Asia’s War On Inflation Targets Supply, Not Consumers
From export bans to price controls, governments in Asia are taking a much more targeted approach than their Western counterparts in curbing global inflationary pressure, a strategy that appears to be working at least for now.
Arkema To Double Its SARTOMER® Photocure Resins Capacity In Asia
Arkema announces the project to double its UV curable resins production capacity at its Nansha plant in China. This expansion will support the fast-growing demand in Asia for cutting-edge solutions in electronics, driven by 5G technology, and in renewable energies.
This investment is fully aligned with the Group’s strategy to develop its Coating Solutions segment with high value-added solutions and reinforce its downstream acrylics activities in Asia. It will enable Arkema to grow its high-performance and solvent-free solutions portfolio for UV curing, marketed under the flagship brand Sartomer®.
This new expansion is scheduled to come on stream in the second half of 2023 and will provide best-in class regional supply to customers in Asia.
In addition to this new production capacity, which will leverage the most recent process and manufacturing standards, the plant aims at carbon-neutral growth thanks to an energy efficiency program, green electricity purchasing and the installation of solar panels.
“We are committed to continuously develop innovative materials and sustainable technologies to meet the robust demand driven by megatrends such as new technologies, clean mobility and urbanization” explains Laurent Peyronneau, Vice-President of Arkema’s Coating Solutions. “This new capacity will enable us to provide our latest innovative photocure resin solutions and tailored services to our customers and partners in Asia.”
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Hyundai Motor Group Partners Grab To Accelerate EV Adoption In Southeast Asia
Hyundai Motor Group and Grab Holdings Inc. (Grab) has announced an enhancement of their ongoing strategic partnership in mobility services. The next phase of the partnership will focus on accelerating EV adoption in Southeast Asia. The Group, including Hyundai Motor Company and Kia Corporation which are the Group’s affiliates, and Grab will further develop new pilots and initiatives that lower the barriers of entry for Grab driver and delivery-partners to adopt EVs, such as lowering the total cost of ownership and reducing range anxiety.
Survey results from initial EV pilot in Singapore found that high costs, lack of charging locations and long waiting times for charging are top barriers hindering Grab driver-partners from adopting EVs. Hence, the enhanced partnership will focus on addressing some of these barriers by piloting new EV business models such as leasing EVs with a battery-as-a-service model or car-as-a-service model, and EV financing. Both parties will also develop a joint EV roadmap to accelerate adoption in Southeast Asia. The pilot programs will start in 2021, beginning in Singapore, and expand to Indonesia and Vietnam.
As part of the roadmap development, the two parties will also conduct an EV feasibility study. The intent is to gain a deeper understanding into the gaps and barriers to wider EV ownership and adoption, then translating the findings from the study into practical ways to further develop the EV ecosystem. These insights will provide governments and ecosystem partners with ideas and best practices on how EV policies can be shaped to better address the day-to-day operational routines of ride-hailing drivers and delivery-partners. This comes at a critical time as last-mile logistics and deliveries continue to experience unprecedented growth, and EVs can play a huge role in reducing carbon emissions from vehicles.
In addition, in line with Hyundai Motor Group’s latest future strategy, both parties will explore collaboration in new business opportunities and technologies such as smart city solutions.
“Hyundai Motor Group and Grab were able to discover the possibility of EV businesses in Southeast Asia through our cooperation from 2018,” said Minsung Kim, Vice President of the Innovation Division at Hyundai Motor Group. “With Grab having the largest driver network in the region and Hyundai’s comprehensive mobility solutions, we are confident that together we can help to increase the adoption of EVs and ultimately reduce carbon emissions throughout the region. Beyond its on-going projects, the Group expects additional cooperation with Grab to be a key driver to lead the mobility market of the future in Southeast Asia.”
Russell Cohen, Group Managing Director of Operations, Grab, said: “While EVs are relatively nascent in Southeast Asia, Grab plans to play a vital role in working with partners and governments to accelerate EV adoption. As government EV policies and incentives are implemented and essential infrastructure like charging stations continue to be built, this partnership will provide insights and best practices on the usage of EVs as part of the day-to-day operations of driver and delivery-partners. For example, we’ve piloted ways to reduce driver-partners’ downtime by enabling them to swap their e-moped batteries at GrabKitchen while they wait to collect food orders. Successful EV adoption is a multi-stakeholder effort, particularly in Southeast Asia, and we’ll continue to leverage our technology and operational leadership to build a fleet for the future.”
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Globaldata: Global Vehicle Market Recovery On Track
After an unprecedented pandemic-induced reversal in 2020, the global vehicle market is firmly in recovery phase in 2021, according to the latest analysis by GlobalData.
