Technology

Plastic Granules Market to Grow by USD 9.79 Billion (2024-2028), Driven by Rising Demand in Automotive Industry, AI Redefines Market Landscape – Technavio

Published

2 months ago

October 29, 2024

NEW YORK, Oct. 29, 2024 /PRNewswire/ — Report with market evolution powered by AI- The global plastic granules market size is estimated to grow by USD 9.79 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 3.3% during the forecast period. Rising demand for plastic granules in automotive industry is driving market growth, with a trend towards growing demand for biodegradable plastic granules. However, adverse effects of plastic granules on marine life poses a challenge. Key market players include BASF SE, Braskem, Carbokene FZE, Covestro AG, Dow Inc., DuPont de Nemours Inc., Eastman Chemical Co., Exxon Mobil Corp., Formosa Plastics Corp., Global Plastic Industries, LG Chem Ltd., Liaocheng Fengya Chemical Co., Ltd., LyondellBasell Industries N.V., Mitsubishi Chemical Group Corp., Navkar Industries, Pebo SpA, Reliance Industries Ltd., Saudi Basic Industries Corp., TotalEnergies SE, and Wiwat Plastic.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (Polyethylene, Polypropylene, Polyvinyl chloride, Polyethylene terephthalate, and Others), Form Factor (Granules and Recycled granules), and Geography (APAC, North America, Europe, Middle East and Africa, and South America)

Region Covered

APAC, North America, Europe, Middle East and Africa, and South America

Key companies profiled

BASF SE, Braskem, Carbokene FZE, Covestro AG, Dow Inc., DuPont de Nemours Inc., Eastman Chemical Co., Exxon Mobil Corp., Formosa Plastics Corp., Global Plastic Industries, LG Chem Ltd., Liaocheng Fengya Chemical Co., Ltd., LyondellBasell Industries N.V., Mitsubishi Chemical Group Corp., Navkar Industries, Pebo SpA, Reliance Industries Ltd., Saudi Basic Industries Corp., TotalEnergies SE, and Wiwat Plastic

Key Market Trends Fueling Growth

The global plastic granules market is experiencing a notable trend towards the use of eco-friendly biodegradable plastic granules. This shift is driven by rising environmental consciousness and the necessity to minimize plastic waste. Biodegradable plastic granules are sourced from renewable resources like corn starch, sugarcane, and other plant-based materials. These raw materials naturally decompose into water, carbon dioxide, and biomass when exposed to moisture and microorganisms. Biodegradable plastic granules are employed in the manufacture of various sustainable products, such as packaging materials, disposable cutlery, agricultural films, and compostable bags. These products serve as eco-friendly alternatives to conventional plastics, aligning with the expanding consumer and industrial preference for sustainable practices. The growth in demand for biodegradable plastic granules is fueled by several factors. Firstly, there is a heightened concern regarding environmental pollution and the adverse effects of plastic waste, prompting consumers and industries to opt for eco-friendly alternatives. Secondly, advancements in biopolymer research and production have significantly enhanced the performance, durability, and cost-effectiveness of biodegradable plastics, broadening their application scope. Moreover, government regulations and policies advocating the use of biodegradable materials are bolstering market growth. These regulations motivate manufacturers to adopt sustainable practices and minimize their environmental impact. Furthermore, the growing focus on corporate social responsibility and the demand for sustainable packaging solutions are fostering the adoption of biodegradable plastic granules. These factors are expected to drive the expansion of the global plastic granules market during the forecast period.

