Monday 25 January 2016

Biofertilizers Market Analysis, Market Size, Competitive Strategies And Forecasts, 2012 To 2020

Agrochemicals environmental hazards and soil contamination on crops is anticipated to fuel global biofertilizers market over the next eight years. Agrochemicals impact on human and animal health is expected to drive the global bio-fertilizer market. Stringent regulations on agrochemicals led industry to shift towards biofertilizers. Emergence of the product as the best solution these problems led to a significant acceptance across the world.

In addition to ecofriendly nature, the product also maintain crop and soil health along with increasing yield which is expected to spur biofertilizer market growth over the forecast period. Biofertilizers are manufactured using organic and human wastes such as compost and struvite which is one of the clearest substitutes to agrochemicals.
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Biofertilizers can be segmented as phosphate solubilizing and nitrogen fixing. Recently with technological advancement, potash mobilizers, and sulfur and zinc solubilizers have been emerged as biofertilizers. Favorable regulatory norms in many regions across the world are expected to surge biofertilizer market over the next eight years. The European Union issued “Common Agriculture Policy” to enhance organic farming and the product applications by issuing 30% payment as green payment. The product is being promoted in emerging economies such as China and India with a major consideration in their five year plans.

Indian government introduced ‘National Project on Development and Use of Biofertilizers’ to increase production and utilization. Low product prices as compared to agrochemicals are projected to bolster biofertilizers market over the foreseeable future. The product has gained considerable acceptance in developed countries which is likely surge global demand. Less awareness among the farmers and consumers in developing countries regarding advantageous characteristics of the product is expected to hinder the market over the next eight years.

Biofertilizers can be segmented on the basis of product type as phosphate solubilizers and nitrogen fixation biofertilizers. Nitrogen fixing biofertilizers consists of various bacteria’s including Azotobactor, Rhizobium, Acetobactor and Azospirillum, which helps to improve soil yield coupled with microbial and organic population. Nitrogen fixing biofertilizers had major share in the product market in 2013 owing to increasing demand worldwide.
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Phosphate solubilizer was the second major application segment of biofertilizer in 2013, and is anticipated to be the fastest growing market over the forecast period. Phosphate solubilizers contain bacterias which helps to hydrolyze inorganic and organic phosphate from compounds. Phosphate chemical fertilizers used for plants are immobilized and reduce plants minerals intake whereas biofertilizers enhances the mineral intake of plants owing to substantial supply of phosphate.

Biofertilizers applications include soil treatment and seed treatment. Seed treatment was the largest application market in 2013. The product addition to seeds improves sustainability for virus and bacteria attacks and improves crop yield. It helps in converting atmospheric nitrogen and makes it useful for plants. Seed treatments also improve phosphorus content in the soil by solubilizing it and enhance availability. Soil treatment is done by spraying biofertilizer on the agriculture land which improves the crop yield and fertility. 

Biofertilizers were firstly commercialized in Europe and North America. North America was the major biofertilizer market in 2013 followed by Europe, together accounting for over 50% market share. Increasing atmospheric hazards awareness and pollution impact coupled with increasing demand for organic food is expected to boost the global biofertilizers market in the region over the forecast period.

Stringent regulations related to green farming force farmers to switch towards biofertilizers replacing agrochemicals is projected to have positive impact on the biofertilizer market in near future. Asia Pacific was the third major market in 2013 and expected to be the fastest growing market over the next eight years on account of increasing organic food demand. Growing agricultural activities in countries such as China, India and Brazil is likely to spur the market over the next decade.Government support to agricultural sector such as incentives and subsidies is expected to boost the market in these countries. 

