Chemicals & Materials – Page 5 – Latest Market Trends

Chiral Chemicals Market Will Reach Height of USD 119.72 billion By 2025

Chiral chemicals are obtained by separating the isomers of racemic compounds using chromatography as a principal method.

What are the Chiral chemicals:
Chiral chemicals are obtained by separating the isomers of racemic compounds using chromatography as a principal method. The chirality plays an important role in fragrance and flavor chemistry. The chiral chemicals market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.

The factors that are playing a major role in the growth of chiral chemicals market are rising demand for enhanced healthcare facilities, a government initiative for the development of the pharmaceutical sector in emerging countries, rising demand from agrochemical industries. However, strict government policy and environmental issues on using chiral pesticides may restrain overall market growth in the years to come. Chiral chemicals industry is segmented based on technology, application, and region.

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Based on technology, the biological separation method, traditional separation method, asymmetric preparation method, and others could classify chiral chemicals in the forecast period. The asymmetric preparation method sector comprises asymmetric catalysis method and asymmetric synthesis method. The traditional separation method accounted for the significant market share of chiral chemicals and is estimated to continue its dominance in the years to come. The reason behind the overall market growth could be the presence of enhanced technology. Also, asymmetric preparation sector is estimated to grow at the fastest pace in the years to come.

The market may be categorized based on applications like flavors/fragrances, pharmaceuticals, agrochemicals, and others could be explored in chiral chemicals in the forecast period. The pharmaceutical sector accounted for the significant market share of chiral chemicals and is estimated to lead the overall market in the years to come. The reason could be the rising demand for enantiomerically pure products in pharmaceutical preparations, extensive R&D, and rising use of enhanced technology.

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Globally, North America accounted for the substantial market share of chiral chemicals and is estimated to lead the overall market in the years to come. The reason behind the overall market share could be the presence of key manufacturers in this region, technological enhancement, and growing pharmaceutical sector in Mexico.

Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise low manufacturing and labor cost, growing demand for chiral chemicals, and growing foreign investors in India and China. The developing countries like India and China are the major consumers of chiral chemicals in this region.

The key players of chiral chemicals market are Chiracon GmbH, BASF SE, Dow Chemical Company, Johnson Matthey PLC, PerkinElmer Inc., Solvias AG, W. R. Grace & Co., Strem Chemicals, Rhodia, Bayer AG, Chiral Technologies, and Codexis Inc. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.

Opioid Market Will Reach Height of USD 18.5 billion By 2025

Application of the opioid varies from analgesics drugs to cough suppressants and as anti-diarrheal medicines.

The North America Opioid Market is expected to value at USD 18.5 billion by 2024. The North America opioid industry is subject to witness a substantial growth due to the rising geriatric population and growing focus towards palliative care for patient across the globe. Application of the opioid varies from analgesics drugs to cough suppressants and as anti-diarrheal medicines.

In addition, increasing number of activities such as acquisitions and collaborations by industry participants is anticipated to fuel market demand for opioid medicines, particularly in North America region. The North America opioid market is predicted to grow at CAGR of 4.6% in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.

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Growing occurrence of incidences related to excessive use of opioid medication due to their unique set of properties, particularly influential in palliative care, is expected to drive their sales output. Furthermore, factors positively affecting market performance of opioid industry in North America region include rising penetration of generics technology and increasing healthcare expenditure levels by local governments.

Moreover, higher approval rate from local authorities such as The Food and Drug Administration (FDA) coupled with the availability of a strong drug pipelines are excepted to boost market growth over the forecast period. Availability improved, efficacious drugs and cost-effective drug delivery system are estimated to foster the growth of North America opioid industry over the next seven years.

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Pain relief medicines, which are gaining popularity in the pharmaceutical & medicine sector, use non-opioid, Nonsteroidal Anti-Inflammatory Drugs (NSAIDs).These drugs does not carry the risk of developing drug dependency. However, regular use of these drugs for pain relief leads to ceiling effect in patients, thus restraining market growth to a certain extent. Yet, development novel drugs such as buprenorphine, fentanyl, and morphine for pain management are predicted to stimulate market demand over the next seven years.

