Emerging Materials & Chemicals Markets in Q4 2024 Driving Sustainability and Technological Innovation
The timeframe of Q4 2024 shall witness an increase in the U.S GDP as new materials and chemicals markets are at the infancy stage and therefore will be growing at a considerable rate. Trends of sustainability, technology, and industrial knowing bases are the factors that support this growth. The global biofertilizers market share is on the rise due to green and more effective farming. Increasing use of sulfuric acid is reported in the mining, battery industries, and others. polysilicon is also doing good due to the growth of the solar energy sector. Chemical distribution is predicted to grow more in accordance with the increasing need for efficient supply chains. Polycarbonate and medical plastics opportunities are flourishing in the automotive and medical industries respectively. cross laminated timber is quite accepted in green building construction while gypsum board is experiencing an upsurge in the real estate market. Epoxy resins and surfactants are important in production and end-user goods.
1. Biofertilizers Market
The growing trend towards organic farming and sustainable agriculture is driving the adoption of biofertilizers globally. Diverse environmental issues and impact caused by agricultural amendments are the primary sources of demand for biofertilizers which help in better the soils, more crop yields, and use less ecosystem. The market size is estimated to attain USD 6.52 billion by 2031.
2. Polysilicon Market
As the world shifts towards renewable energy, the need for polysilicon for fabricating solar panels is surging. The adoption of solar energy has reached unprecedented levels which makes this sector ready for phenomenal expansion. The market size is estimated to attain USD 122.32 billion by 2031.
3. Sulfuric Acid Market
In addition to being used in a great number of industrial applications, for example in mining, chemical and petroleum industries, sulfuric acid is also very important and even irreplaceable in other industries. The East African market, especially on the production of electric vehicle batteries, is on the increase due to the resurgent demand from these industries. The market size is estimated to attain USD 35.73 billion by 2031.
4. Polycarbonate Market
Polycarbonate has gained much acceptance in the latest technology, especially automobiles and electronics because of its durability and transparency. Given the sustainability trends that encourage the use of lightweight but strong materials, polycarbonate is expected to have higher demand going forward. The market size is estimated to attain USD 29.48 billion by 2031.
5. Medical Plastics Market
The increase in the volume of medical devices, packaging, and diagnostics is one of the major factors influencing the medical plastics market. The development of improved and safer biocompatible plastics is another factor assisting the global medical plastics market trend. The market size is estimated to attain USD 98.55 billion by 2031.
6. Chemical Distribution Market
The chemical distribution industry is being revolutionized with the advent of digital technology and e-commerce portals. As a result, functions such as order processing, inventory control, and logistics will certainly improve in effectiveness. An expanding range of applications, especially in the areas of pharmaceuticals, agrochemicals, and manufacturing is increasing the demand for specialized chemicals driving the market. The market size is estimated to attain USD 395.52 billion by 2031.
7. Gypsum Board Market
Sustainable and eco-friendly construction materials are gaining more popularity, which is facilitated by gypsum boards as they have efficient thermal and sound insulation capabilities. Growing urban sprawl coupled with rising needs for both residential and commercial constructions is the major driver of this market. The market size is estimated to attain USD 142.22 billion by 2031.
8. Epoxy Resin Market
The growing demand for high-performance coatings and adhesives in industries like automotive, aerospace, and construction is driving the adoption of epoxy resins. The rise in infrastructure development, coupled with the increasing focus on durability and corrosion resistance in manufacturing, are amongst key trends that epoxy resin market delivers. The market size is estimated to attain USD 24.31 billion by 2031.
9. Surfactants Market
Due to the consumer inclination towards solid sustainability, more and more bio-surfactants are being developed and produced. The expansion of the personal care and cleaning products market, together with growing demand for surfactants for various industrial applications. The market size is estimated to attain USD 69 billion by 2031.
10. Cross Laminated Timber Market
The cross laminated timber market size is growing owing to its ease of use and its compatibility in green building concepts. In view of decreasing carbon footprints in construction, cross laminated timber is becoming widely used as a light but strong and nature friendly material. The market size is estimated to attain USD 4.26 billion by 2031.
Sustainability and Innovation Propel Growth in Key Materials and Chemicals Markets
In the last quarter of 2024, new materials and chemicals segments are expected to grow considerably owing to sustainability, technology, and demand from industry. The transition to renewables and green policies has allowed for the growth of key markets such as Biofertilizers, Polysilicon and Sulfuric Acid. Growth in Potting Compound & Medical Application of Polycarbonate plays a role to the growth of the health care sector, while Chemical Distribution and Gypsum Board grow as they incorporate modern supply strategies and green building practices. Epoxy Resins and Surfactants still hold relevance in production, whereas Cross Laminated Timber is prominently utilized in constructions aimed at green building along with the other efforts to enhance global sustainability.
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