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Rockville, MD , Nov. 05, 2024 (GLOBE NEWSWIRE) — The global Liquid Masterbatch Market estimated to be valued at US$ 11.78 billion in 2024, is projected to expand at a CAGR of 5% from 2024 to 2034.

Liquid masterbatches are a type of plastic compound that is dissolved in a solvent and then extruded through a small opening, similar to a spinneret. The liquid is propelled through the hole under pressure and solidifies into thread-like structures. Once taken away from the spinneret and allowed to cool, these threads can be cut into pellets or other desired shapes.

This substance, which comes in liquid and solid forms, is used to enhance the antistatic, antifog, antilocking, UV stabilizing, and flame-retardant qualities of polymers while also adding color. A variety of carrier polymers are favored in addition to the product for use in injection molding and extrusion procedures.

Need for color and functional additives in a variety of applications is driving the expansion of the market. Furthermore, the worldwide market for liquid masterbatches is expanding due to consumers’ desire for eco-friendly and lightweight products.

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Key Takeaways from Market Study:

• The global liquid masterbatch market is set to reach US$ 11.78 billion in 2024.
• Demand for liquid masterbatches is projected to rise at a CAGR of 5% from 2024 to 2034.
• The market is projected to reach US$ 19.2 billion by 2034-end.
• The market in East Asia is forecasted to expand at a CAGR of 5.5% through 2034.
• Demand for plasticizers or PVC is projected to increase at a CAGR of 5.8% through the forecast period.
• North America is estimated to account for 28.6% share of the global market in 2024.

“One of the main factors projected to drive the global liquid masterbatch market during the forecast period is the replacement of metal by plastics in the end-use sectors, such as automotive and transportation, building and construction, consumer products, and packaging,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Liquid Masterbatch Market:

Cabot Corporation | Tosaf | Avient | Clariant | Americhem | BASF SE | Ferro-Plast Srl | A. Schulman | RTP CO.

Growing Emphasis on Sustainable and Eco-Friendly Masterbatch Solutions in Manufacturing:

Increasing awareness of sustainability concerns and pressing environmental challenges are leading to a rise in the demand for environmentally friendly masterbatch solutions. There is an evident trend in the manufacturing sector toward the search for sustainable alternatives as governments, businesses, and consumers become aware of the need to implement ecologically responsible practices.

Potential environmental benefits of liquid masterbatches are one of the main reasons for their popularity. Liquid masterbatches may have advantages over their solid counterparts in terms of decreased energy costs related to production and lower carbon footprints. Liquid masterbatches may be made with fewer raw materials, which would make the production cycle more resource-efficient and sustainable.

• Ampacet announced the release of PET UVA in June 2023. This masterbatch protects the food within the packaging from damaging UV rays, prolonging its shelf life and minimizing waste. UVA in PP and PE is also provided by the firm.

Liquid Masterbatch Market News:

Cabot Corporation introduced the PLASBLAK XP6801D black masterbatch in November 2020. By removing the usual trade-off between colour and mechanical qualities, this novel formulation, which is based on styrene-acrylonitrile (SAN), successfully meets the needs of the styrenics industry.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the liquid masterbatch market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product type (additives, mineral oils, phthalates, plasticizers or PVC, polyurethane, resins), color (black, white), and end use (packaging, aerospace, marine, cosmetics & pharmaceuticals, electronics & electricals, construction, consumer products), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

Segmentation of Liquid Masterbatch Market Research:

• By Product Type :
  • Additives
  • Mineral Oils
  • Phthalates
  • Plasticizers or PVC
  • Polyurethane
  • Resins
• By Color :
• By End Use :
  • Packaging
  • Aerospace
  • Marine
  • Cosmetics & Pharmaceuticals
  • Electronics & Electricals
  • Construction
  • Consumer Products

Check out More Related Studies Published by Fact.MR:

Rubber Additives Market: Worldwide revenue from the sales of rubber additives market is estimated to stand at US$ 3.91 billion in 2024 and is slated to increase at a CAGR of 3.8% to reach US$ 5.7 billion by 2034.

Fertilizer Additives Market: Worldwide demand for fertilizer additives accounts for a market valuation of US$ 3.34 billion in 2023 and is forecasted to reach US$ 4.7 billion by 2033-end. Over the next ten years (2023 to 2033), the global fertilizer additives market is projected to rise at 3.4% CAGR.

Gasoline Additives Market: The gasoline additives market enjoys a significant portion in the overall fuel additives marketplace which involves gasoline additives, diesel additives, etc. Gasoline additives can be fundamentally differentiated from the gasoline blending components on the basis of concentrations.