North America opioid market is broadly categorized into five major segments based on the application type such as pain relief, anesthesia, cough suppression, diarrhea suppression and de-addiction. The pain relief is considered as one of the fastest growing segment in the North America opioid industry with substantial revenue generation in the last few years. Growing popularity of opioid drugs in the pain relief segment is attributed to the rising preference towards opioid drugs by healthcare professional and higher market penetration. The cough suppression segment has also witnessed substantial growth owing to the cost efficiency and easy availability.

North America region has shown exponential growth in opioid market in the last few years owing to the rise in the implementation of latest technologies in pharmaceutical sector, increase in the number of research & development activities in the region, and existence of well-established healthcare infrastructure. Countries such as U.S., Canada and Mexico are leading the North America market with rising geriatric population, increasing awareness regarding palliative care services, growing number of medical facilities, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the North America opioid market are Purdue Pharma L.P., Allergan plc (Actavis), Pfizer, Inc., Janssen Pharmaceuticals, Inc., and Egalet Co.

Global Iron Oxide Pigment Market is Booming Worldwide from 2020 to 2025

Iron oxide pigment market is driven by escalating demand from end user segments like cosmetics.

Global Iron Oxide Pigment Market is estimated to grow considerably in the forecast period owing to the increase in demand from paint, plastic, and construction sectors. Iron Oxide Pigments (IOP) are the largely available colored inorganic pigments, which imply several applications. They are cost effective, non-toxic materials comprising oxyhydroxides and iron oxides. When iron oxides are granulated, they offer several benefits like color stability, resistance against weather, durability, compatibility with cement, and superior resistance to UV radiation.

Iron oxide pigment market is driven by escalating demand from end user segments like cosmetics. Growing infrastructural activities worldwide in emerging economies are also stimulating the demand for iron oxide pigments, thereby encouraging the market growth of iron oxide pigment. Moreover, increasing drilling activities and growing demand from floating production storage and offshore rigs and offloading are predicted to accelerate the demand for iron oxide pigments. These pigments are widely used in lubricants and as catalysts in petroleum sector.

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However, unstable exchange rates and prices of raw materials are projected to hamper iron oxide pigment industry. Also, significant cost of quality maintenance and development is challenging the market growth. The market is witnessing rising issues concerning wood landfills. Governments from different parts of the world are imposing stringent policies to reduce waste materials and prevent wood landfills. Hence, owing to the rise in wood recovery, wood coatings is predicted to increase.

Iron oxide pigments market is categorized on the basis of type, color, end user, and geography. On the basis type, the market is divided into synthetic and natural. Synthetic segment is expected to hold a larger market share of iron oxide pigment owing to its preference due to properties like purity level and exceptional quality. Based on color, iron oxide pigment industry is divided into yellow, red, black, and others. Red color followed by black and yellow are in demand since they are used in combination for the production of the other colors.

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In terms of end user, iron oxide pigment market is bifurcated into plastics, paper, coating, construction, textile, and others. Costing segment is anticipated to lead the market of iron oxide pigment in the near future owing to extensive applications of iron oxide in industrial coating, automotive coating, wood coating, protective coating, interior & exterior coatings and others.

Geographically, iron oxide pigments industry is segmented as North America Latin America, Europe, Asia Pacific and Middle East & Africa. Asia Pacific is expected to register significant growth in the coming years owing to rise in demand from coating & construction sectors, product modernizations and new research & development projects in the region.

The key players in iron oxide pigment industry include Cathay Industries, BASF SE, Huntsman Corporation., Kronos Worldwide, Inc., E.I. du Pont de Nemours and Company, Tata Pigments Limited, Titan Kogyo, Ltd., Heubach GmbH, Tronox Ltd., Applied Minerals Inc., Lanxess AG, The Earth Pigments Company LLC., NUBIOLA, Hunan Three-ring Pigments Co., Ltd.