The Plastic Granules Market is witnessing significant trends in various sectors. PP, or Polypropylene, is a popular thermoplastic resin, with mechanical and chemical recycling gaining traction. Advanced Recycling Technologies are transforming post-consumer and post-industrial plastic waste into Recycled Plastic Granules. These granules are used to produce new Plastic Products, reducing reliance on Crude Oil. However, concerns over Volatile Organic Compounds (VOCs) from Plastic Waste and Plastic Pollution necessitate stricter regulations. Extended Producer Responsibility (EPR) schemes and Sustainable Packaging are driving the demand for Recycling Technologies, including Closed-loop Recycling and Bioplastics. Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene, and other Resin Types are key focus areas. Personal Protective Equipment (PPE) and Textiles are significant applications. The Recycling Rate is crucial for effective Plastic Waste Management. AI and Machine Learning are revolutionizing Plastic Recycling processes, making them more efficient and cost-effective. The market for Plastic Granules, including PP, PE, HDPE, LDPE, Polycarbonate, Polystyrene, and others, is expected to grow, driven by these trends.

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Market Challenges

The plastic waste issue is a significant concern for the environment, particularly in regions like West Africa, where countries such as Ghana and Nigeria experience heavy plastic pollution on their shores. Reports indicate that around 8 million tonnes of plastic waste enter the oceans yearly, with 90% of seabirds in the area found to have ingested plastic fragments. This pollution poses a severe threat to marine life, including coral reefs, which are essential for marine biodiversity and local fisheries. The plastic industry must take action to mitigate these environmental concerns while maintaining profitability. This involves investing in sustainable practices and technologies, such as improved waste management systems, promoting recycling, and developing biodegradable alternatives to traditional plastics. These initiatives will help reduce plastic waste and its detrimental impact on marine ecosystems, but may hinder the growth of the global plastic granules market during the forecast period.The Plastic Granules Market faces several challenges in the recycling sector. PP and other thermoplastic resins, like PVC, require specific recycling methods such as mechanical and chemical processes. Mechanical recycling, which includes sorting and shredding post-consumer and post-industrial plastic waste, can produce recycled plastic granules for use in new plastic products. However, chemical recycling and advanced recycling technologies like pyrolysis and gasification are needed for more complex resins. Crude oil prices impact the market, making recycling an economically viable alternative. Recycling rates for plastic waste management remain low due to challenges in collecting and sorting waste. Volatile Organic Compounds (VOCs) and other pollutants can be released during recycling, necessitating effective waste management and adherence to regulations. EPR (Extended Producer Responsibility) schemes and the use of Personal Protective Equipment (PPE) in textile and recycling industries are essential for safe and efficient plastic waste management. Sustainable packaging and closed-loop recycling are key trends driving the market, with an increasing focus on bioplastics and recycling technologies like Artificial Intelligence and Machine Learning. Resin types like PET, HDPE, LDPE, PP, and polystyrene require different recycling processes, and the market offers a range of PP, PE, HDPE, LDPE, polycarbonate, and polystyrene granules for various applications. The industry continues to innovate, with a focus on reducing plastic pollution and improving recycling rates.

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Segment Overview

This plastic granules market report extensively covers market segmentation by

Type 1.1 Polyethylene1.2 Polypropylene1.3 Polyvinyl chloride1.4 Polyethylene terephthalate1.5 OthersForm Factor2.1 Granules2.2 Recycled granulesGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Polyethylene- The global plastic granules market is experiencing notable progress in the realm of polyethylene (PE), with Dow Inc. Being a key player. Dow’s innovative long-chain branched PE is gaining traction due to its enhanced asset flexibility and potential to decrease carbon emissions in large-scale PE production. Sustainability is a primary focus, as Dow aims to tackle global challenges like climate change and resource scarcity, while catering to customer needs. Low-density polyethylene (LDPE), which has been in use for 90 years, remains vital for incorporating long-chain branched PE. This PE type is indispensable for polymer processing, offering unique properties that distinguish it from other PE varieties. Innovative polymer microstructures, particularly long-chain branched PE, are a significant area of research due to their potential to provide differentiated properties. This PE variant boosts PE’s performance by improving processability and mechanical properties, making it an appealing choice for various applications such as packaging, construction, automotive, and consumer goods. Long-chain branched PE’s versatility enables its application in diverse industrial processes, leading to more efficient and sustainable production methods. By reducing carbon emissions and enhancing resource efficiency, this advanced material aligns with global sustainability objectives and regulatory requirements. The PE segment’s advancements will fuel the expansion of the global plastic granules market throughout the forecast period.

