San Francisco, 26 April 2024: The Report Titanium Dioxide Market Size, Share & Trends Analysis Report By Grade (Anatase, Rutile), By Production Process (Sulfate, Chloride), By Application, By Region, And Segment Forecasts, 2023 - 2030
The global titanium dioxide market size is expected to reach USD 30.62 billion by 2030, registering a CAGR of 6.3% according to a new report by Grand View Research, Inc. The expanding application scope of titanium dioxide (TiO2) as specialty coating materials in the automotive industry and photovoltaic systems is likely to fuel the growth of the market during the forecast period.
The paints and coatings industry has been witnessing significant growth in recent years, mainly on account of the increasing consumption in key end-use verticals, including construction, automotive, aerospace, and energy and power. The growing scope of the product as whitening pigments in paints and coatings is expected to have a positive impact on the future growth of the industry.
The growing awareness among consumers of emerging economies such as the BRICS nations regarding personal hygiene and care has led to the considerable growth of the cosmetics industry. The growing consumption of the product as a UV filter and whitening agent in cosmetic goods is expected to drive the overall industry during the forecast period.
The paints and coatings application segment is expected to expand at the highest revenue-based CAGR over the forecast period. The performance attributes of the paints, including weatherability, whiteness, and opacity, play a major role in the quality and effectiveness of paints & coatings.
The market is expected to witness significant growth owing to the excessive consumption of paints & coatings in various end-use industries including automotive, construction, and others. The market growth can be credited to the increasing demand for titanium dioxide (TiO2) from the end-user industries. Increasing demand from various end-use industries such as paints & coatings, textile, printing inks, plastics, and others are significantly driving the demand for pigments globally.
The usage of the product as pigments in paints and coatings formulation is expected to fuel the industry growth over the next few years. Developing countries have witnessed a growing demand for lightweight vehicles in the past few years. Furthermore, the automotive industry in developed regions including North America and Western Europe is exhibiting a promising trend owing to recovery from the financial downturn. Progressive growth in the automotive industry, especially in lightweight automobiles, has driven significant consumption of paints and coatings, which, in turn, is anticipated to propel the demand for TiO2.
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Growing construction industry is significantly fueling the demand for paints and coatings. Rising industrialization and urbanization in emerging economies such as U.S., China, India, and others, rising investment in infrastructure development, and growing housing sector are fueling the growth of construction industry, thereby creating demand for paints and coatings. The market in the U.S. was mainly driven by the paints and coatings sector in the recent past. The recovery of the construction industry in the U.S. has boosted the growth of the paints and coatings market, exhibiting rising demand for eco-friendly and anti-corrosive architectural coatings. As a result, the usage of the product as pigments in the formulation of advanced paints and coatings has increased over the past few years.
Titanium Dioxide Market Report Highlights
The market is driven by the expanding application scope of the product in plastics, paints and coatings, and cosmetics industries
The rutile grade segment led the market in terms of revenue in 2020 owing to its utilization as a carrier in paint applications, producing white color in plastics, and preventing fading of the color in papers. The rapidly growing construction industry is anticipated to fuel the demand for rutile grade of TiO2 during the forecast period
The sulfate production process segment is expected to expand at the fastest revenue-based CAGR during the forecast period. The segment is driven by the growing demand for lightweight paints for the reduction of the overall weight of the vehicle from the automotive industry
The Asia Pacific region accounted for the largest revenue share of more than 40.0% in 2020, which can be attributed to the rapid growth of the application industries, including paints and coatings, plastics, and cosmetics, in key economies of the region
Strategic partnerships and acquisitions are among the prominent strategies adopted by the players operating in the market. For instance, in April 2023, Venator Materials PLC completed the acquisition of the European TiO2 paper laminates business from Tronox Holdings plc
Growing construction activities are positively influencing the demand of paints & coatings, thereby creating significant demand for titanium dioxide. The product is also used as a dispersing agent, flocculent, and whitening agent in the paints and coatings industry. In automotive coatings, the product is used as a dispersive agent with maximum gloss retention and high chalk resistance. The rapid growth of the automotive industry in China, India, and Japan is expected to augment the product demand over the forecast period.
Pigments are a group of compounds that are intensely colored and are utilized to impart color to other materials. Pigments are used to improve the appearance of a substrate. Coatings formulated using TiO2 have excellent compatibility with polycarbonate, a thermoplastic used as an alternate to glass- and metal-based materials. The rising demand for lightweight vehicles owing to the need for better fuel efficiency has resulted in an increased demand for polycarbonate in the automotive industry, thereby boosting product usage over the past few years.
Titanium Dioxide Market Report Scope
Report Attribute
Details
Market size value in 2023
USD 19798.8 million
Revenue forecast in 2030
USD 30.62 billion
Growth rate
CAGR of 6.3 % from 2023 to 2030
Base year for estimation
2022
Historical data
2018 - 2021
Forecast period
2023 - 2030
Nanoparticles of TiO2 are extensively utilized in Photovoltaic (PV) systems including dye-sensitized solar cells, quantum dot-sensitized solar cells, polymer-inorganic hybrid solar cells, inorganic solid-state solar cells, and perovskite solar cells. The product has a wide scope of application in coatings of PV cells as a photoactive material owing to its efficiency in improving the performance of dye-based cells. Focus on increasing the use of clean energy sources has also fueled the product demand in PV cells application.
List Of Key Players Of Titanium Dioxide Market
The Chemours Company
The Tronox Holdings plc
LB Group
Venator Materials PLC
KRONOS Worldwide Inc.
Evonik Industries AG
ISHIHARA SANGYO KAISHA, LTD.
CNNC HUAN YUAN Titanium Dioxide Co., Ltd.
The Kerala Minerals & Metals Limited
CATHAY INDUSTRIES
TOR Minerals International, Inc.
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San Francisco, 26 April 2024: The Report Trail Camera Market Size, Share & Trends Analysis Report By Pixel Size (Below 8 MP, 8 to 12 MP, 12 MP to 16 MP, 17 MP to 21 MP, 22 MP to 30 MP, Above 30 MP), By Application, By Region, And Segment Forecasts, 2023 - 2030
The global trail camera market size is expected to reach USD 175.1 million by 2030, expanding at a CAGR of 7.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is largely driven by factors such as the increased spending on wildlife research and monitoring, coupled with increasing scope of application in outdoor security.
An increase in wildlife conservation policies by developing governments to preserve wildlife from illegal hunting and poaching offers a great opportunity for companies to collaborate on such projects. Owing to such conservation policies, extensive monitoring of different species by the governments is surging the demand for cameras equipped with the latest features.
Growing interest and popularity of wildlife photography and hunting activities are driving professionals to spend more on trail cameras. Trail cameras have become a popular way to capture photographs of animals in the environment. This is the major driving force behind the market expansion. Many television networks including Discovery and National Geographic broadcast high-definition wildlife videos. The public’s increased interest in learning more about animals has fueled the market expansion.
8 to 12 MP emerged as the largest segment and accounted for a share of over 55.0% in 2021. This segment is expected to be dominant during the forecast period. The 17 to 21 MP segment is expected to expand at the fastest CAGR of 7.9% from 2022 to 2030 as several consumers seek and research trail cameras that are rugged, waterproof, and designed for extended and unsupervised use outdoors with additional features such as night vision, low glow infrared, HD video, high-quality image resolution, and fast trigger speed technology.