The major key players in the global market include Novozymes A/S, CBF China Biofertilizers AG, Agri Life, Biomax, Antibiotice S.A., Symborg S.L., Mapleton Agribiotec, and Labiofam S.A. Novozymes A/S and CBF China Biofertilizers AG holds major share in the market and supply biofertilizers particularly to North America and Europe. The market is highly fragmented due to existence of large number of regional players.
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About Us:
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

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Ryan Shaw
Hexa Research
Felton Office Plaza
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Felton, California 95018
United States
Phone: +1-800-489-3075

Thursday 21 January 2016

Incontinence and Ostomy Care Products Market Share, Growth, Trends And Segment Forecast, 2012-2020

Industry Insights
Incontinence and ostomy care products market are expected to grow over the forecast period owing to the increasing geriatric population and growing healthcare infrastructure. The other drivers of this market are rising incidences of obesity, increasing prevalence of various diseases such asulcerative colitis, Crohn’s disease and inflammatory bowel disease, and technological advancement such as, continent urostomy bags and continent ileostomy bags.

This market has a huge unmet need of the patient pertaining to incontinence. With the help of recent data and the demand for the market, we can say that the market will show the fruitful CAGR over the forecast period. Increasing number of geriatric population is directly affecting the growth of the market. As we know in the old age, people suffer from lot of diseases and had to go through various surgeries, here the actual need of incontinence and ostomy care products starts.
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These care products helps in collecting body waste such as faces and urine in the bags. It has come across that these products are majorly used by women as compared to men, as women are susceptible to incontinence three times more than the men.

Product Insights
Incontinence and ostomy care products market is segmented on the basis of products into absorbents, incontinence care, ostomy care, incontinence bags, colostomy bags, ostomy bags, urostomy bags, ileostomy bags, skin barriers, deodorants and irrigation products. Among these, absorbents held the largest market share in 2013. The reason for its dominance is due to its high usage rate, re-usable, economical, easy to use, disposable, light weight, and manufactured with heavy grades, which offers range of absorbencies.

Under ostomy care products, ostomy bags held the largest share in 2013, as these bags are very helpful for collecting human waste ( created by stoma) during the surgery or post-surgical period. These bags are water & air tight, so that person can perform its daily routine without any difficulties. Ostomy bag share will continue to grow over the forecast period due to the introduction of technological advancement in these bags such as skin friendly and user friendly bags.
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Regional Insights
Geographically, the Incontinence and ostomy care products market are studied with respect to North America, Europe, Asia Pacific and RoW. North America is dominating the whole market. The reason for its dominance is due to the availability of disposable income, increasing patient awareness, presence of strong R&D, availability of technological advanced products and large base of geriatric population. Asia Pacific will be growing at fastest CAGR (cost of annual growth rate) especially India, China and Japan, as these the population of these countries is increasing at an immense rate.

These regions are expected to witness lucrative growth during the forecast period due to the rising healthcare expenditure, increasing number of patients, increasing number of hospitals, and increasing awareness among people. As these are the the fast developing countries, the global investors are looking at these countries as a big opportunity and they are establishing their company’s branches in these regions.

Competitive Insights
The major market players in the Incontinence and ostomy care products market are Kimberly-Clark Corporation, SCA (Svenska Cellulosa Aktiebolaget), Unicharm Corporation, Coloplast Corporation, Hollister Inc., ConvaTec, B. Braun Melsungen AG, Ontex, Byram healthcare, Activstyle Corporation, Edge Park medical suppliers, Parthenon ltd, CCS Medicals, Liberator Medical Supply, Inc. and Stoma Bags. As this market is full with large number of generic product manufacturers, so companies are following the strategies like merger & acquisition, collaboration, joint venture and setting up their manufacturing plants in the labour intensive countries.
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About Us:
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

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Ryan Shaw
Hexa Research
Felton Office Plaza
6265 Highway 9
Felton, California 95018
United States
Phone: +1-800-489-3075

Tuesday 19 January 2016

Acrylonitrile Butadiene Styrene Market Size, Share, Competitive Strategies And Forecasts, 2012-2020

Increasing light weight components demand in automobile industry is anticipated to fuel the global acrylonitrile butadiene styrene (ABS) market growth over the forecast period. ABS comprises durability and high strength at low temperatures, chemical resistance, heat resistance and also easy manufacturing process.

