The digital procurement systems category is expected to grow at a CAGR of 10% from 2023 to 2030. The need for optimizing the global supply chain is driving category growth.Supply chain executives can use procurement management systems to keep track of the way their activities are performing, enabling companies to more accurately foresee potential problems in the future and redirect resources accordingly. Furthermore, it generates trustworthy data-driven solutions.
Read More »September 8, 2023
The engineering, procurement, and construction (EPC) category is anticipated to grow at a CAGR of 5.5% from 2023 to 2030. North America holds the largest share of over 35% and APAC is expected to be the fastest-growing region during the forecast period.The EPC category is driven by factors such as the growing need for infrastructure development, particularly in developing economies such as India, China, & Brazil, increasing adoption of renewable energy sources such as solar and wind, and people's desire to seek expert assistance for construction projects.
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The global procurement as a service market size was valued at USD 6.15 billion in 2022 and is expected to register a growth of 11.1% from 2023 to 2030. As firms increasingly rely on digitization to carry out their sourcing and procurement tasks while keeping track of company payments and purchases, procurement as a service is gaining popularity throughout the globe. Following the COVID-19 pandemic, the uptake of digitization in automating essential business operations like sourcing and procurement is receiving attention.
Read More »January 3, 2023
The global procurement analytics system market size was valued at USD 2.88 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 23.6% from 2022 to 2030. The industry is benefiting from the requirement for operational efficiency as most businesses are moving toward efficiency. The sector is gaining new insights through robust data analytics in negotiations, performance management, vendor segmentation, and annual purchasing plan.
Read More »August 3, 2022
Polyethylene procurement is rising due to its usage in industries such as packaging, construction, and consumer goods. The polyethylene (PE) market is anticipated to grow at a CAGR of 4.1% from 2024 to 2030. According to I.C.I.S’ 2024 report, the global demand for PE increased by 140% from 1992 to 2023. This was an increase of 2.8 million tons on average each year for the same period.
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The procurement of polyols typically involves sourcing these versatile compounds, which are primarily used in the production of various materials like polyurethane foams, coatings, and adhesives. The global polyols market is predicted to grow at a CAGR of 7.5% from 2024 to 2030. Key factors driving the growth of this industry include growing demand from the construction industry, rise in automotive production, expanding furniture and bedding sector, increasing use in packaging applications, and rising demand for sugar substitutes.
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The nylon category is anticipated to grow at a CAGR of 6.5% from 2024 to 2030. The increasing demand for lightweight and durable materials in industries such as automotive, textiles, and consumer goods are driving the growth of the category. The increase in car manufacturing is anticipated to boost the need for nylon employed within the automotive sector. The surge in automobile production can be attributed mainly to the rapid expansion of the Chinese market and the steady growth of the European automotive industry.
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The global nitrogen category is anticipated to grow at a CAGR of 9.9% from 2024 to 2030. Key factors that influence the category’s growth include increasing requirement for nitrogen in industrial operations across a range of industries, such as food & beverage, chemicals, and oil & gas, and the rise in industrial development and industrialization activities. The chemical sector offers a lucrative commercial opportunity for the category whereby nitrogen gas acts as a vital safety measure by preventing fires and explosions.
Read More »February 20, 2024
The global lime category is anticipated to grow at a CAGR of 3.2% from 2023 to 2030. Growth of the category can be primarily attributed to increase in demand from construction, agriculture, steel, chemical, and manufacturing industries. For instance, lime is used in the production of several vital chemicals such as calcium carbide, cyanamide, propylene glycol, and sodium alkali, and rising demand for these chemicals is propelling the lime category.
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The helium category is expected to grow at a CAGR of 6.7% from 2024 to 2030. Due to the increasing demand for helium use across aerospace, healthcare, deep-sea exploration, automotive, and manufacturing sectors, the category is anticipated to expand quickly throughout the forecast period. The growth is driven by factors such as increased investment in technology and rising demand for helium in research and development to improve GPS in submarines and airplanes.
Read More »October 11, 2023