Vaping Market to Reach a Value $29.39 Billion at a CAGR of 20.3% From 2018-2022 | a Report From TBRC
LONDON, Aug. 21, 2019 /PRNewswire/ -- Manufacturers of e-cigarettes are increasingly investing in the development of new types of coils for atomizers. An atomizer in an e-cigarette or vaping device is used to vaporize the e-liquid. Many manufacturers have developed atomizers that use nickel and titanium wires that can be coupled with high-wattage. The use of nickel and titanium wires produces thicker and dense smoke, and the higher electrical and thermal conductivities of the wires make the coil last longer. Nickel and titanium are also being coupled with other alloys to improve vaping experience. For example, the Vape Mesh Company, a new venture of The Mesh Company, is offering atomizers equipped with titanium grade 1 wire and nickel chrome heat resistance wires that provide high corrosion resistance.
The global e-cigarettes (vaping) market was valued at about $14.05 billion in 2018 and is expected to grow to $29.39 billion at a CAGR of more than 20% through 2022.
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The Ill Effects Of Tobacco Smoking- Growing Awareness And Side Effects
Growing awareness about the alternatives to tobacco smoking is driving the market for e-cigarettes. Smoking tobacco is addictive and is a major cause of diseases such as lung and liver cancer, heart disease. E-cigarettes act as a replacement to traditional cigarettes and use non-nicotine solutions to generate smoke. As more users become aware of the ill effects of tobacco smoking and are introduced to new and safer smoking devices, the demand for e-cigarettes is increasing. For example, according to a survey conducted by the US Department of Health and Human Services in 2016, there were twice as many teenagers using vape & e-cigarettes as compared to teenagers who were consuming regular cigarettes.
The side effects caused due to use of e-cigarettes is acting as a restraint on the e-cigarette (vaping) market. The side effects of using e-cigarettes include nausea, vomiting, abdominal pain, itchiness, dry eyes, cough and nosebleeds. Some of the side effects are caused due to the body's resistance to accept vapor and may take a few days to disappear. These side effects are discouraging the use of e-cigarettes, thus affecting growth of the market.
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Government Regulations In The Vaping Market
Manufacturers of e-cigarettes are governed by various regulatory bodies to ensure product safety. For instance, in the EU, e-cigarette manufacturers must comply with standards set by Article 20 of the EU Tobacco Product Directive (2014/40/EU). According to the law, e-liquid manufacturers must limit nicotine content to below 20mg/ml. Also, manufacturers are required to submit all the key product information to concerned authorities in the EU Member States.
Players In The Vaping Market Are Expanding Through Merger And Acquisition Activity
Major players in the vaping market are Altria Group, British American Tobacco, Imperial Brands, International Vapor Group, Japan Tobacco, and others. Their business strategies include investing in mergers and acquisitions to expand their service offerings. In 2019, TILT Holding acquired inhalation and vaporization technology company Jupiter Research for $210 million. Jupiter Research was established in 1986 with headquarters in Phoenix, AZ, United States. Jupiter Research develops, designs and manufactures advanced vaporization technology devices that are used in e-cigarette devices. With this acquisition, TILT Holding plans to expand its technology ecosystem and B2B reach across the supply chain by utilizing the capabilities of Jupiter Research. Purchase a copy of complete report (Individual License USD 4000) @ https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=2478 .
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