Vinyl Flooring Plasticizers Market: Reaching a valuation of US$ 1.39 billion in 2023, the global vinyl flooring plasticizers market is forecasted to expand at 3.7% CAGR over the next ten years to attain a revenue of US$ 2.01 billion by the end of 2033.

Chelating Resins Market: The global chelating resins market is valued at US$ 447.7 million in 2021 and is estimated to grow at a CAGR of 5.1% to reach a valuation of US$ 773.8 million by 2032.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay competitive.

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Rockville, MD , Nov. 05, 2024 (GLOBE NEWSWIRE) — According to a new industry research report published by Fact.MR, a market research and competitive intelligence provider, the global Hydraulic Cylinder Market is analyzed to reach a value of US$ 14.83 billion in 2024 and thereafter expand at 5.7% CAGR through 2034.

The global demand for hydraulic cylinders is rising at a steady pace due to the continuous changes in manufacturing and industrial processes brought about by the advancement in industrial automation. Businesses seeking to boost productivity, accuracy, and efficiency are increasingly turning to hydraulic cylinders for these reasons.

Hydraulic cylinders endure several automated operations, including material handling, assembly, machining, and others, the power and control they need. High precision and dependability are vital in industries including aerospace and automotive, where hydraulic cylinders facilitate the seamless functioning of gear and equipment.

East Asia holds a significant portion of the worldwide market due to its well-established industrial sector and strong demand for construction and agricultural equipment. Apart from this, regional developments in hydraulic technology, especially in automation and smart cylinders, are driving market expansion even more.

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Key Takeaways from Market Study:

• The worldwide market of hydraulic cylinders is forecasted to touch US$ 25.82 billion by 2034.
• The East Asia region is estimated to account for 25.9% of the global market share in 2024.
• North America is analyzed to reach a valuation of US$ 3.38 billion in 2024.
• Global sales of welded hydraulic cylinders are evaluated to expand at a CAGR of 5.6% from 2024 to 2034.
• Demand for hydraulic cylinders with 51 to 100 mm bore size is projected to reach a worth of US$ 6.27 billion by 2034-end.
• The market in Japan is projected to expand at a 5.9% CAGR through 2034.

“Leading manufacturers of hydraulic cylinders are focusing on developing advanced equipment that is more powerful, precise, and effective. For real-time monitoring, these cylinders have smart hydraulic systems with sensors and Internet of Things technologies,” says a Fact.MR analyst

Leading Players Driving Innovation in the Hydraulic Cylinder Market:

KYB Corporation; Enerpac Tool Group; SMC Corporation; HYDAC; Caterpillar; Bosch Rexroth; Jiangsu Hengli Hydraulic Co., Ltd.; Eaton Corporation; Actuant Corporation; Wipro Limited; Texas Hydraulics; Garden Flavours Co. Pvt. Ltd.

High Preference for Welded Hydraulic Cylinders:

The strong construction and longevity of welded hydraulic cylinders are driving up their demand more quickly than for other product categories. For heavy-duty applications such as construction, mining, and agricultural machinery, welded cylinders are a better choice as they are entirely enclosed and survive harsh environments. Due to their compact design, which also makes them easier to incorporate into small spaces, they are ideal for equipment where space is limited.

The fact that welded cylinders often have fewer leakage places adds to their dependability and reduces the need for maintenance, which is another reason why they are growing in popularity in industries that require equipment with a reputation for efficiency and durability.

Hydraulic Cylinder Industry News:

According to Wipro Hydraulics, the hydraulic cylinder and component manufacturing division of Wipro Infrastructure Engineering, the state-of-the-art facility in Mahindra World City, Jaipur, which is the company’s first hydraulics manufacturing facility in Northern India, will be able to produce hydraulic cylinders for customers all over the world in August 2024.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the hydraulic cylinder market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product type (tie-rod, threaded, welded, bolted/mill, telescopic), bore size (<50 mm, 51 to 100 mm, 101 to 150 mm, 151 to 300 mm, above 300 mm), operating principle (single acting, double acting, multistage/tandem), and application (industrial equipment [lifts & aerial work platforms, rams & presses, loading docks, injection molding machines, oil & gas and offshore applications, others], mobile equipment [agricultural & forestry vehicles, construction equipment, mining & material handling equipment, others]), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

Segmentation of Hydraulic Cylinder Market Research:

• By Product Type :
  • Tie-Rod
  • Threaded
  • Welded
  • Bolted/Mill
  • Telescopic
• By Bore Size :
  • <50 mm
  • 51 to 100 mm
  • 101 to 150 mm
  • 151 to 300 mm
  • Above 300 mm
• By Operating Principle :
  • Single Acting
  • Double Acting
  • Multistage/Tandem
• By Application :
  • Industrial Equipment
    • Lifts & Aerial Work Platforms
    • Rams & Presses
    • Loading Docks
    • Injection Molding Machines
    • Oil & Gas and Offshore Applications
    • Others
  • Mobile Equipment
    • Agricultural & Forestry Vehicles
    • Construction Equipment
    • Mining & Material Handling Equipment
    • Others

Checkout More Related Studies Published by Fact.MR Research: 

Industrial Air Preheater Market: The global industrial air preheater market is expected to reach a valuation of US$ 9,069.8 million in 2024 and is projected to climb to US$ 16,396.5 million by 2034, expanding at a CAGR of 6.1% during the forecast period of 2024 to 2034.