These properties attract manufacturers to use ABS as a raw material for industrial as well as consumer product applications such as construction material, consumer goods, automotive exterior and interior parts and appliances. ABS is used to produce end products through various thermoplastic manufacturing methods such as extrusion, blow and injection molding. A variety of ABS grades are available in the market and chosen for the applications based on mechanical and physical properties of the raw material polymer used.
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Plastics are being majorly used in industries as they provide a significant weight reduction in the components. ABS applications are increasing in automotive industry due to above mentioned aspect which also helps to enhance fuel efficiency. A 10% weight reduction results in 5% to 7% fuel savings which is considerable aspect related to consumers. In addition to this, it also reduces carbon dioxide emission over the vehicle life cycle. Growing appliance market demand in China is expected to fuel the ABS market demand over the next five years.

However, existence of functional substitutes is anticipated to replace the ABS applications in end-use industries. But ABS has replaced many materials such as metals, ceramics, nylon and wood from end-use applications. Recent developments related to technology advancements in product development particularly bio-based products are expected to replace ABS in the near future. Technology advancement to expand ABS applications in other sectors is anticipated to offset this negative impact on the market over the forecast period.

Automotive segment was the dominant application market in 2013 and is expected to witness fastest growth over the next five years. ABS is broadly used to manufacture center consoles, headliners, trims and interior grills. It is also utilized for exterior parts such as bumpers, handles, carriers and panels owing to its strength, toughness and rigidity. The product growth is anticipated to spur over the next five years due to improved favorable regulations and increased concern about fuel economy and weight.
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Electrical and electronics contributed to the second major consumer market accounting for over 20% of the total demand. Easy manufacturing process and fabrication makes it better raw material for electrical industry. ABS provides a series of applications in electrical industry owing to better insulation property. Other product applications include construction material, appliance and consumer goods. China was the dominant ABS regional market accounting for over 55% of the total demand in 2013. China is the dominant consumer and manufacturer of ABS across the world owing to numerous existing end user industries in the region and low operating and labor costs.


In addition to this several other companies has shifted their manufacturing facilities to the region from west on account of above mentioned reasons. Other countries in Asia such as India, Indonesia, South Korea Taiwan and Japan are also anticipated to show a rapid growth for the global ABS market over the next five years. This is driven by the increasing construction activities and industrialization in the region. The region still contributes to the low consumption of ABS products which is expected to be a scope for further growth in the region. India is projected to be the most emerging market in the region owing to growing application industries.

Global ABS market is fairly concentrated with major four participants accounting for over 60% of the total demand in 2013. The major market players in the global market include Formosa Plastic Company, Chi Mei Corporation, LG Chemical, Styrolution, Kumho Petrochemical Company, SABIC and Styron.

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About Us:
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Contact Us:


Ryan Shaw
Hexa Research
Felton Office Plaza
6265 Highway 9
Felton, California 95018
United States
Phone: +1-800-489-3075

Wednesday 13 January 2016

Europe Industrial Air Filtration Market Share, Industry Trends, Strategies And Forecast, 2012-2020

Industry Overview
Europe industrial air filtration market size is forecast to reach USD 1.69 billion by 2020, growing at a CAGR of over 7% from 2014 to 2020. The industry is expected to be primarily driven by the enforcement of occupational health and safety regulations. Stringent government norms are likely to spur the industry growth over the forecast period. IPPC (Integrated Pollution Prevention and Control) with sectoral directive has setup the emission limit standards for large combustion plants to reduce air pollution.

The dust collectors market was valued at USD 219.7 million in 2013, and is expected to reach USD 365.9 million by 2020 growing at an estimated CAGR of 7.7% from 2014 to 2020. Several manufacturing activities are focused on lean manufacturing and eliminating waste within the manufacturing processes.
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The industrial air filtration industry is anticipated to experience gains, owing to formulation of EN 779:2011, European standard for specific air filters. The standard is likely to eradicate filter performance issues. For instance, electrostatic charged synthetic filters tend to discharge rapidly within few weeks of its operations, and their ability to filter deteriorates substantially over time.
In addition, an efficient system helps in augmenting safety as well as health aspects and thus aids in ensuring supply reliability. It also facilitates in energy optimization by reducing energy consumption and minimizing the risk of loss of production. Revenue from the power sector was valued at USD 188.8 million in 2013, and is expected to reach USD 317.9 million by 2020, growing at an estimated CAGR of 7.9% from 2014 to 2020. The market is expected to witness considerable growth as air filtration systems help handle toxic, hazardous, and radioactive gas streams.