Increasing spending on wildlife research and monitoring is expected to remain a key factor driving the market. Moreover, increasing the scope of application in outdoor security is likely to boost the product demand further. It has been over a year since the initial outbreak of COVID-19 and consumers are still grappling to come to terms with the socio-economic impact of the pandemic. Shelter-at-home, social distancing, and lockdowns have been imposed in countries in varying degrees to limit the spread of the virus, including strict regulations imposed across the European and North American regions.
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Trail cameras with image/video resolution between 8 and 12 MP are witnessing a rapid surge in demand to get higher quality pictures as these have advanced camera processors that click a higher resolution image. New models with improved technologies and design modifications are expected to hit the market in 2022. For instance, dual sim card transmission technology in trail cameras enables the usage of both AT&T and Verizon sim cards. The camera can identify the strongest signal in the geographical area and use that network. It is a cutting-edge technology that will probably market itself quite well.
Trail Camera Market Report Highlights
Increasing spending on wildlife research and monitoring is expected to remain a key factor driving the market
In 2022, North America held the largest share of over 30.9%. North America has emerged as the most lucrative market for trail cameras and is expected to retain its dominance throughout the forecast period
Asia Pacific is expanding rapidly owing to lucrative opportunities and a growing consumer base in the region. Rising end-user awareness, an increase in the number of applications, and the presence of leading manufacturers in the region are all likely to provide a plethora of growth opportunities
Trail cameras with image/video resolution between 8 and 12 MP are witnessing a rapid surge in demand to get higher quality pictures as these have advanced camera processors that click a higher resolution image
In terms of application, wildlife monitoring and research dominated the market with a share of over 61.8% in 2022. Trail cameras have become an increasingly popular tool for viewing wildlife and are used in wildlife research to study animal activity and behavior
Moreover, companies are increasingly adopting strategies such as product launches to expand their geographical reach. Product development based on the application area, price, competition, technological innovation, subscription plans, and competent distribution channels are among the key strategies for gaining a competitive advantage.
Apart from product innovation, many manufacturers are also focusing on partnerships and advertising as these market strategies significantly help target the right audience and boost brand visibility. For instance, in January 2020, Moultrie launched its flagship cellular game camera- The Delta. The Delta features industry-first High Dynamic Range (HDR) imaging combined with best-in-class 32MP resolution. HDR imaging allows the Delta to capture enhanced detail in highlights and shadows - even in the most difficult lighting conditions.
The 8 to 12 MP segment dominated the market with a share of over 57.5% in 2022. New models with improved technologies and design modifications are expected to hit the market in 2022. For instance, dual sim card transmission technology in trail cameras enables the usage of both AT&T and Verizon sim cards. The camera can identify the strongest signal in the geographical area and use that network.
Trail Camera Market Report Scope
Report Attribute
Details
Market size value in 2023
USD 109.5 million
Revenue forecast in 2030
USD 175.1 million
Growth rate
CAGR of 7.0% from 2023 to 2030
Base year for estimation
2022
Historical data
2017 - 2021
Forecast period
2023 - 2030
Wildlife enthusiasts opt for trail cameras with 20-megapixel and shoot video at a maximum 1296p resolution, which offers them the liberty to monitor wildlife from quite a distance away from where the camera is mounted. Similarly, Bushnell offers a range of trail cameras with 30 MP, which are advanced in features and easy to use, connected by AT&T & Verizon, and operated by cell phones. These product offerings are expected to offer a significant boost to the segment growth in the coming years.
List of Key Players of Trail Camera Market
Wildgame Innovations (Good Sportsman Marketing, LLC)
Browning Trail Cameras
Vista Outdoor Operations LLC
SPYPOINT
Boly Media Communications Inc.
Covert Scouting Cameras, Inc.
Reconyx Inc.
Cuddeback
Easy Storage Technologies Co., Ltd.
MINOXGmbH.
San Francisco, 26 April 2024: The Report Blockchain Technology Market Size, Share & Trends Analysis Report By Type, By Component, By Application, By Enterprise Size, By End-use, By Offering, By Region, And Segment Forecasts, 2024 - 2030
The global blockchain technology market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 87.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is also expected to drive the market’s growth.
The growing use of cryptocurrency worldwide is also anticipated to drive the market growth. This is because cryptocurrencies such as Ethereum and Bitcoin operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits such as easy transactions, inflation hedges, and enhanced security. According to the statistics provided by TripleA, a cryptocurrency solution provider, more than 300 million people worldwide used or owned cryptocurrency in 2021.
In June 2023, QuickNode teamed up with Chainlink Labs in a collaborative effort to foster the expansion of blockchain ecosystems. Their joint mission involves furnishing a robust and secure core infrastructure to facilitate the seamless scalability of blockchain projects. QuickNode extended its support to the developer community by sponsoring the Chainlink Spring 2023 Hackathon. This initiative aims to empower Web3 builders by enhancing their skill sets and enabling them to use blockchain infrastructure efficiently.
The COVID-19 pandemic is expected to positively impact the market growth over the forecast period. The growing online sales due to COVID-19 are expected to create a demand for blockchain technology among e-commerce companies. E-commerce companies use blockchain technology for supply chain management.
The escalating demand for secure and transparent transactions across many industries is driving the market growth. Blockchain's decentralized and immutable ledger system ensures the integrity and transparency of transactions, making it especially appealing to sectors such as finance, healthcare, and supply chain management. Businesses across these domains are increasingly integrating blockchain solutions to enhance security and transparency in their operations.
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The adoption of blockchain technology for optimizing supply chain processes is witnessing a surge. The ability to trace and verify the origin and journey of products in real-time curbs fraud and significantly improves traceability and overall supply chain efficiency. Consequently, an increasing number of enterprises are leveraging blockchain's potential to transform their supply chain management, driving the technology's growth. Moreover, the surging interest in cryptocurrencies and digital assets is another driver responsible for the growth.
Blockchain Technology Market Report Highlights
The public cloud segment dominated the market in 2022 and accounted for more than 61.0% share of the global revenue. Public cloud providers offer a scalable and cost-effective infrastructure for deploying blockchain solutions.
The infrastructure & protocols segment dominated the market in 2022 and accounted for more than 61.0% share of the global revenue.
The payments segment dominated the market in 2022 and accounted for more than 44.0% share of the global revenue. Blockchain technology improves payment system efficiency, minimizes operating costs, and offers transparency.
The large enterprises segment dominated the market in 2022 and accounted for more than 67.0% share of the global revenue. Large enterprises operating in sectors such as insurance, financial services, healthcare, and supply chain are increasingly making efforts to digitalize their offerings, which is creating a demand for blockchain technology among them.
The financial services segment dominated the market in 2022 and accounted for more than 37.0% share of the global revenue. Blockchain technology in BFSI is leveraged for managing financial transactions taking place in businesses.
North America dominated the blockchain technology market in 2022 and accounted for over 37.0% share of the global revenue.
Since blockchain serves as the underlying technology for most cryptocurrencies, the rising popularity of digital currencies like Bitcoin and Ethereum has inevitably directed considerable attention to the technology itself. Many organizations are now exploring how blockchain can be used to create and manage digital assets, including Central Bank Digital Currencies (CBDCs), further propelling the market's expansion. Furthermore, the escalating need for secure and efficient cross-border payments and remittances propels blockchain's adoption. Traditional international payment systems often involve multiple intermediaries, resulting in delays and exorbitant costs. In stark contrast, blockchain-based solutions offer faster, cost-effective, and transparent cross-border transactions, driving their adoption in the finance and remittance sectors.
