Wednesday, December 21, 2022

Global Discrete Semiconductor Market is expected to grow further to a size of around US$55 Billion by 2028: Ken Research

 Unlike an integrated circuit, discrete semiconductors are expected to perform a singular electronic function. Usually, discrete semiconductors are used in constructing circuits that can withstand considerable voltage load or current stress. They also help realize basic circuit functions. Rather than being built on a single semiconductor substrate with other components, discrete semiconductors have circuits built out of singular semiconductor units, connected together on a circuit board or terminal strips.

The Global Discrete Semiconductor Market is estimated to have grown to a size of nearly US$35 Billion in 2022 from approximately US$25 Billion in 2017. The market is expected to grow further to a size of around US$55 Billion by 2028 at a CAGR of around 7% for the forecasted period of 2022-2028.

Global Discrete Semiconductor Market

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  • Growth in the automotive market, especially in the Electric Vehicles segment, is seen as one of the major reasons for the surge in the demand for discrete semiconductors. According to reports published by the International Energy Agency (IEA), consumers across the globe spent nearly US$250 billion on Electric Vehicle purchases in 2021. Growth in the sales of EVs led to a sharp increase in end-use investment in electrification, which accounted for more than 65% of total end-use investments in the transport sector in 2021 and was estimated to cross 74% in 2022.
  • Such high levels of growth in EVs and electrification have led to a spike in the sales of discrete semiconductors that aid in developing autonomous vehicle technology, regenerative braking systems, sensors & cameras, advanced driver assistance systems (ADAS), etc. Discrete semiconductors have also proven effective for components that are conducive to extreme voltages and environmental conditions.
  • The increasing demand for efficient electronic devices is also driving the growth in the market of discrete semiconductors. According to an IEA report, buildings are responsible for around one-third of the world’s total final energy consumption. IEA also estimates an annual growth of 0.8% in household energy demand from 2016 to 2040.
  • Such growth in energy consumption calls for efficient power management systems at the level of individual/household consumption. Examples of such smart devices include speakers with voice control, sensor-based, wearable activity trackers, smart camera-equipped doorbells, or self-driving cars. Power management systems, required to run such smart and efficient devices, require discrete semiconductors as switching devices and rectifiers that can convert electrical signals or change the voltage or frequency of an electrical current as and when required.
  • Despite consistent growth in total market size, discrete semiconductors still constitute less than one-fifth of the global semiconductors market. As per the numbers published by industry publication IC insights in February 2022, the combined sales of Optoelectronics, Sensors/Actuators, and Discrete (O-S-D) accounted for only 17% of the world’s total semiconductor market in 2021. Integrated circuits come with a host of advantages over discrete semiconductors. For instance, the physical size of ICs is significantly lower than that of the discrete circuit. Resultantly, the weight of an IC is also less and consumes less power.
  • In the initial days of the Covid pandemic, the semiconductor market, like many other industries, suffered from supply chain disruptions, frequent lockdowns, government restrictions on transport, unavailability of raw materials and labor, etc. However, the market started stabilizing in the second half of 2020 and the sales started crossing expectations during the 2021 global economic rebound, showing healthy signs of recovery from shortages, restricted supplies, and higher prices.

Key Trends by Market Segment

By Type:  Transistors segment held the largest share of the Global Discrete Semiconductors Market in 2021. Transistors can be of many types, including MOSFET, IGBT, and Bipolar transistors. MOSFET or Metal Oxide Semiconductor Field Effect Transistors are the leading sub-segment within the transistor segment. IGBT stands for Insulated-Gate Bipolar Transistors.

  • According to an industry report published in 2021 by the Semiconductor Industry Association, semiconductors can be packed with up to tens of billions of transistors on a piece of silicon that is not more than the size of a quarter. Microprocessors, forming the core of a digital computer’s Central Processing Unit or CPU, may contain up to 40 billion transistors.
  • Diodes can also be of different types, including Switching diodes, Zener diodes, ESD Protection diodes, and Variable-Capacitance diodes. Rectifiers, converting alternating current into direct current, are also special types of diodes. Rectifiers could be general-purpose or high-speed.
  • Vishay Intertechnology, Inc., one of the notable players in the semiconductor industry, introduced two new diode varieties in September 2022 to augment its position in the discrete semiconductor segment. The newly launched diodes were short-wavelength ultraviolet-emitting ones that came in ceramic and quartz-based packages.
  • These diodes are equipped to offer DC forward current up to 300 mA and forward voltage down to 5.2 volts at a wavelength range between 265nm and 280nm. These diodes are expected to be used in sterilization devices required for earbuds, water bottles, refrigerators, air purifiers, medical instruments, coffee machines, ATMs, and vacuum cleaners. Industries benefitting from these diodes would include the medical, industrial, and consumer sectors.
  • The Thyristors are four-layer devices with alternating P-Type and N-Type semiconductors (P-N-P-N). Usually equipped with three terminals – positive, negative, and control terminal – a Thyristor helps control electric power and current as a switch. Thyristors come with the capacity to protect circuits with large voltages (up to 6,000 volts) and currents (up to 4,500 A).
  • A discrete semiconductor module is one that offers designated tools to analyze semiconductor device operations, including the simulation of a range of devices, such as bipolar transistors, MOSFETS, IGBTs, etc.
  • The combined market of Optoelectronics, Sensors & Actuators, and Discrete Semiconductors – popularly referred to as the O-S-D market, discrete semiconductors have successfully managed to keep their share consistent through the years, almost one-third of the market from 2015 to 2021. This consistent demand is a result of the steadfast demand for power transistors, diodes, and many commodity devices.

Global Discrete Semiconductor Market

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By Component: The Memory Devices segment held the largest share of the discrete semiconductor market, component-wise.

  • Discrete semiconductor memory devices are deployed in many consumer electronic devices that have a consistently growing demand, including desktop computers, laptops, tablets, and smartphones. Discrete semiconductor memory devices can either be volatile or non-volatile. Examples of volatile memory storage include RAM or Random Access Memory, which lose stored information as and when power is removed. Non-volatile memories, on the other hand, can retain their stored information even if the power is removed.
  • The demand for discrete power devices has also been on the rise. In order to cater to this demand, Hitachi, one of the significant players in the market, restructured its power semiconductor business in 2013. Hitachi first transferred its design, manufacturing, quality assurance, sales, and other operational capabilities to Hitachi Haramachi Electronics Co., Ltd., and subsequently changed its name to Hitachi Power Semiconductor Device, Ltd. The entity now designs, manufactures, and sells discrete devices, including IGBT modules, diodes including rectifiers, fast recovery, Zener, surge, suppressors, and high-voltage diodes.

Global Discrete Semiconductor Market

By Application: The Consumer Electronics segment is estimated to occupy the largest chunk of the discrete semiconductor market, followed closely by Automotive.

