Market Challenges And Opportunities
Market Outlook
- The upsurge in end-use industries such as automotive, manufacturing, and aerospace is expected to be a major factor propelling the growth of piperylene market. According to a report published by Just-Auto in August 2018, the global automotive industry is growing continuously, wherein global sales for light vehicles increased by 3.7% in 2018 in comparison with the previous year.
- Asia Pacific is projected to witness the highest revenue share in the global piperylene market over the forecast period, owing to growing automotive and manufacturing industries in the region. According to India Brand Equity Foundation (IBEF) report published in October 2018, Automotive industry in India was 4th largest in the world accounting for 4.2 billion sales (excluding two-wheelers) in 2017, recording an increase of 9.5% in comparison with 2016.
- According to a report published by the United Nations Industrial Development Organization (UNIDO) in March 2018, worldwide manufacturing output of piperylene retained a growth of 4.2% in the first quarter of 2018 and China, the world’s largest pipeline manufacturer, continued a growth of 6.3% independently. This scenario is projected to fuel demand for piperylene from manufacturing industry worldwide, largely driven by emerging economies such as China and India.
Restraints
Although the piperylene market is showing significant growth, there are several restraints which may hinder its progress. Stringent regulatory norms and rigorous health and safety standards imposed by environmental agencies may impact the market growth. Additionally, the volatility of raw material prices and economic slowdowns in certain regions can pose further challenges.
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