Credit Counseling Surge at Money Management International Shows Housing Cost Hotspots
STAFFORD, Texas, Nov. 11, 2024 (GLOBE NEWSWIRE) — Money Management International (MMI) reports an alarming trend of rising housing costs observed during a recent surge in credit counseling demand across the United States, with Miami, Tampa, and Portland leading in cost increases among Americans seeking assistance. According to MMI’s data, new clients face expenses that are outpacing income growth, pushing them to seek professional help in managing debt and stabilizing their financial stability.
- Homeowners seeking credit counseling from MMI in 2024 face average housing costs 36% higher compared to four years ago and carry 21% more unsecured debt than in 2020, now averaging $41,000.
- Renters seeking credit counseling from MMI in 2024 are contending with a 44% rise in rent payments and 26% increase in total unsecured debt since 2020, now averaging $24,000.
Since 2020, housing costs for clients seeking credit counseling from MMI have jumped 60% in the Miami-Fort Lauderdale MSA, 57% in Tampa, and 52% in Portland.
MMI has experienced a 69% spike in credit counseling requests from the Miami area this year, with new clients spending 40% of their income towards housing, highlighting the link between rising expenses and increased financial distress. Nationally, demand for credit counseling from MMI is up 42% in 2024 year-over-year.
“These numbers reveal the crisis in housing affordability that is hitting household budgets hard,” said Thomas Nitzsche, Vice President of Public Relations at MMI. “As rent and mortgage costs continue to rise, we’re seeing more people turn to MMI for support. Among them, we are seeing higher expenses, more debt, and larger monthly budget deficits despite increasing income.”
Other Regions of Concern
While new MMI clients from Miami, Tampa, and Portland report the highest increases in housing costs, MMI data shows other regions also struggling under the weight of escalating housing cost and unsecured debt:
- San Francisco MSA: Bay-area homeowners seeking financial counseling from MMI in 2024 spend 40% of their gross income on housing and carry unsecured debt levels well above the national average, with new clients showing an average of $56,000.
- Los Angeles, Seattle, and New York MSAs: In these three metro areas, both renters and homeowners seeking financial counseling from MMI in 2024 face higher than average housing expenses and carry above-average unsecured debt.
MMI’s data reveals a national trend of rising housing expenses correlated with increased financial hardship. In some metro areas, renters are now dedicating a larger share of their income to housing costs than they did just a few years ago.
Real-Life Struggles
A recent Harris Poll survey conducted on behalf of MMI revealed that over 4 in 5 Americans with credit card debt (83%) have struggled to make ends meet this year. Among them, 92% have made changes to their spending habits as a result, primarily by cutting back on dining out and entertainment (54%). When asked about the most difficult change they’ve had to make, a 25-year-old female respondent from the survey shared, “I have to prioritize bills and do not have enough leftover money for anything I enjoy.”
With more households under pressure from high expenses, MMI remains committed to delivering critical resources and personalized guidance to help individuals reduce costs, manage debt, and navigate financial challenges.
About MMI
Money Management International (MMI) has been at the forefront of financial health solutions for over 65 years. As a leading nonprofit organization, MMI is dedicated to changing how America overcomes financial challenges by offering timely and expert guidance. Recognized by major financial organizations and media outlets, MMI’s programs help individuals reach their financial goals and foster a life of financial wellness. Learn more at MoneyManagement.org.
For information on the MMI Consumer Distress Dashboard or to schedule an interview with MMI experts and debt management clients, please contact:
Thomas Nitzsche, 404.490.2227, Thomas.Nitzsche@MoneyManagement.org
Lori Geary, 404.551.2151, lgeary@lexiconstrategies.com
Thomas Nitzsche Money Management International 404.490.2227 Thomas.Nitzsche@MoneyManagement.org Lori Geary Lexicon Strategies 404.551.2151 lgeary@lexiconstrategies.com
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Naphthalene Sulfonate Market Size to Surpass USD 1.1 Billion by 2031, Expanding at a 3.4% CAGR Due to Rising Use in Personal Hygiene –Transparency Market Research Inc.
Wilmington, Delaware, United States, Transparency Market Research, Inc. , Nov. 11, 2024 (GLOBE NEWSWIRE) — The naphthalene sulfonate industry was valued at US$ 784.6 million in 2022. From 2023 to 2031, the industry is expected to expand at a CAGR of 3.4%, reaching US$ 1.1 billion. A growing emphasis has been placed on sustainable and environmentally friendly technologies, including those used in construction. Environmentally responsible construction materials are becoming more popular among manufacturers of naphthalene sulfonate.
Developing customized naphthalene sulfonate products may be a trend to meet specific requirements of different industries. Future formulation trends could include improvements in dispensability and compatibility. As smart manufacturing practices and digital technologies improve efficiency, naphthalene sulfonate can benefit from streamlined production processes.
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Global Naphthalene Sulfonate Market: Key Players
Leading manufacturers of advanced concrete admixtures, chemicals, and water-reducing agents are investing in developing naphthalene sulfonate. Leading companies collaborate within the sector, merging and acquiring to improve their product portfolios.
- Enaspol a.s.
- GCP Applied Technologies Inc.
- Kao Corporation
- Giovanni Bozzetto S.p.A.
- Himadri Speciality Chemical Limited
- Hunstman International LLC
- Koppers Inc.
- Akzo Nobel N.V.
