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Know About Covid-19 Impact on MEA Commercial Refrigeration Equipment Market | Insights on Size, Share, Demand, Trends & Key Players

The Middle East and Africa commercial refrigeration equipment market is expected to reach $4.8 billion by 2023. The growth in the market can be attributed to the development of organized retail in terms of restaurant chain, hypermarkets and supermarkets, and growing demand for ready-to-eat food and beverage.

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On the basis of application, MEA commercial refrigeration equipment market has been categorized into food service, food & beverage retail and food & beverage distribution. Among these, food & beverage retail category accounted for nearly 24% market share in 2017. countries.

As the food and beverage industry grows, the demand for commercial refrigeration equipment would also post a similar growth pattern in the forecast period. In terms of value, the food and beverage retail category projected to advance at a CAGR of over 6%, during the forecast period.

Development of organized retail pertaining to restaurants, supermarkets, and hypermarkets in developing countries such as Morocco, Algeria, Egypt and South Africa is one of the key growth drivers for MEA commercial refrigeration equipment market.

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Product and services launches were one of the key developments observed in the Middle East and Africa commercial refrigeration equipment market. United technologies corporation, dover corporation, and Frigoglass S.A.I.C are the major companies involved in product and services launch in the market. Further, Frigoglass S.A.I.C is involved in partnerships to expand its business in the other countries.

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Dyestuff for Textile Market 2020: Emerging Trends, Revenue Estimation, Global Size and Forecast Report to 2024

Dyestuff is a colored substance that covers both dyes and pigments. A dye is colored substance, may be natural or synthetic, which generally applied in an aqueous solution that imparts colors to the fabrics. The dyes are majorly used in the textile, leather, and paper industries. These are soluble and when applied on a substance, their crystal structure is temporarily destroyed by absorption and mechanical retention through formation of ionic or covalent bond. In this report, the dyestuff for textile market is segmented on the basis of form, type, fiber, and geography.

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Recent trends observed in the global dyestuff for textile market are significant growth in the apparel market and increasing demand for technical textiles, which are mainly manufactured for their technical and performance properties rather than decorative properties. Apart from these, the demand for natural dyes is growing at a significant pace as these dyes are environment-friendly, which are mainly used in the apparel industry. Dyeing improves the overall look of material and makes it attractive. Also, significant amount of money is invested by various companies into research and development in order to improve different areas of dyes, including hygiene, safety, ease of handling of products, and accuracy during their application.

Recent trends observed in the global dyestuff for textile market are significant growth in the apparel market and increasing demand for technical textiles, which are mainly manufactured for their technical and performance properties rather than decorative properties. Apart from these, the demand for natural dyes is growing at a significant pace as these dyes are environment-friendly, which are mainly used in the apparel industry. Dyeing improves the overall look of material and makes it attractive. Also, significant amount of money is invested by various companies into research and development in order to improve different areas of dyes, including hygiene, safety, ease of handling of products, and accuracy during their application.

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On the basis of region, the dyestuff for textile market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America, and Middle East and Africa (MEA). The APAC market is witnessing a significant growth, owing to population growth in countries such as India and China. These countries are attracting foreign players, due to low cost of raw materials and labors. Adding to this, the textile industry is witnessing improvement and innovation in its technologies, and strict governments’ regulations regarding environmental protection and safety. These encourage manufacturers operating in the market to use eco-friendly dyes.

Drivers

Major factors driving the growth of the dyestuff for textile market are high growth in the apparel market, increasing demand for technical textiles, and innovation and development in technologies. The apparel market is witnessing a high growth due to the increasing population, particularly, in developing countries such as India and China. According to the World Bank, the worldwide population is increasing at a rate of 1.2%. Along with that, the changes in lifestyle of people are also driving the market growth, for instance, people are spending more on clothes than they used to do previously.

Another factor driving the growth of the dyestuff for textile market is the innovation and development in textile technologies. This has reduced the cost of textile dyeing and also diminished environmental effects.

