Latest news with #emergingEconomies
NHK
11 hours ago
- Business
- NHK
Vietnam joins BRICS as partner country
Vietnam has been officially admitted as the 10th partner country of the BRICS group of emerging economies. While partners lack decision-making power, they can take part in the BRICS Leaders' Summit. Vietnamese foreign ministry spokesperson, Pham Thu Hang, said in a press conference on Thursday that the country is "ready to coordinate and connect the cooperation programs of the BRICS group with relevant multilateral mechanisms, thereby contributing to peace, stability, cooperation and development in the region, as well as in the world." She also said the country is willing to work with other members in areas such as trade and investment. BRICS was originally made up of the five emerging economies of Brazil, Russia, India, China and South Africa. It has since expanded to 11 members, including Middle Eastern nations, such as Iran and Egypt. Some Southeast Asian countries, which are strengthening economic ties with China, have also shown interest in joining the bloc. Meanwhile, US President Donald Trump has threatened BRICS members that try to use their own currency for financial transactions. He says these nations could face 100 percent tariffs if they move away from the US dollar.
Bloomberg
3 days ago
- Business
- Bloomberg
Burnt by the Boom: Solar's Growing Pains
Solar module prices have been cratering in recent years, dragged down by global oversupply. Yet while this glut of photovoltaics has hammered manufacturer profits, it has also allowed emerging economies that are hungry for affordable energy to get into the solar game, and demand growth is still strong this year. So what lies ahead for this notoriously tricky market, could energy storage help mitigate electricity price spikes, and what impact could the Trump administration's tariffs have on domestic US solar manufacturing? On today's show, Tom Rowlands-Rees is joined by Jenny Chase, a BloombergNEF solar specialist, to discuss findings from her note '2Q 2025 Global PV Market Outlook.'
Globe and Mail
02-06-2025
- Business
- Globe and Mail
OEM Insulation Market Business Growth, Development Factors, Current and Future Trends till 2030
The OEM Insulation Market is witnessing steady growth driven by rising demand across automotive, appliances, and industrial sectors. Innovation in energy-efficient materials and regulations on thermal performance boost adoption. Key players include Owens Corning, Saint-Gobain, Armacell, Johns Manville, and Knauf Insulation. The OEM Insulation market is anticipated to grow from USD 17.99 billion in 2024 to USD 24.80 billion by 2030, at a CAGR of 5.5% during the forecast market research report covers critical elements such as market dynamics, competitive environments, OEM Insulation market growth opportunities, challenges, and regional differences. Increasing power and energy requirements in emerging economies and stringent regulations mandating insulation materials for energy conservation drive the OEM insulation market. Many HVAC equipment manufacturers are focusing on bringing technical advancements of HVAC equipment used in the construction sector, driving the global OEM insulation market. Another factor driving the growth of the OEM insulation market is the large number of public transport vehicles adopting air-conditioned technology. Governments of various countries are now adopting an integrated approach to conserve energy and implementing an energy management system, which varies according to traffic and environmental conditions. Download PDF Brochure: By Material Type, the Polyurethane Foam (PUF) segment is estimated to account for the largest share of the OEM Insulation market by value in 2023 The Polyurethane Foam (PUF) segment is estimated to hold the maximum revenue share of the OEM insulation market based on OPE values projected to grow with prompt advancement owing to its thermal insulation properties, weightlessness, and flexibility, which make it used in almost every sector—automotive, construction, appliances, and industrial equipment are amongst them—and the expected EPSret underway. PUF offers high energy efficiency by lowering heat transfer for heat barrier applications. In the automotive segment, PUF is often used for heating, ventilation, and air conditioning system insulation, which aids in noise reduction and accommodates passenger comfort. It's also highly adaptable for diverse forms and sizes, perfect for intricate design criteria. Due to the growing environmental regulations, PUF insulates walls, roofs, and floors due to the necessity of building energy-efficient structures in the construction industry. Additionally, polyurethane formulations have continued to improve with, for example, the addition of low-global warming potential blowing agents, and the resulting PUF has emerged as one of the most environmentally friendly solutions, with that reason being its adoption. PUF remains exclusive in the OEM insulation market due to its unrivaled R-value, strength, ease of application as spray or injection, and overall cost-effectiveness and sustainability. Transportation is projected to be the fastest-growing segment of the OEM Insulation market by value by end-use during the forecast period. Overall, the value-based OEM insulation market in the transportation sector is projected to grow at the fastest CAGR during the forecast period. This is driven by high demand for energy-efficient and lightweight vehicles, stringent government emission regulations, and passenger comfort/safety awareness. Almost all automotive, aerospace, marine, and rail industries use insulation materials in high volumes since they impact end performance from a thermal management, noise reduction, and vibration control standpoint. The automobile market, where electric vehicle (EV) production is going through exponential demand growth, is one of the significant factors driving advanced insulation solution requirements. To support this, EVs have required highly selective heat management to keep