  • High demand from the consumer electronics segment is driven by the need for discrete semiconductors in portable electronics products, wearable and gaming devices, products for smart homes, etc. In the Automotive industry, discrete semiconductors are deployed in regenerative braking systems and developing autonomous vehicle features, while the industrial application includes efficient and energy-saving security and lighting systems for large physical infrastructure.
  • Also, a substantial increase in the number of people working from home offices and home set-ups is driving growth in the networking and communication segment. Among other industries, discrete semiconductors find applications in healthcare facilities, hotels and restaurants, ATMs, and more.
  • To keep up with the growing demand for discrete semiconductors, Toshiba Electronic Devices & Storage Corporation decided to construct a 300-millimeter wafer fabrication facility at its discrete semiconductor product base in Ishikawa, Japan.
  • Toshiba expects the expanded facility to help in more than doubling its existing power discrete semiconductors production capacity. The expansion commenced in February 2022 and the start of phase 1 production is expected to happen within the fiscal year 2024.
  • With the increasing adoption of Electric Vehicles, the demand for regenerative braking is also witnessing a surge, resulting in demand growth for discrete semiconductors. Regenerative braking utilizes energy wasted during the slowing down of a car to recharge EV batteries. Resultantly, regenerative braking systems reduce energy consumption in vehicles.
  • A scientific study showed that vehicles with regenerative braking features have a 95% probability that their energy consumption would be in the range of 144-147 Wh/Km. In vehicles that do not have regenerative braking, the energy consumption hovers between 153 and 156 Wh/Km.

By Region: The Asia Pacific is estimated to be the largest geographic region in the discrete semiconductor market. Moreover, it is also expected to be the fastest-growing market in the forecasted period of 2022-2028.

  • The Asia Pacific region leads the market for a variety of reasons, including the presence of semiconductor manufacturing facilities in China, South Korea, Taiwan, and India, significant growth in the automotive industry in the region, positive flow of investments in developing advanced AI-based semiconductors, vast presence of portable and wireless manufacturing facilities, and low cost of labor.
  • North America is also considered to be a significant geographic region for the discrete semiconductor market driven by the notable presence of the automotive industry players in large numbers and the regional expertise in research, design, and manufacturing of semiconductors, especially for those that are optimized for high-temperature applications.
  • According to reports published in November 2021 in the well-known industry publication Semiconductor Engineering, China is investing heavily in power semiconductors, used in cars, computers, and other types of industrial products.
  • Wingtech Technology, a semiconductor and communications product company based in Hong Kong, announced an investment of nearly US$2 billion to build a 300 mm power semiconductor fab in Shanghai in early 2021.
  • According to a whitepaper-based report published by the Semiconductor Industry Association, nearly 23,000 new semiconductor companies were established in China in 2020 alone, a nearly 200% rise in comparison with the 2019 numbers.
  • According to another industry report published in December 2021, there were more than 100,000 semiconductor and circuit manufacturing employees in the US, a number that is expected to rise by 70,000 to 90,000 new jobs to be added soon.

Global Discrete Semiconductor Market

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Competitive Landscape

The Global Discrete Semiconductor market has nearly 100 players, including globally diversified players, regional players, and country-niche players having expertise in addressing specific technological needs relating to one or multiple specific sub-segments.

Large global players constitute ~25% of the market in terms of the number of competitors, while regional players represent largest number of competitors. Some of the major players in the market include ABB Limited, ON Semiconductor Corporation, Infineon Technologies AG, STMicroelectronics NV, Toshiba Corporation, NXP Semiconductors, Diodes Incorporated, Nexperia, D3 Semiconductor, Eaton Corporation, Hitachi Ltd, Mitsubishi Electric Corporation, Fuji Electric Corporation, Taiwan Semiconductor Manufacturing Company Ltd., and Vishay Intertechnology Inc. among others.

Global Discrete Semiconductor Market

Recent Developments Related to Major Players

  • In Mid-December 2021, STMicroelectronics introduced a family of GaN power semiconductors under its STPOWER portfolio. These newly launched family of products are capable of notably reducing the consumption of power and facilitating slimmer designs for a variety of end-use consumer electronics products, such as chargers, external power adapters for PCs, LED-lighting drivers, and power supplies to be used inside televisions and other home appliances.
  • In August 2022, Toshiba introduced its3rd generation silicon carbide (SiC) MOSFETs, capable of delivering low on-resistance and reducing switching loss. Toshiba is dedicated to coming up with more such products in the future as part of its commitment to help realize a carbon-free economy with high-performance power devices.
  • In April 2022, Nexperia added to its existing lineup of discrete components that came in leadless DFN packages with side-wettable flanks. The company expects, owing to their space-saving features and resilience, these components would help meet the demands of next-gen smart and electric vehicles.

Conclusion

The Global Discrete Semiconductor Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 is expected to grow at a steady pace of ~7% during next 6 years and reach a revenue of ~US$55 Bn by 2028, owing to its applications in the consumer electronics and automotive markets. While the demand for high-energy, low-power devices would drive growth from the consumer electronics part of the market, increasing electrification and automation requirements in vehicles would fuel demand from the automotive category. Uses in the medical industry, construction industry, and lighting industry, in general, would also contribute to the growing demand for discrete semiconductors. There are nearly 100 competitors but regional players comprise the largest number among them.

Market Taxonomy

By Type         

  • Diodes
  • Transistors
  • Thyristor
  • Modules
  • Others

By Components       

  • Memory Devices
  • Logic Devices
  • Discrete Power Devices
  • Others

By Application

  • Networking and Communication
  • Automotive
  • Consumer Electronics
  • Industrial
  • 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  

  • ABB Limited
  • ON Semiconductor
  • Infineon Technologies
  • STMicroelectronics NV
  • Toshiba Corporation
  • NXP Semiconductors
  • Diodes Incorporated
  • Nexperia
  • D3 Semiconductor
  • Eaton Corporation
  • Hitachi Ltd
  • Mitsubishi Electric Corporation
  • Fuji Electric Corporation
  • Taiwan Semiconductor Manufacturing Company Ltd.
  • Vishay Intertechnology Inc.

Global Disposable Gloves Market is expected to reach a size of US$15 billion by 2030: Ken Research

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The Global Disposable Gloves Market is expected to record a positive CAGR of nearly 6% during the forecast period (2022-2030). The market was estimated to be the size of US$7 billion in 2019 and US$10 billion in 2022. It is expected to reach a size of US$15 billion by 2030.

global-disposable-gloves-market-revenue

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Key Growth Drivers

  • According to the World Health Organization’s 2021 report on Global Health Expenditure, global spending on health more than doubled in real terms from 2000 to 2019, reaching US$8.5 trillion in 2019, equivalent to 9.8% of global GDP.

According to the healthcare industry publication Pharmaceutical Technology, the spending was expected to go further up to US$8.8 trillion in 2021. Increased investment in improving the public healthcare system boosted the market for protective medical equipment, such as disposable gloves.

  • The Asia Pacific region is expected to grow fastest in the forecasted period due to the large number of players operating in the region. As per the Malaysian Institute of Chemistry’s August 2022 report, 65% of the global output of rubber gloves will be produced in Malaysia in 2022, followed by 20% in China, 10% in Thailand, and 3% in Indonesia.
  • Since the disposable gloves market was boosted by the COVID-19 outbreak, it started decelerating with the fading away of the intensity of the pandemic. For instance, Top Glove, one of the major leading manufacturers of gloves in Malaysia reported sales of US$0.32 billion during the third quarter of FY22, down 64% from US$0.91 billion reported last year. With the Covid19 pandemic slowing down, the market for gloves and protective equipment is consolidating and expected to harm the growth of the disposable gloves market.
  • Covid19 pandemic had a positive impact on the disposable gloves market. Rubberex, one of the key manufacturers of disposable gloves, mentioned in its annual report for FY21 that sales volume growth for nitrile disposable gloves saw an increase of 23.6% from 2020 to 2021, with approximately 1.2 billion pieces sold versus 970.5 million pieces in 2020. Also, the average glove selling price increased from US$53/1000 pieces to US$73/1000 pieces from 2020 to 2021. Rubberex completed the acquisition of 2 parcels of leasehold land located in Perak, Malaysia, for the construction of a new nitrile disposable gloves production plant. This plant is capable of producing a combined capacity of up to approximately 7.5 billion pieces of nitrile disposable gloves per annum. Several other companies are expanding their manufacturing plants to cater to the demand of various end-user industries.