High cost involved in installation is projected to hamper the industry growth over the forecast period. In addition, high maintenance cost and energy consumption rate is expected to challenge the Europe industrial air filtration market. HEPA filters are estimated to witness significant growth owing to commercial benefits offered namely augmented plant revenue, better yield, low labor as well as component cost. These are also used in applications concerning biological, chemical and radioactive material. Furthermore, mist collectors are projected to provide potential opportunities owing to its unique property of filtering dust and wet emission from food & bevrage and metals industry. 

Product Overview
HEPA filters were valued over USD 240 million in 2013. It is estimated to witness highest growth owing to is large scale usages in several applications requiring high collection efficiency of submicron particulate matter. It is likely to grow at a CAGR of over 8% from 2014 to 2020.
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Baghouse Filters accounted for more than 22% of the overall market share in 2013 and is expected to grow at a CARG of over 7.5% from 2014 to 2020. The growth can be attributed to its capacity to handle large air volume as well as heavy dust loading capacity involved in cement & food processing industries.

Application Overview

Metals sector was accounted for over 20% of the overall Europe industrial air filtration market share in 2013. It is anticipated to exceed USD 370 million by 2020, growing at CAGR of over 7.5% from 2014 to 2020. Surge in the sector can be addressed to air-borne suspensions removal capability of the filter.


Food sector was valued over USD 220 million 2013. It is projected to witness highest growth rate of around 8% from 2014 to 2020 due to sanitary, cross contamination and food handling regulations in the industry.

Regional Overview
Italy industrial air filtration market was valued over USD 170 million in 2013 and it is estimated to grow at over 7% from 2014 to 2020. It is likely to exhibit considerable growth owing to growing pharmaceutical industries in the region.

Germany occupied the highest industry share in 2013. It is expected to grow at a CAGR of 8.5% from 2014 to 2020. Spur in the region can be addressed to flourishing use of dust collectors in metal processing industry along with increasing HEPA filter use in food and beverage industry.

Competitive Market Share
Europe industrial air filtration market share is highly consolidated by top three industry participants accounting for more than 50% of the overall industry share in 2013. Donaldson Company Inc is anticipated to hold key position owing to high R&D spend, sales, new product development and marketing activities. Key industry players include Clarcor Inc and Camfil among others.
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About Us:
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Contact Us:

Ryan Shaw
Hexa Research
Felton Office Plaza
6265 Highway 9
Felton, California 95018
United States
Phone: +1-800-489-3075

Tuesday 12 January 2016

Rare Earth Elements Market Size, Analysis, Competitive Strategies And Forecasts, 2012 To 2020

Increasing permanent magnets demand is anticipated to augment global rare earth elements market growth over the next five years. Rare earth elements are also known as rare earth metals and belongs to a group of seventeen elements which comprise similar properties. The group consists of fifteen lanthanide series elements and yttrium and scandium. Major elements include lanthanum, praseodymium, cerium and Neodymium. These elements together constituted total rare earth elements market accounting for over 74% in 2013.

The elements have major applications in technology products such as TVs, computers & tablets, nuclear batteries, super conductors, miniature, laser repeaters, military technology, various medical devices, permanent magnets and rechargeable batteries. These are also applied as catalysts in petroleum refining and automotive industries and as pigments in ceramic and glass. Mostly Neodymium is used in permanent magnet manufacturing process. Growing applications of permanent magnets in automotive industries are expected to bolster the rare earth elements market growth.
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Growing applications of rare earth elements as a metal catalyst is projected to drive the market growth over the forecast period. Majorly lanthanum and cerium are used as catalyst in petroleum refining and metallurgical process. Increasing petroleum and metals demand is anticipated to surge the market growth over the next five years. Scarcity of these metals and depletion of existing reserves is expected to hamper the global rare earth metals market growth. The expected depletion of the metals includes dysprosium and neodymium owing to increasing consumption worldwide. China was the largest producer of neodymium in 2012 accounting for over 93% of global production. Environmental regulatory bodies in many nations such as China have banned excessive mining to restrict resources exploitation. This is projected to have negative impact on rare earth elements market over the next five years.