- Nease Performance Chemicals
- MUHU (China) Construction Materials Company Limited
- PCC SE
- BASF SE
- Acar Kimya
Research efforts are underway to develop naphthalene sulfonates with highly specific applications for construction and other industries. A number of innovative advancements in dispensability, compatibility, and performance characteristics may be contributing to this market’s growth. To develop environmentally friendly products or improve existing ones, manufacturers of naphthene sulfonate can invest in research and development.
Global infrastructure development may influence the demand for naphthalene sulfonates. Naphthalene sulfonates could become an increasingly important construction chemical in countries where construction and infrastructure investments are underway. A diversity of environmental regulations, standards, and requirements may have an impact on naphthalene sulfonate production and use in the future. The requirements to comply with new regulatory requirements might require manufacturers to modify their formulations and manufacturing processes.
Future developments may involve developing naphthalene sulfonates that meet specific industry needs. Applications in areas such as agriculture, construction, and water treatment may benefit from advanced performance characteristics, improved dispersibility, and material compatibility. The use of naphthalene sulfonates in concrete admixtures may continue to be a key application. Concrete can be made more durable, strong, and workable by developing high-performance superplasticizers.
Key Findings of the Market Report
- The Asia Pacific region held the largest market share in 2022.
- As infrastructure investment rises, the size of the naphthalene sulfonate market is expected to increase.
- A market will likely develop as naphthalene sulfonate becomes available in liquid form.
- Based on applications, the surfactant segment is expected to create a demand over the years.
- As building & construction activities increase, demand for building materials will rise.
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Global Naphthalene Sulfonate Market: Growth Drivers
- Due to the increasing emphasis on sustainability, the construction industry is seeking energy-efficient and environmentally friendly solutions. Concrete formulations that use naphthalene sulfonates as water reducers are more sustainable. The strength of concrete is not compromised by the use of superplasticizers based on naphthalene sulfonate.
- As the construction industry requires high-performance plasticizers, naphthalene sulfonate may have a positive impact. A synthetic sulfonate of naphthene is designed to disperse dissolved matter and prevent scale from forming. As water quality worsens and water treatment solutions become more essential, these chemicals will be in demand.
- Regulatory changes and raw material availability can influence the naphthalene sulfonate market, as well as pricing and raw material availability. A continuous research and development effort opens up new markets for naphthalene sulfonates by discovering new applications or improving performance.
- Environmental regulations and standards may affect the formulation and use of naphthalene sulfonates. As regulations evolve, manufacturers may adapt their products to remain compliant. Technology and manufacturing advances could improve the efficiency and cost-effectiveness of the production of naphthalene sulfonate. This may have an impact on pricing, availability, and market dynamics.
Global Naphthalene Sulfonate Market: Regional Landscape
- Asia Pacific is expected to drive demand for naphthalene sulfonate in the market. Concrete admixtures commonly contain naphthalene sulfonates to reduce water and disperse particles. The growing construction industry, especially in developing regions, will likely drive chemical demand.
- China and India are expected to drive demand for naphthalene sulfonate market in growing years. Construction materials, including concrete, are often in demand as urbanization and infrastructure projects increase worldwide. In large-scale construction projects, naphthalene sulfonates improve concrete properties, including workability and strength.
Key Developments
- In September 2022, Epsilon Carbon, a producer of carbon black, invested Rs. 500.0 Cr in the expansion of its Karnataka plants. Pesticides and concrete plasticizers are made from naphthalene and carbon black.
Global Naphthalene Sulfonate Market: Segmentation
By Form
By Application
- Dispersant & Wetting Agent
- Surfactant
- Plasticizer
- Others
By End Use Industry
- Building & Construction
- Agriculture
- Household Cleaning
- Textile
- Others
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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Managed Services Market Size to Worth USD 393.02 Billion by 2025 | Straits Research
New York, United States, Nov. 11, 2024 (GLOBE NEWSWIRE) — Managed services enable businesses to focus more effectively on their core capabilities while improving operational efficiency and reducing operating expenses. Managed services ensure appropriate resource distribution and use, increasing total profitability and enhancing operational effectiveness. Mainly, scalable infrastructure and flexible managed services models make it simpler for firms to adapt to technological advancements. These factors are anticipated to drive market expansion over the forecast period.
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Market Dynamics
Need for Specialized MSPS to Manage Complex IT Infrastructure and Reduce IT Staffing Cost Spurs the Demand for Managed Services
A managed service provider (MSP) is an information technology company that provides end users with servers, networks, and specialized applications. The service providers administer and host the specialized apps. On behalf of businesses utilizing managed services, managed service providers control, monitor, and safeguard application procedures or outsourced networks. MSPs assist businesses in staying current with the newest trends and technologies. In addition, managed services provided by MSPs are viewed as an alternative to the on-demand outsourcing model, assisting businesses in reducing their operating costs. In addition, they contribute to the enhancement of enterprise-related operations by upgrading cloud-based managed services.
Specialized MSPs lower IT staffing costs by offering personnel to address infrastructure-related IT issues. In addition, they aid in limiting network downtime and reducing network operating expenses. MSPs aid businesses deploy the appropriate technology to overcome IT complexity and swiftly adapt to shifting market conditions, such as the digital transformation of services. MSPs assist in enhancing network agility and decreasing cost and complexity across a vast area, local, data center, and hybrid cloud networks. End-use industries demand specialist MSPs handle their complex IT infrastructure, as specialized MSPs adopt new technologies securely and optimize network performance. Over the forecast period, the demand for specialist MSPs to manage complex IT infrastructure and minimize IT staffing costs is anticipated to drive the managed services market.
