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The Global Nanomaterials Market is expected to attain a Valuation of US$ 52 Billion by 2033

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Global Trade Daily

The Global Nanomaterials Market is expected to attain a Valuation of US$ 52 Billion by 2033

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The global nanomaterials market is expected to attain a valuation of US$ 12.6 billion in 2023 and is projected to reach US$ 51.5 billion by 2033, trailing a CAGR of 15.1 % during the forecast period.

Nanomaterials are nanometer-scale structures with at least one dimension of fewer than 100 nanometers. Nanomaterials are classed as zero-dimensional, one-dimensional, two-dimensional, or three-dimensional. Nanoparticles are zero-dimensional nanomaterials that can be amorphous or crystalline and come in a variety of shapes and sizes.

Nanotubes, nanorods, and nanowires are examples of one-dimensional nanomaterials. Nanofilms, nanolayers, and nano-coatings are examples of two-dimensional nanomaterials with plate-like structures. Two-dimensional nanoparticles may be manufactured from a variety of chemical compounds and incorporated into a matrix material.

Three-dimensional nanomaterials are bulk nanomaterials with three arbitrarily large dimensions exceeding 100 nm. They contain nanoparticle dispersions, nanowire bundles, and nanotubes.

Nanomaterials have a variety of qualities such as high strength, hardness, elasticity, electric conductivity, antibacterial and self-cleaning, scratch resistance, and chemical resistance, which makes them increasingly useful in a wide range of applications. Furthermore, there are some commercial applications of nanoscale materials, which include:

  • Electronic products
  • Medical devices
  • Battery electrodes
  • Surface treatments of fabrics
  • Light-weighting of cars, trucks, airplanes, boats, and spacecraft
  • High-power rechargeable battery systems,
  • Nanostructured ceramic coatings
  • Nanoparticles as catalysts
  • Personal care products
  • Construction materials

Which are Some Prominent Drivers Spearheading Nanomaterials Market Growth?

During the projected period, the increased demand for nanomaterials in the electronics sector is likely to be the primary factor driving worldwide market growth. Because of their high aspect ratio, notable mobility, high surface-to-volume ratio, and capacity to integrate on non-conventional substrates, nanomaterials such as nanowires, nanotubes, graphene, and cellulosic nanomaterials are utilized to produce various forms of flexible electronics.

The flexible nanomaterials market is likely to rise significantly throughout the review period, resulting in increased demand for nanomaterials in the forthcoming years. Furthermore, increased research and development to produce new nanomaterials is likely to drive worldwide market growth.

What are the Challenges Faced by the Nanomaterials Industry?

Factors such as the predicted increase in several people exposed to these nanoparticles, occupational exposure, and the expected evolution of potentially detrimental consequences in the coming years are likely to prompt the establishment of stricter laws. As a result, the predicted incremental stringency in nanomaterials and nanotechnology regulations is expected to provide a hurdle to industrial expansion in the future.

By Application, Which Segment is Expected to Generate Maximum Demand?

Healthcare Segment Fueling Market Growth with a Significant CAGR

The healthcare application sector held a significant share in 2022 and is projected to expand significantly due to its wide range of applications, including imaging, targeted medication administration, nanorobots for surgery, nano diagnostics, cell healing, and nano biosensors.

In 2022, the healthcare application segment accounted for a significant share of around 30.7% of global revenue, making it a notably growing market. The segment is projected to expand with a significant CAGR of 19% during the forecast period. This growth can be attributed to the widespread adoption of nanomaterials in the treatment of cancer and other malignant tumors, demonstrating a high level of market penetration.

Nanomaterials play a vital role in various medical tasks, including imaging, targeted drug delivery, nanorobotic surgeries, nano diagnostics, cell repair, and nano biosensors.

The demand for nanomaterials is expected to remain high due to their use as T2 contrast agents in MRI scans, leveraging their superparamagnetic behavior at room temperature. Additionally, nanoparticles are utilized as gene carriers in gene therapy and play a significant role in the body’s detoxification processes.

Start-ups in Nanomaterials Market

Start-ups have a crucial role in recognizing growth prospects and driving industry expansion. Their proficiency in transforming inputs into outputs and adapting to market uncertainties is valuable. In the nanomaterials market, several start-ups are engaged in manufacturing and providing related services.

NanoMaterials Ltd (Apnano) is a Nanotechnology cleantech firm that specializes in developing and manufacturing patented inorganic, multi-layered nano fullerenes and nanotubes.

C1 Nanomaterials manufactures high-performance carbon nanomaterials, such as fullerenes and graphene, and provides customized solutions for industries including automotive, construction, aeronautics, nutraceutical, and energy.

Nanomaterial Technology develops and licenses nano-material products for various markets, including oil and gas, coatings, plastics, glass, electronic materials, and chemicals. They utilize a technology platform called High Gravity Controlled Precipitation (HGCP) based on mass transfer principles to synthesize nano-sized materials.

NEMO Nanomaterials produces and supplies industrial-grade nanomaterials.

Competitive Landscape

The market for nanomaterials is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.

The key industry players in the market are BASF, EMFUTUR Technologies, Evonik Industries, Sigma-Aldrich Co. LLC, Bayer AG, SkySpring Nanomaterials, Altair Nanotechnologies Inc., NANOCO TECHNOLOGIES LIMITED, and LG CHEM, NANOCYL S.A.

Recent Developments in the Nanomaterials Market

LG Chem inaugurated a carbon nanotube plant in Korea in June 2021 to manufacture cathodes for electric vehicle batteries.

Cabot Corporation introduced the ENERMAX 6 series of carbon nanotubes (CNTs) in March 2021, showcasing their latest advancements in high-performance CNT technology. ENERMAX 6 has established itself as Cabot’s top-performing multi-wall CNT product in its portfolio.

LG Chem disclosed plans in April 2020 to invest around KRW 65 billion (around US$ 54 million) by Q1 2021 to expand carbon nanotube (CNT) production at their Yeosu plant.

