Global Solid-state Battery Market is expected to record a positive CAGR of ~30% during the forecast period 2022-2028: Ken Research

 A solid-state battery uses a solid as an electrolyte and has high energy density, better stability, and is safer in comparison to lithium-ion batteries. Different kinds of electrolytes could be used to increase the efficiency of a solid-state battery. Solid-state batteries are less expensive, safer, and more durable.

According to Ken Research Analysis, the Global Solid-State Battery Market is expected to record a positive CAGR of ~30% during the forecast period (2022-2028) and is expected to reach nearly US$ 3,000 million by 2028, owing to an increase in research and development activity on solid-state batteries.

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The increasing demand for the solid-state battery to offer high energy density is anticipated to propel the growth of the global solid-state battery market during the forecast period.  

• The surging demand for electric vehicles along with increasing investment and partnerships between battery manufacturers and automobile manufacturers is likely to propel the growth of the global solid-state battery market.

The global solid-state battery market faces challenges due to the high manufacturing cost of solid-state batteries.

• The availability of other substitutes such as graphene batteries, sand batteries, lithium-sulfur batteries, and others is also expected to restrict the growth of the market.

The COVID-19 pandemic positively impacted the solid-state battery market as countries-imposed lockdowns to curb the situation which resulted in a massive shift to remote and online working and as a result, the demand for electronics increased. Furthermore, the increase in cardiovascular diseases among patients suffering from COVID-19 boosted the demand for pacemakers as well as solid-state batteries.

Key Trends by Market Segment:

By Type: The thin film battery segment held the largest share of the global solid-state battery market by type in 2021, owing to the growing demand for thin film batteries for various applications including wearable devices, and others.

• The adoption of thin film batteries as they have a low impact on the environment as well as their efficient recharge rate and compact size are expected to fuel the demand for the segment in the global solid-state battery market.

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By Application: The consumer & portable electronics segment accounted for the largest share of the global solid-state battery market in 2021, attributed to the growing urbanization and increasing disposable incomes.

• The increase in demand for electronic goods such as mobile phones, laptops, and others among consumers is anticipated to aid the growth of the segment in the global solid-state battery market.

By Geography: Asia-Pacific region accounted for the largest share of the global solid-state battery market in 2021, due to the growing demand for electric vehicles.

• The increasing focus on the research and development of solid-state batteries along with supportive initiatives by the government to reduce carbon emissions for automobiles, is expected to augment the growth of the region in the solid-state battery market.

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Competitive Landscape

The solid-state battery market is highly competitive with ~100 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in the solid-state battery.

Regional players comprise ~45% of the total number of competitors, while the country-niche players comprise the second highest of the total number of competitors. However majority of the regional and country-niche players are suppliers of components or assembling & distribution partners of global players. Some of the major players in the market include Cymbet, Toyota Motor Corporation, Robert Bosch GmbH, Solid Power Inc., Excellatron, BrightVolt Inc., SK Innovation Co. Ltd, STMicroelectronics, Total Energies, and StoreDot, among others.

The leading global solid-state battery companies such as Toyota Motor Corporation, Excellatron, and BrightVolt Inc., are highly focused on the research and development of solid-state batteries.

Recent Developments Related to Major Players

• In June 2020, Toyota Motor Corporation and Panasonic Corporation partnered to form Prime Planet Energy and Solutions Inc., to focus on the development, manufacturing, and marketing of solid-state batteries for the automotive industry.
• In January 2022, SK Innovation Co. Ltd collaborated with a research team led by Professor Lee Seung-woo of Georgia Tech in the USA. The company aimed to advance the era of next-generation all-solid-state batteries.

Conclusion

The global solid-state battery market is forecasted to continue exponential growth, primarily driven by the increasing demand for solid-state batteries due to their high energy density for different applications. Furthermore, supportive government initiatives and increased R&D activities on the solid-state battery is expected to fuel the growth of the market. Though the market is highly competitive with ~100 participants, regional players control the dominant market share.

Note: This is an On-Demand/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 Solid-State Battery market Size, Segments, Outlook, and Revenue Forecast 2022-2028 is segmented by type and application. In addition, the report also covers market size and forecasts for the four region's solid-state battery market. The revenue used to size and forecast the market for each segment is US$ million.

By Type         

• Thin Film Battery
• Portable Battery

By Application

• Consumer & Portable Electronics
• Electric Vehicles
• Energy Harvesting
• Wearable & Medical Devices
• Others

By Geography          

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

Key Players  

• Cymbet
• TOYOTA MOTOR CORPORATION
• Robert Bosch GmbH
• Solid Power Inc.
• Excellatron
• BrightVolt Inc.
• SK Innovation Co. Ltd
• STMicroelectronics
• Total Energies
• StoreDot

Global Plant-based Meat Market is expected to reach approximately US$ 15 billion by 2028: Ken Research

 Meat made from plants having proteins, fats, vitamins, minerals, and water components is plant-based meat, much like meat derived from animals. Modern plant-based meat resembles traditional meat in appearance, cooking method, and flavor. According to Ken Research Analysis, the global Plant-based Meat Market is expected to record a positive CAGR of ~15% during the forecast period (2022-2028) and is expected to reach approximately US$ 15 billion by 2028.

Consumers are preferring vegan options due to growing health concerns and animal welfare. In addition, people seek the same flavor and tenderness in food products as that found in meat and meat products made from animals in vegetarian alternatives. These are some of the primary factors that are expected to drive the Plant-based Meat Market. It is being increasingly adopted in food products like burgers patties, and sausages.

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Growing flexitarian and vegan populations as well as rising animal welfare initiatives across the world boost the market growth.

• Animal welfare has recently been pushed to the front of the world's eating habits. Animal humanization has been promoted on a larger scale by organizations like World Animal Protection (WAP) and People for the Ethical Treatment of Animals (PETA).
• Various cultural views have been dominated by animal welfare. According to several theological traditions, animals have the same levels of sensibility, consciousness, and feeling as people. As a result, eating animal meat has been strongly discouraged, and numerous jurisdictions have passed harsh laws outlining the killing of animals.

Lack of awareness in third-world countries, and the texture and taste of plant-based meats limit the market growth.

• Customers often search for high-quality products with reliable flavor and texture. Due to growing awareness of environmental and health issues, customers have recently begun to demand more nutrient-dense, clean-label, and sustainable products. Although plant-based meat substitutes offer nutritional advantages compared to those of animal meat, the main drawback is the taste and texture of the substitute. Moreover, in emerging economies, vegan culture, plant-based meat, and other meat alternatives are not yet popular and hence lack awareness among the larger audience.

