Polyurea Coating Market is expected to reach USD 1.48 billion by 2024

Global polyurea coating market is expected to reach USD 1.48 billion by 2024, according to a new report by Grand View Research, Inc. Polyurea coating have numerous advantages over conventional coating products, namely, epoxy, fiberglass, and paints. Its properties such as faster setting time, resistance to atmospheric conditions, and high mechanical strength are expected to drive the demand over the next eight years. Polyurea coating offer high standards of corrosion protection, waterproofing, and chemical & structural enhancement. Moreover, these exhibit superior characteristics in spray applications such as improved mechanical, thermal, and chemical resistance, short curing and setting time and high durability as compared to its substitutes. 

Increased resistance to crack allows it to be utilized in a host of applications.  Rising demand for coating in automotive, buildings & construction, marine, oil & gas, metallurgy & metal forming, aerospace, and mining is expected to propel growth over the forecast period. Extensive R&D is being undertaken by manufacturers to develop innovative technologies for coating manufacturing and development of superior quality products.

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Further key findings from the study suggest:

• Polyurea coating use in industrial application is expected to witness growth at a CAGR of over 12.0% from 2016 to 2024 on account of rising manufacturing sectors in emerging economies. Numerous companies have been expanding production capacities in order to tap potential markets which are expected to propel demand. Increasing demand for protective coating from the oil & gas and mining sectors is projected to have a positive impact on market growth over the next eight years.
• Aromatic isocyanate-based coating are expected to grow at a CAGR of over 10% from 2016 to 2024 on account of properties such as excellent UV resistance leading to increasing application scope in the automotive industry. However, the increased price of these products is expected to hinder growth over the forecast period.
• North America dominated the market in 2015 on account of the presence of a substantial number of market players in the region. The U.S. market for polyurea coating was valued at over USD 150 million in 2015. Supportive regulations and rising investments in Asia Pacific automotive industry is expected to accelerate growth.
• In March 2014, Bayer Material Science opened a coating, Adhesives, and Specialties Laboratory in Dubai, to enhance its services by providing customized technical support to the customers in the Middle East & Africa.  In February 2012, Alberts Spray Solutions LLC opened a new manufacturing site for polyurea liners in Ohio to cater to the demand from Utica Shale Region of Eastern Ohio and Southwest Pennsylvania. New product development, R&D investments, and expansion strategies are being adopted by the market players to expand their global footprint.

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About Grand View Research:

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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Corrosion Inhibitors Market is expected to reach USD 9.59 billion by 2024

The global corrosion inhibitors market is expected to reach USD 9.59 billion by 2024, according to a new report by Grand View Research, Inc. Rising spending on the construction sector in various countries including China, U.S., Mexico, Qatar, UAE, India, Singapore, and Vietnam is anticipated to augment corrosion inhibitors demand over the forecast period. Growing usage in reinforced concrete as they increase the service life of structures, preserve architectural aspects, protect against possible concrete damage, and reduce future maintenance costs is expected to drive growth over the next eight years. 

Increasing power generation through nuclear sources in various countries including China, UK, South Korea, and India will drive product demand over the forecast period. Increasing usage in automobiles as they improve structural integrity and appearance of the vehicle underbody parts is expected to promote industry development in the near future. 

The introduction of environmentally friendly nanocomposites as corrosion inhibitors will open new opportunities for growth over the forecast period. Major industry participants are involved in the research and development of high-performance, bio-based inhibitors to satisfy environmental regulations while meeting industry requirements. 

Metal processing will witness significant revenue growth at a CAGR of 5.7% from 2016 to 2024. Growing mining and metal processing industries in China, Australia, Taiwan, Indonesia, and India will be a key factor for market development. In addition, rising corrosion inhibitors demand in metal processing equipment as they protect them from high-temperature and corrosive environments during heat treatment and finishing of metals, will propel market growth over the forecast period.