Gas Cylinder Market: Demand for gas cylinders in the global market is valued at close to US$ 7.5 Bn at present. The global gas cylinder market is predicted to surge ahead at a CAGR of 8% through 2031, as per the latest industry analysis by Fact.MR.

Micro Gas Cylinder Market: The global micro gas cylinder market registered a CAGR of 3.2% from 2018 to 2022. The market is set to reach a valuation of US$ 876.4 million in 2023 and expand at a CAGR of 6.2% to end up at US$ 1.6 billion by 2033. Sales of micro gas cylinders currently account for around 12% share of the global gas cylinder market.

Hydraulic Breakers Rental Market: Hydraulic breakers rental services demand is expanding and is poised to grow at a rate of 6.0% during the forecast period and reach a valuation of US$ 698.2 million in 2033 from US$ 389.9 million in 2023.

Hydraulic Filter Market: The global hydraulic filter market is estimated at USD 2,124.3 Million in 2022 and is forecast to surpass USD 3,251.8 Million by 2032, growing at a CAGR of 4.3% from 2022 to 2032.

About Us: 

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.  

Contact: 
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Wilmington, Delaware, United States, Transparency Market Research Inc. -, Nov. 05, 2024 (GLOBE NEWSWIRE) — The global metal roofing market (금속 루핑 시장) is estimated to flourish at a CAGR of 5.3% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for metal roofing is estimated to reach US$ 25.8 billion by the end of 2031.

Amidst the metal roofing market’s evolution, emerging drivers are shaping industry dynamics. A significant factor is the growing focus on circular economy principles. Companies are increasingly emphasizing circularity by employing recycled materials and implementing efficient waste management throughout the metal roofing lifecycle. The promotion of cradle-to-cradle approaches, encouraging the reuse and recycling of metal roofing components, plays a pivotal role in sustainability efforts.

Changing insurance industry practices constitute an emerging driver. The heightened frequency of extreme weather events prompts insurance companies to incentivize metal roofing installations. Premium discounts or policy incentives for structures with durable, weather-resistant metal roofs encourage consumers to opt for these solutions.

The influence of evolving regulatory frameworks and building codes drives the metal roofing market. Stricter regulations mandating the use of energy-efficient and long-lasting roofing materials further bolster the demand for metal roofing solutions, fostering industry growth by aligning with governmental sustainability goals.

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Metal Roofing Market: Competitive Landscape

The metal roofing market features intense competition driven by key players such as NCI Building Systems (now Cornerstone Building Brands), CertainTeed Corporation, and Owens Corning. These industry giants dominate with a diverse portfolio, offering high-quality metal roofing solutions, including steel, aluminum, and copper options.

ASC Profiles LLC and ATAS International Inc. emerge as prominent players, specializing in innovative roofing systems catering to commercial and residential sectors. Regional players like Kingspan Group and Tata BlueScope Steel capture niche markets, leveraging technological advancements and sustainability initiatives.

With a focus on durability, energy efficiency, and aesthetics, competition remains fierce, fostering continuous innovation and market expansion in the Metal Roofing industry. Some prominent manufacturers are as follows:

• Owens Corning
• Saint-Gobain S.A.
• Carlisle Companies Inc.
• ATAS International Inc.
• Tegral Building Products Ltd.
• Etex
• Safal Group
• Sunlast Metal Inc.
• Metal Sales Manufacturing Corporation
• Thompson Architectural Metals Co (TAMCO)
• SKC Thailand Co. Ltd.
• CSR Limited
• Coastal Metal Service
• Worthouse

Product Portfolio

• Owens Corning presents a diverse product portfolio, focusing on insulation, roofing, and fiberglass composites. Their offerings cater to construction, automotive, and industrial sectors, emphasizing innovation and sustainability in high-quality building materials.
• Saint-Gobain S.A. offers a comprehensive portfolio of construction materials, including glass, ceramics, and plastics. Their products serve diverse industries, emphasizing sustainable solutions and technological advancements in building and high-performance materials.
• Carlisle Companies Inc. offers a versatile product line encompassing roofing systems, waterproofing solutions, and specialty materials. Their portfolio caters to construction, aerospace, and industrial sectors, prioritizing quality and innovation in durable building materials.