Key Trends by Market Segment

By Product:  Nitrile holds the largest share of the Global Disposable Gloves market.

  • Nitrile is a synthetic rubber material that is commonly used as the base material for disposable gloves.
  • Nitrile gloves are in the market for a long time. Yet, declining prices and potential application in multiple new industries make it a potentially high-reward investment opportunity for the future.

global-disposable-gloves-market-revenue-share-by-product

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By Form: Powder-free gloves tend to be stronger than powdered gloves. Powdered gloves contain a corn-starch powder that may result in allergies or sensitivity.

  • Powdered-free gloves are strongly suited for manufacturing industries, food industries, chemicals, and others.
  • Studies show that powdered free gloves held approximately 75% of the market in 2021 and would continue to dominate the disposable gloves’ form segment.

By Application: The surgical segment holds the largest market share by application in the Global Disposable Gloves Market as the number of surgeries is increasing worldwide.

  • Increasing Covid19 infections also led to a surge in surgeries. For instance, the total number of procedures done in 2020, in Germany alone, was 858,553, while in Korea 702621 surgeries were conducted.
  • Examination disposable gloves are expected to grow in the forecasted period, because of their growing use in various industries, including food processing, chemical, automotive, etc.
  • According to data provided by Lancet, nearly 313 million surgical procedures were conducted globally in 2012. The Global Surgery 2030 report, published by the Lancet Commission on Global Surgery, showed that there could be 5,000 procedures per 100,000 population in 2030, resulting in nearly 430 million surgeries worldwide.

forecast-of-surgical-procedures-in-the-world

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By End-User: Medical and Healthcare industries are the foremost end users of disposable gloves. Disposable gloves are used to prevent cross-contamination between patients and doctors. Since these disposable gloves are one-time usable, they should be dumped after surgical procedures and recycled again.

  • Medicals remain the prominent end-user for disposable gloves and hold the major chunk of the market.
  • However, as the gloves are getting upgraded as per evolving market demands, it is possible that non-medical end users also become important buyers for the gloves industry.

By Geography: North America accounts for the largest share of the Global Disposable Gloves market. The Asia Pacific region is expected to be the fastest-growing in the forecasted period.

  • The Asia Pacific region is expected to be the fastest-growing region among others. The surge is expected to be driven by the presence of large glove manufacturing players in the region and developing economies. In the rubber gloves segment, Malaysia holds the major chunk of the market with 51% of the global share.
  • Opportunities in the North American market are driven by the awareness among people regarding infectious viruses, and diverse precautionary measures adopted by national governments. In 2020, the United States ranked as the top net importer with US$455 million worth of rubber surgical gloves.
  • As per the World Integrated Trade Solutions (WITS) data, Europe imported nearly 142 million KGs of gloves in 2019. As per EU stats, general government spending in the EU on health amounted to US$1,069 billion, 8% of Europe’s GDP in 2020.
  • Latin America Middle East and Africa markets are expected to grow gradually and consolidate in the near future.

major-regions-by-revenue-share-global-disposable-gloves-market

Competitive Landscape

The Global Disposable Gloves 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 own niche in disposable gloves, delivering to healthcare and non-medical industries. Most of the country-niche players are dealing in the manufacturing of gloves as a single segment.

Large global players control about 40% of the market, while regional players hold the second largest share. Some of the major players in the market include Ansell Ltd, Hartalega, Top Glove Bhd, Rubberex, Kossan Rubber Industries, Cardinal Health Inc, Sempermed, Sri Trang Gloves, Care Plus, Supermax Corporation Berhad, Synthomer Plc, Comfort Rubber Gloves Industries, and others.

The leading global disposable gloves specialist companies such as Ansell, Hartlega, Top Gloves, and Rubberex are highly focused on providing a full segment of gloves for multiple solutions and for multiple end users.

competitive-landscape-of-global-disposable-gloves-market

Recent Developments Related to Major Players

  • In March 2022, American Nitrile, LLC, announced a strategic partnership with Orion Infrastructure Capital (OIC) to construct its manufacturing facility in Grove City. Under this agreement, OIC will provide US$105 million to support the completion of 12 production lines with an aggregate capacity of 3.6 billion nitrile gloves per year.
  • In March 2021, Hartalega Holdings Bhd announced its plans to invest US$1.7 billion to build 16 new manufacturing plants over the next 20 years. Hartalega currently operates with 12 manufacturing units and aims at increasing the annual production of gloves by 95 billion by 2027.
  • In the FY21 annual report, Ansell Ltd. mentioned a US$80 million investment over the next three years in a new Greenfield manufacturing site in Tamil Nadu, India, with a focus on surgical and life science gloves for the Indian domestic market and export.

Conclusion

The Global Disposable Gloves Market witnessed accelerated growth during the 2019-2021 period, primarily driven the by Covid19 virus, growing awareness among people about infectious diseases, and public health initiatives. Although the growth rate is expected to come down in the forecasted period, the use of disposable gloves is anticipated to remain strong as multiple industries are adopting precautionary measures. 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 On-Demand/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 Disposable Gloves Market Size, Segments, Outlook, and Revenue Forecast 2022-2030, Market is segmented by Product, Form, Application, and End User. In addition, the report also covers market size and forecasts for the region's four major Regions' Disposable Gloves markets. The revenue used to size and forecast the market for each segment is USD billion.

Market Taxonomy

By Product

  • Latex
  • Nitrile
  • Vinyl
  • Neoprene
  • Polyethylene

By Form

  • Powdered
  • Powder-Free

By Application

  • Medical
  • Surgical
  • Examination
  • Clean Room

By End-User

  • Hospitals
  • Clinics
  • Surgical Centers
  • Non-Medical

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)
  • Latin America Middle East, and Africa (LAMEA)

Key Competitors

  • Ansell Ltd
  • Hartalega
  • Top Glove Bhd
  • Rubberex
  • Kossan Rubber Industries
  • Cardinal Health Inc
  • Sempermed
  • Sri Trang Gloves
  • Care Plus
  • Supermax Corporation Berhad
  • Synthomer Plc
  • Comfort Rubber Gloves Industries

Global Wax Market and is expected to reach a market size of US$ 14 billion by 2028: Ken Research

 Wax is a broad category of organic compounds that are lipophilic and bendable solids at room temperature that tend to melt at a higher temperature. It includes lipids and higher alkanes that are insoluble in water but soluble in nonpolar, organic solvents.  Wax is generally derived from petroleum and bio-based resources which are extracted from crude oil refining. These materials include base oil, natural gas, compounds like polyethylene, plants, and the skin of animals. Wax has applications across paints, bundling, hardware, electrical, ink and coatings, elastic, pharmaceuticals, and beautifying agents.

According to Ken Research Analysis, the Global Wax Market was valued at US$ 5 billion in 2017. Furthermore, owing to the growing demand for wax in various industries for its superior properties like high gloss acting as water and chemical resistance, it is estimated to be US$ 10 billion in 2022 and is expected to reach a market size of US$ 14 billion by 2028 growing with a CAGR of 5%.

Global Wax Market

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Key Trends by Market Segment

By Product Type:  The petroleum and mineral wax segment held the largest market share in 2021 of the Global Wax Market according to Ken Research analysis.

