According to Fortune Business Insights the global flavors and fragrances market size was valued at USD 27.50 billion in 2023 and is projected to grow from USD 28.72 billion in 2024 to USD 42.27 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period. The global Flavors and Fragrances Market is experiencing robust growth, driven by rising demand across food & beverage, cosmetics, personal care, and household products. Flavors enhance taste, while fragrances elevate the sensory appeal of various consumer goods. Increasing urbanization, disposable income, and evolving consumer preferences for natural and customized products are major contributors to market expansion.
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Flavors and Fragrances Market Segmentation Analysis:
Flavors Segment to Lead the Market Due to its Unique Properties
By type, the market is bifurcated into flavors and fragrances. The flavors segment is further categorized into natural and synthetic. The fragrances segment is also divided into natural and synthetic.
Food & Beverage Sub-Segment to Dominate the Market
Based on type (cross application), the market is segregated into flavors used in the food & beverage sector for beverages, bakery, confectionery, dairy, and others. These flavors are also used in pharmaceuticals and other sectors. The fragrance segment is further classified into fine fragrances, cosmetics & personal care, home & floor care, and others.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Profiled in the Flavors and Fragrances Market Report :
- Givaudan (Switzerland)
- International Flavors and Fragrances (IFF) (U.S.)
- Symrise AG (Germany)
- Robertet Group (France)
- Kerry Group plc (Ireland)
- Sensient Technologies (U.S.)
- Firmenich SA (Switzerland)
- Takasago International Corp (Japan)
- Hasegawa Co., Ltd. (Japan)
- Mane (France)
- Archer Daniel Midland Company (U.S.)
- Solvay S.A. (Belgium)
- BASF (Germany)
Drivers & Restraints:
Rising Development in Pharmaceuticals & Cosmetics Sector to Propel Growth
The market is expected to witness significant growth during the forecast period due to the developing regional and novel flavors and fragrances. Also, consumers' changing food preferences and tastes and the adoption of ready-to-eat food are anticipated to fuel the regional market growth. Furthermore, growth in the cosmetics and pharmaceuticals sectors is expected to drive market growth.
However, constantly changing prices in various products hamper market growth.
Regional Insights:
Europe Holds Dominant Market Share Due to Rising Demand from Food & Beverage Sector
Europe dominates the global flavors and fragrances market share due to the rising product demand from food & beverage manufacturers. The regional market stood at USD 8.16 billion in 2021.
Asia Pacific holds the second-largest global market share owing to the increasing demand for flavors and fragrances from various end-use industries.
Competitive Landscape:
New Product Launch Allows Key Market Players to Enhance their Product Portfolio
The key market players acquire various companies operating in the industry to improve their business performance. Also, rising investments in the adoption of technological advancements and R&D activities allow the leading market players to introduce new product ranges to the global market and increase business profitability.
Key Industry Development:
- March 2022: Symrise submitted a binding offer to acquire R. Romani - Société Française d’Aromatiques (SFA Romani) and Neroli Invest DL (Groupe Neroli). Both companies are based in the Grasse area in France. With these transactions, Symrise intends to reinforce its fine fragrance presence in southern France, strengthen its competitiveness in creating fragrance compositions, and broaden its presence in key countries in Europe, Africa, and the Middle East.
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The global dimethyl carbonate market was valued at USD 812.7 million in 2023 and is expected to grow from USD 873.5 million in 2024 to USD 1,506.7 million by 2032, with a compound annual growth rate (CAGR) of 7.1% over the forecast period. In 2023, the Asia Pacific region dominated the market, holding a 59.57% share.
Dimethyl carbonate is a clear, flammable organic liquid widely used as a solvent and chemical intermediate in the production of polycarbonate plastics, pharmaceuticals, and lithium-ion battery electrolytes. It is also recognized as an environmentally friendly alternative to phosgene and methyl halides in methylation and carbonylation reactions. A key driver of the DMC market is the increasing demand for lithium-ion batteries, particularly in the electric vehicle (EV) sector.