Major products in the market include Lanthanum, Cerium, Neodymium, Yttrium, Gadolinium, Praseodymium and Dysprosium. Cerium followed by Lanthanum was the largest consumed product segment in 2013 accounting for over 40% of the total market. Cerium is broadly used in petroleum refining and metallurgy process. Increasing demand for fuel and metals is projected to boost the rare earth elements market over the forecast period. Neodymium is one of the most popular earth metals and has applications in permanent magnets. Increasing applications of permanent magnets in electronic and automotive industries is anticipated to fuel the market growth in the near future.

Rare earth elements market is segmented on the basis of applications into catalysts, magnet, metallurgy, glass, and polishing. Permanent magnets were the dominant application market in 2013 on account of increasing applications in automotive and wind turbine. This segment is anticipated to be the fastest growing market in near future. Catalysts and metallurgy contributed for the second major market accounting for over 37% of the total market in 2013. Catalysts are used in several industries such as glass, ceramic, metallurgy, and polishing.
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Asia Pacific dominated the rare earth elements market in 2013 owing to economical utilization of reserves. The product demand is projected to grow at rapid pace due to increasing end-use industries in emerging economies such as China, India, South Korea and Malaysia. China was the dominant producer in the region owing to huge number of reserves in 2013. China was also the largest consumer due to increasing applications in end-use industries. RoW is expected to grow significantly on account of increasing automotive industries. Russia has reserves accounting for about 19%, the U.S. with 13%, Australia with 5.4% and India over 3%.

The global rare earth elements market is highly concentrated as few participants contribute for most of the market. Molycorp and Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co. were the largest players in the market together accounted for over 37.5% market share in 2013. Other market players include Indian Rare Earths Ltd, China Rare Earth Holding, Lynas Corporation Limited and Great Western Mineral Group.
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About Us:
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Contact Us:

Ryan Shaw
Hexa Research
Felton Office Plaza
6265 Highway 9
Felton, California 95018
United States
Phone: +1-800-489-3075

Tuesday 5 January 2016

Automotive Coatings Market Analysis, Industry Trends, Competitive Strategies & Forecast, 2012-2022

Industry Overview
Global automotive coatings market size is expected to reach 5.5 million tons by 2022, growing at a CAGR of 4.8% from 2015 to 2022.

Factors such as enhance durability, vehicle appearance and protection from foreign particles, UV radiation, acid rain & extreme temperatures are likely to drive automotive coatings market growth. Increasing automobile production particularly in Asia Pacific countries such as China, Thailand, Indonesia, India, Taiwan and Japan are anticipated to propel the demand.
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In 2013, the Chinese demand for passenger and commercial vehicles was 22 million units. Chinese automotive industry grew at a compounded rate of 24% from 2005 to 2011. Increased urbanization along with high demand for SUVs and sedans may fuel the demand. India is expected to witness high demand growth for automobiles due to industrialization coupled with government support for manufacturing vehicles.

In India, The Automobile Mission Plan for the period 2006–2016, designed by the government is aimed at accelerating and sustaining growth in this sector. Thailand is expected to increase its share as it produced 2.75 million vehicles in 2012, with the presence of various players including Toyota Motors, Honda Automobile, Nissan Motors, Hino Motor and General Motors.

Increasing focus towards adoption of power coatings owing to its properties such as non-VOC contents, low operational costs, high texture variation along with color thickness and durability is anticipated to drive growth.

Global powder coatings market was valued at USD 8.12 billion in 2014 and is estimated to reach a value of USD 14.45 billion by 2022, growing at a CAGR of 7.5% from 2015 to 2022. As they are non-flammable, these do not cause any hazards such as fire accidents and damage to human health or environment on exposure.

