Lactic Acid Market Expected To Propel Industry Growth By 2028: Grand View Research Inc.

 Lactic Acid Market Growth & Trends

The global lactic acid market size is expected to reach USD 5.02 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.0% from 2021 to 2028. The market growth can be attributed to the increasing demand for lactic acid in various end-use industries, including industrial, food and beverages, and pharmaceuticals, especially in emerging economies such as India, China, and Indonesia. Additionally, demand for this product as a feedstock in the production of polylactic acid (PLA) is anticipated to drive the market globally.

Various raw materials used for the production of lactic acid include carbohydrates such as corn, sugarcane, sugar beet, and tapioca. A large share of this product produced globally is obtained through the fermentation process owing to its lower production costs as well as rising consumer awareness regarding sustainable and environmentally friendly products. The production process is commercially mature with a significant number of manufacturers, including Corbion, NatureWorks LLC, Galactic, and Henan Jindan Lactic Acid Technology Co., Ltd., using it.

The raw materials used for the commercial synthesis of this product include maltose or starch, lactose, sucrose, and glucose. These raw materials are derived from various feedstocks, such as barley malt, whey, molasses, and beet sugar, which are used to produce lactic acid via microbial fermentation. The cost of raw material is a key factor to be considered in the fermentation process for the commercial production of this product. They may specifically cater to application areas such as industrial, food and beverage, pharmaceuticals, personal care, chemicals, and agrochemicals.

Polylactic acid is predominantly used to manufacture microwaveable containers, including disposable cutlery and food containers. Multiple beneficial properties such as improved aesthetic appeal and resistance to grease and oil are positively influencing the demand for polylactic acid in the formulation of food packaging products across the globe, further triggering the lactic acid demand.

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Lactic Acid Market Report Highlights

• In 2020, sugarcane emerged as the dominant raw material segment with a revenue share of over 39.0% owing to its abundant availability in nature, low cost, and environmental friendliness
• Corn emerged as the second-largest raw material segment in 2020 and is projected to witness considerable growth over the forecast period owing to the rising awareness regarding sustainable products in the major application industries
• PLA emerged as the dominant application segment in 2020 in terms of both volume and revenue owing to the rising usage in the manufacturing of biodegradable and biocompatible products
• In 2020, North America emerged as the largest regional market due to the presence of major personal care and cosmetic industries in this region, especially in the U.S.

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Lactic Acid Market Segmentation

Grand View Research has segmented the global lactic acid market on the basis of raw material, application, and region:

Lactic Acid Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Corn
• Sugarcane
• Cassava
• Other Crops

Lactic Acid Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Industrial
• Food & Beverages
• Pharmaceuticals
• Personal Care
• Polylactic Acid (PLA)
• Others

Lactic Acid Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK.
  • Italy
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • India
  • Indonesia
  • Malaysia
  • Philippines
• Central & South America (CSA)
  • Brazil
• Middle East & Africa (MEA)

List of Key Players of Lactic Acid Market

• BASF SE
• Galactic
• Musashino Chemical (China) Co., Ltd.
• Futerro
• Corbion
• Dow
• TEIJIN LIMITED

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.

Synthetic Leather Market Set to Surge Significantly During 2021-2028: Grand View Research Inc.

 Synthetic Leather Market Growth & Trends

The global synthetic leather market size is anticipated to reach USD 57.0 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 7.8% from 2021 to 2028. Increasing product application scope in footwear has been a major factor driving the market growth. In addition, growing importance and awareness about animal rights and stringent laws regarding the usage of real leather are propelling the demand for its synthetic counterpart. Synthetic leather materials offer superior properties, such as high gloss finish, durability, strength, and UV resistance, and easy maintenance. Moreover, products made from faux leather are cheaper and thus, continue to attract consumers, especially from middle- and high-income level groups.

However, in countries, such as Japan, the product is facing competition from Fumikodata, which is a replica of real leather and is a cruelty-free material. Polyurethane (PU) was the largest product category in 2020 and is expected to register the fastest CAGR over the forecast period. Polyvinyl Chloride (PVC) is anticipated to witness sluggish growth on account of its properties, such as sticky finish and low durability. The footwear application segment is expected to observe considerable growth over the upcoming years. Cheaper costs and fluctuating climatic conditions in several regions create the need for different types of footwear.

