Chemical Insights - Industry Forecast

  Carrageenan Industry Overview The global  carrageenan market  size is expected to reach USD 1.25 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2020 to 2028. The rising demand for plant-based thickeners and stabilizers for replacing synthetic and animal-derived ingredients in food and beverage applications is expected to drive the product demand.   As per the Food & Agricultural Organization (FAO), Asia held the largest share in seaweed production globally as of 2020. Southeast Asian countries including Indonesia, the Philippines, and Malaysia are a few of the major cultivators of seaweed providing growth opportunities for local carrageenan manufacturers with abundant raw material availability. The market is fragmented with numerous market participants present across the value chain. Hydrocolloids manufacturers including Cargill Incorporated, CP Kelco, and DuPontare integrated across the value chain. The

  Industrial Boilers Industry Overview The global  industrial boilers market  size is expected to reach USD 20.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.0% from 2021 to 2028. Rapid industrialization in developing economies is expected to boost the demand for the industry during the forecast period. In addition, the growing food and beverage industry is expected to positively impact product demand over the coming years.   Boilers are vessels that produce steam to fulfill heating requirements with the support of numerous energy sources including oil and gas, fossils, non-fossils, and biomass. These vessels are used by numerous industries including food and beverage, power,  textiles , FMCG, and thermal power plants. Chemicals and petrochemical is the largest industry to use industrial boilers.   Growing industrialization including the expansion of existing plants and the establishment of new manufacturin

  Plastic Pallets Industry Overview The global  plastic pallets market  size is expected to reach USD 10.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.6% from 2021 to 2028. Increasing demand for robust, long-term, contamination-free, and eco-friendly packaging, which accounts for a low cost per trip in the longer term as compared to expendable packaging coupled with a steady expansion of end-use industries is expected to fuel the growth to the market. Plastic pallets are typically made from robust materials, including polypropylene (PP) and  high-density polyethylene  (HDPE), and are primarily intended for multiple trips rather than a single trip. Plastic pallets are made from virgin and recycled plastic resins. Virgin resin-based skids offer superior performances. However, recycled resin-based pallets are less expensive and more sustainable, due to which they are generating considerable traction within the m

  Barite Industry Overview The global  barite market  size is expected to reach USD 1.59 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.7% from 2021 to 2028. Rising investments in increasing offshore explorations in the oil and gas industry are anticipated to augment the market growth over the forecast period. Barite is a naturally occurring barium-based mineral. It is found in hydrothermal ore veins, sedimentary rocks like limestone, clay deposits, marine deposits, and cavities in igneous rock. According to the USGS, its global mine production was 7,500 kilotons in 2020 down from 8,870 kilotons in 2019 owing to the COVID-19 pandemic. China and India are the leading producers of barite. The oil and gas application segment accounted for the largest revenue share in 2020 as barite is mainly used as a weighting agent in formulating drilling mud. Investments in new offshore exploration projects are anticipated to benefit t

  Epoxy Composite Industry Overview The global  epoxy composite market  size is expected to reach USD 55.97 billion by 2028, registering a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing usage of advanced lightweight functional materials in various industries, such as automotive & transportation, aerospace & defense, and wind energy, is expected to drive the market.   Increasing demand for composites in the automotive industry is anticipated to boost the market growth over the forecast period. Rising fuel prices have triggered the need for fuel-efficient vehicles, which is expected to increase the usage of composites. Composites are majorly utilized as the replacement for aluminum, wood, and steel on account of their higher strength-to-weight ratio. The high manufacturing cost of composites is challenging the growth and profitability of the market across the world. In addition, initial capital investment is anticipated t

  Aerial Work Platform Industry Overview The global  aerial work platform market  size is anticipated to reach USD 25.91 billion by 2028, registering a CAGR of 6.5% over the forecast period, according to a new report by Grand View Research, Inc. The rising demand for aerial work platforms (AWPs) is attributed to their widespread utilization in end-use industries, such as construction, transportation & logistics, retail, storage, and warehouse. Increasing construction activities across the globe are expected to open new growth avenues for the market. Rising government investments in the construction of residential buildings, commercial complexes, and public transport infrastructure, are expected to propel the demand for aerial lifts over the forecast period.   Recent years have witnessed a positive trend in the demand for different types of AWPs, especially boom lifts and scissor lifts , in various end-use industries, such as construction, retail stores & warehouses, and tran

  Flooring Adhesive Industry Overview The global  flooring adhesive market  size is expected to reach USD 7.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2021 to 2028. The market is projected to be driven by a growing emphasis on luxury homes and increasing investments in the construction sector.   Flooring is an integral part of residential or commercial buildings as there is no other part that is exposed to more wear and tear. As a result, it needs to be durable and should match the décor. Wooden and resilient floorings have gained significant prominence in luxury construction. Growing investments in luxury construction are anticipated to augment the demand for flooring, which, in turn, is expected to increase the need for adhesives over the forecast period. For instance, luxury vinyl flooring has been gaining popularity as they offer softer and quieter underfoot, ample choices in design, easier i

  Engineered Stone Industry Overview The global  engineered stone market  size is expected to reach USD 31.53 billion by 2028, registering a CAGR of 5.7% over the forecast period, according to a new report by Grand View Research, Inc. Increasing product adoption as an environmentally sustainable and aesthetically pleasing low-cost alternative to natural stones like marble and granite is augmenting the market growth. The market is struggling due to the underperformance of the construction sector as a result of the COVID-19 pandemic. Moreover, factors such as low awareness and high capital costs of products, are inhibiting market growth in emerging economies.   The market is witnessing huge potential on account of continuous R&D activities by the major companies. Engineered stones are anticipated to gain popularity owing to their superior properties coupled with their diversified applications in the residential and commercial sectors, such as kitchen countertops, vanity tops, floo

  Law Enforcement Personal Protective Equipment Industry Overview The global  law enforcement personal protective equipment market  size is expected to reach USD 5.24 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.3% from 2019 to 2028. Rising awareness pertaining to officer safety in tactical and riot control situations is anticipated to have a positive impact on the market growth. Growing government procurement globally to produce lightweight advanced protective equipment for law enforcement agencies is expected to boost the market demand over the forecast period. Furthermore, rising government subsidies and donations to law enforcement agencies are likely to boost the demand for personal protective equipment by the officers. The COVID-19 pandemic outbreak has increased the demand for  PPE  in law enforcement agencies as they have to constantly be in touch with the public to perform their duties and also implement soc