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Further key findings from the study suggest:

• Organic inhibitors are expected to witness rapid revenue growth at a CAGR of 5.7% from 2016 to 2014 in light of its increasing usage in oil & gas sector as they form a protective film over the metal surface when mixed with media having a high hydrocarbon content. In addition, rising usage in crude oil transportation pipelines as they improve the oil wettability of steel and reduce corrosion rate will propel market expansion over the forecast period.
• North America will witness profitable growth at a CAGR of 4.7% in terms of revenue from 2016 to 2024 on account of growing hydropower generation in the electric power sector along with utility-scale solar capacity additions in California, Nevada, North Carolina, Texas, and Georgia. Moreover, rising government spending in petrochemical & refinery industry will stimulate demand over the forecast period.
• MEA was valued at USD 250.9 million in 2015 and is expected to witness a significant rise in light of the presence of several oil & gas reserves along with increasing infrastructural development in various countries including South Africa, Saudi Arabia, Egypt and UAE.
• The global corrosion inhibitors industry was highly fragmented and dynamic in nature and characterized by mergers & acquisitions by major companies to increase overall presence. Major players include Ecolab, Ashland, BASF, Lubrizol Corporation, DuPont and GE Water. In March 2015, Dorf Ketal launched high TAN crude corrosion inhibitor TANSCIENT and possess superior thermal stability and oil solubility and reduces the risk of phosphorus fouling.

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About Grand View Research:

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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Adhesive Equipment Market size is expected to reach USD 42.06 billion by 2022

The global adhesive equipment market size is expected to reach USD 42.06 billion by 2022, according to a new report by Grand View Research, Inc. Increasing adhesives demand from end-use industries such as construction, automotive, textiles and footwear is expected to remain a key driving factor for global adhesive equipment market. High industrialization rates coupled with government initiatives to promote packaging sector in emerging markets of Asia Pacific and Latin America are expected to drive adhesive equipment demand. Bio-based adhesives development is also expected to strengthen industry growth as varying product specifications and associated technological developments constantly drive competition among companies.

Industrial hot melt equipment was the largest product segment and accounted for over 22% of total revenue in 2022. Growing demand for hot melt adhesives owing to their unique product characteristics such as low costs, quick drying time and versatility are expected to drive this segment. Rising awareness regarding sustainable adhesive consumption is expected to foster high market growth for intermittent application devices such as adhesive controllers.

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Further key findings from the study suggest:

• Global adhesive equipment market was valued at USD 26.93 billion in 2014 and is expected to grow at a CAGR of 6.6% from 2015 to 2022.
• Packaging was the leading application segment and accounted for over 30% of global revenue in 2014. Growth of packaging industry particularly in BRICS economies is expected to drive this segment over the forecast period. Disposable hygiene products is also expected to witness significant gains in its market size on account of growing incontinence and baby diapers demand across the globe.
• Asia Pacific was the leading regional adhesive equipment market and accounted for over 40% of global demand in 2014. Growth of key end-use industries such as packaging, construction and hygiene products in India, China and Indonesia is expected to drive the regional market. Asia Pacific is also expected to witness the highest growth of 7.8% from 2015 to 2022.
• Increasing geriatric population in mature economies of Europe and North America has had a direct impact on sales of adult incontinence products in the region. Growth of DHP industry is expected to drive adhesive equipment market in these regions. 
• Global adhesive equipment market is fragmented with a presence of both large multinational corporations and domestic producers. Some key companies operating in the global market include Henkel, Nordson Corporation, Adhesive & Equipment, Inc., Robatech, Dymax Corporation, ITW Dynatec, 3M Company and Adhesive Dispensing Limited.

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About Grand View Research:

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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Electronic Adhesives Market is expected to reach USD 7.80 billion by 2022

The global electronic adhesives market is expected to reach USD 7.80 billion by 2022, according to a new report by Grand View Research, Inc. Electronic adhesives have enhanced intrinsic conductive and thermal properties which enable them to substitute soldering systems. Increasing significance of compact devices including flash drives, CDs, and communication drives is expected to drive demand over the forecast period.

Shift in trend toward miniaturization of electronic components has created need for these adhesives. Replacement of PCBs with multi-chip modules has also prompted product demand. PCBs are laminated plastic boards that utilized these adhesives in surface-mount components, bonding conformal coatings, wire tacking and encapsulating components. High installation costs for laminating & packaging machinery and product assembly are expected to remain key challenges for industry participants.

Electrically conductive adhesives emerged as the largest product segment and accounted for over 40% of total market volume in 2014. The segment is expected to gain share over next seven years on account of high demand across key end-use industries including automotive, building & construction and medical. UV curing adhesives market is expected to witness significant gains over the forecast period on account of their increasing penetration across medical industry.

