019-2028. Apart from India, China, the Philippines, and several other Middle Eastern countries are expected to showcase more than an 8% growth rate. For the Philippines, the construction industry accounts for nearly 17% of the country’s GDP. The use of automation, and advanced construction techniques have been contributing to its growth along with a high demand for iron and steel.
• According to the Global Construction Perspective and Oxford Economics, the global construction market will grow by ~85% to US$ 15.55 trillion worldwide by 2030, with three countries China, India, and the US accounting for 57% of the global growth, thus propelling the growth of refractories. The below chart depicts the comparison of the global construction market in 2020 and 2030.

Growing environmental concerns, handling and storage challenge, and raw material price fluctuation are some of the factors restraining the growth of the Refractories Market.

• The restriction on the use of refractories due to the growing environmental concern is restraining the refractory market to grow. Manufacturing of refractories is carbon intensive process including steps like mining, baking, and curing refractory material. These lead to the emission of organic particulate matter, and harmful gases like sulfur dioxide, nitrogen oxides, carbon monoxides, fluorides, and various other organic compounds.
• In Europe, projects such as ReStaR (Review and Improvement of Testing Standards for Refractory Products), have been implemented to ensure the reliability and precision of the refractory testing standards in the region. Such environmental regulations and restrictions on the use of refractory materials act as restraining factors for the growth of the refractory market.

The pandemic heavily affected the refractories’ global manufacturing and supply chain.

• The refractory products are important for all high-temperature processes in the making of metals, cement, glass, and ceramics. The lockdown in various countries led to supply chain disruption, hindering the market’s growth rate. The initial spread of the virus led to the shutdown of iron, steel, cement, and glass manufacturing plants. The reduction of these materials led to the shortage of refractories production, as the construction in various countries stopped. The manufacturing and construction industry also witnessed a shortage of employees, thus slowing down the production of cement and glass companies resulting in the decline of refractories products.
• According to a report published by the National Bureau of Statistics China 2020, large-scale manufacturing witnessed a 20% decline in production in March 2020, while profit declined by 66% as compared to March 2019.

Key Trends by Market Segment

By Product Type: Clay Refractories segment held the largest market share in 2021 of the Global Refractories Market, owing to its low cost compared to the non-clay segment.

• Fireclays bricks and insulation products are generally made up of clay material and are used by iron and steel products manufacturers. Furthermore, raw materials required for manufacturing refractory clay are easily available, which is an added advantage for the growth of the clay refractory segment.
• Many clay products and refractory manufacturing companies are using robotics and automation to improve plant efficiency and productivity. For, instance according to Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, thus indicating a rise in automation and robotics technology hence increasing the productivity of clay products.

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By Form: The Bricks and Shaped segment held the largest market share in 2021 of the Global Refractories Market.

• Bricks are used to form an insulation layer inside ovens and kilns and are replaced periodically to meet the insulation ratings set by the customer. It is required in the metal and non-metal industries. This is one of the major factors for the brick and shaped segment to dominate the global refractories market by form.
• Furthermore, iron and steel manufacturing, cement manufacturing, and glass production prefer shaped refractories for thermal insulation purposes in incinerators, furnaces, and reactors. Steel is utilized more in vehicle production as compared to glass, hence an increase in brick and shaped segments.
• According to a joint report by the International Organisation of Motor Vehicles and World Steel Association 2021, steel-based products account for 60% of the vehicle’s body structure. In comparison, glass accounts for more than 6% of the vehicle’s body weight, hence indicating an increase in demand for brick and shaped segments.

By Alkalinity: The basic segment held the largest market share in 2021 of the Global Refractories Market.

• The basic refractory material contains magnesia, dolomite, and limestone and is stable to alkaline material but reacts to acid.
• The most commonly used basic refractory brick is magnesite brick. As it is resistant to alkaline slag and iron slag, therefore, is applied to the converter lining and furnace bottom.
• According to the US Geological Survey, China is the largest producer of magnesite and produced around 19,000 metric tons in 2019. The rising demand for magnesite in the construction industry due to its excellent adhesive, fire resistance, and high bonding strength is escalating the demand for basic refractories in recent times.

By End User Segment: The Iron and Steel segment held the largest market share in 2021 of the Global Refractories market.