Dyestuff for Textile Market Competitive Landscape

Some of the major players operating in the global dyestuff for textile market include CLARIANT, BASF SE, Sumitomo Chemical Co. Ltd., LANXESS, DowDuPont Inc., Kiri Industries Ltd., Arkema GROUP, Huntsman International LLC, Rockwood Pigments Inc., and Kemira.

The study provides the historical as well the forecast market size data for various countries including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.

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COVID-19 Impact Analysis on MEA HVAC Market | Insights on Strategies of Key Players

The MEA HVAC market is expected to reach $10.1 billion by 2024. The market is buoyed by several factors including overall growth in construction industry, surging religious tourism, and upcoming major events. In addition to this, major climate change is further fueling the market growth year-over-year (YoY) in the region. Chillers are the most commonly used HVAC systems in commercial buildings in the region.

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However, with rising construction of green building projects, such as King Abdullah Financial District (KAFD) in Saudi Arabia, the country’s new financial hub, is pushing the demand for high efficiency VRF systems. On the basis of end-user, the Middle East and Africa HVAC market is segmented into commercial, industrial and residential, wherein commercial is further split into commercial offices/buildings, hospitality, supermarkets/hypermarkets, government, transportation, and healthcare.

Geographically, African continent is split into two by equator by an imaginary gridline, wherein the countries near equator have an average annual temperature of around 32°C with humidity level hovering around 40-50%. On the basis of HVAC type, the Middle East and Africa HVAC market is segmented into heating, ventilation, and cooling, wherein cooling category is further segmented into VRF, ducted split/packaged unit, split unit, chillers, and room air conditioners (RACs).

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Market Segmentation by HVAC Type

  • Heating
    • Furnaces
    • Heat Pumps
    • Boilers
    • Unitary Heaters
  • Ventilation
    • Humidifiers/Dehumidifiers
    • Air Cleaners
    • Ventilation Fans
    • Air Handling Units and Fan Coil Units
  • Cooling
    • Variable Refrigerant Flow
    • Ducted Split/Packaged Unit
    • Split Units
    • Chillers
    • Room ACs

Market Segmentation by End-User

  • Commercial
    • Commercial Offices/Buildings
    • Supermarkets/Hypermarkets
    • Government
    • Healthcare
    • Hospitality
    • Transportation
  • Industrial
    • Oil and Gas
    • Food and Beverage
    • Automotive
    • Energy and Utilities
  • Residential
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Agricultural Enzymes Market (COVID-19 Impact Analysis) Size, Share, Demand, and Growth Opportunities in Future

Agricultural enzymes are proteins, which are used instead of chemicals for food production and protection. They are used for improving crop fertility and protection against pests and diseases. Additionally, the wide-scale usage of these enzymes helps to combat land degradation, climate change, and food insecurity. Agricultural biotechnological processes including bioprocessing of crops and crop residues, enzyme-assisted silage formation, construction of feed supplements to enhance feed effectiveness, and fiber processing employ these enzymes for soil fertility and enhancement of crops. Also, development of enzyme-related technology is growing rapidly due to increasing adoption of sustainable agricultural practices, which produce less carbon dioxide and agricultural waste. The agricultural enzymes market is segmented on the basis of type, application, crop type, and geography.

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Major factors witnessed in the global agricultural enzymes market are rising sales of enzymes for organic farming and increasing demand for organic food. Additionally, the rise in need of improving the production yields in a limited arable land is another factor propelling the demand for these enzymes. Due to rise in sales, major players in the agricultural enzymes industry are making large investments in research and development (R&D) of the enzymes. R&D experts are preparing enzymes for insertion in compost activators, biological fertilizers, and for direct application in soil and on plants.

On the basis of type, the agricultural enzymes market is categorized into phosphatase, dehydrogenase, protease, sulfatase, and others. The others category includes beta-glucosidase, cellulase, and urease. Phosphatase enzyme holds a significant share in the market, owing to its ability to exhibit high solubility in soil, followed by dehydrogenase enzyme, which has the ability to oxidize soil organic matter by transferring electrons and protons from substrates to acceptors.