Growing Adoption of Bring Your Own Device (BYOD) Among Organizations Creates Lucrative Market Opportunities
In today’s technology-driven business climate, Bring Your Own Device (BYOD) is one of the essential components of digital technology and productivity across all industries. The Bring Your Own Device (BYOD) concept enables workforces to access and manage data via personal devices, enhancing business productivity. According to a Cisco Systems, Inc. survey, firms that support BYOD can save up to USD 350 per team member annually. BYOD increases work flexibility and employee accountability, resulting in increased production. This, in turn, has prompted businesses to integrate BYOD solutions with their existing systems to create a workforce-friendly workplace.
The rising use of BYOD has increased the number of intelligent devices in the office, such as tablets, smartphones, laptops, and other gadgets. This strategy would increase the importance of data integrity and security across smart devices. As a result, many organizations are turning to managed services to manage and monitor the safety of these smart devices, creating attractive market prospects.
Regional Analysis
North America accounts for the largest market share and is estimated to grow at a CAGR of 12.2% during the forecast period. Numerous IT organizations in North America are driving the managed services market’s expansion in the area. The growing number of technology start-ups and the continuous adoption of ERP, CRM, and cloud services in North America are anticipated to drive the market for managed services in the area throughout the forecast period. Numerous managed service providers, such as International Business Machines Corporation, Cisco Systems, Inc., CA Technologies, and DSC Technology Company, are headquartered in the United States, which bodes well for the expansion of the managed services market in North America.
Europe is estimated to reach an expected value of USD 153 billion by 2030, growing at a CAGR of 12.5%. In Europe, managed security services are growing in popularity due to their ability to improve customer experience and data security while managing network operations. Due to several engineering, automotive, and manufacturing industries, Germany has the largest adoption potential for managed services. The United Kingdom is becoming one of Europe’s largest marketplaces for managed services. Many small and medium-sized businesses (SMBs) and the ongoing adoption of cloud-based services in the United Kingdom are anticipated to propel the expansion of the managed services market in Europe.
Asia-Pacific is the fastest-growing region. In Asia-Pacific nations, the demand for managed cloud and managed security services has increased with the growing requirement to manage complex workloads and the ongoing transfer of ERP systems to cloud platforms. The rapid increase in the number of small- and medium-sized businesses (SMBs) in India, as well as their strong emphasis on the implementation of next-generation technologies and services as part of their efforts to drive regional and global business, is anticipated to spur the adoption of managed services and eventually drive the growth of the market for managed services in the Asia Pacific.
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Key Highlights
- The global managed services market was valued at USD 348.12 billion in 2024 and is projected to reach USD 393.02 billion in 2025 and USD 1037.46 billion by 2033, growing at a CAGR of 12.9% during the forecast period (2025-2033).
- By solution, the global managed services market is segmented into Managed Data Centers, Managed Networks, Managed Mobility, Managed Infrastructure, Managed Backup & Recovery, Organized Communication, Managed Information, and Managed Security. Managed Data Center accounts for the largest market share and is estimated to grow at a CAGR of 12% during the forecast period.
- By managed information service (MIS), the global managed services market is segmented into Business Process Outsourcing (BPO), Business Support Systems, Project & Portfolio Management, and Others. Business Process Outsourcing (BPO) accounts for the largest market share and is estimated to grow at a CAGR of 12.6% during the forecast period.
- By deployment, the global managed services market is segmented into Hosted and On-premise. On-premise accounts for the largest market share and is estimated to grow at a CAGR of 12.4% during the forecast period.
- By enterprise size, the global managed services market is segmented into Large Enterprises and Small & Medium Enterprises. Large Enterprises account for the largest market share and are estimated to grow at a CAGR of 12.4% during the forecast period.
- By end-user, the global managed services market is segmented into Financial Services, Government, Healthcare, IT & Telecom, Manufacturing, Media & Entertainment, Retail, and Others. Financial Services account for the largest market share and are estimated to grow at a CAGR of 12.2% during the forecast period.
- By region, the global managed services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America surpasses other regions.
Competitive Players
- Accenture PLC
- Alcatel-Lucent Enterprise
- AT&T Inc.
- Avaya Inc.
- BMC Software Inc.
- CA Technologies
- Cisco Systems Inc.
- DXC Technology Company
- Fujitsu Limited
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- Telefonaktiebolaget LM Ericsson.
Recent Developments
- July 2024 – To combat breaches with never-before-seen speed and precision across the whole corporate attack surface, CrowdStrike unveiled CrowdStrike Falcon Complete Next-Gen MDR. Incorporating vital third-party data from Falcon Next-Gen SIEM and cutting-edge AI capabilities for rich attack context and quick response, Falcon Complete Next-Gen MDR extends MDR operations beyond native endpoint, identity, and cloud security telemetry.
- July 2024 – Happiest Minds Technologies Limited HAPPSTMNDS, a mindful IT company that prides itself on being “Born Digital. Born Agile,” announced the debut of Happiest Minds’ WATCH360, a comprehensive 360-degree IT managed service offering that is specifically tailored to assist businesses in easily managing their IT environments.