Governments and regulatory bodies worldwide also recognize blockchain technology's transformative potential. They are actively introducing supportive policies and regulations that encourage its widespread adoption. This regulatory clarity not only attracts substantial investments but also fosters the development of innovative blockchain solutions across industries. In addition, the increasing engagement of major corporations and tech giants significantly influences the blockchain landscape.
Blockchain Technology Market Report Scope
Report Attribute
Details
Market size value in 2023
USD 17.46 billion
Revenue forecast in 2030
USD 1,431.54 billion
Growth rate
CAGR of 87.7% from 2023 to 2030
Actual Data
2017 - 2023
Forecast period
2024 - 2030
One of the prominent restraints challenging the blockchain technology market is the issue of scalability. As the adoption of blockchain technology grows across various industries, particularly in financial services and supply chain management, the networks are experiencing increased congestion, slower transaction speeds, and higher fees. This scalability challenge can hinder widespread adoption, especially when blockchain is expected to handle large volumes of transactions. To overcome this restraint, developers, and innovators in the blockchain space are actively working on scaling solutions. Layer 2 solutions, such as Ethereum 2.0, aim to improve scalability by processing transactions off the main blockchain, thus alleviating congestion and reducing fees.
List of Key Players of Blockchain Technology Market
IBM Corporation
Microsoft Corporation
The Linux Foundation
Blockchain Tech LTD
Chain
Circle Internet Financial, LLC=
Deloitte Touche Tohmatsu Limited
Digital Asset Holdings, LLC
Global Arena Holding, Inc. (GAHC)
Monax Labs
Ripple
San Francisco, 26 April 2024: The Report Biopolymers Market Size, Share & Trends Analysis Report By Product (Bio-PE, Bio-PET), By End-use (Packaging, Consumer Goods), By Application, By Region, And Segment Forecasts, 2024 - 2030
The global biopolymers market size is estimated to reach USD 38.69 billion by 2030, registering a CAGR of 10.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for these Biopolymers is expected to increase exponentially on the account of increasing demand for bio-based or eco-friendly and sustainable solutions in the packaging industry.
Biopolymers find vast applications in numerous fields where biodegradable and sustainable products are needed. For instance, the utilization of the drug delivery process, to increase the performance of various bioactive molecules is still a crucial method for achieving illness therapy. A variety of synthetic, semi-synthetic, and natural polymers, especially Biopolymers are increasingly used in these application areas.
The mounting perception about the ill effects of traditionally used plastics on the environment has led to a shift towards the utilization of Biopolymers. Traditional petrochemical-based plastics contain dangerous chemicals that can leach into drinks and food products, which can result in numerous health issues. On the other hand, bio-based products reduce the risk of deadly exposure. To sum up, the demand for healthier products is steering the growth of the Biopolymers market on a global scale.
The cost of production of Biopolymers acts as a major barrier to the growth of the overall market. Upon comparison, the manufacturing cost of Biopolymers is typically 20% to 100% more than that of the traditionally used petro-based polymers, as the polymerization cost of such polymers is relatively higher. To sum up, the production and utilization of bio-based polymers is still in the development stage, and as a result, numerous research & development activities are being undertaken to overcome such types of restraining factors.
This is majorly attributed to the expanding demand for PHA-based environmental plastics. Corresponding to the heightened demand for eco-friendly packaging from an extensive variety of end-use areas, major packaging and plastics manufacturing companies are shifting to biodegradable products. Biopolymers are engaged in an array of end-use applications, including biomedical, pharmaceuticals, and food. Because of their excellent recovery characteristics, they are in tremendous demand in biomedical applications, as they assist in the treatment of wounds of all shapes and sizes.
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According to the Ellen MacArthur Foundation (EMF), 78 million tons of single-use plastic packaging is manufactured yearly- of which under 2% is successfully recycled. Staggeringly, 32% of this product is poured out into the natural environment, as a result of insufficient processing and waste collection infrastructure. Given this realism, policymakers, manufacturing companies, and brands globally are examining techniques to remove the destructive pollution triggered by leakage and to improve recycling rates. Thus, there has been an enormous endeavor to foster packaging that can be recycled in numerous end-of-life environments. As a result, the demand for the product is subjected to strengthen rapidly.
Biopolymers Market Report Highlights
Based on product, polylactic acid (PLA) emerged as the fastest-growing segment with a CAGR of 8.8% from 2024 to 2030 due to the rocketing utilization of polylactic acid in numerous end-use industries such as packaging, automotive & transport, agriculture, electronics, and other applications
Based on application, seed coating emerged as the fastest growing segment with the highest CAGR of 9.1% from 2024 to 2030, on the account of rising investments in agricultural practices and increasing demand for genetically modified seeds, which in turn, is responsible for the increased utilization of the product in this field of application
Based on end-use, the consumer goods emerged as the fastest growing segment with a CAGR of 10.0% over the forecast period, due to the rapid shift in the focus of numerous consumer goods manufacturers towards the use of bio-based products from the traditionally used products
North America emerged as the fastest-growing region with a significant CAGR over the forecasted period. This is attributable to the increasing consumption of bio-based products such as bioplastics, and biopolymers in vast areas of application industries
Biopolymers are polymeric products derived from raw materials like sugarcane, and corn, as well as residual wood and standing timber. Biopolymers are biodegradable, in contrast to the conventional polymers or plastics, which results in global warming and pollution. The surge in perception of the usage of bio-based polymers is predicted. As a result, biopolymers are regarded as a more sustainable replacement to traditionally used petroleum-based plastics, because they can be broken down by natural methods and do not pose a risk to the ecosystem.
Customers are becoming extra sensible about their carbon footprint and are asking for more eco-friendly products. Administrations around the globe are also taking measures to decrease plastic waste by enforcing sanctions on single-use plastics and advocating the use of natural packaging solutions. This inclination is expected to continue over the forecasted period, as businesses and consumers become more responsive to the impact that conventional petrochemical-based plastics have on the ecosystem.
On the other hand, the elevated cost of manufacturing biopolymers is predicted to restrict market growth. Biopolymers are more expensive than conventional petroleum-based plastics. Bio-based ethylene, for instance, is more costly than petroleum-based ethylene. Regardless of strengthening customer pressure for renewable products as well as government regulation/ guidelines on the utilization of virgin plastics, the expansion of the biopolymer sector is being ‘held back’ by differences in product quality and costs.
Biopolymers Market Report Scope
Report Attribute
Details
Market size value in 2024
USD 19.37 billion
Revenue forecast in 2030
USD 38.69 billion
Growth rate
CAGR of 10.4% from 2024 to 2030
Base year for estimation
2023
Historical data
2018 - 2022
Forecast period
2024 - 2030
The development of cost-effective biopolymers is one of the major strategies undertaken by numerous manufacturing companies around the globe. In addition, major manufacturers dominate the market with various strategy initiatives such as product launches, expansion, mergers & acquisitions, and certifications for their products. For instance, in April 2023, NatureWorks introduced the latest ‘Ingeo’ biopolymer solution for increased strength and softness in biobased nonwovens for hygiene applications.