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Based on the region, the agricultural enzymes market is classified into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC) and Middle East and Africa (MEA). Globally, North America is expected to hold a significant share in the market during the forecast period, owing to increasing consumers inclination toward consumption of organic foods. The U.S. and Canada are investing huge amounts of capital and resources for the production of chemical-free products. Moreover, APAC is the fastest growing market, owing to the presence of emerging nations like India and China.

Agricultural Enzymes Market Dynamics

Drivers

The global agricultural enzymes market growth is driven by key factors such as rise in need for food security due to rapid increase in population, advancements in farming technologies, and increasing demand for chemical-free products. Companies are developing advanced technologies to manufacture agricultural enzymes, which save water and energy. Manufacturers such as Novozymes A/S and Monsato have formed BioAg Alliance in order to develop and sell microbial solutions, which can maximize the crop yield. Biological products manufactured under this alliance are derived from naturally-occurring microbes such as bacteria and fungi.

Restraints

Government regulations for producing agricultural enzymes are very stringent in countries such as the U.S. and Canada. According to U.S. Food and Drug Administration (USFDA), if the identified biological product problem is not rectified within a specified time period, the manufacturing of the respective product can be restricted. This would restrict the market growth in the future.

Agricultural Enzymes Competitive Landscape

Major players operating in agricultural enzymes market are Novozymes A/S, Syngenta Crop Protection AG, BASF SE, Creative Enzyme, Enzyme India Pvt. Ltd., Cypher Environmental LTD, Afrizymes (Pty) Ltd., Specialty Enzymes & Biotechnologies, and American Biosystems Inc.

The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.

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Bio Surfactants Market Global Industry Analysis and Potential Growth Post COVID-19 Impact

The global bio surfactants market has grown significantly over the last few years, attributed to surging in demand of bio surfactants in the consumer goods market. Rising consumer awareness towards bio-based products in addition with the favorable regulation towards the environmental sustainability are some of the dominant factor that are driving the growth of bio surfactants market.

Bio surfactants or surface-active/microbial surfactants refer to a heterogeneous group of surface active molecules formed by solely by microorganisms. Biosurfactants are ecofriendly and chemical free surfactants. Biosurfactants are used widely in application, including emulsification, antimicrobial actions, and household detergent. Biosurfactants are also applicable in critical environmental applications, such as an oil recovery process in the petroleum industries, food processing industries, sewage treatment and waste water treatment, and in various applications in the pharmaceutical industry. The recent growths in the bio surfactants (microbial surfactants) are attributed largely to the advancement of fast and reliable systems for selection of bio surfactants yielding microbes and assessing their potential of surfactants.

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The major hindrances to the bio surfactants market include inadequate cost competitiveness and lack of awareness about the benefits of bio surfactants in developing countries of Latin America and Asia-Pacific. However the stringent environmental regulations in addition with rising consumer awareness towards the green, petroleum-free and environmental friendly products in develop countries of Western Europe and North America are some of the major drivers of the bio surfactants market. The continuously fluctuating petroleum prices and inadequate availability of raw materials for chemical bases surfactants in many regions is expected to boost the demand of bio surfactants in coming years.

Based on the different product type of the global bio surfactants, the market can be bifurcated as:

  • Rhamnolipids
  • Sophorolipids
  • Alkyl Polyglucosides
  • Methyl Ester Sulfonates (MES)
  • Sorbitan Esters
  • Sucrose Esters
  • Glycolipids
  • Lipopeptides and lipoproteins
  • Phospholipids
  • Fatty acids
  • Polymeric surfactants
  • Particulate surfactants
  • Others

On the basis of various applications of bio surfactants the global bio surfactants market can be classified as:

  • Household Detergents
  • Personal Care
  • Industrial Cleaners
  • Food Processing
  • Oilfield Chemicals
  • Agricultural Chemicals
  • Textiles
  • Others

Household detergents and personal care application segment were two of the largest application segment in 2014, accounting nearly half of the total bio surfactants market. Based on the product category Methy Ester Ketone (MES) was the largest segment in 2014 use widely in household detergents and personal care products. Methy Ester Ketone (MES) is derived from palm and coconut and used widely across detergent feedstock. In addition, MES is low in priced compared to petroleum based detergent feedstocks.