The food industry experienced substantial fluctuations as a result of the COVID-19 pandemic, including disruptions in the transportation of goods and the availability of crucial materials. Despite these limitations, plant-based meat companies adapted and launched new products and increased sales up-to a certain extent.

The global trade ban imposed in reaction to COVID-19 caused problems in the food supply system. Distribution through the food service channels was severely hampered, and panic buying and pantry stocking resulted in a dramatic increase in retail sales over the previous year. During the early pantry-stocking phase, many plant-based meat categories saw exponential growth.

Key Trends by Market Segment

By Source: The soy source segment held the largest market share in the global Plant-based Meat Market in 2021.

• Branch amino acids (BCAAs), which are abundant in soy, improve the body's capacity to exercise, develop and strengthen muscle mass, and recover from a strenuous workout. Comparing soy-based meat products to traditional animal- and dairy-based food items, it not only has lower formulation costs but also has a lower carbon footprint. Growing consumer demand for the product due to its qualities such as improved microwave-ability and slice-ability is anticipated to fuel market expansion.

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By Type: The chicken segment held the largest share in the global Plant-based Meat Market in 2021.

• The over-slaughtering and depletion of animal sources are being caused by the rising demand for chicken meat, the growing population, and consumer preferences for meat products. As a result, especially among millennials and Gen Xers, sustainability is becoming increasingly important as a deciding factor when making purchases, in turn promoting the growth of the Plant-based Meat Market.

By Product: Burger patties product segment held the largest share in the global Plant-based Meat Market in 2021.

• Burger-producing companies are adopting ingredients that replicate the flavor, aroma and feel of meat which is pushing up the plant-based burger patties market in places across the globe. For example, The Impossible Burger, a product of Impossible Foods, has a characteristic meaty flavor since it is created with a genetically engineered form that mimics the natural heme-iron found in animals.

By Geography: Europe accounted for the largest market share in 2021 within the total Global Plant-based Meat Market in 2021.

• The growing vegan trend in Europe, particularly in the UK, is anticipated to boost demand for plant-based meat alternatives. To boost their sales in the local market, major manufacturers are pursuing strategic initiatives such as capacity development, product innovation, and mergers and acquisitions.

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Competitive Landscape

The global Plant-based Meat Market is highly competitive with ~300 players which include globally diversified players, regional players as well as a large number of country-niche players.

Country niche players constitute ~70% of the competitors, followed by regional players which hold 25% of the market presence. Some of the major players in the market include Beyond Meat, Impossible Foods Inc., Starbucks Corporation, Tofurky, Kraft Foods, Inc., Lightlife Foods, Inc., Maple Leaf Foods, Sunfed, VBites Foods Limited, Trader Joe's, Ojah B.V., and others.

Recent Developments Related to Major and Emerging Companies

• In June 2020, the official launch of the Zandbergen co-manufacturing plant in Zoeterwoude, Netherlands, marked the introduction of Beyond Meat, Inc.'s first co-manufacturing capabilities in Europe. It is intended to make Beyond Meat's products more effectively distributed throughout EMEA.
• In June 2022, Starbucks India in collaboration with the vegan meat firm, Imagine Meats, introduced a vegan menu, including a Vegan Croissant Bun with tomatoes, Vegan Sausage Croissant Roll with spiced tomato sauce, a sautéed vegetables, and chermoula, and a Vegan Hummus Kebab Wrap with green pea hummus and pickled carrots, for some of the Starbucks locations across the nation.
• In February 2022, A joint venture deal has been signed between food technology startup TheNotCompany and The Kraft Heinz Co. As part of the announcement of the partnership, Kraft Heinz stated that the project is intended to "reimagine global food production" and move the food industry closer to a "most sustainable" future.

Conclusion

The global Plant-based Meat Market is expected to continue the gradual growth during the forecast period. Consumers are choosing vegan options due to growing concerns about their health and the welfare of animals. Moreover, they also seek the same flavor and tenderness found in meat, and meat products made from animals, are key trends driving market expansion. The market is highly competitive with around 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.

Market Taxonomy

The Global Plant-based Meat Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 is segmented by source, type, and product. In addition, the report also covers market size and forecasts for the four major regions’ Plant-based Meat Market. The revenue used to size and forecast the market for each segment is US$ billion.

By Source     

• Soy
• Pea
• Wheat
• Others

By Type         

• Chicken
• Pork
• Beef
• Fish

By Product

• Burgers Patties
• Sausages
• Strips & Nuggets
• 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 Players  

• Beyond Meat
• Impossible Foods Inc.
• Starbucks
• Tofurky
• Kraft Foods, Inc.
• Lightlife Foods, Inc
• Maple Leaf Foods
• Sunfed
• VBites Foods Limited
• Trader Joe's
• Ojah B.V.

Global Medical Tapes Market is expected to grow further to a size of ~US$2 billion by 2028: Ken Research

 Medical tapes are meant for direct application on the skin to take care of wounds and injuries and are also used for surgery and securement. Since these tapes come in direct contact with the skin, they need to be skin-friendly and easy to put on. To hold wounds and injuries better, the tapes should be strong and resilient and remain stuck to the skin efficiently when the patient is moving or bending. Not all medical tapes are essentially water-proof. The buyer needs to read the product description well if looking specifically for waterproof applications.

According to Ken Research Analysis, the Global Medical Tapes Market is estimated to have grown to a size of ~US$1.5 billion in 2022 from ~US$1 billion in 2017. The market is expected to grow further to a size of ~US$2 billion by 2028 at a CAGR of ~6% during the forecasting period of 2022-2028.  The growth can be attributed to the rise in Healthcare Acquired Infections, the increasing number of wounds, burns, injuries, and accidents reported at healthcare facilities, the availability of advanced products, and rising awareness among patients and physicians about the benefits of good-quality medical tapes.