High Purity Alumina Market Will Reach Height of USD 6.41 billion By 2025

Global High Purity Alumina Market is anticipated to reach USD 6.41 billion by 2024. High Purity Alumina (HPA) is a high margin, high-value, and is in great demand as it is the critical ingredient essential to produce synthetic sapphire. The factors that propel the growth of the high purity alumina market include growing end-user applications such as sapphire, semiconductors, LEDs, and phosphor, growing technological developments, and increasing saturation of LEDs in the lighting market. On the other hand, there are factors that may hamper the growth of the market including higher cost of production. High purity alumina industry is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.

High purity alumina market could be explored by type, technology, application, and geography. The market could be explored by purity level as 6N, 5N, and 4N. The “4N purity level” segment led the market of high purity alumina in 2016 and is anticipated to maintain its dominance by 2024. The key factors that could be attributed to the growth of market include increasing use, lower manufacturing costs, low impurity clay feedstock, and easy accessibility of smelter grade alumina.

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Based on technology, the high purity alumina industry could span Hydrochloric acid leaching and Hydrolysis. The “Hydrolysis” segment led the market of high purity alumina in 2016 and is anticipated to maintain its dominance by 2024. The key factors that could be attributed to the growth of market include high acceptance of these techniques among the manufactures, and ability to reduce the production cost of HPA.

The key applications that could be explored in the high purity alumina market include Phosphor, Semiconductor, Light Emitting Diode, Sapphire, and Others. The “Light emitting diode” segment led the industry of high purity alumina in 2014 and is anticipated to maintain its dominance by 2024. The key factors that may be attributed to the growth of market include energy efficient operation, growing use of LED lighting in the automotive industry, and increasing demand.

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Asia-Pacific accounted for the major share of the high purity alumina industry in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increasing demand for technologically progressive consumer electronics, growing affordability of raw materials and availability of cheap labor, increasing disposable income, and rapid industrialization. Asia-Pacific is likely to be followed by the North American region owing to increasing investment by manufactures in R&D activities, and improved focus on technological innovation in industries. Some of the key players that fuel the growth of the high purity alumina industry comprise Sumitomo Chemical Co., Ltd;

Orbite Technologies Inc.; Alcoa Inc.; Bukowski SAS; Alltech Chemicals Ltd; Zibo Honghe Chemical Co. Ltd.; Dalian Hiland Photoelectric Material Co., Ltd.; Xuan Cheng Jing Rui New Material Co. Ltd.; Nippon Light Metal Holdings Company, Ltd.; UC Rusal, Sasol; Rio Tinto Alcan, Norsk Hydro ASA, Hebei Pengda, Shandong Keheng Crystal Material Technologies Co., Ltd. and Wuxi Tuoboda. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

Polyurea Market Will Reach Height of USD 936.7 million By 2025

The global Polyurea Market was appreciated at 114.3 kilo tons during the year 2014 and it is projected to reach USD 936.7 million for the duration of the prediction. The polyurea finds a number of uses, comprising transport and construction due to its exceptional physiognomies comprising outstanding inattentiveness with regards to water, color compatibility, and speedy curative period.

The growing usage of protective coatings in the applications of construction and automobile because of its corrosion deterrence and great sturdiness, is projected to encourage the practice of the polymer. Yet, the existence of the covering alternatives having low-slung price, comprising polyurethane and epoxy, is projected to impact the market negatively above the period of prediction.

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Growing spending on the practice of the lining arrangements for the defense of the surroundings comprising regulation of landfill due to the strict rules intended by justifying the adversative consequence of contamination is projected to trigger the demand for Polyurea. Yet, augmented popularity of polyolefin centered lining arrangements, comprising LDPE and HDPE in the subdivision of mining and construction at an international level is estimated to persist a reliable warning.