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Europe was the largest market of bio surfactants in 2014. It is then followed by North America. The market dominance of Europe is attributed to the stringent environmental regulation of European Union. The market of North America is mainly fueled by the economic recovery post-recession. Asia-Pacific is the fasted growing market of bio surfactants and expected to witness steady growth over the forecast period. The high growth of bio surfactants in Asia-Pacific market is attributed the rising demand of bio surfactants based consumer goods from countries such as China, India, Indonesia, and Japan. Some of the major players operating in the global bio surfactants market include, BASF Cognis, Ecover, Urumqui Unite, Saraya, and MG Intobio among others.

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Biobased Chemicals Market Global Industry Analysis and Potential Growth Post COVID-19 Impact

Biobased chemicals are produced using natural feedstocks such as trees, plants, and animals, and are environment-friendly They have applications in industrial chemicals, agricultural products, pharmaceuticals, and food products. In the report, the global biobased chemicals market is segmented on the basis of type, application, fuel, and geography. Based on type, the market can be classified into biodegradable and non-biodegradable chemicals. The biodegradable chemicals include polylactic acid (PLA), polybutylene succinate (PBS), and polyhydroxybutyrate, whereas the non-biodegradable chemicals include bio-polyethylene terephthalate, bio-polyacrylate, and bio-polyethylene.

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Globally, in recent years, there has been a shift toward development of sustainable materials to replace petroleum-based derivatives. Moreover, biobased chemicals, which were initially unable to compete with the traditional products on terms of performance in the chemicals industry, are now substituting the petroleum-based products such as diesel and natural gas. The availability of low-cost feedstocks and the rising awareness of consumer toward eco-friendly products are making the biobased chemicals market a lucrative one.

Based on application, the biobased chemicals market can be categorized into industrial chemicals, pharmaceuticals, food products, and agricultural products. Traditionally, industrial chemicals, which include succinic acid, industrial alcohol, biobased dyes, lactic acid, glycerol, acrylic acid, and others, held a significant share in the market. These chemicals are generally more expensive than the conventional ones, but are manufactured by a number of chemical companies around the world.

The biobased chemicals market on the basis of fuel type can be classified into biodiesel, biogas, and solid biomass. Among these, biogas is expected to hold a significant share in the market during the forecast period. This is due to the fact that biogas has wide application areas, including as a domestic fuel and for generation of electricity.

Biobased Chemicals Market Dynamics

Drivers

The biobased chemicals industry is expected to be driven by government policies such as Energy Independence and Security Act (2007) by the U.S. Congress, which stated to increase the production of clean renewable fuels; and the U.S. Energy Policy Act (2005), which stated petroleum distributors to add ethanol to gasoline. increase the biobased chemicals market size.

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Alternative energies such as wind, geothermal, and solar cannot be used on a large scale, but biodiesel as a fuel can be used on a large scale because of its reliability and it can be easily be used in diesel engines with slight modification to the engines. This would also give a boost to the growth of the biobased chemicals industry.

Another major driver of the biobased chemicals market is that the chemicals require fewer special methods of handling than their counterparts and their disposal is a much less problematic than conventional chemicals. Apart from this, their by-products are also less harmful. These factors incentivize their adoption and are likely to contribute to the overall market growth.

