Be yourself; Everyone else is already taken.— Oscar Wilde.
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Be yourself; Everyone else is already taken.— Oscar Wilde.
This is the first post on my new blog. I’m just getting this new blog going, so stay tuned for more. Subscribe below to get notified when I post new updates.
Anti-rust coating is used to prevent corrosion of metals from moisture, humidity, salt spray, and exposure to a variety of environmental or industrial chemicals.
Technologically, the anti-rust coating is manufactured as solvent-based, waterborne, powder coating, and UV cured. Presently, the waterborne coating is the largest segment driving the market growth due to the low emission of VOCs. The powdered coating is an excellent choice due to its zero VOC emission and environmentally friendly nature. It also offers properties such as durability, scratch resistance, resistance to chalking, gloss retention, and improved coating efficiency. Additionally, it qualifies American Architectural Manufacturing Association (AAMA) specifications for an eco-friendly process. Although solvent-based coating offers superior properties such as less drying time and block resistant feature, it has high VOC content. Anti-rust coating market is primarily driven by its application in various end-use industries such as marine, oil & gas, shipbuilding, infrastructure, transportation, aerospace & defense, and others. Offshore and civilian marine industries demand anti-rust coating for shipbuilding and boat repairing due to its cost-effectiveness and superior properties of water and corrosion resistance. Sophisticated drilling, wellhead, and subsea equipment demand anti-rust coating for oil & gas exploration and extraction. The properties such as scratch resistance, glossy appearance, lesser drying period are extensively required in automotive, infrastructure, and transportation, which is likely to surge the market growth during the forecast period.
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The global anti-rust coating market is segmented on the basis of the type, technology, end-use industry, and region.
On the basis of the types, the global anti-rust coating market is segmented into epoxy, polyurethane, acrylic, alkyd, zinc, chlorination, and others.
Based on the technology, the global market is categorized into solvent-based, waterborne, powder coating, and UV cured.
On the basis of the end-user industries, the global market is segregated into marine, oil & gas, power generation, shipbuilding, infrastructure, transportation, aerospace & defense, and others.
The global anti-rust coating market is segmented into five major regions Asia Pacific, North America, Latin America, the Middle East & Africa, and Europe.
The Asia Pacific is expected to emerge as the largest region in the global the anti-rust coating market due to high demand from end-use industries such as building & construction, transportation, and automotive. China is the largest market in terms of value in this region on account of the largest building & construction sector. India, Japan, Indonesia, Malaysia, and other countries contributing to the market growth on account of the growing end-user industries.
Presence of a large number of oil deposits in Brazil and Venezuela fuels the regional market growth in Latin America. Exploring and drilling activities for oil & gas reserves drive the market growth in this region.
North America is another substantial region in the anti-rust coating market growth due to the product use in automotive and aerospace & defense industries. The U.S. accounted for a major market share owing to the growing automotive and use in the aerospace & defense sector.
The Middle East & Africa is expected to witness market growth due to the abundant availability of oil & gas deposits in countries such as Saudi Arabia and the UAE.
Europe is likely to witness a sluggish growth owing to European Union Regulations 2012 on VOC emission.
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Some of the prominent manufacturers in the global market of anti-rust coating are Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), Axalta Coating Systems Ltd. (U.S.), BASF SE (Germany), The Sherwin-Williams Company (U.S.), Ashland Inc. (U.S.), Kansai Paint Co., Ltd. (Japan), Hempel A/S (Denmark), Nippon Paints Co. Ltd (Japan), Jotun (Norway), RPM International Inc. (U.S.), DowDupont (U.S.), Bluechem (Africa), Chugoku Marine Paints Ltd. (Japan), and Clariant (Switzerland).
The growing demand for 1, 3-propanediol from various applications is expected to drive the growth of the market during the review period. The major applications of 1, 3-propanediol are polytrimethylene terephthalate, polyurethane, cosmetics & personal care, household, engine coolants among others. The growing development of cosmetic & personal care industry across the globe is expected to boost the market during the forecast years. Moreover, the growing investment in research and development activities for the production of bio-based 1,3 propanediol is anticipated to be a major opportunity in the market.