Rising disposable income levels in emerging regions are also fueling the product demand in the footwear segment. Moreover, the trend of incorporating athletic shoes in daily lifestyle is further augmenting the product demand. Consumer spending in the U.S. and some European countries has slowed down slightly owing to the global recession. However, the footwear industry has witnessed significant growth in the emerging markets due to high product demand from countries, such as China, India, South Korea, Vietnam, Thailand, and other South Asian countries.

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Synthetic Leather Market Report Highlights

• The global market is expected to witness significant growth over the forecast period owing to rising product demand in the footwear and automotive applications
• PU leather emerged as the largest product segment in 2020 and is estimated to generate revenue over USD 35.6 billion by 2028
• Asia Pacific is projected to be the fastest-growing as well as the largest regional market over the estimated period
• The market growth in APAC can be credited to the rapid economic growth across countries, such as India, China, Japan, and Korea
• In addition, the rapid development of the construction and automotive manufacturing industries in APAC is fueling the product demand further
• Countries, such as South Korea, Taiwan, China, and India, are emerging as leading producers in the global market as a result of the availability of relatively cheaper raw materials

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Synthetic Leather Market Segmentation

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

Synthetic Leather Product Outlook (Volume, Million Meter; Revenue, USD Million, 2016 - 2028)

• PU
• PVC
• Bio-based

Synthetic Leather Application Outlook (Volume, Million Meter; Revenue, USD Million, 2016 - 2028)

• Furnishing
• Automotive
• Footwear
• Bags & Wallets
• Clothing
• Others

Synthetic Leather Regional Outlook (Volume, Million Meter; Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK.
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
• Central & South America
  • Brazil
• Middle East & Africa

List of Key Players of Synthetic Leather Market

• Kuraray Co., Ltd.
• R. Polycoats Pvt. Ltd.
• Nan Ya Plastics Corp.
• Teijin Ltd.
• Alfatex Italia SRL

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.

Cardiac Rhythm Management Devices Market Revenue is expected to Reach USD 29.9 Billion by 2028: Grand View Research Inc.

 Cardiac Rhythm Management Devices Market Growth & Trends

The global cardiac rhythm management devices market size is anticipated to reach USD 29.9 billion by 2028, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 7.4% from 2021 to 2028. The market has shown constant growth in the adoption of cardiac rhythm management (CRM) devices owing to the increasing prevalence of cardiovascular disorders. According to the CDC, as of September 2020, approximately 655,000 Americans die suffering from heart disease every year.

The market was negatively impacted during the COVID-19 pandemic, as elective procedures, including the non-essential cardiovascular procedures, were postponed or canceled during the pandemic. Major players in the market, such as Medtronic, Abbott, and Boston Scientific Corporation, incurred huge losses in their cardiac rhythm management business segments globally. This resulted in negative growth of the market in 2020.

Revolutionary technological progress is rapidly transforming the market. These expansions are producing lucrative potentials. Increase in R&D expenditure and new product launches by leading firms is driving the market. For instance, in October 2020, Abbott launched its new ICD and CRT-D in India, to expand its product portfolio in the country. The company had also received CE Mark approval for its Gallant ICD and CRT-D devices in February 2020. Some of the major market players account for a significant share of the market owing to their extensive product offerings.

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Cardiac Rhythm Management Devices Market Report Highlights

• The defibrillator segment held the largest revenue share in 2020 owing to high acceptance of the device, globally
• The ICD segment dominated the defibrillators segment in 2020 and accounted for more than 60.0% of the revenue share, owing to its better patient outcome
• In the external defibrillator segment, the automatic external defibrillator segment held the highest revenue share in 2020 owing to associated benefits, including pacing, i.e., delivering pulses of the current to stimulate heart contraction as well as cardioversion, converting arrhythmia or tachycardia to a normal heartbeat
• In 2020, North America held the dominant revenue share of the market owing to the rising prevalence of cardiovascular diseases and high adoption of CRM devices
• Asia Pacific is expected to show lucrative growth over the forecast period owing to the presence of emerging countries such as China and India

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Cardiac Rhythm Management Devices Market Segmentation

Grand View Research has segmented the global cardiac rhythm management devices market on the basis of the product and region:

CRM Devices Product Outlook (Revenue, USD Million, 2016 - 2028)

• Pacemakers
  • Implantable
  • External
• Defibrillators
  • Implantable Cardioverter Defibrillators (ICD)
    • S-ICD
    • T-ICD
  • External Defibrillator
    • Manual External Defibrillator
    • Automatic External Defibrillator
    • Wearable Cardioverter Defibrillator
  • Cardiac Resynchronization Therapy (CRT)
    • CRT-Defibrillator
    • CRT-Pacemakers

CRM DevicesRegional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia

 List of Key Players of Cardiac Rhythm Management (CRM) Devices Market

• Physio-Control, Inc. (Stryker)
• Schiller
• Medtronic
• Abbott
• Boston Scientific Corporation
• Koninklijke Philips N.V.
• Zoll Medical Corporation
• BIOTRONIK
• Progetti Srl

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.