Segmentation
- By Solution
-
- Managed Data Center
- Managed Network
- Managed Mobility
- Managed Infrastructure
- Managed Backup and Recovery
- Managed Communication
- Managed Information
- Managed Security
- By Managed Information Service (MIS)
-
- Business Process Outsourcing (BPO)
- Business Support Systems
- Project & Portfolio Management
- Others
- By Deployment
-
- Hosted
- On-premise
- By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
- By End-User
-
- Financial Services
- Government
- Healthcare
- IT & Telecom
- Manufacturing
- Media & Entertainment
- Retail
- Others
- By Managed Security Service
-
- Managed Identify & Access Management
- Managed Antivirus/Antimalware
- Managed Firewall
- Managed Risk And Compliance Management
- Managed Vulnerability Management
- Managed Security Information & Event Management
- Managed Intrusion Detection Systems/ Intrusion Prevention Systems
- Managed Unified Threat Management
- Managed Encryption
- Other Managed Security Services
- By Managed Network Service
-
- Managed LAN
- Managed Wi-Fi
- Managed VPN
- Managed WAN
- network monitoring
- Other Managed Network Security
- By Managed IT Infrastructure & Data Center Service
-
- Managed Print Services
- Server Management
- Storage Management
- Other Managed IT Infrastructure & Data Center Services
- By Managed Communication & Collaboration Service
-
- Managed VoIP
- Managed UCaaS,
- Other Managed Communication & Collaboration Services
- By Managed Mobility Service
-
- Device Life Cycle Management
- Application Management
- By Regions
-
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data designed and presented for decision-making and ROI.
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Italian Economy Stagnates As Manufacturing, Fashion Slow
The Italian economy stagnated in the third quarter of this year as weak manufacturing and slowing exports weighed on growth.
The country reported no economic growth compared with 0.2% in the second quarter, according to data from the Nation Institute of Statistics (ISTAT). Although its GDP expanded 0.4% year-on-year in the third quarter, it missed economist expectations of a 0.2% rise quarter-on-quarter and a 0.7% increase year-on-year.
The economic performance has raised doubts that Prime Minister Giorgia Meloni’s government will reach its target of 1% this year. Economy Minister Giancarlo Giorgetti said in October that the goal may be out of reach following downward revisions to the first two quarters, Reuters reported.
ISTAT revised on October 4 that so-called “acquired growth” at the end of the second quarter to 0.4%, from 0.6%. It also lowered Italy’s year-on-year GDP growth rates for the first and second quarters.
“The international economy shows stable growth, but high uncertainty and downside risks remain,” ISTAT said on November 8. “In the third quarter, Italy’s GDP level, according to the preliminary estimate, remained unchanged compared to the previous three months, showing a worse result than its main European partners and the euro area average.”
Italian Consumer Confidence Weakens
Household confidence has deteriorated, “with a decline in opinions about the general economic situation and future prospects,” ISTAT said. “Business sentiment also declined, particularly in manufacturing and market services.”
The consumer confidence index dropped to 97.4 points in October from 98.3 points the previous month, ISTAT said on October 25. The business confidence climate, the ISTAT Economic Sentiment Indicator index, declined to 93.4 from 95.6 to 93.4 for the same period.
“Consumers are signaling a deterioration in economic conditions and are showing concerns about future economic developments,” ING Think said on October 25. “This is reflected in a sharp increase in expectations of future unemployment to the highest level since February 2023.”
ING forecasts that economic growth this year will remain unchanged from last at 0.7%. The Parliamentary Budget Office said that weak manufacturing activity and an uncertain outlook for construction were among the reasons the Italian economy may not reach its 2024 growth forecast.
Manufacturing Sector Downturn Hits Italian Economy
The Italian manufacturing activity contracted in October, marking a consecutive seven months of contraction in factory activity. The HCOB Italy Manufacturing PMI for euro zone’s third-largest economy fell to 46.9 from 48.3 in September, declining further below the 50-mark separating growth from contraction.
“The plunge in foreign orders is particularly striking,” Jonas Feldhusen, Junior Economist at Hamburg Commercial Bank, said about the PMI data. “Anecdotal evidence points to weak demand from the US and neighboring European markets as primary drivers.”
Feldhusen also attributed the decline to weakness in the automotive sector.
There are “mounting pressures” on the Italian automaker conglomerate Stellantis NV STLA, he said. The company is expected to reduce its production in Italy “by approximately one-third this year, according to reports,” he said.
“The parallels to Germany’s Volkswagen are clear: both companies are suffering from higher international competition, especially from China, and sluggish demand for electric vehicles domestically.”
Volkswagen VWAGY announced last month the closure of three German factories and potential mass layoffs. High operating costs, a weak electric vehicle lineup, and diminishing demand in key markets drove the decision.
Fashion Sector Weakness Hits Italian Economy
The fashion sector, particularly luxury, has also suffered from a shift in consumer preferences. That was influenced by geopolitical uncertainty, weak demand in China and an increasing emphasis on sustainable consumption.
Sales in the fashion sector are expected to decrease by 3.5% in 2024, according to ISTAT projections. This would be a contraction from 2023 when the sector saw a 2.5% growth compared to 2022. There was also a 6.1% contraction in sales in the first half of 2024.
Italian luxury fashion house Gucci recorded a significant drop in sales in the third quarter, with revenue amounting to €1.6 billion, down 26% compared to the same period in 2023, reported Gucci parent company Kering PPRUY. Salvatore Ferragamo SFRGY reported group revenues of €221 million in the third quarter, down 9.6% at current exchange rates compared to Q3 2023.
“The results of the third quarter have been impacted by the challenging macroeconomic and consumer environment and we expect this trend to continue in the last part of the year,” Salvatore Ferragamo CEO Marco Gobbett said.
