Rusting Away No More: The Rising Tide of the Anti-Corrosion Coatings Market

February 27th, 2024 Global Market Insights Leave a comment

Corrosion, the gradual deterioration of metal due to chemical reactions with the environment, is a silent but costly enemy for industries worldwide. From infrastructure to automotive, marine to aerospace, the impact of corrosion can be devastating, leading to structural weaknesses, safety hazards, and financial losses. However, there’s a beacon of hope shining through the gloom: the anti-corrosion coatings market.

As per recent forecasts, the anti-corrosion coatings market is poised to soar, surpassing a staggering USD 20.0 million by the year 2027. This surge in market size reflects the growing recognition of the importance of corrosion protection across various sectors and the increasing investment in advanced coating technologies to combat this pervasive threat.

One of the primary drivers fueling this growth is the rising demand from key industries such as oil and gas, automotive, infrastructure, and marine. These sectors rely heavily on metal components and structures exposed to harsh environmental conditions, making corrosion prevention a top priority. Anti-corrosion coatings act as a shield, forming a protective barrier between the metal surface and corrosive agents, thereby extending the lifespan of assets and reducing maintenance costs.

Furthermore, stringent regulations and standards mandating the use of corrosion-resistant coatings in critical infrastructure projects and industrial applications are further propelling market expansion. Governments and regulatory bodies worldwide are increasingly emphasizing the need for sustainable and environmentally friendly solutions, driving the adoption of eco-friendly anti-corrosion coatings formulations.

Technological advancements and innovations in coating formulations are also driving market growth. Manufacturers are continuously developing new coatings with enhanced durability, adhesion, and resistance to chemical and environmental factors. Nanotechnology-based coatings, in particular, are gaining traction for their ability to provide superior protection at the molecular level, offering unprecedented corrosion resistance and longevity.

Moreover, the shift towards powder coatings and waterborne formulations is contributing to market expansion, driven by their eco-friendly profiles and superior performance characteristics. These coatings not only offer excellent corrosion protection but also minimize volatile organic compound (VOC) emissions, aligning with sustainability goals and regulatory requirements.

The Asia-Pacific region is expected to emerge as a lucrative market for anti-corrosion coatings, driven by rapid industrialization, infrastructure development, and increasing investments in oil and gas exploration and production activities. Countries like China, India, and Japan are witnessing robust growth in manufacturing and construction sectors, driving demand for high-performance coatings to protect critical infrastructure and equipment.

In conclusion, the anti-corrosion coatings market is on an upward trajectory, fueled by the growing awareness of the economic and safety implications of corrosion and the increasing adoption of advanced coating solutions across industries. As companies continue to prioritize asset protection and sustainability, the demand for innovative anti-corrosion coatings is set to soar, paving the way for a rust-free future.

Source : https://www.gminsights.com/industry-analysis/anti-corrosion-coatings-market

Global Logistics, Global Trade Daily

Procurement as a Service Market is Expected to Cross USD 15 Bn by 2032

May 11th, 2023 Global Market Insights Leave a comment

The Procurement as a service market is set to grow from its current market value of more than $5 billion to over $15 billion by 2032; as reported in the latest study by Global Market Insights, Inc.

Procurement as a service (PaaS) market is slated to witness lucrative gains through 2032, owing to the surging inclination of businesses towards outsourcing. Outsourcing procurement services brings operational expenses down while streamlining business operations. Many organizations across the globe are investing in outsourcing their non-core functions, such as procurement, to specialized service providers to focus on their core business functions, which is positively affecting the industry landscape.

On the basis of components, the PaaS market from the transaction management segment is slated to grow at a considerable CAGR from 2023 to 2032. PaaS providers invest considerable amounts into security technology and developing custom software to mitigate the risk of online fraud during transactions. Surging cases of cyberattacks attributed to rising automation in transaction management processes have escalated the need for dependable solutions, further bolstering the demand for reliable PaaS solutions.