Impact of Existing and Emerging Custom T-shirt Printing Market Trends And Forecast 2021-2028: Grand View Research Inc.

 Custom T-shirt Printing Market Growth & Trends

The global custom t-shirt printing market size is anticipated to reach USD 7.57 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 9.7% from 2021 to 2028. Increasing preference towards fashionable, customized, and unique clothing, as well as rising disposable income within the young population, are major factors driving demand for custom t-shirts worldwide. Customized t-shirts are primarily targeted toward the young population as it allows them to design clothing matching their style, personality, and preference.

Customized sportswear and trendy gym clothes are becoming more popular as people are getting into the athleisure trend. Sports teams and clubs of almost all the sports worldwide have started wearing custom designed jerseys and t-shirts with their unique logo and design. Every sporting club is nowadays following the trend to provide a unique appearance to their team players and increase their team's visibility. Sports-related activities across countries such as Germany, China, and India are witnessing significant growth with increasing investments by governments of these countries on sporting activities. As a result, the demand for custom printed t-shirts is expected to increase in the forthcoming years.

Customized t-shirts are printed using several techniques, including screen print, digital print, and plot print. The screen printing technique uses a predesigned stencil to develop the print on the cloth and is one of the most popular techniques. Furthermore, this technique requires a high use of labor. This technique has been observed to have high adoption in the Asia Pacific region due to low-cost labor availability.

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Custom T-shirt Printing Market Report Highlights

• The market for custom t-shirt printing is anticipated to witness substantial growth during the forecast period due to the increasing use of customized t-shirts for the promotion of a brand, company, movie, sports team, or league, among others
• The screen printing segment accounted for the largest revenue share in 2020 owing to the high color vibrancy provided by this technique
• The digital printing segment is expected to register the highest CAGR over the forecast period owing to lesser time and efforts involved in the process
• The graphic designed shirts segment accounted for the largest revenue share in 2020 owing to the high demand for t-shirts with pre-printed graphics
• Asia Pacific accounted for the largest revenue share, followed by Europe, in 2020, owing to the presence of numerous market players and high proliferation of the e-commerceindustry in the region
• Some of the prominent market players in the market include Vistaprint; THREADBIRD; Printful Inc.; and CafePress, Inc.

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Custom T-shirt Printing Market Segmentation

Grand View Research has segmented the global custom t-shirt printing market based on printing technique, design, and region:

Printing Technique Outlook (Revenue, USD Billion, 2016 - 2028)

• Screen Printing
• Digital Printing
• Plot Printing

Design Outlook (Revenue, USD Billion, 2016 - 2028)

• Graphic Designed Shirt
• Artwork

Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
• Asia Pacific
  • China
  • India
  • Japan
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa

List of Key Players of Custom T-shirt Printing Market

• CafePress Inc.
• CustomInk, LLC.
• CustomThread
• Printful Inc.
• com
• Spreadshirt
• THEBLUEGECKOPRINTING
• THREADBIRD
• UberPrints, Inc.
• Vistaprint

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.

Digital Remittance Market Trends, Company Share, Industry Growth And Future Scope: Grand View Research Inc.

 Digital Remittance Market Growth & Trends

The global digital remittance market size is expected to reach USD 42.46 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 13.3% from 2021 to 2028. The market growth can be attributed to the increasing transfer of money by overseas migrants to their native countries. These money transfers can be done by using digital transfer networks, such as digital wallets and easy-to-use mobile applications.

Various factors, such as ease of usability and reduced user fees related to digital remittance services, are expected to contribute to market growth. Numerous benefits are offered by these services, such as lower cost of the transaction, high payment speed, and convenience, among others. Customers have shifted their focus toward digital transactions for money remittance as these services eliminate the need for tedious form-filling processes.

An increase in cross-border transactions and rapid growth in the adoption of mobile banking are expected to propel the market growth over the forecast period. Numerous banks and online platforms are focusing on lowering transaction fees, thereby creating growth opportunities for market growth. Furthermore, the increasing adoption of digital transfer networks, such as electronic identification, distributed ledgers, digital currencies, and mobile money to remit money, has made cross-border payments easier.