• It is a major end-user of refractories, which accounts for almost 60% of the refractory market. Refractories can withstand high temperatures, without affecting their physical properties. The increasing demand for infrastructure development in emerging economies is likely to drive the market for iron and steel.
• The global steel production reached 1950 metric tonnes in 2021 as compared to 1879 million tons in 2020, according to the World Steel Association. This is indicating the growing demand for the iron and steel segment.

By Geography: Asia Pacific is expected to account for the largest share among all regions within the Global Refractories Market, during the forecasted period 2022-2028.

• The rapid increase in consumption of refractories in power generation, cement and glass industry, and iron and steel manufacturing is expected to increase demand for Refractories in Asia Pacific Region.
• China has the largest economy in the Asia-Pacific region in terms of GDP, and the building and construction industry witnessed rapid growth in 2021. It is the world’s largest construction market accounting for 20% of all investments. The Shanghai Plan, according to the National Development and Reform Commission (NDRC) in May 2020 is planning to invest approx. US$ 38 billion for the next three years, resulting in a positive outlook for refractories.

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Competitive Landscape

According to Ken Research Study, it is estimated that the global refractories market is highly fragmented amongst the global, regional, and country niche players. It is estimated that the market comprises nearly ~500 players across four major regions. Although the global players hold a 10% share in terms of the number of competitors, these players dominate the revenue share by holding ~40% of market revenue. Some of the major players in the market include RHI Magnesita, Vesuvius PLC, Shinagawa Refractories Co., Ltd., Krosaki Harima Corporation, Saint Gobain SA, IMERYS, Chosun Refractories, Puyang Refractories Group Co., Ltd., IFGL Refractories Ltd., Refratechnik, Resco Products, Morgan Advanced Materials and among others.

Recent Developments Related to Major Players

• In June 2021, IMERYS, a French multinational company with a specialization in the production and processing of industrial minerals started production at its new Vishakhapatnam refractory plant. The IMERYS Group invested INR 350 crores in creating the facility to cater to domestic customers. The new plant supplies the refractory as well as the construction market with calcium aluminate binders.
• In March 2021, the Refratechnik Group, operator of refractory and mineral business, and Höganäs Borgestad Group, a refractory company in the Nordic region entered a strategic agreement for the supply of refractory products.
• In June 2020, Vesuvius, a global leader in molten metal flow engineering and technology serving the steel and foundry industries under its brand Foseco, launched its new product—KALPUR. It is a Direct Pouring Application on an Automatic High-Pressure Green Sand Moulding Line.
• In June 2020, Morgan Advanced Materials, a global manufacturer of specialist products, using carbon, advanced ceramics, and composites acquired Carbo San Luis, a manufacturer of refractory material. This is likely to help Morgan Advanced Materials in expanding its network in Peru, Chile, and Argentina.

Conclusion

The Global Refractories Market is primarily driven by the growing demand for refractories in the iron and steel industry. The market size is estimated to be US$ 25 billion by 2022 and is expected to reach a market size of US$ 35 billion by 2028 growing with a CAGR of 5%. The refractory market is growing due to the rise in industrialization and urbanization. Asia Pacific is the dominating region, owing to the rapid increase in consumption of refractories.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within a maximum of two working weeks.

Ken Research has recently published report titled, Global Refractories Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 that segments the market into by Product Type, By End User and Region. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Product Type

• Non-Clay Refractories
• Magnesite Brick
• Zirconia Brick
• Silica Brick
• Chromite Brick
• Other Product Types (Carbides, Silicates)
• Clay Refractories
• High Alumina
• Fireclay
• Insulating

By Form

• Bricks & Shaped
• Monolithic & Unshaped

By Alkalinity

• Acidic
• Basic
• Neutral

By End User

• Iron & Steel
• Energy & Chemicals
• Non-Ferrous Metals
• Cement
• Ceramic
• Glass
• Other End User (Paper & Pulp, Lime Production)

By Geography

• North America
  • USA
  • Canada
  • Mexico
  • Europe
    • Germany
    • UK
    • Italy
    • France
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • LAMEA
        • Latin America
        • Middle East
        • Africa

Global Recycled Plastics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research

 The Global Recycled Plastics Market is expected to record a positive CAGR of ~9% during the forecast period (2022-2028) and expected to reach a revenue of ~US$ 75 Bn by 2028, owing to the growing acceptance of recycled plastics in the textile industry and the shift of the packaging industry from virgin plastics to recyclable materials.

