Artificial Intelligence
Sales of Bio-Polyamide in Textile Industry to Increase at 16.7% CAGR by 2032
The global bio-polyamide (PA-6) market size is expected to reach US$ 208.3 Mn by the end of 2022. Increasing usage of PA-6 in the automotive industry due to its fracture toughness, compressive strength, and robust mechanical hardness is set to augment the market.
As per the report, demand for bio-polyamide is anticipated to be valued at US$ 800.7 Mn in 2032 and exhibit growth at a CAGR of 14.5% in the forecast period (2022-2032). Increasing concerns regarding sustainability and rising shift of consumers towards eco-friendly materials are likely to drive the growth in the market.
Moreover, rapid expansion of the electrical and electronics industry across the globe is likely to propel the growth in the market. High disposable income of consumers and growing awareness about the usage of bio-polyamides in low voltage applications are projected to aid growth.
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Apart from that, rising government initiatives to encourage companies to use sustainable products are set to push sales of premium-quality bio-polyamide in future years. Ongoing expansion of the textile industry with the rising demand in emerging economies is another crucial factor that is anticipated to augur well for the market.
Besides, growing need for lightweight automotive components is a major factor that is expected to augment the market. In addition to that, increasing demand for electric vehicles globally is anticipated to bolster the need for a robust charging infrastructure, which would aid growth.
Further, rising awareness about energy conservation in developing countries is projected to accelerate growth. Surging acceptance of bio-based fibers of numerous high-performance applications in electronics, marine, and automotive industries is another vital factor that is likely to spur growth.
Key Takeaways:
- The U.S. bio-polyamide market is likely to grow at a CAGR of 15% in the forecast period from 2022 to 2032.
- In Asia Pacific, China bio-polyamide market is expected to create an absolute $ opportunity by reaching US$ 128.8 Mn in 2032.
- Based on product, sales in the PA-6 category are anticipated to account for about 48.1% of the global bio-polyamide market share.
- In terms of end use, the textile segment is projected to record considerable growth by rising at a CAGR of 16.7% during the forecast period.
- By region, Europe bio-polyamide market is set to generate an astonishing share of 24.4% from 2022 to 2032.
Growth Drivers:
- Increasing use of bio-polyamide in applications, such as powder coatings, pneumatic air brake tubing, and flexible oil & gas pipes is likely to aid growth.
- Rising adoption of bio-polyamide in manufacturing processes requiring high temperature, especially in the consumer goods sector is set to boost growth.
Restraints:
- Easy availability of substitute products, such as Polycaprolactone (PCL), glass, plastic additives, and PHA polyesters may obstruct growth.
- Strict government norms controlling the usage of certain chemicals in end-use industries may hamper growth.
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Competitive Landscape:
Key bio-polyamide manufacturers are increasingly focusing on expanding their distribution networks in emerging economies. Hence, they are investing huge sums in the expansion of their manufacturing capacities.
Meanwhile, a few other key players are aiming to enhance their existing portfolios by introducing cutting-edge products in the market through mergers & acquisitions, as well as partnerships.
For instance,
- In November 2021, Arkema, a specialty chemicals company based in France, announced the construction of its new polyamide 11 powders plant in China. The construction of the plant is expected to be complete in the first quarter of 2023. The company aims to meet the high demand for advanced bio-circular materials with the new plant in Asia.
- In June 2021, Solvay, a multinational chemical company headquartered in Belgium, introduced its first partially bio-based polyamide textile yarn named Bio Amni. It is manufactured at the company’s textile industrial unit situated in Brazil.
Key Companies Profiled by Fact.MR
- Asahi Kasei
- Solvay
- BASF
- SABIC
- DSM
- Lanxess
- Domo Chemicals
- Arkema
- Evonik Industries
More Valuable Insights on Bio-Polyamide Market
In the latest study, Fact.MR offers a detailed study on global bio-polyamide market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of bio-polyamide through detailed segmentation as follows:
By Product:
- PA-6
- PA-66
- Specialty Polyamides
By End Use:
- Textiles
- Automotive
- Films & Coatings
- Industrial
- Electrical & Electronics
- Other End Uses
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Bio-Polyamide Market Report
- What is the projected value of the bio-polyamide market in 2022?