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Global Trade Daily

Virtual Production Market size to reach US$ 8 Bn by 2032

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As per the report by Global Market Insights Inc. “Worldwide virtual production market was valued at USD 2 billion in 2022 and will surpass a revenue collection of USD 8 billion by 2032 with an annual growth rate of 15% from 2023 to 2032.”

The demand for immersive and interactive experiences in the entertainment industry, including virtual reality (VR) and augmented reality (AR) applications, has surged, leading to increased adoption of virtual production techniques. The Cambria VR headset from Meta (previously Facebook) is scheduled to go on sale in 2023. Cambria will be a premium headset intended for both consumers and corporate customers.

Advancements in technology, such as real-time rendering and motion capture, have revolutionized filmmaking and content creation, enabling filmmakers to produce high-quality visuals efficiently and cost-effectively. The COVID-19 pandemic accelerated the shift towards virtual production, as it offered a safer and more flexible alternative to traditional on-set shooting.

The overall virtual production market is classified based on component, type, end-user, and region.

Based on the component, the hardware segment will contribute significantly to the market over 2023-2032. As virtual production techniques become more advanced and complex, the need for powerful and efficient hardware is paramount. High-performance graphics cards, processors, and memory modules are crucial for real-time rendering and rendering-intensive tasks. Motion capture systems and camera tracking devices are also in high demand to capture real-world movements and integrate them seamlessly into virtual environments. As the demand for visually captivating and immersive content grows, hardware components play a vital role in driving the virtual production market forward.

By type, the virtual production industry size from the post-production segment will show a high growth rate through 2032. As virtual production techniques become more prevalent, the need for skilled professionals to integrate virtual elements seamlessly into live-action footage is essential. Post-production tasks like compositing, visual effects, and color grading play a crucial role in enhancing the final output’s quality and realism. As content creators and filmmakers embrace virtual production for its efficiency and creative possibilities, the demand for post-production services in the virtual production market continues to grow.

In terms of end-user, the commercial ads segment of the virtual production market will depict notable growth over 2023-2032. Brands and advertisers are embracing virtual production techniques to create visually stunning and innovative ads that captivate audiences. Virtual production allows for cost-effective and efficient production processes while offering endless creative possibilities. With the growing competition in the advertising industry, brands seek to stand out and deliver engaging content, driving the increased adoption of virtual production in commercial ads and contributing to the market’s expansion in this segment.

Regionally, the Europe virtual production market will gain traction during the forecast period due to the region’s film and television industry embracing virtual production. Using techniques for their ability to enhance creativity, streamline production workflows, and reduce costs in the industry supports growth. Additionally, European content creators and filmmakers are increasingly focused on delivering visually immersive and high-quality content to meet the expectations of tech-savvy audiences.

 

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Global Trade Daily

Investing in Emerging Markets: Capitalizing on Trade Growth Potential

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Investors are always looking for the next big thing, and it makes sense that many of them are flocking to emerging markets. These developing economies have attractive valuations, and the promise of their growth can translate to significant earnings. Today we’ll discuss emerging markets in detail and provide some of the most notable examples. 

What are emerging markets?

Emerging markets are countries that are undergoing rapid industrialization and economic growth and, as a result, are getting more and more enmeshed in the global economy. They often present significant growth potential and exciting investment opportunities but come with commensurate risks compared to older, more established markets and economies. 

Advantages of emerging markets

Investing in an emerging market can greatly enhance your earning potential. Let’s take a look at their positive aspects. 

Attractive regulations and incentives

Emerging markets recognize the importance of attracting foreign investors to stimulate economic growth and development. They implement regulatory reforms that create a favorable investment climate to achieve this. These reforms encompass various areas such as business regulations, tax incentives, intellectual property rights (IPR) protection, foreign ownership restrictions, transparency and anti-corruption measures, infrastructure development, and investor protection. 

Emerging markets streamline business regulations, simplify bureaucratic procedures, and establish investor-friendly legal frameworks. They offer tax breaks, exemptions, and reductions to incentivize foreign investment. 

Robust IPR protection is prioritized, with the enforcement of copyright, patent, and trademark laws. Foreign ownership restrictions are relaxed to leverage foreign expertise and capital. Transparency, accountability, and anti-corruption measures are strengthened to build trust among investors. 

Investments in infrastructure development, including transportation, energy, and telecommunications, enhance competitiveness and attract sector-specific investments. Mechanisms for investor protection and dispute resolution ensure investor rights are prioritized to further boost the market’s attractiveness to foreign cash flow.

Access to untapped markets and natural resources with significant growth potential

The transition from an emerging market into a developed economy can be tumultuous, but with the right resources, economic guidance, and luck, the development can bring about plenty of opportunities to get into new, untapped markets. 

In a similar vein, emerging markets may be just starting to discover and utilize their country’s natural resources to their fullest extent. These include but are not limited to, minerals, energy, water, agricultural resources, precious stones, and metal. One example of a current market trend is the demand for lithium, which is used to power environment-friendly electric vehicles. Countries like Chile and Zimbabwe, with their extensive lithium reserves, are now prime candidates for foreign investments. 

Favorable demographics

Emerging markets usually have a younger population with almost unlimited potential in terms of growth and experience. The younger workforce is more adaptable to change, especially regarding technology. Aside from that, they offer diverse skills and outlooks that can be useful in problem-solving and decision-making, along with their long-term potential for contributing to the development of their country. 

 

Infrastructure Development

Developing countries present great opportunities for investors in real estate, construction, and other related industries. The drive to improve and urbanize their infrastructure often leads to creating and improving new consumer markets that further bolster their economies. Improved housing projects, commercial developments, and construction and improvement of transportation and other infrastructure are some of the positive signals that investors need to look out for in emerging markets. 

 

Disadvantages of emerging markets

Like any investment, it’s important to weigh the pros and cons before making a decision. Here are some of the pitfalls of investing in emerging markets. 

