Tokyo, October 28, 2021 (GLOBE NEWSWIRE) – The world chemical distribution market size was reached at $ 239.2 billion in 2020. The growth of the global chemical distribution market is strongly influenced by the growth of the chemical industry across the globe. There are thousands of different chemicals widely used in different industries for the production of a wide variety of products around the world.
Chemical distribution services help chemical producers distribute chemicals to various new and developing markets and help reduce distribution costs. The complexities involved in the chemical industry supply chain have fueled the growth and development of third-party distribution services. The rapid growth of various industries such as construction, automotive, textile, and pharmaceuticals is propelling the growth of the global chemical distribution market. The consumption of basic chemicals is increasing exponentially in several end-use industries such as consumer goods, electronics, construction and automobiles. This factor is expected to drive the growth of the chemical distribution market in the coming years.
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The crucial factors responsible for the growth of the market are:
- Globalization of business
- Industry-friendly economic policies in developing and developed markets
- Rapid urbanization and industrialization
- Excess demand for various chemicals from a large number of industries
- Growing demand for specialty chemicals
- Value-added services provided by players in the chemical distribution market
Scope of Chemical Distribution Market Report
|Cover of the report||Details|
|Market size in 2020||US $ 239.2 billion|
|Growth rate from 2021 to 2030||5.6% CAGR|
|Fastest Growing Market||North America|
|The biggest market||Asia Pacific|
|Covered segments||Product Type, End User Type, Region Type|
Asia-Pacific is the main consumer of chemicals and therefore the largest chemical distribution market around the world. Major chemical manufacturers are increasingly adopting chemical distribution services to enter the Asia-Pacific market. Asia-Pacific is home to about 60% of the world’s population and hence the demand for products of various industries is high in the region. Hence, the chemical distribution market has enormous growth potential in the Asia-Pacific region. In addition, the chemical industry contributes a significant 7.3% of Asia-Pacific’s GDP. Additionally, countries like China and India are the hub of manufacturing and have a huge demand for chemicals. Therefore, the chemical distribution market is expected to grow rapidly in the Asia-Pacific region.
North America is expected to show a promising growth rate during the forecast period. This is attributed to the increase in investments by players in the chemical industry to expand production capacities. Moreover, the rapid growth of the biopharmaceutical industry and the automotive industry is boosting the consumption of chemicals, which in turn is expected to drive the growth of the chemical distribution market in the region.
Conductors – The growing importance and the need to achieve profitability and demand among chemical manufacturers to remove the complexities from the supply chain of the chemical industry is driving the growth of the global chemical distribution market. In addition, the increasing consumption of chemicals in various end-use industries is propelling the market growth.
Detention – The growing demand for organic products, especially in the food and beverage industry, is expected to hamper the growth of the global chemical distribution market. Increased awareness regarding the negative impacts of chemicals on health and the environment can hamper the consumption of various chemicals in the food and beverage and consumer goods industries, which can hamper the market for chemicals. distribution of chemicals up to a certain level.
Opportunities – Growing investments by chemical manufacturers to expand production facilities are expected to drive demand for chemical distribution services. In addition, the increase in value-added services provided by distributors will open up avenues for growth in the near future.
Challenges – Strict government regulations on the use of various specialty chemicals in the food and beverage industry and other industries is a major challenge facing participants in the chemical industry.
Highlights of the report
- On the basis of the product, the specialty chemicals segment is expected to be the fastest growing segment during the forecast period. The growing demand for specialty chemicals such as coatings, adhesives, sealants and elastomers in various industries is driving the growth of this segment.
- On the basis of end use, the construction segment held the largest market share in 2020. This is attributed to increased urbanization and rapid industrialization in developed and developing markets in North America. , Europe and Asia-Pacific in recent years. Increasing government investment in infrastructure development in developing countries like China and India is further expected to foster growth in this segment.
Segments covered in the report
- Specialty chemicals
- Specialty resins and polymers
- Basic chemicals
- Synthetic rubber
- Plastic and polymers
By end use
- Automotive and transport
- Consumer goods
- Industrial manufacturing
- North America
- Asia Pacific
- Rest of the world
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