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The global asphalt market is expected to gain traction from the ongoing technological advancements taking place in the mixing plants. Besides, several manufacturers are focusing on developing state-of-the-art solutions to fulfill industry requirements and consumer demand worldwide. This information is given by Fortune Business Insights™ in a recently published report, titled, “Asphalt Market Size, Share & Industry Analysis, By Product (Paving, Roofing, and Others), By Application (Roadways, Waterproofing, Recreation, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the asphalt market size stood at USD 222.0 million in 2019 and is expected to reach USD 321.5 million by 2027, exhibiting a CAGR of 4.8% during the forecast period.

Information Source- https://www.fortunebusinessins....ights.com/asphalt-ma

This Report Answers the Following Questions:

What are the significant market growth drivers and obstacles?
Which segment is set to lead the market in terms of share?
How will the companies cope up with the current outbreak of the coronavirus infection?
What are the crucial strategies adopted by companies to intensify competition?
Drivers & Restraints-

Rising Need for Protecting Buildings from Harsh Weather to Drive Growth

The frequently changing climatic conditions are affecting the infrastructures. Hence, consumers are becoming more aware of the same. Apart from this, the rising concerns about global warming are starting to influence several consumers to use novel technologies for preventing the structures from extreme weather conditions. It is, in turn, resulting in the high demand for roofing to protect new and aging structures. Asphalt is nowadays increasingly utilized in applications such as waterproofing and recreation. Waterproofing is necessary for avoiding dampness, leakages, decay, molds, and mildew in buildings. However, many people are gradually inclining towards cement roadways from bitumen roads. It may hamper the asphalt market growth in the coming years.

Segment-

Roadway Segment to Dominate Fueled by Expansion of Construction Industry

In terms of application, the market is segregated into recreation, waterproofing, roadways, and others. Amongst these, the recreation segment generated 17.4% in 2019 in terms of asphalt market share. This growth is attributable to the rising population worldwide. The roadways segment is anticipated to dominate stoked by the expansion of the construction industry. However, owing to the present pandemic, the construction industry may decline in 2020, but start growing once again in the forthcoming years.

Regional Analysis-

Asia Pacific to Remain at the Forefront Stoked by Rapid Urbanization

Asia Pacific is set to grow considerably in the coming years because of the presence of a well-established construction sector in this region. The developing nations, such as India, China, and South Korea are the major contributors to growth. Industry consolidations and rapid urbanization in these countries would also affect the market positively. However, COVID-19 pandemic has reduced the growth rate. As per our research, Hong Kong’s construction industry recently laid off approximately 50,000 employees on account of the disruptions in the supply of labor and raw material from China.

In 2019, North America, on the other hand, procured USD 65.43 million in terms of revenue. This growth is attributable to the rising trend of maintenance of highways and roadways, as well as the recreation of residential buildings. Coupled with these, favorable government policies, rising construction activities, and robust economic growth are anticipated to drive the demand for asphalt in this region.

Competitive Landscape-

Key Companies Focus on Bagging Orders from Other Enterprises to Surge Sales

The global market is highly fragmented with the presence of numerous big, medium, and small-sized companies globally. They are persistently adopting the strategies of investment, gaining new projects, mergers & acquisitions, collaborations, and others. Below is one of the most recent industry developments:

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A designer towel rail is a stylish and functional bathroom accessory that not only provides a convenient place to hang your towels but also adds an elegant touch to your decor. These towel rails come in a variety of shapes, sizes, and finishes to suit any style and budget. They are made of high-quality materials, such as stainless steel or chrome, and are designed to be durable and long-lasting. Many models feature additional heating elements to keep your towels warm and dry, even in cold weather. Overall, a designer towel rail is a great addition to any bathroom, combining form and function to create a practical and stylish solution for towel storage.

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Titanium dioxide market is a naturally occurring mineral that is widely used as a pigment in a variety of industries, including paint, coatings, plastics, paper, and cosmetics. It is also used as a whitening agent in food products and as a sunscreen in personal care products. The global titanium dioxide market has been growing steadily in recent years, driven by increasing demand from various end-use industries. In this blog, we will take a closer look at the titanium dioxide market, its growth drivers, challenges, and future prospects.

Information Source- https://www.fortunebusinessins....ights.com/titanium-d

Market Overview:

According to a recent report by Allied Market Research, the global titanium dioxide market was valued at $15.2 billion in 2019 and is projected to reach $24.5 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027. The growth of the market can be attributed to the increasing demand for titanium dioxide from various end-use industries such as paints and coatings, plastics, paper, and cosmetics.

Paints and Coatings:

The paints and coatings industry is the largest consumer of titanium dioxide, accounting for more than half of the total demand. Titanium dioxide is used as a pigment in paints and coatings due to its excellent opacity, brightness, and durability. It provides better hiding power and color retention than other pigments and is also resistant to weathering and UV radiation. The increasing demand for high-quality and durable paints and coatings in the construction, automotive, and aerospace industries is expected to drive the demand for titanium dioxide in the coming years.

Plastics:

The plastics industry is another major consumer of titanium dioxide, accounting for around 20% of the total demand. Titanium dioxide is used as a whitening agent in plastics to enhance their brightness and opacity. It is used in a variety of plastic applications, such as packaging, automotive parts, and electrical components. The growing demand for lightweight and high-performance plastics in various industries, such as automotive, packaging, and construction, is expected to drive the demand for titanium dioxide in the plastics industry.