Key Findings of the Market Report

• Steel dominates the metal roofing market due to its affordability, durability, and wide range of applications in diverse construction projects.
• Standing seam remains the leading flat seam segment in the metal roofing market due to its popularity, versatility, and durability.
• Renovation dominates the metal roofing market due to increased retrofitting demands and refurbishment projects in existing structures. 

Metal Roofing Market Growth Drivers & Trends

• Increasing emphasis on eco-friendly building practices drives demand for recyclable and energy-efficient metal roofing materials, aligning with green construction trends.
• Rising occurrences of severe weather conditions propel the adoption of durable metal roofs, offering better resistance against hurricanes, hailstorms, and wildfires.
• Rapid urban expansion and infrastructural projects in emerging economies fuel demand for long-lasting metal roofing solutions, particularly in commercial and industrial sectors.
• Innovations in coatings and manufacturing techniques enhance metal roofing’s durability, aesthetics, and energy efficiency, contributing to market growth.
• Increasing architectural diversity and preference for modern designs drive the popularity of metal roofing, offering versatile styles and color options for residential and commercial structures.

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Global Metal Roofing Market: Regional Profile

• North America boasts a substantial market share, driven by stringent building codes, weather extremities, and the emphasis on sustainable construction. Leading players like NCI Building Systems (now Cornerstone Building Brands) and CertainTeed Corporation cater to diverse residential and commercial roofing needs with a focus on energy efficiency and durability.
• In Europe, metal roofing gains traction due to its longevity and design versatility, particularly in countries like Germany and the United Kingdom. Companies such as Kingspan Group and Tata BlueScope Steel offer innovative solutions meeting stringent regulatory requirements and architectural preferences.
• The Asia Pacific shows substantial growth prospects, owing to rapid urbanization and infrastructure development, especially in China and India. ASC Profiles LLC and ATAS International Inc. capitalize on the region’s demand for cost-effective, durable roofing solutions, promoting metal roofing’s benefits in terms of longevity and resistance to natural disasters.

Metal Roofing Market: Key Segments

By Metal Type

• Steel
• Aluminum
• Copper
• Others (Tin, Zinc, and Titanium)

By Flat Seam

• Batten Seam
• Standing Seam
• Corrugated
• Others (including Shingles, Panels, and Through-fastened Metal Roofing)

By Construction Type

• New Construction
• Renovation

By End User

• Residential
• Commercial
• Industrial

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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More Trending Report by Transparency Market Research: 

PVC Emulsion Market (PVCエマルジョン市場) – The industry was valued at US$ 3.5 Bn in 2021. It is estimated to grow at a CAGR of 4.3% from 2022 to 2031 and reach US$ 5.1 Bn by the end of 2031 

Sulfuric Acid Market (سوق حمض الكبريتيك) – The global sulfuric acid market size was valued at US$ 13.9 Bn in 2021. It is estimated to expand at a CAGR of 2.7% from 2022 to 2031 and reach a value of US$ 18.2 Bn by the end of 2031

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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Rockville, MD, Nov. 05, 2024 (GLOBE NEWSWIRE) — In 2021, the global commercial hydrogen vehicle market expanded 23.3% year-on-year, bucking skepticism about how the global market would perform owing to the COVID-19 pandemic. Across the world, in 2024, total sales of commercial hydrogen vehicles reached US$ 5.24 billion. Based on Fact.MR’s report, the global market for commercial hydrogen vehicles is anticipated to reach US$ 53.24 billion by 2034 expanding at a remarkable CAGR of 26.9% from 2024 to 2034.

Despite being the most prevalent element in the universe, hydrogen lacks independence, i.e., it must be separated from other substances, such as water or natural gas. However, there are trade-offs regarding cost and environmental impact, not all are made equal. Some of the features of FCEVs are high driving range, quick refilling, silent operation, and zero emissions of greenhouse gases & air pollutants. Therefore, using fuel cells for transportation and automotive purposes is suitable.

For significant applications in transportation, such as buses, cars, trains, defence vehicles, material handling vehicles, and light commercial vehicles, fuel cells are flexible and easily scalable sources of electricity. Demand for fuel cells in the automotive and transportation sectors may also increase as a result of several government initiatives.

To date, hydrogen use in the sector has been limited to less than 0.01% of the energy consumed, and two years back, hydrogen fuel cell electric vehicles accounted for a very small share of the global fleet of vehicles (<0.01%) and of electric vehicles (0.3%). At the end of June 2022, 50,000 FCEVs were on the roads across the world.