“April’s light vehicle sales have now been reported for all global markets. They show an 83.4 percent year-on-year overall increase, which was not unexpected due to the impact COVID-19 had on the prior year’s sales. The seasonally adjusted annualised rate of sales (SAAR) came in at 88.4 million. Together with March’s stronger result, April showed the global market recovery is on track,” commented Calum MacRae, Automotive Analyst at GlobalData.
However, the global new vehicle market recovery this year hides mixed trends at regional level. Demand for new vehicles is surging in the US, even as forecasts for Europe are downgraded.
MacRae continues: “An index of SAAR, shows that West Europe is furthest removed from the January 2018 base, while the US market has undergone the shallowest impact from COVID-19. Indeed, the US market continues to perform above expectations.
The US market is currently fuelled by the fiscal stimulus and a sense of FOMO among consumers. The fear is driven by dealer stock being depleted to historic lows due to the chip supply issues that have plagued production in the industry in the first half.”
GlobalData figures also show solid new vehicle demand this year in China, although the West European market is undergoing a patchy recovery. April’s West European new vehicle sales came in at around the same level as the prior month, but markets have been roiled by ongoing COVID-19 population movement restrictions.
MacRae concludes: “Our latest forecast for the world – at 86.1 million light vehicle sales for the year – still sees 2021 as being some 3.3 percent shy of 2019’s total, but don’t be too surprised if the market ends up closer to 2019 than many currently forecast.”
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Airbus Expands MRO Footprint In Asia
Following separate announcements by Asia Digital Engineering Sdn BhD (ADE) and Korea Aviation Engineering & Maintenance Service Ltd. (KAEMS) for Airbus customers in Asia, Mathew George, Ph.D, Analyst, Aerospace, Defense and Security at GlobalData, a leading data and analytics company, offers his view:
“AirAsia Group’s ADE and KAI’s KAEMS made separate announcements on the expansion of maintenance, repairs and overhaul (MRO), thus marking an increased footprint for Airbus customers to avail MRO services in Asia. With the pandemic still wreaking havoc, airlines and countries had put on hold the programs to purchase new aircraft and make sure that the lives of the present aircraft be extended safely as much as possible. Countries, including India, actively started to explore MRO services and proposed the possible mechanisms and programs to turn themselves into regional MRO hubs.
According to GlobalData, the military aerospace MRO market is expected to grow at a compound annual growth rate (CAGR) of 2.93 percent in the Asia-Pacific (APAC) region between 2020 and 2030 and will be valued at US$17.85bn by 2030.
While ADE obtained the approval for base maintenance (hangar or C-Checks) from Civil Aviation Authority of Malaysia (CAAM), KAEMS was able to sign an MoU with Airbus Defense & Space (ADS) for technical support for C-212 and CN-235 aircraft. ADE’s support extends not just to AirAsia fleet of A320, A321 and A330 aircraft, the approval allows it to undertake MRO services for other airlines as well. ADE was also able to secure approvals from India’s DGCA and Indonesia, raising the bar for ADE and Malaysia to provide MRO services for airlines across Southeast Asia.
Governments have shown their resolve to fund upgrade and replacement programs. However, with lockdowns continuing in countries, and increasing cases like India’s still a possibility in other geographies, airlines and governments will continue to focus on sustainment of existing capability. In addition, with long lead times and unexpected delays still a possibility, a lackadaisical approach to MRO is not something anyone can afford.”
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Injection Moulding Machine Market Worth $12.3 billion By 2025
According to the new market research report by MarketsandMarkets, the Injection Moulding Machine Market is projected to reach USD 12.3 billion by 2025, at a CAGR of 3.6 percent from USD 10.3 billion in 2020.
An injection moulding machine is used for manufacturing products made up of plastics, rubber, metal, and ceramic. It consists of two main parts – an injection unit and a clamping unit. The injection unit is like an extruder, whereas the clamping unit is concerned with the operation of the mould. Injection moulding machines can fasten the moulds either at the horizontal or the vertical position. There are three types of injection moulding machines – hydraulic injection moulding machines, all-electric injection moulding machines, and hybrid injection moulding machines.
Hydraulic injection moulding machine is the largest type segment of the injection moulding machine market. APAC was the largest market for synthetic leather in 2019, in terms of both volume and value. Factors such as growing demand from healthcare industry, rapid industrialisation in growing economies like China, India & Thailand and increasing demand for plastic moulds in electric vehicles will drive the injection moulding machine market.