Key Biopolymers Companies:
Biopolymer Industries
BASF SE
Solanyl Biopolymers
BioPolymer GmbH & Co. KG
Ecovia Renewables Inc.
BiologiQ, Inc.
ADM
DuPont
Novamont
BIOTEC
San Francisco, 25 April 2024: The Report Smart Cities Market Size, Share & Trends Analysis Report By Application, By Smart Governance, By Smart Utilities, By Smart Transportation, By Smart Healthcare, By Region, And Segment Forecasts, 2024 - 2030
The global smart cities market size is expected to reach USD 3,728.3 billion by 2030, registering a CAGR of 25.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to rapid favorable government initiatives worldwide and emerging technologies, such as Artificial Intelligence (AI), cybersecurity, big data analytics, and the Internet of Things (IoT). This has encouraged several countries to invest in smart city projects to manage infrastructure and assets. Further, the increasing adoption of Electric Vehicles (EVs) has also created a demand for the development of charging infrastructure in cities globally. Due to this, it provides energy storage and creates new revenue streams from EV batteries. These benefits will further boost the smart cities market's growth during the forecast period.
The smart cities market is witnessing a high investment in smart security, smart metering for utilities, integrated traffic management systems, and smart mobility. Several technologically innovative cities use IoT platforms to monitor their infrastructure, manage traffic flows, water management, parking, and air quality, and use the generated smart data to handle longer-term decisions for environmental sustainability. Market players are establishing strategic partnerships with technology providers to improve their smart cities portfolio. For instance, in February 2022, an electric utility company, E.ON SE, partnered with telecom company Vodafone Group plc to develop smart water, gas, and electricity meters, accrelating the smart cities market growth.
Various country governments, such as India, Germany, Canada, Japan, and Australia, are launching smart city-based projects to improve citizens' lifestyles and create safer communities, propelling smart cities market expansion. Government-authorized associations & organizations are collaborating with market players to develop smart city solutions to assist the government in planning smart city strategies. For instance, in October 2022, the non-profit organization, Accelerator for America partnered with Honeywell International Inc. and launched the Smart City Accelerator Program to help smart city developers define priorities, align key stakeholders, and improve service delivery & operational efficiency of smart cities projects.
The increasing urbanization, the need for efficient management of resource utilization, public safety concerns, and increasing demand for an environment with efficient energy utilization are the major driving factors for the market growth. Due to the COVID-19 pandemic, countries followed strict lockdowns and mobility constraints to avoid the spread of the virus. During the pandemic, the dependence of global economies on urban areas and the importance of public healthcare in smart city initiatives have been brought to light. However, organizations are trying to implement emerging technologies such as the Internet of Things (IoT) and Artificial Intelligence (A.I.) to overcome the challenges faced during the pandemic.
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The need for sustainable structure due to the growing population and urbanization has become significant for market growth. Several regional governments are trying to handle these problems via smart city initiatives across serviceable segments, such as mobility, utility, safety, and management. The local governments have also been at the forefront of stimulating organizational and institutional changes, enabling steady investments, and creating a consortium for bringing diverse businesses together. The emergence of a new genre of public-private partnerships is also a particular development attributable to the smart city’s developments. Further, infrastructure development financing and funding models and governance systems are playing a major role in fueling the market.
Smart Cities Market Report Highlights
The environmental solution segment is expected to witness a considerable CAGR of 28.8% over the forecast period. Shifting various government focus towards reducing Greenhouse Gases (GHGs) and preservation and promotion of biodiversity is propelling the segment growth globally
The smart lighting segment is anticipated to register a CAGR of 25.8% over the forecast period. The substantial demand for IoT-enabled lighting fixtures, increasing infrastructure developments, and end-user preference for energy-efficient lighting are propelling the adoption of smart lighting in residential, commercial, and industrial sectors
The waste management segment is expected to witness a significant CAGR of 27.0% over the forecast period. Numerous waste management companies are installing sensors, data visualization platforms, and network infrastructure to generate actionable insights and make informed decisions. Adopting these smart technologies in waste management will supplement the segment's growth during the forecast period
The intelligent transportation system segment is expected to witness a significant CAGR of 26.7% over the forecast period. The rising public and private investments in the transport sector, government initiatives to curb traffic congestion & enhance public safety, and advancements in video surveillance & analytics system is expected to accelerate the segment growth notably through 2030
In Asia Pacific, the market is anticipated to register a significant CAGR of 29.2% during the forecast period. The regional growth can be attributed to rapid economic developments, digitalization, globalization, and the rising proliferation of smartphones
The smart cities market growth can be attributed to the growing adoption of nanotechnology, Artificial Learning (A.I.), Machine Learning (ML), cloud computing, IoT, cognitive computing, big data analytics, and open data. Moreover, the increasing implementation of Build-Own-Operate (B.O.O.), Build-Operate-Transfer (B.O.T.), Original Brand Manufacturer (O.B.M.), and Bill of Material (B.O.M.) business models is also driving the successful project execution of smart cities. Asian countries have been pursuing numerous initiatives to encourage the adoption of digital technologies for smart cities while seeking to maintain consumer data privacy. Moreover, several government initiatives worldwide are anticipated to drive market growth further.
Though smart city projects need a diverse set of technologies, such as IoT, A.I., and smart sensors, to monitor city infrastructure, their application varies across projects and from city to city. The key driving factors for implementing smart city solutions are the need to improve resilient cities, reduce energy, and concern over the increase of environmental waste. Additionally, the vendors invest in Research & Development (R&D) to establish new systems and technologies for connected infrastructure across smart city projects. The key players in the market, such as Cisco Systems, Siemens AG, and IBM Corporation, are actively investing in R&D activities related to connected infrastructure in smart city development worldwide.
Smart Cities Market Report Scope
Report Attribute
Details
Market size value in 2023
USD 748.7 billion
Revenue forecast in 2030
USD 3,728.3 billion
Growth Rate
CAGR of 25.8% from 2023 to 2030
Actual data
2018 - 2023
Forecast period
2024 - 2030
The smart cities concept has been gaining traction in recent years owing to numerous novel advantages smart cities can provide. However, several barriers are affecting the growth of the market. The high initial costs that are the prerequisite for the upheaval of the existing infrastructure of cities may restrain the growth of the market. The sheer number of financial commitments needed for the projects has been an important factor in slowing down market developments. However, the current scenario is expected to change in the coming years as there have been many other investment techniques that are gaining popularity, such as Build Transfer (B.T.), Build Operate Transfer (B.O.T.), Build Own Operate (B.O.O.), and public-private partnerships.
List of Key Players of the Smart Cities Market
ABB Limited
AGT International
AVEVA Group plc.
Cisco Systems, Inc.
Ericsson
General Electric
Honeywell International Inc.
International Business Machines Corporation
Itron Inc.
KAPSCH Group
Huawei Technologies Co., Ltd.
Microsoft Corporation
Oracle Corporation
San Francisco, 25 April 2024: The Report Handwriting Digital Pen Market Size, Share & Trends Analysis Report By Usage (PC, Tablet, Smartphone), By Application (BFSI, Healthcare, Govt.), By Region (Asia Pacific, North America), And Segment Forecasts, 2021 - 2028
The global handwriting digital pen market size is anticipated to reach USD 4.78 billion by 2028, registering a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. The implementation of supportive digitalization policies by governments in emerging economies like China and India is expected to push the healthcare and BFSI sectors to use digital pens as a tool for error-proof data collection and transfer. For instance, banking institutions are likely to rely on these devices as they convert manual data into digital content, which makes it easier to maintain the personal information and financial transactions of their customers. In addition, these tools can be used to edit stored data as and when required.