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This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Latest] Global Adipic Acid Market Size/Share Worth USD 6.99 Billion by 2033 at a 3.67% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth, Growth Rate, Value)
Austin, TX, USA, Nov. 11, 2024 (GLOBE NEWSWIRE) — Custom Market Insights has published a new research report titled “Adipic Acid Market Size, Trends and Insights By Application (Polyurethane, Nylon 6,6 Fiber, Nylon 6,6 Resin, Adipate Esters, Others), By Raw Material (Cyclohexane, Phenol, Cyclohexanol, Cyclohexanone, Benzene), By End Users (Automotive, Electrical & Electronics, Packaging & Consumer Goods, Building & Construction, Textile, Others), and By Region – Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033“ in its research database.
“According to the latest research study, the demand of global Adipic Acid Market size & share was valued at approximately USD 5.01 Billion in 2023 and is expected to reach USD 5.05 Billion in 2024 and is expected to reach a value of around USD 6.99 Billion by 2033, at a compound annual growth rate (CAGR) of about 3.67% during the forecast period 2024 to 2033.”
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Adipic Acid Market: Growth Factors and Dynamics
- Increasing Demand from Automotive Sector: Adipic acid is extensively used in the production of nylon 6,6, which is crucial for manufacturing automotive components such as airbags, hoses, and engine covers. The growth in the automotive industry, particularly in emerging economies, drives the demand for adipic acid.
- Rising Demand for Nylon Fibers: Adipic acid is a key raw material for producing nylon fibers, which are widely used in textiles, carpets, and industrial applications. The growing textile and consumer goods industries, especially in Asia-Pacific and Latin America, fuel the demand for nylon fibers and, consequently, adipic acid.
- Expansion of the Packaging Industry: Adipic acid is utilized in the production of various packaging materials, including films and coatings. The expanding packaging industry, driven by e-commerce growth and increasing consumer demand for packaged goods, boosts the demand for adipic acid.
- Growing Construction Sector: Adipic acid is employed in the production of polyurethane foams and coatings used in construction materials such as insulation panels and coatings. The growth in residential and commercial construction activities worldwide contributes to the demand for adipic acid-based products.
- Advancements in Textile Industry: The textile industry’s shift towards high-performance fibers and fabrics, where adipic acid is crucial for producing nylon 6,6 fibers, drives the market growth. Innovations in textiles, such as functional and smart textiles, further expand the application scope of adipic acid.
- Focus on Lightweight Materials in Automotive: Adipic acid’s role in producing lightweight and durable automotive components aligns with the automotive industry’s focus on reducing vehicle weight to improve fuel efficiency and meet regulatory standards. This trend supports the adoption of adipic acid in automotive applications.
- Increasing Focus on Sustainable Materials: Adipic acid manufacturers are emphasizing sustainability by developing bio-based and eco-friendly production processes. The growing consumer preference for sustainable products and regulatory initiatives promoting environmental conservation drive the market for adipic acid derived from renewable sources.
- Expansion of Industrial Applications: Adipic acid finds applications in various industrial sectors, including electronics, pharmaceuticals, and coatings. The diversification of industrial applications and the continuous innovation in product formulations contribute to the market growth of adipic acid globally.
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Adipic Acid Market: Merger and Acquisition
- In March 2022, Ascend Performance Materials agreed to purchase Formulated Polymers Limited’s compounding division, a prominent engineered materials manufacturer in Chennai, India. This move marks Ascend’s debut manufacturing facility in the region, enhancing its presence in global markets focused on electrical and e-mobility applications.
- In May 2022, Lanxess and Advent acquired DSM’s Engineering Materials business for approximately €3.7 billion. As part of the deal, Lanxess will contribute its High-Performance Materials business to the joint venture. Lanxess is set to receive a minimum payment of $1.8 billion and could hold up to a 40 percent stake in the joint venture. The proceeds from the transaction will primarily be used by Lanxess to reduce debt and initiate share buyback programs. The newly formed joint venture will boast a cutting-edge product portfolio and a fully integrated value chain.
Report Scope
Feature of the Report | Details |
Market Size in 2024 | USD 5.05 Billion |
Projected Market Size in 2033 | USD 6.99 Billion |
Market Size in 2023 | USD 5.01 Billion |
CAGR Growth Rate | 3.67% CAGR |
Base Year | 2023 |
Forecast Period | 2024-2033 |
Key Segment | By Application, Raw Material, End Users and Region |
Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
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- Provide detailed chapter-by-chapter guidance on the Request.
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2024
- Includes Tables and figures have been updated.
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Custom Market Insights (CMI) research methodology
(Please note that the sample of the Adipic Acid report has been modified to include the COVID-19 impact study prior to delivery.)
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Adipic Acid Market: COVID-19 Analysis
The COVID-19 pandemic has significantly impacted the Adipic Acid Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Disruption in International Trade and Businesses: The ongoing COVID-19 pandemic has disrupted international trade and businesses, significantly affecting market dynamics. Governments imposed restrictions on the transit of people and goods, leading to disruptions in supply chains and manufacturing processes, impacting the production and distribution of adipic acid.
- Demand Fluctuations: The pandemic led to disruptions in various industries, including electronics, automotive, aerospace, and healthcare, which are major consumers of adipic acid. Lockdown measures, supply chain disruptions, and reduced consumer spending resulted in a slowdown in manufacturing activities across these sectors. Many ongoing projects were delayed or put on hold due to uncertainties surrounding the pandemic, leading to reduced demand for adipic acid.