For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=7918

Key Takeaways from Market Study

• The global commercial hydrogen vehicle market is projected to expand at an impressive CAGR of 26.9% and create an absolute dollar opportunity US$ 53.24 billion by 2034.
• The market expanded at 8% CAGR for the period of 2017-2021.
• Under fuel cell technology, PEMFC commercial hydrogen vehicles dominate the market and are valued at US$ 3.5 billion in 2022.
• Buses & coaches dominated the market with 1% market share in 2022.
• Demand for commercial hydrogen vehicles is expected to increase at CAGRs of 9% and 31.5%, respectively, in the Americas and EMEA.

“Automobile manufacturers are adopting hydrogen fuel cell (HFC) technology to gain an early advantage in the automobile market,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Commercial Hydrogen Vehicle Market:

Key players in the commercial hydrogen vehicle market are Anglo American, DAF, Daimler Truck, General Motors, Hinduja Group, Hyundai Motor Group, Hyzon Motors, International Truck, Komatsu, MAN, New Flyer Industries Ltd., Nikola Corporation, PACCAR Inc., SAIC Motor Corporation Limited, SANY Heavy Truck, Toyota Motor Corporation, Van Hool, Volvo AB.

Market Development:

Various governments have implemented several policies to address environmental issues. The Regional Hydrogen Hub, the Electrolysis and Clean Hydrogen Manufacturing, Recycling Programs, and the Bipartisan Infrastructure Law were all designed with inputs from stakeholders in mind. Two requests for information (RFI) were published by the U.S. Department of Energy (DOE). This will speed up development, lower technology costs, and increase the use of hydrogen as a source of clean energy.

For instance, to fulfil its goal of 1.5 million zero-emission vehicles by 2025, the U.S. state of California committed investment for the building of more than 100 hydrogen filling stations, which is boosting the market for commercial hydrogen fuel cell vehicles in the region.

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Commercial Hydrogen Vehicle Industry News:

• Ashok Leyland, the prime of the Hinduja Group, announced in November 2021 that the company is developing hydrogen-powered commercial cars and that a team is now constructing them.
• By lowering the cost of the technology by 2028, Hyundai Motor Group hopes to become the first car manufacturer in the world to power all of its commercial vehicle models using fuel cell systems. This goal was set in September 2021.
• A collaboration with American automaker General Motors Co. and others to create a hydrogen fuel cell-powered commercial truck and related fuelling infrastructure was announced in January 2021 by truck manufacturer Navistar International Corp.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global commercial hydrogen vehicle market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of type of fuel cell technology (PAFC, DMFC, PEMFC), fuel cell capacity (up to 75 kW, 75-100 kW, 100-150 kW, above 150 kW), and vehicle category (LCVs, HCVs, buses & coaches, industrial trucks), across major regions of the world (Americas, APAC, and EMEA).

Check out More Related Studies Published by Fact.MR:

Hydrogen Vehicles Market: Size is forecasted to surge ahead at a CAGR of 30.8% and reach a size of US$ 675.19 billion by the end of 2033.

Hybrid Electric Vehicles Market: Size is expected to develop at an impressive rate, with a compound annual growth rate (CAGR) of more than 14% during the 2021–2031 projection period. By 2031, gasoline hybrid cars are expected to be worth more than $100 million USD.

Electric Truck Market: Stands at US$ 19.5 billion in 2023 and is projected to reach US$ 78 billion by 2033-end, expanding at a noteworthy CAGR of 14.5% from 2023 to 2033.

Compact Wheel Loader Market: Size is set to reach a value of US$ 40.64 billion in 2024. Projections are that the market will expand at a CAGR of 5.1% to end up at US$ 66.83 billion by the year 2034.

Aerospace Filter Market: is expected to be valued at US$ 1.45 billion in 2024 and further expand at a CAGR of 4.3% to reach US$ 2.21 billion by the end of 2034.

Automotive Tire Market: Size is projected to increase from a value of US$ 403.53 billion in 2024 to US$ 626.67 billion by the end of 2034. Worldwide sales of automobile tires have been projected to rise at 3.6% CAGR from 2024 to 2034.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay competitive.

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Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
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Luton, Bedfordshire, United Kingdom, Nov. 05, 2024 (GLOBE NEWSWIRE) — The pet insurance market is experiencing significant growth, driven by factors such as increasing pet populations, higher insurance adoption in developing regions, rising veterinary costs, major company initiatives, and the humanization of pets. According to NAPHIA’s 2024 State of the Industry report, there are now 6.25 million insured pets in North America, a 16.6% increase from 5.36 million in 2022.