Restraint

High cost of raw materials along with cost competitiveness from conventional chemicals is the major factor that is restricting the growth of biobased chemicals market. This factor restricts the widespread adoption of these biologically sourced products, thereby inhibiting high-growth in the market.
Opportunity

With growing governments’ supports toward biobased chemicals and introduction of regulations, the adoption of biobased materials is expected to grow in the areas of industrial chemicals, agriculture, pharmaceuticals, and energy. At present, the biobased chemicals market is at a very nascent stage and the competition is modest. The technological changes required for the development of biologically sourced chemicals is huge, and currently the technologies available are just of laboratory scale and have possibilities of industrial scaleup. These create huge opportunities for players operating in the market.

Biobased Chemicals Market Competitive Landscape

Some of the major companies operating in the global biobased chemicals market are Mitsubishi Chemical Corporation, Mitsui Chemicals Inc., Corbion NV, BASF SE, BioAmber Inc., Braskem, Methanex, Novozymes A/S, BEWiSynbra Group AB, and PTT Global Chemical Public Company Limited.

The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.

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Phosphate Fertilizers MarketGlobal Industry Analysis and Potential Growth Post COVID-19 Impact

Phosphorus is an important element for plants growth as it aids in root development, seed development, and plant maturation. Farmers and gardeners apply phosphate-based fertilizer to soil and plants to boost local phosphorus levels. Young plants are especially vulnerable to deficient phosphorus levels, however almost every plant needs it to maintain healthy growth. Modern farming is fully dependent on inorganic fertilizers containing phosphorus so as to maximize the production of forage and grains. The phosphate fertilizers market is driven by growing meat consumption and limited availability of arable land.

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On the basis of type, the phosphate fertilizers market is categorized into monoammonium phosphate (MAP), diammonium phosphate (DAP) and superphosphate. DAP fertilizers are a major type as it is a key source of nitrogen and phosphorus. It is widely used for a range of crops in cereals, sugarcane, broad-acre farming, sowing pastures, dairy pastures, fodder crops, and horticultural crops. Also, DAP is a cost-effective source of phosphorus for crops.

Market Dynamics

Drivers

The major growth drivers identified in the phosphate fertilizers market are rise in population and diversified food demand. Rising energy demands with increase in population challenged the farmers to increase crop output from the limited available land. Use of fertilizers in agriculture is one of the major practices that increases crop yield and soil fertility. As a critical component of ‘green revolution’, phosphate fertilizers have contributed significantly in reducing hunger worldwide and raising agricultural productivity. Hence, farmers treat their lands with phosphorus fertilizers to increase the yield of their crops. All these aforementioned factors drive the market growth.

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Restraints

Pricing volatility and government policies regarding use of phosphate-based fertilizers are some of the factors restraining the growth of the phosphate fertilizers market. Fluctuating energy prices are the key cause of price volatility in these fertilizers. Transportation costs, exchange rates, policy decisions, and other uncontrollable factors are other key factors affecting trading of fertilizer products worldwide. All these factors are expected to restrain the market growth in coming years.

Opportunities

Various initiatives by government are expected to create lucrative opportunities for the industry players in the phosphate fertilizers market. For instance, India’s subsidy policy aimed at improving the purchasing power of fertilizers would intensify the overall consumption of these fertilizers in the country through 2026. Improving global economy and better living standards have promoted the demand for more sophisticated food products, improved industrial products, and production technologies. These factors are further expected to serves as lucrative opportunities for the market.

Competitive Landscape

The global phosphate fertilizers market competition is highly intensive and relatively integrated, with the presence of limited key players capturing a major revenue share. Some of the major players operating in the market are Agrium Inc., Israel Chemicals Limited, CF Industries Holdings Inc., Coromandel International Ltd., Nutrien Ltd.., PhosAgro, OCP S.A., Yara International ASA, EuroChem Group AG, and The Mosaic Company.

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APAC Compressor Market Worldwide Opportunities, Driving Forces, COVID-19 Impact Analysis, Future Potential 2030

The increasing globalization has led to massive improvements in the global economy, especially in the Asia-Pacific (APAC) region. This improvement in the economic growth has motivated the countries in the region to spend more on the infrastructure development. One of the major contributors in the infrastructure sector of China is of the transportation sector.