The use of digital pens in the animation industry has increased over the years and will continue to grow unhindered in the coming years. Companies are focusing on launching digital pens for students and professionals in the field of creative arts. For instance, Wacom Cintiq 16 was launched in January 2021 to assist students in digital sketching, illustration, and drawing. The product is embedded with Wacom’s Pro Pen 2 technology. It has 8,192 levels of pressure sensitivity and tilt, which makes it precise and accurate. Another important technology built-in it is Electro-Magnetic Resonance (EMR), which eliminates the need for battery and recharge. Such innovations are estimated to boost product penetration and market growth over the forecast period.
Asia Pacific is a larger contributor to the production of digital pens, compared to Europe and North America. Major market players have been showing increasing interest in the Asia Pacific region owing to the availability of highly skilled labor at low cost, tax waivers on establishing production plants, and trade benefits, which directly boost the profit margin of a company. The majority of manufacturers are located in China, Japan, and South Korea as a result of easy access to electronic raw materials like chips and sensors from domestic raw material suppliers. However, the rising production costs in developed economies, such as Japan and South Korea, in recent years are expected to force industry participants to shift their production bases to developing economies, such as China and India.
The growing need to digitize businesses in various sectors, including banking, healthcare, education, and retail, is expected to have a positive impact on market growth. It has been proved that digitization enhances productivity and helps in gaining an edge over competitors. Handwriting digital pens have been gaining significant traction across the globe owing to the rising adoption of e-learning sites and apps among students and educators. E-educators have also been striving to provide education through the online medium, offering greater convenience to students as compared to conventional offline education methods.
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The outbreak of coronavirus has also driven the product demand over the last six months. The education system has changed considerably over this period. With schools all over the world shut down to avoid the spread of the virus, teaching and learning are being undertaken remotely on various digital platforms. Thus, the distinctive rise of e-learning is expected to offer lucrative growth opportunities for the market. The ease of scanning and reading documents in various languages acts as a major factor boosting the adoption of digital pens in the corporate sector.
Handwriting Digital Pen Market Report Highlights
The tablet usage segment is projected to register the fastest CAGR of 8.6% over the forecast period
BFSI is projected to be the fastest-growing application segment from 2021 to 2028. On the other hand, the healthcare application segment is expected to account for the highest revenue share by 2028
The growing e-commerce sector and increasing preference for online shopping have compelled manufacturers to lean on online distribution for better visibility and greater reach
Several manufacturers are increasingly focusing on implementing the direct-to-consumer approach to generate more sales through their online retail platforms
Moreover, these tools help reduce the expenses pertaining to general office supplies, resulting in an increase in their usability among consumers. According to an article published in 2018 by Natalya Berdzeni, the executive vice president for spend management services at LAC Group, the group’s clients spend an average of USD 200 per employee annually, or USD 17 per month, on office supplies. Major consumers of paper, such as law firms, spend an average of USD 1,000 per employee annually, or USD 83 per month. Thus, to minimize the expenditure on office supplies, companies are increasingly opting for digital pens.
The emergence of digital platforms for various applications, such as banking and cloud computing, is expected to present numerous growth opportunities to key players in the market. People with high spending power are the major consumers of digital pens. Partnering with companies that offer digital equipment can open new growth avenues for the existing and new players in the market. The rising adoption of digital devices as a primary source of education in several schools worldwide is creating significant growth opportunities for the market.
Governments around the world are focusing on digitalizing the education sector and are distributing laptops and tablets, among other devices, to boost digitalization. Players in the market are partnering with other companies to develop cost-effective products. Moreover, various companies are procuring desktops and other devices on lease. They can tie up with such service providers of laptops and tablets and offer products on lease.
Handwriting Digital Pen Market Report Scope
Report Attribute
Details
Market size value in 2021
USD 2.80 billion
Revenue forecast in 2028
USD 4.78 billion
Growth rate
CAGR of 8.3% from 2021 to 2028
Base year for estimation
2020
Historical data
2016 - 2021
Forecast period
2021 - 2028
The market is characterized by the presence of various well-established players. The recent developments and strategic initiatives carried out by key players mainly include product launches, collaborations, and acquisitions. For instance, in October 2021, Microsoft launched a Surface Pen at the October Surface event for the Surface Pro X. The Surface Pro X is a 2-in-1, thin-and-light device that features a sleeker design than previous models and is driven by an ARM chip, with a thinner body and bezel. This strategic product launch was aimed at driving the company’s revenue growth and strengthening its position in the global market.
List of Key Players of Handwriting Digital Pen Market
Apple, Inc.
Samsung Electronics Co., Ltd.
Wacom Co., Ltd.
Microsoft Corp.
Huawei Technologies Co., Ltd.
Lenovo
Dell Technologies, Inc.
Hewlett-Packard Development Company, L.P.
Google LLC
Sony Corp.
San Francisco, 25 April 2024: The Report Pea Protein Market Size, Share & Trends Analysis Report By Product (Isolates, Concentrates), By Form (Dry, Wet), By Source, By Application (Food & Beverages, Animal Feed), By Region, And Segment Forecasts, 2023 - 2030
The global pea protein market size is expected to reach USD 4.7 billion by 2030, expanding at 12.0% CAGR from 2023 to 2030, according to a new report by grand view research, inc. The demand for pea protein is anticipated to be driven by several factors such as functional benefits, its suitability for individuals with food allergies and dietary restrictions, and growing preference for plant-based diets due to health and environmental concerns.
Pea protein is naturally free from common allergens such as dairy, soy, and gluten. This factor has contributed to its popularity among people with food allergies, sensitivities, or dietary restrictions. Additionally, pea protein is often non-genetically modified, which appeals to consumers seeking natural and clean-label products.
The increasing prevalence of health issues such as obesity and diabetes, particularly among younger generations, has resulted in a growing preference for vegan diets. Furthermore, animal rearing negatively impacts natural resources and contributes to global warming to some extent. Although this impact has not been precisely measured, it is widely acknowledged, and awareness of this factor has encouraged the adoption of a more plant-based diet, thus boosting the meat substitutes market. As a result, pea protein as a meat substitute is expected to become more prevalent during the forecast period due to its excellent texturing properties, which make it suitable for use in the production of meat products such as chicken, beef, lamb, and mutton.
Pea proteins offer several functional benefits for bakery applications, including water holding capability, gelation, and increased browning, particularly in gluten-free applications. Besides, using pea proteins in bakery goods also replaces potential allergens such as gluten or soy. The increased health consciousness among consumers is prompting bakery manufacturers to introduce products with functional ingredients to increase their health appeal. This changing consumer pattern is anticipated to benefit the market over the forecast period.
Pea protein is fortified as a texturing agent in baked goods, including cakes, dressings, and desserts due to its fibrous content and gluten-free properties. Over the past few years, continuous expansion in retail chains by baked goods manufacturers, including Tesco (U.K.) and Carrefour (France) in the European market, has played a crucial role in promoting the demand for cakes and desserts. This favorable trend will provide an upswing for the pea protein industry as a texturing agent in the baked goods industry over the forecast years.