the batteries safe, charged, and functional for passenger safety. This has driven the penetration of high-performance polyurethane foam or polyisocyanurate insulation materials. Similarly, aerospace needs lightweight insulation material for fireproofing to meet performance and safety standards in stricter industries. As part of it all, the increasing preference for sustainable transportation solutions has also resulted in market growth through the helping hand of ecologically insulation materials. Moreover, rapid urbanization and public transportation infrastructure investments in emerging markets across the Asia Pacific are expected to create positive prospects for OEM Insulation manufacturers. This cocktail of regulatory and commercial pressures and technological progress is the reason for such strong growth in the transport segment. By region, Europe is estimated to account for the largest segment of the OEM Insulation market in 2023. Europe became the largest segment of the OEM insulation market in 2023, enhanced by strict regulatory requirements, a solid industrial base, and increasing emphasis on environmental factors. The European environmental initiatives and programs on climate, culminating into the EU Green Deal, played a significant part in shaping heightened demand for advanced insulation solutions in sectors such as automotive, aerospace, construction and HVAC that require these solutions. Industries are gearing up to make use of energy-efficient insulation to make sure their constructions are up to new energy performance standards and to minimize their respective carbon footprints. The automotive sector has been the driving force behind the increase in the OEM market for insulation, particularly the increasing demand for electric vehicles (EV). Insulatory materials are foundational for enabling thermal matters effectively to increase battery efficiency and control the noise levels in EVs. Correspondingly, Europe's aerospace industry has always been in need of lightweight fireproof insulations to enhance fuel efficiency and comply with stringent safety and environmental regulations. With Europe taking initiatives in R&D and innovation, Europe has provided the platform for developing green and high-performance densities. The OEM insulation continuum in Europe has been reinforced by key insulator suppliers and technological advancements remaining present. Europe is now expected to hold on to its dominant market position in OEM insulation as sustainability becomes an increasingly central consideration. OEM Insulation Companies The major players operating in the OEM Insulation market include Covestro AG (Germany), Owens Corning Corp. (US), Rockwool International A/S (Denmark), Saint-Gobain ISOVER (France), Knauf Insulation (US), Huntsman Corporation (US), Armacell International S.A. (Luxembourg), Aspen Aerogels Inc. (US), Johns Manville Corporation (US), Kingspan Group (Ireland), China Jushi Co. Ltd. (China), and Rogers Corporation (US) are the key players in the market. Covestro AG (Germany) Covestro AG is a prominent producer and supplier of high-quality polymers and polyurethane foams. Covestro AG is a Bayer subsidiary established in 2015, formerly known as Bayer Material Science. With a primary focus on producing advanced polymer materials and creating cutting-edge solutions for daily usage, it is involved in various commercial endeavors. Owens Corning (US) Owens Corning, a global insulation manufacturing company, provides thermal and acoustic products at high, mid, and low temperatures. Insulation, Composites, and Roofing comprise the organization's three segments. It offers insulation solutions to the commercial, industrial, and residential sectors. The organization provides thermal and acoustic products for appliances, including the range/oven, dishwasher, and laundry, through the OC appliances application. It provides insulation for various markets, including commercial interiors (wall panels), HVAC equipment, and water heaters. Additionally, the organization provides residential insulation, including formula XPS insulation, mineral wool insulation, and fiberglass insulation. Its applications encompass basement insulation, air distribution, ceiling, floor, and wall insulation. Owens Corning distributes its insulation products in the United States, Canada, Europe, Asia Pacific, and Latin America, and it operates in 31 countries. It operates manufacturing facilities in the United States, Mexico, and China, as well as fabrication facilities in the United States, Mexico, Italy, and Poland. Rockwool A/S (Denmark) ROCKWOOL A/S manufactures a broad range of insulation products for the insulation industry. The company's products are based on premium and innovative stone wool technology. It generates revenue from five brands: ROCKWOOL, Rockfon, Rockpanel, Lapinus, and Grodan. SAINT GOBAIN ISOVER (France) Saint-Gobain is a global manufacturer and distributor of insulation materials. It provides technical insulation materials through its subsidiaries, ISOVER and Izocam (Istanbul, Turkey). The company is an insulation sub-brand of the Saint-Gobain Group and the world's leading supplier of sustainable insulation solutions for various markets in buildings, transportation, and industrial applications. It also caters to applications in process, marine, and horticultural industries. ISOVER offers technical insulation products used in boilers, ovens, and pipework under the construction products segment. About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Free Malaysia Today
02-06-2025
- Business
- Free Malaysia Today
Difficult for BRICS to stay united, says expert
