Why is Asia-Pacific Primary Consumer of Coating Resins?

A number of developing countries, including China and India are registering strong economic growth, because of which, the government is becoming more inclined towards spending on building world class infrastructure. The disposable income of people is rising as well, thereby allowing them to migrate to urban cities. Ascribed to all this, the construction industry across the globe is growing rapidly, as large number of commercial and residential buildings are being built for facilitating the increasing number of people coming to urban areas. A large number of products are utilized during the construction process, hence, the expansion of the industry is creating demand for these products as well.

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Coating resins is one of the materials that are utilized for providing finishing touches to different kinds of products. In addition to this, these organic compounds also protect surface of materials from extreme environmental conditions. Other than the construction industry, coating resins are also used in automotive, marine, and furniture industries. The swift expansion of the automotive industry is also a key factor that is driving the demand for coating resins. The production of vehicles around the world is increasing, as a larger number of people are now focusing on buying private vehicles, thereby driving the growth of the global coating resins market.

Among all these regions, Asia-Pacific held the largest share in the market during the historical period, owing to the growing demand for renovation and repair of commercial buildings, houses, malls, and schools in the region. Additionally, increase in government and foreign investment is another factor driving the market in the region.

The coating resins market is characterized by the presence of multinational corporations, which have their presence in more than one country. Some of the major companies operating in the global market are BASF SE, DowDupont Inc., The Valspar Corporation, Koninklijke DSM N.V., Nuplex Industries Limited, Hexion Inc., Bayer AG, Allnex Belgium SA/NV, and Arkema Group.

How are Gensets Solving Power Conundrum in Several Countries?

Due to the growing penetration of the internet, the rising adoption of advanced technologies, and the ballooning utilization of technologically innovative systems, there has been a massive rise in the volume of data being generated across the world. Moreover, the increasing utilization of autonomous vehicles, intelligent personal assistants, internet of things (IoT), accounting services, and digital currencies is further bolstering the data generation and consumption rates all over the world. Because of these factors, many private and public firms are increasingly focusing on the development of data centers, which is, in turn, driving the demand for gensets across the world.

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This because the rapid construction of data centers will massively push up the power requirements. In addition to this, the various critical components and systems of the data centers such as HVAC (heating, ventilation, and air conditioning) equipment, backup controls, security systems, and servers require continuous power, which can only be supplied by gensets. Apart from being widely used in data centers, gensets are also used in the utilities sector in several countries. The low power generation and poor grid connectivity in these countries make the adoption of gensets highly essential for preventing power outages and load shedding.


Due to the above-mentioned reasons, the usage of gensets is increasing rapidly throughout the world. As a result, the value of the global genset market is predicted to rise from $17,592.6 million to $27,863.0 million from 2019 to 2030. The market is also predicted to progress at a CAGR of 5.8% from 2020 to 2030. There are mainly three types of gensets used across the world— gas-, gasoline-, and diesel-powered gensets. Amongst these, the usage of the diesel gensets is predicted to be the highest in the future, due to the easier availability of diesel than gasoline and natural gas.


Asia-Pacific (APAC) dominated the genset market during the historical period (2014–2019), as the manufacture sector here is growing, primarily on account of government initiatives, such as Make in India, Made in China 2025, and Making Indonesia 4.0. Further, heavy investments are being provided to develop telecommunications infrastructure, and the demand for backup power is increasing from residential units. Due to its moderately developed power infrastructure, APAC majorly uses generators for auxiliary power.

How is Increasing Demand for Energy Driving Demand for Smart Grid Technology?

The need for reducing carbon footprints is increasing day by day, as the pollution levels across the globe are on a rise. The excessive dependence on energy that is generated from fossil fuels has led to current energy crisis, which is why it is important to shift the focus towards energy conservation and resources that produce clean power. Due to these factors, research & development has been going on for coming up with solutions that can aid in conserving energy without compromising on its surging demand across the globe.

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These activities have resulted in the development of smart grid technology, which can be defined as the digital technology that enables two-way communication between customers and the utility. Smart grid has a number of benefits, including efficient transmission of power, decreased management and operational cost for utilities and customers, increased integration of renewable energy systems, enhanced security, decreased peak demand, and swift restoration of electricity after power disturbances. It is because of these advantages that the global smart grid technology market is predicted to advance at a significant pace in the years to come.

Smart Grid Technology Market Competitive Landscape

Some of the major players operating in the global smart grid technology market are General Electric Company (GE), Siemens AG, ABB, Schneider Electric SE, Itron Inc., Landis+Gyr AG, Hubbell Incorporated, Cisco Systems Inc., Honeywell International Inc., S&C Electric Company. GE is one of the prominent players in the market, which provides smart grid technologies and operations management systems for electric utilities and renewable energy.

