LONDON--(BUSINESS WIRE)--According to the latest market research report by Technavio, the global performance chemicals market is expected to grow at a CAGR of more than 5% until 2020.
In this report, Technavio covers the present scenario and growth prospects of the global performance chemicals market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the five prominent vendors operating in the market.
“Technical support services find high demand from both MNCs and SMEs. Initially, the demand was restricted to MNCs, as SMEs are highly cost-sensitive. Currently, SMEs in APAC are increasingly adopting these services. In the face of a declining market, small players are finding it difficult to compete with major players in their fields. Thus, these small players outsource their technical support to manage their expenses and tighten their budgets,” said Chandrakumar Badala Jaganathan, one of Technavio’s lead industry analysts for specialty chemicals.
Global performance chemicals market by geography 2015
- APAC 39%
- EMEA 32%
- Americas 29%
Source: Technavio Research
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Performance chemicals market in APAC
The performance chemicals market in APAC was estimated at USD 263.3 billion in 2015. Japan and China emerged to be the leading countries in APAC. The increasing industrial activities in the field of food, agriculture, cosmetics and other manufacturing sectors in developing countries, mainly China and India, will also contribute significantly to the growth of the performance chemical market during the forecast period. Agrochemicals, polymers additive, and construction chemicals are significantly consumed by the manufacturing industry. The rise in disposable income in the developing countries is also anticipated to drive the demand for these products.
Performance chemicals market in EMEA
The performance chemicals in EMEA was estimated at USD 216 billion in 2015. The performance chemical industry has emerged as one of the main manufacturing sectors. It plays a crucial role in providing sophisticated technological solutions and advanced chemical and materials to support Europe's industrial attractiveness. Performance chemicals cover the auxiliaries for industry, crop protection, dyes and pigments, and paints and inks.
In EU, performance chemicals accounted for more than 30% of the total chemicals sales in 2015. Germany was the largest producer of performance chemicals in Europe, followed by France, the Netherlands, and Italy. In total, these countries accounted for more than 65% of the total performance chemicals sold in the region in 2015.
Performance chemicals market in Americas
The performance chemicals market in the Americas was estimated at USD 195.8 billion in 2015. Chemical manufacturers in the US are slowly drifting away from the bulk production of price sensitive basic chemicals to high margin and low volume performance chemicals. The ability of manufacturers to expand their product portfolios and target a wider range of end-user applications makes performance chemical production a more profitable choice in the present situation.
The growth in construction activity, particularly in the housing sector and renewed manufacturing in the US have increased the demand for performance chemicals. Further, there is a growing trend of supplying performance chemicals through third-party distribution rather than manufacturers' supplying directly to customers. This trend is expected to grow through 2020.
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