Cosmetics:

Titanium dioxide is widely used as a sunscreen in the cosmetics industry due to its ability to reflect and scatter UV radiation. It is used in a variety of personal care products, such as sunscreens, moisturizers, and foundations. The growing awareness among consumers about the harmful effects of UV radiation and the increasing demand for natural and organic personal care products is expected to drive the demand for titanium dioxide in the cosmetics industry.

Challenges:

The titanium dioxide market faces several challenges that could hinder its growth in the coming years. One of the main challenges is the environmental impact of titanium dioxide production. The production of titanium dioxide requires large amounts of energy and produces significant amounts of greenhouse gases and other pollutants. The increasing pressure from regulatory authorities and consumers to reduce the environmental impact of titanium dioxide production is expected to drive the demand for more sustainable production methods.

Another challenge facing the titanium dioxide market is the availability of raw materials. The production of titanium dioxide requires high-quality titanium ores, which are limited in supply and are mostly found in a few countries, such as Australia, South Africa, and China. The increasing demand for titanium dioxide is expected to put pressure on the supply of raw materials, which could lead to higher prices and supply chain disruptions.

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The automotive electronics market growth was estimated to be worth US$ 300.3 billion in 2022, and it is anticipated to develop at a CAGR of 7.30% from 2022 to 2032, reaching US$ 607.5 billion in 2032. The advancement of sensor technology and signal processing algorithms are fueled by the increasingly strict safety regulations, which are a significant factor in the growth of automotive electronics.

Key Takeaways:

The largest automotive electronics market share is in Europe. From 2022 to 2032, the region is anticipated to grow at a rate of over 27.0%.
Automotive Electronics are anticipated to experience significant growth opportunities in North America, where they are projected to account for 12.0% of global sales by 2022.
With promising opportunities for automotive electronics market expansion, Asia-Pacific is anticipated to expand and reach a sizeable share of 10.4% in 2022.
MEA is anticipated to offer significant automotive electronics market growth opportunities and is projected to hold a 4.8% share in 2022.
From 2021 to 2028, the ADAS automotive electronics market is anticipated to grow at a CAGR of more than 10.6%.
In 2020, the safety systems market segment held the largest automotive electronics market share, at about 29%.
Automotive electronics refers to the electronic systems and devices used in vehicles to control various functions such as engine management, safety systems, entertainment, and communication. These electronic systems have become increasingly sophisticated and complex, and play a critical role in modern vehicles.

Electrically operated systems installed in vehicles are referred to as automotive electronics. Automotive electronic systems are frequently used in the airbag, advanced driver assistance, infotainment, electronic fuel injection, and other applications to boost the combined system's overall effectiveness. As the market for electric and hybrid vehicles expands, these systems are likely to become a significant area of focus for electronic system providers.

Technological developments in the automotive sector, such as electrical active suspensions and power trains for electric vehicles, will expand the applications for power electronic systems, which are expected to support the automotive electronics market growth.

On the other hand, it is expected that the low adoption of automotive electronics in newly industrialised nations and the rise in the overall cost of the finished product as a result of the integration of automotive electronics will significantly restrain the automotive electronics market growth in the near future.

Competitive Landscape:

Among the leading automotive electronics manufacturers are: Hitachi Automotive Systems, Ltd., Visteon Corporation, Hella GmbH& Co. KGaA, Infineon Technologies AG, Robert Bosch GmbH, Valeo Inc., ZF Friedrichshafen AG, Continental AG, DENSO Corporation, and Xilinx, Inc.

The automotive electronics market is extremely competitive, which can be attributed to the large number of participants. A number of regional level players are also active across key growth regions, particularly in Europe. Global players, such as Continental AG, DENSO Corporation, Hella GmbH& Co. KGaA, and Infineon Technologies AG, account for a sizeable portion of the automotive electronics market.

Start-up Ecosystem:

Numerous well-known automotive electronics market participants, including MotoLink, CAPSolar, iElektron, Berxel, and EPowerlabs, among others, are collaborating to offer the most advanced Acrylic BoxCleaes for enhancing the international scene. The automotive electronics market is home to a large number of international start-ups that are making progress in order to meet the demands of this industry.

MotoLink LLC
The world's first connectivity platform for power sports vehicles, announced by MotoLink LLC, a wireless connectivity technology provider for the industry, enables the collection and monetization of sensor and geolocation data that the vehicles generate on a daily basis.

CAPSolar
Flexible, high-efficiency solar modules are created by Canadian start-up CAPSolar for light electric vehicles. CAPSolar not only produces solar modules but also provides on-site deployment and performance tracking of the planned modules.

iElektron
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Key Segments Profiled in the Automotive Electronics Industry Survey

Automotive Electronics Market by Application:

Automotive Electronics for Advanced Driver Assistance Systems (ADAS)
Automotive Electronics for Body Electronics
Automotive Electronics for Entertainment
Automotive Electronics for Powertrain
Automotive Electronics for Safety Systems
Automotive Electronics Market by Vehicle:

Automotive Electronics for Light Commercial Vehicles
Automotive Electronics for Passenger Vehicles
Automotive Electronics for Heavy Commercial Vehicles

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