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

 

Global Robotic Sensors Market is expected to reach revenue of US$ 5 bn by 2028: Ken Research

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The Global Robotic Sensors Market is expected to record a positive CAGR of ~ 17% during the forecast period (2022-2028), and reach a revenue of ~US$ 5 Bn by 2028. Due to the introduction of Industry 4.0 and widespread digitization, the utilization of robots is likely to grow throughout the forecasted period. The adoption of autonomous and collaborative robots across end-user industries is also anticipated to enhance demand for robotic sensors.

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Key Growth Drivers

• The availability of relatively affordable, energy-efficient robots and the growth in organizations' requirements for automation and safety are expected to drive the growth of the worldwide robotic sensors market.
• According to the International Federation of Robotics (IFR), a non-profit organization, 486,800 units of industrial robots were sold in 2021, an increase of 27% compared to the previous year.
• According to the Oxford Economics 2019, an independent economic advisory firm, over the past 20 years, the number of robots in use has increased three-fold, reaching ~2.25 million. In the following 20 years, trends indicate that the number of robots will grow even more rapidly, likely reaching 20 million by 2030, with 14 million of those in China alone.
• Another significant problem affecting the growing deployment of robots is the lack of skilled workers. Along with the labor shortage, the rising wages of the workforce are also having an influence on the growth of robot demand globally. Additionally, organizations must constantly train their staff to adopt new technologies, which compels them to use robotic systems and encourages market vendors to develop new system components.
• The COVID-19 pandemic has accelerated the development of robots. The use of modern technology is increasing, especially in manufacturing and healthcare as these sectors adapt to the shifting preferences and requirements of the modern world. Robotic sensors are used by drones and robots in the military and defense sector to gather precise location, velocity, and attitude data.

Key Trends by Market Segment

By Type:  Force & torque sensor segment is likely to hold the major market share in 2021 due to its high-precision, non-contacting, wear-free sensors having a long lifespan and providing long-term stability.

• A Force and Torque (FT) sensor segment is a type of electronic instrument used to measure, track, record, and control the linear and rotational forces acting on it. In other words, the FT sensor in a mechanical or robotic system can be compared to the tiny receptors that give animals their sensation of "touch" in their skin.
• Due to the growing demand for safe and collaborative robots in manufacturing, TE Connectivity in January 2020 launched a torque sensor for cobots and developed a safety torque sensor with integrated and improved functional safety, including better accuracy and speed.

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By Application: The Industrial robot sensor segment accounts for the majority share of the Robotic sensors Market in 2021 owing to the advancement of force/torque sensors and vision systems in the industrial robot sensors segment.

• The industry's growth is attributed to the increasing use of industrial robots in manufacturing facilities. Force/torque sensors, collision detection sensors, and vision sensors are the principal sensors used by these industrial robots.
• According to the International Federation of Robotics in 2021, China, Japan, the United States, the Republic of Korea, and Germany are the top five countries with the largest industrial robot markets. These nations are responsible for 76% of all robot installations worldwide, which is driving the usage of robot sensors in business.
• China accounted for half of all robot installations worldwide in 2021 and was guiding the world's recovery from the COVID-19 pandemic. According to the International Federation of Robotics, the industrial robotics market in China experienced strong development with a new high of 243,300 installations in 2021, an increase of 44% from 2020. The rising number of manufacturing robots in developed countries will drive the industry's use of robot sensors.

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By End User: The manufacturing sector holds the largest market share in the robotic sensors Market in 2021 due to the widespread use of automation in manufacturing industries, which is utilized for a wide range of tasks like packing, picking, placing, rolling, and others.