Pea proteins are rich in all nine essential amino acids and iron and are good for muscle building and heart health. Pea protein is fortified and added in nutritional tablets, syrups, soups, energy powders and cereal bars for providing health benefits such as enhancing muscle and bone growth and regulating blood sugar levels. Rising demand for sports nutrition products due to increasing awareness towards muscle improvement among athletes is expected to fuel pea protein demand in beverages such as energy drink-mix powders in the near future. Pea protein ingredients will be used in fortifying energy drinks, fruit juices, vegetable mix juices, and liquid solutions.
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Technological advancements in the pea protein industry, such as improved extraction and processing techniques, enhanced purification, functional property optimization, and innovation in product development, are driving its growth. These advancements enable higher production efficiency, improved product quality, expanded application possibilities, and address sustainability concerns, fueling the increasing demand for pea protein.
Pea Protein Market Report Highlights
Based on products, pea protein isolates dominated the market with a 49.8% share in 2022 owing to their high protein content, excellent amino acid profile, and versatile applications. Pea protein isolates are highly purified and contain a high concentration of protein, making them desirable for various industries such as food and beverage, sports nutrition, and dietary supplements
Based on form, dry pea protein dominated the market with a revenue share of 67.3% in 2022 due to its versatility in applications, ease of storage and transportation, and the increasing demand for plant-based and vegan products
Based on source, yellow split peas dominated the market with a revenue share of 76.8% in 2022 due to their wide availability, favorable nutritional & functional properties, mild flavor profile, and growing demand for plant-based protein alternatives
Based on application, food & beverages dominated the market with a share of 39.6% in 2022, owing to the increasing demand for plant-based and vegan products, functional benefits in various food applications, and consumer preferences for allergen-friendly and sustainable ingredients
The North America region dominated the market with a revenue share of 32.9% in 2022, due to strong food and beverage industry, and favorable government regulations promoting plant-based diets
The protein is extracted from various types of pea varieties, including dry, green, and chickpeas, available in concentrates, textured, and isolates form. These products are derived from plant-based sources, making them ideal for consumers opting for vegan diets. In addition, they are non-toxic, non-allergic, and easily digestible with vast application potential in beverages, meat substitutes, dietary supplements, and bakery products. The rising importance of a flexitarian diet on account of increasing concerns about cardiological impacts associated with red meat consumption is expected to remain a favorable factor for market growth. Moreover, increasing awareness regarding the adverse effects of foods comprising gluten as well as lactose is expected to play a crucial role in promoting product demand over the forecast years.
Furthermore, the growing consumption of protein-fortified functional foods is anticipated to augment the product demand. Increasing demand for protein supplementation in food products has resulted in new product launches by food & beverage companies, which is foreseen to have a positive impact on market growth. In December 2021, Tiptoh, an innovative Belgian start-up, partnered with Olympia Dairy and SIG to introduce a new line of pea protein beverages to the Belgian market. The growing awareness about protein powder consumption for promoting bone health and muscle growth is also anticipated to augment market growth over the forecast period.
Pea Protein Market Report Scope
Report Attribute
Details
Market size value in 2023
USD 2,121.4 million
Revenue forecast in 2030
USD 4.7 billion
Growth rate
CAGR of 12.0% from 2023 to 2030
Base year for estimation
2022
Historical data
2017 - 2021
Forecast period
2023 - 2030
The price of pea protein plays a crucial role in driving the growth of the pea protein market. Its cost-effectiveness, competitive pricing compared to animal-based proteins, stable pricing, production efficiency, and affordability for consumers contribute to its increasing popularity and market expansion. Pea protein is generally more affordable compared to other plant-based protein sources such as soy or almond protein. Its cost-effectiveness makes it an attractive option for food manufacturers looking to incorporate protein into their products without significantly increasing production costs. Moreover, when compared to animal-based proteins such as whey or casein, pea protein offers competitive pricing.
List of Key Players in the Pea Protein Market
Burcon Nutrascience
Roquette Freres
The Scoular Company
DuPont
Cosucra Groupe Warcoing SA
Nutri-Pea
Shandong Jianyuan Group
Sotexpro SA
Ingredion, Inc.
Axiom Foods, Inc.
Fenchem, Inc.
Martin & Pleasance
The Green Labs LLC
San Francisco, 25 April 2024: The Report Life Science Tools Market Size, Share & Trends Analysis Report By Technology (Cell Biology, Proteomics), By Product, By End-use (Government & Academic, Healthcare), By Region, And Segment Forecasts, 2023 - 2030
The global life science tools market size is expected to reach USD 330.69 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.8% from 2023 to 2030. This growth can be attributed to a rise in government funding for life science technologies, demand for cell and gene therapies, an increase in the adoption of biopharmaceuticals, and growing competition among prominent companies in the market.
The exponential rise of COVID-19 cases globally requires rapid diagnosis for containment of the spread of infectious disease, which boosted the demand for life science tools during the pandemic and had a positive impact on the market. Rapid diagnosis of the infection, effective treatments, and preventative plans are essential for the management of cases during the COVID-19 pandemic. The current race for the development of cost-effective point-of-contact test kits and efficient laboratory methodologies for confirmation of SARS-CoV-2 infection has driven a new frontier of diagnostic innovation. During this pandemic, the U.S. FDA granted Emergency Use Authorizations (EUAs) to several diagnostic tests to make them rapidly and easily available for use. For example, in May 2022, the U.S. FDA granted a EUA to ID NOW COVID-19 2.0, a rapid in-vitro diagnostic test by Abbott Diagnostics Scarborough, Inc. Moreover, a wide range of commercial COVID-19 tests is available in the marketplace, which will further add to revenue generation.
Additionally, the life science tools industry is expanding based on the increasing investments by the government for the advancement of research and technologies. Organizations such as The National Human Genome Research Institute (NHGRI) and the National Institutes of Health (NIH) are actively funding various life science projects. For instance, the NIH funded USD 25 million for the ‘4D Nucleome Program’, which aims to understand gene regulation and cellular expression via the nuclear organization. Moreover, the U.S. government has funded several life sciences companies for R&D purposes. For instance, the Biomedical Advanced Research and Development Authority (BARDA) has planned to make awards worth USD 750,000 to facilitate the development of innovative technologies in the healthcare sector. Thus, the increase in government funding for life science research as well as technologies is expected to drive the market in the coming years.
Key players are also contributing to the growth of the market by providing advanced tools and techniques. Furthermore, companies are introducing new automated solutions in the market, which, in turn, provide lucrative opportunities for market growth. For instance, in February 2022, Covaris, LLC. announced the launch of truXTRAC FFPE Total NA Auto 96 Kit, a fully automated workflow comprising all necessary accessories, consumables, and reagents. This automated kit is powered by Adaptive Focused Acoustics (AFA) technology that allows both purification and extraction of RNA & DNA for FFPE (formalin fixed paraffin embedded) samples in 5 hours. The introduction of innovative solutions is expected to drive the market in the near future.