The outbreak of the COVID-19 pandemic is expected to favorably impact the market. Nowadays, numerous consumers across the globe are using digital wallets and online platforms to remit money to their family and friends. The need for global remittances is expected to increase owing to worldwide restrictions on movement.

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Digital Remittance Market Report Highlights

• The inward digital remittance segment is anticipated to witness significant growth over the forecast period owing to the increasing usage of mobile payment applications for money transfers in developed countries
• Numerous banks across the globe are focusing on integrating technologies into their remittance platforms to provide faster transfer time. Moreover, banks are increasingly adopting digital innovation to achieve a competitive advantage over other competitors. Also, the growing shift toward digitization in the cross-border money transfer industry is expected to drive the segment growth over the forecast period
• The personal end-use segment is expected to continue its dominance over the forecast period since a large number of fund transactions is made by immigrants studying or working in various countries
• In the Asia Pacific region, businesses are increasingly engaging with their overseas counterparts for leisure, business, medical, entertainment, and education-related activities, which include the transfer of money overseas. This, as a result, is expected to drive the regional market growth over the forecast period

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Digital Remittance Market Segmentation

Grand View Research has segmented the global digital remittance market based on type, channel, end-use, and region:

Digital Remittance Type Outlook (Revenue, USD Million, 2016 - 2028)

• Inward Digital Remittance
• Outward Digital Remittance

Digital Remittance Channel Outlook (Revenue, USD Million, 2016 - 2028)

• Banks
• Money Transfer Operators
• Online Platforms
• Others

Digital Remittance End-use Outlook (Revenue, USD Million, 2016 - 2028)

• Migrant Labor Workforce
• Personal
• Small Businesses
• Others

Digital Remittance Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
• Asia Pacific
  • China
  • India
  • Japan
• Latin America
  • Brazil
• Middle East & Africa

List of Key Players of Digital Remittance Market

• Azimo Limited
• Digital Wallet Corporation
• InstaReM Pvt. Ltd.
• MoneyGram
• PayPal Holdings, Inc.
• Ria Financial Services Ltd.
• TransferGo Ltd.
• TransferWise Ltd.
• Western Union Holdings, Inc.
• WorldRemit Ltd.

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.

Cloud Gaming Market Set to Witness an Uptick during 2021 to 2027: Grand View Research Inc.

 Cloud Gaming Market Growth & Trends

The global cloud gaming market size is expected to reach USD 7.24 billion by 2027, according to a new study by Grand View Research, Inc. It is anticipated to register a compound annual growth rate of 48.2% from 2021 to 2027. Developments in the cloud technology have enabled the rapid distribution of cloud gaming models. Cloud gaming gives users remote access to interactive games as well as enables streaming videos over the internet. It also allows devices to smoothly run various high-quality next-generation games with lower computational power. These factors are anticipated to drive the cloud gaming market growth over the forecast period.

Factors such as, the rising investments in 5G technology and access to numerous games on cloud at affordable prices are also expected to contribute to the market growth. Furthermore, market players are observed partnering with telecom companies to deliver cloud gaming services globally. For instance, in January 2020, Microsoft Corporation partnered with SK Telecom Co., Ltd. to expand the reach of its Project xCloud Preview, a game streaming solution in South Korea.

Increased demand has been witnessed for cloud gaming as an educational tool in the educational sector as it increases student motivation, intellectual and social skills, and concentration. Cloud gaming offers a library of the latest and graphically advanced games and minimizes license requirements. Moreover, the wide potential for cloud gaming possibilities in an educational environment is now being realized, thus driving the demand for gaming content in the educational sector over the forecast period.

Key market players are focused on offering new products & solutions and adopting mergers & acquisitions, partnerships, and collaboration strategies to remain competitive in the market. For instance, in March 2020, Tencent signed a partnership with Huawei Technologies Co., Ltd. to set up a laboratory for developing a cloud gaming platform called GameMatrix in China. Through the partnership, the company aims to leverage Huawei’s computing power to build its gaming platform.