On the basis of organization size, the PaaS market from the large enterprise segment accounted for a valuation of over USD 5 billion in 2022, owing to the rising adoption of IoT and AI applications. PaaS providers offer scalable procurement solutions to large organizations which help effectively deploy AI and IoT technology. Additionally, by offering enhanced onboarding, monitoring, and performance management services, PaaS providers can help these enterprises streamline their supplier management procedures.

Regarding the end-user, procurement as a service market from the BFSI sector is poised to accrue notable gains through 2032. The rising number of cyberattacks and data breaches in the BFSI sector has propelled the demand for reliable procurement as a service technology for risk mitigation. Moreover, the surging deployment of cloud-based technologies in the BFSI sector has further propelled the need for an effective and dependable procurement as a service platform. In fact, in October 2022, Banco Santander, S.A., a Spanish multinational financial services firm, inked a deal with Google Cloud to help its clients transform from mainframe systems to the cloud.

On the regional front, Europe procurement as a service market is anticipated to register lucrative gains through 2032, owing to the strong presence of market leaders such as Capgemini, Sastrify, and others, indulged in product innovations. In fact, the governments in the region are investing significant amounts in the digitalization of businesses, which is also expected to create a strong impetus for regional expansion.

Global Trade Daily, Market insight

Transformers Market Size to Reach USD 93 Bn by 2030

April 26th, 2023 Global Market Insights Leave a comment

As per a recent industry report put forward by Global Market Insights, Inc. Transformers Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 93 billion by 2032 with a projected CAGR of 7.1% over 2023-2032.

The market growth is driven by the proliferation of advanced transformer technology and the ongoing expansion of the grid infrastructure across the globe.

Recently, industry players in the transformer market have been making significant investments towards infrastructural advancements, which has positively boosted the market growth.

In fact, back in August 2022, Siemens Energy, the German energy giant, announced plans to deliver the first batch of $64 million mega transformers in Nigeria commissioned by the Federal Government under the PPI or Presidential Power Initiative by September 2022. To increase and stabilize the nation’s electrical supply, the first phase will include 10 mobile power sub-stations as well as 10 mega transformers.

The transformer market has been segmented in terms of core, product, winding, cooling, insulation, rating, mounting, application, and region.

Based on product, the sector has been divided into distribution transformer and power transformer. The distribution transformation segment is set to witness a propelling market growth through the forthcoming years owing to the growing concerns about energy security and exponentially escalating energy use in underdeveloped economies.

Also, rapid grid infrastructure growth and accelerated growth in the renewable energy sector created a favorable environment for business expansion.

With respect to cooling, the transformer market has been segmented into dry type and oil immersed. The dry-type segment is anticipated to record a yearly installation of nearly 8 million through 2030 due to the significant attributes of dry-type transformers such as competitive cost structure as well as operational safety.

However, the devices have yet to establish a sustained market share in high-voltage electrical applications, considering their enormous industrial growth potential.

Based on insulation, the industry has been categorized in terms of air, gas, oil, and solid. The air & gas insulated power transformers is slated to grow at a significant rate over the review timeline because of the increasing market penetration due to their reliable and safe operations as well as adaptable product applications.

In terms of application, the transformer industry has been bifurcated into residential, commercial & industrial, and utility. The commercial & residential segment is projected to grow at a sturdy rate through the forecast years credited to the increasing focus on the incorporation of wide-ranging frequency distribution links, combined with rising energy-efficiency concerns. The growing need for ultra-high voltage networks will further fuel product demand.

From the regional front, the Middle East & Africa transformer market is set to register considerable market valuation owing to the lack of grid infrastructure across all the nations and rising power consumption.

The industry outlook will be driven by rising private support from financial organizations like the IFC, the World Bank, and the Asian Development Bank for electrification throughout the area.