The rising prevalence of diseases in pets and the growing trend of pet adoption are expected to further fuel market demand. Pet insurance helps mitigate costs associated with serious medical conditions, making it increasingly essential as veterinary services become more advanced and expensive. Innovations like online platforms and virtual care programs are also enhancing connections between pet owners and care providers, supporting the growth of the insurance sector.

Additionally, the COVID-19 pandemic led to a surge in pet ownership, with many first-time pet owners expressing interest in insurance. According to Pet plan, 47% of respondents acquired pets during the pandemic, driven by remote work and the desire for companionship. As veterinary care costs rise—spinal surgeries can exceed USD 13,000—pet insurance is becoming crucial. NAPHIA’s report highlights a significant rise in claims, with the highest recorded claim exceeding USD 59,000 for a cat with a severe medical condition, demonstrating the vital role of insurance in managing these expenses.

https://exactitudeconsultancy.com/reports/796/pet-insurance-market/

Market Overview and Dynamics

The pet insurance sector is marked by significant innovation driven by advancements in veterinary medicine and a variety of insurance options tailored for different animal species. The rising trend of treating pets as family members, along with increased pet adoptions, has intensified the demand for insurance. As treatment options for pets expand, healthcare costs are rising, prompting owners to seek insurance to alleviate these expenses. Industry players are adapting by modifying existing plans and developing new ones to meet specific needs.

While pet insurance primarily covers dogs and cats, it also includes horses and exotic animals. There is a common misconception that pet insurance functions like human health insurance; however, it is classified as property insurance, meaning reimbursement occurs after the owner submits a claim following care.

The increase in dog rescue facilities and rehabilitation services for sick pets has further stimulated market growth. Rising veterinary costs, coupled with expensive medical procedures and medications, are driving demand for insurance. The global pet insurance market is projected to grow at a CAGR of 15.5%, reaching an estimated $50 billion by 2034.

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Regional Expansion and Market Strategies

Growth within the pet insurance market involves extending coverage to new geographical areas, driven by increased pet ownership, greater health awareness, and financial protection against unforeseen veterinary expenses. For instance, in August 2024, Trupanion expanded its operations in Europe by launching a pet medical insurance plan in Switzerland and Germany.

Market players are implementing various strategic initiatives, such as introducing new policies, forming partnerships, and pursuing mergers and acquisitions. Notably, JAB Holding Company acquired Pumpkin in April 2023 to strengthen its position in the rapidly expanding sector.

Competitive Landscape and Regulatory Framework

The entry of larger companies into the pet insurance market is expected to increase competition. For example, in December 2023, Embrace Pet Insurance insured approximately 600,000 pets nationwide. As the value of insurance becomes more recognized, new providers with unique business models are emerging.

Each region has its regulatory framework governing the insurance industry. In the U.S., the National Association of Insurance Commissioners (NAIC) oversees compliance and consumer protection. In 2023, the NAIC adopted the Pet Insurance Model Act, addressing key aspects such as pre-existing conditions and pet wellness programs.

Coverage Insights

The accident and illness segment dominated the market, capturing about 85% of the share in 2024, driven by rising veterinary costs, a growing pet population, and increased awareness of insurance value. This segment is expected to maintain robust growth as policies cover various conditions, from acute and chronic diseases to medications and diagnostic tests.

Conversely, liability insurance policies are anticipated to grow the fastest between 2025 and 2030, particularly in countries where pet owners are required to have such coverage. For instance, Luko provides dog liability insurance across several European nations.

Animal Insights

In 2024, dogs accounted for 60% of the market share due to high adoption rates. According to the American Pet Products Association, approximately 66% of U.S. households own at least one pet, with dogs comprising about 80% of the insured pet population.

The segment covering horses, small mammals, and birds is projected to grow at the highest CAGR, spurred by increased pet adoption and the expansion of insurance offerings. For example, Agria introduced a horse insurance plan covering veterinary fees up to €10,000, and Petco partnered with Nationwide Pet Insurance in January 2024 to launch a health insurance plan for various animals.

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Sales Channel Insights

In 2024, the direct sales channel segment held the largest market share at 34%, driven by major pet insurance providers adopting direct sales strategies. For instance, Deutsche Familienversicherung AG reported that direct sales accounted for 8% of their new business in 2023, reflecting a notable increase from the previous year, alongside a 21% boost in online sales.

Conversely, the segment encompassing animal care centers, veterinary clinics, and similar entities is projected to grow at the fastest rate during the forecast period. This growth is fueled by providers forming multi-faceted partnerships to enhance pet benefits and expand market reach. A significant development in this area occurred in February 2024 when Tractive, the leading pet wearables firm in the UK and Europe, launched Tractive Pet Cover. This insurance product, developed in collaboration with Ignite and Covéa, provides comprehensive lifetime coverage for dog and cat owners in the UK, offering up to £9,000 (approximately $11,500) in annual vet fees for accidents, illnesses, dental treatment, and third-party liability.