 

Political and economic instability

It’s not uncommon for emerging markets to face political and economic turmoil during their journey to development. Due to the increased investment and cash flow, their governments are susceptible to fluctuations in policy goals, corruption, and regulatory uncertainties, all of which can cause an unpredictable business environment and negatively affect investor outlook. 

 

Volatile markets

The sudden influx of foreign investments and funds can lead to significant volatility in emerging markets. Since their economies are still in their infancy (or are not yet equipped to withstand foreign trade,) their trade regulations are often found lacking regarding investor protection, liquidity regulations, and risk management guidelines. 

 

Inadequate competencies and education

Emerging markets may face skill gaps and inadequate educational systems that limit the availability of a skilled workforce. This can impact productivity, innovation, and the competitiveness of industries. These issues can often be resolved through government intervention, but it may take time, which is a premium nowadays, considering that several industries, particularly in technology, are experiencing a significant uptick in advancement and development. 

Limited infrastructure

Developing countries often do not enjoy the kind of infrastructure that first-world countries have. And while this presents another opportunity for investments, the deficiencies also often lead to delays in development and business expansions, not to mention the increased costs.

 

Four emerging markets to look out for

There are agencies and foreign market analysts that identify emerging markets around the world. One of the most notable is the Morgan Stanley Capital Internation (MSCI), which has a dedicated Emerging Markets Index. The composition of the MSCI Emerging Markets Index has evolved over time, with countries being included or excluded based on a market classification framework that evaluates economic development, market size, liquidity, and accessibility. Here are some of the most viable selections from their list: 

 

Philippines

Touted as one of the fastest-growing emerging economies in the world, with expert forecasts predicting a trillion-dollar economy by 2033, the Philippines is one of the best bets in Southeast Asia for emerging markets. The country is notable for its strong, consistent economic growth, strategic location, varied natural resources, growing consumer market, skilled workforce, attractive investment programs, and stable political environment. 

The country saw a 7.6% increase in GDP back in 2022, and most experts agree that it will continue to increase in the neighborhood of 6% in 2023 despite a challenging economic climate in the area. The previous growth was, as some claim, a mere result of a rebound from the COVID-19 pandemic economy, but experts are confident that the momentum will push the Philippines into a brighter development path. 

 

South Korea

Like Japan, South Korea’s transformation from a nation devastated by war to a thriving economy is a model that most emerging markets emulate. Strategic government policies have massively contributed to the country’s average annual GDP growth of 10% from 1926 to 1994. However, the Asian financial crisis identified several underlying economic weaknesses, like high levels of short-term foreign borrowing, resulting in a sharp decline in GDP. Still, South Korea is now a global center for innovation and technology, with well-known companies and brands like Samsung Electronics Co. Ltd., Hyundai Motors Company Limited, Kia Motors Corporation, Hyundai Heavy Industries Company Limited, and POSCO spearheading its economy. 

With a projected GDP of $1.72 trillion in 2023, South Korea ranks as the 12th largest economy globally. Furthermore, it is expected that its GDP will reach $2.12 trillion by 2028. South Korea remains highly reliant on exports, solidifying its position as one of the world’s most export-dependent industrialized nations. The country’s continued economic success underscores its resilience and ability to adapt to an ever-evolving global market.

India

India remains a strong contender for emerging markets despite economic uncertainties. The country has consistently shown solid macroeconomic fundamentals, fiscal discipline, attractive saving rates, increasing domestic demand, and political stability. The government remains steadfast in its commitment to augment capital spending, particularly in infrastructure, to stimulate growth and enhance competitiveness. With the expanding middle class and their evolving spending patterns, India’s economy is increasingly driven by domestic consumption. 

The nation’s nominal GDP, projected at $3.76 trillion for 2023, is anticipated to reach $5.57 trillion by 2028, positioning India as the world’s third-largest economy, as the International Monetary Fund (IMF) estimates. India currently falls into the lower middle-income category, according to the World Bank. Looking ahead, an EY report predicts that by 2047, the country’s 100th year of independence, India’s economy will soar to a staggering GDP size of $26 trillion, with per capita GDP surpassing $15,000.

Mexico

Mexico is considered an emerging market due to several key factors. First, the country has achieved consistent economic growth, driven by sectors like manufacturing, services, and tourism. Its strategic location has also led to significant trade integration and investment opportunities. Mexico’s extensive network of trade agreements, including the USMCA and other free trade agreements, facilitates access to diverse markets. 

The country’s competitive labor force, characterized by a growing young population, attracts foreign investment, particularly in manufacturing-related industries. Furthermore, Mexico’s large domestic market, with a growing middle class and increased consumer purchasing power, creates business opportunities. The implementation of structural reforms and infrastructure development initiatives further supports economic growth. Despite existing challenges, Mexico’s efforts to address them and favorable economic conditions make it an appealing destination for investors seeking emerging market prospects.

Closing thoughts

Emerging markets present an opportunity for investors to get in on the ground floor of an impressive developing economy. However, risks and opportunities go hand in hand, and smart investors should conduct due diligence to weigh the pros and cons of these potential investments. 

 

Global Trade Daily, Technology

Applicant Tracking Systems Market: – Delving into Opportunistic Arena

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During the 1970s, the very first applicant tracking systems came into the picture. These early systems were developed to manage job applications manually. Furthermore, the manufacturers began to inculcate advanced features with time. After this, the rise of the internet altered the hiring process remarkably. There were advanced algorithms were introduced and recruiters started to filter out 1000s of companies according to their preferences. 

A survey conducted by Research Nester portrays astonishing results such as:

  • Approximately 91% of Fortune 500 companies utilize ATS.
  • Almost 75.2% of recruiters around the world utilize ATS
  • 62.1% of talent sourcing teams claim that they find out more high-quality candidates in comparison to the applicants. 

Hence, it can be said that this market is expected to flourish in the future. Let us now delve deeper to understand some other aspects.

