Market Trends and Growth: April 2021

Monday 12 April 2021

Car Care Products Market: Global Industry Analysis and Outlook, 2028

The global Car Care Products Market size is expected to reach USD 14.48 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.3% from 2021 to 2028. The increasing awareness among customers regarding the maintenance of cars to increase their life is expected to drive the market over the forecast period.

The market for car care products is expected to grow significantly owing to the advancements in car washing technologies. Several modern technologies such as in-bay automatic car washing systems and tunnel automatic car washing systems are used in large service centers and professional car washing facilities, which require minimal human effort, leading to a significant reduction in car washing time.

The market was severely impacted by the pandemic situation, where the lockdown has resulted in a decline in the sales of car care products on both the individual and commercial front. In addition, the economic crisis caused by the pandemic situation is expected to have an adverse effect on disposable income, consequently resulting in a decline in the sales of car care products.

Key players such as 3M Company, Inc.; The Clorox Company; and Valvoline Inc. are acquiring the production facilities or divisions of smaller players as a part of their strategies to enhance their scope of operations and provide better services to clients. The companies operate in multiple locations across Europe, North America, and Asia Pacific with global expansion plans.

Related Press Release @ Car Care Products Market Report

Car Care Products Market Report Highlights

By product, car cleaning products are expected to witness the fastest growth from 2021 to 2028 on account of the wide usage of shampoo and detergent for the cleaning of the exterior metal surface of the cars
The 501 - 999 ml packaging volume segment dominated the market in 2020 as it is a preferred option among individuals, small workshops, and independent repair shops
Asia Pacific is estimated to witness the fastest growth over the forecast period due to factors such as the growing population and rising disposable income in developing countries, such as India and South Korea, leading to the growth of the automotive industry
Key players significantly invest in research & development to expand their production capacities, thereby sustaining their market positions. Extension of product offerings to customers is also one of the primary strategies employed by the companies

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Friday 9 April 2021

Synthetic Fibers Market by Bombay Dyeing, E. I. du Pont de Nemours and Company, Indorama Corp.

The global Synthetic Fibers Market size is estimated to reach USD 99.78 billion by 2028 registering a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for clothing and apparel due to the changing fashion trends across the globe is likely to drive the market growth over the forecast period.

The properties offered by these products, such as stretching, waterproofing, and resistance to stain, sunlight, & oil, are likely to boost their demand during the forecast period. In addition, product application in various industries, such as clothing, home furnishing, automotive, filtration, and others, is expected to add significant growth to the market.

The market is heavily dependent upon the demand and changing consumer preferences, especially from the clothing and home furnishing products. Increasing adoption of strong and durable fabric for various land & air adventure sports applications involving parachutes and ropes is expected to have a positive impact on the market growth over the forecast period.

The majority of the players in the market are adopting recycling and advance technology methods. It involves the usage of recycling secondary raw materials (MPS) from synthetic textile fiber wastes and composites that exhibit anti-microbial properties. This trend is expected to increase during the forecast period in the wake of rising environmental and health concerns across the globe.

Related Press Release @ Synthetic Fibers Market Report

Synthetic Fibers Market Report Highlights

Polyester is expected to account for the maximum revenue share by 2028 on account of the high product penetration in various application industries as it is long-lasting and durable, thus substitute for many natural fibers, such as cotton
The nylon product segment is estimated to register the fastest CAGR over the forecast period
This is owing to the extensive product use for clothing, reinforcement materials in automobiles, and injected molded parts for vehicles and mechanical equipment
The clothing application segment led the market, in terms of revenue as well as volume, in 2020, on account of changing consumer fashion trends and demand for cost-effective & easy-to-maintain clothes across various geographies
Asia Pacific is expected to be the largest as well as the fastest-growing regional market with a CAGR of more than 7% over the forecast period
This growth is credited to the high product demand from the clothing, home furnishing, and automotive application industries of the region
North America emerged as the second-largest regional market in 2020 on account of the product demand from the clothing and automotive application segments

Reclaimed Lumber Market: Industry Demand, Analysis and Future Trends 2028

The global Reclaimed Lumber Market size is expected to reach USD 70.37 billion by 2028 registering a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. The global market is fueled by increasing awareness about the product among building material consumers and rising demand for green building materials.