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• Healthcare Acquired Infections (HAI) get transmitted while receiving treatment at a healthcare facility. These infections are capable of doing long-term damage to a person’s health by affecting one’s bloodstream, lungs, skin, urinary or digestive tract. Apart from performing inspections of healthcare facilities and hospitals at frequent intervals, there is hardly any other proactive measure to stop these infections from spreading. The proper use of medical tapes, in compliance with the storage and usage guidelines issued by public health authorities across countries and regions, can reduce the spread of Healthcare Acquired Infections. Simple innovations like single-use, individually packaged medical tapes have proven to be especially effective in minimizing the risk of HAI, resulting in a steady rise in the market.
• Businesses and individual scientific researchers are consistently active in making better-quality medical tapes. For instance, the Durapore Advanced Tapes by 3M, one of the key players in this market, has addressed three critical areas that make a medical tape successful. These areas/aspects include adhesion to tubing, adhesion to the skin in presence of moisture, and edge lift. According to a report published in the University of Washington website in 2022, Professor Eric Siebel, a UW researcher in Mechanical Engineering, has been successful at developing tapes that would stick strongly to the skin and yet become conveniently non-sticky when it comes to removal. Such innovations, resulting in the frequent launch of efficient products, have helped the market for medical tapes to grow in size.
• Despite moderate and steady growth, factors that limit the market’s potential include the lack of adequate guidelines on the use of medical tapes and the occurrence of Medical Adhesive Related Skin Injuries (MARSI). These injuries may fall into the categories of mechanical, dermatitis, and other types, and persist 30 minutes or more after the removal of the adhesive. While a mechanical MARSI may be caused by the force applied in removing the tape, the dermatitis type of injury can be allergic or non-allergic. Other types of MARSI include maceration and folliculitis.
• During the initial phase of the COVID-19 outbreak, healthcare facilities, including hospitals and ambulatory surgical centers, witnessed a significant decline in the number of surgeries. Across several geographies, severe dips were noted in the number of elective surgical procedures. This fall in demand resulted in lesser uptake of medical and healthcare consumables, including medical tapes. However, as the pandemic-induced restrictions started easing out, the market for medical tapes, along with other consumables, witnessed a rebound with resumed treatments and reappointed surgeries.

Key Trends by Market Segment

By Product Type:  Silk cloth tapes accounted for the largest share of the market in 2021. However, the growing use of silicone tapes among children and elderly patients, owing to this category’s enhanced safety features, is expected to make it the fastest-growing category during the forecast period of 2022-2028.

• Silk cloth tapes are strong and resilient. Moreover, its design allows it to leave minimal residue on the skin when removed. It also comes with several functional benefits. For instance, it can be torn according to the exact requirement without the help of scissors. Gently stroking the surface can maximize adherence.
• The growth potential of Silicone Medical Tapes stems from the clean and comfortable wearing experience it has to offer, its enhanced sticking properties, and the variety of formats in which it is available. These tapes can be conveniently used for both long and short-term applications and for chronic wounds as well.

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By Application:  Application-wise, the Wound & Injuries segment is estimated to hold a significantly larger share than the Surgeries and Securement segment.

• The use of medical tapes is more frequent in offering care for wounds and injuries. Medical tapes find thorough and consistent use in various stages of wound dressing. There are types of medical tapes available in the market that aid in minimizing pain during the process of recovery from wounds. The demand in this segment is also fueled by the growing instances of acute and chronic wounds.
• Demand in the Surgeries and Securement segment is generated by the post-operative care needs. Tapes are also increasingly being used to attach wearable health-parameter tracking devices to the human body.

By Distribution Channel:  Hospitals accounted for the largest share of the market in 2021 and is expected to retain dominance during the forecast period of 2022-2028.

• Most people prefer hospitals when it comes to undergoing surgical procedures, resulting in a consistently increasing demand for medical tapes in this segment.
• The resumption of elective surgical procedures, after the pandemic-induced restrictions, has helped the hospital segment to grow. Also, the increasing number of surgical procedures at an overall level is fueling growth.

By Region:  North America accounted for the largest share of the Global Medical Tapes Market in 2021.

• A host of factors is driving growth in the North American geography, including rises in hospital admissions and number of elective procedures. This growth is leading to an overall rise in the sales of medical consumables, including medical tapes.
• Europe and Asia Pacific have also emerged as significant markets for this segment. While growth in Europe is driven by the increase in number of surgeries in the region, Asia Pacific market benefits from its demographic dividend, noted especially in the largely populated countries of China and India.

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Competitive Landscape

The Global Medical Tapes market has ~250 players, including globally diversified players, regional players, and country-niche players having expertise in addressing specific needs prevalent in the healthcare scene of a specific region.

Large global players constitute ~10% of total competitors, while regional players hold the largest revenue share. Some of the major players in the market include 3M, Johnson & Johnson, Paul Hartmann, Scapa Group Plc., Ad Tape & Label, Medtronic, Avery Dennison Corporation, Nichiban Co. Ltd., Nitto Denko Corporation, Smith & Nephew, etc.

Recent Developments Related to Major Players

• In April 2022, 3M introduced an adhesive tape to the market that could be used for securing medical devices to a patient’s skin for up to three weeks or 21 days. The tape was launched under the brand name ‘3M Medical Tape 4576’. The company believes that the product would offer excellent adhesion in cases of extended wear and for both in and out of care facilities.
• Paul Hartmann company, one of the leading players in the segment, collaborated with Genesys Cloud CX platform to consolidate its digitisation strategy, realising the benefits of a robust IT-based network to succeed in this market. The collaboration will help in establishing a central digitisation system for the company with multiclient-enabled solutions.

Conclusion

The Global Medical Tapes market is expected to grow at a steady and moderate pace during the forecast period. Multiple factors will drive growth in this segment, including efforts undertaken to stop the rise in Healthcare Acquired Infections, increasing number of wounds, burns, injuries, and accidents, availability of high-quality medical-grade tapes, and rising awareness among a large segment of the population about the benefits of everyday hygiene.

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 2 working weeks.

Market Taxonomy

The Global Medical Tapes Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 is segmented into product type, application, distribution channel, and region. In addition, the report also covers the size and forecasts for the four major regions of the market. The revenue used to size and forecast the market for each segment is USD billion.

By Product Type             

• Adhesive Tapes
• Elastic Tapes
• Silicone Tapes
• Paper Tapes
• Silk Cloth Tapes

By Application 

• Wounds & Injuries
• Surgeries & Securement

By Distribution Channel

• Hospitals
• Ambulatory Surgical Centers
• Clinics
• Homecare Setting

By Region          

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

Key Players       

• 3M
• Johnson & Johnson
• Paul Hartman
• Scapa Group Plc.
• Ad Tape & Label
• Medtronic
• Avery Dennison Corporation
• Nichiban Co. Ltd.,
• Nitto Denko Corporation
• Smith and Nephew

Global Air Compressor Market is expected to reach USD 40 bn by 2028: Ken Research

 The Global Air Compressor Market – which grew from around ~US$25 Bn in 2017 to nearly ~US$30 Bn in 2022 – is expected to grow further into a more than ~US$40 Bn opportunity by 2028. It is expected to record a positive CAGR of ~5% during the forecasted period (2022-2028), owing to the rapid growth in industrialization and rising investments to enhance the oil and gas pipeline network.