The growth in revenue is mainly due to rapid advancements by the life science tools companies in sequencing, MS, chromatography, NMR, and other various products. Moreover, investments and funding for the development of advanced therapeutics along with continuous demand for novel medicine and treatments due to rising incidence of diseases such as cancer, kidney and thyroid disorders, and diabetes will drive the market. The COVID-19 pandemic has impacted several industries and the associated supply chains across the globe. This is due to disruption in the supply of key materials such as scarcity of raw materials and labor. In addition, the transportation of raw materials across regions had been put on hold. These factors have led to a shortage of medical supplies, such as molecular and immunoassay kits, digital solutions, life-support machines, and drugs in different regions of the globe.
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Besides this, the pandemic had a positive impact on the market as the race for developing rapid diagnostics for the SARS-CoV-2 virus led manufacturers to provide innovative breakthroughs. Some of these tests detect the SARS-CoV-2 nucleic material using the PCR technique or via nucleic acid hybridization-related methods or while others are serological and immunological assays that detect antibodies produced in response to the virus. For example, in December 2021, Siemens Healthineers received Emergency Use Authorization from the U.S. FDA for its COVID-19 rapid test, CLINITEST Rapid COVID-19 Antigen Self-Test that can be used for self-testing by individuals aged 14 and above. The pandemic-related new developments, government funding, product approvals, and continuous launches will drive the market.
Life Science Tools Market Report Highlights
By technology, cell biology technology accounted for the largest share in 2022. The introduction of novel technologies for the usage and adoption of stem cells, CAR T-cells, TCR T-cells, NK T-cells, and other cell therapies is expected to boost revenue generation in this segment
By product, the cell culture systems and 3D cell culture segment held the largest share in 2022. Cell biology is gaining popularity across multiple aspects in the life science industry, which is contributing significantly to the revenue generated by this segment
By end-use, the healthcare segment generated the highest revenue in 2022. The rise in adoption of proteomic and genomic workflows in clinics, hospitals, and diagnostic laboratories for the treatment and diagnosis of several clinically presented abnormalities is anticipated to drive the market
North America accounted for the largest revenue share in 2022. The rapid adoption of genomics, proteomics, oncology, and diagnostic screening in the region has contributed to regional growth. In addition, a number of major market players are continuously engaged in the development of advanced tools for life science research in this region
Asia Pacific is expected to grow at the highest rate over the projected period. Investments by global companies in this region to utilize the untapped avenue and lucrative opportunities will drive the regional market
The growth of gene and cell therapies and their rising demand is anticipated to boost market growth. With the growing demand for robust disease treatment therapies, companies have focused their efforts to accelerate their R&D for effective gene therapies that target the cause of disease at the genomic level. With a rise in the number of FDA-approved products, a healthy outlook for gene therapies is expected in the near future. In addition, advancements in recombinant DNA technology are expected to expand the number of ongoing clinical trials for gene therapy. For instance, in 2020, FDA expected more than 200 applications annually for cell and gene therapy clinical trials by 2029.
The increased understanding of drug interaction with the genetic makeup of patients has led to improvements in targeted therapies. The life science industry is now capitalizing on novel innovations such as predictive analytics to enhance the manufacturing of biological therapeutics to meet the growing demand. This combined with low-cost and robust genetic profiling will improve treatment outcomes and help reduce the drug development cost. The rise in demand for biologics is expected to propel market growth as most biologics are manufactured with the help of recombinant DNA technology.
Life Science Tools Market Report Scope
Report Attribute
Details
Market size value in 2023
USD 161.57 billion
Revenue forecast in 2030
USD 330.69 billion
Growth rate
CAGR of 10.8% from 2023 to 2030
Base year for estimation
2022
Historical data
2018 - 2021
Forecast period
2023 - 2030
Furthermore, monoclonal antibodies are rapidly evolving in the field of cancer therapy. For instance, according to an article published in January 2021, by mAbxience, 27 monoclonal antibodies have been approved for treating different types of cancer. Moreover, FDA approvals of monoclonal antibodies in diagnostics and cancer therapy are increasing the applications of biologics. For instance, in January 2022, FDA approved Tebentafusp-tebn monoclonal antibody that aids in the treatment of metastatic uveal melanoma. Government support coupled with rising demand for novel therapeutics will boost the growth of the market.
List of Key Players of Life Science Tools Market
Agilent Technologies, Inc.
Becton, Dickinson and Company
F. Hoffmann-La Roche Ltd.
Bio-Rad Laboratories, Inc.
Danaher Corporation
Illumina, Inc.
Thermo Fisher Scientific, Inc.
QIAGEN N.V.
Merck KGaA
Shimadzu Corporation
Hitachi, Ltd.
San Francisco, 24 April 2024: The Report Neodymium Market Size, Share & Trends Analysis Report By Application (Magnets, Catalysts), By End-use (Automotive, Electrical & Electronics), By Region, And Segment Forecasts, 2022 - 2030
The global neodymium market size is expected to reach USD 7.30 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 15.0% from 2022 to 2030. The market is anticipated to be driven by rising demand for neodymium magnets from wind energy and electric vehicle industries.
China is the largest producer of both rare earth and permanent magnets in the world. The country accounts for over 70% of the global permanent magnet production and 60% of the global rare earth production according to the global mining data published by the USGS. The significant factor that has led to China’s dominance, especially in rare earth permanent magnet production, is the abundance of rare earth deposits in China.
In terms of value, magnets are anticipated to register the fastest CAGR during the forecast period. Their growing demand from electronics, wind energy, and automotive end-uses is propelling segment growth. The primary consumers of neodymium magnets include electric motor manufacturers, EV manufacturers, electronic component (sensors, microphones, earphones, HDD) manufacturers, and other magnetic assembly manufacturers. Thus, growing demand from end-use industries such as automotive and electronics is propelling segment growth.
Wind energy is projected to provide opportunities for the market and the segment is anticipated to register a revenue-based CAGR of 15.3% during the forecast period. Its growth is attributed to the increasing shift towards renewable energy and sustainable energy practices. Wind turbine demand is expected to positively impact market growth. As per the Global Wind Energy Council, 2021 witnessed around 93 GW of installed capacity addition, an increase of 53% from 2020.
In terms of volume, North America is a significantly smaller market as compared to Asia Pacific. The lesser availability of rare earth oxides in the region makes the region import-reliant on China. The catalyst producers are the prominent consumers of neodymium in North America, which cater to the tire and oil and gas industries. The commercial uses of neodymium catalysts are limited owing to their expensive nature. They are used in refinery petroleum cracking, polymerization, and photovoltaic wastewater treatment.
The market is anticipated to be driven by the increasing usage of permanent magnets in the automotive industry. Neodymium-iron-boron (NdFeB) is of vital significance in electric motors, which are further used in electric vehicles (EVs) and wind energy-related applications. The growing focus on alternative energy has augmented the demand for wind energy and EVs, which, in turn, is boosting the market growth.
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The U.S. is a vital market for rare earth. The need for NdFeB magnets is expected to rapidly grow on account of rising demand from high-end applications including robotics, wearable devices, EVs, and wind power. The increasing demand for magnets in various end-use industries has pushed key manufacturers to set up new plants.