Features of an Applicant Tracking System

ATS makes it extremely convenient for applicants to apply for various positions. Some key features of ATS are written as follows: –

Resume parsing- In this process, data is extracted from various resumes. Some of the imperative contact information such as educational background, skills experience, and titles. 

Ultra advanced search- This feature enables the person to filter out particular keywords such as experience, education, titles, etc. 

Candidate sourcing- This allows the users to instantly search for identity and reach out to potential candidates for several appropriate applications. 

Email templates- Most of the ATS render templates to ensure all the correspondence.

Multi-channel sourcing- This enables the users to search for various channels including job boards, employee referrals, and social media. 

Advanced analytics and reporting- This system allows the user to generate exhaustive reports on various hiring trends etc.

Facility to schedule interviews- The system is able to automate the interviews and the companies do not have to squander time on rescheduling.

Real-time collaboration- This allows various people from all over the world, and organizations to get involved in the decision-making, sourcing, and decision-making regarding various hires. 

 Automation based on various conditions and events- This means that ATS will only be triggered to do something.

Furthermore, most large corporations utilize some form of applicant tracking system. A research conducted by Research Nester states that approximately 66.1% of large companies and almost 35.2% of small organizations are dependent upon recruitment software. It is quite evident that ATS is here to stay and thrive. 

Advantages of modern ATS: 

Modern applicant tracking systems render various advantages for recruiters and organizations:

-Enhanced productivity: According to a finding of Research Nester, almost 70.5% of the respondents would raise productivity with the help of ATS. 

An ATS allows companies to portray or advertise various job openings and manage candidates efficiently. The increased efficiency enables the companies to manage the recruitment process. 

-Recruiters are able to efficiently and promptly screen numerous applications with the utilization of modern software capabilities. 

– Eliminates the hiring time: Research Nester conducted a survey and found that almost 86.2% of recruiter’s state that using an ATS decreases their time to hire. By the deployment of an ATS, recruiters find a permanent solution. It is able of automating the process of job postings on various boards. 

– Enhanced candidate experience: ATS improves the experience and the well-being of the applicant. These systems decrease the process of hiring and make smooth procedures. 

The Future of Applicant Tracking Systems:

As technology continues to grow, application-tracking systems are going to be ultra-modern. In the future, it can be expected that more modern artificial intelligence algorithms are going to be incorporated into the ATS. There might be the introduction of augmented reality and virtual reality which revolutionize the future. 

The global applicant tracking systems market size was anticipated to garner USD 2.3 billion in the year 2021 and it is anticipated to exhibit USD 4 billion by the end of 2030. The rising demand for digitalization and automation along with the adoption of remote working models is acting as fuel for growth of the market.   

The Asia Pacific region is anticipated to grow at a remarkable CAGR during the forecast period. The reason for this is the high population of applicants for various job opportunities. 

Final notes: 

It is quite evident that the market is holding lucrative opportunities for the future. There is no doubt that AI-powered ATS is going to remain thin demand in the future. These systems are anticipated to be fully integrated with numerous social media platforms like LinkedIn, Facebook, etc. ATS platform will become even more sophisticated with the amalgamation of AI. 

Although, it is prudent to understand the nitty-gritty of any market. It is advisable to know the market challenges and regional analysis so that entrepreneurs can make sound decisions. The knowledge of the market is imperative for taking business to the zenith. 

Author bio

An experienced research writer, strategist, and marketer with a demonstrated history of research in a myriad of industries. I love to distill complex industrial terminologies of market space into simpler terms. 

 

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Global Trade Daily

Trade Management Market Size to Surpass US$ 2 Bn by 2032 

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As per the report by Global Market Insights, Inc. “Worldwide Trade Management market was valued USD 900 million in 2022 and will surpass a revenue collection of USD 2 billion by 2032 with an annual growth rate of 5% over 2023 to 2032.”

Trade Management Market is expected to record high CAGR during 2023-2032 owing to the rising demand for greater visibility and transparency, driven by increasing regulatory requirements, growing consumer awareness around social and environmental issues, and the need for greater operational efficiency. Businesses are moving towards technology-based solutions that provide real-time visibility into their supply chains to fulfil this demand.

This has generated huge demand for solutions such as GPS tracking systems, RFID tags, and other sensor-based technologies that empower businesses to monitor the movement of goods and track their location at every stage of the supply chain.

The solution segment will gain momentum during 2023-2032, driven by the presence of increasing trading partners and compliance requirements and regulations. This has enabled businesses to offer trade management solutions to help manage their trade operations and mitigate the risks associated with global trade.

The cloud-based trade management solutions segment will register sturdy growth during the forecast period. Increasing investments by major cloud providers in developing regions will assist the segmental growth in the ensuing years. Besides, cloud-based software offers easy upgrades, easy access, maintenance packages, and flexible pricing models that will likely spur its adoption.

Considering the size, the small/medium enterprises segment will depict considerable growth rate by 2032 end. Increasing economic development across the domestic sector, rising industrial development, and expanding globalization will fuel the demand for trade management solutions in small/medium companies.

The retail industry will showcase positive curve during 2023-2032. Retail trade management is used to maintain the import and export process record, including industrializing the steps required to import and export goods, supervising file exchanges with exchange partners, and delivering a significant record of essential import order information.

The Asia Pacific trade management industry is experiencing rapid growth owing to the increasing population and growing economies. Besides, the increasing logistics and e-commerce sector, especially in China, is expected to influence regional growth positively. In addition, the initiative “Made in China” has attracted a huge amount of FDI, which will also positively influence regional growth.

Some of the key players profiled in the Trade Management market report include Avecom, Calysta Inc, KnipBio, Quorn Foods, Alltech, Arbiom, Lonza Group, AG CHEMI group, IPK Gatersleben, Nutreco N.V., Biomin Holdings Gmbh, Quality Liquid feeds, and Devenish Nutrition Limited

Source: https://www.gminsights.com/industry-analysis/trade-management-market

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Global Trade Daily, Market insight

Wealth Management Platform Market is Projected to Surpass USD 10 Bn By 2032

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The wealth management platform market is set to grow from its current market value of more than $3 billion to over $10 billion by 2032; as reported in the latest study by Global Market Insights, Inc.