Volatility in raw material prices such as pigments, additives, solvents and binders are likely to challenge industry growth. Increasing prices of titanium dioxide, which is one of the common pigments used in manufacturing, is expected to hamper growth. However, increasing investments in research to develop products to improve performance is anticipated to provide opportunities.
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Technology Overview
Solvent-borne coatings dominated the demand with a market valuation of over USD 7.5 billion in 2014. Majorly used solvent products include aliphatic hydrocarbons, aromatic hydrocarbons (trimethyl benzene, toluene and xylene), methyl isobutyl ketone (MIBK), glycol ethers and methyl ethyl ketone (MEK). High market visibility in light of low price is expected to result in high demand in the near future.


Waterborne coatings market accounted for more than 35% of total share in 2014 and is likely to witness significant growth rates of over 5.5% up to 2022. Gaining popularity of eco-friendly paints in light of regulatory inclination towards restricting green house gas emissions is likely to have a positive influence on demand.


Product Overview
Basecoat was the leading product for consumption in automobile industry with an estimated revenue generation of over USD 4 billion in 2014. Majorly used product forms of basecoat include solid paints, metallic paints and pearlescent paints. These are used in automotive industry to impart color and metallic finishes to ancillary parts.

Clearcoat coatings accounted for more than 20% of the demand and are anticipated to grow at an estimated CAGR of over 4.5% from 2015 to 2022. Clearcoat is applied on top of the basecoat and forms a glossy and transparent interface. These are used for providing UV protection and excellent abrasion and corrosion resistance to automotive parts.

Application Overview
Key applications include metal parts of vehicles, valued at over USD 13 billion in 2014. Majorly used metals in automotive industry include steel and aluminium, where they are applied to impart corrosion and heat resistance. Automobile industry growth in the U.S., Mexico and China is expected to directly fuel growth in metals.

Plastic applications accounted for more than 25% of the total volume in 2014 and are expected to witness highest growth rates over the forecast period. Shifting preference of vehicle manufacturers to deploy plastics over metals in light of properties offered by former’s including lightweight, corrosion resistance, greater durability and recyclability is likely to drive demand.
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End-Use Overview
Light vehicle OEM dominated the end-use segment with valuation of over USD 7.5 billion in 2014. Increasing penetration of OEMs for light vehicles in light of rising sales of cars in China and India is expected to fuel demand. Rising R&D expenditure by light vehicle OEMs towards product innovation is anticipated to positively influence automotive coating market in the near future.

Automotive refinish accounted for more the 35% of the total volume in 2014 and is likely to witness significant growth rates at a CAGR of over 5% up to 2022. Rising importance of preventive maintenance over breakdown failures is expected to increase the penetration of services stations for maintenance, repair and overhaul. This factor is anticipated to promote demand for automotive refinish segment.

Regional Overview
Asia Pacific automotive coatings market was the dominant region, with revenue generation estimated at over USD 9 billon in 2014. Expansion of road networks in China, India and Malaysia amid the commitment of governments towards infrastructure improvement is expected to increase vehicles sales in the region and have a favourable influence on automotive coating market.

North America accounted for more than 18% of the total demand in 2014 and is anticipated to grow at below average growth rates of over 4% up to 2022. Emergence of Mexico as an automotive manufacturing hub in light of vicinity to the U.S. along with growing domestic consumption is expected to fuel automotive coatings demand.

Competitive Market Share
The global automotive coatings market share is moderately consolidated with major players present across the value chain. PPG Industries was the largest company accounting for more than 20.0% of global share in 2014. The company’s product portfolio consists of various cathodic electrocoat and powder clearcoat which imparts corrosion resistance properties and improves design characteristics of the vehicle.
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About Us:
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Contact Us:

Ryan Shaw
Hexa Research
Felton Office Plaza
6265 Highway 9
Felton, California 95018
United States
Phone: +1-800-489-3075

Tuesday 29 December 2015

Non Destructive Testing (NDT) Equipment Market Analysis, Industry Trends And Forecast,2014 To 2022

Industry Overview

Global Non Destructive Testing (NDT) Equipment Market size is expected to attain USD 5.70 billion by 2022, growing at a CAGR of over 5% from 2014 to 2022. Application of this equipment for quality control as well as inspection is likely to witness significant growth. Stringent government regulations for safety and quality control are projected to fuel industry demand. Government is taking counter measures in order to prevent accidents such as pipeline explosions and nuclear reactor leakages.