- Regulatory Framework and Market Restraints: The regulatory framework surrounding the chemical industry may have been influenced by the pandemic, with potential changes in safety standards and regulations affecting market operations. Economic uncertainties resulting from the pandemic have posed challenges such as high costs, technical limitations, and a lack of skilled workforce, restraining market growth.
- Operational Challenges: Implementing health and safety protocols in manufacturing facilities added operational challenges and increased production costs. Labor shortages and workforce disruptions, including illness-related absences and quarantine measures, affected production capacities and efficiency in the adipic acid market.
- Adaptive Strategies and Focus on Innovation: Companies adopted remote work arrangements, digitalized sales and marketing efforts, and diversified supply chain sources to mitigate the pandemic’s impact. Some firms directed efforts towards innovating adipic acid applications, focusing on sustainability and environmental impact to address changing market demands.
- Technological Advancements: Ongoing advancements in production technologies, such as more efficient and sustainable manufacturing processes, are opening doors to new applications and expanding the market potential for adipic acid.
- Automation Push: The pandemic highlighted the importance of automation in manufacturing to minimize reliance on human labor. This could have led to a slight increase in demand for adipic acid in specific applications, such as automated production processes in sectors that remained operational.
In conclusion, the COVID-19 pandemic has had a mixed impact on the Adipic Acid Market, with some challenges and opportunities arising from the pandemic.
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Key questions answered in this report:
- What is the size of the Adipic Acid market and what is its expected growth rate?
- What are the primary driving factors that push the Adipic Acid market forward?
- What are the Adipic Acid Industry’s top companies?
- What are the different categories that the Adipic Acid Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Adipic Acid market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2024−2033
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Adipic Acid Market – Regional Analysis
The Adipic Acid Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:
- North America: North America’s economic outlook remains robust, with steady growth driven by strong consumer spending and industrial activity. The region’s adipic acid market benefits from significant demand in the automotive, construction, and packaging sectors. Growth factors include advancements in automotive manufacturing, particularly with the rise of electric vehicles requiring lightweight materials, and increasing investments in sustainable construction practices. Additionally, North America’s focus on technological innovation and environmental regulations encourages the development of more efficient and eco-friendly production methods for adipic acid.
- Europe: Europe’s economic outlook is stable, with moderate growth supported by strong industrial and technological sectors. The adipic acid market in Europe is driven by stringent environmental regulations and a significant push towards sustainability. The region’s automotive industry, known for its focus on efficiency and innovation, heavily demands adipic acid for high-performance materials. Growth factors include advancements in green technologies, the expansion of the packaging industry focusing on recyclable materials, and ongoing investments in research and development for bio-based adipic acid production.
- Asia-Pacific: Asia-Pacific’s economic outlook is highly positive, with rapid industrialization and urbanization fueling growth. The adipic acid market in this region is driven by robust demand from the automotive, textile, and construction industries. Key growth factors include the expanding automotive sector, particularly in countries like China and India, where increasing vehicle production boosts demand for durable materials. Additionally, the region’s growing middle class and rising consumer spending on textiles and packaged goods further drive the market. Asia-Pacific is also witnessing significant investments in infrastructure projects, enhancing the demand for construction materials containing adipic acid.
- LAMEA (Latin America, Middle East, and Africa): LAMEA’s economic outlook shows promising growth potential, driven by increasing industrialization and infrastructure development. The adipic acid market in this region benefits from growing demand in the automotive, construction, and textile industries. Growth factors include large-scale infrastructure projects in the Middle East and Africa, which require advanced construction materials. In Latin America, the expanding automotive industry and rising consumer spending on textiles and packaged goods drive market growth. Additionally, the region’s focus on developing local manufacturing capabilities and reducing import dependency supports the increasing adoption of adipic acid.
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Browse the full “Adipic Acid Market Size, Trends and Insights By Application (Polyurethane, Nylon 6,6 Fiber, Nylon 6,6 Resin, Adipate Esters, Others), By Raw Material (Cyclohexane, Phenol, Cyclohexanol, Cyclohexanone, Benzene), By End Users (Automotive, Electrical & Electronics, Packaging & Consumer Goods, Building & Construction, Textile, Others), and By Region – Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033“ Report at https://www.custommarketinsights.com/report/adipic-acid-market/
List of the prominent players in the Adipic Acid Market:
- Invista
- Ascend Performance Materials
- BASF SE
- Rennovia Inc.
- Radici Group
- Solvay
- Lanxess AG
- Asahi Kasei Corporation
- Rhodia (Solvay Group)
- Sumitomo Chemical Co. Ltd.
- Shandong Haili Chemical Industry Co. Ltd.
- China Petroleum & Chemical Corporation (Sinopec)
- Liaoyang Petrochemical Company
- Hualu Hengsheng Chemical Co. Ltd.
- Genomatica Inc.
- Others
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The Adipic Acid Market is segmented as follows:
By Application
- Polyurethane
- Nylon 6,6 Fiber
- Nylon 6,6 Resin
- Adipate Esters
- Others
By Raw Material
- Cyclohexane
- Phenol
- Cyclohexanol
- Cyclohexanone
- Benzene
By End Users
- Automotive
- Electrical & Electronics
- Packaging & Consumer Goods
- Building & Construction
- Textile
- Others
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Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
This Adipic Acid Market Research/Analysis Report Contains Answers to the following Questions.
- Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Adipic Acid Market? What are Their Company Profile, Product Information, and Contact Information?
- What Was the Global Market Status of the Adipic Acid Market? What Was the Capacity, Production Value, Cost and PROFIT of the Adipic Acid Market?
