Market Trends and Growth: 2024

Monday 9 September 2024

Aramid Fiber Market Size is Predicted to Witness 8.1% CAGR till 2030

The global Aramid Fiber Market size is expected to reach USD 6.98 billion by 2030, registering a CAGR of 8.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Superior properties, such as strength and heat-resistance, of aramid fiber have promoted its utilization in the production of body armor fabric. The growing need for security and protection across various industries, such as mining, healthcare/medical, oil & gas, building & construction, and military, is projected to propel the market growth. In addition, stringent regulations in developing economies related to occupational safety are likely to benefit the market growth over the forecast period.

Aramid fibers are being increasingly used as an alternative to metal wire and organic fiber in structural composite applications in the aerospace and marine sectors, and ropes for oil rigs in offshore locations. In addition, product benefits, such as non-aggressive wear & tear on drums and discs and fade resistance, are anticipated to propel its usage. The manufacturing process involves the use of a number of high-cost chemicals, which elevates its production cost. In addition, huge capital investment in machinery and production process is anticipated to pose a threat to the growth of the market. However, the development of cost-beneficial production facilities is anticipated to boost the market growth.

List of Key Players of Aramid Fiber Market

Teijin Ltd.
Yantai Tayho Advanced Materials Co.
E. I. du Pont de Nemours and Company (DowDuPont)
Hyosung Corp.
Toray Chemicals South Korea, Inc.
Kermel S.A
Kolon Industries, Inc.
Huvis Corp.
China National Bluestar (Group) Co., Ltd.
SRO Aramid (Jiangzu) Co., Ltd.

Related Press Release@ Aramid Fiber Market Report

Aramid Fiber Market Report Highlights

Para-aramid product segment led the market and accounted for about 75.0% share of the revenue in 2023 owing to its properties, such as an excellent strength-to-weight ratio coupled with superior chemical resistance
Security & protection segment led the market and accounted for more than 37.3% share in 2023 owing to concerns regarding the protection of personnel in the military and industrial sectors
Europe led the market and accounted for over 34.6% share of global revenue in 2023. It is expected to witness growth owing to rising employment of security & protection measures across several industries.
The market is highly competitive owing to the presence of several players that are primarily consolidated in the Asia Pacific and North America, whereas Europe exhibits a limited presence of the established players

Aramid Fiber Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 4.39 billion
Revenue forecast in 2030	USD 6.98 billion
Growth rate	CAGR of 8.1% from 2024 to 2030
Base year for estimation	2023
Historical data	2018 - 2022
Forecast period	2024 - 2030

Aramid Fiber Market Segmentation

Grand View Research has segmented the global aramid fiber market on the basis of on product, application, and region:

Aramid Fibers Product Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

Para-aramid
Meta-aramid

Aramid Fibers Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

Security & Protection
Frictional Materials
Rubber Reinforcement
Optical Fibers
Tire Reinforcement
Electrical Insulation
Aerospace
Others

Aramid Fibers Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

North America

U.S.
Canada
Mexico

Europe

Germany
UK
France
Italy
Russia

Asia Pacific

China
Japan
India
South Korea

Central & South America

Brazil

Middle East & Africa

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About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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Grand View Research, Inc
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Thursday 5 September 2024

Gelatin Market To Reach $13.14 Billion By 2030 | CAGR: 10.1%

The global Gelatin Market size is expected to reach USD 13.14 billion by 2030, registering at a CAGR of 10.1% over the forecast period, as per the new report by Grand View Research, Inc. The growth is majorly driven by the growing inclusion of gelatin in functional as well as convenience food products around the world.

Gelatin is majorly used in food and beverage products, along with its application in healthcare, cosmetics, and many other applications. The increasing product demand from food & beverage sector for functional food & beverages application is projected to drive the market. In addition, the demand for immunity booster supplements saw a sharp rise after the outbreak of the COVID-19 pandemic. This trend is expected to continue and thus likely to positively impact the market positively for functional food over the forecast period.

The future development of the market is highly characterized by the increasing use of the product for encapsulating pharmaceuticals and nutraceuticals. Moreover, rising demand for nutraceuticals to address health issues, such as deficiency of essential minerals and vitamins, is expected to augment the market progress over the forecast period.