Archives, Global Trade Daily, Software

Inventory Management Software Market is Projected to Hold US$ 6 Bn By 2032

March 29th, 2023 Global Market Insights Leave a comment

The Inventory Management Software Market is set to grow from its current market value of more than $3 billion to over $6 billion by 2032; as reported in the latest study by Global Market Insights, Inc.

Inventory Management Software Market is anticipated to grow through 2032 owing to its capability of empowering users to track the complete asset lifecycle from procurement to retirement. In addition, inventory management software offers several benefits, such as improved visibility, fewer errors and discrepancies, fewer stockouts, efficient operations, reliable inventory planning and forecasting, and the ability to add new sales channels easily.

Besides, with constantly increasing investments in the manufacturing sector, the firms are adopting inventory management software to improve production planning, enable multi-channel integration, and gain more visibility of profits and margins in line with reducing operational costs.

In addition, the key providers in the market are also seeking to strengthen their foothold in the marketplace by expanding their portfolios and entering valuable mergers and acquisitions. Citing an instance, in January 2023, Albertsons launched a new inventory management system across banner stores. This rollout was supported by Afresh, the fresh food technology firm, and will assist store teams to plan better for the fresh production of food items, reduce food waste, and gather valuable data through their software.

Overall, the inventory management software industry is segmented in terms of type, application, deployment model, organization size, end-use, and region.

Considering the type, the manually managed inventory system segment held over 30% market share in 2022. Since manually managed inventory systems process simple computations related to inventory management, and complex calculations depend largely on the formulas entered by users, they are being increasingly adopted by small businesses.

Based on application, the asset tracking application segment is anticipated to witness considerable growth through 2032, as it helps improve asset inventory accuracy while reducing asset auditing efforts. Asset tracking also helps in cost savings owing to unnecessary equipment losses, labor costs, and subsequent duplicate purchases.

By organization size, the SME segment held over 60% market share in 2022. SMEs can leverage modern inventory management software to streamline their storage and distribution operations and gain a competitive advantage, which will augment the market demand during the next decade.

Regionally, the North America inventory management software industry was valued at over USD 1 billion in 2022 and is anticipated to register notable gains through 2032. The regional growth can be attributed to the increasing popularity of omnichannel retailing and the rapidly expanding e-commerce industry. As per reports, the total sales from the e-commerce section in the USA was USD 959.5 billion in 2021, which increased by 18.3% from 2020’s sales volume of USD 811.6 billion.

Archives, Global Trade Daily, Market insight

4 Laser Technologies Pushing LASIK Eye Surgery Devices Market Expansion

December 11th, 2022 Global Market Insights Leave a comment

The recent years have observed a sudden surge in cases of ophthalmic disorders which is encouraging individuals with vision issues to opt for laser treatments, stimulating the LASIK eye surgery devices market trends. Eye-related disorders are commonly observed in teenagers and millennials owing to longer screen times and unhealthy diets. In the geriatric population, vision disorders are most often caused by various diseases like diabetes, glaucoma, age-related macular degeneration, trachoma, corneal opacity, and cataract among others.

According to World Health Organization data released in 2021, nearly 2.2 billion people across the globe suffer from near-sightedness or distance vision impairment. Of these, vision impairment in around 1 billion individuals is due to presbyopia (826 million), trachoma (2 million), diabetic retinopathy (3.9 million), corneal opacities (4.2 million), glaucoma (7.7 million), cataract (94 million), and refractive error (88.4 million). All of these cases could have been prevented or are yet to be addressed, cites the report by WHO.

To that end, the inclination among consumers toward minimally invasive procedures for the treatment of ophthalmic disorders is poised to boost the demand for LASIK eye surgery devices. Associated benefits such as short operation duration, high success rate, and less LASIK eye surgery recovery time are responsible for widespread preference. The procedure is adopted for the correction of vision problems including astigmatism, farsightedness (hyperopia), and near-sightedness (myopia).

The LASIK eye surgery devices industry size is expected to cross USD 2 billion in valuation by 2030, as per a report by Global Market Insights Inc.