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Cloud Gaming Market Report Highlights

• The file streaming segment is expected to register the highest CAGR over the forecast period, as file streaming enables vendors to offer an enhanced and seamless gaming experience to users despite the lower internet speeds
• The introduction of 5G and the convenience of smartphones, which facilitate seamless cloud gaming, are anticipated to drive the growth of the smartphone segment
• The avid gamers segment is anticipated to record a considerable CAGR over the forecast period. The rise in competitive and immersive gaming on mobile devices is anticipated to drive the segment growth
• North America is anticipated to record remarkable growth from 2021 to 2027. This is attributable to the rising penetration of high-speed internet and the increasing number of gamers in the region

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Cloud Gaming Market Segmentation

Grand View Research has segmented the global cloud gaming market based on type, device, gamer type, and region:

Cloud Gaming Type Outlook (Revenue, USD Million, 2016 - 2027)

• File Streaming
• Video Streaming

Cloud Gaming Device Outlook (Revenue, USD Million, 2016 - 2027)

• Smartphones
• Tablets
• Gaming Consoles
• PCs & Laptops
• Smart TVs
• Head-Mounted Displays

Cloud Gaming Gamer Type Outlook (Revenue, USD Million, 2016 - 2027)

• Casual Gamers
• Avid Gamers
• Lifestyle Gamers

Cloud Gaming Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
• Asia Pacific
  • China
  • India
  • Japan
• Latin America
  • Brazil
• Middle East & Africa

Key Players in the Cloud Gaming Market

• Amazon Web Services Inc.
• Microsoft Corporation
• Intel Corporation
• Apple, Inc.
• Google Inc.
• International Business Machines Corporation
• Ubitus Inc.
• NVIDIA Corporation
• Sony Interactive Entertainment LLC
• Electronic Arts, Inc. 

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.

Expansion of Veterinary Active Pharmaceutical Ingredients Manufacturing Market During 2021– 2028 to Gain Robust Traction

 Veterinary API Manufacturing Market Growth & Trends

The global veterinary active pharmaceutical ingredients manufacturing market size is expected to reach USD 10.4 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.9% over the forecast period. The increasing prevalence of chronic diseases in animals and growing concerns among pet owners are the key contributors to the market growth.

Moreover, the growing prevalence of zoonotic diseases is driving the demand for drugs, which, in turn, boosts the demand for active pharmaceutical ingredients (APIs) for the production of these drugs. According to the Centers for Disease Control and Prevention (CDC), in July 2017, it was estimated that 6 out of 10 known infectious diseases in people can be transmitted from animals and 3 out of every 4 novel or emerging infectious diseases in people are caused due to animals.

Government organizations are involved in issuing various guidelines to promote veterinary services globally, which is expected to contribute to market growth in the coming years. For instance, in May 2018, the OIE International Standards, a part of the WTO framework, issued standards to improve animal health, which will affect human health as well. One of the key challenges was found to be the lack of technical expertise in this field.

The rising number of veterinarians is also anticipated to boost the market growth. According to the American Veterinary Medical Association, in 2018, there were 113,394 veterinarians in the U.S. as compared to 110,531 veterinarians in 2017. Out of these, 48,898 were involved in private clinical practice exclusively for companion animals. Also, according to the Canadian Veterinary Medical Association (CVMA), the approximate number of veterinarians in Canada is 12,921.

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Veterinary API Manufacturing Market Report Highlights

• The contract outsourcing service type accounted for the largest revenue share of over 58% in 2020 owing to associated benefits with its usage
• The growing number of outsourcing activities by pharmaceutical companies is expected to boost the segment growth
• Chemical-based API synthesis type dominated the market in 2020. This can be attributed to its high usage by many major manufacturing companies
• The vaccines product segment held the largest market share of over 23% in 2020 due to increased demand for vaccines as a result of a high prevalence of chronic diseases in animals
• Due to the presence of well-established companies and technologically advanced infrastructure, North America dominated the market in 2020
• However, Asia Pacific is anticipated to register the fastest CAGR over the forecast period owing to the high potential and rapidly growing markets of India, Japan, and China
• Industry players are involved in strategies including mergers & acquisitions, collaborative agreements, and geographic expansions to gain a competitive edge
• For instance, in March 2020, SeQuent Scientific Ltd. received WHO-GENEVA approval for API Praziquantel, which is an anti-helminthic, under pre-qualification program in its Vizag, India facility

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Veterinary API Manufacturing Market Segmentation

Grand View Research has segmented the global veterinary active pharmaceutical ingredients manufacturing market on the basis of service type, synthesis type, product, and region:

Veterinary API Manufacturing Service Type Outlook (Revenue, USD Million, 2016 - 2028)

• In House
• Contract Outsourcing
  • Contract Development
    • Preclinical Development
    • Others
  • Contract Manufacturing
    • API/Bulk Drugs
    • Finished Dose Formulations

Veterinary API Manufacturing Synthesis Type Outlook (Revenue, USD Million, 2016 - 2028)