- At what rate will the global bio-polyamide market grow until 2032?
- Which are the factors hampering the growth in the bio-polyamide market?
- Which region is expected to lead in the global bio-polyamide market during 2022-2032?
- Which are the factors driving the bio-polyamide market during the forecast period?
- What is the expected market value of the bio-polyamide market during the forecast period?
Explore Fact.MR’s Coverage on the Chemicals & Materials Domain
Polyamide 11 & 12 Market: Ability of polyamide 11 and 12 to provide rapid prototyping in 3D printing is one of the major factors that would propel the market. Besides, excellent resistance to chemicals and heat is anticipated to push sales of polyamide 11 and 12 in the forthcoming years.
Antimicrobial Polyamide Textiles Market: Urgent need to prevent hospital acquired infections across the globe is projected to drive the demand for antimicrobial polyamide textiles in future. In addition to that, implementation of stringent norms by governments of various countries to reduce the risk of infections is expected to fuel growth.
Bio-Based Acetic Acid Market: As per Fact.MR, the global bio-based acetic acid market is expected to grow 1.6X from 2021 to 2031 at a CAGR of 5%. This growth is attributable to the increasing demand for environmentally friendly construction materials, such as bio-based polymeric binders worldwide.
Fumaric Acid Market: Growth in the fumaric acid market is attributed to the expansion of food & beverage industry. As per Fact.MR, over 25% of fumaric acid sales are concentrated in food & beverage industry. Use of fumaric acid in food processing and other industries such as pharmaceuticals and rubber will drive the market over the forthcoming decade.
Oleochemicals Market: Application of oleochemicals across a range of industries such as cosmetics, food & beverage, and pharmaceuticals is the key factor facilitating the growth in the market. This chemical is extensively used as emulsifiers in food products such as cakes, pastries, and others, boosting the demand in the market.
Ethoxylates Market: The demand for ethoxylates as intermediates during the manufacturing of detergents, paints, and cosmetics is surging. Ethoxylates are primarily used in industrial applications attributing its high water solubility and low aquatic toxicity. This is one of the key factor driving the growth in the ethoxylates market.
Polyamide in E-Mobility Market: The report on polyamide in e-mobility market provides detailed information about growth prospects of the polyamide in e-mobility market, which includes detailed information about the micro and macroeconomic factors triggering or hampering demand for polyamide in e-mobility market.
Polyamines Market Insights: The global polyamines market is fairly consolidated in nature. Kemira Oyj, SNF Floegler and BASF S.E are among the Tier 1 players. Together, they are anticipated to account for more than 85% of the global market share in 2020
Antimicrobial Polyamide Textiles Market: Sales of antimicrobial fabric from medical and home applications left with providing exclusive thrust even over the next coming decade. The market is anticipated to showcase its growth at a solid CAGR of 6.5% over the assessment.
Artificial Intelligence
ITC Infotech to acquire specialised Cloud services company Blazeclan Technologies Private Limited, to augment its Multi-Cloud capabilities and accelerate Customers’ Digital Transformation Journey
The acquisition will enable ITC Infotech to build a strategic cloud asset with a focus on the Hyperscaler Partner eco-system to ramp up future growth
PARAMUS, N.J. and LONDON and BANGALORE, India, April 18, 2024 /PRNewswire/ — ITC Infotech, a leading global technology services and solutions provider, announced today the signing of a definitive agreement to acquire 100% shareholding of Blazeclan Technologies Private Limited (Blazeclan) – a born-in-the-cloud consulting company providing Cloud services on AWS, Azure and GCP. The acquisition reiterates ITC Infotech’s commitment to help clients steer their digital transformation journey and deliver business outcomes built on the foundation of strong Cloud capabilities.
Headquartered in Pune, India, Blazeclan is an AWS Premier Partner, Snowflake Elite Partner and a leader in providing Cloud transformation solutions to customers globally with strong expertise in Cloud Migration, Digital Services, Digital Cloud Consulting and Data Analytics & Insights. Leveraging its powerful platforms, frameworks and accelerators, Blazeclan helps drive on-demand and sustainable cloud adoption for its clients. Blazeclan’s broad suite of services and disruptive building blocks help speed up digital transformation by modernizing the infrastructure with native cloud services and migration accelerators. Blazeclan has been recognized as a Niche Player in the 2023 Gartner® Magic Quadrant for Public Cloud IT Transformation Services.