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Further key findings from the study suggest:

• Global electronic adhesives market demand was 1,103.3 kilo tons in 2014 and is expected to grow at a CAGR of 10.6% from 2015 to 2022.
• Surface-mount devices were the leading application segment and accounted for over 40% of the total market volume in 2014. The segment is also expected to witness most significant growth in its market size owing to significant development in chip-bonding and replacement of conventional PCBs with these components in key applications such as mother boards, processors, and flash drives.
• Asia Pacific was the largest regional market and accounted for over 50% of global demand in 2014. Large scale conformal coatings and surface mount devices manufacturing may be attributed to market size. This trend is expected to continue over the next seven years on account of rapid expansion of electronics industry in China, India, Taiwan and South Korea.
• China and India emerged as major markets both in terms of production and consumption. Favorable government initiatives such as “Make in India” have created significant avenues for future investments in terms of FDI for enhancing production capabilities within the region.
• Major companies with global electronic adhesives market share include Henkel AG & Co, Dow Chemicals and Hitachi Chemicals, HB Fuller, Kyocera Chemical Corp, 3M Company, Mitsui Chemicals LG Chemical Limited, and Indium Corporation.

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About Grand View Research:

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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Europe Polyurethane Market is expected to reach USD 26.24 billion by 2024

Europe polyurethane (PU) market is expected to reach USD 26.24 billion by 2024, according to a new report by Grand View Research, Inc. Growing need for sustainable construction in the region is a key driving factor for industry growth. 

The industry is primarily driven by growth in end-use industries such as construction, automotive & transportation and furniture & bedding. Reinforcement of construction industry in the European region is anticipated to be the key driving factor over the forecast period. Eastern European countries such as Hungary, Poland and Slovakia are anticipated to witness significant growth regarding construction spending which in turn is expected to drive rigid polyurethane foam demand. 

Rigid foam was the highest consumed product and accounted for over 30% of the European market volume in 2015. EU regulations towards energy efficiency of households and financial incentives aimed at improving insulation and cutting down on energy costs is expected to drive the product’s growth. It is also expected to witness the highest growth of 4.0% over the forecast period.

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Further key findings from the study suggest:

• Europe polyurethane market size was 4.91 million tons in 2015 and is expected to reach 6.90 million tons by 2024, growing at a CAGR of 3.8% from 2016 to 2024.
• Construction was the largest consumer of polyurethanes and accounted for over 35% of the overall volume in 2015. Electronics & appliances is expected to witness the highest growth of 5.3% over the forecast period.
• Germany was the leading consumer with demand share estimated at 17.4% in 2015. Being a major automotive manufacturing hub and exporter of passenger cars, rigid foams were the dominant product consumed in the country. The product accounted for nearly 30% of Germany’s PU consumption in 2015.
• Russia is expected to witness the highest growth of 4.3% over the forecast period. High construction output and growth of automotive industry is expected to drive the regional market.
• Key players operating in Europe PU market include BASF, The Dow Chemical Company, Bayer Material Science, Huntsman Corporation, Nippon Polyurethane Corporation Ltd., Foamex International and Evonik Industries.

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About Grand View Research:

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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Maleic Anhydride Market is anticipated to reach USD 4.11 billion by 2024

The global maleic anhydride market is anticipated to reach USD 4.11 billion by 2024, according to a new report by Grand View Research, Inc. Rising UPR demand in various end-use industries including construction and automotive is expected to drive growth over the next eight years.

Growing maleic anhydride demand for additives manufacturing for fuel oils and lubricants is expected to drive market growth in near future. N-butane is the preferred raw material in MAN manufacturing owing to low cost, high productivity, less complex production process, and environment-friendly nature.

The majority of product produced globally is utilized for the production of UPR. The application segment accounted for 50.5% of the total demand in 2015. Growing construction, automotive and marine industry, especially in BRICS economies is expected to drive demand over the next eight years.

BDO is anticipated to witness the fastest growth over the next eight years owing to wide acceptance of the product in manufacturing synthetic chemicals such as polyurethane and tetrahydrofuran. The segment is anticipated to reach a net revenue of USD 435.9 million in China market by 2024, growing at an estimated CAGR of 8.7% from 2016 to 2024.

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Further key findings from the study suggest:

• The global maleic anhydride market demand was 1,845.0 kilo tons in 2015 and is expected to reach 2,987.2 kilo tons by 2024, growing at a CAGR of 5.5% from 2016 to 2024
• Asia Pacific was the leading regional market with demand share estimated at 57.6% in 2015. In addition, the region is expected to grow at fastest rates over the next eight years owing to increasing UPR consumption in construction and automotive industries particularly in China, India, and Indonesia.
• North America maleic anhydride demand accounted for 14.7% of the global volume in 2015.The U.S. MAN market is estimated to grow at a CAGR of 4.7% to reach a total demand of 327.4 kilo tons by 2024.
• Central & South America MAN demand in lubricant and oil additives is anticipated to reach a net worth of USD 22.6 million by 2024. Significant developments in lubricant and fuel oil industries coupled with technological advancements are expected to steer demand in the sector.
• Major players operating in the industry include Huntsman, DSM NV, Lanxess AG, Yabang Jiangsu, Nippon Shokubai Co Ltd, Polynt SpA, Ashland Chemical Co, and Flint Hills Resources.

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About Grand View Research:

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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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North America Polyurethane Market is expected to reach USD 19.18 billion by 2024

North America polyurethane (PU) market is expected to reach USD 19.18 billion by 2024, according to a new report by Grand View Research, Inc. Rising concerns regarding energy efficiency in the region is a key driving factor for industry growth. Growth dynamics of the industry are expected to be heavily influenced by trends in major end-use industries that include automotive, packaging, and construction coupled with the shift towards lightweight products, especially in miniaturized electronic gadgets. Technological advancements along with a shift in preference towards aesthetic, yet environmentally sustainable products are likely to positively influence the market. 

Rigid foams were the leading product segment and accounted for over 33% of the overall volume in 2015. The shift towards sustainable construction practices and consumer awareness regarding thermal insulation as a means of energy conservation are expected to be major driving factors for the product’s growth.

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Further key findings from the study suggest:

• North America polyurethane (PU)market demand was 3.61 million tons in 2015 and is expected to reach 5.21 million tons by 2024, growing at a CAGR of 4.2% from 2016 to 2024
• Cast polyurethanes were the highest consumed elastomers with their overall volume estimated at over 130 kilo tons in 2015. Critical applications of these elastomers include prototyping and tooling in the automotive industry.
• Electronics and automotive industries present majority of the growth opportunities for the U.S. market with both the segments expected to collectively account for over 27% of the volume by 2024. Recovery of automotive production landscape as a result of export demand is a major factor for growth.
• U.S. was the leading consumer with market revenue estimated at over USD 9,900 million in 2015. Federal government initiatives to improve the insulation of low-income households to reduce energy demand is a key factor driving rigid foams consumption in the U.S.
• Mexico is a high growth potential market in North America and is expected to register a volumetric growth of over 5.5% from 2016 to 2024. The industry in Mexico is characterized by high requirement for foams & adhesives in construction, automotive, packaging and furniture applications.
• Key players operating in North America PU market include BASF, The Dow Chemical Company, Bayer Material Science, Huntsman Corporation, Tosoh America, Inc., Mitsui Chemicals America, Inc. and Alchemie Ltd.

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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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Compressor Oil Market is expected to reach USD 97.15 billion by 2024

The global compressor oil market is expected to reach USD 97.15 billion by 2024, according to a new report by Grand View Research, Inc. Increasing industrialization in Asia Pacific and the Middle East is expected to remain a key driving factor for global compressor oil market over the forecast period.

Various attributes of compressor oil such as cooling, sealing and lubricating the internal components which ensure continuous operation and helps in reducing downtime and repair is also expected to drive its demand. Moreover, these lubricants maintain the equipment temperature and therefore keep them cool.

The equipment heating results in higher power consumption and wear & tear of the machine. Cost optimization practices adopted by various manufacturing companies are also expected to drive demand for compressor oil. It is observed that organizations have been implementing continuous improvement projects to reduce power consumption & maintain continuous operational flow undertake good lubrication practices. 

Positive displacement based products are widely used in industries owing to their high performance and low maintenance cost. Therefore, the segment accounted for the majority of compressor oil consumed globally. Demand for positive displacement type is expected to develop at an approximate CAGR of 5.0% from 2016 to 2024.

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Further key findings from the study suggest:

• Global compressor oil market demand was 6.80 million tons in 2015 and is expected to reach 10.44 million tons by 2024, growing at a CAGR of 4.9% from 2016 to 2024
• Synthetic was the leading base oil used in compressor oil and accounted for 43.2% of global volume in 2015. High performance associated with synthetic oils are expected to drive their demand over the forecast period.
• Increasing global awareness with respect to environmental issues is anticipated to drive the bio-based oil demand. The segment is anticipated to grow at an estimated CAGR of 5.1% from 2016 to 2024.
• Manufacturing and automotive sector together accounted for over half of the global demand in 2015. Energy industry is expected to capture around one-fifth of revenue share in 2024 with an approximate growth rate of 6% from 2016 to 2024.
• Asia Pacific is expected to observe the highest regional growth at an approximate CAGR of 5.6% owing to the rapid industrialization in emerging economies including China, India, and South Korea.
• Key players operating in the global industry are ExxonMobil, Royal Dutch Shell, Total S.A, Lukoil, British Petroleum, Chevron Corporation, BASF, The Dow Chemical, Sasol Limited, Sinopec Limited, Croda International and Fuchs Petrolub.

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About Grand View Research:

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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Cosmetic Preservative Market is expected to reach USD 458.8 million by 2024

The global Cosmetic Preservative Market is expected to reach USD 458.8 million by 2024, according to a new report by Grand View Research, Inc. The increasing demand for natural preservatives such as thyme, clove, cinnamon and tea tree coupled with growing awareness for personal hygiene are some of the major factors that augment the growth of the Cosmetic Preservative Market. 

The multiplying demand for sunscreens, lotions, and anti-ageing creams in Asia Pacific is also anticipated to positively impact the demand growth over the forecast period. Growing demand for herbal & natural ingredients in cosmetics is expected to drive the demand for organic preservatives.

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Further key findings from the study suggest:

• The phenol derivatives emerged as the leading product segment and accounted for 35.7% of total revenue in 2015.Growing demand for phenoxyethanol used in creams and lotions is spur market growth over the forecast period. The segment is also expected to witness the highest growth of 6.4% from 2016 to 2024.
• Skin & sun care emerged as the leading application segment and accounted for 39.2% of global revenue in 2015. Growing awareness regarding the harmful effects of ultra-violet rays on the skin is expected to spur the Cosmetic Preservative Market growth.
• Cosmetic preservatives demand in toiletries is also expected to witness significant growth over the forecast period. Rising standard of living particularly in Asia Pacific has prompted the demand for toiletries in the recent past which is expected to propel the demand for cosmetic preservatives in this segment.
• Asia Pacific emerged as the leading regional market and accounted for 35.0% of global revenue in 2015. Asia Pacific is expected to witness the highest growth on account of the growing production and demand of cosmetic products.
• New product formulations and demand for herbal & organic ingredients in cosmetics is expected to drive the regional market over the forecast period. Rising economic standards and growing awareness about personal grooming and hygiene are also anticipated to boost the cosmetics market growth which will, in turn, have a positive impact on the global Cosmetic Preservative Market.
• Some leading companies operating in the global cosmetic preservatives market include Lonza Group, The Dow Chemical Company, Ashland Inc., Symrise AG, BASF SE, Clariant AG, Akema Fine Chemicals, Brenntag AG, and Chemipol.

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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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Nitric Acid Market is expected to reach USD 14.00 billion by 2022

Global Nitric Acid market is expected to reach USD 14.00 billion by 2022, according to a new study by Grand View Research, Inc. Nitric acid is used in the manufacturing of various chemicals including adipic acid, ammonium nitrate, toluene di-isocynate and nitrobenzene. Increasing demand from end-use industries including polyurethane foams, elastomers, coatings along with floor and wood finishes, lacquers, foam plastics, polyurethane foam coated fabrics, and insulation materials is expected to propel nitric acid market growth over the forecast period.

Adipic acid was a key application of nitric acid accounting for 2,274.0 kilo tons of global demand in 2014. Over 80% of adipic acid produced globally is used in the manufacturing of nylon fiber and resin. Nylon 6,6 finds application in the automotive industry as a substitute to heavy metals in order to reduce the overall weight of vehicles, thus reducing carbon emissions. Increasing use of nylon 6,6 in automobiles is expected to augment adipic acid production, thus influencing nitric acid market demand over the forecast period.