• Chemical-based API
• Biological API
• HPAPI

Veterinary API Manufacturing Product Outlook (Revenue, USD Million, 2016 - 2028)

• Antiparasitic
• Anti-infectives
• NSAIDs
• Vaccines
• Biologics
• Others

Veterinary API Manufacturing Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • Japan
  • China
  • India
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  • Saudi Arabia
  • South Africa

List of Key Players of Veterinary API Manufacturing Market

• Alivira Animal Health Ltd.
• Excel Industries Ltd.
• Ofichem Group
• Shaanxi Hanjiang Pharmaceutical Group Co., Ltd.
• Menadiona
• Afton Pharma
• Jiangsu Lingyun Pharmaceutical Co., Ltd.
• SUANFARMA
• NGL Fine-Chem Ltd.
• FIS - Fabbrica Italiana Sintetici S.p.A

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.

Americas Range Hood Market Trends, Growth Prospects To 2028: Grand View Research Inc.

 Americas Range Hood Market Growth & Trends

The Americas range hood market size is expected to reach USD 6.11 billion by 2028, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Changing lifestyles, exposure through traveling, and design innovations have set the pace for new modern standards of living. With higher spending capability as well as improved infrastructure facilities, the need for comfort in the kitchen has triggered a positive impact on the market.

The growing home values have doubled homeowner equity, indicating a trend of homeowners feeling richer and disposed towards spending money on home improvement. The online home remodeling platform Houzz reported a 58% uptick in the project leads for home professionals in June 2020, as compared to the same month the previous year. Similarly, kitchen and bath remodeling projects picked up by 40%, according to the agency. According to Home Improvement Research Institute (HIRI), home improvement spending by Americans was likely to reach USD 439.9 billion in 2020, incurring a rise of 8.7% in spending.

With an increasing number of families considering the kitchen as a central gathering place in the home, the focus on renovating and improvising the area has been growing. For instance, the 2019 U.S. Houzz Kitchen Trends Study found that spending on both median and large kitchen remodels increased by 10% from 2018. Furthermore, an increasing number of millennials are buying homes, particularly older homes that require more repairs. According to studies by HomeAdvisor, millennials are investing in a greater number of home improvement projects each year compared to other age groups.

The increasing infrastructural developments, as well as new building permits in the region, are expected to boost the market growth. According to the U.S. Census Bureau, privately-owned housing units authorized by building permits in November 2020 were at a seasonally adjusted annual rate of 1,639,000. This is 6.2% (±1.5 percent) above the revised October rate of 1,544,000 and is 8.5% (±1.8 percent) above the November 2019 rate of 1,510,000. Moreover, rapid construction in the commercial segment, particularly the hospitality sector, is also driving the demand for kitchen range hoods. The hotel industry is a key supporting factor to the region’s hospitality sector, driving the construction of more hotels. The booming tourism and real estate industries, accompanied by various infrastructural developments in the hospitality sector, will continue to spur the market for kitchen ventilation over the forecast period.

Under-cabinet product held over 42.7% of the Americas range hood revenue in 2020. These are the most common range hoods as the design of an under-cabinet venting system is simple and versatile to fit any kitchen style or design. The current trend of open shelves in a kitchen, as opposed to upper cabinets, is drawing more attention toward the installation of such range hoods. New trends and innovation in range hoods have created immense opportunities in the market concerning product installation and design. For instance, AKDY, a manufacturer of high-end kitchen and bath appliances, introduced the Under Cabinet Range Hood Collection containing detailed 3D drawings that can be used in kitchen remodeling projects.

The key companies of the industry include Whirlpool Corporation, Broan-NuTone, LLC, GE Appliances, a Haier company, Robert Bosch GmbH, Haube Range Hood Co., KOBE Range Hoods, Victory Range Hoods, Proline Range Hoods, Faber US and Canada, and Vent-A-Hood® Ltd.

