Global Market Analysis Report of Chemicals and Materials Industry: Chemicals & Materials report

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Friday 23 August 2019

Global growth of Agricultural Micronutrients Market 11:31

How Nutrient Imbalance in Soil Drives Agricultural Micronutrients Market?

The world’s population is predicted to reach 9.8 billion by 2050 from 7.6 billion in 2017, as reported by the United Nations Department of Economic and Social Affairs. This huge increase in the population is expected to drive the demand for food; therefore, the requirement for horticulture crops, food crops, and cash crops would witness a surge in the coming years. Farmlands would experience the effects of the increasing population that would mount a pressure on improving their crop yield, which can be done by using agricultural micronutrients. A report by the Food and Agriculture Organization (FAO), a United Nations agency, reported that arable land area, which was 49.4 million square kilometers in 2000, decreased to 48.6 million square kilometers in 2015. It is predicted to decrease to 0.15 hectares per person by 2050 from 0.23 hectares in 2000 due to numerous factors, such as the shrinking income of farmers and degradation of agricultural land.

A study conducted by P&S Intelligence reported that growing at a 7.5% CAGR, the agricultural micronutrients market would amass $9,009.2 million in the coming years compared to the $5,848.0 million it garnered in 2017. Agricultural micronutrients are essential minerals and elements that play an important role in promoting the growth of plants and are required in small amounts. These micronutrients are of many types, such as zinc, boron, iron, molybdenum, chlorine, nickel, copper and manganese. In 2017, zinc alone accounted for over 25.0% of the total revenue generated by micronutrient sales, as it is one of the most essential plant growth promoters. Besides being one of the important constituents of plant enzymes and proteins, it is also essential for metabolic processes. Therefore, the demand for zinc has been witnessing an increase due to the growing need for expediting plant growth across the globe.

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Lower crop yield could be a result of soil deficiencies of micronutrients that are essential for plant growth. In the past decade, these deficiencies have been primarily established for zinc, followed by boron and molybdenum. Zinc-deficient soil is present in Asia (India, Turkey, Indonesia, and China), the north-western region of South America, and sub-Saharan Africa, as per the Institute for Agriculture and Trade Policy. The low levels of nutrients limit the physiologic and metabolic processes of crops, thereby affecting their growth and ultimately the farms’ yield. A micronutrient imbalance has been created due to constant mineral stripping occurring as a result of routine crop production. As per an FAO report, unsustainable farming practices have resulted in zinc deficiency in over 50.0% agricultural soils. This has posed a serious threat to human health and survival as challenges to food security have increased.

Cereals and grains, fruits and vegetables, oilseeds and pulses, rubber, cotton, tea, sugarcane, coconut, and coffee are the major types of crops for which agricultural micronutrients are used. The highest demand for these micronutrients was generated by cereals and grains that accounted for more than 50.0% of the revenue to the firms providing these to users. These micronutrients are heavily employed in ensuring optimum growth and yield of cereals and grains. The demand for micronutrients is set to only increase to feed the growing population, which would continue to boost the demand for crops and thereby driving the agricultural micronutrients market.

Manish Baghel 0

Tuesday 20 August 2019

Market Growth 15:00

Aerospace Composites Growing in Demand for Manufacturing New Aircrafts

The growing aviation market and traffic are leading to the expansion of the commercial aircraft fleet. The International Air Transport Association (IATA) stated that the global air traffic is projected to reach 7.8 billion passengers by 2036. The expanding travel and tourism industry, rising living standards in emerging economies, and lower airfares are driving the civil aviation sector. Asia is predicted to be responsible for the majority of the growth in passenger traffic. Countries such as India and China are witnessing a rapid surge in the movement of domestic as well as international passengers. This is not to say that the developed nations are lagging behind. Europe and North America will continue to contribute to the aviation market due to the expected rising influx of international passengers for business and tourism purposes. This rapidly growing passenger traffic is predicted to lead to the expansion of the commercial aircraft fleet. The manufacturing of new aircraft then is projected to drive the aerospace composites market.

Now, what exactly are aerospace composites? In most basic terms, these are a combination of several materials. Composites can be created with two or more materials that have different physical or chemical properties. The important part about composites is that the materials they are made of don’t fully combine with each other and retain their original properties, thereby resulting in a material that has excellent strength, good stiffness-to-density ratio, and superior physical properties. These properties of composites make them ideal for the aerospace industry. In 2017, the global aerospace composites market attained a value of $2,376.7 million, and it is expected to grow at a CAGR of 10.1% in the coming years. One of the reasons for this growth is the rising demand for carbon fiber composites in aircraft manufacturing.