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For instance, the world’s longest sea bridge, connecting the mainland China to Macau and Hong Kong, was opened by China in October 2017. The APAC compressor market is expected to register a 4.0% CAGR in the coming years. Compressors are mechanical devices that increase the pressure of air or a gas by reducing its volume.

Rotary compressors include scroll and lobe, vane, and screw type. These are all positive displacement compressors, which are extensively used across various industries, such as industrial manufacturing, automotive, construction, food & beverage, and HVAC. The demand for energy-efficient air compressors is witnessing growth in the Asia-Pacific (APAC) compressor market.

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Air compressors consume high amount of energy, which put a huge burden on the economy of a country. Other than being cost-intensive, these compressors also harm the environment, as they emit greenhouse gases and other pollutants. During 2013–2017, the higher demand was for the positive displacement type compressors. These compressors are further divided into reciprocating and rotary.

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Coronavirus Business Impact – MEA Compressor Market In-depth Analysis of the Industry with Future Estimation

After a slight slowdown in 2013–2017, brought on by the economic decline in the region, the Middle East and Africa compressor market is expected to recover and grow at a CAGR of 5.1% during the forecast period (2018–2023). Of these, the positive displacement category held the larger revenue share in the market in 2017, owing to the rising demand for this compressor type from the automotive industry.

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Such compressors are used in the air conditioning systems of cars as well as those installed in buildings. In the simplest sense, compressors are devices that increase the pressure of a gas by decreasing its volume. Positive displacement and dynamic are the two categories of the MEA compressor market on segmenting by type.

On the basis of application, the MEA compressor market is divided into oil and gas, construction, heating, ventilation, air conditioning, and refrigeration (HVAC-R), industrial manufacturing, chemical and cement, power, textile, food and beverages, and others. Of these, the positive displacement category held the larger revenue share in the market in 2017, owing to the rising demand for this compressor type from the automotive industry.

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Such compressors are used in the air conditioning systems of cars as well as those installed in buildings. Among these, the oil and gas sector was the largest user of compressors, resultingly contributing the highest revenue to the market in 2017. Thus, it is clear that apart from the recovering oil and gas industry, the expanding construction sector will also offer growth opportunities to compressors manufacturers in MEA.

 

 

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Styrene Block Copolymer (SBC) and its Derivatives Market Global Industry Analysis and Potential Growth Post COVID-19 Impact

SBC and its derivatives are the largest consumed member of thermoplastic elastomer (TPE) family. These are used for a variety of applications, which require high performance polymers. This is due to their properties, which are very similar to that of rubber such as excellent surface friction coefficient, low permanent deformation, great tensile strength, excellent low-temperature behavior, and good electric property. SBCs consumption is increasing due to their cost-effective nature, comparative to other TPEs. The SBC and its derivatives market is segmented on the basis of product, application, industry, and geography.

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Based on region, the SBC and its derivatives market is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC) and the Middle East and Africa (MEA). North America held the largest market share in the historical period, owing to application scope in medical devices along with approval for its usage from regulatory authorities such as the U.S. Food and Drug Administration. However, the APAC market is expected to witness a promising growth during forecast period, owing to increasing demand from industries such as building and construction, and healthcare. Rapid expansion in the construction sector influenced by growing desire for affordable housing and governments’ schemes providing basic amenities are encouraging the growth of the market in the APAC region.

SBC and its Derivatives Market Dynamics

Drivers

Rapid growth in the SBC and its derivatives market is driven by the growth in major industries such as building and construction, footwear, and healthcare. Growth of these industries in emerging economies of APAC and LATAM is positively driving the growth of the market. Meanwhile, developed economies of North America and Europe are about to reach saturation and expected to grow at a relatively sluggish rate over the forecast period.