  • The growth is primarily attributed to the growing demand for petroleum and mineral wax from different end-user sectors such as lighting, packaging, cosmetics, pharmaceutical, and coatings.
  • Petroleum and mineral wax have widespread availability, low cost, ease of manufacturing, and catering to the need of various end users are driving the growth of the petroleum and mineral wax market.
  • China’s National Development and Reform Commission, stated that the domestic sales of apparel and knitwear stood at around US$ 172.4 billion for the first 11 months of 2019, which represents a growth of about 3% Y-o-Y over the same period in 2018, hence leading to increase in demand for petroleum and mineral wax.

Global Wax Market

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By Application: The candle segment held the largest market share in 2021, owing to the growing demand for aromatherapy through scented candles.

  • The use of candles has become a critical household essential, for relaxation, stress reduction, and home decor. The increasing number of distribution channels such as decor, mass merchandise stores, and e-commerce platforms aided the demand for candles worldwide. Candles are considered the most appropriate gifts for Christmas, birthdays, housewarming parties, and others and thus are always in higher demand during the festive seasons.
  • According to European Candle Manufacturers Association approx. 140 tons were exported in 2021 as compared to 124 tons in 2020.

Global Wax Market

By Geography: Asia Pacific is expected to account for the largest share among all regions within the total wax market, during the forecast period 2022-2028

  • The growth is primarily due to the rising living standards and increasing industrialization, specifically in countries like China and India. The low labor, raw material, and operational costs are also major factors propelling the growth in the Asia Pacific region. The region’s usage of cosmetic and personal care goods is expanding owing to the result of increased attention on personal appearance, and an aging population.
  • China is one of the largest producers, consumers, and importers of wax, and India is one of the largest producers of beeswax in the world. India has the potential to keep 200 million bees council capable of producing over 15 kilotons of beeswax, according to the Economic Advisory Council Beekeeping Development Report 2019.

Global Wax Market

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Competitive Landscape

The Global Wax 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 candle manufacturing, plastic, and rubber, adhesive, cosmetic, and pharmaceutical products. Large global players constitute ~10% of competitors, while regional players represent the second largest number of competitors. Some of the major players in the market include Sasol Ltd., BASF SE, Exxon Mobil Corporation, Sinopec Corp, Holly Frontier Corporation, Royal Dutch PLC, Honeywell International Inc., Baker Huges Company, Mitsui Chemicals Inc., Nippon Seiro Co., Ltd, China National Petroleum Corporation, BP PLC., and among others.

Global Wax Market

Conclusion

The Global Wax Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 is forecasted to continue positive growth during the forecast period primarily driven by the growing demand for wax in various industries because of its superior properties like high gloss, water, and chemical resistance. Though the market is highly competitive with approximately 350 participants, few global players control the dominant share and regional players also hold a significant share. The market size is estimated to be US$ 10 billion in 2022 and is expected to reach a market size of US$ 15 billion by 2028 growing with a CAGR of 5%. Asia Pacific is the dominating region, owing to the rising living standards and increasing industrialization.

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

By Product Type      

  • Petroleum and Mineral Wax
  • Paraffin Wax

 Microcrystalline Wax

  • Synthetic Wax
  • Gas to Liquid Wax

  Polymer Wax

  • Natural Wax
  • Beeswax
  • Vegetable Wax

By Application

  • Candles
  • Packaging
  • Wood & Fire Logs
  • Plastic & Rubber
  • Adhesive
  • Cosmetics
  • Pharmaceuticals
  • Others (Rheology, Soap wax, Floor Polishes)
  • North America

By Geography          

USA

  • Canada
  • Mexico

Europe

  • France
  • Italy
  • Germany
  • Spain
  • UK

Asia Pacific

  •  China
  • India
  • Japan

South Korea

  •  Australia
  • LAMEA
  • Latin America
  • Middle East
  • Africa

Key Players  

  • Sasol Ltd.
  • BASF SE
  • Exxon Mobil Corporation
  • Sinopec Corp
  • Holly Frontier Corporation
  • Royal Dutch PLC
  • Honeywell International Inc.
  • Baker Huges Company
  • Mitsui Chemicals Inc.
  • Nippon Seiro Co., Ltd
  • China National Petroleum Corporation
  • BP PLC.

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

 The Global Eyewear Market is expected to record a positive CAGR of ~6% during the forecast period (2022-2028) and is expected to reach approximately US$ 180 billion by 2028.

Global Eyewear Sector

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Key Growth Drivers

Increasing adoption of luxurious accessories among millennials, surge in visual impairment among children, and increasing geriatric population is positively impacting the market

  • It is predicted that the rise in the geriatric population would accelerate the expansion of the eyewear market over the forecast period. Risks of eye issues and diseases are increasing among the elderly population as individuals live longer which is evident in both developed and developing countries. Like, myopia and hypermetropia in older adults are expected to rise, which will propel market expansion. As the use of multifocal lenses among the elderly population has increased over time, this development is predicted to further fuel the expansion of the eyewear market.

The increasing availability of cheaper products, limited awareness regarding eyesight problems, and stigma around wearing glasses limits the market growth

  • In low and low-middle-income countries, demand for eyeglasses is an underfunded zone as a smaller number of individuals are aware of their poor vision and seek treatment. In actuality, despite a firmly established supply in a region, the demand for glasses is still low since there is less knowledge of vision problems, the therapies that are accessible, and the level of acceptability of the eyeglasses on the market.

The COVID-19 pandemic's emergence has also had a favorable effect on the market. People spent more time on cell phones, laptops, and desktop computers as a result of the adoption of remote working models and online learning because of the lockdown constraints. Longer screen time encouraged consumers to purchase anti-fatigue and vision correction eyewear, which helped the Eyewear Market boost sales of anti-fatigue and blue light-canceling lenses.

Key Trends by Market Segment

By Product: The spectacles product segment held the largest market share in the Global Eyewear Market in 2021.

  • The expansion of the spectacles segment can be attributed to higher consumer demand for the products brought on by the rising incidence of computer vision syndrome (CVS). This is mostly because more people use mobile phones and digital devices worldwide. The use of anti-glare and anti-fatigue glasses has been prompted by the rise in cases of CVS among youngsters due to the growing trend of online learning, particularly during the pandemic. Additionally, the demand for spectacles has increased as clear and colorful translucent glasses gain in popularity.
  • The contact lenses market is expected to experience a high growth rate in the coming years. With the introduction of light-adaptive and multifocal toric lenses, it is anticipated to experience rapid growth in the ensuing years. These contemporary lenses adapt fast and seamlessly to various lighting situations, which lessens the irritation and dryness that contact lenses frequently cause. The continued study and creation of contact lenses with better looks and quality will boost the market's expansion even more.

Global Eyewear Industry

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By End User: The women end user segment held the largest share of the Global Eyewear Market in 2021.

  • According to the Vision Council of America, 64% of women worldwide who are adults wear vision correction items, from about 75% of the adult population.
  • There has been an increase in the proportion of people who wear glasses occasionally or always. According to the college of optometrists, more women than men wear glasses (72% versus 66%) and contact lenses (16% versus 11%), and they also place higher importance on eye exams, with 59% of women rating them as "very important," compared to 45% of men.

Top Eyewear Manufacturing Companies

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By Distribution Channel: The online store distribution channel segment held the largest share of the Global Eyewear Market in 2021.

  • As a result of people being obliged to practice social seclusion during the pandemic, online services experienced tremendous growth. The increased use of smart devices, the generous discounts provided by online marketplaces, and the ability to compare features and pricing are all contributing to the e-commerce market's expansion. Additionally, e-commerce websites enable users to write product reviews, which enhances the user experience and aids businesses in understanding consumer preferences, which in turn encourages sector growth.

