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Strict Environmental Protection Laws Making Biobased Chemicals Mandatory in Asia-Pacific


Attributed to this, the global biobased chemicals market is predicted to advance at a significant pace in the coming years. These chemicals are being utilized in a number of sectors, including industrial, agricultural, food & beverages, and pharmaceuticals. The demand for biobased chemicals has been significantly high from the industrial sector in the past. In the industrial sector, chemicals including acrylic acid, succinic acid, lactic acid, biobased dyes, and glycerol are used majorly. Although the cost of these chemicals is higher than conventional variants, they are being manufactured by several chemical companies all over the globe.
Among the different fuel types, the demand for biogas is expected to increase considerably in the years to come, owing to the fact that biogas finds application in a number of industries. The fuel is also utilized for generating electricity and as a domestic fuel, thereby leading to its increasing demand. Other than this, the demand for biodiesel has also been significant in the past, owing to its reliability and the fact it can be utilized easily in diesel engines with just making slight modification to the engines.
Geographically, Asia-Pacific is expected to emerge as a major biobased chemicals market in the years to come, since the requirement for biologically sourced chemicals is rising rapidly in the region. The steady development and growth in Japan, China, Malaysia, and India is the major reason behind the increasing demand for eco-friendly products. In addition to all this the demand for biobased chemicals is also expected to increase in the region due to the recently implemented strict environmental protection laws.
read more on:-https://www.psmarketresearch.c....om/market-analysis/b

 

www.psmarketresearch.com

Biobased Chemicals Market Share | Industry Outlook, 2030

Based on region, the biobased chemicals market can be categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA).

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Metalworking Fluids Market Research Report to 2027 | Industry Size, Growth Share, Future Trends, Price, Top Key Players Review, Business Opportunities, Demand and Global Analysis by Forecast to 2027
As per a published report by Fortune Business Insights™ The global metalworking fluids market size is projected to reach USD 11.60 billion by the end of 2027. The increasing investments in the research and development of low cost and efficient products will have a huge impact on the growth of the market. According to a report published by Fortune Business Insights, the market was worth USD 10.25 billion in 2019 and will exhibit a CAGR of 4.3% during the forecast period, 2020-2027.

Metalworking fluids are used in heavy machinery and equipment to reduce the friction between two surfaces. The ability of these fluids to reduce the overall heat produced when in use, will contribute to the growing demand for the product across the world. The increasing investments in the research and development of efficient products will emerge in favor of the growth of the overall market in the coming years.

The increasing adoption of heavy machinery and equipment, driven by the rising industrial production and manufacturing units across the world will aid the growth of the market. The presence of several large scale manufacturers in this sector will also contribute to the growth of the overall metalworking fluids market in the foreseeable future.

Shutdown in Manufacturing Units will have a Negative Impact on Manufacturers during the Covid-19 Pandemic

The rapid spread of the coronavirus in several countries across the world has had a negative impact on several manufacturing units across the world. Due to the strict measures implemented by governments across the world, manufacturing units have come to a standstill. Due to social distancing practices, there has been a shortage in man power and labor across the world. This has had an adverse effect on manufacturers in the metalworking fluids sector across the world. Accounting to the adverse effects of the pandemic on the market, companies might look to implement newer strategies once the pandemic is over, with the aim of recovering the economic losses.

Company Mergers and Acquisitions are an Increasing Trend Among Industrial Manufacturing Companies and Fluid Manufacturers

The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the massive demand for metalworking fluids across the world, there have been several company mergers and acquisitions in recent times. Due to healthy market competition, large scale companies are looking to acquire start-ups as well as SMEs with the aim of establishing a stronghold in the market. In August 2020, Quaker Chemical Corporation announced that it has completed the acquisition of Lubricor Inc. The latter is a manufacturer of and metalworking fluids that have been categorized for use in industrial machinery and equipment. This acquisition will not just help the company grow but will also influence the growth of the overall market in the coming years. The report highlights a few other company mergers of recent times and discusses their impact on the global market.

Asia Pacific to Emerge Dominant; Increasing Manufacturing Units to Emerge in Favor of Market Growth

The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing number of industrial manufacturing units in countries such as India and China will have a massive impact on the growth of the regional market. The presence of several large scale metalworking fluids manufacturers in these countries is consequential to the increasing demand for several resources. This is mainly attributable to the increasing population across the region. As of 2019, the market in Asia Pacific was worth USD 4.11 billion and this value is projected to rise at a considerable pace in the coming years.


Source: https://www.fortunebusinessins....ights.com/industry-r

 

www.fortunebusinessinsights.com

Metalworking Fluids Market Size & Share | Industry Report [2020-2027]

The global metalworking fluids market size was $10.25 billion in 2019 & it is projected to reach $11.60 billion by 2027, at a CAGR of 4.3% in the forecast period

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The global sterile medical packaging market size was valued at USD 39.79 billion in 2021. The market is projected to grow from USD 44.29 billion in 2022 to USD 73.67 billion by 2029, exhibiting a CAGR of 7.5% during the forecast period.
The growing cognizance about the advantageous properties of sterile medical packaging such as tear resistance, durability, breathability, and the superior microbial barrier will promote the growth of the market during the forecast period, states Fortune Business Insights in a report, the market size stood 31.38 Billion in 2019.

Information source
https://www.fortunebusinessins....ights.com/sterile-me

Market Driver:
Growing Hygiene and Sterility in Medical Equipment to Stimulate Growth
The increasing prevalence of infectious and communicable diseases and viruses such as COVID-19, flu, tuberculosis, and SARS has led to improved hygiene in medical devices intending to prevent any contamination or spread of disease in patients. The focus towards robust packaging in medical devices such as syringes, needles, bandages, face masks, gloves, applicators, suction catheters, testing kits, and surgical sponges, will positively influence the market growth. The packaging used in these devices necessitates effectual maintenance for sterility. Thus, the need for effective packaging solutions will propel the market during the forecast period. In addition, the rising demand for single-use medical equipment owing to ethical and hygiene aspects for protection against the risks of disease transmission will foster healthy growth of the market in the forthcoming years.

Market Restraint:
Implementation of Stringent laws to Diminish Market Development
The implementation of stringent regulatory standards in manufacturing to maintain the sterility of packed contents will consequently dampen the growth of the market. These stringent norms ensure that the packed devices or instruments do not experience any adverse reaction or damage such as wear and tear from any external force during transportation. EN ISO 11607 (part 1 and part 2) is the global standard that specifies the validation requirements of medical packaging systems used for sterilized medical devices or instruments. These validation requirements are used in various steps of packaging products such as material selection, design qualification, design testing & control, and process validation. The complexity of these standard rules will impede emerging players to invest in the market during the forecast period.

 

www.fortunebusinessinsights.com

Sterile Medical Packaging Market Size, Share & Growth [2029]

The global sterile medical packaging market is projected to grow from $44.29 billion in 2022 to $73.67 billion by 2029, at a CAGR of 7.5% in forecast period