The polyurea market on the source of Type of Application could span Transport, Construction, Industrialized. The subdivision of Construction was the biggest sector of application; responsible for a stake of more than 40% of the international capacity during the year 2014. Great reactivity and comparative insensitivity to dampness, linked with Polyurea, is estimated to encourage its consumption in inside layer of the tanks, channels & manhole, and minor repression constructions.

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Polyurea discovers use such as sealing and coatings materials in the subdivisions of marine, automobile, and aerospace. The subdivision of transport is anticipated to witness a CAGR of 4.0%, by means of capacity, for the duration pf prediction. The polyurea market on the source of Type of Product could span Sealants & Adhesives, Coatings, Lining. The subdivision of Coatings ruled the international market. It was responsible for a stake of more than 65% of entire capacity during the year 2014, and the inclination is expected to carry on above the prediction period. Coating preparations are utilized in healthcare, automobile and construction businesses because of displaying possessions for example enrichment of structure, confrontation to scratch, waterproofing and protection from erosion.

The polyurea industry on the source of Type of Raw Material could span Aliphatic, Aromatic. The subdivision of Aromatic compounds was responsible for a stake of more than 65% of the international capacity during the year 2014. They were expansively utilized in an extensive range of applications because they deliver decent physical possessions and stress-free process capacity. Mainstream of the companies practice aromatic compounds for example Aromatic Amine, Methylene D Isocyanate [MDI] Pre Polymers, and Poly Oxy Propylene Aminesto manufacture completed merchandises because of their small price as equated to aliphatic mixtures.

The polyurea market on the source of Area with respect to Trades in terms of intake, Profits, Market stake and Development percentage in these areas, for the duration of the prediction could span North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

By the source of geography, the Polyurea industry for North America was responsible for 39.8% stake of the international capacity during the year of 2014. The strong existence of automobile manufacturing companies in the nations such as Mexico and the U.S.A is estimated to go on an encouraging factor for the market. Furthermore, developments of the substructure in the U.S.A because of the growing amount of housing constructions is estimated to upsurge the usage of the polymer in the formula of coatings and adhesives.

The Asia-Pacific is estimated to observe substantial improvement of capacity at a CAGR of 5.9% for the period of prediction, due to optimistic viewpoint regarding the construction business in India and China, on the backdrop of growing expenses for metropolitan expansion and advantageous strategies regarding the home loan.

The statement revises Trades in terms of intake of Polyurea in the market; particularly in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. It concentrates on the topmost companies operating in these regions. Some of the important companies operating in the field are Versa Flex Inc., PPG Industries, Nukote Coating Systems International, W.R. Grace, Specialty Products Inc., LINE-X Protective Coatings, SWD Polyurethane, and BASF.

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Polyurethane (PU) Market Will Accomplish Outstanding USD 26.24 billion Figure By 2025

Rigid polyurethanes has also witnessed substantial growth in the last couple of years owing to increasing adoption as a structural material.

The Europe polyurethane (PU) Market size is expected to value at USD 26.24 billion by 2024. The Europe polyurethane (PU) industry is subject to witness a substantial growth due to the stringent laws & regulations in regards to energy efficiency and carbon emission reduction. Rising investment by developed economies across Europe such as UK, Germany, Poland, and Sweden is expected to boost market growth over the forecast period. The Europe polyurethane market is predicted to grow at CAGR of 3.8% in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.

Polyethylene is largely used to produce polyurethane (PU) foam and structural foam, which is majorly used in various construction activities. Growing popularity of the polyethylene foam is credited to the factors such as lightweight, durability, heat resistance, and a closed-cell material composition. Polyethylene is widely used in the packaging of delicate products, and automobile parts, thus fostering market value, in the recent years.