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

Among different types of service components, the need for deployment and integration is considerably high due to the increasing requirement for smart grids. Geographically, North America has been the largest smart grid technology market in the past, which can ascribed to the early adoption of smart projects. Developed nations including Canada and the U.S. are investing extensively in the market. Other than this, Middle East and Africa is also exhibiting great potential for this technology because of the high availability of renewable and traditional energy resources.

In conclusion, the demand for smart grid technology is growing due to the rising energy crisis and surging demand for energy across the globe.

How is Growing Focus on Renewable Energy Sources Driving Demand for Ultra-Thin Solar Cells?

As people are increasingly getting aware regarding the adverse effects of excessive utilization of fossil fuels for energy generation on the environment, the demand for renewable energy sources is increasing rapidly. Owing to this, the adoption of solar energy has increased considerably across the globe. Solar energy is one of the cleanest sources of energy, and its increased usage can aid in reducing carbon dioxide emissions significantly. Governments of various countries are also taking initiatives for increasing the adoption of renewable energy sources for curbing the surging levels of pollutions. All these factors are leading to the increasing demand for ultra-thin solar cells.


According to a study conducted by P&S Intelligence, the global ultra-thin solar cells market attained a value of $30.0 million in 2019 and is predicted to exhibit a 56.9% CAGR during the forecast period (2020–2030). These solar cells are of three types when it comes to technology, namely gallium arsenide, copper Indium gallium diselenide, and cadmium telluride (CdTe). Since CdTe technology provides efficiency both in terms of power generation and cost, their demand has been the highest up till now.


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Off-grid cells, however, can only work on energy that is produced from the sunlight. The major applications of ultra-thin solar cells are aerospace, automotive, and building-mounted, among which, the highest demand for these cells was created for the building-mounted application in the past. This is due to the fact that these energy producing devices are extensively being deployed on commercial and residential units across the globe. Moreover, ultra-thin photovoltaic (PV) cells are widely suited for roofs, as they cannot bear much load, thereby leading to their increasing installation on buildings.


Geographically, the ultra-thin solar cells market is being dominated by the Asia-Pacific region at the present time, and the demand for these devices is further expected to be the highest in this region in the near future as well. This is because, PV panel manufacturers in the region are increasingly engaging in research & development activities for improving the efficiency and decreasing the cost of these devices, without losing the profit margin. Such efforts are leading to the development of ultra-thin solar PV cells and the automotive industry in the region has already started making use of these devices.

Hence, the demand for ultra-thin solar cells is growing due the rising dependence on solar energy and technological advancements.

How is Growing Product Demand from Food & Beverages Industry Driving Magnesium Stearate Market?

According to a study conducted by P&S Intelligence, the global magnesium stearate market is projected to reach a value of $2,637.6 million by 2030, increasing from $1,492.3 million in 2019, advancing at a 5.3% CAGR during the forecast period (2020–2030). The market is growing due to the swift expansion of the pharmaceuticals industry in Asia-Pacific and the rising consumption of magnesium stearate in the personal care industry. In terms of form, the market is divided into flakes and powder, between which, the powder division held the larger share of the market in 2019.

The demand for powdered magnesium stearate is high in the pharmaceuticals industry, which can be ascribed to its growing utilization as an ideal release agent during the drug manufacturing process. This compound prevents the sticking of tablets to the manufacturing equipment and thus, makes the production process time-saving and efficient. Furthermore, the use of powdered magnesium stearate is also growing in cosmetic products, including foundations, pressed powders, and eye shadow, since it has the ability to function as an anti-caking agent.

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A major trend being observed in the magnesium stearate market is the rising demand for this compound in the food & beverages industry. The consumption of magnesium stearate has been increasing in the food & beverages industry since the past few years because of the growing awareness regarding its beneficial properties as a food additive. Owing to this, magnesium stearate is being utilized as a food additive for a number of products, including granulated mints, chewing gums, and confectionery items, and food supplements.

Geographically, APAC held the largest market share in 2019, on account of a significant rise in the consumption of the compound, majorly in the pharmaceuticals, food & beverages, plastics, and personal care industries. Chemical manufacturers present in the region are putting an immense focus on facility expansions, in order to meet the high-volume demand from the end-use industries in the region. Additionally, the rising prevalence of several diseases is increasing the consumption of prescribed medicated tablets and capsules.

In order to meet the increasing demand for such drugs, the consumption of the compound is witnessing a rise in the APAC region, and the trend is likely to continue in the coming years, in turn, boosting the magnesium stearate market.