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The global 13 propanediol market is segmented into application and region. On the basis of application, the global market of 1, 3-propanediol can be further segmented into polytrimethylene terephthalate, polyurethane, cosmetic & personal care, household, engine coolants, heat transfer fluid, de-icing fluid and others. On the basis of region, the global 1, 3-propanediol market is bifurcated into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa.
Among the various applications of the 1, 3-propanediol, the polytrimethylene terephthalate segment was anticipated to be the dominant segment in 2016 and is expected to show the same trend during the forecast years. The polyurethane segment is expected to witness the highest growth with a CAGR of over 4.5% during the assessed period. The growing demand for polytrimethylene terephthalate across various applications such as cosmetic & personal care, engine coolants, and de-icing fluid among other is substantially contributing to the growth of the segment.
The global 1, 3-propanediolmarket is spanned across five key regions: Europe, Asia Pacific, North America Latin America, and the Middle East & Africa. Among these, Asia Pacific is the fastest growing market during the forecast period. The growing population has increased the demand for cosmetics & personal care and household products, in turn, adding to the demand for 1,3 propanediol market. North America followed by Europe is anticipated to be the largest markets during the given period. The developed automobile, cosmetic & personal care industry along with the growing shift towards biodiesel is positively contributing to the growth of the market.
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DuPont Tate & Lyle Bio Products Company, LLC (U.S.), Metabolic Explorer SA (France) Zhangjiagang Glory Biomaterial Co. Ltd (China) and Zouping Mingxing Chemical Co., Ltd (China), Royal Dutch Shell (Netherland), Shanghai Jinjinle Industry Co., Ltd (China), Zouping Mingxing Chemical Co.,Ltd (China), Salicylates And Chemicals Pvt. Ltd (India), and Chongqing Kunlun Chemical Co., Ltd (China) among others.
The global smart materials market is projected to witness a rapid growth during the forecast period. The study indicates that chemical composition present in the smart materials are responsible for the characteristics of the smart materials it displays. Its response varies depending on the chemical composition of the smart materials used. It is observed that smart materials are dynamic in nature and react to external environments by adapting their properties.
The global smart materials market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America accounted for the largest share as compared to other regions, the Smart Materials market in Europe market is expected to witness a significant growth and hold the second largest market share during the forecast period. Countries such as France, Italy, and Germany are anticipated to drive the growth of the smart materials market owing to the presence of established automotive industry. The rapidly growing demand for structural materials and mimetic materials has been the main growth driver of the smart materials market in this region. The adoption of new methods in the domains of monitoring of structural health, environmental control, and vibration control is also responsible for the development of the smart materials market in this region.
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In the global smart materials market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing adoption of low labor costs coupled with the reduced costs associated with raw materials.
The global smart materials market is projected to reach USD 73 billion at a CAGR of over 14% by the end of the forecast period 2017-2023.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Smart Materials Market Research Report-Forecast to 2023”.
Smart Materials Market Segmentation
The global smart materials market is segmented by products and application. By product segment, the market consists of piezoelectric materials, shape memory materials, electrostrictive materials, magnetostrictive materials, phase change materials, electrochromic materials, and others. By application, it is segmented into actuators & motors, transducers, sensors, structural materials, and others.
Some of the key players in the market: APC International (U.S.), Harris Corporation (U.S.), CeramTec (Germany), Kyocera Corporation (Japan), TDK Corporation (Japan), Noliac A/S (Denmark), Wright Medical Group, Inc. (U.S.), Channel Technologies Group (U.S.), LORD Corporation (U.S.) among others.
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Market Research Analysis
The North American market is witnessing rapid growth due to technological advancements and increasing demand for Smart Materials across different industry verticals in this region. U.S. holds majority of the market share both in terms of revenue as well as adoption of advance solutions.
Ester is synthesized from inorganic and organic acids by dehydration with alcohol. Naturally, derived esters comprise of oils, fats, and triglycerides. A common type of esters consists of nitrate esters, fatty acid esters of glycerol, and others depending on the alkyl or aromatic group. It provides multi-functional properties such as superior spreadability, high oxidation stability, and less pour point, which makes them suitable for utilization in various ends use industries such as food & beverage, cosmetic & personal care, paint & coatings, construction, pulp & paper, lubricant, and others.