Wealth Management Platform Market is expected to exhibit massive growth during 2023-2032 owing to the emergence of innovative technologies including AI and blockchains. These advancements have been assisting key players in revolutionizing new operating models to offer credits to several individuals and businesses. The data-driven AI wealth management platform is also slated to speed up the digital investment process, augmenting market expansion.

In addition, several initiatives taken by the government and regulations to escalate the use of wealth management platforms will drive industry growth by 2032. Besides, increasing government inclination towards credit seekers to increase the financial inclusion of people will spur the industry expansion.

Overall, the wealth management platform market is segmented in terms of advisory mode, deployment model, application, end-use, and region.

Based on advisory mode, the human advisory segment held more than 60% market share in 2022 and is projected to exhibit massive growth through 2032. The growth can be attributed to the wealth management sector’s growing security concerns, encouraging HNWIs (high-net-worth individuals) to turn to human advisory services.

By deployment model, the cloud-based wealth management systems are expected to depict commendable CAGR through the forecast timeframe. Cloud-based wealth management systems are gaining strong traction among finance-based enterprises owing to their benefits including easier setup, flexibility required for remote work, and lower investment in infrastructure. The cost-effectiveness and scalability offered by the cloud platforms will further support segment expansion in the future.

On the basis of application, the performance management segment will grow significantly as the system helps align the employees with the corporate goals. Performance management tools enable firms to perform fair, periodic inspections while expediting the performance management process, which will further aid the segment in future growth.

Considering the end-use, the investment management firms segment accounted for more than 25% market share in 2022 and is expected to demonstrate sturdy growth owing to the rising number of high-net-worth individuals along with small business owners. Besides, the wealth management platform assists investment management firms in planning new policies, attracting new investments, and obtaining insights as per clients’ requirements.

In the regional context, the Asia Pacific wealth management platform market is anticipated to register notable gains through the estimated timeframe. The growth can be accredited to the constantly increasing digital transformation of the financial institutions in the region. In addition, consulting companies in APAC are collaborating with wealth management software providers to focus on the rising digital transformation of financial institutions, which will boost wealth management platform penetration in the region.

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Global Trade Daily, Market insight

The Increasing Carbon Black Consumption in Automotive and Construction Activities Proliferates the Global Market Expansion

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The global carbon black market is anticipated to generate revenues of US$ 13, 849.6 million in 2023. Carbon black demand is anticipated to increase at a CAGR of 4.8% and reach US$ 22,133.52 million by 2033.

The increasing carbon black consumption in automotive and construction activities proliferates the global market expansion. The global need is also increased by applications in the manufacture of consumer products, electronics, and tires. Moreover, carbon black is used as a pigment in paints and coatings.

Manufacturers of carbon black are likely to experience further expansion due to the expanding paints and coatings sector, which is being driven by industrialization.

Market Drivers

Adoption of Carbon Black in the Automotive Industry

Turning to the automotive sector, the necessity for tire recycling through the pyrolysis process has increased. This is due to rising concerns regarding how to discard used tires.

The energy that has been wasted has eventually been recovered in the form of heat and other materials. As a result, market expansion is anticipated to be aided by the increased focus on recycling procedures.

The tire industry’s explosive growth and rising carbon black adoption are likely to drive the rubber market during the anticipated period.

Carbon Black Applications in Plastics & Electronics

A substantial percentage of devices produced globally are favored in black. Due to this, carbon black is a popular choice for a wide range of devices. Such as televisions, computers, laptops, and smartphones.

This raises the demand for carbon black from the electronic industry even more. These are a few of the variables that are raising product usage in the production of plastic items and are predicted to drive market expansion.

Market Restraints

The demand for carbon black is being hampered by the harmful emissions of several gasses, during the production process, which includes:

  • Nitrogen oxide
  • Carbon monoxide
  • Sulfur dioxide
  • Particulate matter

These emissions have an adverse influence on the environment, as well as on people’s health. The governments of different nations have therefore set several strict laws.

For example, the IARC (International Agency for Research on Cancer) expressed worry about the product’s potentially dangerous effects on humans. As a result, these factors are preventing the acceptance of new products and are predicted to slow market expansion.

Carbon Black Industry Historical Analysis and Future Outlook (2018 to 2022) vs (2023 to 2033)

The market is shifting in favor of new applications and technologies. For instance, as tire innovation seeks out new and improved LRR (Low Rolling Resistance) with a focus on tire weight reduction, demand for carbon black is likely to increase.

Short-term Growth (2023 to 2026): During this period, demand is driven by the expanding tire sector. Expanding applications in the fiber and textile sectors, and expanding market penetration of specialty black. Due to this, the market is expected to reach a valuation of US$ 15,941.2 million by 2026.

Medium-term Growth (2026 to 2029): Advanced tires require different grades of carbon black based on their performance. It raises the overall adoption and is projected to reach a valuation of US$ 19,229.4 million by 2030.

Long-term Growth (2029 to 2033): The increasing use of activated carbon black has an impact on long-term growth. Activated carbon black is also used in the manufacturing of medical devices and the purification of pharmaceuticals. The activated carbon black market is anticipated to expand due to the rising demand for pharmaceuticals and medical equipment.

Regional Analysis

The United States Carbon Black Market Share Benefited from High Production Capacity

In 2021, the product demand in the United States accounted for a share of 74.0% of the market in North America. One of the world’s leading marketplaces for automobiles is found in the United States.

Due to new domestic cost advantages, key automakers have moved production from other nations to the United States. The country has emerged as a leading center for the car industry due to:

  • Liberal investment policies
  • Sizable consumer market
  • Highly qualified labor
  • Readily available infrastructure
  • Government incentives

As a result, the market is anticipated to gain from a resurgent automobile industry in the United States.