• The Manufacturing sector has a strong demand due to the production units' high acceptance of automation. Sensor-based collaborative and humanoid robots are used in this business for a range of tasks, including packaging, picking, rolling, and others.
• International Federation of Robotics (IFR) reported that electronics industry was the largest end-user industry with 132,000 installations, witnessing a +21% growth over previous year. However, Automotive industry which was the second largest end-user industry with 109,000 installations witnessed much higher growth of +37% over previous year.
• According to Oxford Economics' 2019, robots are utilized in India and other nations; in the previous 20 years, US$2.25 million worth of robots have operated internationally.
• According to the International Federation of Robotics, in 2021, a total of 354,500 units were sold in Asia representing 73% of global market, and a 33% increase from 2020. The majority of units were adopted by the electronics sector (123,800 installations, +22%), which was followed by the automobile sector's strong demand (72,600 installations, +57%) and the metal and machinery sectors (36,400 installations, +29%).

By Geography: Asia Pacific continues to be the world's largest market for robotic sensors as it accounted for roughly 73% of all newly deployed robots in 2021, according to IFR.

• Stringent government actions that assist the adoption of smart factories across Asia Pacific countries as China, Japan, South Korea, and Taiwan is driving the industry’s need for automation.
• According to Oxford Economics, in 2019 stated that China alone could employ 14 million robots over the period of the next 11 years.

Competitive Landscape

The Robotic sensors market is highly competitive with ~200 players, which include globally diversified players, regional players as well as a large number of country-niche players having their niche in Robotic sensors for multiple industries.

Large global players hold the largest market share, while regional players hold the second largest share. Some of the major players in the market include ATI Industrial automation, Balluf Gmbh, Baumer Group, Cognex Corporation, FUTEK Advanced Sensor Technology, IFM Electronic, Infineon Technologies, OnRobot, Sensata, TE Connectivity, and others.

The leading global specialist companies such as Balluf Gmbh, Baumer Group, and FUTEK Advanced Sensor Technology are highly focused on providing significant Sensors for various applications that can be used across multiple industries, including Automotive, Food and Beverages, Healthcare, Logistics and Transportation, and more.

Recent Developments Related to Major Players

• In February 2022 Novanta Inc. established a new collaboration with MassRobotics to support the development and expansion of the following wave of prosperous robotics firms.
• In July 2022 Balluff introduced its New Generation of the compact, reliable position measuring systems in profile and rod designs. These systems include narrow magnetostrictive sensors for contactless position measurement.

Conclusion

The market for robotic sensors is expected to continue expanding at a significant double-digit pace of ~17%, which is considerably faster than the rate the market experienced between 2017 and 2021. Owing to Industry 4.0 and digitization, the adoption of robots has increased significantly over the forecast period. Over the projection period, robotics developments are anticipated to lead to more flexible manufacturing methods, which are expected to result in a massive rise in the adoption of robotic sensors. With the rising deployment of autonomous and collaborative robots across end-user industries, the demand for robotic sensors is expected to rise to provide more precision and accuracy while operating. Though the market is highly competitive with ~ 200 participants, few global 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 report delivered within a maximum of 2 working weeks.

Ken Research has recently published report titled, Global Robotic Sensors Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, that segments the market into by type, application, and end-user industries. 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 USD Million.

Market Taxonomy

• Force & Torque Sensor
• Temperature Sensor
• Pressure Sensor
• Position Sensor
• Proximity Sensor
• Navigation sensor
• Vision Sensor
• Others

By Application

• Industrial Robot Sensors
• Service Robot Sensors
• Collaborative Robot Sensors

By End User

• Aerospace & Defense
• Automotive
• Chemicals
• Consumer Electronics
• Energy & Utility
• Food & Beverages
• Healthcare
• Logistics & Transportation
• Manufacturing
• Agriculture
• Others

By Geography

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

Global Plastic Additives Market Size, Segments, Outlook, and Revenue Forecast 2022-2030: Ken Research

 The global plastic additives market is expected to record a positive CAGR of over 6% during the forecast period (2022-2030) and is expected to reach approximately US$ 80 billion by 2030.

Several industrial applications utilize different types of plastic additives such as stabilizers, processing aids, modifiers, flame retardants, and plasticizers. One of the key reasons for the high adoption of plastic additives is strict rules being introduced by the European Commission to control and regulate the use of chemicals and materials like plastics, due to their negative effects on the environment and human health. Additives modify the substance's characteristics to introduce new features to plastic material. These aid in improving the cleanliness or safety of plastics, therefore, supporting the agenda.