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Key Growth Drivers

• One of the main factors propelling the expansion of the global air compressor market is the expanding oil and gas sector. The market is expanding as a result of the increased energy demand in developing nations like China, India, and South Korea. According to India Brand Equity Foundation (IBEF) by 2045, it is anticipated that India's oil consumption will have increased by a factor of 2x, to reach 11 million barrels per day.
• Environmentally friendly compressor technologies, low maintenance, retrofitting of existing systems, efficient operation at lower costs, rising adoption of variable-speed systems, oil-free lubrication processes, and growth in the popularity of portable models are propelling the growth of the market.
• The global market is expanding due to the rising demand for air compressors that are energy-efficient in order to reduce operating costs. The market growth is anticipated to be positively impacted by the increasing initiatives taken by key industry players to create affordable and environmentally friendly air compressors. Several businesses have already created next-generation systems that provide high-performance capabilities at reasonable prices. Atlas Copco, a Swedish multinational industrial company, in 2022, has launched a New Energy-Efficient GA VSDS Compressor that provides up to 60% energy savings and intelligent, adaptable operation.

Key Trends by Market Segment

By Type: The Stationary segment held the largest market share of the Global Air Compressor Market in 2021, due to the extensive use of these compressors in the industrial sector.

• The expansion of air compressor market has been driven by the rising demand for stationary air compressors in the global manufacturing sector.
• Furthermore, the demand for stationary air compressors is anticipated to increase in the near future as a result of the rapid industrialization in developing nations like Saudi Arabia, the United Arab Emirates, India, Brazil, and China.

By Technology: Rotary segment held the largest share of the global air compressor market in 2021, due to the increased demand for rotary air compressors in major industries, including pulp and paper, mechanical and electrical machinery, mining and metallurgy, and electric power.

• A rotary compressor is a type of air compressor that creates compressed air using two rotating screws. In comparison to other compressor types, rotary screw air compressors are cleaner, quieter, and more effective.
• Strict government restrictions related to noise levels and greenhouse gases emitted by air compressors would be a significant barrier for this market. According to Legal Information Institute, a non-profit organization, portable air compressors with a maximum rated capacity of less than or equal to 250 cubic feet per minute (cfm) should not produce an average sound level in excess of 76 dBA when measured and evaluated in accordance with the methodology given by this regulation.
• Governments all over the world implemented stringent national lockdowns in 2020 as a result of the growing need to stop the COVID-19 illness from spreading. This in turn hindered a number of businesses and enterprises from expanding. The pandemic also had an impact on the air compressor market, which saw a significant fall in sales and profitability. But post-COVID-19, it's anticipated that a greater emphasis on energy efficiency, energy recovery, and lowering CO2 emissions would fuel demand for air compressors.

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By Lubrication: The oil-filled segment accounted for the majority share of the global air compressor market in 2021, as they were widely adopted for commercial applications in the energy, manufacturing, and chemical industries. They are durable and produce low noise compared to the oil-free compressor.

• Heavy-duty applications frequently use oil-filled segments because of their reliability and resistance to harsh environments. Higher operational output and improved air delivery are made possible by the durable construction and long-lasting design.
• Oil-filled compressors are more appropriate for industrial applications since they can work at a higher capacity. Another element that has contributed to the widespread use of these compressors in small- and medium-scale industrial applications is their affordability.
• Furthermore, several benefits of oil-free compressors, such as maintenance-free operation and a lower risk of contamination, are anticipated to be key factors in the market growth.

By Application: The manufacturing segment accounted for the largest market share in 2021 of the global air compressor market due to the increase in investments in the industrialization of developing and underdeveloped regions is driving the segment's expansion.

• Developing nations like India, China, and Brazil are rapidly industrializing, and the manufacturing sector is seeing an increase in demand for advanced and energy-efficient air compressors.
• In order to promote innovation in solar manufacturing and recycling, the Biden-Harris Administration in July 2022, announced a number of new programs and US$56 million in funding through the U.S. Department of Energy (DOE), these investments in the manufacturing segment help in accelerating the growth of the air compressor market.

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By Geography: Asia Pacific accounted for the largest market share in 2021 of the global air market, due to the increasing demand for air compressors in a number of sectors, such as manufacturing, home appliance, oil and gas, and food and beverage industries.

• In addition, there are numerous compressor producers in China and India. For instance, Compressor Products International (CPI) was acquired by a Howden Air and Gas Production Company in December 2021. Through this action, CPI was able to take advantage of development prospects and expand its global distribution and service networks in China.
• The manufacturers are also paying close attention to the attractive markets of India and Japan; their efforts are mostly focused on building production facilities and setting up established supply chains in the area. Additionally, in the recent past, the majority of consumers from various end-use industries have decided to seek out investments in the Asia Pacific region's emerging economies, which is pivoting the development of manufacturing clusters throughout those regions and driving up sales of goods for the manufacturing industry.

Competitive Landscape

The air compressor market is highly competitive with ~300 players which include globally diversified players, regional players as well as a large number of country-niche players having their niche in air compressors.

Country-niche players control about ~55% of the market, while regional players constitute ~30% of the total number of competitors by type. Some of the major players in the market include Ingersoll Rand Plc, Atlas Copco, Elgi equipment limited, MAT Holdings, Inc., Sullair, Mitsubishi Heavy Industries Ltd., Bauer Compressors, Inc., VMAC Company, Kirloskar Pneumatic, and Doosan Portable power

Recent Developments Related to Major Players

• In August 2019, the new line of cutting-edge compressors from Atlas Copco was introduced for small and medium-sized businesses. The new compressors contribute to cost- and production-cutting.
• In February 2021, the Mid-Range Series Portable Compressors from Sullair were introduced. The electronic spiral valve technology, which enables flexibility and improved operational efficiency, is integrated into this device.

Conclusion

The global air compressor is forecasted to continue the exponential growth that is witnessed since 2017, due to the increasing demand for products with higher operational output and efficiency is the primary concern that manufacturers are seeking to address in the market. Though the market is highly competitive with ~300 players, few global players control the dominant market share and regional players also hold a significant 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 2 working weeks.