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Dimethyl Carbonate Market Segmentation:
1. By Application
Battery Electrolyte: The demand for DMC in lithium-ion battery production, particularly in the electric vehicle (EV) industry, is growing rapidly due to its role as a key electrolyte component. The expanding EV market will be a significant driver.
Solvent for Paints & Coatings: DMC’s use as a low-VOC (Volatile Organic Compounds) solvent in the paints and coatings industry makes it a preferred choice for manufacturers seeking sustainable options.
Pharmaceuticals: DMC is increasingly used in pharmaceutical manufacturing, particularly in drug formulation and as a reagent in organic synthesis.
Pesticides: It is also used in agrochemicals, particularly in pesticide formulations, due to its low toxicity and better environmental profile.
Others: This includes applications in adhesives, fuel additives, and plastic manufacturing.
2. By End-Use Industry
Automotive: With the global shift toward electric vehicles (EVs), DMC has gained significant traction as it is a critical ingredient in lithium-ion batteries.
Pharmaceuticals: Its non-toxic properties and usefulness in drug synthesis are driving demand in this sector.
Paints & Coatings: The demand for sustainable and eco-friendly chemicals in the paints and coatings industry is fueling DMC adoption.
Agriculture: Its use in pesticide formulations adds to its demand in the agriculture sector.
LIST OF TOP DIMETHYL CARBONATE COMPANIES:
- UBE Corporation (Japan)
- LOTTE CHEMICAL CORP. (South Korea)
- KOWA AMERICAN Corporation (U.S.)
- Kishida Chemical Co., LTD. (Japan)
- Shandong depu chemical industry science&technology co.,ltd (China)
- Merck KGaA (Germany)
- Tokyo Chemical Industry (India) Pvt. Ltd. (India)
- Shandong Haike Holding Co., Ltd (China)
- SANKYO CHEMICAL CO.,LTD. (Japan)
- SMC GLOBAL (U.S.)
Drivers and Restraints:
In March 2020, U.S.-based XNRGI announced plans to set up a 30,000 sq. ft. high-temperature lithium-ion battery plant in Gurugram, Haryana, with an annual capacity of 240 MWh. These batteries can charge up to 80% in under two hours and operate at temperatures up to 55°C. Market players are pursuing mergers, acquisitions, expansions, and innovative product launches to boost market share. For example, Flux Power Holdings Inc. launched its new LiFT Pack L48 lithium-ion battery for three-wheel forklifts at MODEX 2020, targeting high-performance warehouse applications. Rising battery demand and product innovation are expected to fuel market growth.
Key Trends
- Sustainability and Environmental Concerns: As industries shift towards greener solutions, DMC's non-toxic and biodegradable properties make it a preferred choice in various applications.
- Electric Vehicles Boom: The rise in the production of electric vehicles, particularly in Asia-Pacific and Europe, is driving the demand for lithium-ion batteries, which in turn increases the demand for DMC.
- VOC Regulations: Increasing regulations around VOC emissions, especially in the coatings and paints industry, are boosting the adoption of DMC as a low-emission solvent.
- Technological Advancements: Advancements in chemical synthesis and the development of innovative DMC derivatives are expected to open new opportunities for the market.
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According to Fortune Business Insights the global nylon market size was valued at USD 31.09 billion in 2023 and is projected to grow from USD 32.64 billion in 2024 to USD 48.86 billion by 2032, exhibiting a CAGR of 5.1% during the forecast period. Nylon is a type of polymer that is produced by the reaction between carbon-based chemicals that are usually found in petroleum and coal under high pressure. It is widely adopted to manufacture plastic machine parts and electronics owing to its high tensile strength, non-conductivity, heat resistance, and low-cost properties. Additionally, it is used for manufacturing bolts, screws, nuts, and washers in the automotive industry across the globe.
Polyamide, also known as nylon, is a versatile polymer used in various industries for its wide range of applications. It is produced through the polymerization of caprolactam or adipic acid & hexamethylene diamine. Companies in the industry, such as Invista, are investing in expanding their production capacities to meet the growing demand and enhance their manufacturing processes.
