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The seem to moderately fragmented in nature due to presence of numerous local and global players across the globe. In 2023, the above listed dominant market players collectively held a substantial 20-25% market share. These prominent players are proactively involved in strategic endeavors like mergers & acquisitions, facility expansions, and collaborations to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position. These enterprises consistently allocate resources to research and development, aiming to enhance their designs and integrate cutting-edge technologies, ensuring they maintain a competitive edge.
Major players operating in the industry include: