Animal Feed Enzyme Market | Covid-19 Pandemic Analysis, Growth Rate, New Trend Analysis

 The global animal feed market size is anticipated to reach $337.7 billion by 2026, growing at a CAGR of 4.7% during the forecast period, according to a report published by Polaris Market Research. The report ‘Animal Feed Market Size By Product Type (Compound Feed, Fodder, Forage), By Animal Type (Livestock (Poultry, Cattle, Pigs, Aquaculture, Others) Pet Animals), By Regions & Segments Forecast, 2018 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends.

 

Animal feeds have contributed significantly in the growth of food industry globally and feed are among the most crucial and essential component for retaining abundant, affordable and safe animal proteins. For over a decade, the world has witnessed rising demand for proteins derived from animal, including fish, livestock, and dairy. The growth has been witnessed mainly in the developing regions as reported by IFIF, wherein the developed regions have witnessed fluctuating stabilities in growth. The global feed industry has witnessed production expansion in terms of volume and value. This phenomenon has taken place concerning growing worldwide population, more consumer purchasing power, and rising urbanization.

 

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With modern population achieving new levels of political and commercial involvements, there is an anticipated enhancement in the demand for animal feed further which is crucially significant in the entire food chain for its role. As the producer’s perseverance becomes more consumer-oriented and focused, the outcomes include increasing environmental footprint with even more rapidly growing requirements for sustainability. Mill and farm feed have witnessed a push on account of increasing environmental impact and greenhouse gases concerning the production of animals.

 

Some of the significant market participants currently operating in the industry include DaChan Food (Asia) Ltd., Yuetai Group, Smithfield Foods, NongHyup Feed Inc., Tangrenshen Group (TRS), East Hope Group, Nutreco, De Heus, Haid Group, Shuangbaotai Group (Twins Group), Agrifirm Group, JA Zen-Noh, Purina Animal Nutrition, ForFarmers N.V., Tyson Foods (broiler), New Hope Liuhe, BRF, Wen’s Food Group, Cargill, and CP Group.

 

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The selectivity priority by consumers in the purchase of eggs, meat, and dairy products, have been coupled with the questions of particular animal feeds and the breeding conditions related to each. Feed mills are also considered to be most crucial to the value chain as a human diet id directly influenced by these which have also gained an enthusiastic consumer culture. Feed is considered to be very essential as these might contain adulterated components which can be a serious issue for the food safety. Thus, the global feed market has shown interest in extensive production of organically developed high quality animal feed due to changing consumer behaviour related to the quality of output such as milk or meat. These parameters have been continuously playing important role in the advancement of the global feed industry.

 

The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the global animal feed industry, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada. Europe is divided into Germany, UK, Italy, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.

 

Competitive Landscape and Key Vendors

The Asia Pacific is the largest regional market for the animal feed market. The increase in rapid production by meat processors and changing consumer demand & behaviour for organic food products are identified to be among some of the crucial parameters for the growth of feed market in the region. This regional market is expected to witness considerable growth over the forecast period.

 

Multiple new product innovation, unpenetrated & under-penetrated market dynamics, several expansion strategies among the feed producers, surging demand for nutrient-rich & healthy feed, and growing purchasing power, are the most important factors driving the Asia Pacific market. Europe is likely to be another potential regional player for feed production over the forecast period.

 

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Passenger Drones Market Growth Factors Details by Regions, Types and Applications

The global passenger drones market is estimated to reach USD 1,419.5 million by 2026 growing at a CAGR of 29.5% during the forecast period, according to a new study published by Polaris Market Research.

 

Passenger Drones are move people for short to medium distances. Being capable of vertical takeoff and landing (VLOT), these can replace driving on roads in cities. Passenger Drones will solve the problem of transport during peak travel time and overcoming obstacles like bridges or lakes. Not just daily commute, passenger drones can be of great significance in adversities and be used for rescue, search operations, emergency supply delivery or air ambulance.

 

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The growing need for cheaper, faster and cleaner transport is increasing the demand for transport alternatives. The increasing demand for intelligent technologies that reduce emissions and offer higher energy efficiency play a key role in the passenger drone market growth. The increasing penetration of mobile devices and technological advancements in components such as camera, mapping software, and others are expected to further support passenger drone market growth.

 

The decline in drone costs and technological advancement is encouraging significant investments in the technology. The growing urban population and their aspiration to avoid traffic congestion will further push the passenger drone market growth during the forecast period. However, safety, security, and privacy concerns restrict the market growth. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.

 

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Europe generated the highest revenue in the market during 2017. The increasing population, and growing need for efficient travel options drives the growth of this market. Presence of key players in the region, significant investments, and increasing technological innovation further support the market growth.

 

The different components used in passenger drones include hardware, software, and services. In 2017, the hardware segment accounted for the largest share in the global market. The hardware used in passenger drones include technologically advanced cameras, navigation systems, frames, controllers, propulsion systems, and others.

 

The well-known companies profiled in the passenger drones market report include Ehang, Volocopter GmbH, AeroMobil, Joby Aviation, Uber Technologies Inc., Boeing, Airbus S.A.S., Astro Aerospace, Cartivator, Lilium, and Terrafugia among others. These companies are consistently launching new products to enhance their offerings in the passenger drones industry. With the advancement of technologies, companies are innovating and introducing new solutions to cater to the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their offerings to improve their market reach

 

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Electric AC Motors Market Growth, Competitive Analysis, Future Prospects and Forecast 2026

 

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The global electric AC motors market is estimated to reach USD 166.5 billion by 2026 growing at a CAGR of 8.8% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Electric AC Motors Market Share, Size, Trends, & Industry Analysis Report, By Type (Induction AC Motors, Synchronous AC Motors); By Application (Automotive, Agriculture, Residential, Commercial, Industrial, Others); By Region: Segment Forecast, 2019 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends. In 2018, the Induction AC Motors segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.

 

The increasing automation in various industrial processes, and use of electric AC motors in diverse applications such as healthcare, construction, automotive, and consumer goods among others is expected to support the market growth. Increasing use of electric AC motors in infrastructural development, and rising construction activities especially in the developing economies accelerates the market growth. Other driving factors include rising demand for household appliances, growing use in HVAC applications, and government support for development of high efficiency electric AC motors. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the electric AC motors industry during the forecast period.

 

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Asia-Pacific generated the highest revenue in the market during 2017, and is expected to lead the global market throughout the forecast period. The presence of emerging industries such as healthcare, agriculture, construction, and automotive, substantial initiatives in research and development, and favorable government policies drive the market growth. Rapid industrialization and growth of manufacturing industry further support the strengthening of electric AC motors industry in the region. The increasing sale of passenger vehicles, coupled with high penetration of electric vehicles in countries such as China, and Japan increases the adoption of electric AC motors in the region.

 

The different types of electric AC motors include induction AC motors, and synchronous AC motors. In 2018, the induction AC motors segment accounted for the highest share in the electric AC motors industry owing to the increasing demand from industries such as agriculture, paper & pulp, and chemicals. Some key features offered by induction AC motors include controlled acceleration, simplicity, low-cost, quiet, long-lasting, and low power demand on start, among others.

 

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The well-known companies profiled in the electric AC motors market report include Siemens AG, Kirloskar Electric Company, Johnson Electric, Rockwell Automation, Inc., Baldor Electric Company, Allied Motion Technologies Inc., Ametek Inc., Asmo Co. Ltd., Franklin Electric Co. Inc., and ABB Limited among others. These companies are consistently launching new products to enhance their offerings in the electric AC market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach.

 

 

Nano-Enabled Packaging Market Growth, Competitive Analysis, Future Prospects and Forecast 2026

 

The global nano-enabled packaging market is estimated to reach USD 89.0 billion by 2026 growing at a CAGR of 12.7% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Nano-Enabled Packaging Market Share, Size, Trends, & Industry Analysis Report, By Type (Active, Intelligent, Others); By End-User (Food and Beverages, Pharmaceutical, Personal Care, Others); By Regions: Segment Forecast, 2018 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends. In 2017, the food and beverage segment accounted for the highest market share. Asia-Pacific is expected to be the leading contributor to the global market revenue in 2017.

 

The increasing demand for packaged food products, growth in e-commerce, and an increasing proportion of technologically inclined consumers support the market growth. Increasing demand for fresh fruit and vegetables and stringent government regulation to promote the use of Nano-enabled packaging for improved food safety boosts the market growth.

 

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The growing use in the pharmaceutical industry, development of intelligent packaging, and rise in food-led export activities would accelerate the adoption of Nano-enabled packaging solutions during the forecast period. Various brands operating in the packaging market are adopting Nano-Enabled and smart packaging to enhance shelf appeal and brand exposure. New marketing techniques incorporating smartphone apps and codes are being used to attract consumers, thereby increasing the industry size.

 

Use of Nano-enabled packaging is expected to increase significantly during the forecast period. Use of Nanotechnology in food packaging increases the shelf life of food products, minimizes the spoilage, ensures food safety, and repairs the tears in packaging. Nano-enabled packaging solutions are also capable of alerting consumers about the safety of product, and sometimes release preservatives to extend shelf life of food in package.

 

A wide range of nanosensors are used in the food packaging industries, which include electronic noses, array biocensors, nanocantilevers, nanoparticle in solution, and nano-test strips among others. Packaging with nano-sensors is useful to trace the external or internal conditions of food products, pellets and containers throughout the food supply chain.

 

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Asia-Pacific generated the highest market share in terms of revenue in 2017, and is expected to lead the global Nano-Enabled Packaging market throughout the forecast period. The growing population, rising disposable incomes, and a transition from traditional markets to the purchasing of packaged consumer goods, especially in the food and beverage segment has accelerated the market growth in the region. The food and beverage, and food delivery industry is on a significant rise in the region. The increasing demand for fresh fruits and vegetables, and meat products is generating numerous opportunities for the Nano-Enabled Packaging industry.

 

The well-known companies profiled in the report include Amcor Limited, BASF SE, Bemis Company, Inc., Sonoco Products Company, Danaflex Nano LLC, Honeywell International Inc., Tetra Pak International S.A., DuPont Teijin Films, Chevron Phillips Chemical Company LLC, and Klöckner Pentaplast. These companies launch new products and collaborate with other leaders in the industry to innovate and launch new products to meet the increasing needs and requirements of consumers.

 

In-flight Entertainment and Connectivity Market | Covid-19 Pandemic Analysis, Growth Rate, New Trend Analysis

 

the global In-flight entertainment and connectivity market is anticipated to reach USD 9.09 billion by 2026 according to a new study published by Polaris Market Research. The development of innovative wireless solution and rising BYOD trend is anticipated to propel the market growth for In-flight entertainment and connectivity market. Further, the demand is propelled by mounting commercial aviation & fleet expansion. Also, rising HD content availability across various platforms is anticipated to bolster the market demand. However, recent administrative regulations for integration of In-flight entertainment and connectivity into aircrafts in several developed economies such as US is expected to control the industry progress. Such regulations limits the integration of in-flight entertainment and connectivity systems to a certain degree for ensuring safe travel by reducing the possibility of accidents related to weight and cabling of the in-flight entertainment and connectivity systems. Also, the high costs associated to procurement and content services can also restrict the market growth.

 

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Moreover, the launch high throughput satellites in the Ku Band and Ka Band has provided new opportunities to the In-Flight Entertainment and Connectivity Market, as these innovations are anticipated to result in augmentation of data speeds for connectivity thereby, making the service cost-efficient. Also, with the increasing competition in the airline industry, key players operating in the market are adopting cabin connectivity resulting in pressuring adoption of in-flight entertainment and connectivity systems by other players to efficiently compete in the In-Flight Entertainment and Connectivity Market.

 

North America and Asia Pacific region are witnessing a rise in demand for narrow body airplanes owing to increasing air traffic, and rising affordability of the population to afford air travel. Thus, with the rise in air traffic, the airlines industry is becoming highly competitive and the demand for in-flight entertainment and connectivity systems by these airlines are observing high growth. High flight connectivity in US and Canada has resulted in positioning North America as an attractive markets, followed by Europe. However, the market growth in Asia Pacific In-Flight Entertainment and Connectivity Market is projected to grow at a highest CAGR during the forecast period.

 

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Major industry players in In-Flight Entertainment and Connectivity Market include GoGo, Panasonic Avionics, OnAir, Global Eagle Entertainment, Honeywell, Inmarsat, Thales, Zodiac Aerospace, Echostar Corporation and Rockwell Collins among others. Several players in the market are adopting the strategy of mergers and acquisitions with an aim to offer improved service portfolio coupled with high-speed at cost-effective pricing. Also, companies are highly focused towards product development. For instance, recently, GoGo announced the introduction of Gogo Vision Touch, a seatback product.

 

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Burn Care Centers Market Growth, Competitive Analysis, Future Prospects and Forecast 2028

 

The global burn care centers market size is expected to reach USD 33.03 billion by 2028 according to a new study by Polaris Market Research. The report “Burn Care Centers Market Share, Size, Trends, Industry Analysis Report, By Facility Type (In-house, Standalone), By Treatment Type; By Severity (Minor Burns, Partial Thickness Burns, Full Thickness Burns); By Service Type (Inpatient, Outpatient, Rehabilitation); By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

In 2020, the in-patient type market segment accounted for the largest share of the burn care center industry and is expected to witness the fastest market growth rate over the forecast period, owing to the rise in mass casualties in fire and the continuously rising mortality rate across the globe. Though in-patient stay is not rising at a significant pace in a few of the countries, its high cost of treatment has largely contributed to its high market revenue share in the burn care centers industry. As per the study done by the World Health Organization, in 2018, countries such as China, UK, Bulgaria, Canada, South Korea, U.S., Sweden, Singapore, Hong Kong, and Mexico have witnessed the rise in the incidence of fire-related events.

 

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Market participants such as The MetroHealth System, Chelsea & Westminster Hospital, Pediatric Burn Care Center, University of Rochester Medical Center, Burn and Reconstructive Centers of America, National Burn Center (India), North Bristol NHS Trust, and University of Washington Regional Burn Center are some of the key players operating in the market for burn care centers.

 

Companies in the marketplace are launching innovative therapies to address unmet medical needs in severe burn care management. For instance, in May 2019, Israel-based MediWound Ltd signed an exclusive supply agreement with Vericel Corporation to commercialize its product NexoBrid in the U.S.

 

Product is topically administered biologic to remove scars in people with deep and thick injuries. The product was already approved in the EU and other markets. According to the company’s claims, NexoBrid is considered an excellent strategic fit to capture a larger share in the U.S market for burn care centers.

 

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Polaris Market research has segmented the burn care centers market report on the basis of facility type, treatment type, severity, service type, and region:

 

Burn Care Centers, Facility Type Outlook (Revenue – USD Million, 2016 – 2028)

• In-house
• Standalone

Burn Care Centers, Treatment Type Outlook (Revenue – USD Million, 2016 – 2028)

• Wound Debridement
• Skin Graft
• Traction, Splints, Wound Care
• Respiratory Intubation and Ventilation
• OTC Pain Medications and Bandages
• Blood Transfusion
• Prophylactic Vaccinations and Inoculations
• Rehabilitation

Burn Care Centers, Severity Outlook (Revenue – USD Million, 2016 – 2028)

• Minor Burns
• Partial Thickness Burns
• Full Thickness Burns

Burn Care Centers, Service Type Outlook (Revenue – USD Million, 2016 – 2028)

• Inpatient
• Outpatient
• Rehabilitation

Burn Care Centers, Regional Outlook (Revenue – USD Million, 2016 – 2028)

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Spain
  • Netherlands
  • Austria
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
• Central & South America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

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Butane Market Business Growth Opportunities by Top Companies and Future Challenges

 The global butane market is estimated to reach USD 125.7 billion by 2026 growing at a CAGR of 7.3% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Butane Market Share, Size, Trends, & Industry Analysis Report, [By Application (LPG {Residential/Commercial, Chemical/Petrochemicals, Industrial, Autofuels, Refinery, Others}, Petrochemicals, Refinery, and Others), By Regions: Segment Forecast, 2018 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends.

 

Butane is a natural gas liquid is a refinery product with feedstock such as naphtha and coal. The global butane market is primarily driven by increased utilization of liquefied petroleum gas (LPG). Butane showcases properties such as easy liquefiable and high flammability and is thus increasing used in fuel manufacturing and blending. It is also used widely is in the production of petrochemical manufacturing.

 

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Rising demand for economical fuel among consumers, especially in the developing nations has led to increased demand of butane. Increasing consumer income and rural development in several nations have resulted into awareness and shift in consumer preference towards use of LPG cylinders in residential applications. Moreover, use of LPG has also reduced dependency on the forest products for combustion purposes. LPG is also used widely in many developed countries for fuel and residential applications.

 

In addition to the above, favorable regulatory policies and government subsidies have also significantly contributed to the growth of LPG consumption and thus directly impacting the butane market positively. In countries such as India, the government subsidizes LPG cylinders as per the number of cylinders per household. Moreover, there a number of schemes introduced for providing LPG accessibility to the rural consumers. All these parameters have collectively contributed to the increased consumption of butane.

 

Butane is also extensively used in refinery applications and chemical production. Some other butane applications with minor market shares include industrial drying/heating applications and engine fuel. In the U.S. tight oil and shale gas extraction have competitive edge over butane production in comparison to the rest of the world. This is due to the geographical feature and more developed pipeline infrastructure for butane transportation.

 

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The butane price witness price volatility as it is a refinery product and its pricing depend on the crude oil prices. Leading producing regions for butane include U.S. and the Middle East. Northeast Asia and China also are significant consumers and producers of natural gas liquids including both butane and propane. Economic development of the developing Asian countries has led to significant consumption of butane in end-use sectors such as automobile and petrochemical.

 

The global butane market constitutes international and national market players which are majorly governing the oil & gas sector. It comprises of both public and private players globally. Some of the significant market players in the butane industry include Exxon Mobil Corporation, British Petroleum, Royal Dutch Shell, Total S.A., China National Petroleum Corporation (CNPC), and China Petroleum and Chemical Corporation (SINOPEC).

 

Transparent Plastic Market Growth Insights, SWOT Analysis by Top Key Vendors and Forecast to 2027

 [March 21] : The global sugar confectionery market size is anticipated to reach USD 69.5 billion by 2026, according to a new research published by Polaris Market Research. In 2017, the offline stores segment dominated the global sugar confectionery industry, in terms of revenue. Asia-Pacific is expected to grow at the highest rate during the forecast period.

 

A significant increase in population, changing eating habits, and rising disposable income drive the market growth. Other factors influencing the global sugar confectionery industry include growing inclination towards gifting of confectionery products, and investments by market players in promotional activities, advertising campaigns, and social media marketing. Improvement in lifestyle due to rise in income level, especially in the developing countries of Asia-Pacific, further fuels the market growth.

 

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Factors such as increase in per capita income, changes in consumer behavior, and rising trend of e-commerce are expected to accelerate the growth of sugar confectionery industry in the coming years. However, increasing health awareness, rising cases of obesity related diseases, and shift in trend towards consumption of low calorie food are expected to restrict the growth of the sugar confectionery industry. Increasing demand from developing nations, rising demand for organic and premium chocolate products, and growing trend of gifting confectionery products are factors expected provide numerous growth opportunities to the market players during the forecast period.

 

Asia-Pacific is expected to grow at the highest rate during the forecast period. The increasing population in the region coupled with rising disposable income drives the market growth in the region. The increasing demand of Sugar Confectionery in the region is expected to be driven by growth in countries such as China, Japan, and India. The development in retail market, stable economic growth, and growing trend of using sugar confectionery as gifts supports the market growth in the region.

 

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The well-known companies profiled in the sugar confectionery market analysis report include Nestle SA, Mondelez International, Perfetti Van Meller, Lindt & Sprungli, Hershey Food Corp, Ferrero Group, Mars Incorporated, Kraft Foods Co., WM Wrigley JR Company, and Haribo GmbH & Co. KG among others. These companies are consistently launching new products to enhance their offerings in the global sugar confectionery industry. With change in lifestyles, companies are innovating and introducing new products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.

 

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Transparent Plastic Market Business Growth Opportunities by Top Companies and Future Challenges

 [March 21] The global transparent plastic market size is estimated to reach USD 177.43 billion by 2026 growing at a CAGR of 6.8% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Transparent Plastic Market Share, Size, Trends, & Industry Analysis Report, By Type (Rigid Transparent Plastic, Flexible Transparent Plastic), By Polymer Type (Polycarbonate, Polyvinyl Chloride, Polystyrene, Polypropylene, Polyethylene Terephthalate), By End-User, By Region]: Segment Forecast, 2019 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends. In 2018, the packaging segment dominated the global transparent plastic industry, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.

 

The diverse applications of transparent plastic in industries such as healthcare, construction, packaging, automotive, and consumer goods among others is expected to support the market growth. The demand for transparent plastic has improved significantly over the past few years owing to features such as improved shelf-life of packaged food products, and ease of customization. Other factors driving the transparent plastic industry include growing adoption of electric vehicles, development of bio-based transparent plastics, and rising demand from food & beverages industry for packaging solutions.

 

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However, increasing concerns regarding environmental pollution, and increasing demand for eco-friendly packaging material are expected to restrict the market growth. Increasing demand from developing nations, recycling of PVC, and technological advancements are expected provide numerous growth opportunities to the market players operating in the transparent plastic industry.

 

PVC is an amorphous thermoplastic with properties such as high transparency, excellent mechanical properties and impact strength, and great resistance to chemicals and fire. Optical characteristics of clear PVC products include high light transmission, high clarity, and anti-glare surface. It is used in the construction sector for day lighting, greenhouse, and safety glazing applications. The packaging industry uses PVC for blister packs, cling films, clear wraps, whereas the healthcare sector uses it for bags, tubing, drips, connectors, and valves among others.

Asia-Pacific generated the highest revenue in the transparent plastic industry in 2018, and is expected to lead the global market throughout the forecast period. The presence of emerging industries such as healthcare, construction, and packaging, substantial initiatives in research and development, and favorable government policies drive the market growth. Rapid industrialization, growing demand from packaged food and beverages and healthcare sectors, and growth of electronics industry in the region supports the market growth in the region.

 

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The well-known companies profiled in the transparent plastic market report include BASF SE, PPG Industries, LG Chem, E. I. Du Pont De Nemours and Company, Asahi Kasei Corporation, Evonik Industries AG, The Dow Chemical Company, Teijin Limited, Eastman Chemical Company, Chevron Phillips Chemical Company, Exxon Mobil Corporation, and PolyOne Corporation. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach.

 

 

Tool Steel Market Expected to Grow Faster According to New Research Report – 2026

 [March 21 ] The global Tool Steel market size is expected to reach USD 7,100.0 million by 2026 according to a new study by Polaris Market Research. Global growth in the automotive industry is driving the overall market growth. Long production runs are a key characteristic of the automotive industry and hence they require good die material that can withstand tough engineering environment and conditions. Automotive companies therefore prefer tool steel due to their inherent benefits as well as properties. In addition, the usage guarantees minimum interruptions, less maintenance costs, and high productivity. Such trends are benefitting the tool steel demand from automobile industry.

 

Hot forming is used widely to manufacture automotive parts. They are used to manufacture pillar reinforcements, roof reinforcements, front bumper and rear bumper among others. The overall process is carried out at high temperatures and the operating temperature range can vary substantially. In such cases, due to the excellent temperature resistance offered by tool steels as well as their good yield strength, and high toughness at elevated temperatures, tool steels are preferred in hot forming processes. Such trends are benefitting the overall market growth.

 

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Generally, companies try to avoid cheap products that are less costly but wear out easily. Mostly companies prefer high quality tool steel that is a bit costly but guarantees extended service time. This reduces the overall reduction in maintenance as well as replacement costs. These factors ensure that the buyer can achieve a low per product cost even though preferring a high cost tool.

 

Tool steels, when used in plastic molding applications offer excellent machinability, polish ability, homogeneity, low Sulphur content and a good photo etching ability. They also exhibit better toughness and weldability than other counterparts. They also have a high material removal rate thus making them ideal for usage in high cavity designs. The rising demand for plastic molds is thus favoring the market growth of tool steels.

 

Asia Pacific emerged as the largest market in 2019 and this trend is expected to continue till the end of the forecast period. Rising demand for plastic molded products particularly from the automotive industry, improving economic conditions in countries such as India and China and the booming aerospace and automotive industry in the region are some of the factors contributing to the strong regional market growth.

 

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Continuous research and development resulting in the development of novel products has benefitted the overall industry growth. Companies have developed products that provide optimum performance, high precision, longer life while still providing cost savings. Companies are working in collaboration with their clients to understand their requirements to produce customized tool steels that are best suited for their applications. Some of the major market players include Voestalpine AG, Samuel, Son & Co., Eramet SA, QiLu Special Steel Co., Ltd, Hitachi Metals, Ltd., Baosteel Group, Hudson Tool Steel Corporation, Buderus Edelstahl GmbH, Schmiedewerke Gröditz, and Tiangong International Co., Ltd. Among others.