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Nylon Market Segmentation:
Versatility of Nylon 6 Fibers in Textile Applications Spur’s Market Growth
By type, the market is segmented into Nylon 6 (resin, fiber) and Nylon 6,6 (resin, fiber). Nylon 6 fibers dominate the global market for their strong adoption in the textile industry, offering excellent mechanical strength and wear resistance for various webbing products.
Automotive Sector's Strong Demand for Resins and Fibers Propel Segmental Growth
By application, the market is segregated into automotive, electrical & electronics, appliances, film & coatings, wire & cables, consumer, industrial & machinery, and others.
The automotive segment held the largest nylon market share in 2022, driven by the extensive use of polyamide resin and fibers in various automobile applications such as airbags, injection molded components, and tire cords.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of the Companies Profiled in the Market:
- DuPont (U.S.)
- BASF SE (Germany)
- Lanxess AG (Germany)
- Nylon Corporation of America, Inc. (NYCOA) (U.S.)
- Shenma Industrial (China)
- Ascend (Thailand)
- Domo Chemicals (Belgium)
- Radici Partecipazioni SpA (Italy)
- Invista (U.S.)
- DSM (The Netherlands)
- Formosa Group (Taiwan)
- SINOPEC (China)
- Ube Industries (Japan)
- LIBOLON (Japan)
- ZIG SHENG INDUSTRIAL CO., LTD. (Taiwan)
- Other
What does the Report Include?
The global market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborations that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Adoption of Product from the Packaging Industry to Favor Growth
Polymeric products such as nylon 66 have excellent properties such as high elasticity that are extensively adopted across several industries. For instance, they are adopted as films and coatings in the packaging industry owing to their high tensile strength and toughness. The industrial applications include packaging of food and fluids such as oils, grease, and acidic food and they are in great demand across other industrial applications. Additionally, the increasing focus on developing advanced nylon products to cater to the increasing consumer demand is expected to bode well for the growth of the global nylon market in the forthcoming years.
REGIONAL INSIGHTS
Increasing Demand for Films & Coating in Asia-Pacific to Aid Growth
Among all the regions, the market in Asia-Pacific stood at USD 13.92 billion in 2019 and is expected to hold the highest position in the global market during the forecast period. This is attributable to the increasing demand for films and coating from the packaging industry in countries such as India and China in the region.
North America is anticipated to experience significant growth owing to the growing automotive industry and the increasing production of nylon 66 polymers by the manufacturers between 2020 and 2027.
COMPETITVE LANDSCAPE
Major Companies Focus on Product Expansion Facilities to Strengthen Their Market Positions
The global nylon market is fragmented by the presence of several major companies that are focusing on consolidating their positions by expanding their production facilities and cater to the increasing demand for the product across several industrial applications. The other key players are adopting strategies such as merger and acquisition, partnership, and collaboration to maintain their presence in the highly competitive global marketplace.
Industry Development
September 2018 – INVISTA, a leading manufacturer of polymeric materials, announced the expansion of its facility located at Shanghai Chemical Industry Park (SCIP), China. The company is expected to add 40 kilotons of nylon 66 to its production facility by 2020 to cater to the increasing consumer demand across Asia-Pacific region.
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According to Fortune Business Insights the global sterilization pouches market size was valued at USD 26.96 billion and is projected to reach USD 62.81 billion by 2032, exhibiting a CAGR of 6.16% during the forecast period based on our analysis in the existing report. Medical devices are indispensible items in any healthcare facility, being employed in various kinds of health procedures. These devices need to be stored in sterile environments to prevent them from getting contaminated. However, medical equipment is one of the primary causes of spread of healthcareassociated infections.
According a 2018 study of the Centers for Disease Control and Prevention (CDC), temporary medical devices such as urinary catheters were a frequent cause of spread of infections in healthcare facilities in the US between 2015 and 2017. Sterilization pouches are, therefore, crucial in maintaining the sterility standards of the devices used for healthcare purposes, which is the primary factor driving the market growth.