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Research Analysis

Plastic granules are small pellets or beads made from melted plastic resins, used as raw materials in manufacturing various plastic products. Sustainable packaging is driving the demand for plastic granules derived from recycled sources. Recycling technologies, including closed-loop recycling, play a crucial role in producing recycled plastic granules. Bioplastics, an eco-friendly alternative to traditional plastics, are also gaining popularity, made from renewable resources. Advanced technologies like Artificial Intelligence and Machine Learning are being integrated into plastic recycling processes to optimize efficiency and reduce Volatile Organic Compounds (VOCs). Resin types such as Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), and others, are commonly used to produce plastic granules. Crude oil prices significantly impact the cost of producing virgin plastic granules, making recycled plastic granules increasingly attractive. Plastic pollution is a pressing issue, and the production and use of plastic granules contribute to it. Efforts are being made to minimize plastic waste and promote the circular economy by using recycled plastic granules in various applications. Thermoplastic granules, including PP Granules, PE Granules, HDPE Granules, LDPE Granules, Polycarbonate Granules, and Polystyrene Granules, are essential building blocks for creating a wide range of plastic products.

Market Research Overview

Plastic granules are small pellets or beads made from melted plastic that are used as raw materials in the production of various plastic products. Sustainable packaging is a significant driver for the plastic granules market as businesses seek eco-friendly alternatives to traditional packaging. Recycling technologies, including closed-loop recycling, are gaining popularity to reduce plastic waste and produce recycled plastic granules. Bioplastics, derived from renewable sources, are another segment of the plastic granules market. Advanced technologies like Artificial Intelligence and Machine Learning are being used to optimize production processes and improve the quality of plastic granules. Resin types, such as Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene (PP), Polyvinyl Chloride (PVC), and others, are used to produce plastic granules. Mechanical and chemical recycling, as well as advanced recycling technologies, are used to convert plastic waste into recycled plastic granules. The plastic granules market is influenced by factors such as crude oil prices, plastic recycling rates, plastic waste management, and plastic pollution. Personal protective equipment (PPE) and textile industries are major consumers of plastic granules. Volatile Organic Compounds (VOCs) are a concern in plastic production and recycling, and efforts are being made to reduce their emissions. Plastic granules are thermoplastic, meaning they can be melted and reformed multiple times, making them a versatile raw material for various industries. The recycling rate for plastic waste is increasing, and managing plastic waste effectively is crucial for reducing plastic pollution. PP Granules, PE Granules, HDPE Granules, LDPE Granules, Polycarbonate Granules, and Polystyrene Granules are some of the types of plastic granules used in various industries. The plastic granules market is expected to grow as the demand for sustainable and eco-friendly plastic solutions increases.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypePolyethylenePolypropylenePolyvinyl ChloridePolyethylene TerephthalateOthersForm FactorGranulesRecycled GranulesGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

THIRDREALITY Showcases Latest Innovations in Smart Home Technology at CES 2025

Published

48 minutes ago

January 2, 2025

LAS VEGAS, Jan. 2, 2025 /PRNewswire/ — THIRDREALITY, a leader in the smart home technology industry, is excited to present its latest breakthroughs at CES 2025, which promise to enhance the daily living experience through superior integration and functionality. Visit us at the Venetian Expo, Booth 52565 from January 7-10.