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Americas Range Hood Market Report Highlights

• Canada is expected to register the fastest CAGR of 4.5% from 2021 to 2028. Steady growth in the number of foodservice joints and residential construction projects are the main factors driving the demand for range hoods
• Kitchen stops distribution channel dominated the market by contributing over 57.7% in the revenue in 2020
• The residential end-user segment held the largest market share in 2020, contributed more than 85.7% of the total revenue owing to its higher penetration across households

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Americas Range Hood Market Segmentation

Grand View Research has segmented the Americas range hood market based on product, end-user, distribution channel, and region:

Americas Range Hood Product Outlook (Revenue, USD Million, 2016 - 2028)

• Under Cabinet
• Wall Mounted
• Ceiling Mount

Americas Range Hood End-user Outlook (Revenue, USD Million, 2016 - 2028)

• Residential
• Commercial

Americas Range Hood Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

• Online
• Kitchen Stops
• Supermarkets & Hypermarkets
• Specialty Stores
• Local Kitchenware Shops

Americas Range Hood Regional Outlook (Revenue, USD Million, 2016 - 2028)

• US.
  • Northeast
  • Southeast
  • Southwest
  • Midwest
  • West
• Canada
  • Toronto
  • Montreal
  • Calgary
  • Ottawa
• South America
  • Brazil

List of Key Players of Americas Range Hood Market

• Whirlpool Corporation
• Broan-NuTone, LLC
• GE Appliances, a Haier Company
• Robert Bosch GmbH
• Haube Range Hood Co.
• KOBE Range Hoods
• Victory Range Hoods
• Proline Range Hoods
• Faber US and Canada
• Vent-A-Hood® Ltd.

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.

U.S. Faucet Market Is Expected To Gain Significant Traction Over The Forecast Period: Grand View Research Inc.

 U.S. Faucet Market Growth & Trends

The U.S. faucet market size is anticipated to reach USD 4.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. Rising demand for home furnishings and fittings is driving the market. According to the Leading Indicator for Remodeling Activity (LIRA), home improvement spending grew at 6.0% annually in 2019.

The growing construction of smart homes and smart bathrooms can be attributed to an increasing number of consumers showing a preference for a spa-like experience at home. Digital faucets that operate on sensors serve as a means of conserving water and energy through different features such as reduced tap flow, digital temperature control settings, touchless technology, infrared tap technology, and timed settings.

The U.S. EPA WaterSense label on sink faucets and accessories indicates that they use a maximum of 1.5 gallons of water per minute, which reduces a sink’s water flow by 30.0% compared to a standard flow of 2.2 gallons per minute. Thus, rising consciousness among consumers to save water is driving the demand for smart bathroom fittings and digital taps.

The COVID-19 pandemic has shaken every sector across the globe, and the hotel industry is among the hardest hit. The market in the commercial sector has been impacted on account of travel bans and lockdowns. The overall travel business has witnessed a considerable decline as a result of continued health concerns from the prolonged pandemic and a weakened economy, which hits many small companies. As the disease prevails and economic uncertainty remains, there is a significant reduction in business travel (in terms of both trips and expenditure) as compared to pre-COVID-19 times. Reduced travels have affected the travel and hospitality industry immensely, thereby affecting the market.

The commercial segment is estimated to be the largest and fastest-growing segment in the coming years. Many players are offering premium and luxury taps, specially designed for the commercial sector. Moen Incorporated offers a wide variety of taps for the commercial sector and some of the latest innovations include M-Power, M-Dura, M-Press, and M-Bition. Similarly, Delta Faucet Company offers innovative commercial faucets for the hospitality sector.

The kitchen segment is estimated to be the fastest-growing segment. The increasing adoption of high-tech faucets is supporting the growth of the segment. According to Houzz, 57.0% of the homeowners had updated kitchen taps as part of a completed, current, or planned 2018-19 kitchen renovation. Out of these, 30.0% opted for water-efficient faucets, 24.0% opted for no fingerprint coatings faucets, and 22.0% preferred touch-only taps. The growing adoption of pull-out and pull-down faucets in order to achieve maximum reach and increase flexibility drives the demand for kitchen taps among millennials.

Companies such as Franke Kitchen Systems provide faucets that are outfitted and can be switched between the needle and full water spray, and swivel 360 degrees. The Franke 3-in-1 faucet is created to provide cold, hot, and distilled water for ensuring the use of pure and suitable temperature water in the kitchen.

Multi-brand retailers are the largest shareholder in the distribution channel segment. Corporate firms, government organizations, and large builders prefer direct association with faucet manufacturers. For this purpose, annual contracts and tenders are released for a continuous supply of taps. As these B2B sales require proper interaction for a better understanding of minute details, offline sales for commercial applications have been dominating the market.                            

