PERFORMANCE CHEMICALS MARKET DYNAMICS AND TRENDS
Significantly rising development of performance chemicals from different end-users to improve product quality is the prime factor for triggering the market of performance chemicals in the recent period. Increasing investment in the development of advanced technology such as nanotechnology is expected to create immense opportunities for chemical performance in the forecast period.
Significantly rising development of performance chemicals from different end-users to improve product quality is the prime factor for triggering the market of performance chemicals in the recent period
Performance chemical has gained immense popularity among a wide range of end-users such as oil and gas, pulp and paper, personal care and cosmetics, and others in the past few years. Essential oils, gelatin, castor oil, and collagen are popular examples of high-performance chemicals in high demand from the end-user industries. The reason behind the significant growth of the product in different end-users is its lesser volume production which caters only to a few applications, unlike the rest of the fine and commodity chemicals. For instance, with high demand for adhesives, lubricants, paints, and coatings for weight reduction and cost-saving end-Uses, the automotive industry is expected to remain a lucratively rising market for performance chemicals. Furthermore, end-use product demand for pharmaceuticals and nutraceuticals has been powered by increasing customer awareness and accepting a healthier lifestyle. Rising disposable income is causing consumers to pay more attention to personal care, which is expected to boost product demand in the personal care and cosmetics end-use categories.
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Increasing investment in the development of advanced technology such as nanotechnology is expected to create immense opportunities for the performance of chemicals in the forecast period.
Since consumers primarily drive the demand, innovation and R&D are some of the most promising growth opportunities. Manufacturers’ efforts to provide creative and custom-made product offerings for specific applications and meet specific customers’ needs have fueled research and development, resulting in the development of innovative specialty chemicals and expanding the market. For instance, in recent years, major agrarian countries such as China, India, the United States, and others have increased their agrochemicals. This would almost certainly increase sales in the performance chemicals industry. Agrochemicals aid in the protection of crops from pests and the prevention of weed growth. They also provide essential nutrients to the soil, such as nitrogen and phosphate, to boost crop production.
As per the studies, total fertilizer nutrient demand was estimated to be 184.02 million tonnes in 2015 and reached nearly 186.67 million tonnes in 2016. It is predicted to reach 201.66 million tonnes by the end of 2020, with an average annual growth rate of 1.9 percent in the following years. Thus Such rising demand for fertilizer nutrients would propel the production of agrochemicals in the coming years and the market of performance chemicals in the forecast period
Increasing side effects of conventional chemicals and rising concerns towards environmental –friendly performance is creating huge market opportunities for performance chemicals in the near future
The conventional chemical has been ruling the global chemical market for the past many decades. The reason behind the growth is its high efficiency and application in a wide range of end-users. However, with high efficiency of the product comes with a huge side effect on the environment. Pesticides are an excellent example of conventional chemicals, and their increasing use in different crop production is also raising the related healthcare problems in the population. Thus the rising concerns about the negative effects of traditional chemicals on the environment and humans have sparked a market for user-friendly and environmentally friendly performance chemicals. As a result, many players have shifted their attention to the production and marketing of performance chemicals to differentiate themselves from traditional fine and commodity chemical producers. Therefore increasing the shift from conventional to advanced performance chemicals creates huge opportunities for the performance chemicals to proliferate in the forecast period
COVID-19 IMPACT ANALYSIS ON PERFORMANCE CHEMICALS MARKET
The global performance chemicals market has shown a severe decline due to the COVID-19 pandemic, as several performance chemicals providing companies were shut for months. Further, the sudden drop in the demand for these chemicals in the automotive, construction, and consumer goods industries has severely hampered the global business of the product. In addition, the pandemic has negatively impacted supply chains worldwide, which is majorly responsible for the slump in the market growth rate.
PERFORMANCE CHEMICALS MARKET SEGMENT ANALYSIS
The global performance chemicals market is segmented based on application, end-user and region.
The agrochemical segment has built the largest market for performance chemicals, and the growth of the segment is extensively driven by the reducing per capita arable land and improving demand for food across the world.
In terms of accommodation, the global performance chemicals market based on end-users is segmented into paints and coatings, catalysts, construction chemicals, cosmetic chemicals, water treatment chemicals, agrochemicals, industrial and institutional cleaners, and others. The agrochemical segment has built the largest market for performance chemicals and is expected to maintain dominance in the forecast period. The segment’s growth is extensively driven by the reducing per capita arable land and improving demand for food across the world. Thus with the improving per capita income and growing population level, the demand for food crops and cash crops is estimated to increase globally. For instance, as per the FAO, by 2050, the food demand in the United States is expected to increase by 50-90%.
Furthermore, micronutrient fertilizers, bio-based fertilizers, and specialty fertilizers (such as liquid fertilizers) are gaining popularity due to nutrient quality uptake by plants and growing regulatory health and environmental concerns. Along with synthetic herbicides, bio-herbicides that use microbes as biological weed control agents gain popularity in integrated pest management techniques. Even though the sector is a small part of the overall industry, it is expected to expand significantly. Hence, all such favorable trends are expected to drive the demand for the agrochemicals market during the forecast period. This is expected to drive the demand for performance chemicals.
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PERFORMANCE CHEMICALS MARKET GEOGRAPHICAL ANALYSIS
The emergence of the Asia Pacific region as one of the fastest-growing markets for performance chemicals is due to China’s dominance as one of the top manufacturing hubs for most industries, including pharmaceuticals and nutraceuticals, automotive, personal care and cosmetics, and electrical and electronics
Asia-Pacific dominated the global performance chemical market in 2019 and is expected to maintain its dominance in the forecast period. As one of the fastest-growing markets for performance chemicals, the emergence of the Asia Pacific region is China’s dominance as one of the top manufacturing hubs for most industries, including pharmaceuticals and nutraceuticals, personal care cosmetics, automotive, and electrical and electronics. In addition, the rapid diversification and industrialization of economies like Singapore, Thailand, Malaysia, and India are likely to create attractive prospects in the specialty chemical industry.
North America, on the other side, is growing the performance chemical market at a higher rate. The increased production of lightweight vehicles in this area is the main driver of this growth rate, leading to improved demand for polymers and polymers in the region. The innovations in the food and beverage industry in the United States are another factor driving performance chemicals market trends. Thus, improving the end-user market trend is more likely to trigger the performance chemical market in the region.
PERFORMANCE CHEMICALS COMPANIES AND COMPETITIVE LANDSCAPE
The performance chemicals market is highly fragmented with the presence of local as well as global companies. Some of the key players contributing to the market’s growth include Dow, Chevron Phillips Chemical Company, Albemarle Corporation, Akzo Nobel N.V., Chembond Chemicals Limited, Himadri Speciality Chemical Limited, BASF SE, Clariant, Solvay, Evonik Industries, and among others.
The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to the global performance chemicals market’s growth. The key manufacturers are following expansion and collaboration as the key strategy to build revenue for the company.
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