Global Synthetic Leather Market is expected to reach a market size of ~US$ 45 billion by 2028: Ken Research

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What Is the Size of Global Synthetic Leather Industry?

Global Synthetic Leather market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 45 Bn by 2028. The Synthetic Leather Market is largely driven by increased demand from the footwear industry, restrictions on animal slaughter, advantages over pure leather, and increased demand from automotive OEMs.

 Growing knowledge of the advantages of synthetic leather over genuine leather and increased demand from the footwear industry is driving the growth of the synthetic leather market globally. A fabric created by humans that resembles genuine leather is called synthetic leather. It has a leather-like surface and has been dyed and processed to look and feel like real leather.

Compared to natural leather, synthetic leather has a shorter lifespan because it deteriorates more quickly from extended exposure to heat and moisture. Synthetic leather is treated chemically to make it resistant to sunlight, scratches, and fire, but with use and abuse, it deteriorates and weakens. Although synthetic leather is inexpensive, it needs to be well-maintained and shielded from the sun's rays to ensure that it lasts as long as possible.

Synthetic leather is increasingly in demand from temporary hospitals and healthcare facilities around the globe for beds and furniture to accommodate a variety of patients suffering from COVID-19 and other illnesses. The majority of these mattresses and other pieces of furniture feature antibacterial or antifungal covers made of medical-grade synthetic leather.

Global Synthetic Leather Market By Type

The Global Synthetic Leather market is segmented by Type into Polyvinyl Chloride, Polyurethane and Bio-Based. The polyurethane segment held the largest market share in 2022, owing to its superior quality and a few countries' restrictions on polyvinylchloride-based leather. Polyurethane (PU) leather is more environmentally friendly than vinyl-based leather since it does not emit dioxins. However, due to the drawn-out production process, it costs more than PVC-based leather.

In recent years, the market for PU synthetic leather has increased due to improvements in product quality, variety, and output. It is progressively replacing genuine leather in handbags, briefcases, car interiors, and clothing because of its increasing utility and range of applications.

Global Synthetic Leather Market By Product

The Global Synthetic Leather market is segmented by Product into Footwear, Furnishing, Automotive Interior, Clothing, Bags, Sports Goods, Electronics Device Accessories and Others. The footwear segment held the largest market share in 2022, as synthetic leather is inexpensive and has good abrasion resistance, it is frequently utilized in the footwear industry.

The demand for footwear has been prompted by rising income levels and economic expansion, particularly in emerging economies. Additionally, the industry is driven by variances in regional climates, which call for various styles of footwear.

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Global Synthetic Leather Market By End-User

The Global Synthetic Leather market is segmented by End-user into Consumer goods, Automotive, Textile and Apparel and Others. The consumer goods segment held the largest market share in 2022, owing to rapid urbanization and an increase in disposable income has led to higher spending on consumer goods like clothing and footwear. To impart a smooth feel to consumer items like purses, luggage, and shoes, synthetic leather is employed. It contributes to the comfort of sitting or lying down on this material's furnishings.

Global Synthetic Leather Market By Geography

The Global Synthetic Leather market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific is expected to account for the largest share among all regions within the total synthetic leather market, during the forecast period 2022-2028.

The major economies in the region are likely to drive growth in South Korea, China, and India. Population growth and rising disposable income are expected to open up a wide range of business opportunities. In terms of both production and sales, China is one of the major markets for leather. To address rising product demand and increase profitability, major market competitors concentrate in developing nations.

Competition Scenario In Global Synthetic Leather Market

The Global Synthetic Leather Market is Significantly competitive with ~150 players which include globally diversified players, regional players, and country-niche players with their niche in the Synthetic Leather Market.

Regional players constitute ~40% of the market, while the county-niche players are the largest by type. Some of the major players in the market include H.R. Polycoats Private Limited., Kuraray Co., Ltd., Teijin Limited, Nan Ya Plastics Corporation, Mayur Uniquoters Limited, San Fang Chemical Industry Co., Ltd., Filwel Co., Ltd., Zhejiang Hexin Science and Technology Co., Ltd., Asahi Kasei Corporation., and among others.

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What is the Expected Future Outlook for the Overall Global Synthetic Leather Market Across the globe?