Though there are no major setbacks involved with the procedure, complications may lead to loss of vision or regression in the rarest cases. Other minor LASIK surgery risks include dry eyes, flap problems, astigmatism, overcorrections, under-corrections, and glare, halos, & double vision. However, technological advancements as well as the presence of a supportive regulatory framework will ensure that the industry continues to depict a steady expansion in the coming years. Citing an instance, in 2022, the Food & Drug Association of the U.S. (FDA) issued a draft guidance to help patients and healthcare professionals with information availability regarding the benefits and risks of LASIK devices.

Enlisted below are the 4 laser technologies that are spurring the LASIK eye surgery devices market share:

#1 Topography-guided LASIK laser technology

Considered as the most recent technology, topography-guided LASIK is a personalized procedure, which is carried out using an excimer laser. The process involves an evaluation of unique curvatures of individual eyes and thoroughly assessing their corresponding visual impact using advanced topography technology.

The data collected enables the surgeons to lay out a treatment plan for specific vision needs as per the individual eye. The high level of customization is driving the patients to choose topography-guided LASIK laser technology for vision impairment treatment.

#2 ReLEX SMILE laser technology

Abbreviated from Refractive Lenticule Extraction, Small Incision Lenticule Extraction, the ReLEX SMILE technology is known to cure astigmatism and near-sightedness. The process leverages the femtosecond laser and makes a microincision of 2mm to modify the optical power of the cornea. Benefits like least invasive nature of procedure and the ability to correct near-sightedness of up to -10.00 diopters are amplifying the interest in ReLEX SMILE technology, stimulating industry dynamics.

#3 Custom LASIK laser technology

The custom LASIK technology, as the name suggests, offers a higher degree of customization in laser eye surgeries. It is also known as wavefront-optimized LASIK technology. The process enables the surgeon to rectify the vision effectively while ensuring the integrity of important optical features of the eye. Numerous positive aspects as compared to conventional LASIK procedures are augmenting the usage of this technology, pushing the demand for LASIK eye surgery devices.

#4 Bladeless LASIK laser technology

Bladeless LASIK or all-laser LASIK procedure is performed using a femtosecond laser. The surgeon creates the corneal flap tissue using the infrared laser instead of a conventional blade which allows for precision in controlling treatment depth and customizing optimum flap tissue architecture. A great option for people with thin corneas, there has been a substantial increase in bladeless LASIK technology procedures recently.

The increasing cognizance of different laser technologies is positively impacting the LASIK eye surgery devices market trends. Alongside, the ease of selecting a minimally invasive procedure based on the type of visual impairment corneal thickness and option for customization is spurring the demand for advanced equipment, thus transforming the global LASIK eye surgery devices market dynamics.

Archives, Global Trade Daily, News

Intumescent Coatings Market Size to Reach US$ 1.56 Bn by 2028

August 2nd, 2022 Global Market Insights Leave a comment

As per the report by Global Market Insights Inc. “Worldwide intumescent coatings Market was valued at over USD 995 billion in 2021 and will surpass a revenue collection of USD 1.56 billion by 2028 with an annual growth rate of 6.5% from 2022 to 2028.”

Intumescent coatings are widely used in multiple end-use industries including oil & gas, construction, automotive among several others. Increasing application scope of intumescent coating in construction industry with rising public and private investment in construction industry is projected to fuel market growth over the forecast period. Moreover, increasing investments along with technological innovations pertaining to exploration techniques has resulted in growing oil & gas exploration activities worldwide supporting the market expansion.

Automotive end-use segment surpassed USD 90 million in 2021 and is set to register a CAGR of over 5% between 2022 and 2028. Intumescent coatings are applied under the hood and car bottoms to protect the vehicle from various hazards such as over heating or corrosion. Fireproofing and heat resistance are the key characteristics to drive intumescent coatings demand.

Epoxy-based intumescent coating market surpassed USD 485 million in 2021 and is expected to register 6.5% CAGR through 2028. Epoxy intumescent coating provides variety of beneficial properties which includes durability, versatility, low thickness, and low weight coatings for a wide variety of structures which will escalate product demand in the coming years.