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Key Growth Drivers

Numerous industries, including construction, consumer goods, packaging, and automotive, have started to increasingly adopt plastic additives. A turnaround in these important market categories and the rising demand for additives in polymers for applications in these segments are predicted to have a significant role in driving growth in the market size for plastic additives.

• According to the ODI organization, the automobile sector will consume 76 million tons (Mt) of plastics by 2050, nearly three times as much as it did in 2015 (27 Mt). This in turn is expected to impact the adoption of plastic additives in the automotive industry.
• According to UN research, around 55% of the world's population already lives in urban areas in 2022 and is projected to rise to 68% by 2050. Urban population expansion increases demand for the automobile and transportation industries, which in turn raises the demand for plastic materials.
• In August 2022, at K 2022, Clariant proposed plastic additive solutions as the automotive industry works to safely increase battery range and charging performance, significant material reuse and recycling, and reduce carbon footprint.

Moreover, the demand for small, compact residential buildings is expanding along with urbanization. Plastic is utilized in residential buildings for a variety of functions, including insulation, wiring & cables, electrical switches, and water pipes, and is, therefore, pushing up the demand for plastic additives to alter the strength and longevity of plastics.

According to teriin.org, the majority of plastic garbage is produced by households, primarily in the form of water and soft drink bottles. The market is currently subject to several new laws, some of which are projected to have a detrimental impact on sales of plastic additives. Restrictions on different plastic additives, including specific types of flame retardants and plasticizers, have been backed by several scientific investigations. For instance, the types of indirect additives used in food contact substances are governed by the Code of Federal Regulations (CFR), Title 21, Part 177, which was created by the USA FDA.

• To control the maximum allowable additive quantities used in food processing and packaging applications; these regulations were devised. Volatile raw material costs and strict environmental restrictions for producing plasticizers, UV stabilizers, and other additives are characteristics of the worldwide sector.

The global market has been severely impacted by COVID-19. The production and supply of goods and raw materials have been impacted by various government restrictions. Due to the outbreak, the majority of China's chemical industries were temporarily shut down. The primary market for these additives and their raw materials is China, which is expected to have a significant impact on the worldwide market.

During the lockdown, the raw material supply was disrupted, which had an impact on the production of these additives and derivatives. However, the resurgence of manufacturing and construction, as well as the increased demand for PPE kits to stop the spread of COVID-19, have supported the market and is expected to positively impact the growth in coming years.

Key Trends by Market Segment

By Type: Plasticizers type segment held the largest share of the Global Plastic Additives Market in 2021.

• Demand for plasticizers is increasing mainly due to their increasing adoption in high-volume flexible PVC products. According to plasticseurope.org, the world produced 367 million tons of plastic in 2020, an increase of 32 million tons over 2016. Polyvinyl chloride, or PVC, which is the fourth most prevalent plastic in the world, received 10% of this total. PVC is frequently used in the manufacture of toys, cables, packaging, flooring, and other items.

According to National Center for Biotechnology Information, about 90% of plasticizers are used for PVC applications, making them the most common plastic additive for enhancing flexibility and processing ease.

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By Plastic Type: High-performance polymers plastic type segment held the largest market share in the Global Plastic Additives Market in 2021.

• High-performance polymers can function at temperatures as high as 300°C, having an advantage over commercially available high-temperature polymers including modified high-performance thermoplastics and heat-resistant compounds.
• The segment's revenue growth is expected to be further fueled by their superior ability to withstand high temperatures compared to other polymers across a variety of end-use industries, such as oil and gas, nuclear, aerospace, and chemicals.

By Application: The packaging application segment held the largest market share in the Global Plastic Additives Market in 2021.

• Rise in the adoption of sales from e-commerce platforms, requiring additional packaging is increasing the adoption of plastic additives in packaging materials to make them strong, durable, and eco-friendly.
• The COVID-19 breakout at the start of 2020 led to a large surge in e-commerce rather than the more traditional brick-and-mortar sales as lockdown measures were put in place in several countries to stop the virus' spread. The sector is still experiencing a rise and is estimated to grow in the coming years as well. This poses an opportunity for plastic additives. Also in the time, due to hygiene concerns, the pandemic has caused a resurgence of single-use plastic bags and boxes, favorably affecting the use of plastic packaging in e-commerce and turn positively impacting the plastic additives market.