This year, THIRDREALITY is thrilled to unveil several key products, each designed to address specific aspects of home automation and user convenience:

Smart Hub Gen3: Supports both Zigbee and Matter protocols. With local storage, cloud services, and local routine support, you can enjoy exceptional smart home control. Whether it’s home automation or remote management, experience reliable and efficient smart living.Motion Sensor R1: Powered by a 5.8G mmWave radar sensor for customizable detection with adjustable sensitivity. Battery-powered for easy installation, making smart home integration effortless and seamless.Smart Switch MT1: The first Thread product of THIRDREALITY. This product embodies the brand’s commitment to innovation, leveraging advanced Thread technology for exceptional responsiveness and seamless smart home integration, paving the way for the future of smart living.Smart Plug with Wi-Fi Sense: Transform your Wi-Fi into a powerful motion-sensing network with WiFi Motion. This camera-free, AI-driven solution provides motion alerts and analysis while safeguarding your privacy.Smart Blind Gen2: Designed for large windows (34 to 80 inches) and equipped with dual motors for smooth operation. With up to 1.5 years of battery life, it supports customization for various window needs.Water Leak Sensor KM1: Protect your home with our comprehensive water leak detection kit—featuring an 80-meter range, customizable alarm alerts, and seamless Matter compatibility. Stay connected and secure with reliable, scalable leak monitoring.

THIRDREALITY will also introduce the ListenCare Senior Speaker, a sound solution designed specifically for seniors with hearing impairments. This speaker enhances the daily lives of the elderly by offering clear, customizable audio. Featuring ultra-low latency technology, it ensures perfect synchronization between audio and visual media, while flexible volume control and personalized sound frequency settings allow users to adjust audio to their specific hearing needs. Whether for watching TV or enjoying music, the ListenCare Senior Speaker ensures every note and word is crystal clear, making it a perfect addition to any senior’s home environment. This innovative product highlights THIRDREALITY’s commitment to enhancing accessibility and quality of life for the elderly through smart technology.

We invite all CES attendees to our booth to experience these transformative technologies in action. For more information about THIRDREALITY and our range of products, please visit our official website at www.3reality.com.

About Third Reality:

Third Reality is a smart home technology company, dedicated to developing high-quality, user-friendly, and secure smart home products. Through continuous innovation and a deep understanding of market needs, the company strives to provide an improved smart home experience for users worldwide.

For more information, please visit www.3reality.com or follow our social media platforms.

Technology

Guns.com Outpaces Competition in 2024, Surging Momentum Carries into 2025

Published

48 minutes ago

January 2, 2025

Online Retailer Continues to Revolutionize the Online Shopping Experience for Gun Owners, Manufacturers, and Local Dealers Nationwide

BURNSVILLE, Minn., Jan. 2, 2025 /PRNewswire-PRWeb/ — The future of online firearm sales is here, and Guns.com is leading the way. The fastest-growing online retailer in the firearms industry celebrates a record year in revenue with a 10% increase in customers, one of the highest growth rates in the firearm industry. More than a million new consumers shopped for the first time on Guns.com this year, on top of a strong base of loyal gun buyers. This achievement marks the biggest year for customers and firearm transactions on Guns.com since launching their retail operations in 2018. The leading online retailer has hit double-digit growth rates in sales every year since launch.

“The customer experience on Guns.com has become a benchmark in the industry. In addition to our cutting-edge technology, our success is largely due to the strategic partnerships with many of the industry’s best manufacturers and our growing network of 2,000 local FFL dealers nationwide.”

Guns.com’s leading technology provides the best online shopping experience the Second Amendment community has come to expect. With over half a billion dollars in sales since inception, local gun stores and manufacturers value a turn-key national marketplace to grow their businesses. More and more gun owners continue to prefer the innovative and modern way of buying and selling guns offered by Guns.com.

“In just six years, we have become one of the nation’s leading platforms for buying and selling firearms, suppressors, ammo, optics, and more,” says Greg Minkler, Co-CEO and CMO of Guns.com. “The customer experience on Guns.com has become a benchmark in the industry, and we are proud to be the best online shopping experience in the firearm industry. In addition to our cutting-edge technology, our success is largely due to the strategic partnerships with many of the industry’s best manufacturers and our growing network of 2,000 local FFL dealers nationwide.”