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U.S. Faucet Market Report Highlights

• The commercial segment accounted for a revenue share of 67.1% in 2020 and is expected to witness a CAGR of 5.0% over the forecast period
• The kitchen segment is expected to expand at the fastest CAGR of 5.6% from 2021 to 2028 and will be valued at USD 1,551.7 million by 2028
• The multi-brand retailer segment was the largest segment in 2020 and was valued at USD 1,871.9 million, ascending with a CAGR of 4.6% over the forecast period
• The west region of the U.S. was valued at USD 776.7 million in 2020, ascending with a CAGR of 5.5% over the forecast period, thereby expected to be valued at USD 1,193.5 million by 2028

Access Press Release@ https://www.grandviewresearch.com/press-release/us-faucet-market-analysis

U.S. Faucet Market Segmentation

Grand View Research has segmented the U.S. faucet market on the basis of end-user, application, distribution channel, and region:

U.S. Faucet End-user Outlook (Revenue, USD Million, 2016 - 2028)

• Residential
• Commercial

U.S. Faucet Application Outlook (Revenue, USD Million, 2016 - 2028)

• Kitchen
• Bathroom
• Others

U.S. Faucet Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

• E-commerce
• Multi-brand Retailers
• Local Plumbing Supply Stores

U.S. Faucet Regional Outlook (Revenue, USD Million, 2016 - 2028)

• Northeast
• Southwest
• Midwest
• West
• Southeast

List of Key Players of U.S. Faucet Market

• Kohler Co
• Kraus, USA
• American Standard Brands
• GROHE America Inc.
• Pfister
• Delta Faucet Company
• Moen Incorporated
• AquaSource Faucet

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.

Non-destructive Testing Market is Expected to Amplify USD 22.9 Billion Value by 2028: Grand View Research Inc.

 Non-destructive Testing Market Growth & Trends

The global non-destructive testing market size is anticipated to reach USD 22.9 billion by 2028, registering a CAGR of 6.7% over the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to witness significant growth over the forecast period. The growth is ascribed to the increasing manufacturing in the developing as well as developed nations.

The use of non-destructive testing (NDT) helps in detecting the faults precisely, reducing the product/component failure probability as well as costs incurred in the repairs of the components. The use of NDT also speeds up the process of manufacturing as the possible faults are eliminated beforehand. The key factor expected to drive the market is the technological advancements in non-destructive testing methods. Improvements in the techniques have ensured deviation-free fault detection and have reduced the complexity involved in the testing procedures considerably.

The ultrasonic testing segment is expected to witness significant growth. This growth is ascribed to the ease of handling the equipment, availability of skilled technicians, and precise fault detection. The manufacturing segment is expected to deploy NDT techniques extensively over the forecast period owing to the increasing awareness regarding their use.

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Non-destructive Testing Market Report Highlights

• The market is expected to exhibit a CAGR of 6.7% over the next eight years owing to a rise in manufacturing-related activities, globally
• The services segment accounted for the largest revenue share of over 73.0% in 2020. The high upfront cost of non-destructive equipment coupled with technical complexities involved in their deployment/installation is the major reason influencing end-users to outsource their non-destructive testing operations
• Rapid industrialization, especially in developing economies has significantly contributed to the growth of the market
• The ultrasonic testing segment is expected to witness a significant CAGR of 7.5% over the forecast period owing to the benefits such as ease of handling and precise results
• The manufacturing vertical segment was the dominant segment in 2020 and is expected to witness a healthy CAGR of more than 7.6% over the forecast period owing to the increased manufacturing activities primarily in Asia Pacific
• North America dominated the market in 2020 and accounted for the largest revenue share of more than 35.0%, owing to the extensive adoption of NDT techniques in the region

Access Press Release@ https://www.grandviewresearch.com/press-release/global-non-destructive-testing-ndt-market

Non-destructive Testing Market Segmentation

Grand View Research has segmented the non-destructive testing market based on offering, test method, vertical, and region:

NDT Offering Outlook (Revenue, USD Million, 2016 - 2028)

• Services
• Equipment

NDT Method Outlook (Revenue, USD Million, 2016 - 2028)

• Visual Testing
• Magnetic Particle Testing
• Liquid Penetrant Testing
• Eddy Current Testing
• Ultrasonic Testing
• Radiographic Testing

NDT Vertical Outlook (Revenue, USD Million, 2016 - 2028)

• Oil & Gas
• Manufacturing
• Aerospace and Defense
• Construction
• Automotive
• Power Generation
• Others

NDT Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • Saudi Arabia
  • South Africa

List of Key Players of Non-destructive Testing (NDT) Market

• Ashtead Technology Ltd.
• Eddyfi
• Fischer Technologies Inc.
• General Electric
• Nikon Metrology Inc.
• Mistras Group, Inc.
• Olympus Corporation
• Sonatest
• YXLON International GmbH
• Zetec Inc.

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.