The global industry growth is also credited to the burgeoning demand for wood-based products in flooring, furniture, paneling & siding, and architectural millwork owing to their durability and aesthetics. The antique look and aesthetic appeal offered by these products are the major factors responsible for its high demand.

Increased penetration of the product in the construction industry due to factors, such as its eco-friendly nature, availability of a wide range of products under LEED certifications, and rising adoption of green building construction materials, is expected to augment the market growth over the forecast period.

Key market players majorly focus on offering high-quality materials to their customers and follow a focused cost leadership. The companies attempt to diversify their business through consistent quality and better customer service. New entrants or small market players prefer to develop a strategic relationship with local end-users, such as furniture manufacturers or construction contractors, who consume a large portion of the products.

Related Press Release @ Reclaimed Lumber Market Report

Reclaimed Lumber Market Report Highlights

The furniture application segment dominated the market in 2020 and is expected to retain the leading position throughout the forecast period
This growth can be attributed to the high product penetration in commercial and residential construction sectors
The commercial end-use segment led the market in 2020 and is expected to witness the fastest growth from 2021 to 2028
The segment growth is credited to the extensive product usage in commercial applications as it offers aesthetic appeal and high durability & strength
Asia Pacific is estimated to witness the fastest CAGR of 5.6%, in terms of revenue, owing to the increasing awareness regarding the use of salvaged wood and the potential of the region’s construction industry
China dominated the Asia Pacific regional market and is expected to witness a CAGR over the forecast years due to its vast wood-based construction industry and increasing awareness regarding the reduction of Greenhouse Gas (GHG) emissions in the country
The market witnesses increased integration of companies across the value chain. The companies attempt to diversify their business through consistent quality and better customer service

Thursday 8 April 2021

Modular Chillers Market: Top Key Players, Trends, Scope and Segmentation, 2028

The global Modular Chillers Market size is expected to reach USD 4.02 billion by 2028 registering a CAGR of 6.7%, according to a new report by Grand View Research, Inc. The growing demand for energy-efficient buildings on account of the rising awareness regarding environmental degradation coupled with stringent government regulations is anticipated to fuel the product demand over the forecast period.

Increasing construction spending in emerging countries, such as China, India, and Brazil, on account of strong economic and industrial development coupled with population expansion, is anticipated to drive the product demand over the forecast period. In addition, rising awareness about energy-efficient systems and the harmful impacts of burning fossil fuels is expected to further boost the market growth over the coming years.

Several initiatives promoting and encouraging energy-efficiency have been adopted and implemented in Europe. For instance, the European Commission’s initiative “The European Portal for Energy Efficiency of Buildings” allows exploration and sharing of knowledge and optimal practices offering energy solutions for buildings.

According to the International Trade Administration (ITA), the construction industry in Canada was valued at USD 126.3 billion in 2018 and accounted for over 7% of the country’s GDP. The presence of stringent government regulations in Toronto and Vancouver for cooling the overheated markets in the residential sector is expected to drive the product demand over the coming years.

Related Press Release @ Modular Chillers Market Report

Modular Chillers Market Report Highlights

In terms of revenue, the demand for water-cooled chillers is expected to witness growth at a CAGR of 6.1% from 2021 to 2028
This growth is attributed to pressure operating features and lower condensing temperature offered by water-cooled systems compared to air-cooled systems
The commercial sector is estimated to be valued at USD 2.02 billion by 2028 on account of the rising product demand from the healthcare industry
China accounted for a revenue share of 60.1% of the Asia Pacific market in 2020 and is anticipated to witness steady growth owing to the rising population, urbanization, and government initiatives to enhance the country’s infrastructure
The growing demand for housing projects owing to the rising population in urban areas is expected to drive the construction industry in Brazil, thereby, augmenting the product demand in the country