Regional Insights

North America
The North American pet insurance market secured the second-largest revenue share in 2024, driven by increasing adoption rates of pet insurance. According to NAPHIA’s 2024 statistics, the gross written premium (GWP) for pet insurance in the U.S. and Canada surged from $1.56 billion in 2019 to $3.91 billion in 2023, reflecting an increase of over 25%.

The U.S. pet insurance market boasts a substantial customer base, with approximately 67% of households owning pets. This creates significant opportunities for pet insurance companies. A notable initiative by Spot Pet Insurance, in partnership with philanthropist MrBeast, aims to facilitate the adoption of 100 homeless pets and provide lifelong insurance coverage, potentially exceeding $1 million in premiums. Such initiatives highlight the industry’s trend toward addressing community issues while promoting awareness and adoption of pet insurance.

Europe
In 2024, the European pet insurance market held a dominant revenue share of over 41%, driven by rising pet ownership, increasing adoption of pet insurance, and the presence of major companies. According to the European Pet Federation (FEDIAF), Europe housed 340 million pets in 2022, with cats and dogs being the most common. Key players like Petplan in the UK and DFV in Germany are continually implementing strategic initiatives to enhance their market share.

The Association of British Insurers (ABI) reported that pet insurance claims in 2022 exceeded £1 billion (approximately $1.28 billion), marking the highest level since 2007. This reflects rising costs associated with pet ownership and the growing number of insured pets. The pet insurance market in France is expected to grow rapidly due to increasing dog and cat ownership, alongside rising veterinary costs, which further underscores the need for insurance. Monthly premiums in France range from $8.61 to $10.79.

Asia Pacific
The pet insurance market in the Asia Pacific region is projected to grow at over 18% during the forecast period, driven by a rising trend of pet adoption and economic development. Increased awareness of veterinary health and improvements in healthcare infrastructure further contribute to this growth.

India’s pet insurance market is rapidly expanding, positioning the country among the fastest-growing markets globally. The pet care industry in India is expected to reach $800 million by 2025, with around 600,000 pets adopted annually. The COVID-19 pandemic has spurred a surge in dog adoptions, prompting insurance companies to create tailored plans. Future Generali India Insurance Company Ltd sold nearly 25,000 pet insurance policies in the last quarter of 2022, showcasing significant growth potential.

Latin America
The Latin American pet insurance market is poised for growth, driven by increased veterinary healthcare penetration, rising per capita income, and heightened awareness of pet insurance benefits. Brazil leads the region with an estimated pet population of 160 million, according to reports, suggesting an average of nearly two pets per household. This rise in pet ownership is fueling the growth of the pet insurance industry, driven by trends of humanization and increasing ownership rates.
Middle East and Africa (MEA)
The MEA pet insurance market is expected to grow, supported by rising awareness of animal health in developing countries like Saudi Arabia and South Africa. South Africa has been involved in research initiatives assessing the impact of drugs on pets, and the establishment of the South African Veterinary Association has enhanced regulatory control in the veterinary sector.

Key players like Oneplan, Medipet, Dotsure, Pet Sure, and Hollard are actively launching new premium plans to increase their market presence. In September 2024, Tree Digital Insurance Agency launched a digital insurance platform designed for pet owners, further enhancing adoption.

Key Insights into Pet Insurance Companies

The pet insurance market is characterized by moderate fragmentation and competition, with substantial growth driven by significant investments in providers. JAB Holding Company has been acquiring various insurance and veterinary companies in North America and Europe, including prominent players like Figo, Pet Partners, AKC, ASPCA, Pets Plus Us, and Pumpkin Petcare, solidifying its dominance in the sector.

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Key Pet Insurance Companies:

The following are the leading companies in the pet insurance market. These companies collectively hold the largest market share and dictate industry trends.

• Waggel Limited
• Feather Insurance
• Trupanion, Inc.
• Deutsche Familienversicherung AG (DFV)
• Getsafe GmbH
• Napo Limited
• Tesco
• Sainsbury Bank Plc
• Fressnapf Holding SE
• HDFC Ergo
• AliPay
• Nationwide Mutual Insurance Company
• Anicom Insurance
• Petplan (Allianz)
• Jab Holding Company
• Direct Line
• Lassie
• EQT Group
• MetLife Services and Solutions, LLC

Recent Developments in the Pet Insurance Market

• August 2024: Apollo Insurance, a Canadian insurance broker, introduced a new insurance plan that covers medical expenses for various pets, including dogs and cats.
• June 2024: Trupanion and Boehringer Ingelheim announced a partnership aimed at enhancing access to veterinary care. This collaboration will provide Trupanion clients with curated veterinary information and tips.
• April 2024: HDFC ERGO Insurance launched Paws n Claws, a customizable pet insurance plan for dogs that covers a range of veterinary costs, including diagnostic tests, treatments, and medications.
• January 2024: Five Sigma, a leader in cloud-based claims management solutions, formed a strategic alliance with Odie Pet Insurance. This partnership is focused on making pet insurance more accessible and affordable while revolutionizing the claims process.
• November 2023: Fetch partnered with Best Friends Animal Society, a national organization aiming to end the euthanasia of shelter pets by 2025. Fetch will make substantial donations to support the Society’s efforts to rehome shelter animals.

