Markets Update: Global energy conservation wave to create modest revenue growth prospects for industrial pipe insulation materials

Market trends and insights from around the process industries

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Global energy conservation wave to create modest revenue growth prospects for industrial pipe insulation materials

A growing focus on reduced energy conservation and greenhouse gas emission, coupled with multiple government initiatives promoting energy efficiency and sustainable development through advanced insulation technologies, is expected to favor the growth of the global industrial pipe insulation material market, according to research from Future Market Insights. Use of recycled insulation materials is trending the market at present, owing to rising environmental concerns. Most manufacturers are focusing on using sustainable materials such as polyurethane foam and fiberglass.

The global revenue of industrial pipe insulation material market is likely to reach a valuation of more than $1.8 billion by the end of 2028. The market expansion between 2018 and 2028 is estimated at a compound annual growth rate (CAGR) of 4.3%.

The industrial pipe insulation market includes pipe insulation adopted by process industries, refineries, thermal power plants, refrigeration and HVAC applications, and food processing units. Growth of industrial activity strongly impacts the demand for pipe insulation materials worldwide, as insulation systems play a critical role in safeguarding systems’ performance in various end-use spheres.

Demand for fumaric acid in various applications continues to rise

Application of fumaric acid in several end-use industries across various applications has been witnessed over the last decade, according to a Fact.MR study. With growing research and development activities, the scope of application of fumaric acid has gone beyond the main food and beverage industry. It is widely used for cosmetic applications, where it regulates the pH value of various cosmetic products and maintains the acidic nature of the product. This has pushed the sales of fumaric acid at a steady pace in the cosmetic industry, especially in body cleansing lotions. Moreover, another aspect driving the fumaric acid market is the growing use of unsaturated polyester resins and paints in the construction and the automotive industries. Fumaric acid is an essential ingredient in the manufacturing of paints, alkyd resins and unsaturated polyester resins. In food industry, rising use of fumaric acid in bakery products is expected to supplement the growth of the global market. Due to its crystalline nature, colorless and odorless properties, fumaric acid is best suited for bakery products which enhances flavors and supports the preservation of bakery products.

The report estimates that the volume production of fumaric acid will grow above 500,000 tons by 2026, and the rate of production of fumaric acid is projected to expand at a CAGR of 6.2% between now and 2026, which is supported by growing acceptance of fumaric acid in several end-user applications.

Metal powder market to benefit from growing adoption of additive manufacturing technology

According to a study by Persistence Market Research, the global metal powder market is expected to witness steady growth from 2018 to 2028, owing to significant growth of the automotive, aerospace and manufacturing industries in developing and developed regions.

The global metal powder market registered revenues of around $4.3 billion in 2017 and is expected to expand at a CAGR of 3% between 2018 and 2028.

Increasing automotive production in developed as well as developing economies has been driving the growth of the global metal powder market. In the automotive industry, lightweight material is gaining significant traction, owing to its beneficial properties such as high accuracy and longer expected life. These lightweight components play a crucial role in the design of automotive vehicle components, especially in electric cars, and help improve the performance of vehicles. Thus, increasing automotive production across the globe is expected to drive the demand for metal powder over the forecast period.

Food vacuum dryer market to see growth in the light of increasing food projects, Fact.MR finds

The advent of food vacuum drying machines has reinforced feasibility in various food drying applications, thereby projecting a promising futuristic outlook of the food vacuum dryers market, a Fact.MR study finds. A significant increase in demand for food vacuum dryers is driving continuous efforts and developments by manufacturers operating in the food vacuum drying machine market. These persistent developments and efforts for diversifying the existing product framework are stimulating the market to land on a prosperous growth course. Moreover, high preferences for processed food is also adding up to the overall demand for food vacuum dryers across the globe. The study foresees food vacuum drying machine market to exhibit a CAGR of 2.9% between 2018 and 2028.

The current growth curve of the food vacuum drying machine market is influenced by surging count of food projects lined up over the time. The growing fad for customized food vacuum drying machines across all the regions of the globe is also fortifying the growth aspects by a significant margin. This, in turn, is further poised to encourage manufacturers to frame robust tactics and extend their product specialties.

Conveyor system sales to grow with proliferation of packaging industry and warehouse distribution sector

The global conveyor system market was valued at about $12 billion in 2018 and is forecast to increase at a CAGR of about 5% between 2019 and 2029, according to Future Market Insights.

The study projects that belt conveyor systems will remain prominent in terms of market value shares through 2029, whereas in terms of growth rate, roller conveyor systems are likely to lead the way in global conveyor system market.

The global conveyor system market is estimated to foresee steady growth in coming years owing to the positive outlook for packaging industry and optimistic warehouse and distribution sector growth.

The retail sector has been the most attractive segment and investment destination for multinational and private equites, with emerging countries estimated to be the most lucrative markets. Favorable demographics, expanding factory automation, rising disposable incomes, industrialization, extensive presence of players and the entry of new companies are the major factors influencing the growth of the market. India is expected to be the third most attractive market in the retail sector. Driven by buoyant consumer demand and development plans of organized retail companies, the sector grew by 23% in FY2014-FY2015.

Surging demand for cost-effective packaging to boost adoption of BOPP films

According to a Persistence Market Research study, growing demand for packaged food across the globe has propelled the need for Biaxially Oriented PolyPropolene (BOPP) films for packaging. As consumers across the globe are constantly gaining awareness regarding the way food products are packed, the demand for cost-effective and advanced packaging is increasing at a rapid pace. As a result, manufacturers are constantly looking to adopt advanced methods in the production of BOPP films and are trying to suit the demands of various vertical industries. Market companies are also entering into mergers and acquisitions to acquire the technology of other players.

According to the report projections, the global BOPP films for packaging market is expected to witness a CAGR of 6% from 2017 to 2025. In 2017, the market was worth $13.7 million and is expected to touch a valuation of $21.7 million by the end of 2025.


 

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