This acquisition will augment ITC Infotech’s capabilities to service its customers in a multi-cloud and hybrid cloud environment with a focus on the Partner eco-system to accelerate future growth. ITC Infotech proposes to leverage the platforms and accelerators built by Blazeclan and the strong certified architect pool to strengthen its cloud offerings. This move is aligned with the Company’s strategy of pursuing value accretive investments focused on sharpening capability-led solutions while strengthening partnerships which form critical pillars of growth for ITC Infotech. With this agreement, ITC Infotech intends to further deepen its global presence through Cloud Competency Centres in Australia, Singapore, Malaysia, and India.
Sudip Singh, Managing Director and Chief Executive Officer of ITC Infotech, said, “In an evolving ecosystem, enterprises today need to leverage their Cloud investments to stay ahead of the curve and deliver higher value to their customers. With the proposed acquisition of Blazeclan, we believe that we will be strongly positioned to step up our clients’ digital transformation journey. This acquisition will not only strengthen our capabilities significantly but will enable us to make scalable progress in the cloud space, while providing access to key opportunities to unlock larger business value for our customers.”
Varoon Rajani, Founder & Chief Executive Officer of Blazeclan said, “I am thrilled to announce the next chapter for Blazeclan as we join the ITC Infotech family. Our shared commitment to people-centric values, customer obsession, and global excellence align seamlessly. With ITC Infotech’s rich technical expertise, we are poised to elevate our capabilities and better serve our customers. Blazeclan’s expertise in cloud and modernization combined with ITC Infotech’s strengths creates a winning formula. This partnership promises excitement and growth for both organizations, our valued partners, customers and dedicated employees. Together, we are embarking on a journey of innovation, growth, and mature enterprise solutions.”
This acquisition is expected to close in 6 to 8 weeks, subject to customary closing conditions.
About ITC Infotech:
ITC Infotech is a leading global technology services and solutions provider, led by Business and Technology Consulting. ITC Infotech provides business-friendly solutions to help clients succeed and be future-ready, by seamlessly bringing together digital expertise, strong industry specific alliances and the unique ability to leverage deep domain expertise from ITC Group businesses. The company provides technology solutions and services to enterprises across industries such as Banking & Financial Services, Healthcare, Manufacturing, Consumer Goods, Travel and Hospitality, through a combination of traditional and newer business models, as a long-term sustainable partner. ITC Infotech is a wholly-owned subsidiary of ITC Limited, one of India’s leading private sector companies and a diversified conglomerate with businesses spanning Consumer Goods, Hotels, Paperboards and Packaging and Agri Business. For more information, please visit: http://www.itcinfotech.com/
About Blazeclan:
Blazeclan is amongst the world’s leading providers of cloud services with a history of leading enterprises to unlock the value of cloud computing. Established in 2010, the company has been empowering customers across the globe with cloud advisory services, cloud migration, DevOps and Automation, Big Data and Analytics, Cloud Native Application development, and cloud managed services.
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Advanced technology and support to enable the development of GenAI solutions
BARCELONA, Spain, April 18, 2024 /PRNewswire/ — Veeva Systems (NYSE: VEEV) today announced the Veeva AI Partner Program to provide partners with the advanced technology and support needed to integrate Generative AI (GenAI) solutions seamlessly with Veeva Vault applications.
“Our customers are exploring GenAI solutions across many use cases as the technology evolves,” said Tom Schwenger, Veeva president and chief customer officer. “The Veeva AI Partner Program provides access to critical technology to help partners develop GenAI solutions that integrate seamlessly with Veeva applications.”
The Veeva AI Partner Program includes:
Vault Direct Data API training and support to build expertise in leveraging Veeva Vault Platform’s unique, high-speed API. This new class of API makes Vault data accessible to applications up to 100 times faster than traditional APIs and is transactionally sound and consistent across large datasets. Vault Application Sandbox to develop, test, and support partner applications integrated with Veeva Vault applications.The Veeva AI Partner Program is part of Veeva’s focused strategy to enable AI for the life sciences industry. The Vault Direct Data API and AI Partner Program enable customers and partners to more easily build AI applications that integrate seamlessly with Vault applications.