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Some of the important factors that positively influence the growth of ester market are improving construction industry, expanding automotive industry, and rising mining activities in developing countries. In the recent years, increasing growth of the automotive sector is observed due to the investment of key manufacturers in emerging economies on account of favorable norms. Furthermore, rising population along with increasing consumer spending on personal care products in developed and developing region is estimated to drive the growth of the market. Furthermore, rising building & construction activities along with increasing consumption of lubricants are estimated to fuel the demand for ester market over the assessment period 2017-2023. However, complex processing and relatively higher production cost of ester for a specific application is predicted to hamper the growth of the market in the upcoming years.
The global ester market is segmented on the basis of source, application, end use industry, and region. On the basis of the source, ester market is categorized into natural and synthetic. On the basis of the application, the market is classified into adhesive, oil additive, binder, sizing agent, and others. Among these, oil additives are estimated to grow at a significant CAGR due to rising demand for ester based lubricants from various end-use industries. On the basis of the end use industry, the global ester market is categorized into cosmetic & personal care, lubricant, paint & coatings, pulp & paper, construction, and others. Among the end use industry segment, lubricant as well as cosmetic & personal care together accounted for the largest market share in terms of value and is estimated to grow at a healthy CAGR due to rising automotive production and sales along with high consumption of personal care products such as cream, lotion, shampoos, and conditioners. The construction segment is estimated to register significant growth due to increasing maintenance and renovation work in residential & commercial buildings, as well as for onsite application.
The Asia Pacific is estimated to be the largest ester market followed by North America and Europe owing to increasing demand from building & construction, automotive, aerospace, and among others. Emerging economies such as India, Thailand, Malaysia, China, and South Korea are the fastest growing market for ester and is expected to grow at the same pace shortly. North America is expected to witness steady growth over the estimated period on account of growing demand for textile and mining sector. Developing countries of Latin America and the Middle East and Africa is expected to witness a moderate growth on account of increasing end-use application. In Europe, countries such as Germany, the U.K, and France are predicted to witness a healthy growth due to increasing demand from automotive manufacturers.
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The major players operating in the ester market are Ashland (U.S.), DAK Americas (U.S.), Esterchem Ltd. (U.K), Huntsman International LLC (U.S.), BASF SE (Germany), Evonik (Germany), Sigma-Aldrich Co. LLC. (U.S.), U-PICA Company.Ltd. (Japan), Michelman, Inc. (U.S.), NOF CORPORATION. (Japan), and Fushun Anxin Chemical Co., Ltd. (China) among others.
According to MRFR analysis, Sulfur Hexafluoride Market was valued at USD 251 million in 2018 and is projected to register a CAGR of 6.1% during the forecast period, 2019–2025.
SF6 offers dielectric strength (it rapidly quenches electrical discharges), chemical stability during electrical operations, excellent thermal conductivity, and easy synthesis.
Pricing and Regulatory Analysis
The United Nations Framework Convention on Climate Change (Kyoto Protocol, 1997) considers SF6 as a most potent greenhouse gas with high global warming potential.
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Standard Grade: The segment dominated the global sulfur hexafluoride market by value in 2018 owing to its vast usage in the power & energy sector for applications such as high-voltage circuit breakers, switchgear, gas-insulated switchgear (GIS), and others.
Electronics Grade: It is used in the manufacturing of particle accelerators, integrated circuits, and an etchant for chamber cleaning.
Ultra-high purity Grade: It is the purest form of sulfur hexafluoride with no contamination. It is majorly used in the manufacturing of semiconductors and in non-invasive medical surgeries that require zero contamination.
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The Atomizing Metal Powder Market is projected to register a healthy CAGR of 6.91% to reach a market value of USD 4,134.97 Million by the end of 2026.
The prominent factor favoring the growth of the global atomizing metal powder market is the increasing adoption of powder metallurgy in the automotive industry coupled with the high demand for metal powders in the metallurgy industry. Powder metallurgy is a green and energy-saving technology with zero waste and complete recycling, offering improved performance and greater design flexibility for automobile components. With the rising pressure on automobile manufacturers for enhancing the performance and safety while maintaining the vehicle’s weight, the demand for powder metallurgy is increasing and thus atomized metal powders.
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The other key factor driving the market growth is the widespread use of atomized metal powders in surface coating applications in a variety of industries ranging from aerospace, oil & gas, and power generation to steel, mining, construction, and agriculture. In the aerospace and power industries, atomized metal powders are mainly used in wear-resistant coatings of rotating parts such as industrial gas turbines or combustion engines. This is mainly due to the high resistance offered by metal powders to high temperatures, thermal cycling, and hot gas corrosion. The growth of the aerospace industry due to increasing passenger traffic is expected to play a vital role in the growth of the global market. The steel industry is the other major consumer wherein metal powders offer vast potentials to improve operation and efficiencies by cladding components with surface welding or spray coatings.
However, fluctuating prices of iron as a raw material is expected to be a key factor hampering the market growth in the years to follow.
Nevertheless, the increasing use of powdered metals in additive manufacturing process/technology is expected to provide an impetus to the growth of the market in the years to follow and is expected to create lucrative opportunities for the market players during the review period.
The Global Atomizing Metal Powder Market has been segmented on the basis of type, application, and region.
Based on type, the market has been divided into atomizing iron powder, atomizing copper powder, and others. Atomized iron powder is produced by water atomization process of high purity molten iron. Iron powder is produced in a variety of grades with each powder product being classified based on purity, density, and grain size and is designed to achieve superior properties required by complex powder metallurgy applications. Iron powder is used in powder metallurgy of iron, steel, and in combination with other metals. They are widely used in the automotive and aerospace industries as well as in ferromagnetism (electronics). With the healthy growth of the automotive industry and the need for reducing the weight of automobile parts, the demand for iron powders is expected to increase in the coming years.
By application, the global atomizing metal powder market has been divided into the metallurgy industry, chemical industry, electronic materials, diamond tools, welding, 3D printing, and others. Powder metallurgy (PM) is a material processing technology used to manufacture complex geometries and intricate features by diffusing different metal powders as raw ingredients through the sintering process. The metallurgy industry includes powder metallurgy to manufacture unique materials with tailored properties that are difficult to achieve by melting or forming. In addition, it has a lower energy consumption in comparison to other production technologies. The increasing use of PM over the traditional processes (such as machining, casting, and extrusion) is mainly attributed to the significant cost savings, high dimensional accuracy, good part-to-part reproducibility, minimal post-processing, dimensional freedom, and compositional complexity offered using the PM process. The automotive industry is the largest consumer, accounting for 70% of the market for powder metallurgy.
The Global Atomizing Metal Powder Market has been segmented into five key regions, namely Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America. The North American market was the dominant regional market in 2018 with a market share of around 40% in 2018 and is expected to register a CAGR of over 7% during the forecast period. The growth of the regional market is primarily driven by the technological advancements in PM parts manufacturing such as hot isostatic pressing, metal injection molding, and additive manufacturing.
The regional market in Asia-Pacific is expected to be the fastest-growing, registering a CAGR of 7.58% during the assessment period. The country-level markets in China, Japan, and South Korea are the key consumers of atomizing metal powder in the region. The fast-growing automotive and aerospace & defense industries in the region and the expanding manufacturing base are expected to be the prominent driving factors of the regional market growth in the years to follow.
MRFR recognizes the following companies as the Key Players of the Global Atomizing Metal Powder Market Sandvik AB (Sweden), Höganäs AB (Sweden), Kymera International (US), Hangzhou Yitong New Material Co., Ltd (China), Kobe Steel Ltd (Japan), JFE Steel Corporation (Japan), Makin Metal Powders (UK) Ltd (UK), GKN Sinter Metals Engineering GmbH (US), Mitsui Mining & Smelting Co., Ltd(Japan), Laiwu Feilong Powder Metallurgy Co. Ltd (China), SAFINA a.s. (Czech Republic), and Pometon S.p.A. (Italy).
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Key Findings of the Study:
Investment Casting Market is projected to be valued at USD 19,572.6 Million by 2025 and register a CAGR of over 5.25%.
The Global Investment Casting Market is expected to reach USD 28,449.1 Million by 2025, exhibiting a CAGR of 5.25%. The use of investment casting process in the medical industry is expected to create growth opportunities for the market players during the assessment period.
The manufacturing firms are highly dependent on the efficiency and functioning of the machinery and equipment. The use of robots and automation in the industrial sector has increased the demand for machines. Machines enhance operation efficiency. Thus, investment casting is used in the manufacturing of complex components such as motion control and sensor & vision to ensure optimal performance. According to the German Electrical and Electronic Manufacturers’ Association (ZVEI), the global automation sector was valued at USD 556.49 billion in 2016, which is expected to register a significant CAGR during the forecast period. Thus, the growth of the industrial sector is also projected to drive the growth of the global investment casting market during the forecast period
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The Global Investment Casting Market has been segmented on the basis of type, application, and region.
On the basis of type, the global market has been segmented into silica sol process and sodium silicate process. The silica sol is projected to be the largest segment, which held around 60% share in 2018 owing to its ability to cast complex aerospace components.
By application, the market has been divided into aerospace & military, general industrial, industrial gas turbines, automotive, and others. The aerospace & military segment held the largest market share in the last few years owing to increasing air traffic and growing need for better security, which is projected to drive the market growth during the forecast period.
Geographically, the global investment casting market has been segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. As per the MRFR analysis, Asia-Pacific was the fastest growing and largest regional market for investment casting in 2018. The expanding aerospace industry in Asia-Pacific is projected to be the prime contributor to the market growth during the assessment period. The carriers in Asia-Pacific account for 34% of the global passenger traffic and 37% of global cargo traffic. The airline industry in the region is responsible for carrying a total of 1,468 million passengers annually, wherein 1,054 million are domestic passengers while 414 million are international passengers. According to the International Air Transport Association (IATA), the fleet count in Asia-Pacific was 8,449 units in 2017, which is expected to reach 17,481 units by 2037. Thus, the growing demand for investment casting in the aerospace & military industry is expected to drive the global demand during the forest period.
Market Research Future (MRFR) recognizes WANGUAN (China), Metaltek International Inc (US), Ningbo Jiwei Melt Mould Castings CO., LTD (China), Taizhou Xinyu Precision Manufacture CO., LTD (China), Dongfeng Precision Casting CO., LTD. (China), Dongying Gia Young Precision Metal CO., LTD (China), RLM Industries, Inc (US), Impro Precision Industries Limited (Hong Kong), Milwaukee Precision Casting, INC (US), Zollern Gmbh & CO. KG (Germany), CIREX (The Netherlands), Precision Castparts Corp (US), and Alcoa Corporation (US) as the key players operating in the Global Investment Casting Market.
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Key Findings of the Study:
UV curable resins are used in various end-user industries such as building and construction, automobile, and electrical and electronics. The growing demand from the developing region across the globe is the major factor driving the global UV curable resins market. Furthermore, growing government investments in the infrastructural development coupled with the augmenting demand from the automobile sector are significantly contributing to the growth of the market. Industrial segment is the dominant segment and expected to show the same trend during the forecast years. The growing usage of UV curable resins in the packaging, electronics, adhesives and plastic and metal is contributing significantly to the growth of the segment.
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The global UV curable resins market is segmented into composition and application. On the basis of composition, the market is segmented into oligomers, monomers, photoinitiators, and additives. On the basis of application, the global UV curable resins market is segmented into wood and paper coatings, plastic coatings, metal coatings, overprint varnish, printing inks, adhesives, 3D printing, industrial, automotive and other applications.
The photoinitiators composition segment is anticipated to be the fastest growing segment, whereas the monomer composition is the largest segment and is expected to show the same trend during the forecast years. Monomer composition is extensively used in inks, coatings, and adhesives.
The global UV curable resins market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major portion of the global market and is anticipated to continue its dominance during the forecast period. The developing end-user industries in the region such as construction and automotive are expected to fuel the market growth. Moreover, the favorable government regulation has resulted in the shifting of the manufacturing base in the Asia Pacific which has further propelled the market growth. The major counties attributing to the growth of UV curable resins in this region are India, China, and Japan. North America is the dominant region for the market UV curable resins. The developed end-user industries coupled with the growing adoption of UV curable resins are the major factor contributing to the growth of the market. The major countries attributing to this growth are the U.S. and Canada. European market of UV curable resins is mainly driven by the developed automobile and electronics industry. Moreover, the increasing use of UV curable resins owing to the strict environmental regulations is further expected to add to the growth of the market.
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Some of the prominent players operating in the Global UV curable resins market are Arkema SA (France), Allnex Group (Germany), Toagosei Co. Ltd. (Japan), BASF SE (Germany), Royal DSM N.V. (Netherlands), Covestro AG (Germany), Nippon Gohsei (Japan), Hitachi Chemical Company Ltd. (Japan), IGM Resins B.V. (Netherlands), and Miwon Specialty Chemical Co. Ltd (South Korea).
With very limited membership in the global petroleum business, search for alternatives is always on. One such alternative is ethanol. Market Research Future (MRFR) has published a research report about Global Fuel Ethanol Market that estimates rise for this market with 6.40% CAGR (Compound Annual Growth Rate) for this market between 2017 and 2023. In terms of value, the market that is worth the US $ 68.6 bn in 2016 is expected to be worth the US $ 99 bn in 2023.
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Some of the key factors driving the growth of Fuel Ethanol Market include increasing crude oil prices and need to reduce carbon emissions from the automotive and transportation industry due to social awareness and government made laws. However, the use of agricultural products for production of Fuel Ethanol and the use of biomass as a substitute of fuel ethanol for electricity generation can hamper the market growth.
The Global Fuel Ethanol Market has been segmented on the basis of Application, Product Type, and Region. Based on the Applications, this market has been segmented into alcoholic beverages, automotive, chemical feedstock, pharmaceuticals, and others. On the basis of Product Types, the market has been segmented into cellulosic, starch based, and sugar based. The Regional Segmentation of the Global Fuel Ethanol Market segments the market into continent-based regional markets known as North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa (MEA).
North America has the potential to be the largest regional market due to established automotive industry, technological advancement, rising awareness regarding the need to curb carbon emissions, and the presence of many key market players in this region. The strong country-specific markets in this region are the United States of America (USA) and Canada. The rapid technological advancement makes North America a bigger market than Latin America. In Latin America, the strongest economies that have the potential to emerge as strong markets include Argentina, Brazil, and Mexico, followed by the rest of Latin America.
Europe is another important regional market due to the high density of population, government imposed regulations regarding carbon emissions, the maximum technological advancement after North America, and established automotive industry in countries like Germany. In this region, the other major country-specific markets are France, Spain, Italy, Russia, and the United Kingdom (UK), followed by the rest of Europe.
Asia Pacific is another crucial market and during the forecast period, it can be the fastest growing market due to rapid urbanization, rising disposable income, speedy economic development, growing demand for eco-friendly vehicles & fuel, and growing demand for eco-friendly vehicles as well as fuels. The primary country-specific markets in this region are Australia, China, India, Japan, and New Zealand, followed by the rest of the Asia Pacific region.
The MEA region shows limited market with slow and steady growth. The reasons for the slow market growth in this region are use of available fuels like petroleum, limited availability of ethanol, lack of education, lack of awareness, lack of technological development, and political instability.
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Key players in the Global Fuel Ethanol Market include Advanced BioEnergy LLC (USA), The Andersons, Inc. (USA), Archer Daniels Midland Company (USA), BlueFire Renewables (USA), BP PLC (UK), Cargill Incorporated (USA), Flint Hills Resources (USA), Mascoma LLC (USA), Pacific Ethanol, Inc. (USA), and Panda Energy International Inc. (USA).
The Global Propylene Carbonate Market is estimated to be valued at USD 752.3 Million by 2024, registering a CAGR of 5.57%.
The increasing demand for propylene carbonate in the manufacturing of lithium-ion batteries as well as in the paint & coatings industries is expected to fuel the demand of the global propylene carbonate market during the review period. The surging demand for electric vehicles to enhance environmental sustainability is expected to propel the demand for lithium-ion batteries in electric cars, trucks, buses, and two-wheelers and thus, boost the demand for polypropylene carbonate. In addition, the rise in oil & gas exploration activities is positively influencing the application of propylene carbonate usage in the oil and gas separation process.
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Furthermore, the development of organic-based beauty and personal care products and the emergence of Asia-based EV battery manufacturers in Europe are factors projected to create lucrative opportunities for the producers of propylene carbonate during the forecast period. However, fluctuations in the prices of raw materials may hamper market growth.
The global propylene carbonate market has been segmented on the basis of grade, application, end-use industry, and region. On the basis of grade, the global market has been divided into lithium battery and industrial. The industrial segment accounted for the largest market share, valued at USD 362.4 million in 2018 and is expected to register 5.65% during the review period. Industrial grade carbonate is being used in various industries including paints & coatings, cosmetics & personal care, oil & gas, textile, foundry, and plastics. Among these, propylene carbonate is being widely used in the oil & gas, textile, and plastics industries. The lithium battery segment is expected to register 5.39% CAGR by the end of 2024. The growth is attributed to the increasing use of lithium battery grade carbonates in lithium batteries as lithium salts are soluble in carbonates, and they provide adequate conductivities for batteries.
Based on application, the global market has been divided into solvents, electrolytes, chemical intermediates, and others. The electrolyte segment accounted for the largest share of the global propylene carbonate market in 2018 and is expected to record a CAGR of around 5.61% to reach to around USD 308 Million by the end of 2024. The use of lithium batteries is increasing in the automotive & transportation and electrical & electronics industries due to their superior properties such as higher energy density and lightweight. Additionally, around 80% of a rechargeable lithium battery is a filling which includes propylene carbonate. The solvents segment was valued at around USD 202.04 Million in 2018 and is expected to exhibit a CAGR of 5.78% by the end of 2024.
Based on end-use industry, the global market has been divided into Li-ion batteries, paints & coatings, cosmetics & personal care, foundry, electronics, and others. The Li-ion batteries segment accounted for the larger market share in 2018 and is expected to register 5.67% CAGR to reach USD 255.2 Million by the end of 2024. The segment’s growth is attributed to the expanding automotive industry on account of increasing manufacturing of electric vehicles to reduce the carbon emissions. The use of lithium-ion batteries is increasing in different types of electric vehicles including electric buses, trucks, bikes, and passenger vehicles due to their superior properties such as higher energy density and lightweight as compared to nickel-cadmium and nickel-metal hydride batteries. The paints & coatings industry is expected to register the highest CAGR of 6.01% during the review period on account of rising demand for organic solvents to reduce volatile organic compounds (VOC) emissions.
Market Research Future (MRFR) recognizes LyondellBasell Industries B.V. (US), Shandong Depu Chemical (China), BASF SE (Germany), Empower Materials (US), Shida Shenghua Chemical (China), Daze Group (China), Huntsman Corporation (US), Taixing Fengming Chemical Industry (China), MegaChem Ltd (Singapore), and Hi-Tech Spring Chemical (China) as the key players in the global propylene carbonate market.
The global propylene carbonate market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
As per MRFR analysis, Asia-Pacific held the largest market share of 49.4% in 2018 and is expected to register 6.14% CAGR to reach USD 383.8 Million by the end of 2024. China accounted for the largest market share of 44.6% in 2018 and is projected to register a CAGR of 6.40% during the forecast period. North America accounted for the second-largest market share of 21.2% in 2018 and is expected to register 4.91% CAGR during the review period. The market in the Middle East & Africa 41.3 Million in 2018 and is expected to reach USD 57.2 Million by the end of 2024.
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Key Findings of the Study