Leading aircraft manufacturers such as Airbus and The Boeing Company are focusing on using lightweight structural materials for the manufacturing of aircraft components, as aircraft weight is a critical indicator of its operational performance. This is where carbon fiber composites come in. Carbon fiber or graphite fiber is a polymer material made up of carbon filaments that are bonded together in microscopic crystals. These composites are lightweight and offer relatively higher strength than other composites. These properties also help in improving the fuel economy of commercial aircraft and lowering their overall operational cost. Due to these advantages, carbon fiber composites, among all types of aerospace composites, accounted for more than 50.0% sales and 55.0% revenue in 2017. The demand for carbon fiber composites is predicted to increase in the coming years as well because of the growing aviation sector, which will likely encourage the development of new aircraft.

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According to the data provided by McKinsey & Company, India and China would purchase more than 3,500 planes over the next two decades. This surging requirement for aircraft in developing countries, such as Indonesia, apart from India and China is proving to be highly beneficial for the players in the market. The middle-class population, along with disposable income, is increasing rapidly in these nations, thereby leading to economic prosperity, which is further driving the demand for commercial aircraft. The passenger traffic in emerging economies is growing due to the increasing income level; this is responsible for the rapidly increasing sales of the composites used in aircraft manufacturing.

Manish Baghel 0

Monday 12 August 2019

Polyetheramine Market size 02:47

Polyetheramine Market Growing Rapidly in Asia-Pacific (APAC)

In 2015, the global sales of polyetheramine generated a revenue of $660.4 million, and these are predicted to progress at a 10.5% CAGR during the forecast period (2016–2022). The polyetheramine market is being driven by the widening application area of the chemical and growing demand for it from Asia-Pacific (APAC) countries. Polyetheramines are chemicals with a basic amino group (NH₂) attached to a polyether chain, most often of ethylene oxide and propylene oxide or even both these together.

On the basis of application, the polyetheramine market is categorized into epoxy coatings, polyurea, composites, fuel additives, adhesives and sealants, and others. In 2015, the epoxy coatings application consumed the chemical in the largest amount and also contributed the highest revenue to the market. Polyetheramine is used as a curing agent in epoxy coatings, to which the chemical imparts flexibility, toughness, hydrophilicity, and hydrophobicity, depending on the use.

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Apart from epoxy coatings, the use of the chemical in other products and applications is also continuously growing. For instance, the demand for polyurea and fuel additives, both of which have polyetheramine as a constituent, is growing across the world. Polyurea is used to make spandex fiber, which is used for athletes’ clothing, whereas fuel additives enhance the performance of fuels, such as gasoline and diesel. Among the emerging applications of the chemical are demulsifiers in oil fields and cement additives.

Around the world, APAC led the polyetheramine market in 2015 in terms of sales volume as well as revenue, and the region is expected to retain its position during the forecast period. This is attributed to the growth of regional countries’ economy, individuals’ spending power, infrastructure developments, and foreign direct investments. For instance, the manufacturing and chemicals industries in China are projected to witness remarkable growth during the forecast period with global companies shifting their manufacturing plants from Europe and North America.

The reason behind key polyetheramine market players taking such steps is that APAC offers them raw material and skilled labor at lower costs compared to other regions along with vast opportunities for investment. Furthermore, India too is experiencing an industrial boom, which, combined with its huge consumer base, would further the growth of the market in the APAC region. A similar scenario is expected in other regional nations, including Malaysia, Indonesia, South Korea, and Vietnam.

Apart from APAC, the Middle Eastern region is also expected to offer polyetheramine market players lucrative growth opportunities. The demand for resin, fuel additives, paints, composites, epoxy coatings, adhesives and sealants is growing in the region because of economic prosperity, expanding infrastructure sector, and rising disposable income of the populace. Further, technological advancements are expected to create better polyether amines, and their benefits would, in turn, drive their demand among end users across the APAC and Middle Eastern regions.

Key polyetheramine market players have already begun taking stock of the situation and accordingly come up with strategies to make the most of it. For example, in June 2016, BASF SE bought Chemetall, the surface treatment business of Albemarle, for $3.2 billion. The company also inaugurated a new automotive coating manufacturing plant in Bangpoo, Thailand in June 2016 and a concrete admixture plant in Kharagpur, India in May 2016 to expand its footprint in the APAC region.

Thus, with the growth of end-use industries in the APAC region, the demand for polyetheramine would increase further.

Manish Baghel 0