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Sterilization Pouches Market Segmentation:
By Type:
The paper- & plastic-based segment is expected to grow the fastest due to high demand in hospitals and clinics for sterilizing small medical instruments. These pouches are made per healthcare packaging standards and are available in custom sizes. Sterilization containers are mainly used in large healthcare facilities like CSSDs for bulk sterilization.
By Application:
Hospitals are the largest users of sterilization pouches due to high patient volumes and frequent surgical procedures. Small clinics are the second-largest users, especially for minor aesthetic surgeries. CSSDs also contribute significantly to the market due to their role in large-scale instrument sterilization.
Market Restraint
Increasing Generation of Plastic Waste by Medical Facilities to Stem Market Growth
Medical facilities generate enormous amounts of plastic waste, since majority of instruments and equipment used in these facilities contain plastics. According to the US Healthcare Plastics Recycling Council, 40% (approximately 5 million pounds) of plastic waste generated in US hospitals is from sterilization pouches and wraps. As a result, there is growing clamor for the use of reusable and recyclable plastic sterilization products in hospitals. Surveys conducted by Practice Greenhealth, a non-profit organization dedicated to make hospitals more sustainable, found that hospitals that had replaced sing-use plastic devices with reusable ones have experienced a significant decline in waste generation.
Regional Insights
Consistent Access to Quality Healthcare to Ensure Stable Product Demand in North America
In 2019, the market size in North America stood at USD 9,534.68 million and the region is expected to dominate the sterilization pouches market share in the forthcoming years. The main reason for this is the assured access to standard healthcare services and products to populations across the region. Moreover, per capita healthcare expenditure in Europe is also considerably high compared to other countries, which is further fueling the growth of the regional market.
The market in Europe is anticipated to showcase promising growth owing to active adoption of advanced sterilization solutions in healthcare facilities in Western Europe. In Asia Pacific, healthcare expenditure is steadily rising, especially in India and China, which augurs well for the global market.
Competitive Landscape
Key Players to Focus on Optimizing Response to the COVID-19 Outbreak
The COVID-19 pandemic has forced companies in this market to leverage their expertise in optimizing their response to this unprecedented health crisis. With the usage of medical devices surging worldwide, the demand for sterilization pouches and similar products is also escalating, compelling players to augment production capacities to meet this demand.
Industry Developments:
May 2020: STERIS plc received another Emergency Use Authorization (EUA) by the US Food and Drug
Administration (FDA) for decontamination of N95 respirators. The company has created a decontamination cycle for hospitals to utilize its AMSCO Steam Sterilizers which use hydrogen peroxide to decontaminate respirators.
December 2019: US-based M&Q Packaging created a new line of dry heat and steam sterilization pouches closures, with the ability to withstand high temperatures and resist chemical wear & tear.
The product was custom-engineered for a customer, leading the company to innovate an “easy close” flap solution.
List of Companies Profiled in this Market Report:
- STERIMED (US)
- Cantel Medical Co. (US)
- Proampac (US)
- Wihuri (China)
- Certol International (US)
- Smurfit Kappa (Ireland)
- PMS Healthcare Technologies (US)
- 3M (US)
- Cardinal Health (US)
- Shanghai Jianzhong Medical Equipment Packing Co., Ltd. (China)
- Bischof+Klein (Germany)
- Mondi Group (Austria)
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According to Fortune Business Insights the global self-healing materials market size was USD 5.58 billion in 2023 and is projected to grow from USD 9.08 billion in 2024 to USD 436.92 billion by 2032 at a CAGR of 62.5% during the 2025-2032 period. Self-healing materials are contrived or simulatedcreated composites that possess various benefits, including instinctively repair damages or rebuilding attributed without any external aid. These aids include human or apparatus-based intervention. Generally, materials deteriorate over extended duration from fatigue due to damages occurring from operations and external environmental conditions.
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Self-Healing Materials Market Segmentation:
By Form:
The market is segmented into intrinsic and extrinsic forms. The intrinsic segment dominates due to its ability to restore material integrity after damage, often triggered by external stimuli. Examples include Diels-Alder-based polymers, which heal through thermal reversibility.