Moreover, regulations for numerous applications such as polymer modification and advanced materials are also driving the market growth, in order to ensure customer health and safety. Increasing environmental concerns and stringent regulations implemented by several governments for the reduction of poly vinyl chloride (PVC) are positively affecting the growth of the SBC and its derivatives market. These regulations are promoting the use of these and other thermoplastic materials for commercial applications, in order to follow guidelines for the products usage.

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Restraints

Introduction of olefin block copolymers (OBCs) in the market acts as a restraint for the SBC and its derivatives market, where OBCs offers comparatively high potential for performance improvements per kilogram in the environmental impact areas of energy use, greenhouse gas generation, acidification, photochemical oxidation, and water use. Potential users of SBC and its derivatives, who are looking for sustainability profiles of their products may switch to OBCs.

SBC and its Derivatives Market Competitive Landscape

Some of the major companies operating in the global SBC and its derivatives market include Asahi Kasei Group, Chevron Phillips Chemical Company LLC, BASF SE, CNPC, Eni S.p.A., Dynasol Group, LCY CHEMICAL CORP., Kraton Corporation, PolyOne Corporation, LG Chem., Taiwan Synthetic Rubber Corp., and SINOPEC.

The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.

Major factor being witnessed in the global SBC and its derivatives market is rising investment for innovation and technological advancements in product and process technologies. SBC and its derivatives are used in a wide range of applications in industrial and commercial sectors, due to their physical and chemical properties such as low drug absorption, biodegradability, optical clarity, toughness, and process stability.

Based on application, the SBC and its derivatives market is classified into paving and roofing, polymer modification, adhesives and sealants, and advanced materials. Among these, paving and roofing category holds a significant share in the market, due to SBCs’ ability to modify bitumen and cost-effectiveness nature. The demand for SBCs in advanced materials is expected to witness a promising growth during forecast period, due to their usage in various industries such as automotive, food and beverages, and electrical and electronics.

Based on region, the SBC and its derivatives market is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC) and the Middle East and Africa (MEA). North America held the largest market share in the historical period, owing to application scope in medical devices along with approval for its usage from regulatory authorities such as the U.S. Food and Drug Administration. However, the APAC market is expected to witness a promising growth during forecast period, owing to increasing demand from industries such as building and construction, and healthcare. Rapid expansion in the construction sector influenced by growing desire for affordable housing and governments’ schemes providing basic amenities are encouraging the growth of the market in the APAC region.

SBC and its Derivatives Market Dynamics

Drivers

Rapid growth in the SBC and its derivatives market is driven by the growth in major industries such as building and construction, footwear, and healthcare. Growth of these industries in emerging economies of APAC and LATAM is positively driving the growth of the market. Meanwhile, developed economies of North America and Europe are about to reach saturation and expected to grow at a relatively sluggish rate over the forecast period.

Moreover, regulations for numerous applications such as polymer modification and advanced materials are also driving the market growth, in order to ensure customer health and safety. Increasing environmental concerns and stringent regulations implemented by several governments for the reduction of poly vinyl chloride (PVC) are positively affecting the growth of the SBC and its derivatives market. These regulations are promoting the use of these and other thermoplastic materials for commercial applications, in order to follow guidelines for the products usage.

Restraints

Introduction of olefin block copolymers (OBCs) in the market acts as a restraint for the SBC and its derivatives market, where OBCs offers comparatively high potential for performance improvements per kilogram in the environmental impact areas of energy use, greenhouse gas generation, acidification, photochemical oxidation, and water use. Potential users of SBC and its derivatives, who are looking for sustainability profiles of their products may switch to OBCs.

SBC and its Derivatives Market Competitive Landscape

Some of the major companies operating in the global SBC and its derivatives market include Asahi Kasei Group, Chevron Phillips Chemical Company LLC, BASF SE, CNPC, Eni S.p.A., Dynasol Group, LCY CHEMICAL CORP., Kraton Corporation, PolyOne Corporation, LG Chem., Taiwan Synthetic Rubber Corp., and SINOPEC.

The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.