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Rigid polyurethanes has also witnessed substantial growth in the last couple of years owing to increasing adoption as a structural material. Rigid polyurethanes has also displayed important properties such as toughness, lightweight, and resilience. Rigid polyurethanes also provide protection against chemical reactions and moisture effects thus making it an ideal choice for various application such as building & product insulation.

The Europe polyurethane industry is broadly categorized into six major segments based on the application type such as furniture & bedding, building & construction, electronics & appliances, automotive, footwear, and packaging. The building & construction is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of polyurethane (PU) in the building & construction segment is attributed to the stringent laws & regulations associated with inculcating energy efficient parts. The furniture & bedding segment has also witnessed substantial growth as polyurethane (PU) is considered as the ideal for roofs and walls in new houses.

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The Europe polyurethane (PU) market is divided into developed economies such as UK, Italy, Germany, Poland, and Sweden. Germany has shown major growth in recent years owing to the rise in the implementation of latest technologies in building & construction industry, and existence of well-established industrial infrastructure. Italy is predicted to hold major market share in the Europe polyurethane (PU) industry with massive growth in forecast period.

Countries such as UK, Sweden and Poland are anticipated to lead the Europe polyurethane market with strong economic growth, well-established socio-economic climate, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the Europe polyurethane (PU) industry are Covestro AG, Huntsman Co., British Vita Ltd., BASF Group SE, E. I. du Pont de Nemours and Company, The Dow Chemical Company, Ellsworth Co., Stepan Co., IMCD N.V., and Archway Sales, Inc.

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Electronic Materials and Chemicals Market Will Generate About USD 81.05 billion By 2025

The global Electronic Materials and Chemicals Market size is expected to value at USD 81.05 billion by 2024. The market is subject to witness a substantial growth due to the growing demand from manufacturing sector for production of semiconductors, flat panel displays, and photolithographic printing. In addition, declining cost of electronic equipment and improved standards of living across the globe are expected to fuel the market growth of electronic materials and chemicals over the forecast period.

Massive demand for semiconductors materials in manufacturing of mobile phones, electronic chips and integrated circuits is anticipated to foster market growth in the upcoming years. Globally, the electronic materials and chemicals industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.

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Substantial growth in electrical & electronics sector coupled with increase in industrial production are anticipated to fuel the growth of electronic materials & chemicals market over the forecast period. Rapid pace of macroeconomic cycles is a key for market expansion in the last decade. Increasing number of small & medium-sized enterprises SMEs in developing economies across Asia-Pacific and Latin America is playing crucial role for the success of electronic materials and chemicals industry since last couple of years. Recent technological advancement in the semiconductor industry is expected to offer lucrative growth avenues for industry players, in the recent years.

Growing manufacturing activities in the North America region is also leading to the increasing production of electrical & electronic appliances, thus driving market expansion in the last few years. Additionally, rising investment by prominent market players across the globe in capacity expansion as well as modernization of existing manufacturing facilities in order to generate excess of revenues and gain competitive edge over other organizations, are positively impacting market growth over the forecast period.

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Some of the key raw materials that are required for production of the electronic materials & chemicals include silicon, copper, nickel, and specialty gasses. Semiconductor and integrated circuits is one of the largest end-user segment in the electronic materials & chemicals industry that holds massive market share. Printed circuit boards (PCB), which are important components of integrated chip technology and is adopted in various consumer electronic appliances.

The electronic materials and chemicals market is broadly categorized into five major segments based on the application type such as silicon wafers, PCB laminates, specialty gases, wet chemicals and solvents, and photoresists. The PCB laminates is considered as one of the fastest growing segment in the market of electronic materials and chemicals with substantial revenue generation in the last few years. Growing popularity of the PCB laminates segment is attributed to the increasing adoption for manufacturing of various electronic products such as amplifier and LEDs. The photoresist segment has also witnessed substantial growth owing to the growing importance towards patterned coating.