By Product:
Segments include polymer, concrete, metal, coating, ceramic, asphalt, and fiber-reinforced composites. Polymers led the market in 2023, driven by demand for materials like vitrimers and multifunctional polymers known for durability and thermal stability. Ceramic composites are gaining traction in aerospace for their self-repairing and heat-resistant properties. NASA has also used selfhealing conductive materials in shuttle wiring systems.
By End-use Industry:
Key segments are transportation, consumer goods, building & construction, energy generation, healthcare, and others. Transportation dominates due to demand for low-maintenance, durable materials. Notably, Lamborghini and MIT developed a self-healing car concept. Consumer goods and construction are also major contributors, fueled by growing lifestyle spending, infrastructure development, and eco-friendly microbial self-healing materials.
The report on the self-healing materials market accentuates:
- All-inclusive study of the market
- Important insights into the segments
- Comprehensive information about regions
- Valuable data about prominent players
- Latest developments in the market
Market Driver :
Expansion of BASF’s Chemical Industry to Promote Growth
The growing focus of companies towards expanding their production capacity can create opportunities for the market. For instance, in September 2019, BASF, a major in the chemical industry announced that it will increase the production of ethylene oxide and ethylene oxide derivatives at its Verbund site in Antwerp, Belgium. The total capacity for the project adds up to 400,000 metric tons a year to BASF's manufacturing potential for relevant materials with an annual investment value of over € 500 m. furthermore, the prospering automotive industry is expected to aid the expansion of the market. Self-healing materials are chemically produced substances that have the characteristics of self-healing without any external force. The growing focus of OEMs towards healers as an external cover to cars is expected to enable the growth of the market. Besides, the reduction of repairs by the use of healers can spur its demand in the automotive industry, thus aiding the growth of the market.
Nevertheless, the high cost of healers combined with the availability of a variety of alternatives is expected to restrict the growth of the market.
Regional Analysis :
Accelerating Pharmaceutical Industry to Encourage Growth in Europe
The market in Europe is expected to experience high growth during the forecast period owing to the rising demand from the UK, Germany, France, Italy, Spain. The elevating pharmaceutical industry in Europe coupled with rapid business developments are factors expected to aid growth in the region. The increasing application in the existing automotive and transport sector is expected to further bolster the healthy growth of the market in Europe. North America is the second-largest consumer of self-healing products. The growth in the region is attributed to the strong demand from the domestic sector and manufacturing base. The government initiatives to improve infrastructure is expected to spur business opportunities for the market. The market in Asia Pacific is expected to witness rapid growth due to the improving construction industry. The increasing per capita income, urbanization, and a large population can further encourage growth in the region.
Key Development :
April 2019 : Arkema announced the 30 percent capacity extension of its photocure liquid resin development plant in Nansha, China.
The Report Lists the Key Companies in the Self-Healing Materials Market:
- AkzoNobel N.V.
- Arkema SA
- Autonomic Materials Inc.
- Avecom N.V.
- BASF SE
- Covestro AG
- Critical Materials S.A.
- Du Pont De Nemours
- Company
- Evonik Industries
- Sensor Coating Systems Ltd.
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According to Fortune Business Insights the global carbon fiber market size was valued at USD 2.65 billion in 2023 and is projected to grow from USD 2.82 billion in 2024 to USD 6.54 billion by 2032, exhibiting a CAGR of 11.1% during the forecast period. Carbon fiber is produced from carbon atoms with five to ten micrometers diameter. It is also called graphite fiber. These fibers have superior properties such as low thermal expansion, high stiffness, high-temperature tolerance, high-tensile strength, high strength-to-weight ratio, and higher chemical resistance. These excellent properties of the product made it a matter of choice in defense, aerospace, construction, automotive, sports applications, and wind turbines. Increasing demand for lightweight vehicles and rising automotive demand will drive the market growth.
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Fortune Business Insights™ presents a list of reputed manufacturers operating in the global market. They are as follows :
- ZOLTEK Corporation (Missouri, the U.S.)
- Hexcel Corporation (Connecticut, the U.S.)