Due to the disruption of supply chains after the outburst of the COVID-19 pandemic, there was a shortage of raw materials which are used in the production of gelatin, which impacted the profitability of small-scale and large-scale manufacturers across the globe at the beginning of 2020. However, food & beverage industry being essential, witnessed a positive market growth across regions, and thus positively impacting the market growth.

Related Press Release@ Gelatin Market Report

List of Key Players of Gelatin Market

GELITA AG
Rousselot
PB Leiner
STERLING GELATIN
Weishardt Holding SA
Junca Gelatines SL
Nitta Gelatin, Inc.
PAN Biotech GmbH
Shanghai Al-Amin Biotechnology Co., Ltd.
Tessenderlo Group

Gelatin Market Report Highlights

Marine source witnessed the fastest growth rate of 11.1%, owing to the increasing popularity of marine, especially fish sourced products, as an alternative to traditional bovine and porcine based products due to the high concentrations of amino acids and protein in it
Food & beverages application dominated the market with the highest revenue share of 56.7% in 2023, due to the growing awareness among consumers regarding healthy and nutritious diets coupled with increasing disposable income, which is expected to augment the demand for energy drinks and processed foods, which, in turn, is expected to fuel the demand for gelatin as a supplement in food & beverages application
The use of gelatin in various functional beverages witnessed a high growth rate of 11.2%, owing to the increasing consumption of functional beverage products globally coupled with the vast product applicability in these beverages
Gelling agent function witnessed the fastest growth of approximately 10.6%, on the account of increasing demand for food-containing gelling agents such as gelatin desserts, aspic, trifles, marshmallows, candy corn, peeps, fruit snacks, gummy bears and jelly bellies among consumers globally
Asia pacific region of the global market witnessed the highest growth of more than 10.9%, this is attributable to the presence of numerous product manufacturers coupled with the availability of raw materials on a large scale

Gelatin Market Segmentation

Grand View Research has segmented the global gelatin market report based on source, function, type, application, and region:

Gelatin Source Outlook (Revenue, USD Million; Volume, Kilotons; 2018 - 2030)

Animal Source

Bovine
Porcine
Poultry
Marine
Others

Plant Source

Agar-Agar
Carrageenan
Locust Bean Gum
Others

Gelatin Function Outlook (Revenue, USD Million; Volume, Kilotons; 2018 - 2030)

Stabilizer
Thickener
Gelling Agent
Others

Gelatin Type Outlook (Revenue, USD Million; Volume, Kilotons; 2018 - 2030)

Type A
Type B

Gelatin Application Outlook (Revenue, USD Million; Volume, Kilotons; 2018 - 2030)

Food & Beverages

Functional Foods
Meat Processing
Functional Beverages
Dietary Supplements
Confectionery
Desserts

Healthcare
Cosmetics
Others

Gelatin Regional Outlook (Revenue, USD Million; Volume, Kilotons; 2018 - 2030)

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Russia
Portugal
The Netherlands
Switzerland
Poland

Asia Pacific

China
Japan
India
Indonesia
Vietnam
Thailand
Philippines
Australia
New Zealand

Latin America

Brazil
Mexico
Ecuador
Peru
Bolivia
Chile
Argentina

Middle East & Africa

South Africa
Saudi Arabia
Turkey
UAE
Qatar
Israel

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Wednesday 4 September 2024

Precast Concrete Market Size To Reach $156.13 Billion By 2030

The global Precast Concrete Market size is expected to reach USD 156.13 billion by 2030, registering a CAGR of 5.8% over the forecast period, according to a new report by Grand View Research, Inc. This growth can be attributed to the increasing construction activities in the residential, commercial, and industrial sectors. Precast concrete is used in the production of various products used in construction, such as wall panels, underground vaults, pipes, tanks, slabs, and barriers. Construction end-users prefer precast structures due to their superior strength and durability. Precast concrete also helps in the faster completion of construction projects, leading to increased adoption. Offsite construction is gaining prominence in the construction industry as the method helps in saving time and avoiding material wastage.