By Geography: Europe accounted for the largest market share in 2021 within the total Global Eyewear Market.

  • Europe has the largest eyeglass market, making up the bulk of the global market. This can be attributed to the region's growing taste for high-end eyewear products as well as the manufacturers' increasing attention to the creation of novel eyewear product styles, shapes, and sizes.

Global Sunglasses Market

Competitive Landscape

The Global Eyewear Market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players.

Large global players hold the highest market share of 40% which is followed by the regional players holding a 35% share. Some of the major players in the market include Johnson & Johnson Vision Care, Inc., EssilorLuxottica, Bausch & Lomb Inc., CooperVision, Carl Zeiss AG., CIBA VISION, Safilo Group S.p.A., De Rigo Vision S.p.A, Fielmann AG, Marcolin SpA., HOYA Corporation, and others.

Eyewear Raw Material Suppliers

Recent Developments Related to Major and Emerging Companies

  • In July 2021, Essilor introduced a new at-home screening software to encourage the general population to schedule an eye exam with their nearby independent practice. The My Vision Check app enables users to perform a quick eye exam at home before directing them to their local practice for a comprehensive eye exam.
  • In July 2021, Warby Parker updated its online prescription renewal service. It has released an app, Virtual Vision Exam, which provides an at-home vision test that offers a refreshed prescription so that users can buy eyeglasses or contact lenses.
  • In August 2021, as part of its well-known JINS&SUN brand, JINS Eyewear introduced a fresh range of biodegradable sunglasses. The newest collection of sunglasses from JINS&SUN debuted in the USA and featured sophisticated frame designs made of biodegradable, bioplastic materials.

Conclusion

The Global Eyewear Market is forecasted to continue a gradual growth that is witnessed during the forecast period. Key trends driving market expansion include the increasing adoption of luxurious accessories among millennials, the surge in visual impairment among children, and an increasing geriatric population. The market is highly competitive with ~500 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.

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.

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

Market Taxonomy

By Product
  • Spectacles
  • Sunglasses
  • Contact Lenses
By End User
  • Men
  • Women
  • Children
By Distribution Channel
  • Retail Store
  • Online Store
  • Ophthalmic Clinics
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
  • Johnson & Johnson Vision Care, Inc.
  • EssilorLuxottica
  • Bausch & Lomb Inc.
  • CooperVision
  • Carl Zeiss AG.
  • CIBA VISION
  • Safilo Group S.p.A.
  • De Rigo Vision S.p.A
  • Fielmann AG
  • Marcolin SpA.
  • HOYA Corporation

Global Pet Food Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research

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The Global Pet Food Market was valued at ~US$ 75 billion in 2017. It is estimated to be ~US$ 95 billion by 2022 and is expected to reach a market size of ~US$ 125 billion by 2028 growing at a CAGR of ~5% during the forecast period (2022-2028). Consumer awareness of natural and organic pet food products has compelled producers to change their attention from synthetic to natural products, which has served as one of the major factors influencing the worldwide industry.

Global Pet Food MarketFor more information, request a free sample

Key Growth Drivers

  • The adoption of dogs as family pets is a growing trend, which is expected to drive up pet food demand. When it comes to the idea of humanizing pets, dogs in particular have seen an upward trend. As a result, an increasing number of individuals own dogs and feed them premium food. Additionally, one of the main factors influencing the industry is rising urbanization.
  • Consumers' increased per capita incomes encourage them to spend on organic and healthy pet food items to improve the health of their pets. Additionally, the simple accessibility of goods in a variety of price ranges is aiding the global market's expansion.
  • As pet food demand increases, a lot of pet food manufacturers focus on several growth initiatives, new facilities, and/or facility expansions. However, during the past couple of years, the cost of manufacturing equipment, and components, such as stainless steel, have grown from $1.28 per pound in February 2020 to $3.59 per pound in September 2021, according to EnSight Solutions.
  • Supply networks were negatively impacted by the COVID-19 outbreak. As a result of restrictions on the flow of raw materials, the pet food industry suffered in terms of supply and cash flow. On the other side, as a greater number of people adopted pets in response to a growing desire for the company during the lockdown, pet food consumption steadily increased in various regions of the world. Market participants shifted their attention away from physical storefronts and toward e-commerce platforms to meet this requirement.

Key Trends by Market Segment

By Product Type:  Dry food segment held the largest market share in 2021, as it provides the crunch and chewing that animals require to maintain their general wellness.

  • Dry food helps maintain good dental health by preventing plaque formation and minimizing tartar accumulation on the animal's teeth. Dry food does not require freezing in the same way that canned food does.
  • Pet owners prefer pet food in the form of dry food. This is because dry-form products are more convenient and have a longer shelf life than wet food. The most popular choice for dogs is dry food because it is inexpensive and accessible to many dog owners.

By Animal Type: The dog food segment held the largest market share in 2021, owing to the growing trend of nuclear families and consumers' increased preference for dogs as companions and security.

  • Dogs are widely preferred as pets around the world, which is a significant factor in its dominance in the market. Moreover, the market for natural and high-quality dog food is being driven by the high costs involved with the maintenance and well-being of dogs. Another key factor in the segment's expansion is the introduction of dog treats and nutrient-dense food.
  • In addition, dogs require a variety of nutrients to live a healthy life. Therefore, to keep their dogs healthy, dog owners have been concentrating on giving them quality pet food that contains these nutrients. This is expected to drive demand for pet food in the coming years.

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By Ingredient: Animal-derived segment held the largest market share in 2021, as it provides high nutrition value which is required for a pet on a daily routine to meet its need for essential nutrients and energy.

  • Pet food production has been using animal-based meat and meat products as a part of their basic ingredients. Fish meals, chicken meals, and other animal meals are commonly utilized in the production of cat and dog diets all over the world.
  • The robust nutritious profile of animal-sourced pet food contributes to its high level of popularity. The accessibility of animal sources also contributes to market expansion.

By Animal Age Group: Above 6 months segment held the largest market share in 2021, owing to the need to provide a proper balance diet to the pet.

  • Between 6 and 12 months of age, the pets need a shift in their diet. The puppy can then start eating adult food when he is typically getting close to adult height. Spaying or neutering frequently takes place at this time as well, which reduces your dog's need for extra energy and provides justification for switching from puppy to adult dog food. A similar requirement for nutrition from pet food is observed for other pet animals as well.

By Distribution Channel: Supermarkets and Hypermarkets segment held the largest market share in 2021, as they provide convenience to the consumer.

  • This dominance can be explained by the great preference of consumers to purchase goods from big-box retailers because they have a wide variety of options for brands and pricing there. Supermarkets and Hypermarkets also provide pet food at a discounted rate and offer premium quality pet food products.

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By Geography: North America is expected to account for the largest share among all regions within the total Pet Food Market, during the forecast period 2022-2028

  • One of the key factors in North America dominance is the high rate of pet adoption in American households. According to a survey done by the American Pet Products Association (APPA) in 2020, 70% of households in the USA, or 90.5 million homes, own a pet. The adoption of pet humanization and the favorable public perception of it in North America is fostering market expansion for wholesome pet food products.

Global Wet Pet Food MarketCompetitive Landscape

The Global Pet Food Market is highly competitive with ~200 players which include globally diversified players, regional players, and country-niche players with their niche in pet food.