Competitive landscape

How Carbon Black Industry Competitors Create a Strong Presence in the Market?

Due to the rising demand from numerous industries, several market competitors are concentrating on raising carbon black production, which gives a positive outlook for the carbon black industry. Key market participants aim to seize lucrative opportunities in the industry.

This is possible with increasing research & development activities to find out the effective and inexpensive methods to produce carbon black. The market is further expanding as a result of technological advancement.

Key leaders such as Orion Engineered Carbons S.A. and Cabot Corporation are focusing on ongoing strategies to increase production capacity. As capacity is a central concern for the manufacturers.

Cabot Corporation is a leading manufacturer of specialty chemicals. Its network has expanded worldwide and consists of 42 manufacturing facilities in 20 nations worldwide.

Recent development:

A new sustainable carbon black has been launched by Orion Engineered Carbons S.A. for rubber applications. This product is made utilizing plant-based oils of industrial grade that are non-fossil generated, sustainable, and renewable.

A new low (PAH) Polycyclic Aromatic Hydrocarbon, VULCAN 3-LP carbon black, was launched by Cabot Corporation. This launch aims to assist the business in fulfilling its ongoing commitment to customers. Through constant innovation and effective performance.

Cabot Corporation acquired Tokai Carbon Group in March 2022 to acquire the company’s carbon black production facility in Tianjin, China.

fillers Asia Pacific Foam Blowing Agents Market to Hit Sales of $672.68 Million by 2030 PBAT nanocellulose
Archives, Global Trade Daily, Market insight

Growing Demand for Sustainable Products with better Features is likely to Bolster Nanocellulose Sales Through 2033

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The global nanocellulose market size is set to reach US$ 474.8 million in 2023. Between 2023 and 2032, global nanocellulose sales will thrive at 19.1% CAGR. Total market valuation at the end of 2033 is forecast to reach US$ 2,725.5 million.

In 2022, the worldwide nanocellulose market value crossed US$ 398.4 million. Burgeoning demand for nanocellulose across various industries will drive the global market forward.

In recent years, rising environmental concerns due to high usage of non-renewable petroleum-based materials have prompted people to look for sustainable bio-based materials. This has put nanocellulose market into limelight.

Nanocellulose has emerged as an ideal alternative to various synthetic materials. This is due to its unique properties which include high surface area, excellent mechanical strength, tunable surface chemistry, biodegradability, and renewable nature.

A lightweight solid substance derived from plant matter which comprises nano cellulose fibrils is known as nanocellulose. Nanocellulose is generally derived from the most abundant natural polymer on earth i.e., cellulose.

There are generally three types of nanocellulose that are being used across various industries. This includes cellulose nanofibers (CNF), also referred to as nanofibrillated cellulose (NFC), bacterial nanocellulose, and cellulose nanocrystal (CNC).

Nanocellulose consists of extremely small nanoscale fibers or particles with high tensile strength, making it an ideal material for various applications. Its properties, including optical transparency, low thermal expansion, and high mechanical strength, make it suitable for electronics applications.

Similarly, its biocompatibility, non-toxicity, scalability, and unique properties make it an attractive material for biomedical applications. This includes tissue engineering, drug delivery, and personalized medicine.

Growing demand for sustainable products with better features is likely to bolster nanocellulose sales through 2033. Rapid expansion of packaging industry coupled with rising need for environmentally & sustainable friendly packaging solutions will foster market development.

Widening applications of nanocellulose in paper industry will boost the global market. Nanocellulose is being increasingly used in paper manufacturing to enhance the fiber-fiber bond strength. It is also gaining popularity as a barrier in grease-proof type papers.

Nanocellulose enhances the mechanical properties of resins, rubber latex, starch-based matrixes, etc. As a result, it has become a suitable material for reinforcing plastics and other composites.

Nanocellulose has also become an ideal low-calorie replacement for carbohydrate additives in various food items. It is useful for manufacturing wafers, fillings, soups, gravies, etc. Thus, growing applications in food industry will elevate nanocellulose demand.

Widening applications in healthcare, pharmaceutical, and cosmetic sectors will create growth opportunities for nanocellulose manufacturers. Further, growing usage in electronic devices and textiles will trigger nanocellulose sales.

Which Factors are Shaping the Market for Nanocellulose?

The growth of the nanocellulose market can be attributable to a variety of reasons. This includes rising global demand for environmentally friendly and sustainable materials.

As customers become more environmentally concerned, there is an increasing demand for environmentally friendly products, and nanocellulose provides a feasible alternative.

Because of its remarkable mechanical properties, biodegradability, and non-toxic nature, it is an intriguing option for traditional materials such as plastics and metals. Its distinct qualities make it a great material for environmentally friendly and sustainable goods in industries such as packaging, textiles, building, and electronics.

Another factor driving the market is increasing government regulations on the use of non-biodegradable materials. Governments around the world are implementing regulations to reduce plastic waste and encourage the use of sustainable materials.

The use of nanocellulose in various industries, such as packaging, can help reduce plastic waste and offer a more sustainable alternative. The versatility of the product has also made it a promising material in the development of advanced technologies, such as nanocomposites, nanoelectronics, and biomedicine, further driving its demand.

The growing trend of startups in the market is driving innovation and growth in the industry. New startups focus on developing new applications for the material, customizing it to meet specific needs, and creating new business models to cater to changing market demands.

They are also developing bio-based materials for use in the automotive and construction industries and medical devices that mimic the properties of human tissue, among others.

By developing new applications and customizing the material to meet unique needs, startups are increasing demand and profitability in the nanocellulose industry.

What Factors are Limiting Market Expansion?

The limited commercialization of nanocellulose production is hindering the market growth of this promising material. Despite its potential applications in various sectors, including packaging, textiles, construction, and biomedicine, the commercialization of these applications remains limited.