The electronic materials and chemicals industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in semiconductor industry, increase in the number of research & development activities in the region, and existence of well-established industrial infrastructure. Asia-Pacific region is predicted to hold major market share in the electronic materials & chemicals market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with rapid industrialization, growing manufacturing sector, increasing disposable income, trade liberalization policies, and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the electronic materials & chemicals industry are Air Products & Chemicals Inc., Ashland Inc., Air Liquide Holdings, Inc., BASF Electronic Chemicals SE, Honeywell International, Inc., Cabot Microelectronics Co., Linde Group Co., KMG Chemicals Inc., Fujifilm Electronic Materials, Inc., Kanto Chemical Co., Inc. and Tokyo Ohka Kogyo Co., Ltd.

Succinic Acid Market Will Reach Height of USD 237.8 million By 2025

The global Succinic Acid Market size is expected to value at USD 237.8 million by 2022. The succinic acid industry is subject to witness a substantial growth due to the substantial demand from various application verticals such as 1,4 butanediol, pharmaceuticals, and polyurethanes. Rapid growth of building &construction sector and automotive industry, particularly in the Asia Pacific region is expected to foster market growth over the forecast period.

High-end demand for production of resin, coating, and polyurethanes is positively affecting market growth as well. Succinic acid is considered as primary building block for the production of polyurethanes, resins, polybutylene succinate (PBS) and plasticizers. Succinic acid acts as a precursor for chemicals such as 1,4 butanediol (BDO). Globally, the succinic acid market is predicted to grow at CAGR of 12% in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.

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However, volatility in the cost of crude oil price and limited availability of raw materials are expected to hamper market growth to a certain extent over the coming years. Yet, massive increase in the demand for bio-succinic acid owing to eco-friendly nature and favorable government policies for the use of green products among chemical manufacturers are anticipated to drive market growth over the next seven years. Bio-derived succinic acid is predicted to replace conventional chemicals such as butane-based maleic anhydride during production of succinic anhydride, fumaric acid, diethylmaleate, glyoxylic acid, and other plastics.

The succinic acid industry is broadly categorized into nine major segments based on the application type such as1,4 BDO, resins & coatings segment, dying and inks segments, pharmaceuticals, polyurethanes, food& beverages segment, plasticizers, cosmetics, solvent and lubricants, de-icing solutions. The resins & coatings is considered as one of the fastest growing segment in the succinic acid market with substantial revenue generation in the last few years.

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Growing popularity of succinic acid in the resins & coatings segment is attributed for the rise in demand from construction and the automotive industry. The pharmaceuticals segment has also witnessed substantial growth owing to the increasing medical tourism across the globe.

The succinic acid industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in pharmaceuticals and resins & coatings sector, increase in number of research & development activities in the region, and existence of well-established industrial infrastructure.

Asia-Pacific region is predicted to hold major market share in the succinic acid market displaying a massive growth in the forecast period. Countries such as India, China, South Korea and Japan are leading the Asia-Pacific market with strong economic growth in the region, rapid growth of automotive and construction sector, and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the succinic acid industry are BioAmber, Inc., Anqing Hexing Chemical Co., Ltd., Reverdia, Inc., Gadiv Petrochemical Industries Ltd., Kawasaki Kasei Chemicals, Inc., Myriant Co., Showa Denko K.K., Succinity GmbH, and Nippon Shokubai Co., Ltd.

Polymer Modified Bitumen Market Will Generate About USD 13.34 billion By 2025

The global Polymer Modified Bitumen Market size is expected to value at USD 13.34 billion by 2022. The market is subject to witness a substantial growth due to the growing demand from various end-user industries such as building & construction industry and roofing industry, and increasing use as adhesive and coatings. Massive increase in infrastructural spending, particularly in developing economies across the globe such as India, China and Brazil are anticipated to fuel expansion over the next seven years.

Shifting trend towards polymer-modified bitumen over conventional form of bitumen for asphalt overlay due to its advanced set of properties and minimum maintenance cost are anticipated to foster the growth of polymer modified bitumen industry. Globally, the polymer modified bitumen market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.