The Global Synthetic Leather market was valued at USD ~billion in 2022 and is anticipated to reach USD ~45 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Global Synthetic Leather market is driven by increased demand from the footwear industry, restrictions on animal slaughter, advantages over pure leather, and increased demand from automotive OEMs. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

With the increasing collaboration and emergence of new products, the Global Synthetic Leather market is changing rapidly. For instance, In September 2021, Teijin Cordley Limited, a part of Japan's Teijin Frontier Group, created the most recent antiviral and antibacterial artificial leather, which includes a long-lasting antibacterial ingredient. Children's bags are made using earlier incarnations, and athletic gear like leather balls and shoes are made using later ones. The company sold 30,000 meters in its fiscal year 2021, and it expects to sell 580,000 meters in its fiscal year 2024.

In May 2019, The Teijin Group's fibers and products converting business, Teijin Frontier Co. Ltd., developed polishing pads constructed of the non-woven material "NANOFRONT" to improve silicon wafer quality while lowering production costs. A flexible, water-absorbent polymer and polyurethane resin are used to create the ultra-fine nanofiber known as "NANOFRONT."

The Global Synthetic Leather Market is forecasted to continue the growth that is witnessed since 2017, Globally rising demand from the footwear industry is anticipated to be a major driver of market expansion. Another aspect that has fueled the need for natural leather alternatives is the expensive price of natural leather. Though the market is Significantly competitive with ~150 players, few global players control the dominant market share and regional players also hold a significant market share.

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Global Synthetic Leather Market

Government initiatives such as PM-KSY are expected to result in the capacity expansion of 6.5 Mn MT in the next 5 years: Ken Research

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Total project Outlay of INR 9000 initiated by GOI towards infrastructure development is expected to boost the Indian Agricultural cold storage market growth in the next 5 years, says a report by Ken Research

1. “Favorable Policies:” Growth of agricultural sector is driven by favorable policies towards the farming population in India

Recent Trends in India Agricultural Cold Storage Industry

A massive stream of support has been given to the agricultural ecosystem in India including the cold chain industry via Capital Investment Subsidy Scheme, Agricultural Marketing Infrastructure Scheme and Role of NCDC. Government Schemes such as PM Kisan Sampada Yojana wherein integrated cold chain & value addition infrastructure have been added with the objective of reducing post-harvest losses of horticulture & non-horticulture produce & providing remunerative price to farmers for their produce. In a similar way, capital investment subsidy investment scheme has been introduced with the objective of creation of 12 lakh tonnes of new cold storages and modernization/rehabilitation of 8 lakh tonnes of existing cold storages.

2. “Investment boost:” Multiple schemes are implemented on ground to accelerate investment in the sector

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A total of 325 projects (214 completed and 111 on-going) are operational in various parts of India. With a total project outlay of INR 9000 Cr, government of India has approved a cumulative grant –in aid of INR 2,478 Cr via its various schemes under MOFPI & NHB. These projects are mainly being undertaken in Fruits & Vegetables, Marine, Fisheries, Diary and Irradiation sectors in Tier II/III cities of the country. Release of this type of data as well as positive feedback from new unit operators further emboldens the confidence in govt.

3. With increasing government initiatives & rising investment scenario from private entities, the sector looks attractive in the long run

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Cold storage units provide aid in getting better prices of crop produce to farmers by providing cooling solutions. Further, storage units near export zones has allowed generated export receipts from domestic crop produce. During 2010-20, establishments of new cold storage units led to substantial reduction in post-harvest losses. Presence of cold storage units has enabled backward integration by food processing firms undertaking massive contract farming of Potato. In the upcoming years, it is expected that an increased investment from government & private entities will boost the market growth. The market is expected to register a market growth of 3.2% in the upcoming years.

China earns huge revenue from its logistics industry with Road Freight accounting to >60% of total revenue, 2020- What is the future of China Logistics?

 China’s NEVs units have grown by 250-fold in past 1 decade and exceeded 1.5% of the country’s total vehicle stock in 2020, says a report by Ken Research

1. In 2020, road freight generated the highest revenue in transportation industry of china followed by sea and inland freight

Click to Read Full Article: China Logistics and Warehousing Market

 In 2020, Road Freight accounted for nearly 75% of the total revenue generated in China Transportation Industry owing to its large network of Roads and Highways. In 2019, China pumped over RMB 3 trillion investments into the transportation sector, adding about 8,000 km of railways and over 320,000 km of highways. Road Freight Industry in China is moving towards multimodal transportation to improve efficiency and reduce energy consumption and greenhouse gas emissions.

2. Current Trends in the Road Freight Industry- Rise in Digital Technologies, Green Transportation and Increasing LTL Share.

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High penetration of mobile commerce has led to large disruption in B2B segment, due to high acceptance rate of Chinese businesses, to carry out businesses online. Success stories such as that of Manbang and Yunquna speak volumes of the success in the segment.

China has been able to reach an important milestone. By the end of 2020, it has been able to put around 5 million new energy vehicles (NEVs), including battery electric and plug-in hybrid on its roads.

Though FTL is still dominant in the country occupying more than 50% market, the ability to reduce costs, driver strain and time to deliver are the biggest reasons why companies are favoring Less than truckload (LTL) method over full truck load (FTL) shipping.

3. China has imposed a mandate on automakers requiring that electric vehicles (EVs) make up 40% of all sales by 2030.

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In 2020, out of the total NEV Vehicles plying on Chinese Roads, around 10% belonged to logistics Industry of China.

Tier 1 cities with developed logistic infrastructure such as Beijing, Shanghai, Shenzhen, Guangzhou, Suzhou etc. accounted for the largest proportion of NEV sales for logistics in China. In March 2021, Shenzhen city accounted for more than 15% of the NEV Commercial Vehicle Sales in China.

Strong Government policies such as “Three-Year Action Plan for Winning the Blue-Sky Defense War” implemented by various cities of China have boosted the adoption of NEVs in the country.

The 3D printing market in the APAC region has been observed to be at the growth stage registering an approximate CAGR of 15% in 2019-What will ensure further growth of the industry in future?: Ken Research

 3D printing materials is majorly used in prototyping, manufacturing automotive engines and parts, aircraft engines and parts on a small scale, says a report by Ken Research

1. Lucrative opportunities present in Asia Pacific 3D market- a significant insight for new entrants.

                     

Opportunities in 3D printing industry in other countries

The government of different countries has shelved out different initiatives and is investing huge in order to adopt the 3D printing technology in the country. The onset of 4th Industrial revolution focuses on the digitization of manufacturing process. The healthcare sector is highly using 3D printing in order to reduce costs, improve quality and increase the patient focus. Bio-implant is an emerging technology of healthcare wherein artificial manufacturing of body part is possible. Currently, the application of 3D printing is mostly for prototyping and tooling purposes, however with the adoption of technology the application for mass production will derive the future growth.

 2. APAC 3d printing market trend- Singapore’s and Taiwan’s efforts to grow 3d printing.

                    

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The Ministry of Industry and Information Technology in China released a plan to develop China's 3D printing industry in 2015 and 2016. The mission of the National 3D Printing Industry Development Promotion Plan (2015-2016), establishes goals for innovation and commercialization of 3D printing. Chinese government is putting key focus on the adoption of 3D printing.

The Singapore Economic Development Board invested USD 18 million in partnership with the National University of Singapore and NAMIC (the National Additive Manufacturing Innovation Cluster) to open another center for additive manufacturing to apply 3D-printing technology in the biomedical and healthcare fields.

The South Korean government has invested around USD 37 million to accelerate the development of 3D printing across the country. Japan has invested USD 22 million through its New Energy and Industrial Technology Development Organization (NEDO) to spur the growth of highly advanced 3D printing mechanisms for human tissue regeneration.

3. Potential Business Model that can be deployed by players in APAC 3D Market.

                          

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This model is based on an online system where the orders are received online and the finished products are shipped to the customers. In this context, the process allows the upload of a digital CAD design and selecting the most wanted manufacturing operation. Online services in 3D printing certainly offer value added options to the community of users. The users can foresee the cost of the production, delivery time and in some cases select the manufacturing location near demand.

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Philippines E-Commerce Market Set to Exceed USD 30 Bn by 2025: Emerging Trends and Government Support Propelling Growth in the On-Demand Logistics Market. What Lies Ahead for the Future? Ken Research

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1. The Evolution of the Philippines E-commerce Market: Horizontal Platforms Dominate, but Niche Vertical Platforms Revolutionize On-Demand Logistics

Also, Check Philippines On-Demand Logistics Market Overview

Coverage - Horizontal platforms dominate the market due to their wide-ranging coverage across multiple market segments.

Market Volatility - Horizontal platforms are more resilient to market fluctuations as they focus on capturing diverse market scopes.

Management - Niche platforms have a centralized management system and require a unified advertising effort, leading to better control and reduced costs.

Competition - Niche E-Commerce platforms encounter less competition in the market due to their distinct business nature, which also provides them the advantage of improved SEO.

2. Philippine E-commerce Poised to Surpass $30 Bn by 2025, Fueled by Growing Population's Demand for Seamless Access to Goods and Services

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• In 2021, the average revenue per user (ARPU) exceeded $400.
• Businesses are expanding their operations beyond Metro Manila to include other regions like Visayas and Mindanao.
• The rise in online shopping and the availability of online banking services are contributing to the growth of digital payments in the Philippines. Merchants are increasingly adopting online payment methods for their convenience.
• The ongoing efforts to enhance telecommunications infrastructure, including the introduction of a 5G network, are considered crucial for the sustained advancement of the e-commerce market in the country.

3. Government's Supportive Policies, including NRPS and the Virtual Banking Act Will Propel the E-Commerce Industry in the Philippines

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• NRPS (National Retail Payment System) was introduced to raise electronic payment transactions to 20% by 2020, enhancing the country's economic competitiveness.
• The PECR (Philippine E-Commerce Road Map) 2016-2020, launched in February 2016, outlined strategic plans and policies to maximize the benefits of e-commerce, aiming for a 25% contribution to the GDP by 2020.
• Despite the impact of COVID-19, the budget allocation for the "BBB" program in 2020 reached 4.6% of GDP (PHP 972.5 Bn), supporting infrastructure projects to improve transportation and ease congestion.
• The Digital Banking Framework, issued by the BSP in December 2020, provides guidelines and application processes for digital banks. To prioritize digitalization, the BSP waived fees for fund transactions made through the central bank until the end of 2021.

4. The Future of Philippine On-Demand Logistics: Electric Last-Mile Delivery, AI, Big Data, and Blockchain Transformations Reshaping the Industry

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Indian Fantasy Sports market registered an impressive growth of ~164% CAGR in FY’2022. Explore its Growth drivers: Ken Research

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India’s Fantasy Sports market is a rising industry that is booming with an exponential growth rate in the country. The market is highly anticipated to grow at double-digit in the five years owing to the rising craze for online gaming in the country.

1. The Indian fantasy sports market is 2 decades old in India but has witnessed robust growth in the last 4 years only

Users of Fantasy Sports in India: Click to know more

Fantasy Sports was introduced in India nearly two decades ago and since then the market has seen significant transformation in the industry. One of the first fantasy games in the nation to achieve user momentum was the "Selector fantasy game" in 2001, launched by ESPN-Star Sports. But the sector did not receive much traction from the consumers. However, in the last 2-3 years, Online Fantasy Sports industry in India has witnessed stupendous growth. The number of fantasy sports operators has increased by nearly seven times over 2016-2018, whereas the number of users has grown by over 25 times from 2016 to 2019.

2. The percentage of Internet Users reached 47% in 2021, leading to the expansion of Fantasy Sports user base in the country

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Over the last few years, the number of internet users has grown tremendously. In 2021, India has 658.0 Mn active internet users. The exponential increase in the internet penetration is the result of the reduction of the data costs coupled with the availability of affordable smartphones/smart feature phones in the country. This growth in digital infrastructure increased the availability of high-speed internet in the hands of the Indian citizens which further helped in driving the growth to the fantasy sports sector. The option of playing the sport on a handheld device and at any given point irrespective of location and time is the big reason that increased the user engagement around fantasy sports drastically in the last 2-3 years.

3. UPI based digital Payment increased to 2.7 times between 2018 and 2021 which has further contributed towards the growth of the Indian Fantasy Sport market in India

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The digital payments in India have undoubtedly registered rapid growth and received huge acceptance in the country. This has acted as a propellant to several sectors, and Fantasy Sports market is no exception. Here digital payments include RTGS, credit transfers (such as UPI), debit transfers card payments, and direct transfers as their main categories. These types of digital payments received a huge boost in development and user adoption during the time of demonetization, in 2016. Additionally, the ease of use offered by digital transactions has led to its exponential push, with Reserve Bank’s Digital Payments Index growing 2.7x between 2018 and 2021. This clearly represents the rapid adoption and deepening of digital payments in India and UPI is emerging as the preferred mode of payment.

Future Outlook of Global Waste Water Management Market: Ken Research

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What Is The Size Of Global Waste Water Management Industry?

Global Waste Water Management market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027.

The Global Waste Water Management Market is largely driven by rising levels of urbanization & climate change consciousness and government initiatives. Also, growing Demand for sustainable Services are some other factors driving the market growth. As a result, the industry has grown due to consumers' increased preference for sustainable management of water.

Furthermore, the rising number of government initiatives is the main growth driver for the expansion of the global waste water management market Furthermore, the COVID-19 has created the need for proper waste disposal growth across the globe. The stringent travel restrictions and quarantine rules across the globe have adversely affected the waste water management market. The waste water management market registered around ~% lower revenue in 2020 as compared to 2019. However, the market is displaying a decent recovery post-severe COVID-19 pandemic outbreaks as the market revenue is surging by around ~% in 2021 as compared to 2020.

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Global Waste Water Management Market By Type Of Segment

The Global waste water management market is segmented by type of segment into chemicals, equipment, services.

The most popular segment is services market which is expected to witness a decent growth rate in the upcoming years.

Global Waste Water Management Market By Application Type

The Global waste water management market is segmented by application type into Industrial, Municipal, Food & Beverage, Petrochemical, Chemicals, Pharmaceuticals, Oil & Gas, Semi-conductor, others

Global Waste Water Market By Geography

The Global waste water management market is segmented by geography into Asia Pacific, Latin America, Europe, Middle East, Australia

Competition Scenario In Global Waste Water Treatment Market

The Global Waste Water treatment market is a highly competitive and diverse industry with many major players operating in the region. Here are some of the leading catering companies in the global Waste Water Treatment Market. Top players include including Dew, DuPont, Xylem amongst others. The market is largely driven by active inorganic growth strategies, innovative technologies & increasing investment scenario.

What Is The Expected Future Outlook For The Overall Global Waste Water Management Market?

The Global Waste Water Management market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027, witnessing a CAGR of ~% during the forecast period 2022-2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19

Waves in the future. The Global Waste Water Management market is driven by rising pollution level & urbanization trends. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries. Also, owing to the increasing demand from governments for sustainable technologies, the market is expected to witness tremendous growth in the upcoming years.

The rise in domestic and international industrialization across the globe is likely to witness major growth in the market. Along with rising urbanization across the globe and increase in industrialization levels is likely to witness significant growth for the market.

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Global Waste Water Management market

How the Indian Government is securing the future of the Agricultural Cold Storage Market in India?: Ken Research

 The agriculture sector in India has had consistent growth in production levels over time. This production level hasn't been matched appropriately in terms of food storage, which highlights the Indian Agricultural Cold Storage Industry's existing whitespace. Despite being an agricultural nation, India experiences significant food losses per year that range from INR 90,000 to INR 100,000 as a result of inadequate post-harvest management and a lack of adequate cold storage infrastructure.

The government has been developing numerous programs and giving grants to help, along with special preference to the states that are behind in terms of infrastructure, in an effort to foster development in the agricultural cold storage industry. Here is an overview of all those crucial steps taken by the government to level up the agricultural cold storage market in India.

1. Indian agricultural sector is growing due to favourable climatic and demographic conditions which is creating demand for cold storage facilities in the country

2. Setting up cold storage facilities could aid in development of food processing, packaging industries, coupled with increase in farmer’s income

3. Indian Government is actively taking initiatives to establish a robust cold chain infrastructure to enhance the farmers’ income by preventing supply chain losses

4. Multiple schemes are implemented on ground to accelerate investment in the cold storage sector

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5. Government is also offering support to Cold Storage Industry via Capital Investment Subsidy Scheme, Agricultural Marketing Infrastructure Scheme and Role of NCDC

6. The establishment of Mega Parks is expected to provide a boost to processing & cold storage services.

7. With support from the government and investors, the Indian Agricultural Cold Storage sector looks attractive in the long run

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India Agricultural Cold Storage Industry

 

3 Catalysts to Help the Used Car Sales to Touch Nearly 3 Mn Units By 2026 in South Korea; Will The Growth Sustain? Ken Research

 Covid-19 pandemic along with South Korean Government nearly 1 Tn Won ($1 Bn) plan to develop autonomous vehicle technologies led South Korea Used Car Market Basis Volume nearly 3 Mn units in 2021, as per findings released by Ken Research.

1. Impact on Used Car Sales in the country due to Covid-19: Is the growth sustainable?

Click to Read Full Article: South Korea Used Car Market

Multiple trends in the used cars industry were observed since the onset of Covid-19.  Both new and used car sales were witnessing negative growth rates in 2018 and 2019. The pandemic led to an increase in the sales of cars – both new and used, which led to positive growth rates in used car sales. Sales of used cars picked up from March as people were avoiding public transport. Consequently, buying second hand car was the most economical and safe option. The domestic production and sales rebounded in June by over 40% YoY to 175,000 units.

2. South Korea will spend nearly 1 Tn Won ($1 Bn) to develop autonomous vehicle technologies; Giving ample opportunities for the industry to grow.

South Korea will build related infrastructure with a goal of a commercial rollout of a Level 4 self-driving car by 2027 and spend nearly 1 Tn Won ($1 Bn) to develop autonomous vehicle technologies. The Korean government will finance 84 related projects in five areas: new vehicle convergence technology, new ICT convergence technology, new road traffic convergence technology, service creation, and the establishment of an industrial ecosystem.

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3. Social Media Platform is Widely Used for Used Car Sales as it Offers Free Ads for Dealers and Customers; Helping the Used Car Market GTV to Reach nearly 35 Tn Won.

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• Partnership with online platforms to supply used cars to customers. Online portals follow lead generation process, sellers list cars and company facilitate the overall transaction of acquiring the vehicle. Other Services include providing car valuation and quality checks.
• Car dealers use blogs to generate traffic to their website from search engine results pages. They often put-up educational content related to cars maintenance, help guides, knowledge material in order to create a brand presence.
• Unlike online portals and marketplaces, social media provides an opportunity to dealers to advertise their cars for free. This platform is also used by individuals involved in C2C Also, major dealerships use this platform to announce promotional offers and local events.

Global Stem Cell Banking Market is expected to reach a market size of ~US$ 15 billion by 2028: Ken Research

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What Is the Size of Global Stem Cell Banking Industry?

Global Stem Cell Banking market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 15 Bn by 2028. The Stem Cell Banking Market is largely driven by rising prevalence of fatal chronic diseases such as cancer, cardiovascular disease, neurological disorders, immunological disorders, and other rare metabolic diseases.

High operational costs associated with stem cell banking, along with stringent regulatory frameworks, are impeding the growth of the stem cell banking market. The growing newborn population worldwide is another driving factor of the stem cell banking market.

The ongoing COVID-19 pandemic increases the morbidity of cord blood transplantation (CBT) recipients globally, but stem cell procedures were slowed in 2020 due to the lockdown imposed by several governments across countries to prevent the virus's spread, resulting in a decline in stem cell banking growth.

Global Stem Cell Banking Market By Source

The Global Stem Cell Banking market is segmented by Source into Placental Stem Cells (PSCS), Adipose Tissue-Derived Stem Cells (ADSCS), Bone Marrow-Derived Stem Cells (BMSCS), Human Embryo-Derived Stem Cells (HESCS), Dental Pulp-Derived Stem Cells (DPSCS) and Others. The Placental Stem Cells (PSCS) segment held the largest market share of the global stem cell banking market in 2022.

The growth is mainly attributed to the significant rise in the number of placental and cord banks, notably in the USA and Europe. According to the World Marrow Donor Association (WMDA), a Netherlands-based organization that promotes multilateral cooperation and best practices for the benefit of blood stem cell donors and transplant patients, nearly 8,04,193 cord blood units are currently available worldwide.

Global Stem Cell Banking Market By Service Type

The Global Stem Cell Banking market is segmented by Service type into Sample Collection and Transportation, Sample Preservation and Storage, Sample Analysis and Sample Processing. The Sample Preservation and Storage segment held the largest market share of the Global Stem Cell Banking Market in 2022.

