Chemicals & Materials Market - Industry Trends, Outlook, Regulatory Bodies & Reg
Posted by mayuri d on November 1st, 2017
The chemicals & materials market consists of a number of components and sub components within its large portfolio. A distinct substance or compound that has been manufactured or purified artificially is called a chemical compound. A material is a compound from which some other complex materials can be made. Ceramics, adhesives, metals, composites, polymers, and glasses are among the most widely used materials. Chemicals are inorganic or organic building blocks used to manufacture various materials. Chemicals and materials separately or as a mixture 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. The global market has wide range of application areas; dental silicas, flow aids, crop protection, animal nutrition, active pharmaceutical ingredients, dietary supplements, preservatives, flame retardants, surface ingredients and matting agents among others.
Asia Pacific is expected to retain its dominance in the chemicals & materials market during the forecast period (2016 – 2024), spearheaded by China, India, and Japan due to rampant growth of end-use industries.
Request a sample copy of this report:https://www.coherentmarketinsights.com/insight/request-sample/252
Chemicals & Materials Market Outlook – Surge in Electronics and Construction Chemicals Industries Augmenting Market Growth
The electronics industry is across the globe, especially in key regions such as North America, Asia Pacific and Middle East. This in turn, drives demand for electronic chemicals. PCB laminate, silicon wafer, specialty gases, and wet chemicals are some of the widely used electronic chemicals that are used in a wide number of applications such as computers, electronic circuit, diodes, capacitors, home appliances, and entertainment systems. Asia Pacific contributes the highest share in end user segments for electronic chemicals, which includes China, Japan, Taiwan, South Korea, and India. However, the markets in North America and Europe is expected to witness slower growth rate for the forecast period.
Population explosion in countries such as India and China, along with rapid economic growth in these countries has led to infrastructural development activities. This in turn creates a highly conducive environment for growth of the chemical materials market. Construction chemicals are used to enhance the quality of the structure, which includes resist dry heat, wet climate and fire protection. Various construction chemicals are available in the market, such as concrete admixtures, adhesives, and sealants. Growing urbanization is expected to be one of the key factor for growth in demand for construction chemicals and in turn fueling growth of the chemicals and materials market. North America and Europe markets are expected to witness moderate growth rate, due to stagnant economy of the developed countries. However, the market in Middle East is expected to witness significant growth due to high investment in infrastructure development and abundant raw materials reserves within the region.
Chemicals & Materials Market Challenges – Reduce Environmental Impact
Effective and eco-friendly mode of waste disposal is a key challenge faced by chemicals & materials manufacturing companies. All wastewater, gases, and semi-solid waste can only be disposed to the environment after undergoing a series of treatments. The Ministry of Environment and Forest (MoEF) of India, on December 23, 2010, implemented water prevention and control pollution act 1974 and air prevention and control pollution act 1981. This lays out a stringent regulatory framework for manufacturers and end users regarding production, import, export, and storage of hazardous chemicals & materials. This significantly increases costs associated with production, which in turn affects profitability of manufacturers in this highly competitive market, in turn inhibiting market growth.
Access Table of Content (TOC) of the report: https://www.coherentmarketinsights.com/ongoing-insight/toc/252
Chemicals & Materials Market – Regulatory Scenario:
United States Environmental Protection Agency
The Frank R. Lautenberg Chemical Safety for the 21st Century Act, on December 17, 2015.
The Toxic Substances Control Act (TSCA) Modernization Act of 2015, on June 23, 2015
Registration, Evaluation and Authorization and Restriction of Chemicals (REACH) and Classification, Labelling and Packaging (CPL) regulations
Regulations regarding fertilizer production
Regulations regarding detergents production
Regulation regarding explosive production
Regulation regarding drug precursors production
Resource Conservation and Recovery Act (RCRA)
Chemical Waste Disposal Law Govern by U.S. Environmental Protection Agency
Hazardous Materials Transportation Act (U.S., 1975)
Material labelling and designations
Procedures and policies
Chemicals & Materials Market – Key Global Conferences:
Strategic Approach to International Chemicals Management (SAICM)
In Dubai, government, intergovernmental and non-governmental organization held an International conference on chemicals management, on February 4th to 6th, 2006.
Summit Meeting on Chemical Regulations (SMCR) in Asia Pacific in 2011
Transparency in sharing of regulatory updates and enforcement measures, to provide and promote safety and sustainability of chemical industry in the Asia Pacific region.
Key players in the 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 recent times, 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 would subsequently break into three separate publicly traded companies that would focus on agriculture, material science, and specialty chemicals.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Like it? Share it!
About the Authormayuri d
Joined: July 22nd, 2017
Articles Posted: 194
More by this author