BRICS founding members India and China have clashed over a border dispute, while other members have similar issues. (EPA Images pic) ASTANA : An expert on foreign policy believes that the BRICS group of emerging economies would find it difficult to stay united with tensions expected to surface as the US-China trade war escalates. Michel Duclos, a special advisor and resident senior fellow at the Institut Montaigne in Paris, said that while the bloc's members shared common worldviews, cracks were likely to appear in the grouping. Michel Duclos. 'BRICS will continue because they have a lot of common interests in their views about the world. 'But the organisation will be less and less cohesive, and some tensions will start appearing between some of the members of the club,' he told FMT during the Astana International Forum, an international platform for dialogue on climate change, geopolitics, as well as food and energy security. When asked which BRICS members were likely to clash, Duclos declined to name them but doubled down on his view. 'With issues like the trade war or various geopolitical issues, it's difficult to see BRICS remaining as united as it used to be.' The term BRICS was coined for the economic grouping formed in 2009 by Brazil, Russia, India, and China. South Africa joined in 2010 and the bloc later expanded to include Iran, Egypt, Ethiopia, the United Arab Emirates and Indonesia. Malaysia became a BRICS partner country on Jan 1 and could become a full member. India and China, among the founding members of BRICS, have seen tensions in the past over border disputes, including a deadly clash between their soldiers in the Himalayan frontier in 2020. Iran and the UAE also have territorial disputes in the Persian Gulf, while Egypt and Ethiopia have locked horns over the Grand Ethiopian Renaissance Dam project on the Nile River. Thomas Greminger, executive director of the Geneva Centre for Security Policy, said one of the reasons for the differences within BRICS was the way its own members had differing perspectives on the bloc and its purpose. 'There are those that use it clearly as an anti-Western platform, and that is definitely the case for China and Russia, but you have others that wouldn't see it like that at all,' he told FMT. For instance, he said, India and Brazil saw the grouping more as a platform to establish a global economic order that was more in their favour than that of the US. 'It's partly political, but it's not an anti-Western agenda. It's an agenda of being more assertive, to be taken more seriously as middle powers or as rising powers.' Nonetheless, Greminger believed the bloc would remain cohesive at least in the medium term, due to frustrations with a world order perceived to be constructed by the West. He cited the failure of the United Nations to reform the Security Council as one reason several countries were turning to BRICS. 'I think it's basically the fruit of a growing frustration with the traditional multilateral institutions.' Because of that, BRCIS is likely to remain relevant in the medium term unless other regional and global organisations reform themselves to become more inclusive, he said.
Entrepreneur
06-05-2025
- Business
- Entrepreneur
Why are Indians Trusting AI?
The higher adoption and trust of AI in emerging economies is likely due to the greater relative benefits and opportunities AI offers in the regions, according to a KPMG AI report Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. From healthcare and finance to education and entertainment, AI technologies are becoming more integrated into daily life. In India, AI adoption is accelerating, and the potential for AI to drive economic growth and societal benefits is immense. As much as 76 percent Indians are willing to trust AI, significantly higher than their global counterparts at 46 percent, according to a KPMG AI study. The reason? In emerging countries three in five people trust AI systems, while in advanced countries only two in five trust them. The higher adoption and trust of AI in emerging economies is likely due to the greater relative benefits and opportunities AI offers in these regions and the increasingly important role these technologies play in a country's development. Akhilesh Tuteja, Partner and Head, Clients and Markets and Head of Technology, Media and Telecommunications at KPMG in India said "India stands at the cusp of a remarkable AI-powered future. With 90 percent of Indians expressing approval of AI and 94 percent anticipating a wide range of benefits, the data reflects a strong sense of optimism about what AI can achieve for the country. This enthusiasm points to current transformation and a hopeful trajectory where AI enhances accessibility, productivity, and innovation across sectors. At the same time, concerns around risks—like reduced human connection—highlight the importance of thoughtful, responsible AI governance. These insights offer a valuable lens into how India can harness AI for inclusive and ethical growth." Almost 67 percent Indian respondents felt they couldn't complete their work without the help of AI and 97 percent Indians intentionally use AI at work. In a recent interaction with Entrepreneur India, Arundhati Bhattacharya, president and CEO, Salesforce South Asia said that Agentic AI can reduce 40 percent repetitive work and lead to more human connections. When compared to the last study of 17 countries conducted prior to the release of AI tools, it reveals that people have become less trusting and more worried about AI as adoption has increased. However, with 90 percent Indians accepting and approving of AI, it highlights that India is more optimistic and excited than worried about AI. On the flip side, 78 percent of Indians are concerned about negative outcomes from AI. People are also worried about the authenticity of content. Almost 71 percent of the people surveyed are unsure to trust online content as it can be AI-generated. Indians strongly believe in AI regulation, almost 48 percent of the surveyed people agree to having a compliance structure in place. There is a strong expectation for a comprehensive regulatory approach to AI in India, indicating a proactive stance towards managing AI's impact on society. The high levels of trust and acceptance of AI in India suggest a significant potential for AI to drive economic growth and innovation, positioning India as a leader among emerging economies in AI adoption and integration.