Regional players constitute ~45% of the competitors, while the county-niche players are the second largest by type. Some of the major players in the market include Mars Incorporated, Hill's Pet Nutrition, Inc., The J.M. Smucker Company., Schell & Kampeter, Inc., The Hartz Mountain Corporation, Nestlé Purina, Blue Buffalo Company, Ltd., Wellness Pet Company, Inc., Tiernahrung Deuerer GmbH, Head up for tails, among others.

Global Pet Food Snacks MarketRecent Developments Related to Major Players

  • In December 2020, Nestle Purina Petcare announced plans to invest US$ 550 million to increase the size of its Georgian pet food production facility.
  • In March 2021, Leading pet food producer Mars, Inc., with headquarters in the USA, committed US$ 200 million to develop its Royal Canin facility in Lebanon. To increase its production capacity, the company installed five new corporate lines.
  • In September 2020, Nestle Purina announced intentions to build a wet pet food factory in Hartwell, investing US$ 320 million and employing 240 employees by 2023. With US$ 870 million spent on the company's Hartwell operations, the facility is expanding to increase processing, packaging, and warehousing capacity in response to rising demand for Purina's premium and nutrient-rich pet care brands.

Conclusion

The Global Pet Food Market is forecasted to continue the growth that is witnessed since 2017. Some of the primary factors driving market expansion are an increase in per capita disposable income, an increase in the tendency of nuclear families, and a quick increase in pet humanization. Though the market is highly competitive with ~200 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 two working weeks.

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

Market Taxonomy

Product Type
  • Dry Food
  • Wet Food
  • Snacks and Treats
Animal Type
  • Dog Food
  • Cat Food
  • Others
Ingredient
  • Animal Derived
  • Plant Derived
  • Others
Animal Age Group
  • Below 6 months
  • Above 6 months
Distribution Channel
  • Supermarkets and Hypermarkets
  • Pet Stores
  • Online Stores
  • Others
By Geography
  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Spain, Italy)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
  • LAMEA (Latin America, Middle East, Africa)
Leading Companies
  • Mars, Incorporated
  • Hill's Pet Nutrition, Inc.
  • The J.M. Smucker Company.
  • Schell & Kampeter, Inc.
  • The Hartz Mountain Corporation
  • Nestlé Purina
  • Blue Buffalo Company, Ltd.
  • Wellness Pet Company, Inc.
  • Tiernahrung Deuerer GmbH
  • Head up for tails

Tuesday, December 20, 2022

Global Automotive Infotainment Systems Market is growing at a CAGR of ~9% during 2022-2028: Ken Research

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According to Ken Research Analysis, the Global Automotive Infotainment Systems Market was valued at ~US$ 10 billion in 2017. The development of an infotainment system for vehicles as a technology that integrates information and entertainment has attracted the attention of automakers. There is now more consumer flexibility to purchase passenger automobiles in emerging countries owing to rising disposable income and simple financing alternatives, which has led to a rise in demand for technologically advanced vehicles with practical entertainment systems, such factors are likely to fuel the market expansion of Automotive Infotainment Systems in the forecasted period. It is estimated to be ~US$ 15 billion in 2022 and is expected to reach a market size of ~US$ 25 billion by 2028 growing at a CAGR of ~9% during 2022-2028.

global-automotive-infotainment-systems-market-revenue

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Key Growth Drivers

  • The market for automotive infotainment systems is anticipated to develop as connected automobiles become more widely used as consumers are preferring connected automobiles with advanced infotainment systems.
  • A significant trend that is becoming widely attractive in the automotive infotainment market is technological advancement. New technologies are finding its way into the automotive infotainment sector, such as android-based in-car entertainment systems.
  • The touchscreen infotainment, might distract drivers and increase the risk of an accident. Using the system to change the radio station, change the channel, set up the next navigation route, or turn the radio on or off does not require the driver to glance away from the road and at the screen which is constraining the market for automotive infotainment systems over the forecasted period.
  • The COVID-19 pandemic had an inevitable impact on the automotive infotainment systems market, which is primarily driven by growing automotive sales and production. Production and sales of automobiles gradually grew in various regions of the world as a result of continuing lockdowns and the closing of manufacturing plants.

Key Trends by Market Segment

By Product Type - The navigation unit by product type dominated the market in 2021, a navigation tool enables determining the present location using GPS, which relies on a satellite, and provides detail on traffic, directions, and weather conditions.

  • GPS automobile navigation systems provide the most efficient route based on real-time traffic information, as well as extra locations of interest including banks, gas stations, hospitals, and restaurants.
  • For increased awareness while driving, navigation systems are designed to provide voice or visual instructions as well as driver alarms. Car GPS navigation systems are available as standard equipment or as consumer add-on accessories.

global-automotive-infotainment-systems-market-by-product

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By Installation Type - The in-dash Infotainment segment accounted for the highest market share in 2021, owing to the demand for feature-rich in-dash entertainment systems and smartphone app connectivity.

  • Attractive visuals and quick, access, and control functions have been added to in-dash entertainment systems on a constant basis, making them more user-friendly and responsive.
  • The majority of brand-new passenger cars, trucks, and SUVs are equipped with modern infotainment systems that greatly outperform earlier models.

By Fit - OE Fitted accounted for the highest market share in 2021 because OE systems are protected by the manufacturer's insurance and cannot be purchased separately.

  • The advantages of OE-fitted systems include simpler and more convenient servicing and maintenance, which are frequently protected by the warranty offered by the automobile manufacturer.
  • The ability to access automotive data provided by OE-fitted systems is an additional advantage that enables businesses to launch direct marketing campaigns and issue alerts for service and support.

By Vehicle Type - Passenger cars accounted for the highest market share in 2021, as consumers, most often in developing countries are rapidly adopting premium cars.

  • The volume of passenger cars on the road in Asia Pacific is rapidly increasing, owing to an increase in utility vehicle demand in densely populated countries such as China, India, and Japan.
  • According to the Society of Indian Automobile Manufacturers, SIAM, in September 2022, wholesale sales of passenger vehicles in India increased in August 2022 by 21%. Compared to August 2021, when passenger vehicle (PV) sales were 2, 32,224 units, in August 2022 they were 2, 81,210 units.

global-automotive-infotainment-systems-market-by-vehicle type

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By Geography: Asia Pacific accounted for the largest market share among all regions in 2021, owing to the presence of major automakers like Denso Corporation, Pioneer Corporation, Panasonic Corporation, JVCKENWOOD Corporation, and Mitsubishi Electric Corporation.

  • Customers favor augmented reality technology-based solutions due to its effectiveness, resulting in the driving market for automotive infotainment systems to expand in the region.
  • The high rate of adoption of automotive infotainment systems in nations like China, which manufactured the greatest number of automobiles globally, is responsible for the growth of the industry in Asia Pacific.

major-regions-by-revenue-share-global-automotive-infotainment-systems-market

Competitive Landscape

The Global Automotive Infotainment Systems Market is significantly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in utilizing IoT technologies to boost vehicle end-to-end connectivity. Large global players constitute ~15% of competitors, while country niche players represent the largest number of competitors. However, most of the country-niche players are suppliers of components and assembling partners A wide range of products is offered by the companies, such as head-up displays, communication devices, navigation devices, and display units. To increase its presence in the market globally, strategic actions like mergers, acquisitions, alliances, and product launches are taken. Some of the major players in the market include Denso Corporation, Robert Bosch GmbH, Continental AG, Harman International Industries Inc., Magnetic Marelli SpA, Kenwood Corporation, Alpine Electronics Inc., Mitsubishi Electric Corporation, Visteon Corporation, Pioneer Corporation, Aptiv PLC and others.

competitive-landscape-global-automotive-infotainment-systems-market

Recent Developments Related to Major Players

  • In February 2021, Harman International, an automobile infotainment provider, purchased Savari®, Inc., a Silicon Valley-based automotive technology company that develops vehicle-to-everything communications (V2X) technology for 5G Edge and automotive devices.
  • In January 2022, Qualcomm Technologies, Inc. and Alps Alpine Co., Ltd. announced a collaboration to deliver the Digital Cabin, a plan for future transportation that would enrich a space of style and comfort, even behind the cockpit.