- TEIJIN LIMITED (Tokyo, Japan)
- TORAY INDUSTRIES, INC. (Tokyo, Japan)
- Solvay (Brussels, Belgium)
- Formosa M Co., Ltd. (Gyeonggi-do, Korea)
- Mitsubishi Chemical Carbon Fiber and Composites, Inc. (California, the U.S.)
- Nippon Graphite Fiber Co., Ltd. (Hyogo, Japan)
- Advanced Composites Inc. (Utah, the U.S.)
- HYOSUNG ADVANCED MATERIALS (Seoul, South Korea)
- Other Key Players
Drivers & Restraints-
Rising Usage of CFRP to Manufacture Lightweight Vehicles will Favor Growth
Numerous companies are investing huge sums in developing processes to lower the weight of vehicles. Therefore, the usage of carbon fiber reinforced polymer (CFRP) has increased in high-end supercars. CFRP has a density as low as 1.6g/cc and possesses an excellent strength-to-weight ratio. Also, lightweight cars can save around 6% to 8% of fuels and have much better fuel efficiency. These factors are anticipated to accelerate the carbon fiber market growth in the upcoming years. However, the cost of this fiber is very high. It mainly depends on the cost of the precursor and the yield, which, in turn, may obstruct growth.
Carbon Fiber Market Segmentation Market:
Polyacrylonitrile Segment to Lead the Market Share during the Forecast Period
On the basis of precursor, the market is divided into pitch and PAN (polyacrylonitrile). The PAN segment held a reasonable share of the market in 2022 and is expected to lead during the forecast period, owing to growing demand from end-use industries. The increasing demand for PAN-based graphite fiber is attributed to its properties, including high modulus, better fiber quality, costeffectiveness, and high tensile strength.
Small Tow Segment to Lead due to Growing Adoption in the Aerospace & Defense Industry
According to tow, the market is fragmented into small tow and large tow based on tow. The small tow segment accounted for the largest share in 2022. It is widely used in aerospace and defense due to its tensile strength and high modulus. Large tow fibers also held a reasonable share of the market, which is predicted to grow in the near future.
Aviation, Aerospace & Defense Segment to Grip Largest Share of Growing Aircraft Manufacturing
Based on the application, the market is fragmented into automotive, aerospace & defense, aviation, sports & leisure, wind turbines, construction, and others. the aviation, aerospace & defense segment accounted for the highest market share in 2022 and may continue its dominance during the forecast period as composite materials are widely used in the aerospace industry.
Regional Insights-
Europe to Lead Backed by Increasing Presence of Electric Vehicle Manufacturers
- Europe : The market in this region stood at USD 756.5 million in 2020 in terms of revenue. It is expected to dominate throughout the forthcoming years because of the rising expenditure of automakers in R&D activities to create affordable and effective carbon composite materials. Besides, the presence of numerous electric car manufacturers in the region would propel growth.
- North America : The increasing need to use renewable resources has resulted in the surging installation of wind farms in North America. Additionally, lightweight carbon fiber is extensively used in the aviation sector of this region.
- Asia Pacific : The region is expected to showcase considerable growth on account of the rising government spending on multiple infrastructure projects and rapid urbanization. Apart from that, China is exhibiting the higher utilization of construction composites in the construction of houses, bridges, and tunnels.
Competitive Landscape-
Key Companies Aim to Intensify Competition through Acquisitions and New Product Launches
The global market for carbon fiber houses several companies, such as Teijin Limited, Toray Industries, and ZOLTEK Corporation. They are majorly focusing on purchasing local firms, launching state-of-the-art products, or partnering up with reputed organizations. Below is one of the latest industry developments:
- June 2019 : Liberty Hall Capital Partners announced the execution of an agreement with Sekisui Chemical Group to sell AIM Aerospace worth USD 510 million. This new acquisition would help Sekisui Chemical to expand its geographic reach, diversify its customer base, and broaden its capabilities.
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According to Fortune Business Insights the lactic acid market size was valued at USD 7.14 billion in 2023 and is projected to grow from USD 8.37 billion in 2024 to USD 31.84 billion by 2032, exhibiting a CAGR of 18.0% during the forecast period.