Intumescent coatings market from oil & gas application surpassed USD 550 million in 2021 and is poised to register 6.5% CAGR through 2028. Intumescent coatings have higher viscosity machines than specialist machines and conventional paints which is essential for oil & gas industry. Steel frameworks are breakable under extreme heats, produced by carbohydrates-powered fires on oil & gas rigs. Intumescent coatings insulate steel from heat of fire, so that the structure will stand for a longer period.

Solvent-based coatings segment exceeded USD 400 million in 2021 and is anticipated to show a CAGR over 6% through 2028. Solvent based coatings are more resistance to weather conditions including temperature changes and humidity. They are easy to apply, fast drying and provides excellent aesthetic results which will fuel product demand thus boosting intumescent coatings market outlook.

The hydrocarbons application segment is projected to surpass USD 790 million by 2028. Gas leaks, liquid leaks or both oil & gas leaks may lead to hydrocarbon fires. Pool fires and jet fires are most likely to occur in hydrocarbon complexes. These coatings protect steel framework from getting too hot by charring and swelling in fire breakout, which further drives the market growth in hydrocarbon application.

Europe intumescent coatings market is anticipated to reach over USD 340 million by 2028 at a CAGR of 5.5%. The European market is driven by automotive industry with continues advancement in the industry. Automotive companies using industrial grade steel for
manufacturing chassis and other parts should comply the set of standards to prevent combustion and corrosion, hence requiring intumescent coatings.

Intumescent coatings market is consolidated in nature with strong hold of major players includes AkzoNobel, Jotun, Sherwin-Williams, Carboline, PPG Industries, and Hempel. Key players are implementing numerous strategies such as investment to launch new products and enhance their product offerings. For instance, In March 2019, Flame Control Coatings launched a Class-A varnish system. The new varnish system provided a great fire-retardant
option for interior decorative wood. The strategic initiative was intended to improve the company’s product offering and increase the company’s revenue.

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Will Increasing Application Across Aerospace Industry Boost Shape Memory Polymer Market Outlook?

July 14th, 2021 Global Market Insights Leave a comment

The shape memory polymer industry is set to record appreciable gains through the coming years in the Asia Pacific region. This rise is on account of the surging income level of consumers and the high economic growth in the APAC.

Besides, the expanding automotive sector in the Asia Pacific is a major driver enabling the expansion of the shape memory polymer business. India, China, Japan, and South Korea are some of the largest automotive manufacturing countries at the global level.

In addition to that, the proliferating expenditure on healthcare in the Asia Pacific is poised to impel the growth of the regional industry. Along with that, the shape memory polymer market is touted to expand a rise in research activities by various organizations and key shape memory polymer manufacturers.

To cite an instance, in April 2021, a team of researchers successfully showed that the addition of gold nanoparticle clusters to shape-memory polymers and subsequent stretching alters their plasmon-coupling traits. This enables them to have beneficial and different optical properties that impel usage in numerous applications.

Owing to these trends and as per the latest study by Global Market Insights, Inc., the shape memory polymer market size is anticipated to surpass USD 1 billion through 2027.

Prominent shape memory polymer manufacturers comprise SMP Technologies, Inc., Composite Technology Development, Inc., Dupont De Nemours, Inc., The Lubrizol Corporation, Asahi Kasei Corporation, Nanoshel LLC, Covestro AG, Cornerstone Research Group (CRG), EndoShape, Inc., and others.

Rising aerospace application demand – a key propellant of shape memory polymer industry growth

Shape memory polymers are used in the aerospace sector for the manufacturing of deployable structures comprising antennas, radars, support structures, and solar arrays. The product finds extensive application in the development of morphing structures for aircraft.

These structures are created so that the body of the aircraft can alter its shape as per external activation signals for lowering the usage of fuel, and enhancing speed, and maneuverability. In addition, shape memory polymers are also used in outer space applications.