- What Is the Current Market Status of the Adipic Acid Industry? What’s Market Competition in This Industry, Both Company and Country Wise? What’s Market Analysis of Adipic Acid Market by Considering Applications and Types?
- What Are Projections of the Global Adipic Acid Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
- What Is Adipic Acid Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is the Economic Impact On Adipic Acid Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Adipic Acid Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Adipic Acid Industry?
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Reasons to Purchase Adipic Acid Market Report
- Adipic Acid Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
- Adipic Acid Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- Adipic Acid Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The Industry’s current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- Adipic Acid Market Includes in-depth market analysis from various perspectives through Porter’s five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
- The study provides a thorough overview of the global Adipic Acid market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
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What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Adipic Acid market analysis.
- The competitive environment of current and potential participants in the Adipic Acid market is covered in the report, as well as those companies’ strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders worldwide Adipic Acid market should find this report useful. The research will be useful to all market participants in the Adipic Acid industry.
- Managers in the Adipic Acid sector are interested in publishing up-to-date and projected data about the worldwide Adipic Acid market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Adipic Acid products’ market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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Trump Trade Sparks Biggest Financial Stock Inflows In 2 Years
Financial stocks are basking in a post-election rally after Donald Trump‘s election win as investors anticipate a friendlier regulatory landscape for banks, brokers and consumer finance companies.
With expectations of deregulation and possible tax cuts, traders are piling into financials at levels not seen in years.
The Financials Select Sector SPDR Fund XLF jumped over 5% last week, hitting fresh record highs, while weekly inflows surged to $1.573 billion—the highest in over two years.
Regional banks, in particular, were on fire, with the SPDR S&P Regional Banking ETF KRE skyrocketing nearly 11% and seeing $1.09 billion in inflows, marking its largest influx of money since March 2023.
Key Drivers: Deregulation, Tax Cuts Fuel Investor Optimism
Investors are betting on a wave of Trump-favored financial reforms that could benefit the sector.
Richard Ramsden, a Goldman Sachs analyst, highlighted that “the market is pricing in the potential for changes to a number of proposed regulations, a step up in capital markets activity, as well as the potential for a reduction in the corporate tax rate.”
Potential regulatory changes under Trump could include:
- 401K Reform: Opening up retirement plans to private investments could attract a flood of new capital.
- Relaxed Antitrust Regulations: A more lenient antitrust stance may spark increased mergers and acquisitions (M&A) activity.
- Reduced SEC Oversight: There is limited clarity on whether the SEC will continue probing brokers’ sweep pricing practices.
- Crypto-Friendly Policies: Financial firms with crypto exposure may benefit from a more favorable regulatory environment and higher digital asset prices.
Goldman Sachs’s Top Picks Among Financials Stocks
In anticipation of these shifts, Ramsden and his team have identified several top picks across the financial sector.
Here’s where they see the biggest potential gains:
- Large Banks: Citigroup Inc. C, JPMorgan Chase & Co. JPM, and Wells Fargo & Co. WFC.
- Consumer Finance: Bread Financial Holdings BFH, Synchrony Financial SYF, and Capital One Financial Corp. COF.
- Capital Markets: Blackstone Inc. BX, Apollo Global Management Inc. APO, KKR & Co. Inc. KKR, LPL Financial Holdings LPLA, Tradeweb Markets Inc. TW, Evercore Inc. EVR, and PJT Partners Inc. PJT.
Steeper Yield Curve Expected to Boost Regional Banks
As markets react to potential economic stimulus and reduced regulatory pressure, analysts anticipate a steeper yield curve, which could be a windfall for banks with heavy exposure to fixed-rate assets.
Around 60% of both regional and large banks’ balance sheets consist of fixed-rate holdings, positioning them to profit as long-term rates rise.
Ramsden’s picks for banks that stand to gain the most from a steeper yield curve include:
Regional Banks:
- Citizens Financial Group Inc. CFG
- Comerica Inc. CMA
- First Hawaiian Inc. FHB
- Zions Bancorporation ZION
- Truist Financial Corp. TFC
- Huntington Bancshares Inc. HBAN
- Regions Financial Corp. RF
- PNC Financial Services Group Inc. PNC
- Ally Financial Inc. ALLY.
Surge in Capital Velocity: M&A and Trading Boost Expected
Trump’s pro-business stance is also expected to accelerate capital velocity in the M&A and equity capital markets, providing a strong backdrop for trading activity.
According to Ramsden, large banks like Morgan Stanley MS could be the biggest beneficiaries, while among regional banks, KeyCorp KEY and Citizens Financial Group Inc. CFG stand out.
Investment banks could also see a boost, with Jefferies Financial Group Inc. JEF, Moelis & Co. MC, PJT Partners Inc. PJT, and Piper Sandler Companies PIPR positioned to capitalize on a more active M&A market.
In the alternative asset management space, Carlyle Group Inc. CG, KKR, Apollo, TPG Inc. TPG, and Ares Management Corp. ARES are expected to benefit from an uptick in private equity deal flow.
Tax Cut Hopes Could Supercharge Regional Banks
Financial stocks are uniquely positioned to benefit from any corporate tax reductions, given that 90% of their earnings come from the U.S. and are currently taxed at an average rate of 23%. After the 2017 tax reform slashed the corporate tax rate from 35% to 21%, financials saw their effective tax rate drop by 10 percentage points.
Ramsden estimates that if the Trump administration pursues another tax cut, regional banks would likely see the most significant upside.