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Key Growth Drivers

• Increasing demand for recycled plastic products from the packaging industry is expected to boost the growth of the recycled plastic market worldwide. Eco-friendly packaging products are becoming more popular as most of the key players in the market are opting for sustainable packaging designs. The most common type of plastic used in the packaging of food products is PET, which is known for showing the highest recycling rate, followed by HDPE, PP, and others.
• According to Plastics for Change, an organization for informal waste collectors, 36% of all the plastic produced in a year goes into various sorts of packaging, from food and drinks to medicines and drugs.
• In coordination with the UK Plastics Pact, various leading brands, retailers, governments, and NGOs have joined forces to make all plastic packaging contain a minimum of 30% recycled plastic by 2025.
• For instance, in 2022, the U.S.-based multinational food and beverage company Mondelez has planned to move its Cadbury Dairy Milk sharing bars into 30% recycled plastic packaging.
• Growing usage of recycled plastics in the textile industry is one of the factors driving the growth of the market in developing countries. Recycles PET (rPET) is the most widely recycled resin in fiber applications. The clothes made of recycled plastics not only provide high quality and texture but also, help in contributing to a sustainable environment.
• For instance, the designer brand Gucci is one of the first luxury fashion brands to use ECONYL, nylon yarn, 100% regenerated from recycled fishing nets. In 2015, the company shifted from virgin plastic to recycled plastic products in its textiles.
• The preference for virgin plastics over recycled alternatives acts as a restraint in the growth of the market. Virgin plastics have a significant advantage in terms of quality due to which these are highly preferred in applications requiring specific compositions of chemicals and additives, which is expected to hamper the market growth.
• The market was negatively impacted by the COVID-19 pandemic in 2020, owing to the strict regulations in several countries that temporarily halted waste collections in some municipalities. The global pandemic affected the production of plastics due to a complete ban on imports-exports that disrupted the supply chain, work stoppages, and labor shortages, thereby hampering the market. All the major end-user industries such as textiles, automotive, building & construction, and packaging were completely shut which shifted the demand temporarily to single-use plastics. For instance,
• According to Waste Today, a magazine on the solid waste industry in North America, in 2020, 34% of the total recycling companies were partially or completely closed in the U.S.
• In 2020, as a response to European government restrictions and deteriorating market conditions, many plastic recycling companies temporarily shut their production activities.

Key Trends by Market Segment

By Product Type:  Polyethylene Terephthalate (PET) segment held the largest market share in the global recycled plastics market in 2021, owing to its large-scale usage for food packaging and bottling application.

• Polyethylene Terephthalate (PET) is the only plastic resin used in the packaging of almost all types of beverages. According to Petcore-Europe, an organization working on recycling PET bottles in Europe, Polyethylene Terephthalate (PET) is used to package 70% of carbonated soft drinks, fruit juices, dilutable drinks, and bottled water.
• PET is light in weight, durable in nature, and has easy recyclability, due to which bottled water and beverage manufacturers from several countries across the world have shifted from virgin PET to recycled PET. For instance, as per the PET Resin Association, the Europe PET recycling rate is 52% followed by the U.S. with a 31% recycling rate.

Polypropylene (PP) is expected to be the fastest-growing type of recycled plastic during the forecast period, due to its wide area of usage in packaging, labeling, automotive components, medical devices, and various other products.

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By Source: Plastic Bottles segment held the largest market share in the global recycled plastics market in 2021, as bottles are the most recycled post-consumer plastics and have a better network for collection and sorting.

• Many developing countries are entering into the recycling business and will depend on bottles as a source of recycled plastics due to their easy availability.
• According to the United States Environmental Protection Agency (USEPA), a U.S. Government body responsible for the development and enforcement of environmental regulations, in 2018, 910,000 tons of PET bottles and jars were recycled in the U.S.
• According to a study carried out by a joint Swiss-German under the EUROENVIRON-DIMO project, about 50% of waste food-grade PET bottles are used for recycling in food packaging applications.

By End-User: The packaging segment held the largest market share in the global recycled plastics market in 2021, due to the high demand for recycled PET for manufacturing bottles and other packaging products such as films and wraps.