The aim of NDT is to ensure safety as well as reliability, it aids in detecting errors as well as troubleshoot the defects in any equipment, to avoid unpleasant incidents. It also acts as a method of prevention in high-pressure manufacturing units. This equipment is projected to be reliable as it helps in eliminating factual errors. Thus; the aforementioned properties are estimated to boost the non destructive testing equipment market demand.
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Increasing cost and efforts involved in construction of infrastructure is expected to elevate the industry demand. It helps in improving longetivity of the facility as well as machinery, thus increases operational life. For instance, oil refineries in Middle East region are now enhancing their capacities in order to tackle global demand. Operating refineries at optimum capacity may cause any breakdown. Thus, in order to preserve these machines it is mandatory to inspect them for any defects and ensure smooth functioning.

Lack of skilled workforce for testing equipment is likely to hamper the industry growth. Training institutes are not equipped with updated equipment, which might pose as a challenge to the industry growth. However, innovation paired with advancements in NDT technologies such as phased array ultrasound and eddy current array are likely to act as potential avenues for tremendous industry opportunities. These technologies offer more precise and reliable data and thus help in generating accurately assessed reports.

Technology Overview

Ultrasonic testing was the leading non destructive testing equipment market technology in 2014 and was valued over USD 1.1 billion. It is estimated to exceed USD 1.5 billion by 2022 growing at a CAGR of over 5% from 2014 to 2022. The surge in the industry can be attributed to prominent usage in numerous industries such as aerospace and defence, steel and aluminium construction, manufacturing and automotive sector.

Electromagnetic testing was valued over USD 0.60 billion in 2014. It is expected to exceed USD 1 billion by 2022 growing at CAGR of over 5.5% from 2014 to 2022. The growth can be attributed to its growing usage in oil and gas industries.
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End-Use Overview

Power generation was the leading segment. It was valued over USD 1 billion in 2014. It is estimated to reach USD 1.50 billion by 2022 growing at a CAGR of over 5% from 2014 to 2022. The growth can be accredited to rising number of power plants accompanied by equipments used in power plant.
Oil and gas was the second largest market owing to large scale use of this equipment in industry assets such as vessels, tanks, piping, heat exchangers & condensers and rotating. It was valued over USD 0.90 billion in 2014. It is anticipated to exceed USD 1.40 billion by 2022 growing at CAGR of over 4.5% from 2014 to 2022.

Regional Overview

North America non destructive testing equipment market was valued over USD 1.3 billion in 2014, with CAGR expectation of over 5% from 2014 to 2020. It can exceed over USD 2 billion by 2022. The spur in the segment can be addressed to increasing investments in oil and gas industry.

Asia Pacific is projected to exceed USD 1.25 billion by 2022, growing at CAGR of 6% over the forecast period. Rising purchasing power along with improvising economic condition of the countries namely India, China, Malaysia, Japan and Indonesia is projected to drive the growth in the region.

Competitive Market Share

The global non destructive testing equipment market share is highly consolidated by top five industry players accounting for more than 70% of the overall share. GE Measurement & Control Solutions was the leading industry player accounting for more than 28% of the overall share. It has achieved the market leadership position through the expansion of the non-destructive test equipment product line through state-of-the-art technology integration. Key industry participants include GE Measurement & Control Solutions, Olympus Corporation, Zetec Inc. and Eddyfi NDT Inc. among others.
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About Us:
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Contact Us:

Ryan Shaw
Hexa Research
Felton Office Plaza
6265 Highway 9
Felton, California 95018
United States
Phone: +1-800-489-3075