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In addition, variation in changing climatic conditions coupled with heavy traffic hampers bitumen roads adversely, thus leading to cracks and rutting. Thus, increasing demand for polymer modified bitumen to comprehend such as factors are propelling market growth over the next seven years. Use of polymer-modified bitumen reduces the investment required for road maintenance every year. However, higher initial investment is one of the key challenges for market growth, in the recent years. Yet, polymer modified bitumen is highly cost-efficient, thus positively affecting market growth over the next seven years.

The polymer modified bitumen industry is broadly categorized into two major segments based on the product type such as thermoplastic elastomers and plastomers. The thermoplastic elastomers is considered as one of the fastest growing segment in the polymer modified bitumen market with substantial revenue generation in the last few years. Growing popularity of the thermoplastic elastomers segment is attributed to the increasing use as elastomeric materials and superior properties such as improved ageing resistance, low temperature flexibility and resistance to permanent deformation. The plastomers segment has also witnessed substantial growth.

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The polymer modified bitumen industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in building & construction sector, substantial growth in green roofing industry, and existence of well-established manufacturing infrastructure in the region.

Asia-Pacific region is predicted to hold major market share in the polymer modified bitumen market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing spending in infrastructure development in the region, favorable government policies, and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the polymer modified bitumen industry are Total Oil India Pvt., Ltd., Benzene International Pte., Ltd., Lagan Asphalt Group, Nynas AB, Royal Dutch Shell plc, ExxonMobil Co., Gazprom NEFT Ltd., and Sika AG.

Wax Melts Market Will Accomplish Outstanding USD 6.13 billion Figure By 2025

The global Wax Melts Market size is expected to value at USD 6.13 billion by 2025. The wax melts industry is subject to witness a substantial growth due to the growing demand for the product from numerous end-user segments coupled with their superior properties such as high gloss, non-toxicity, good water repellency and outstanding chemical resistance. Increasing demand for synthetic wax is attributed to its unique properties such as thermal degradation resistance; high temperature stability and good heat resistance are expected to fuel market growth over the next seven years.

Numerous application of wax melts in cosmetic application such as creams, eye make-ups and lipsticks are expected to boost market sale of wax melts, in the near future. Globally, the wax melts market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the wax melts industry.

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Increasing competition in the market has led to development of innovative products, thereby positively affecting market growth. Growing supply and demand gap is expected to offer lucrative growth opportunities for industry participants. Aggressive marketing strategies adopted by market players to gain competitive advantages over their counterparts are predicted to stimulate market growth further.

Shifting trend towards synthetic wax is key growth factor for hot melt adhesives market, in the recent years. Additionally, increasing consummation of natural waxes and declining use of microcrystalline and polyethylene waxes owing to their hazardous effects is leading to the increasing demand for natural waxes over the forecast period.

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Wax melts are increasingly used in various residential application such as home fragrance product. Wax melts are easily available in varied shapes, sizes, and colors. Increasing adoption of wax melts in commercial buildings, such as shopping malls, offices and market complexes are expected to promote market development over the next seven years.

The wax melts market is broadly categorized into two major segments based on the application type such as domestic products and cosmetic application. The cosmetics sector is considered as one of the faster growing segment in the wax melts industry with substantial revenue generation in the last few years. Growing popularity of the cosmetic segment is attributed to the increasing adoption in various skin-care products such as facemasks, creams and peels.

The is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the changing lifestyle, and existence of well-established manufacturing infrastructure. Asia-Pacific region is predicted to hold major market share in the wax melts market with massive growth in forecast period.

Countries such as India, China and Singapore are leading the Asia-Pacific market with growing consumer awareness, improved living standards, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the wax melts industry are Yankee Candle, Inc., SC Johnson Co., Scentsy, Reckitt Benckiser Ltd., and Rimports Ltd.

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