Gun owners value the ease and usability of Guns.com, finding the precise gun they want thanks to the hundreds of thousands of listings from their national network of local gun stores and manufacturers. Exceptional customer service helps gun owners through each transaction, from understanding regulations to handling paperwork and ensuring a smooth transfer experience at the customer’s FFL of choice.

Strategic Industry Partnerships

Groundbreaking partnerships with large and small manufacturers across the industry doubled in the past year as more top brands are seeing the benefits of the unique business model of Guns.com. With the ability to drive sales directly to brick-and-mortar FFL dealers, Guns.com helps manufacturers grow in-store sales through an e-commerce platform like no other company can. Challenges in reaching customers are a thing of the past for manufacturers as they partner with Guns.com to implement innovative and strategic marketing solutions with access to real-time data and monthly reports.

“Working with Guns.com has been a positive experience,” says Kamil Mroczka, director of sales at Colt’s Manufacturing Company, LLC. “Together, we combine innovative marketing with targeted sales strategies, driving growth and achieving lasting success through creativity and collaboration.”

Manufacturers can connect directly to consumers with industry-leading innovations, like in-cart instant rebates and the “Buy Now” button, linking customers directly from a manufacturer’s website to an accurate and in-stock product listing on Guns.com. Renowned manufacturers such as FN America, Colt, Glock, KelTec, Smith & Wesson, Taurus, Rossi, Heritage Manufacturing, Rock River, Ruger, Walther, B&T USA, Kimber, CZ USA, Savage Arms, and many more are capitalizing on custom-branded pages on Guns.com to enhance their presence and connect with a broader audience.

Additionally, Guns.com launched a partnership in 2024 with Silencer Central, the suppressor industry leader, to offer a growing list of suppressors to millions of customers. Featuring the award-winning BANISH® line, customers can now conveniently shop for suppressors in addition to firearms, ammo, and gear. When a customer buys a suppressor on Guns.com, the purchase is fulfilled through Silencer Central, including all required paperwork and ATF forms. Once approved, the suppressor ships directly to the buyer’s door, avoiding expensive transfer fees.

Powering Local Businesses

An expansive and fresh inventory of more than 30,000 firearms is made possible by a growing network of over 2,000 local brick-and-mortar FFL dealers and pawn brokers. Guns.com quickly connects these licensed and vetted businesses with millions of customers nationwide through a simple and powerful marketplace. Dealers are drawn to Guns.com’s low-cost, user-friendly platform, which makes inventory management, order processing, and customer service simple.

“For years, we’ve tried other listing sites, but none were as effective and easy to use as Guns.com,” says Tim Hensley at Towers Armory in Oregon, Ohio. “We partnered up with Guns.com in early 2022, and since then, we have gone from average in-house sales to an online powerhouse.”

By joining the Guns.com network, local brick-and-mortar dealers expand their consumer reach and increase their sales with a higher margin. Local dealers are at ease knowing they are not competing against big box stores, private FFLs, or non-storefront FFLs on Guns.com. Business owners and managers can also keep their firearms for sale in-store, eliminating the complexity and hassle of quarantining inventory.

Revolutionizing the Used Gun Market

Guns.com is the only online firearm retailer to offer Certified Used guns, giving customers confidence and trust when buying a used gun. All used firearms purchased by Guns.com undergo a rigorous 10-point inspection process before receiving the “Certified” badge and are listed for sale. Customers also benefit from free shipping on all Certified Used guns, and a “no questions asked” return policy.

Local firearm dealers nationwide are seeing record sales of used firearms in 2024 through Guns.com. Used and certified used firearm sales are up 12% year over year, with used firearms accounting for nearly 26% of dealer sales.

Additionally, gun owners are choosing Guns.com to sell their older or unwanted firearms to get cash or to upgrade their collection. Their innovative online system guides the gun owner through simple steps to share basic details, features, and images of their firearm. The secure and streamlined process takes gun owners two minutes to submit their firearms for appraisal on average. Once submitted, the Guns.com expert appraisal team will review the request and provide a cash offer within one business day.