According to our researchers, lactic acid or 2-Hydroxypropanoic acid is a natural biological acid with several applications in the food, pharmaceutical, chemical, cosmetic, and medical industries. It is formed by fermenting sugar acquired from renewable means, terming it as an eco-friendly creation. The product is generally utilized in polylactic acid (PLA) formation, a compostable thermoplastic and recyclable polymer created from renewable mediums.
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Drivers and Restraints
Growing Cosmetic and Personal Care Industry to Drive Market Growth
Lactic acid is used as a humectant, exfoliator, pH adjuster, and skin prepping agent in various beautifying and personal maintenance products. It smoothens, revitalizes, and sets an even skin texture while appearing firmer. It aids in declining the look of acne spots, wrinkles, and fine lines on the skin. Additionally, the product is incorporated in hair products because of its capability to reinforce fragile hair. Moreover, the upsurge in user consciousness and augmented disposable income are anticipated to amplify the demand for cosmetics and individual maintenance products and further thrust the market development.
Moreover, the promptly increasing number of social media handlers, tailored ads, and celebrated social influencers recommending several cosmetic products through these mediums are expected to boost cosmetic and personal care products sales. Further, brands with online websites and e-commerce businesses such as Alibaba Express and Amazon have amplified online shopping, which, in turn, may bolster the demand for cosmetic and personal care products. This factor may boost the lactic acid market growth in the long term.
List of Key Players Covered in Lactic Acid Market Report are:
- BASF SE (Ludwigshafen, Germany)
- Corbion (The Netherlands)
- NatureWorks LLC (Minnesota, U.S.)
- CELLULAC (London, U.K.)
- Galactic (Escanaffles, Belgium)
- Sulzer Ltd (Winterthur, Switzerland)
- GODAVARI BIOREFINERIES LTD. (Mumbai, India)
- Cargill, Incorporated (Minnesota, U.S.)
- Kemin Industries, Inc. (Iowa, U.S.)
- Henan Jindan Lactic Acid Technology Co. Ltd (Hertogenbosch, The Netherlands)
Lactic Acid Market Segmentation Analysis:
Rising Adoption of Sugarcane in Food and Biochemical Industries to Propel Sugarcane Segment Growth
By raw materials, the market is divided into sugarcane, corn, yeast extract, and others. The sugarcane segment is expected to lead the market due to the rising adoption of sugarcane in the food and biochemical industries and increasing bioplastics development.
Rapid Food and Pharmaceutical Industries Expansion to Drive Liquid Segment Growth
Based on form, the market is bifurcated into liquid and dry. The liquid segment held the largest lactic acid market share. The segment’s growth is attributed to the rapid expansion of the pharmaceutical and food industries, boosting the adoption of the product’s liquid form.
Polylactic Acid’s Growth is Driven by its Increasing Demand in Different Industries
By application, the market is classified into polylactic acid, food & beverages, pharmaceutical, cosmetics & personal care, and others. The polylactic acid segment held the largest market share due to its growing demand in the food packaging, automotive, textile, and engineering plastic industries.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights
Rising Demand for Acid from Several Industries to Bolster Market Growth in North America
North America held the largest lactic acid market share and controlled the global market in 2020. Rising demand for acid from the food & beverage, pharmaceutical, and cosmetics industries. The pharmaceutical segment is expected to develop as an outcome of R&D and developments in drug transfer systems. These improvements are then estimated to fuel the market growth.
Europe is projected to display substantial development owing to increasing demand from the bioplastic industry. Escalating worries regarding the harmful impacts and ecological destruction of non-biodegradable plastics and ecological destruction is estimated to upsurge the demand for biodegradable plastics as a substitute.
The Asia Pacific region is predicted to observe a considerable growth rate due to intensifying demand from the food & beverages industry. The requirement for food and beverage goods is further estimated to inflate as people's purchasing power and living standards progress.
