INTERCONNECT SOLUTIONS MARKET FOR FLUID CONVEYANCE MARKET ANALYSIS

The global Interconnect Solutions market size was valued at US$ 298,380 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 8.91% from 2023 to 2030.  Bio-based plastics are made entirely or partially from renewable biological resources like corn starch, recycled food waste, sawdust, woodchips, and fats from vegetables. It finds applications in different areas including aviation, medical services, energy, water power, car, development, and so forth.  

Global Interconnect Solutions Market: Regional Insights

 North America held dominant position in the global interconnect solutions market for fluid conveyance market in 2020, accounting for 67% share in terms of Value, followed by Asia Pacific and Western Europe, respectively.

Figure 1. Global Interconnect Solutions Market Share (%), By Region, 2022

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Global Interconnect Solutions Market Drivers:

Rising need for solutions for fluctuating conventional raw material prices is expected to drive growth of the global interconnect solutions market for fluid conveyance during the forecast period

All over the world, crude oil is heavily used. For instance, crude oil-derived conventional plastic raw materials are always in high demand. The conventional plastics industry is greatly affected by fluctuating crude oil prices. It has been demonstrated that bio- or renewable-based plastics are the best answer to these issues. Thus, the interest for interconnect answers for liquid transport is expanding. Subsequently, these variables are supposed to drive development of the worldwide interconnect arrangements market for liquid transport sooner rather than later.

Increasing prices of fossil materials are expected to propel growth of the global interconnect solutions market for fluid conveyance over the forecast period

Fossil fuels are heavily used in the production of conventional plastics worldwide. In point of fact, fossil fuels are the source of the majority of plastic raw materials. Fluctuating costs of fossil materials are supposed to show a huge addition soon. As a direct consequence of this, businesses that produce plastic are making investments to develop raw materials derived from renewable sources in order to lessen their reliance on these materials. As a result, it is anticipated that these factors will drive market expansion during the forecast period.

Global Interconnect Solutions Market Opportunities:

Rising awareness regarding green homes and cars can present lucrative growth opportunities

As the demand for environmentally friendly building materials grows, consumers are becoming more aware of eco-friendly automobiles and homes. Additionally, consumers are choosing electric or hybrid vehicles over gasoline-powered vehicles, opening up a variety of opportunities for bio-based plastic manufacturers. These opportunities can be taken advantage of by major market players by expanding their market presence and providing novel solutions.

Potentials in terms of cost reduction can present major business opportunities

Bio-plastics have the potential to reduce costs, despite their higher prices when compared to conventional plastics. This is primarily ascribed to the way that bio-plastic creation does exclude developing ozone depleting substance emanation the executive’s costs.

Global Interconnect Solutions Market Trends:

Rising awareness regarding bio-based plastics

Even though the effects of biochar over the long term are unknown, suppliers have been working hard to educate customers about its potential for carbon sequestration and water retention. These include conferences and awareness programs involving all biochar value chain participants, including local farmers, investors, and larger businesses.

Rapid research and development activities is a major trend

The development of biochar-based research and development has recently gained momentum, bringing biochar's beneficial properties to a wider range of applications. It is anticipated that this, in conjunction with the growing awareness program, will make biochar production involving large businesses more scalable in the near future.

Global Interconnect Solutions Market Restraints:

Stringent regulatory compliances and standards are expected to restrain growth of the global interconnect solutions market for fluid conveyance during the forecast period

When it comes to branding products as bio-based or compostable, there are strict regulatory requirements. The product must undergo the necessary certification and registration. These regulations are challenging to adhere to and could delay product launch. Subsequently, these variables are supposed to control development of the worldwide interconnect arrangements market for liquid movement during the figure time frame.

Several issues regarding labeling and identification are expected to hinder growth the global interconnect solutions market for fluid conveyance over the forecast period

Currently, food products serve as the feedstock for bioplastics, and there is no commercial technology available to manufacture bioplastics from food waste. Bioplastic materials are difficult to commercialize in areas with a high population but low income. As a result, it is anticipated that these factors will impede market expansion during the forecast period.                 

Figure 2. Global Interconnect Solutions Market, By Equipment, 2022

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Global Interconnect Solutions Market Segmentation:

Among Equipment, the pipes and tubes held dominant position in the market and accounted for 48% share in the global interconnect solutions market for fluid conveyance in 2020. The segment is expected to reach US$ 208.49 billion in 2030, owing to the increasing demand of pipes and tubes for the gas transmission.

Global Interconnect Solutions Market: Key Developments

Major market players are focused on partnership and collaboration, in order to enhance the market presence. For instance, in February 2020, BASF SE partnered with Fabbri Group to develop a new fresh-food packaging film.

In August 2021, Arkema has acquired Ashland’s performance adhesives business. Ashland is leader in manufacturing of high performance adhesive for industrial application in North American region.

In August 2021, BASF SE, has opened new additive manufacturing technical center in Shanghai, China. For opening this technical center BASF has partnered with Xuberance, a Chinese 3D printing design and service company.

Global Interconnect Solutions Market: Key Companies Insights

The global Interconnect Solutions market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the global Interconnect Solutions market are BASF SE, NaturePlast, NatureWorks LLC, RTP Company, Toray Industries Inc., Techno polymer Co. Ltd., Evonik Industries, Arkema, E. I. du Pont de Nemours and Company, and DSM NV.

*Definition:  An energy-driven (or "electrical") medical device's interconnect solutions are the planned integration of wire, cable, connectors, a circuit board, and electrical components so that it can be used to improve a person's quality of life