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

Market Taxonomy

By Type	Stationary Portable
By Technology	Rotary Centrifugal Reciprocating
By Lubrication	Oil-free Oil filled
By Application	Manufacturing Food & Beverage Healthcare/Medical Oil & Gas Home Appliances Energy & Power Electronics & Semiconductor Others
By Geography	North America (USA, Canada, Mexico) Europe (Germany, UK, Italy, France, Spain, Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Australia, Indonesia, Rest of Asia Pacific) LAMEA (Latin America, Middle East, Africa)
Leading Companies	Ingersoll Rand Atlas Copco Elgi Equipments Limited MAT Holdings, Inc. Sullair Mitsubishi Heavy Industries Ltd. Bauer Compressors, Inc. VMAC Kirloskar Pneumatic Doosan Portable power

 

Global Water and Wastewater Treatment Equipment Market is expected to reach USD 75 bn by 2028: Ken Research

The Global Water and Wastewater Treatment Equipment Market was valued at ~US$ 35 billion in 2017. It is estimated to be ~US$ 50 billion in 2022 and is expected to reach a market size of ~US$ 75 billion by 2028 growing with a CAGR of ~7% during 2022 to 2028. Lack of freshwater resources to meet the regular demand of water consumption for usage is likely to drive the market growth.

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Key Growth Drivers

• Water scarcity i.e. lack of freshwater resources to meet the regular demand of water consumption for public usage drives the growth of the Global Water and Wastewater Treatment Equipment Market.
• According to UNICEF (United Nations International Children's Emergency Fund) which is an agency of the United Nations that provides humanitarian and developmental aid to children around the globe, stated that “Four billion people — almost two-thirds of the world’s population — experience severe water scarcity for at least one month each year”.
• The high installation, operational, and maintenance cost of wastewater treatment plants is one of the biggest challenges for the Global Water and Wastewater Treatment Equipment Market.
• The cost of a wastewater treatment plant directly affects the global Water and Wastewater Treatment Equipment Market as this equipment is majorly installed in wastewater treatment plants such as membrane separation and disinfectants.
• The COVID-19 pandemic slowed the growth of Global Water and Wastewater Treatment Equipment Market, owing to the shutdown of production activities in various industrial areas including water and wastewater treatment equipment manufacturing units. As a result, production showed a decline in Water and Wastewater Treatment Equipment market.

Key Trends by Market Segment

By Equipment:  The Membrane Separation segment held the largest market share in 2021 of the Global Water and Wastewater Treatment Equipment Market.

• The growth is primarily as the Membrane Separation process is purely physical and uses less energy in water treatment as compared to other equipment.
• The Membrane separation equipment follows the process where a membrane is used to separate waste materials from the water thus allowing only clear water to pass from the membrane.

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By Application: The Industrial segment held the largest market share in 2021, owing to the strict laws for industrial facilities regarding the release of wastewater from their manufacturing units.

• The Indian Government Water Law of 1974 revised in 2003 stated that the manufacturing industries have to install meters to determine the amount of water used by the Manufacturing unit as well as the industry should include operations, processes, treatment, and disposal systems that use water and generate wastewater.
• In July 2019, the Municipality of Dubai, the UAE, launched an industrial wastewater treatment plant, which is able to produce 450,000 L of water in 24 hours that can be used for irrigation purposes.

By Process: The Primary Treatment segment accounted for the largest market share in the process segment in 2021.

• Primary treatment is the first way to for treating water in a wastewater treatment plant, the primary treatment process includes the direct removal of sedimentation and solid waste from the water.
• It is highly effective and low in cost as the process requires less amount of equipment for water and wastewater treatment. Hence, primary treatment is widely adopted by many industries.

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By Geography: Asia Pacific accounted for the largest market share among all regions within the total Global Water and Wastewater Treatment Equipment Market in 2021.

• The growth is primarily due to the increasing population, rapid urbanization, and several government initiatives to create more water and wastewater treatment plant to deal with water scarcity.
• In September 2022, SUEZ won a contract of US$ 685 million to design, build and operate (DBO) a 500 MLD capacity Wastewater Treatment Facility in Mumbai, India that will serve a population equivalent to 2.5 million.

Competitive Landscape

The Global Water and Wastewater Treatment Equipment Market is highly competitive with ~350 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in water and wastewater treatment equipment manufacturing. Large global players constitute ~15% of competitors, while country-niche players represent ~50% of competitors. Some of the major players in the market include Aquatech International LLC, Xylem Inc., DuPont, Ecolab Inc., Evoqua Water Technologies LLC, SUEZ, Pentair Plc., 3M, Veolia Water Technologies, United Utilities Group PLC, and among others.

Recent Developments Related to Major Players

• In January 2022, Veolia Water Technologies deliver a MBBR (Moving Bed Biofilm Reactor) solution to Tokoroa wastewater treatment plant in New Zealand, the MBBR highly effective biological treatment process that used conventional sludge process for wastewater treatment.
• In March 2017, SUEZ acquired GE Water. The acquisition helped SUEZ to enter into the industrial water and services market, as GE water has a strong presence across the entire industrial water value chain.
• In September 2017, DuPont merged with Dow chemical company which formed a new combined entity “DowDuPont” which works for three main divisions as Agriculture, Materials Science, and Specialty Products.

Conclusion

The Global Water and Wastewater Treatment Equipment Market are forecasted to continue growing during the forecast period primarily driven by water scarcity. Though the market is highly competitive with ~ 350 participants, few global players control the dominant share and country-niche players also hold a significant share. The market size is estimated to be ~US$ 50 billion in 2022 and is expected to reach a market size of ~US$ 75 billion by 2028 growing with a CAGR of ~7%. Asia-Pacific is the dominating region, owing to the rising population and urbanization.

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 Water and Wastewater Treatment Equipment Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers market size and forecasts for the four major regions for Global Water and Wastewater Treatment Equipment Markets. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Equipment	Membrane Separation Biological Disinfection Sludge Dewatering Others
By Application	Municipal Industrial Others
By Process	Primary Treatment Secondary Treatment Tertiary Treatment
By Geography	North America (USA, Canada, Mexico) Europe (Germany, UK, Italy, France, Spain, Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Australia, Indonesia, Rest of Asia Pacific) LAMEA (Latin America, Middle East, Africa)
Key Players	Aquatech International LLC Xylem Inc. DuPont Ecolab Inc. Evoqua Water Technologies LLC SUEZ Pentair Plc. 3M Veolia Water Technologies United Utilities Group PLC

 

KSA E-Commerce Logistics and Warehouse Market Outlook to 2026F: Ken Research

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Tech Savvy Consumers: Expansion in internet services and smart phone penetration coupled with increasing demand for online logistics services have collectively given a boost to development of E-commerce shipments industry in KSA. KSA has more than 34.5 Mn internet users and about 72% of 15-64 -year-old internet users spend more than 7 hours.