For instance, the packaging market in India has reached a value of around US$ 72.6 billion by 2020, according to a report by the Associated Chamber of Commerce and Industry of India (ASSOCHAM).

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By Geography: Asia Pacific accounted for the largest market share in 2021 within the total Global Plastic Additives Market.

• The market for plastic additives is predicted to increase rapidly in the region mainly in nations like India, Japan, and China due to rising demand from packaging and automotive industries.
• Due to the significant presence of key manufacturers and end users, China is one of the top consumers of plastic additives. Plastic additives are in great demand as a result of urbanization and the construction industry's rapid growth in the region.
• In India, the demand for plastic additives is being fueled by a surge in foreign direct investment from major foreign companies into India's chemical industrial sector, which is driving up the production of plastics and bioplastics.

According to teriin.org, about 43% of manufactured plastics in India are used for packaging, and the majority are single-use materials.

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Competitive Landscape

The global plastic additives market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players.

Country niche players hold the largest presence of about 65% of the total competitors, while regional players comprise ~30% of competitors. Some of the major players in the market include BASF SE, The DOW Chemical Company, AkzoNobel, Clariant AG, Nabaltec, Mitsui Chemicals, LANXESS AG, Repi S.r.l., Songwon Industrial Co. Ltd., Albemarle Corporation, Kaneka Corporation, and others.

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Recent Developments Related to Major Players

• In April 2021, BASF has introduced biomass balanced (BMB) plasticizers based on renewable raw materials under designations Hexamoll® DINCH BMB, Palatinol® N BMB, Palatinol® 10-P BMB, and Plastomoll® DOA BMB. These substances are made from vegetable oils or organic waste. Biomass-balanced plasticizers assist conserve fossil resources and have a smaller carbon footprint than traditional ones.
• In April 2021, Songwon Industrial Co., Ltd extended its geographical presence in Bangladesh, Nepal, and Sri Lanka with Cheminox as the authorized distributor for the entire region. Cheminox has been the only distributor of Songwon’s polymer stabilizers in India since 2009. These stabilizers include SONGNOX® antioxidants, SONGSORB® UV absorbers, and SABOSTAB® HALS. With this expansion, Songwon aims for a long-term growth goal with a consistent, high-quality supply of goods and the highest caliber of customer support.
• In February 2021, specialty chemicals manufacturer LANXESS entered a legally binding agreement to purchase 100% of the shares of Emerald Kalama Chemical to accelerate its growth strategy. The USA-based business is a market leader in the production of specialty chemicals, particularly for the consumer market.

Conclusion

The global plastic additives market is expected to showcase positive growth during the forecast period. One of the main trends driving market expansion is the strict government initiatives toward sustainability. Asia Pacific region holds dominance in the market and is also expected to experience an increased growth rate due to the high adoption of plastic additives in the region’s automotive and construction industry. The market is highly competitive with around 500 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 Plastic Additives Market Size, Segments, Outlook, and Revenue Forecast 2022-2030. In addition, the report also covers market size and forecasts for the four major regions’ plastic additives market. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Type	Plasticizers Stabilizers Flame Retardants Impact Modifiers Others
By Plastic Type	Commodity Plastic Engineering Plastic High-Performance Plastic
By Application	Packaging Food Consumer Goods Construction Automotive Others

By Geography	North America USA Canada Mexico Europe Germany UK France Spain Italy Rest of Europe Asia Pacific China Japan South Korea India Indonesia Australia Rest of Asia Pacific LAMEA Latin America Middle East Africa
Key Companies	BASF SE The DOW Chemical Company AkzoNobel Clariant AG Nabaltec Mitsui Chemicals LANXESS AG Repi S.r.l. Songwon Industrial Co. Ltd. Albemarle Corporation Kaneka Corporation