Dublin, March 17, 2023 (GLOBE NEWSWIRE) -- The "Trade Credit Insurance Market Size, Share & Trends Analysis Report By Enterprise Size (Large, SMEs), By Coverage (Whole Turnover, Single Buyer), By Application, By End-user (Energy, F&B), By Region, And Segment Forecasts, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global trade credit insurance market size is anticipated to reach USD 19.85 billion by 2030, registering a CAGR of 11.1% over the forecast period.
The demand for trade credit insurance (TCI) has been gaining momentum as the pandemic has led to increased uncertainties in global businesses. In addition, the temporary shutdown of production units has led to increased losses for businesses due to which defaults in payment have risen tremendously acting as one of the key drivers of the industry.
The COVID-19 pandemic significantly impacted the global industry. Lockdowns were implemented due to the pandemic, which led to a temporary prohibition on import and export, and manufacturing across multiple industries.
TCI witnessed a decline due to the worldwide lockdown caused by the pandemic and the prohibition on imports and exports. However, the demand for TCI is on the rise since 2021 due to financial uncertainty. Europe captured the highest revenue share in 2021 and is expected to retain its position over the forecast period.
This is attributed to the presence of major companies like Chubb, Zurich, Allianz Trade, Coface, and Atradius N.V. in the region. Also, the high adoption of advanced technologies and government schemes is expected to support companies in the region by promoting TCI. Asia Pacific is anticipated to expand at the highest CAGR over the forecast period.
This is attributed to the growth of Small & Medium Enterprises (SMEs) in the region and an increase in export & import in countries like India, China, Japan, and Australia. Mergers & acquisitions, partnerships, agreements, and expansions are the key strategies being adopted by the companies operating in the global industry. For instance, in May 2022, Coface entered into a strategic partnership in credit insurance with Doha Insurance Group (DIG), the third-largest insurance player by gross written premiums in Qatar. The partnership aims to provide credit insurance products to Qatar companies, thereby boosting their growth in export as well as domestic markets.
Trade Credit Insurance Market Report Highlights
- The large enterprise size segment accounted for the largest share in 2021 due to large enterprises engaging in bulk trading, collecting a large amount of data, and being vulnerable to market or regional fluctuations
- The SME segment will register the fastest CAGR from 2022 to 2030 due to the different schemes being introduced by governments worldwide to support SMEs. For instance, the African Development Bank introduced the Transaction Guarantee scheme in 2021. It was supported by the World Bank and was aimed at helping enterprises, SMEs, and local banks with the ultimate objective of increasing trade to and from Africa
- The whole turnover coverage segment led the industry in 2021 as the whole turnover TCI provides better protection and is an excellent risk management solution, as it allows for coverage for all the accounts receivable and reduces credit risk
- The single-buyer coverage segment will register the fastest CAGR from 2022 to 2030 due to the single-buyer policy providing highly tailored protection against both economic and political threats
- The international application segment led the market in 2021 since it reduces the payment risks associated with doing business internationally. The domestic segment is likely to register the fastest CAGR from 2022 to 2030 owing to a rise in the use of TCI for domestic accounts receivable protection
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 90 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $8.58 Billion |
| Forecasted Market Value (USD) by 2030 | $19.85 Billion |
| Compound Annual Growth Rate | 11.1% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Trade Credit Insurance Industry Outlook
3.1 Parent Market Outlook
3.2 Market Size, Penetration, and Growth Prospect Mapping
3.3 Regulatory Scenario
3.4 Trade Credit Insurance Market - Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Rapid expansion of the market in new regions
3.4.1.2 Rapid digitization of the insurance sector
3.4.2 Market challenge analysis
3.4.2.1 Varied and conflicting trade regulations across different regions
3.4.3 Market opportunity analysis
3.4.3.1 Introduction of new technology
3.5 Trade Credit Insurance Market - PESTEL Analysis
3.6 Trade Credit Insurance Market - Porter's Five Forces Analysis
3.7 Trade Credit Insurance Market COVID-19 Impact Analysis
Chapter 4 Trade Credit Insurance Enterprise Size Outlook
4.1 Trade Credit Insurance Market Share By Enterprise Size, 2021
4.2 Large Enterprise
4.2.1 Trade credit insurance large enterprise market, 2017 - 2030
4.3 Small & Medium Enterprise
4.3.1 Trade credit insurance small & medium enterprise market, 2017 - 2030
Chapter 5 Trade Credit Insurance Coverage Outlook
5.1 Trade Credit Insurance Market Share By Coverage, 2021
5.2 Whole Turnover Coverage
5.2.1 Trade credit insurance whole turnover coverage market, 2017 - 2030
5.3 Single Buyer Coverage
5.3.1 Trade credit insurance single buyer coverage market, 2017 - 2030
Chapter 6 Trade Credit Insurance Application Outlook
6.1 Trade Credit Insurance Market Share By Application, 2021
6.2 Domestic
6.2.1 Trade credit insurance domestic market, 2017 - 2030
6.3 International
6.3.1 Trade credit insurance international market, 2017 - 2030
Chapter 7 Trade Credit Insurance End Use Outlook
7.1 Trade Credit Insurance Market Share By End Use, 2021
7.2 Food & Beverage
7.2.1 Trade credit insurance food & beverage market, 2017 - 2030
7.3 IT & Telecom
7.3.1 Trade credit insurance IT & telecom market, 2017 - 2030
7.4 Healthcare
7.4.1 Trade credit insurance healthcare market, 2017 - 2030
7.5 Energy
7.5.1 Trade credit insurance energy market, 2017 - 2030
7.6 Automotive
7.6.1 Trade credit insurance automotive market, 2017 - 2030
7.7 Others
7.7.1 Trade credit insurance automotive market, 2017 - 2030
Chapter 8 Trade Credit Insurance Regional Outlook
Chapter 9 Competitive Analysis
9.1 Company Market Share Analysis, 2021
9.2 Vendor Landscape
9.3 Key Market Strategy
Chapter 10 Competitive Landscape
Chapter 11 KOL Commentary
For more information about this report visit https://www.researchandmarkets.com/r/sfvx15
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