Stem cell banks primarily store samples of human stem cells for potential future use in stem cell treatments, such as bone marrow transplantation (BMT), Peripheral blood stem cell transplant, and Cord blood transplant. The emergence of a growing number of stem cell banks across countries resulted in more stored stem cell samples, which are used in therapies and regenerative medicine in the long term.

Global Stem Cell Banking Market By Application

The Global Stem Cell Banking market is segmented by Application into Personalized Banking Application, Research Applications (Disease Treatment Studies, Life Science Research, Drug Discovery) and Clinical Application (Hematopoietic Disorders, Autoimmune Disorders, Others). The Personalized Banking Applications segment held the largest market share of the Global Stem Cell Banking Market in 2022.

The growth is primarily attributed to service providers' premium pricing of service plans and the benefits offered by personalized banking. The Research Application segment is expected to grow at the fastest CAGR during the forecasted period 2022-2028, owing to rising R&D expenditure in the biopharmaceutical industry and rising government initiatives on drug discovery.

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Global Stem Cell Banking Market By Cell Type

The Global Stem Cell Banking market is segmented by Cell type into Umbilical Cord Stem Cell, Adult Stem Cell and Embryonic Stem Cell. The Adult Stem Cells segment held the largest market share of the Global Stem Cell Banking Market in 2022, owing to their commonality of origin in the human body (bone marrow, and fat), where they mostly reside.

The growing global prevalence of cancer and blood-related diseases, such as leukemia, lymphoma, neuroblastoma, and multiple myeloma is driving demand for adult stem cells, which replace damaged cells caused by such diseases to decrease inflammation and fight infection. According to the American Cancer Society, a worldwide voluntary health organization dedicated to cancer eradication, nearly 60,650 new cases of leukemia is being discovered in the United States in 2022, with 24,000 deaths from the disease.

Global Stem Cell Banking Market By Geography

The Global Stem Cell Banking market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. North America accounted for the largest share of the Global Stem Cell Banking Market in 2022 and will remain dominant during the forecast period (2022-2028), owing to the increasing incidence rates of diseases, such as cancer, neurological disorders, and diabetes.

For instance, according to the American Cancer Society, cancer continues to be the second leading cause of death in the USA, after cardiovascular disease. In 2022, USA is expected to see 1.9 million new cancer cases and 609,360 cancer deaths, for a total of 1,670 deaths per day. The growing government initiatives and investments in stem cell therapies are contributing to the region's growth in stem cell banking. For instance, in March 2020, according to CTV News, a Canadian news platform, the Canadian government invested almost US$ 7 million in the Stem Cell Network's competitive research funding program.

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Competition Scenario In Global Stem Cell Banking Market

The Global Stem Cell Banking Market is highly competitive with ~100 players which include globally diversified players, several regional players as well as a significant number of country-niche players with their niche in pharma and diagnostics solutions, and technologies, such as molecular imaging technologies (optical molecular imaging, positron emission tomography, single-photon emission computed tomography, and computed tomography) to research disease mechanisms and evaluation of therapeutic interventions. Country-Niche players comprise about ~45% of the total competitors, while regional players represent a share of ~35%. Some of the major players in the market include CBR.

What is the Expected Future Outlook for the Overall Global Stem Cell Banking Market Across the globe?

The Global Stem Cell Banking market was valued at USD ~billion in 2022 and is anticipated to reach USD ~15 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Global Stem Cell Banking market is driven by rising prevalence of fatal chronic diseases such as cancer, cardiovascular disease, neurological disorders, immunological disorders, and other rare metabolic diseases. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

With the increasing collaboration and emergence of new products, the Global Stem Cell Banking market is changing rapidly. For instance, In September 2021, Generate Life Sciences, a USA based biotechnology company, announced that over 10,000 families had enrolled in the Newborn Possibilities Program (NPP) provided by the company's newborn stem cell preservation bank, Cord Blood Registry (CBR).

In July 2021, ViaCord launched newborn digestive health screen tests for genetic markers of Celiac disease and primary lactose intolerance. The screen is to be performed with a small amount of the collected cord blood. The global stem cell banking market is forecasted to continue the exponential growth at ~12% during the forecast period. The major driving factor contributing to the rising prevalence of fatal chronic diseases, and the growing newborn population worldwide. Though the market is highly competitive with around ~100 participants, few country-niche players control the dominant share and regional players also hold a significant share.

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Global Stem Cell Banking Market