Neodymium Market Report Highlights
Based on application, magnets held the largest revenue share of over 55.0% in 2021. The growing usage of permanent magnets is propelling the market growth
Based on end-use, the electrical and electronics segment is anticipated to register a CAGR of 14.9%, in terms of revenue, across the forecast period. The widespread application scope of neodymium in fiber optic technology, speakers, and other electronic components is boosting segment growth
Europe held the second-largest revenue share in 2021. The rising demand for magnets in end-use industries including automotive and wind energy is anticipated to augment the market growth over the forecast period
The favorable policies and governments’ initiatives toward economic recovery after the pandemic are anticipated to augment the demand for neodymium over the coming years. For instance, investments by the Chinese automotive manufacturer, BYD Auto Industry Co., Ltd., and Japanese automotive player, Toyota, to set up a manufacturing facility in Central and South America are expected to boost automotive production, thereby propelling the need for neodymium magnets
For instance, in April 2022, MP MATERIALS announced that it is going to invest USD 700 million to set up a new production facility for rare earth metals, magnets, and alloys in Fort Worth, Texas, U.S. by 2030. This facility is likely to have a production capacity of 1,000 tons per year of NdFeB magnets. These magnets will be supplied to General Motors to produce 500,000 EV traction motors.
One of the prominent applications for the market is Hard Disk Drives (HDD), where neodymium magnets are used for driving the spindle motor. Even though the quantity of neodymium used in HDD is low (0.2% of total metal content), the large-scale production of HDD is anticipated to benefit product demand. Rising consumption of HDD from the electronics industry is likely to augment market growth over the projected timeline.
Neodymium Market Report Scope
Report Attribute
Details
Market size value in 2022
USD 4.98 billion
Revenue forecast in 2030
USD 7.30 billion
Growth Rate
CAGR of 15.0% from 2022 to 2030
Market size volume in 2022
35.4 kilotons
Volume forecast in 2030
64.6 kilotons
Growth Rate
CAGR of 7.7% from 2022 to 2030
Base year for estimation
2021
Historical data
2017 - 2020
Forecast period
2022 - 2030
The historic period witnessed a few geo-political and trade conflicts that impacted the market across the globe. For instance, the U.S.-China trade war, uncertainties associated with Brexit, mining restrictions, and growing economic protectionism adversely impacted the supply dynamics and caused price hikes in the market.
List of Key Players of the Neodymium Market
ARAFURA RESOURCES
China Rare Earth Holdings Limited
Lynas Rare Earths Ltd.
METALL RARE EARTH LIMITED
MP MATERIALS
Peak Rare Earths
Rainbow Rare Earths Limited
Texas Mineral Resources Corp.
HEFA Rare Earth
Greenland Minerals Ltd.
San Francisco, 24 April 2024: The Report Superfood Powders Market Size, Share & Trends Analysis Report By Product (Organic, Conventional), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2023 - 2030
The global superfood powders market size is expected to reach USD 11.50 billion by 2030, registering a CAGR of 7.2% during the forecast period, according to a new report by Grand View Research, Inc. The market has witnessed rapid growth in recent years and has caught consumers’ attention owing to the increasing prevalence of obesity and diabetes and consumers opting for healthy diets. Growing consumer need for antioxidants, phytochemicals, vitamins, and minerals has increased the popularity of superfood powders in past years. The product has grown into a commercial product in the U.S. and several companies are investing in superfood powders.
Some of the popular superfoods are salmon, kale, açai berries, kefir, and almonds. When incorporated into a well-balanced diet, superfoods can promote heart health and weight loss, improve energy levels, and even reduce the effects of aging. Thus, consumers are looking for convenient ways to add these superfoods to their diet, which is driving the demand for powders.
In response to the increase in the frequency of diet-related diseases such as diabetes, obesity, or cancer, the search for healthy diets has led to a surge in the demand for functional foods with multiple benefits, among which are superfoods. Many countries globally have witnessed a shift in the preference for functional foods as the trade of superfoods has increased over the past decade.
The organic product segment is expected to witness lucrative growth over the forecast period. Organic foods have been gaining traction among consumers as people are becoming aware of the associated benefits and long-term impact on their health. Many superfood brands have been targeting consumers by labeling their products as “organic” and made with “natural ingredients”. Additionally, due to the COVID-19 pandemic, consumers globally are concerned about their eating habits and are seeking healthier options in their daily diet.
The offline distribution channel segment held the largest revenue share in 2022. Superfoods are being increasingly sold through hypermarkets, supermarkets, convenience stores, and pharmacies. A large number of consumers prefer buying food products from offline stores due to the shopping experience of these stores. Brick-and-mortar specialty stores are among the major distributors of these products. The market is characterized by the presence of a few well-established players and several small- and medium-sized players with a strong presence across the globe. Leading manufacturers hold a significant market share in North America.
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The rising awareness regarding incorporating a healthy lifestyle among consumers has been driving the demand for superfood powder over the world. Superfood powders are derived from nutrient-rich superfoods by drying and grinding them into a fine powder, which can be mixed into food and beverages for regular intake. Superfoods have gained traction among health-conscious consumers owing to their numerous benefits. Some of their key benefits are immunity boost, detoxification of the body, and stress reduction.
Superfood Powders Market Report Highlights
North America held the largest revenue share in 2022 as consumers are consuming superfood powders in order to boost immunity, prevent diseases, and complete their daily intake of important micronutrients
The organic product segment is expected to expand at the fastest CAGR over the forecast period. Organic foods have been gaining traction among consumers as people are becoming aware of the associated benefits and long-term impact on their health
The online distribution channel segment is expected to expand at the fastest CAGR from 2023 to 2030. Driven by pandemic-led facts and figures, manufacturers of superfood powders switched to online platforms to reach more consumers and offer better-quality products.
Moreover, the subsequent increase in consumer interest in health and wellness products has further given an impetus to the superfoods industry. Many brands and companies in the food industry have been expanding to new product lines such as superfoods in order to gain maximum market share.
Superfood powders are made from nutrient-dense and antioxidant-rich vegetables and fruits. These products aim to support overall health and immunity. For instance, the detoxifying property of moringa has increased its application in food and beverages, such as green smoothies, teas, and salads, over the past few years. Along with nutritional content, consumers prefer these products as they are considered to be ‘natural’ foods. These products have a minimum impact on the environment, which satisfies consumers’ ethical concerns.
With the increasing prevalence of diet‐related diseases such as obesity and diabetes, consumers are opting for healthy diets, which include functional foods with various benefits. Therefore, ‘superfood’ products are increasingly gaining popularity across the globe, especially in the U.S., Canada, Germany, and France. Furthermore, new product launches in the superfood powders segment are likely to bode well with the future market growth.
Superfood Powders Market Report Scope
Report Attribute
Details
Market size value in 2023
USD 7.03 billion
Revenue forecast in 2030
USD 11.50 billion
Growth rate
CAGR of 7.2% from 2023 to 2030
Base year for estimation
2022
Historical data
2017 - 2021
Forecast period
2023 - 2030
The application of these products has grown in food and beverages. The use of chia seeds, pumpkin seeds, and sunflower seeds has grown significantly in beverages over the last few years. Many superfood brands have been incorporating such superfood ingredients in blended powdered form to capture a majority of the market share. As of now, consumers are giving up inflammation-producing, highly-processed foods for products that boost gut and brain health, among other benefits. Consumers are also favoring foods that are eco-friendly and socially responsible. In response, several manufacturers are testing alternative crops and aligning with suppliers that offer clean-label or organic goods.
List of Key Players in the Superfood Powders Market
Sunfood
Glanbia PLC
Terrasoul Superfoods
Navitas Organics
Orgain
Suncore Foods Inc.
Nature’s Superfoods
Country Farms
Your Super
Naturya