Conclusion

The Global Automotive Infotainment Systems Market is anticipated to grow significantly during the projected period (2022-2028) as Automakers are interested in the development of infotainment systems for automobiles as a technology that combines information and enjoyment. Due to rising disposable income and straightforward financing options, consumers in emerging nations now have more purchasing options for passenger cars, which has increased demand for technologically advanced vehicles with useful entertainment systems. Such factors are likely to fuel the market expansion of Automotive Infotainment Systems during the anticipated period. Though the market is significantly competitive with ~200 participants, country-niche players control the dominant share and regional players also hold a significant 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.

Ken Research has recently published report titled, Global Automotive Infotainment Systems Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, Market is segmented into By Product Type, Installation Type, Fit and Vehicle Type. In addition, the report also covers market size and forecasts for the four regions. The revenue used to size and forecast the market for each segment is US$ Billion.

Market Taxonomy

By Product Type

  • Audio unit
  • Display unit
  • Heads-Up display
  • Navigation unit
  • Others

By Installation Type

  • In-dash Infotainment
  • Rear-seat Infotainment

By Fit

  • OE Fitted
  • Aftermarket

By Vehicle Type

  • Passenger Cars
  • Commercial Vehicles
  • Electric Vehicles

By Geography

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

Key Players

  • Denso Corporation.
  • Continental AG
  • HARMAN International
  • Pioneer Corporation
  • Robert Bosch GmbH
  • Visteon Corporation
  • Panasonic Corporation
  • Marelli Holdings Co., Ltd
  • JVCKENWOOD Corporation
  • Mitsubishi Electric Corporation

Global Carbon Fiber Composites Market is forecasted to grow US$ 35 Billion by 2028: Ken Research

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According to Ken Research estimates, the Global Carbon Fiber Composites Market – which grew from approximately US$ 15 Billion in 2017 to approximately US$ 20 billion in 2022 – is forecasted to grow further into approximately US$ 35 Billion opportunities by 2028, owing to the continuous technological upgradation in products from multiple players, and growing usage of carbon fiber composites in multiple industries such as wind energy, sports goods, marine, and others.

global-carbon-fiber-composites-market-revenue

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Key Growth Drivers

  • The surging automotive and defense sector, is likely to drive the carbon fiber composites market during the forecast period. For instance, in June 2022, Hexcel Corporation has been awarded a long-term agreement by Sikorsky, a Lockheed Martin company, to supply advanced composites structure for CH-53K King Stallion heavy lift helicopter program. Furthermore, in January 2019, Teijin Industry announced to supply of TENAXPUD as an intermediate-advanced composite material for primary structural parts for Boeing. The growing aerospace industry, along with collaboration among players, is likely to boost the demand for carbon fiber composites.
  • Lack of skilled labor in the aerospace, automobile, and wind energy industry, are restraining the growth of the market. Since the outbreak of COVID-19, various industries suffer losses, which results in job losses and turbulence in the industry structure. Auto Car Professional, a website working towards the automotive industry, stated that India’s auto industry requires 15 million skilled workers by 2022. The decline in skilled workers is likely to impact the carbon fiber composite market.
  • COVID-19 slowed down the growth of the carbon fiber composites market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in air traffic, were all those factors that reduce the use of carbon fiber composites in the market.

Key Trends by Market Segment:-

By Raw Material: Polyacrylonitrile (PAN) segment held the largest market share of the Global Carbon Fiber Composites Market in 2021, owing to the higher strength, density, volume, and extensive usage among industries such as aerospace, automobile, and others.

  • PAN is the mostly used precursor for carbon fiber, because of its higher tensile, superior strength, strong stability, and higher carbon yield.
  • PAN carbon fiber material is used in multiple end-user industries including aerospace, automobile, sports goods, wind energy, and others.

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By Type: The recycled fiber segment accounted for the largest market share in 2021, owing to the lower cost, and adoption of material into various industries.

  • Recycled carbon fiber composites provide benefits such as reduced material handling and provide manufacturers with a cost-effective option.
  • In February 2022, Teijin Limited announced to the formation of a business alliance with Fuji Designs Co. Ltd., a Japanese manufacturer of recycled carbon to establish a business structure for the production, supply, and commercialization of carbon fiber reinforced plastics (CFRP) products.

By End-Users: The aerospace and defense segment held the largest market in 2021, owing to its increased usage, and players’ regular upgradation in the technology.

  • In April 2022, Hexcel Corporation and Archer Aviation, an aircraft company, announced to enter into a letter of intent covering a proposed relationship for the supply of high-performance carbon fiber material that would be used in the manufacturing of Archer’s production aircraft.
  • According to Stockholm International Peace Research Institute, an independent international institute, India’s military spending of US$ 76.6 billion ranked third highest in the world.

By Geography: Asia Pacific accounted for the largest market share within the global Carbon Fiber Composites market in 2021, owing to the surging aerospace and defense industry.

  • According to Stockholm International Peace Research Institute, an independent international institute, in April 2022, total global military expenditure increased by 0.7% in real terms in 2021, to reach US$ 2113 billion. The five largest spenders in 2021 were the USA, China, India, the UK, and Russia.
  • As per Boeing, an aircraft industry company, in September 2021, forecasts that China’s airlines will require 8,700 new airplanes by 2040, valued at US$ 1.47 trillion.

major-regions-by-revenue-global-carbon-fiber-composites-market

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Competitive Landscape

The global carbon fiber composites market is significantly competitive with ~120 players which include globally diversified players, and regional players as well as a majority number of country-niche players having their niche in carbon fiber composites manufacturing for multiple raw materials and serving different industries.

Country-niche players account for the largest share by competitor type. While large global players constitute ~10% of the competition. Some of the major players in the market include Toray Industries Inc, Mitsubishi Chemical Corporation, Hexcel Corporation, Teijin Limited, SGL Carbon, Hyosung Advanced Materials, Solway, Nippon Graphite Fiber Co. Ltd., Anshan Sinocarb Carbon Fibers Co. Ltd., Formosa Material Co. Ltd, and others.

competitive-landscape-of-global-carbon-fiber-composites-market

Recent Developments Related to Major Players

  • In February 2021, Teijin Limited launched new Tenax PW (power series) and Tenax BM (beam series) brands of carbon fiber intermediate material for sports applications.
  • In December 2019, Solvay and SGL Carbon have entered into a joint development agreement (JDA) to bring to market the first composite materials based on large-tow intermediate modules (IM) carbon fiber.
  • In August 2019, Teijin Limited announced the acquisition of Renegade Material Corporation, a leading North American supplier of highly-resistant thermoset prepreg for the aerospace industry.

Conclusion

The global Carbon Fiber Composites market witnessed significant growth during the period 2017-2021, owing to the increasing number of vehicle production, and growing usage of carbon fiber composite material in multiple industries such as aerospace, wind energy, and others. The growth rate is expected to remain significant during the forecast period.