“This past year saw an increase of 13% more offers made and paid to gun owners. Since launching our Gift Card payout option in July, we’ve issued hundreds of thousands of dollars in gift cards, with each customer receiving a bonus gift card up to $50. These cards can immediately be used to upgrade the gun they sold – allowing consumers to essentially trade in their old gun and upgrade to any of the tens of thousands of firearms for sale on Guns.com” states Senior Buyer for Guns.com, Mark Sims. “Our appraisal team has over 100 years of combined experience, providing hundreds of competitive offers daily.”

Guns.com invites you to experience the best, most innovative shopping experience in the firearms industry at https://www.guns.com/. If you are interested in partnering with Guns.com to elevate your business in 2025, please email marketing@guns.com.

About Guns.com

Guns.com is the ultimate destination for gun owners, revolutionizing the online firearms retail experience since 2011. With an unwavering commitment to innovation, efficiency, and exceptional customer satisfaction, they empower and equip people to exercise their Second Amendment rights. With a growing network of over 2,000 local brick-and-mortar dealers, explore an extensive collection of over 30,000 new and Certified Used firearms. Stock up on a range of suppressors, ammo, gear, and more. Stay informed with industry news, in-depth product reviews, and exclusive content from top manufacturers. Experience why Guns.com stands unrivaled as the premier online marketplace for firearms and suppressors.

Media Contact

Dave Conlan, Guns.com, 1 8044860673, dave.conlan@guns.com, https://www.guns.com/

Twitter, LinkedIn

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SOURCE Guns.com; Guns.com

Technology

Kanerika Unveils AI Agents Redefining Workplace Efficiency

Published

48 minutes ago

January 2, 2025

AUSTIN, Texas, Jan. 2, 2025 /PRNewswire/ — Kanerika, a leading AI and data solutions company, has announced the launch of three AI agents: Alan, Susan, and Mike. Designed to simplify some of the most strenuous and time-consuming tasks in the workplace, these agents bring a new level of efficiency to legal document summarization, data redaction, and quantitative proofreading.

Kanerika Unveils three AI Agents Redefining Workplace Efficiency

“We believe AI agents are the future of work,” said Samidha Garud, Co-founder and CEO of Kanerika. “With the launch of Alan, Susan, and Mike, we’re addressing some common yet labor-intensive business tasks. These AI agents save valuable employee time, enhance productivity, and reflect our commitment to innovation and enterprise growth.”

Meet the AI Agents

Alan – The Legal Document Summarizer

Alan transforms lengthy legal documents into concise summaries. Users can customize summaries with simple, natural language rules tailored to their needs. With unlimited summary generation, Alan drastically reduces time spent on legal reviews, streamlining contract analysis and enhancing efficiency.

Susan – The PII Redactor

Susan ensures compliance by redacting sensitive information such as names and numbers. Upload your document, specify fields to redact, and Susan delivers a secure, redacted version to your inbox, meeting stringent data privacy standards.

Mike – The Proofreader

Mike validates documents with precision, checking quantitative data for arithmetic accuracy, and cross-document consistency. It flags discrepancies and provides a detailed report, helping businesses maintain error-free, trustworthy documentation.

Accessibility and Pricing

Kanerika is offering the basic versions of these AI agents for free, allowing users to experience the transformative potential of these tools. For those requiring advanced features, a professional version with enhanced capabilities is available at a competitive price point.

About Kanerika

Kanerika is a premier data and AI solutions company that helps enterprises enhance efficiency with innovative technologies. Known for employing cutting-edge methodologies, Kanerika delivers exceptional outcomes across industries. Certified with ISO 27701 & 27001, SOC II, and GDPR compliance, and appraised at CMMi Level 3, Kanerika is committed to quality service delivery. As a distinguished partner of Microsoft, AWS, and Informatica, Kanerika empowers businesses with robust solutions that drive growth and innovation.

For more information, please contact:
marketing@kanerika.com

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SOURCE Kanerika Inc.