Apr 15, 2021 (Market Insight Reports) -- The worldwidechemicals & materialsindustry serves as the most important footing for various other industries, such as construction, transportation, food and beverages, pharmaceuticals, electronics, healthcare, utilities, and oil & gas. The extensively used chemicals and materials comprise a multitude of components and sub-components. A chemical compound is a distinct substance or compound that is artificially manufactured or purified, whereas, a material is a compound from which other complex materials are made. Chemicals, organic or inorganic in nature, form the building blocks of different kinds of materials. Some widely used materials include ceramics, adhesives, metals, composites, polymers, and glasses.
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Chemicals and materials, independently or in combination with each other, find a wide range of application across various end-use industries, such as automotive, power & energy, agriculture, food & beverages, instrumentation, consumer goods, aerospace & defense, healthcare, and IT. Other significant application areas include dental silica, flow aids, crop protection, animal nutrition, active pharmaceutical ingredients, dietary supplements, preservatives, flame retardants, surface ingredients, and matting agents.
Global Chemicals & Materials Market- Escalating Demand for Chemicals in Electronics and Construction Industries Boosting Market Growth
The Asia Pacific chemicals & materials market is expected to retain its dominant position in the global chemicals & materials market over the forecast period (2016 - 2024). Rampant growth of end-use industries in the emerging economies of the region, such as China, India, and Japan, is a major contributing factor for market growth in the region. Increasing demand for electronic devices across the globe, especially in key regions, including North America, Asia Pacific and the Middle East, is driving demand for electronic chemicals. Electronic chemicals, such as PCB laminate, silicon wafer, specialty gases, and wet chemicals, are widely used in computers, electronic circuits, diodes, capacitors, home appliances, and entertainment systems. Asia Pacific accounts for the largest share in the global electronics market, which is the largest end-user segment for electronic chemicals. Countries in the region that majorly contribute to market growth include China, Japan, Taiwan, South Korea, and India. However, the markets of North America and Europe are expected to witness a slower growth rate over the forecast period.
Construction chemicals find extensive application in the construction sector as these chemicals aid in enhancing the quality of building structures by providing resistance against dry heat and wet climate, and protection against fire. Population explosion, paired with rapid economic growth in countries such as India and China, has dramatically raised the demand for advanced infrastructure and construction, thereby increasing the number of infrastructural development activities. This, in turn, creates a highly conducive environment for growth of the chemicals and materials market. Growing urbanization, lends demand for construction chemicals such as concrete admixtures, adhesives, and sealants, in turn, fueling growth of the chemicals and materials market. The North America and Europe markets are expected to witness moderate growth, owing to the economic stagnancy of the developed countries. However, the Middle East market is expected to witness significant growth due to high investment in infrastructural development and abundant reserves of raw materials within the region.
Global Chemicals & Materials Market Challenges
Effective and eco-friendly mode of waste disposal, adopted by various regions, acts as a key challenge for several manufacturing companies in the global chemicals & materials market. Many stringent laws concerning the disposal of wastewater, gases, and semi-solid waste have been enforced by governments across the world. For instance, the Ministry of Environment and Forest (MoEF) of India implemented the water prevention and control pollution act 1974 and the air prevention and control pollution act 1981 on December 23, 2010. These laws define a stringent regulatory framework for manufacturers and end-users regarding production, import, export, and storage of hazardous chemicals & materials. This significantly increases the costs associated with production, which in turn, affects the profitability of manufacturers in this highly competitive market and inhibits their market growth.
Chemicals & Materials Market - Regulatory Scenario:
United States Environmental Protection Agency
Registration, Evaluation and Authorization and Restriction of Chemicals (REACH) and Classification, Labelling, and Packaging (CPL) regulations
Resource Conservation and Recovery Act (RCRA)
Hazardous Materials Transportation Act (U.S., 1975)
Chemicals & Materials Market - Key Global Conferences:
Strategic Approach to International Chemicals Management (SAICM)
Summit Meeting on Chemical Regulations (SMCR) in Asia Pacific, in 2011
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The leading players in the global chemicals & materials market include BASF-SE, The Dow Chemical Company, Sinopec, SABIC, ExxonMobil, Formosa Plastics, LyondelBasell Industry, DuPont, Ineos, Bayer, Mitsubishi Chemicals, Royal Dutch Shell, LG Chem Ltd., Braskem, Air liquid, AkzoNobel, The Linde Group, Sumitomo Chemicals, Mitsui Chemicals, Evonik Industries. The chemicals & materials industry is highly fragmented, with a large number of global players and regional players. In the recent past, the market has witnessed a trend of consolidation through strategic mergers and acquisitions. For instance, in March, 2017, the European Union approved the proposed merger of Dow Chemical and DuPont as part of a US$ 62 billion deal. The companies were subsequently segmented into three separate publicly traded companies, which focus on agriculture, material science, and specialty chemicals, respectively.
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