The process can be carried out irrespective of the weather conditions. The growth in offsite construction is anticipated to be a key driver for the industry over the forecast period. Although precast concrete has several advantages over conventional concrete, its use in developing countries is limited due to the high investment involved. The cost of machinery and molds needed for the manufacturing of these products is high and requires advanced technology with highly skilled labor to handle the same. Thus, the high initial investments are projected to hamper the growth over the forecast period. The Asia Pacific construction industry has been developing rapidly in recent years. The industry has witnessed numerous technological advancements and the proliferation of unique architectural designs that promote the usage of precast concrete in commercial, residential, and industrial applications.

Rapid industrialization in emerging economies, such as China and India, has led to a rise in the construction of factories and office spaces. In addition, industrialization has led to migration, resulting in increased urbanization and the growth of residential construction activities. Developed regions, such as North America, have also seen a rise in residential construction activities due to an increased consumer expendable income. The construction industry in Central & South America is also expected to witness substantial growth on account of the rising investments in various infrastructure projects by foreign and domestic private players in the region. The construction of single-family houses in the region contributed majorly to the residential construction market.

This is attributed to the increasing number of people living separately in the majority of the countries in the region. The industry consists of several global players providing high-quality products focusing on price differentiation, thus leading to high competition in the industry. Strategies followed by key players include long-term contracts with end-users and intensive R&D activities. The prominent industry players have signed agreements with raw material suppliers and construction companies to maintain their market position. In addition, most of the key players collaborate with local end-users and suppliers to minimize operational costs and improve their localized market share.

List of Key Players of Precast Concrete Market

Boral Ltd.
LafargeHolcim
Gulf Precast Concrete Co. LLC
Olson Precast Company
CEMEX S.A.B. de C.V
Forterra Pipe and Precast LLC
Tindall Corporation
Spancrete
Elementbau Osthessen GmbH & Co., ELO KG
GÜlermak A.S.
STECS
LAING O’Rourke
Larsen & Toubro Ltd.

Related Press Release@ Precast Concrete Market Report

Precast Concrete Market Report Highlights

Structural building components segment is expected to register the fastest CAGR of 6.2% from 2024 to 2030 due to their superior characteristics like high strength, increased durability, and faster installation
The infrastructure application segment dominated the industry in 2023 owing to high investments in infrastructure development by emerging as well as developed economies
Asia Pacific is estimated to witness the fastest growth rate during the forecast period owing to the high economic growth in the region and rising industrial & commercial investments by private players and local governments
The construction industry in MEA is expected to face setbacks due to uncertainty in government spending on infrastructure development. However, increasing the consumer base in the region will likely boost the market growth in the coming years
The global demand was hampered due to the COVID-19 pandemic in 2020. Government regulations resulted in delays and cancellation of planned construction projects, negatively impacting the industry growth

Precast Concrete Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 111.21 billion
Revenue forecast in 2030	USD 156.13 billion
Growth rate	CAGR of 5.8% from 2024 to 2030
Historical data	2018 - 2022
Forecast period	2024 - 2030

Precast Concrete Market Segmentation

Grand View Research has segmented the global precast concrete market report on the basis of element, construction type, product, application, end-use, and region:

Precast Concrete Element Outlook (Revenue, USD Billion; 2018 - 2030)

Girders
Columns & Beams
Walls & Barriers
Floors & Roofs
Utility Vaults
Pipes
Paving Slabs
Others

Precast Concrete Construction Type Outlook (Revenue, USD Billion; 2018 - 2030)

Elemental Construction
Permanent Modular Buildings
Relocatable Construction

Precast Concrete Product Outlook (Revenue, USD Billion; 2018 - 2030)

Wet Concrete
Dry/Semi-dry Concrete

Precast Concrete Application Outlook (Revenue, USD Billion; 2018 - 2030)

Structural Building Components
Architectural Building Components
Transportation
Waste & Water Handling
Others

Precast Concrete End-Use Outlook (Revenue, USD Billion; 2018 - 2030)

Residential
Commercial
Infrastructure

Tunnels
Bridges
Wind Towers

Industrial

Precast Concrete Regional Outlook (Revenue, USD Billion; 2018 - 2030)

North America

U.S.
Canada
Mexico

Europe

Germany
UK
France
Spain
Italy
Poland
Czech Republic
Croatia

Asia Pacific

China
India
Japan
South Korea
Singapore

Central & South America

Brazil

Middle East & Africa

Saudi Arabia
Israel

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Friday 14 June 2024

Innovations in Voice and Speech Recognition: Industry Scope and Opportunities

The voice and speech recognition industry is considered to have a high degree of innovation with the increasing adoption of technological advancements driven by factors, such as Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and increasing use of voice-based authentication in smartphones. Subsequently, innovative technologies and applications are constantly emerging, disrupting existing ones and creating new ones.