Though the market is significantly competitive with ~120 participants, the majority of country-niche players dominate the market share by competitor type, and global players hold a minor 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.

Ken Research has recently published report titled, Global Carbon Fiber Composites Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, Market is segmented by raw material, type, and end-users. In addition, the report also covers market size and forecasts for the four regions in the Carbon Fiber Composites Markets. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Raw Material

  • Polyacrylonitrile (PAN)
  • Petroleum Pitch
  • Rayon

By Type

  • Virgin Fiber (VCF)
  • Recycled Fiber (RCF)

By End-Users

  • Aerospace & Defence
  • Automotive
  • Wind Energy
  • Sports Goods
  • Civil Engineering
  • Others

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

  • Toray Industries Inc
  • Mitsubishi Chemical Corporation
  • Hexcel Corporation
  • Teijin Limited
  • SGL Carbon
  • Hyosung Advanced Materials
  • Solway
  • Nippon Graphite Fiber Co. Ltd.
  • Anshan Sinocarb Carbon Fibers Co. Ltd.
  • Formosa Material Co. Ltd.

Global Sugar Confectionery Products Market is expected to record a positive CAGR of ~4% during the forecast period (2022-2028): Ken Research

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According to Ken Research Analysis, the Global Sugar Confectionery Products Market is expected to record a positive CAGR of ~4% during the forecast period (2022-2028) and is expected to reach approximately US$ 55 billion by 2028.

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Key Growth Drivers

The sugar confectionery market is in growth at a steady pace on account of the rise in demand for on-the-go snacks, an increase in gifting trends, the introduction of new products with innovative flavors & healthy ingredients, and growth in the retail market

  • One of the main causes of the need for convenience snacks as part of the daily diet is rising modernization and a busy combination of work and personal commitments. Due to their busy schedules, customers are forced to hunt for quick-to-prepare food items because they are unable to spend time cooking or dining out during their working hours. Nowadays, as there are more consumers in the workplace, it is more difficult for them to maintain a healthy work-life balance. To provide consumers with a balanced diet, producers and marketers are actively profiting from the introduction and promotion of a variety of chocolate snacks, including on-the-go snacks, chocolate bars, and others.
  • Strict government regulations are anticipated to protect the quality of these items in nations including the USA, Germany, the UK, China, and India, which presents challenges for new market entrants. The hygienic standards for consumption are ensured by the established federal guidelines and rules which is putting pressure on the current organizations to match the standards.

Given the implementation of numerous industrial trade and manufacturing restrictions during 2020, the COVID-19 pandemic had a moderate impact on the sugar confectionery business as evidenced by the dropping sales of snacks, notably sweets. To balance the rising COVID-related stress levels, consumers' rising propensity and willingness to spend more on food products helped to improve product demand during the pandemic.

Key Trends by Market Segment

By Product Type: The hard-boiled sweets segment held the largest market share in the global sugar confectionery products market in 2021.

  • From 2022 to 2028, the hard-boiled sweets segment will gain market share for sugar confectionery due to its increased appeal among children. This kind of candy is simple to make and comes in a shiny state. Some of the most popular hard-boiled candies include fruit drops, barley sugars, acid drops, hard gums, butterscotch, toffee, and caramel. Another element affecting the demand for the product is an increase in consumption to swiftly raise blood sugar levels.

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By Packaging Type: The sachet segment held the largest share of the global sugar confectionery products market in 2021.

  • Sachets are compact, portable packaging options that are easy to handle. Although sachet packets are manufactured of a variety of materials, they require less packaging material and storage space, which lowers the cost of transportation. Sachets have a three- or four-sided sealing and are flat in design.

global-sugar-confectionery-products-market-share-by-packaging-type

By Distribution Channel: The confectionery store distribution channel segment held the largest share of the global sugar confectionery products market in 2021.

  • For the purchase of consumer goods, groceries, confectionary items like chocolate, and other items where they can physically inspect the product quality, consumers are increasingly choosing confectionery stores.
  • Furthermore, the segment's expansion is projected to be fueled by consumers' ease of access to and browsing of a variety of confectionery products in stores. The increased consumer demand for chocolate, cookies, and ice cream is also encouraging manufacturers to create new stores in malls, which will fuel the rise of the offline segment in the future years.

By Geography: Asia Pacific accounted for the largest market share in 2021 within the total global sugar confectionery products market.

  • Due to factors such as rising urbanization and the widespread availability of functional confectionary food and beverages, Asia-Pacific is expected to experience significant growth. Since the majority of Asian cuisine is healthy and nutritious, there is a high demand for low-calorie products like sugar-free confectionaries and low-carbohydrate foods in Asia Pacific countries like India and Japan. This demand is anticipated to be the main driver of the modest growth in the global confectionery market over the course of the forecast period. As a result of the health problems associated with a high-sugar diet, Asian countries are moving toward sugar-free confections. Two categories of sweeteners—sugar alcohols and artificial sweeteners—are frequently employed to create sugar-free chocolate and gums.

major-regions-by-revenue-share-global-sugar-confectionery-products-market

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Competitive Landscape

The Global Sugar Confectionery Products Market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players.

Large global players constitute ~5%, while regional players hold a 30% share. Some of the major players in the market include Lotte Confectionery, Ferrero SpA, Perfetti Van Melle, The Hershey Company, Specialty Food Association, Inc., Nestlé S.A., The Kraft Heinz Company, Jelly Belly Candy Company, Lindt & Sprüngli AG, HARIBO of America, Inc., and others.

competitive-landscape-of-global-sugar-confectionery-products-market

Recent Developments Related to Major and Emerging Companies

  • In February 2022, Lotte Confectionery increased local production of its well-known Choco Pie chocolate desserts across the nation by investing US$ 28.5 million in Lotte KF RUS, its Russian subsidiary.
  • In November 2021, Lindt & Sprüngli is reaffirming its dedication to Switzerland as its home base by investing the capacity increase at its production site in Olten. The Lindt Cocoa Center, which produces cocoa mass for all of Lindt's production facilities in Europe, will be receiving an investment of almost 74 million Swiss francs by 2024.
  • In November 2022, Swedish confectionery expert Cloetta Global Travel Retail (GTR) plans to introduce a cutting-edge new product by 2032, Swedish confectionery expert Cloetta Global Travel Retail (GTR) plans to introduce a new product under its Red Band line.

Conclusion

The global sugar confectionery products market is forecasted to continue a gradual growth that is witnessed during the forecast period. The sugar confectionery market is in growth at a steady pace on account of the rise in demand for on-the-go snacks, the increase in gifting trends, the introduction of new products with innovative flavors & healthy ingredients, and the growth in the retail market. The market is highly competitive with ~500 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.

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.

Ken Research has recently published report titled, Global Sugar Confectionery Products Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, market is segmented by product type, packaging type, and distribution channel. In addition, the report also covers market size and forecasts for the four major regions’ sugar confectionery products market. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Product Type

  • Gums
  • Jellies
  • Hard-Boiled Sweets
  • Caramel & Toffees
  • Mints
  • Medicated Confectionery
  • Others

By Packaging Type

  • Sachet
  • Box
  • Others

By Distribution Channel

  • Hypermarket/Supermarket
  • Departmental Store
  • Confectionery Stores
  • Online Retails

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

  • Lotte Confectionery
  • Ferrero SpA
  • Perfetti Van Melle
  • The Hershey Company
  • Specialty Food Association, Inc.
  • Nestlé S.A.
  • The Kraft Heinz Company
  • Jelly Belly Candy Company
  • Lindt & Sprüngli AG
  • HARIBO of America, Inc.