The lack of standardized and scalable production processes is one of the main reasons for this limited commercialization. The production process is complex and involves several stages, such as raw material pretreatment, chemical or mechanical treatments, and drying.

The absence of standardized production processes and quality control measures is a significant hindrance to large-scale production and limits the material’s commercialization potential.

The limited commercialization of the product can also be attributed to the lack of awareness and understanding of the material’s properties and potential applications. As a relatively new market, certain potential customers are not aware of the unique properties and benefits of nanocellulose. This is slowing down demand for nanocellulose-based products and subsequently limits the market expansion.

Overcoming these challenges by developing standardized production processes and increasing awareness of the material’s unique properties could help unlock the full potential of the product and drive its market growth.

Why is the United States Considered a Key Market for Nanocellulose?

Rising Applications of Nanocellulose in Pharmaceutical & Biomedical Sectors to Boost Sales in the USA

North America, spearheaded by the USA, commands a significant market share of around 25% in the global market. This is attributable to the rising commercialization of low-cost production facilities for the product and considerable investments in research & development to develop novel applications.

Canada is rapidly emerging as a leading producer of nanocellulose, while the USA has positioned itself as the primary consumer in various industries.

As per Future Market Insights, North America market is set to thrive at 18.1% CAGR through 2033. The United States will hold a prominent share of 17.7% of the global nanocellulose industry in 2023.

Rising usage of nanocellulose in pharmaceutical and biomedical applications will drive nanocellulose demand in the USA. Similarly, growing popularity of nanocellulose in packaging sector is likely to boost sales.

Competitive Landscape

Nippon Paper Industries Co. Ltd., Sappi, CelluForce Inc., Anomera Inc., and GranBio are among the leading manufacturers of nanocellulose.

The nanocellulose market is evolving due to the growth of start-ups that are driving innovation, customization, and new business models aligned with the increasing demand for sustainable materials.

These start-ups are developing new applications for the material, such as bio-based materials for the automotive and construction industries, and medical devices that mimic human tissue. Further, they are exploring circular economy models to create a more sustainable and profitable future for the market.

Key Developments:

In March 2022, final acceptance of its first commercial Sunburst (CNC) unit was received by Sweetwater at the Sweetwoods project in Tallinn, Estonia.

In July 2022, Anomera, Inc. started production of CNC at its 170 tpy carboxylated CNC facility in Canada.

 

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Archives, Global Trade Daily, Market insight

Rising Demand for Industrial, Residential, and Commercial Applications is Driving the Demand for Fire Pumps

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The Global Fire Pump Market is projected to reach US$ 767.7 Million in 2032. Rising demand for industrial, residential, and commercial applications with growing awareness towards safety concerns from hazards, is driving the demand for Fire Pumps.

According to FMI, the Global Fire Pump Market is estimated to be valued at US$ 528.7 Million in 2022 and is projected to increase at a CAGR of 3.8% in the forecast period from 2022 to 2032.

A fire pump is a water sprinkler system used as a fire extinguisher that can be operated with electricity, diesel, or steam. The fire pump is connected to a stationary water source (tank, lake, or reservoir) or an underground water supply line. It is also known as firefighting apparatus which can be easily transported to a location where a fire incident takes place and can operate for quick delivery of large water quantity to extinguish the fire. It is specially designed to increase the pressure of water which results in quick quenching of fire. Fire pumps play a key role in many water-based fire protection systems. It is mostly found in residential buildings, commercial complexes, and industrial areas that require spraying high-pressure water on heightened locations in case of a fire outbreak.

Rise in the sudden fire-catching incidents in various industrial and residential areas, fuelling demand for fire pumps globally. With a rise in global manufacturing industries, fire hazard risk also rises simultaneously. This type of risk is highly associated with flammable manufacturing bases like chemical industries, petroleum refineries, and oil & gas industries. Similarly, most of the residential buildings have installed fire pumps at their building premises for safety purposes in case of any fire incident at their respective buildings. However, the speed of rapid global urbanization accelerates the growth of residential buildings which increases the demand for fire pumps simultaneously. Thus, the above-mentioned most prominent demand from the industrial and residential sectors drives the global fire pump market and is anticipated to grow at a consistent pace in the upcoming years.

Historic Market Outlook for Global Fire Pump Market

The analysis of Fire Pump demand from 2017 to 2021 showed a historical growth rate of 2.2% CAGR. The rise in firefighting equipment, growing investment and awareness of fire hazard & safety, and rise in an application in the industrial and commercial sector was the main factor driving the expansion of the Fire Pump market during the historic period.

However, The COVID-19 epidemic had a negative impact on the industrial automation and equipment sector, which also includes the market for fire pumps. A number of fire pump manufacturers have seen a decline in sales and production, owing to interruption in business operations as a result of stringent government norms about social distancing. Moreover, due to restrictions in the supply chain network, the fire pump market was seen to be affected in the historic period.

However, when virus infection gets lowered, when every sector in the world as well as industries runs normally as before from the start of 2022. As a result, FMI’s global Fire Pump demand projection predicts a CAGR of 3.8% by 2032.

What are the Various Factors Driving the Global Fire Pump Market?

The rising application sector and an increase in fire hazards that takes place globally are the two main drivers driving the global market for fire pumps. The expansion is also fueled by rising energy demand, developing economies, and rising applications in industrial locations, airports, terminals, business complexes, and residential buildings. Demand for this equipment increases simultaneously with growing urbanization and industrialization. The most hazardous industry like the oil & gas industry, refineries, and flammable product manufacturing industry demand fire pumps for safety purposes, which fuel the market. Additionally, the market is being driven by a rise in irrigation and sludge-handling activities around the world.