The voice and speech recognition market is significantly driven by increasing technological advancements and a surge in the adoption of smart devices. Voice and speech recognition technology enables computers and devices to understand and interpret human speech, converting spoken words into written text or actionable commands. This technology has witnessed significant advancements in recent years and has found widespread adoption in various industries and applications. The growing requirement for self-service functionalities in applications such as call centers and banking is anticipated to create new growth avenues for the industry.

According to a study by Grand View Research, in 2023, the global voice and speech recognition market size was valued USD at 20.3 billion and is anticipated to expand at a CAGR of 14.6% from 2024 to 2030. The increasing number of users leveraging mobile applications for banking transactions is boosting the adoption of voice and speech recognition solutions. Also, an increase in fraudulent banking activities is a significant factor driving banking organizations’ demand for high-end security measures, such as voice biometrics. Furthermore, significant investments in voice recognition technology-based companies encourage voice and speech recognition software advancements.

Voice And Speech Recognition Market Report Highlights

A rising trend in the development of Artificial Intelligence (AI)-based systems is expected to be the key factor driving the market growth over the forecast period
Leveraging deep learning algorithms in voice & speech solutions for better search results is expected to be the key factor for the growth of the AI-based technology segment
The deployment of speech recognition solutions in consumer and retail verticals is anticipated to lead to the high market growth
This can be attributed to the changing lifestyles in countries, such as the U.S., Germany, and the U.K.
Moreover, the growing adoption of smart electronics in India, China, Japan, and Brazil is likely to drive the market growth in the consumer vertical
North America and the Asia Pacific are anticipated to witness considerable growth owing to the presence of several U.S.- and China-based players, such as Apple, Inc., Facebook, Inc., Baidu, Inc., Amazon.com, Inc., and Alphabet, Inc., working toward the development of this technology
Key industry participants are focusing on integrating the AI technology in speech & voice recognition software to build superior products that would increase their user customer base

Recent Developments

· In March 2023, Google AI introduced a new update to its Universal Speech Model (USM) in support of the 1,000 Languages Initiative. A universal speech model is a machine learning algorithm designed to comprehend and interpret spoken language across diverse languages and accents. The USM, a family of advanced speech models with 2 billion parameters, has been trained on an extensive dataset of 12 million hours of speech and 28 billion sentences in over 300 languages. Google claims that the USM excels in automatic speech recognition (ASR) for languages with limited resources, such as Assamese, Cebuano, Amharic, and Azerbaijani, as well as widely spoken languages like Mandarin and English

· In May 2023, Apple unveiled a suite of cutting-edge cognitive accessibility features, including Live Speech, Personal Voice, and Point and Speak in Magnifier, designed to elevate usability and accessibility for individuals with disabilities. By collaborating closely with disability community groups, Apple reinforces its dedication to ensuring technology remains inclusive, making a tangible difference in the lives of its users

· In October 2022, iFLYTEK Corp. introduced the Speech Translation Technology Platform for Southeast Asian Languages at the ASEAN Summit in October 2022. To access online administrative and public services, Guangxi residents can use the mobile app "Zhiguitong," which features the iFLYTEK speech translation technology for ASEAN languages. Chinese Mandarin to Lao, English, Vietnamese, Indonesian, Thai, Tamil, Malay, and Burmese instant speech translation is available.

List of Key Players of Voice And Speech Recognition Market

· Advanced Voice Recognition Systems, Inc.

· Agnitio S.L.

· Amazon.com, Inc.

· Api.ai

· Apple, Inc.

· Anhui USTC iFlytek, Ltd.

· Baidu, Inc.

· BioTrust ID B.V.

· CastleOS Software, LLC

· Facebook, Inc.

· Google, Inc.

· International Business Machines Corp.

· Microsoft Corp.

· MModal, Inc.

· Nortek Holdings, Inc.

· Nuance Communications, Inc.

· Raytheon Company

· SemVox GmbH

· Sensory, Inc.

For More Information: https://www.grandviewresearch.com