Existing Strong Retail & Business Setup: Businesses in the KSA are supported by a host of efficient and modern infrastructural and technical implementations that facilitate trade, transactions and deliveries. The advanced logistics, connectivity and trading establishments are the foundations upon which the modern technology driven enterprises have found their incredible growth.

Covid-19 Causing Surge in Sales: With increased customer use of various online channels, vertical and horizontal e-commerce platforms across certain categories – pharmacies, groceries, essentials, and many more – have witnessed a significant surge in sales post the outbreak of pandemic. The e-commerce sales gross market value increased, which can be partially attributed to the increase in number of orders due to the COVID-19 lockdown.

Evolution of Payment Methods: Offering a wide variety of ways to pay is moving the customers from COD to other payment methods, thus increasing the conversion rates for e-commerce platforms on mobile devices. Customers are able to save their payment information on the platform, providing faster checkouts which is resulting in the high customer retention rates.

The report titled “KSA E-Commerce Logistics and Warehousing Market Outlook to 2026F- Driven by Growth in Online Shoppers along with Introduction of New Age Technologies by Logistics Players” provides a comprehensive analysis of the potential of e-commerce and e-commerce logistics market in KSA. The report covers various aspects including the growth of E-Commerce industry, revenue generated from E-Commerce logistics players, its segmentations viz By source, By Delivery Period (Same Day delivery, Next day Delivery, More than 2 days), By Payment (Cash, E-wallet, Debit Card, Credit Card, QR Pay, Bank Transfer), By Intercity and Intracity and By domestic an international, major trends and development, issues and challenges, technological advancements and competition analysis. The reports also covers the E-Commerce Warehousing Industry In KSA. The report concludes with market projections for future of the industry including forecasted industry size by revenue along with analyst recommendations and key market opportunities.

Key Segments Covered

• By Delivery

• Same day
• 1-2 days
• 2-4 days

• By Payment

• Cash
• Others (Debit card, Credit cards, e-wallets)

• By Souring

• Domestic
• International

• By Area

• Intercity
• Intracity

E-Commerce Logistics Companies Covered

• Aramex
• Naqel Express
• Shipa Delivery
• SMSA Express
• Agility
• Saudi Post
• LSC

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E-Commerce Logistics Companies Covered

• AliExpress
• Shopify
• Noon
• Jazp
• Souq
• OpenSouq
• Ebay
• Namshi

Key Target Audience

• 3PL Logistics Companies
• Integrated Logistics Companies
• E-Commerce Marketplace Platform
• Retail Companies
• Logistics/Supply Chain Industry Associations

Time Period Captured in the Report:-

• Historical Period – 2018-2021
• Forecast Period – 2021-2026F

Key Topics Covered in the Report

• KSA E-Commerce Market Overview
• Cross Comparison- Major E-Commerce Players in KSA
• KSA E-Commerce Logistics Market Overview
• KSA E-Commerce Logistics Market Size
• KSA E-Commerce Logistics Market Segmentation 2021
• KSA E-Commerce Shipments Pricing Analysis
• KSA E-Commerce Logistics Market Growth Drivers
• KSA E-Commerce Logistics Market Trends & Developments
• KSA E-Commerce Logistics Market Government Role and Initiatives
• KSA E-Commerce Logistics Market Logistics Constraints
• KSA E-Commerce Logistics Market SWOT Analysis
• Competitive Landscape of KSA E-Commerce Logistics Market
• KSA E-Commerce Logistics Market Cross Comparison
• KSA E-Commerce Logistics Market Pricing Analysis
• Future Market Size and Segmentations, 2021-2026F
• Covid-19 Impact on KSA E-Commerce Logistics Market
• Analyst Recommendations
• Case Studies

For more information on the research report, refer to below link:

KSA E-Commerce Logistics and Warehouse Market Outlook to 2026F

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Rising awareness amongst for Oral Health amongst the Filipinos is driving the growth of Dental Care Services in the Philippines: Ken Research

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1 . Reduction in Utilizing Dental Services and Financial Implications were some of the challenges faced by the Dental Services Market during the Covid-19

The reduction in utilization of dental services affected the employment among dental hygienists, dentists, dental assistants, dental lab technicians, and the dental material producing and supplier industry. Covid-19 affected dental students as well as the patients seen at dental school-operated clinics, interrupted dental treatment, and increase the budget of the dental schools in terms of PPE and other safety-related expenses. Despite the negative impacts of Covid-19, some positive developments have been accelerated as a result of the pandemic. These include harnessing the skills of all members of the dental team and remote consultation, like tele-dentistry, telemedicine, and the use of the Internet of Dental Things.

2.  Growing economy and Rising General Awareness among the locals is fueling the growth in Philippine’s Dental Services Market

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In recent years, the growth in the Philippines’ dental services market was driven by multiple factors such as growth in the urban population, inclination towards a healthier lifestyle, rise in general awareness related to oral health care, and a growing economy. A continuously growing economy is expected to affect the mindset in terms of health expenditure and drive people to focus on their oral health. The Philippine Department of Health has taken various initiatives under the Dental Health Care Program providing growth opportunities to the dental services market.

3.  The Ongoing Consolidation among private players and improving dental equipment are major trends shaping the Philippines Dental Services Market for future growth

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The Philippines is considered the Selfie Capital of the World, and having braces is very common in the country and especially among teenagers, this is expected to fuel the growth in the dental services market in the Philippines. The rising Dental consciousness among Filipinos, along with the growing purchasing power, is expected to contribute to the market growth over the forecast period. Further, digital adoption with technological advancement can improve the diligence and delivery of dental care services which will lead to the growth of the dental services market in the country.