The market is also expanded due to the development and availability of IoT-enabled pump controllers, as a result, consumer demand has increased, which has had an impact on the growth in demand for fire pumps in the end-use sector. Also, the demand for hydraulic firewater pumps is expected to grow significantly over the projected period as a result of the numerous manufacturing sectors that are being established and planned industry expansions. In the world of expanding smart cities, there is always a risk of fire outbreaks due to short circuits and other reasons, owing to which every residential building is equipped with a fire water pump to extinguish the sudden fire. Also, a fire pump is most commonly used for feeding water to boilers in industry, as there is always a need for high-pressure pumps in industries, which increases its demand. Thus, the growth of many end-use sectors has had a direct impact on the need for fire pumps, which drives the global fire pump market.

What are the Opportunities for the Global Fire Pump Market Growth?

The market for Fire Pump is having rewarding opportunities in the forecasted period as a result of stringent government rules and regulations. The government’s increased emphasis on the development of safety and hazard precautions will encourage the expansion of the Fire Pump market. The increasing government investment in fire hazards & safety to lower the economic losses that occurred due to fire outbreaks will pave the road for the market for Fire Pump to expand. Governments are imposing strict fire safety standards in factories and mandating the installation of adequate fire escapes and firefighting equipment in all industrial buildings. To achieve this goal, various nations are allocating funds from their budgets to install fire pumps in the industrial and domestic sectors, respectively.

The introduction of new technology is aimed at enhancing fire pump machines, like pumps having IoT-enabled controllers in them and artificial fire pump systems equipped with several sensors having the ability to assess and respond appropriately without human operation. This technical improvement saves time and allows for quicker resolution of the problem or carrying out any operation. This type of development is also producing lucrative opportunities for the market growth of fire pumps.

What is the Regional Analysis of the Global Fire Pump Market?

Geographically, in terms of Fire Pump sales, amongst all regions which are sub-segmented in the global market, North America and East Asia are the top regions and collectively account for a sizable portion of the global Fire Pump market in 2021.

The North American fire pump market is anticipated to maintain its dominance throughout the projected period in the global market. An increase in fire incidents in both the industrial and residential sectors in the region is primarily responsible for growth. For instance, in 2022 The latest Fire Loss in the US report released by the ‘National Fire Protection Association (NFPA)’ shows the largest number of home fire deaths since 2007, reflecting a 14-year high. Owing to this type of incident, the US government and National Fire Protection Association introduced new guidelines for the necessary installation of a fire pump or a multistage multiport pump in high buildings and every commercial complex in the country, which drives the fire pump market in the region.

The East Asia region also contributes to a prominent value share in the global market for fire pumps. East Asia has taken the lead position in the Asia region in terms of industrialization and urbanization contributing to around two-thirds share of the global GDP and a much higher share of industrial value-added and worldwide exports. The industrialization of East Asian nations, such as Japan, the Republic of Korea, Taiwan, and China has been made possible by the governments’ substantial strategic interventions to increase domestic manufacturing capabilities. Thus, the market for fire pumps in the region is driven by federal regulations governing the industrial ecology, broad acceptance and awareness of safety and hazard precautions, and the region’s rapidly accelerating urbanization.

Market Competition

Key players operating in the Global Fire Pump Market include Xylem Inc., Grundfos Pumps Corporation, Pentair Ltd, CET Fire Pumps Mfg. Inc., Eaton, Waterous, NAFFCO, Armstrong Fluid Technology, Canariis Corporation, and others.

There are a few major providers who hold the lion’s share of the fir pump market, which is only somewhat fragmented. In order to produce new and improved goods, the major players in the fire pump market invest a sizable sum of money in comprehensive research and development.

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Elevators Market is Anticipated to Increase Rapidly at a CAGR of 11% through 2033

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The elevators market is valued at US$ 95 billion in 2023 and is expected to reach US$ 270 billion by 2033-end. The market is forecasted to increase at a high-value CAGR of 11% from 2023 to 2033.

Global demand for elevators is being driven by an increase in smart elevator introductions. Smart elevators with IoT integration anticipate traffic and respond quickly.

Why are Smart Elevators Expected to Exhibit High Demand?

Smart Elevators Gaining Traction Owing to Their High-end Security and Better Crowd Management

By destination control, the market is segmented into smart elevators and conventional elevators

Smart elevators account for 60% share of the global market.

Demand for connected and smart elevators is on the rise, as end-users show high enthusiasm to explore beyond conventional elevator technologies. The market is witnessing considerable interest in smart elevators that offer high-end security, enhanced energy efficiency, effective crowd management, and ultra-speed operation. This evolution of smart elevators can be attributed to the sheer proliferation of artificial intelligence across a wide spectrum of applications.

Increasing need for cable-free lifts that move effortlessly across both vertical and horizontal lines is fueling the demand for smart elevators. Sensing end-user demand in this direction, manufacturers are focusing on the development of smart elevators with interactive touch panels, intuitive technologies, and cloud-predictive maintenance. End users are on the constant lookout for elevator solutions that are highly efficient, effective, and engaging, which is further boosting the demand for smart elevators.

Key Takeaways from Market Study

  • The global elevators market is valued at US$ 95 billion in 2023.
  • Worldwide demand for elevators is set to reach US$ 270 billion by 2033.
  • Sales of elevators are anticipated to increase rapidly at a CAGR of 11% through 2033.
  • Currently, Asia Pacific accounts for 50% share of the global market for elevators.
  • Smart elevators market account for 60% share of the global market
  • Asia Pacific accounts for 50% share of the global market

Competitive Landscape

Major businesses are using the approach of acquiring small regional businesses to improve their service offerings and expand their domestic presence. Leading companies are also concentrating on IoT integration since it enables greater data collection, sharing, and analysis by manufacturers and product operators.

For instance :

  • Mitsubishi Electric will increase its footprint in Florida by establishing a new location in Miami.
  • Otis Elevator Corporation expanded its popular Gen2 series of elevators by launching the Gen2 Elevator for the global high-rise market.
  • In 2021, Schindler and CitizenM hotels entered into a partnership arrangement to maintain and update the escalators and elevators in all of the group’s current properties.