Market Segments:

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Rockville, MD , Nov. 05, 2024 (GLOBE NEWSWIRE) — Global demand for stair lifts is on the rise as the number of multi-story houses that pose challenges for disabled individuals to navigate within their homes rises. According to this new report by Fact.MR, the global stair lift market is estimated to reach a valuation of US$ 1.58 billion in 2024 and thereafter expand at a CAGR of 7.1% from 2024 to 2034.

The market has been expanding at a decent pace due to widespread adoption in hospitals, where these lifts assist elderly patients with limited mobility in moving around. Significant number of people sustain injuries that affect their mobility and bodily movements. These ailments make it challenging for them to ascend stairs, and they therefore rely on stair lifts.

Muscular disorders, such as Parkinson’s disease, can impair muscle control and mobility. These conditions necessitate the use of stair lifts for everyday activities, thus increasing market prospects for manufacturers. Market conditions in the industry are predicted to become more conducive as long-term health conditions become more prevalent among the general public.

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Key Takeaways from Market Study:

• The global stair lift market is forecasted to reach a valuation of US$ 3.13 billion by 2034-end.
• The market in North America is projected to expand at a CAGR of 7.6% from 2024 to 2034.
• The United States is projected to occupy a market share of 5% in North America by 2034.
• The Japanese market is projected to expand at a CAGR of 3% from 2024 to 2034.
• Sales of straight stair lifts reached US$ 502.3 million in 2019 and are projected to increase US$ 1.55 billion by the end of 2034.
• The healthcare segment is projected to expand at a CAGR of 5% from 2024 to 2034.

“The stair lift market is projected to expand at a significant pace due to its adoption in hospitals and increasing demand from individuals with mobility issues due to injuries and muscular disorders,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Stair Lift Market:

Key industry participants like Handicare, Stannah Lifts, Otolift, Platinum Stairlifts, American Elevator, Ascent Mobility, Kumalift, Daido Kogyo, Dream Lifts, Garaventa Lift, Liftstrade Private Limited etc. are driving the stair lift industry.

Increasing Adoption of VR and 3D Imaging in Stair Lift Manufacturing:

With the proliferation of e-Commerce, stair lifts and climbing devices are now more easily available, with many businesses offering refurbished options. The integration of emerging digital trends like virtual reality and 3D imaging in the design of used stair lifts enhances product quality. Customers can visualize how the stairs will look once installed using 3D imaging. Additionally, virtual reality technologies improve the speed of measurement in stair lift construction, allowing for better visualization of graphical elements such as rail color.

Stair Lift Industry News:

• In October 2021, Garaventa Lift launched its first European showroom in Switzerland, a significant milestone for the company in a key market.
• In March 2022, Mobility Stairlifts initiated stair lift removal services across the United Kingdom. The company claims its trained technicians can efficiently remove stair lifts from manufacturers like Stannah, Thyssen Krupp, Acorn, and Brooks that are less than five years old. They assure homeowners that the removal of both straight and curved stair lifts can be completed in under 60 minutes, minimizing disruption during the process.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the stair lift market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product type (straight stair lifts, curved stair lifts, platform stair lifts), power source (AC, battery), and location (residential spaces, commercial spaces), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe East Asia, South Asia & Pacific, and MEA).

Check out More Related Studies Published by Fact.MR Research:

Patient lifting equipment market stands at a valuation of US$ 1.5 billion and is predicted to reach US$ 2.3 billion by the end of 2027.

Medical lifting slings market is projected to increase from a value of US$ 1.14 billion in 2023 to US$ 3.11 billion by the year 2033.

Medical beds market to rise at a CAGR of 3.7% and be valued at around US$ 5.5 Billion by 2032.

Dental restorative supplies market is estimated at USD 5.1 billion in 2022 and is forecast to surpass USD 8.8 billion by 2032, growing at a CAGR of 5.6% from 2022 to 2032.

Biobanking equipment market is expected to exhibit a high CAGR of 7.1%. Sales of biobanking equipment worldwide are estimated to surpass US$ 2,000 million

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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