For more insights on the market intelligence, refer to the link below:-

Philippines Dental Services Market

Related Reports By Ken Research:-

Vietnam Dental Services Market Outlook To 2023

Singapore Dental Services Market Outlook to 2026F

India Dental Services Market Outlook to FY’2027F

Egypt Facility Management Market is expected to witness a massive upsurge, owing to increasing infrastructural growth & Technology

 1. Egypt Facility Management is currently at a growing stage

• Phase 1: The concept of FM services evolved in the 80s where companies began outsourcing both hard & soft facility services to vendors. This was followed by service integrations in the 90s which included contract management & adoption of computer & facility management.
• Phase 2: The growth phase that is currently going on started in 2016 & witnessed the emergence of total facility management requirement which includes IT services, property management & outsourcing of government contracts in the form of Public Private Partnership. (PPP)

 

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2. The Facility Management Market in Egypt surpassed the emerging limit operating with a CAGR of 1.4% in 2021 owing to the growth in commercial & residential real estate & others

• An increased diversion towards the adoption of sustainable practices have created further demand for FM services as it has led to the addition of new services namely Energy Management Services to the service portfolio.
• A major contribution to the overall GDP has been induced by the construction sector.
• Higher competition has led to the market being highly attractive leading to greater scrutiny of contracts, customized contracts &contract renewals.
• A lot of commercial buildings were shut down because of the global pandemic as a result of which the overall market growth was negatively impacted but in 2022 the industry bounced back with increased demand for hygiene & other services.

3. Egypt Facility Management Market is expected to generate a massive revenue in 2016-26F, owing to an increase in infrastructural growth & technology

Global Power Tools Market is expected to reach revenue of US$ 50 Billion by 2028: Ken Research

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According to Ken Research estimates, the Global Power Tools Market –grew from approximately US$ 30 Billion in 2017 to approximately US$ 35 billion in 2022 – is forecasted to grow further into approximately US$ 50 Billion opportunities by 2028, owing to the growing automotive industry, and rising adoption of power tools in households as an increasing trend towards do-it-yourself (DIY).

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Key Growth Drivers

• In car production over 55 different types of power tools are used including torque wrenches, impact drivers, air wrenches, power drills, polishing machines, air compressors, spray guns, and others. According to the Indian Brand Equity Foundation (IBEF), a semi-government trust formulated by the department of commerce mentioned that India’s passenger car market was valued at US$ 32.70 billion in 2021, and it is expected to reach a value of US$ 54.84 billion by 2027. The increasing production of vehicles is likely to boost the demand for the power tools market.
• Steel, aluminum, zinc, and others are the key material used in manufacturing power tools. Apart from this, batteries, motors, and other electronic components are used in the production of power tools. During the COVID-19, the prices of materials have declined significantly but as the demand surged and supply reduced, the prices of these materials have soared to an all-time high, due to which the prices of power tools are also fluctuating and act as a restraint for the growth of the market.
• COVID-19 has decelerated the growth of the power tools market. This is because of the temporary shutdown of assembly lines, disruption of the supply chain, restriction on manufacturing and construction activities, and decline in the sale of automobiles. But as the market is recovering and restrictions are easing down, it is estimated that the power tools market will recover within the forecasted period.

Key Trends by Market Segment

By Product: The Drills segment held the largest market share of the global power tools market in 2021. Automotive production, assembly lines, and automobile repair shops are driving the demand for drill power tools.

• Drill is a machine used for drilling holes in solid materials like metal, wood, and others. Drill machines are used in multiple industries such as construction, automobile, transportation, and electronic equipment.
• In January 2022, Bosch Power Tools, the global leader in power tools and power tool accessories, launched a new hammer drill/driver under the PROFACTOR system. The hammer drill/driver includes Bosch Power Tools BITURBO Brushless technology to help energize the next generation of high-powered cordless tools.

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By Mode of Operation: The electric segment accounted for the largest market share in 2021, owing to the rising demand from the automotive and construction industry.

• Corded electric power tool runs on electricity and is less expensive to buy. The cordless power tool is an electric or electronic device that operates through a battery or battery pack and usually costs higher than corded tools.
• As per the European Power Tool Association (EPTA), which represents power tool manufacturers, stated that cordless power tools (CPT) account for approximately 50% of the power tool market. CPT is lightweight, low voltage, and requires no electric cables while in production.

By End-User: The industrial segment held the largest market share in 2021, owing to the rising demand from construction, manufacturing, automobile production, and assembly lines.

• Multiple power tools are used in the manufacturing industry such as impact wrenches, electric screwdrivers, handheld portable grinders, sockets, pliers, and others.
• According to IBEF, In December 2021, Hyundai announced plans to invest US$ 530.25 million in R&D in India, with the goal of launching six electric vehicles by 2028. Surging investment in the automobile industry, is likely to fuel the power tool market.

By Geography: Asia Pacific accounted for the largest market share within the global power tools market in 2021, owing to the emerging automotive industry, and houses most of the power tools companies.

• According to the International Trade Association (ITA), a USA agency that promotes trade and investment. China continues to be the world’s largest vehicle market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025.
• The International Organization of Motor Vehicle Manufacturers (OICA), stated that Asia region vehicle production increased by 4,67,73,2785 in 2021 from 4,42,76,549 in 2020. Owing to the rising vehicle numbers, it is likely to boost the growth of the power tools market.

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Competitive Landscape

The global power tools market is highly competitive with ~300 players which include globally diversified players, and regional players as well as a majority number of country-niche players having their niche in power tools manufacturing and dispensing to multiple end-user industries.

Country Niche players held the largest market share by type. While large global players control about 10% of the market share by type. Some of the major players in the market include Robert Bosch GmbH, Makita Corporation, Hilti Corporation, Techtronic Industries Co. Ltd., 3M, Ingersoll Rand, Stanley Black & Decker, Inc, Snap-On Incorporated, Atlas Copco, KYOCERA Industrial Tools Corporation, and others.

Recent Developments Related to Major Players

• In January 2022, Hilti launched Nuron a new cordless platform that radically simplifies work on construction sites, enhances tool park management, and drives performance to much higher levels. Nuron is based on a single battery system that covers all relevant applications from lightweight to heavy weight.
• In October 2021, Stanley Black and Decker partnered with specialty materials provider Eastman to advance sustainability in the power tools industry. Black+Decker, a Stanley Black & Decker Brand, will be releasing a new product line, reviva, offering the brand’s first sustainability-led power tools that utilize Eastman’s Tritan Renew copolyester.

Conclusion

The global power tools market witnessed significant growth during the period 2017-2021, the rising automotive industry, the construction industry, and increasing adoption of power tools in households as DIY. The growth rate is expected to remain significant during the forecast period.

Though the market is highly competitive with ~300 participants, the majority of country niche players dominate the market share by type, and global 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 2 working weeks.