Competitive Landscape
Bulk Development Strategies Applied by Players to Maintain Market Position
Most of the crucial players are financing the acid's R&D activities to transform novel and reputable technologies. For example, in April 2019, Asahi Group, a Japanese brewery business, introduced the Asahi Quality and Innovations Co. (AQI) as it pursues to progress its proficiency in yeast and LAB and implement novel digital technologies. This R&D is expected to advance novel health food elements, generate fresh business, and decrease the general ecological impact.
Key Industry Development
- June 202: Praj Industries Ltd. and Lygos, Inc. signed a Memorandum of Understanding (MOU) to develop the registered yeast of Lygos for the creation of the acid jointly.
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The Global Galvanized Steel Market has recently been analyzed and explored by Fortune Business Insights™ in their latest market research report. The team of dedicated analysts and researchers has gone to great lengths to provide a comprehensive overview of both current and future scenarios pertaining to the Galvanized Steel Market. As a result, this report is packed with valuable insights that will be highly advantageous for industry players looking to maintain a competitive edge.
The report also highlights limiting factors and regional industrial presence that may impact market growth trends beyond the forecast period of 2032. The market research aims to gain a complete understanding of the industry's potential and provide information that will help companies to make informed decisions. The Galvanized Steel Market Report is an impressive 100+ page document that includes a comprehensive table of contents, a list of figures, tables and graphs, as well as a comprehensive analysis.
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Forecast Growth Projected:
According to Fortune Business Insights the global galvanized steel market size was valued at USD 98.80 billion in 2023 and is projected to grow from USD 104.28 billion in 2024 to USD 166.09 billion by 2032, exhibiting a CAGR of 5.9% during the forecast period.
List of the Key Players in the Galvanized Steel Market:
- ArcelorMittal S.A. (Luxembourg)
- Nippon Steel Corporation (Japan)
- ThyssenKrupp AG (Germany)
- Steel Dynamics Inc. (U.S.)
- POSCO HOLDINGS INC. (South Korea)
- JFE Steel Corporation (Japan)
- JSW Steel Limited (India)
- Tata Steel (India)
- NLMK Group (Russia)
- Jiangsu Shagang Group (China)
Competitors Landscape:
The realm of Galvanized Steel Market is rife with cutthroat competition and fragmentation, a result of the considerable presence of both global conglomerates and domestic contenders. Industry insiders situated in diverse geographical regions are formulating and executing effective strategies to exploit unexplored opportunities and extend their business outreach. In this highly aggressive environment, prominent players are aggressively pursuing tactics to enhance their market share through various channels.
Segmentation:
Sheet and Strip Segment Lead Owing to its Strength and Resistance
On the basis of type, the U.S. market for hot-dip galvanized steel is divided into structure, pipe and tube, sheet and strip, wire and hardware, and others. The sheet and strip segment holds the apex position in the market due to its strength and resistance, making it ideal for construction applications such as framing and support systems.
Construction Segment Led Owing to Extensive Use in Building Frames
On the basis of application, the market is classified into automotive, home appliance, general industrial, construction, and others. The construction segment captures the key U.S. hot-dip galvanized steel market share, with galvanized steel used extensively in building bridges, beams, columns, frames, and trusses, benefiting from its corrosion resistance and durability.
What are the New Additions in Galvanized Steel Market Report?
Comprehensive Market Analysis : The 2023 report provides a detailed industry overview, analyzing key market trends, growth drivers, challenges, and opportunities. It covers various sectors within the industry and offers insights into market size, market share, and market segmentation.
Company Profiles : The report includes additional in-depth information on key company players operating in the industry. It offers detailed profiles of these companies, highlighting their financial performance, product portfolios, strategic initiatives, partnerships, and competitive landscape analysis.
Customization and Analyst Support : The report offers customized services and analyst support upon request. This may include tailored research, specific data requirements, or personalized insights based on the client's needs and preferences.
Recent Market Developments : The report incorporates the latest market developments that have occurred since the previous edition. It includes recent mergers and acquisitions, product launches, collaborations, regulatory changes, and other significant events shaping the industry landscape.
Futuristic Growth Opportunities : The report identifies and presents future growth opportunities in the industry. It explores emerging technologies, market trends, consumer preferences, and regulatory factors that are expected to drive growth and innovation in the coming years.
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