• Construction segment is expected to grow with the highest CAGR during the forecast period as there is a huge demand for recycled polymers in the production of various building materials such as wall panels, flooring, pipes & fittings, and others.
• The Union Environment Ministry of India has made the regulation for companies to collect and recycle at least 25% of their plastic packaging material and further enhance the target to 70%.

For instance, all the Coca-Cola trademark brands (Coke, Diet Coke, Coke Zero Sugar, Coca-Cola Flavors), announced to include 100% recycled PET (rPET) plastic in all the 13.2-oz bottles. It represents a 20% reduction in the company’s use of new plastic.

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By Region: Asia Pacific held the largest market share among all other regions within the global recycled plastics market in 2021.

• Asia-Pacific represents the growing packaging industry and technological advancements in the industry. The growth of the packaging industry in the region is driven by the high demand for building & construction products, consumer goods, and electrical & electronics, especially from China, India, and Southeast Asia.
• Rising electronics expenditure in countries, such as China, India, and Japan are boosting the market for recycled plastic products. For instance, the presence of various electronic product manufacturers in the Asia Pacific region, including ASE Electronics Malaysia, Foxconn Technology Group, Honeywell International Inc., SAMSUNG, Lenovo, and Bajaj Electronics, which are involved in R&D activities are helping the market to grow.

According to the Plastic Waste Management Institute (PMMI), India has the highest plastic recycling rate of 84% in the Asia Pacific region. The country recycles 23% of its plastic waste through mechanical recycling, 4% through chemical recycling, and the rest through thermal recycling by burning the plastic to produce energy.

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Competitive Landscape

The Global Recycled Plastics Market is highly competitive with ~500 players, including globally diversified players, regional players, and many country-niche players. Most of the country-niche players are the manufacturers of PET recycled plastics products used in various end-user industries.

Country-Niche players constitute 60% of the total competitors, while regional players hold the second largest share. Some of the major players in the market include B. Schoenberg & Co., Covestro AG, B&B Plastics, Green Line Polymers, KW Plastics, Republic Services, Ultra Poly Corporation, Veolia, Shell International B.V., Custom Polymers, Plastipak Holdings, among others.

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Recent Developments Related to Major Players and Organizations

• In January 2022, Plastipak Holdings completed a major investment and significantly expanded its PET recycling capacity at its manufacturing site in Luxembourg. The new plant converts washed rPET flakes originating from post-consumer bottles into food-grade recycled PET (rPET) pellets.

• In July 2021, Co-op, a food retail business brand in the U.K., launched the most extensive in-store recycling scheme for plastic bags and product wrapping in Europe. The initiative ensured all the Co-op’s food packing is easily recyclable.

• In June 2021, Indorama Ventures Sustainable Recycling (IVSR), a global chemicals producer acquired CarbonLite Holdings as part of the company’s commitment to incease PET recycling capacity.

Conclusion

The Global Recycled Plastics Market witnessed a dip in growth for the year 2020, owing to the COVID-19 pandemic. There was a complete ban on imports and export that disrupted the supply chain and hampered the market globally. However, the market condition is expected to get better in 2022, thereby restoring growth over the forecast period. The market is primarily driven by the increasing usage of recycled plastics in textiles, buildings & construction, packaging, automotive, and other industries. Though the market is highly competitive with ~500 participants, country-niche players control the dominant share in the market and regional players also hold a significant share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within a maximum of 2 working weeks.

Ken Research has recently published report titled, Global Recycled Plastics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers the market size for each of the four regions' Recycled Plastics Market. The revenue used to size and forecast the market for each segment is USD billion.

Market Taxonomy

By Product Type	Polyethylene (PE) Polyethylene Terephthalate (PET) Polypropylene (PP) Polyvinyl Chloride (PVC) Polystyrene (PS) Others
By Source	Plastic Bottles Plastic Films Polymer Foam Others
By End-User	Building & Construction Packaging Electrical & Electronics Textiles Automotive Others
By Region	North America (U.S., Canada, Mexico) Europe (Germany, U.K., France, Italy, and Rest of Europe) Asia Pacific (China, Japan, India, Australia, and Rest of Asia Pacific) Latin America Middle East and Africa (LAMEA)
Key Companies	B. Schoenberg & Co. Covetsro AG B&B Plastics Green Line Polymers KW Plastics Republic Services Ultra Poly Corporation Veolia Shell International B.V. Custom Polymers Plastipak Holdings