Companies can learn more about the Veeva AI Partner Program at veeva.com/AIPartnerProgram.
About Veeva SystemsVeeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest biopharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com/eu.
Veeva Forward-looking StatementsThis release contains forward-looking statements regarding Veeva’s products and services and the expected results or benefits from use of our products and services. These statements are based on our current expectations. Actual results could differ materially from those provided in this release and we have no obligation to update such statements. There are numerous risks that have the potential to negatively impact our results, including the risks and uncertainties disclosed in our filing on Form 10-K for the fiscal year ended January 31, 2024, which you can find here (a summary of risks which may impact our business can be found on pages 9 and 10), and in our subsequent SEC filings, which you can access at sec.gov.
Contact:
Meera Lakhani-PatelVeeva [email protected]
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Artificial Intelligence
Altair Acquires Cambridge Semantics, Powering Next-Generation Enterprise Data Fabrics and Generative AI
Acquisition expands Altair’s data analytics and AI offerings
TROY, Mich., April 18, 2024 /PRNewswire/ — Altair (Nasdaq: ALTR) a global leader in computational intelligence, acquired Cambridge Semantics, a modern data fabric provider and creator of one of the industry’s leading analytical graph databases. Cambridge Semantics’ graph-powered data fabric technology accelerates the creation of comprehensive enterprise knowledge graphs, integrating the complex web of structured and unstructured enterprise data together into a single, simplified view.
Bringing together Cambridge Semantics’ transformational knowledge graph technology with Altair’s leading tools for data analytics and data science offers organizations a solid foundation for building advanced analytics ecosystems that inject artificial intelligence (AI) into day-to-day business operations.
“Knowledge graphs are key pieces of data fabrics. They put the right data in the right hands at the right time. We believe Cambridge Semantics brings the fastest and most scalable knowledge graphs to organizations who have significant data volumes and deep questions,” said James R. Scapa, founder and chief executive officer, Altair. “Additionally, knowledge graphs are critical for successful generative AI applications as they provide the business context necessary to ground generative AI models, eliminate hallucinations, and dramatically improve response quality.”
Cambridge Semantics’ technologies will be integrated into the Altair® RapidMiner® platform, adding knowledge graph, data governance, data virtualization, and data discovery technology to the platform’s existing data preparation, ETL, data science, business intelligence, MLOps, workload management, and orchestration tools.
“Joining Altair is a natural transition for Cambridge Semantics as we seek to accelerate the pace of our technology adoption,” said Charles Pieper, chairman and chief executive officer, Cambridge Semantics. “Cambridge Semantics has historically been successful with Fortune 500 government, defense, life science and manufacturing organizations. Bringing Cambridge Semantics to Altair’s broad customer base through the Altair Units business model – and integrating it into Altair RapidMiner – is an exciting prospect for us and for our customers.”
Cambridge Semantics was founded in 2007 by an innovation and engineering team from IBM’s Advanced Technology Group with a shared belief that semantic graph data models were a transformational technology destined to help organizations exploit their data in unprecedented ways: fueling analytics, revealing new insights, and enabling strategically important, competitive differentiation. Its technical team was fundamental to the development of data warehouses IBM Netezza and Amazon Redshift and represents one of the largest single collections of knowledge graph experts in the world.
“This acquisition adds deep data warehousing expertise to our already strong analytics and data science team, creating an enhanced core group of engineers that understand the entire data lifecycle – from data creation to real impact,” said Srikanth Mahalingam, chief technology officer, Altair. “We are all excited about where this combined team and technology will take us.”
For more information about Altair RapidMiner, visit https://altair.com/altair-rapidminer.
About AltairAltair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.
Media contacts
Altair Corporate
Altair Investor Relations
Bridget Hagan
Monica Gould, The Blueshirt Group
+1.216.769.2658
+1 212.871.3927
[email protected]
[email protected]
Altair Europe/The Middle East/Africa
Charlotte Hartmann
+49 7031 6208 0
[email protected]
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