His top tax-cut beneficiaries include Moelis & Co. MC, American Express Co. AXP, Evercore Inc., Bread Financial Holdings, Piper Sandler, First Citizens BancShares Inc. FCNCA, Synovus Financial Corp. SNV, and Western Alliance Bancorporation WAL.
Insurers to Benefit from Steeper Curve, P&C Pricing Power
The insurance sector may also stand to gain under Trump’s pro-business policies. Ramsden expects potential increases in claim costs but sees positive momentum for property and casualty pricing.
Insurers with substantial U.S. exposure and a favorable position on the yield curve could see tailwinds.
Ramsden’s picks in the insurance space include W.R. Berkley Corp. WRB, Hartford Financial Services Group Inc. HIG, and The Travelers Companies Inc. TRV, which he believes are better positioned than brokers to benefit from these trends.
Read Next:
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Small Caps, Financials Rally As Bitcoin Blasts Past $85,000: What's Driving Markets Monday?
The “Trump-related everything rally” reignited across markets on Monday, with heightened focus on last week’s top performers like small caps, financials, Tesla Inc. TSLA, and cryptocurrencies, all surging as the new trading week began.
The Russell 2000 Index outperformed major large-cap indices, nearing a retest of its all-time high from November 2021.
Financials shone brightest again, with both large and regional banks posting strong gains. The SPDR S&P Regional Banking ETF KRE surged 3.9%, reaching levels last seen in August 2022.
Bitcoin BTC/USD also dominated headlines, surpassing the $85,000 milestone and fueling widespread gains across other crypto assets.
Major crypto-related stocks, including Coinbase Global Inc. COIN, rallied nearly 22%, hitting highs last seen in late November 2021. MARA Holdings MARA soared 25%, with Riot Platforms Inc. RIOT and CleanSpark Inc. CSLK both up by 21%.
Within tech, Tesla continued its rally, while the rest of the sector lagged, weighed down by sharp declines in semiconductors following new AI-related export restrictions to China, impacting Taiwan Semiconductor Manufacturing Company TSM.
Elsewhere, the U.S. dollar extended its gains, while Treasury yields held steady, with the 10-year yield hovering around 4.3%.
Prices tumbled in commodities, with the exception of natural gas, which rose roughly 10%. Gold dropped over 2%, and oil fell by 3%.
Monday’s Performance In Major US Indices, ETF
Index | Price | % chg (1 day) |
---|---|---|
Russell 2000 | 2,437.75 | 1.6% |
Dow Jones | 44,328.14 | 0.8% |
S&P 500 | 6,001.80 | 0.1% |
Nasdaq 100 | 21,060.25 | -0.3% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust SPY held steady at $598.43.
- The SPDR Dow Jones Industrial Average DIA rose 0.7% to $443.23.
- The tech-heavy Invesco QQQ Trust Series QQQ inched 0.3% lower to $512.45.
- The iShares Russell 2000 ETF IWM rose 1.6% to $242.00.
- The Financials Select Sector SPDR Fund XLF outperformed, rising 1.8%. The Technology Select Sector SPDR Fund XLK lagged, down 0.8%.
Monday’s Stock Movers
Stocks reacting to earnings reports were Monday.com ltd AMDY down 15% and Aramark ARMK, up 1%.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Will GOP Gov-Elect Jenniffer González Fuel Puerto Rico's Cannabis Industry Potential?
Jenniffer González Colón’s (R) recent win as Puerto Rico’s governor could mark a pivotal moment for the island’s burgeoning cannabis sector. González, known for her advocacy in support of the hemp and medical cannabis industries has a track record of securing federal funding and implementing supportive legislation.
González’s Win Could Boost Cannabis Growth
Jaime Rengifo, CEO of Prich Biotech – one of the largest cannabis companies in Latin America – says González’s leadership could further enhance the industry’s growth. “Regardless of political parties, we’ve realized that cannabis is a plant that has been poorly managed and controlled,” Rengifo told El Planteo in a recent interview. He said he anticipates the new administration will continue to support patient access and industry expansion, given the proven health benefits and economic opportunities cannabis presents.
- Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you’re serious about the business, you can’t afford to miss out.
Puerto Rico’s medical cannabis market has already surpassed $250 million annually, attributed to a streamlined regulatory system and widespread educational efforts. Patients have access to a variety of products at over 200 dispensaries across the island.
Rengifo emphasizes the importance of education and accessibility, aiming to increase the number of registered patients significantly. “Our responsibility for 2025 is to work with the government to generate educational programs and provide free access to those who truly need it,” he said.
Read Also: ‘Diamond In The Rough’ Of Latin American Cannabis: Puerto Rico’s Success Secret Explained
Notably, González’s past initiatives include legislation to protect veterans working in the cannabis industry and playing a key role in obtaining federal approval for Puerto Rico’s hemp production under the U.S. Domestic Hemp Production Program. Her incoming administration is expected to review and potentially expand current cannabis policies, aligning with the industry’s goals of broader accessibility and growth.
Pharmaceutical Sector Fuels Medical Cannabis Growth
“The potential we have is impressive,” Rengifo noted, highlighting the island’s strong pharmaceutical infrastructure. González’s support for federal cannabis policy changes could align Puerto Rico with broader U.S. trends, potentially opening doors for exports to mainland markets. Rengifo envisions a future where Puerto Rico’s established pharmaceutical sector positions the island as a key player in global medical cannabis exports.
As the new administration sets its agenda, industry leaders remain cautiously optimistic, hoping González’s tenure will solidify Puerto Rico’s status as a model for medicinal cannabis in the region.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.