Ken Research has recently published report titled, Global Power Tools Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, market is segmented by Product, Mode of Operation, and End-User. In addition, the report also covers market size and forecasts for the four regions in the power tools market. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Product

• Drills
• Saws
• Wrenches
• Grinders
• Sanders
• Others

By Mode of Operation

• Electric
• Pneumatic

By End-User

• Industrial
• Residential

By Geography

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

Global Biodegradable Plastics Market is expected to reach revenue of US$ 12 Billion by 2028: Ken Research

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According to Ken Research Analysis, the Global Biodegradable Plastics Market was valued at ~US$ 5 billion in 2017. It is estimated to be ~US$ 7 billion in 2022 and is forecasted to reach a market size of ~US$ 12 billion by 2028, growing at a CAGR of ~9% due to the shifting consumer preference towards eco-friendly plastic solutions.

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Key Growth Drivers

• Increasing consumer awareness regarding eco-friendly plastic solutions and rising efforts to reduce the use of conventional plastics are expected to drive the biodegradable plastics market growth.
• Biodegradable plastics break down faster than conventional plastics and degrade 60% in less than 180 days, compared to traditional plastics which take about 1,000 years to decompose.
• Growing piles of garbage and landfills have become a major environmental disaster, with many negative impacts on ecosystem flora and fauna. Growing consumer awareness of the effects encourage the use of biodegradable plastics. Hence, shifting consumer preference toward using environmentally friendly plastic products, driving the market for biodegradable plastics.
• The major challenge faced by the market is the high price of biodegradable plastics as compared to traditional polymers. Biodegradable plastics are typically 20-80% more expensive to manufacture than conventional plastics, due to the high polymerization cost of such plastics. Higher costs of these plastics hinder the market growth.
• The COVID-19 pandemic and resulting lockdowns have disrupted supply chains on both supply and demand sides, which negatively impacted many manufacturing and service industries such as consumer goods, packaging, textiles, agriculture, and horticulture. The closure of biodegradable plastic manufacturing plants and the irregular supply of raw materials required for production hindered the industry growth in 2019-2020.

Key Trends by Market Segment

By Product Type: The starch-based segment held the largest market share in the global biodegradable plastics market in 2021, owing to its wide area of applications such as packaging, automobiles, and agriculture.

• Starch-based biodegradable plastics are widely used for tires in the automotive industry as it helps in reducing fuel consumption.
• Rising demand for starch-based bioplastics in the packaging industry due to their low toxicity and versatile behavior. This type of bio-based plastic is the perfect substitute for petroleum-based polymers.

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By End-User: The packaging segment held the largest market share in the global biodegradable plastics market in 2021, due to rising consumer demand for durable green packaging materials for food, beverages, and other products.

• In the packaging industry, conventional plastics are being replaced by bio-based plastics for making boxes, wraps, cups, and plates, which is supporting the growth of the biodegradable plastic market.
• New product launch by the companies positively impacts the biodegradable plastics for the packaging segment. For instance, EnviGreen, an Indian manufacturer of edible and 100% biodegradable plastic bags, innovated ‘EnviGreen bags’ to have the capability to break down completely in 15 seconds if placed in the boiling water.

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By Region: Europe held the largest market share among all other regions within the Global Biodegradable Plastics Market in 2021, due to high awareness among people toward plastic waste.

• A complete ban imposed on single-use plastics by the European government is the major reason for the bio-based plastic materials to grow in the region.
• The region is expected to lead the biodegradable plastics market over the forecast period owing to the fast implementation of plastic restriction policies, and the presence of advanced standards and certification systems to check the biodegradability of plastic materials.
• Growing economies like China and India have implemented severe regulations on conventional plastics utilization and major manufacturers in the countries are introducing sustainable packaging solutions like bio-based products, which is estimated to drive market growth.

Competitive Landscape

The Global Biodegradable Plastics Market is highly competitive with ~300 players, including globally diversified players, regional players, and many country-niche players. Most of the country-niche players are suppliers of raw materials for biodegradable plastics used in various end-user industries.

Regional players control about 45% of the market, while country-niche players hold the second largest share. Some of the major players in the market include BASF SE, Belmont Packaging Ltd., Danimer Scientific, Eastman Chemical Company, Mitsubishi Chemical Corporation, NatureWorks LLC, Novamont S.p.A., Plantic, TORAY INDUSTRIES, INC., TotalEnergies Corbion, PTT Global Chemical Public Company Limited, FKuR, among others.

Recent Developments Related to Major Players and Organizations

• In July 2021, Solvay acquired the global coating business of Bayer AG, having facilities in France, Brazil, and the U.S. The acquisition strengthened the sustainable and bio-based solutions in the company’s portfolio. The whole product portfolio and research & development projects from Bayer AG have been shifted to Solvay.
• In April 2021, NatureWorks announced a new strategic partnership with IMA Coffee, which is a market leader in coffee handling processing and packaging. This partnership aims at increasing the market reach for high-performing compostable K-cup in North America.
• In February 2020, BASF and Fabbri Group (Italy) formed a joint venture to develop a sustainable solution for cling film used in fresh-food packaging. The film will be used in wrapping meat, seafood, and fresh fruits & vegetables. It will be made by the Fabbri group with BASF's Ecovio bioplastic and will boost the demand for biodegradable plastics in packaging applications.

Conclusion

The global biodegradable plastics market witnessed slow growth for the year 2020, owing to the COVID-19 pandemic. A complete ban on imports and export 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 Biodegradable Plastics in packaging, automotive, and other industries. Though the market is moderately competitive with over ~300 participants, few regional players control the dominant share and country-niche players also hold a significant share.

Note: This is an upcoming/planned report, so the figures quoted here for 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 Biodegradable Plastics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, market is segmented by Product Type, End-User, and Geography. In addition, the report also covers the market size for each of the five regions' Biodegradable Plastics Market. The revenue used to size and forecast the market for each segment is USD billion.

Market Taxonomy

By Product Type

• Starch Based
• Polylactic acid (PLA)
• Polyhydroxyalkanoates (PHA)
• Polybutylene Adipate Co-terephthalate (PBAT)
• Poly Butylene Succinate (PBS)
• Others

By End-User Segment

• Packaging
• Agriculture
• Consumer Goods
• Textiles
• Healthcare
• Others

By Region

• 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 Players

• BASF SE
• Belmont Packaging Ltd.
• Danimer Scientific
• Eastman Chemical Company
• Mitsubishi Chemical Corporation
• NatureWorks LLC
• Novamont S.p.A.
• Plantic
• TORAY INDUSTRIES, INC.
• TotalEnergies Corbion
• PTT Global Chemical Public Company Limited
• FKuR