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Further key findings from the study suggest:

• Fertilizer application of nitric acid was the largest in 2014 accounting for over 75% of the global market. Nitric acid is captivity consumed for ammonium nitrate production, around 80% of which is used as a fertilizer or as an intermediate for fertilizer manufacturing. Increasing concerns regarding use of ammonium nitrate as a fertilizer resulting in rising soil salinity has led to a number of regulations by authorities including EPA and REACH, restricting market demand.
• Central & Eastern Europe dominated the global nitric acid market with demand exceeding 21.0 million tons in 2014. However, North America and Europe are expected to witness a significant loss of share by over 2.0% over the forecast period in light of adverse environmental effects relating to use of nitric acid fertilizers. Stringent regulations in Europe and North America on the use of ammonium nitrate based fertilizers are expected to shift demand to Asian countries.
• Asia Pacific is anticipated to witness high growth at a CAGR of 2.9% from 2015 to 2022 on account of increasing nitric acid consumption in emerging economies including China and India. China witnessed the fastest growth in rate of production and consumption among all regions over the past five years. Agriculture based economies of Asia Pacific and Latin America are expected to generate nitric acid demand for ammonium nitrate production due to less regulations in these regions.
• Global nitric acid market is highly concentrated with major players including BASF SE and Dow Chemical Company holding a lion’s share. BASF SE, a chemical giant has forward integrated through the entire value chain to produce ammonia, nitric acid and compounds such as adipic acid and isocynate along with fertilizers. Agrium and Koch Nitrogen Company are engaged in manufacturing of nitrogen-based fertilizers such as ammonium nitrate and ammonia. Companies including Angus and Bayer Material Science are key manufacturers and suppliers of nitric acid on a global scale.

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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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Automotive Textiles Market is expected to reach USD 31.75 billion by 2024

The global automotive textiles market is expected to reach USD 31.75 billion by 2024, according to a new report by Grand View Research, Inc. Increasing automobiles production, particularly in Asia Pacific coupled with the favorable regulatory scenario, is expected to drive the global automotive textiles market over the forecast period.

These textiles find major applications in the interiors of automobiles. Increasing safety norms such as standard No. 208 of Federal Motor Vehicle Safety Standards has prompted the automobile manufacturers to install seat belts and airbags in the vehicles which have driven the demand for these technical textiles in the recent past. In addition, Introduction of Euro VI by the EU and EEA member states to govern light and commercial passenger vehicles emissions has prompted the demand for automotive filters which has had a positive impact on automotive textiles demand.

The increasing disposable income levels and rising living standards in emerging economies such as China and India has an immense contribution toward the development of the modern market. In addition, these countries along with growing Middle East market has created new avenues for major manufacturers.

Woven fabrics emerged as the leading product segment and accounted for 43.6% of total market volume in 2015. Composites are expected to witness the highest growth of 3.9% from 2016 to 2024. Increasing demand for high performance materials in the automotive industry is expected to drive this segment over the forecast period.

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http://www.grandviewresearch.com/industry-analysis/automotive-textiles-market

Further key findings from the study suggest:

• The global automotive textiles market demand was 3.81 million tons in 2015 and is expected to reach 5.14 million tons by 2024, growing at a CAGR of 3.3% from 2016 to 2024
• Upholstery was the leading application segment and accounted for 55.7% of total market volume in 2015. Increasing automotive seat covers demand is expected to lead this segment over the forecast period. Safety devices are expected to witness the highest growth of 3.9% from 2016 to 2024. Increasing safety regulations has prompted demand for air bags and seat belts which are expected to drive this segment.
• Asia Pacific was the leading regional market and accounted for 48.7% of total market volume in 2015. Increasing automotive production in China, India, Thailand and Indonesia on account of increasing demand is expected to drive the regional market over the forecast period.
• Key market players include DuPont, Trevira, Sage Automotive Interiors, Reliance, Baltex, Global Safety Textiles, Auto Textile S.A, SMS Auto Fabrics, Lear Corporation, Autoliv, Johnson Controls, Aunde, Acme Mills, Borgers, International Textile Group, Toyota Boshoku, Autotech Nonwovens, ASGLAWO Technofibre, Suminoe Textile Co. Ltd, and CMI-Enterprises.

See More Reports of This Category:

http://www.grandviewresearch.com/industry/plastics-polymers-and-resins

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