Healthcare is projected to be the fastest growing end-use industry in the market between 2020 and 2025
Injection moulding machines are preferred for manufacturing medical products, as these machines offer high precision, accurate, and complex injection moulded parts. These machines have application in surgical and medical devices such as syringes, vials, medical instruments, inhalers, cannulated, medicinal connectors, air systems, and prescription bottles. The outbreak of coronavirus across the globe has highlighted the healthcare industry. Due to explosive surge in the number of Covid-19 cases, the demand for medical equipment like syringes, air systems, and other medical instruments increased exponentially. Countries such as India and China became the hub for manufacturing and meeting the demand for all these equipment across the globe.
APAC is projected to be fastest growing region for the market during the forecast period
The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The injection moulding machine market is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0 percent of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest injection moulding machine market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
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Developing Asia’s Economic Growth To Contract In 2020
Economies across developing Asia will contract this year for the first time in nearly six decades but recovery will resume next year, as the region starts to emerge from the economic devastation caused by the coronavirus disease (COVID-19) pandemic, according to a report by the Asian Development Bank (ADB).
The Asian Development Outlook (ADO) 2020 Update forecasts -0.7 percent gross domestic product (GDP) growth for developing Asia this year—marking its first negative economic growth since the early 1960s. Growth will rally to 6.8 percent in 2021, in part because growth will be measured relative to a weak 2020. This will still leave next year’s output below pre-COVID-19 projections, suggesting an “L”-shaped rather than a “V”-shaped recovery. About three-quarters of the region’s economies are expected to post negative growth in 2020.
“Most economies in the Asia and Pacific region can expect a difficult growth path for the rest of 2020,” said ADB Chief Economist Yasuyuki Sawada. “The economic threat posed by the COVID-19 pandemic remains potent, as extended first waves or recurring outbreaks could prompt further containment measures. Consistent and coordinated steps to address the pandemic, with policy priorities focusing on protecting lives and livelihoods of people who are already most vulnerable, and ensuring the safe return to work and restart of business activities, will continue to be crucial to ensure the region’s eventual recovery is inclusive and sustainable.”
A prolonged COVID-19 pandemic remains the biggest downside risk to the region’s growth outlook this year and next year. To mitigate the risk, governments in the region have delivered wide-ranging policy responses, including policy support packages—mainly income support—amounting to $3.6 trillion, equivalent to about 15 percent of regional GDP.
Other downside risks arise from geopolitical tensions, including an escalation of the trade and technology conflict between the United States and the People’s Republic of China (PRC), as well as financial vulnerabilities that could be exacerbated by a prolonged pandemic.
The PRC is one of the few economies in the region bucking the downturn. It is expected to grow by 1.8 percent this year and 7.7 percent in 2021, with successful public health measures providing a platform for growth. In India, where lockdowns have stalled consumer and business spending, GDP contracted by a record 23.9 percent in the first quarter of its fiscal year (FY) and is forecast to shrink nine percent in FY2020 before recovering by eight percent in FY2021.
Subregions of developing Asia are expected to post negative growth this year, except East Asia which is forecast to expand by 1.3 percent and recover strongly to 7.0 percent in 2021. Some economies heavily reliant on trade and tourism, particularly in the Pacific and South Asia, face double-digit contractions this year. Forecasts suggest that most of developing Asia will recover next year, except for some economies in the Pacific including the Cook Islands, the Federated States of Micronesia, the Marshall Islands, Palau, Samoa, and Tonga.
The inflation forecast for developing Asia is revised downwards to 2.9 percent this year from 3.2 percent forecast in April, due to continued low oil prices and weak demand. Inflation for 2021 is expected to ease further to 2.3 percent.
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Dormer Pramet Strengthens Asia Capabilities With Acquisition Of Miranda Tools
Dormer Pramet has agreed to acquire the business of India-based Miranda Tools, a manufacturer of High-Speed Steel (HSS) and solid carbide cutting tools.
The acquisition enhances Dormer Pramet’s production capabilities with a proven manufacturing platform and further strengthens the company’s round tools offer for the general engineering, automotive component manufacturing and MRO industries.
“I am very pleased to have reached an agreement to acquire the business of Miranda Tools and look forward to welcoming them into the Dormer Pramet family. We see a lot of commonalities between the two companies, with an established distribution network, long-standing customer partnerships, and a focus on product quality and service,” said Stefan Steenstrup, president of Dormer Pramet.
“It also strengthens our position in the Indian and wider Asian markets, supporting a vast array of small to medium-sized workshops, which rely heavily on HSS cutting tools. By expanding our manufacturing footprint to encompass North and South America, Europe and now Asia, we can better serve these markets.”
“At present, we see this as business as usual for Miranda Tools and I would like to reassure customers that the proposed acquisition will not impact on their ability to receive the products they need in the day-to-day running of their business,” he concluded.
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