Considering the above facts, a rise in the number of space exploration activities, overall escalation in the aircraft manufacturing sector, and increasing expenditure in the defense industry will augment the value of the shape memory polymer market through the estimated period.

Why will acrylic SMP materials account for a substantial industry share?

Acrylic SMP materials are expected to depict a CAGR of 24% through the analysis period. These materials are utilized for both commercial as well as research purposes.

Acrylic has multiple advantages comprising excellent weatherability, good optical clarity, and resistance to sunlight. The product has good impact strength and rigidity, which allows its usage for damping applications, along with good chemical resistance and dimensional stability.

Numerous acrylic shape memory polymer applications comprise a variety of uses across construction, healthcare, automotive, and aerospace industries. These polymers have also been utilized for manufacturing household goods.

In a nutshell, the increasing number of plausible shape memory polymer applications in the construction and biomedical industries will escalate shape memory polymer market growth through the forecasted period.

Archives, Global Trade Daily, News

Surgical Examination Gowns to Observe Consistent Demand in the Near Future

April 17th, 2021 Global Market Insights Leave a comment

The demand for examination gowns will be significantly bolstered by the consistent prevalence of chronic diseases. The rising cases of the coronavirus have necessitated the protection of the healthcare workers to combat the infection. Examination gowns, also referred to as medical gowns are widely utilized across health care settings as personal protective equipment.

The gowns mainly protect their wearers from infections or other illnesses that can be caused by highly infectious liquid and solid substances. They also restrict these individuals from transferring microorganisms that are likely to affect vulnerable patients that possess weak immune systems. In addition, the examination gowns deploy advanced infection-control strategies.

It has been estimated that the global examination gowns market size will register a significant revenue share through 2026. The market value of surgical examination gowns will expand at a considerable rate owing to their higher adoption across all four risk levels. These gowns are highly opted by health care personnel and the affected patients. This is because they offer higher protection from the transfer of microorganisms, body fluids, as well as particulate components to these individuals during surgical procedures.

Use for minimum patient isolation

Non-surgical gowns will witness higher adoption in the next few years as they are well suited to cover most of the body that is appropriate to the tasks. These components are not preferred in surgical and invasive procedures, or in instances where there is a high risk of contamination. Besides, the non-surgical gowns guard the wearers against the spread of microorganisms and body fluids in low and minimal-risk patient isolation conditions.

The annual revenue from minimal risk examination gowns will strike a significant growth rate due to their higher use in basic care situations. These gowns are employed in standard isolation and medical units. They also act as a cover gown for visitors.

On the other hand, the demand for high-risk examination gowns will grow with uses in long and fluid intense surgical operations. They are specifically utilized to offer resistance against pathogens and in instances where infectious diseases are suspected.

Rising popularity of reusable examination gowns

Industry share from reusable examination gowns will register remarkable traction on account of their higher preference over their disposable counterparts. This can be owed to their cost-effectiveness with regard to production, waste, and carbon footprints. These medical gowns also possess optimum barrier properties like a high level of repellency and superior fabric thickness. They also have a longer wash lifespan and offer serviceability features beyond protection, like comfort, durability, and appearance retention.

Examination gown suppliers are focusing on company acquisitions, mergers, and partnerships, to gain an edge over their competitors while simultaneously broadening their footprint across the globe. The COVID-19 pandemic has also substantially paved the way for capacity expansions and novel product launches. For instance, Huntsman Textile Effects collaborated with woven fabric manufacturer, Bao Minh Textile, in May 2020, to come up with fabrics that adhere to stringent performance standards that are needed for isolation gowns.

Medline Industries, Inc., AmeriPride Services Inc., Cardinal Health Standard Textile Co., Inc., and Angelica Corporation are some other companies producing and supplying various types of examination gowns.

Rusting Away No More: The Rising Tide of the Anti-Corrosion Coatings Market

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