LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global chemical storage cabinets market 2018-2022 to grow at a CAGR of around 3% during the forecast period, according to their latest market research report.
The growing global specialty chemicals market is one of the major trends being witnessed in the global chemical storage cabinets market. The demand for specialty chemicals is increasing because of their growing use in several applications in construction, food, cosmetics, agriculture, and textile industries. Specialty chemicals include foaming agents, adhesives, agrochemicals, and polymers.
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In this report, Technavio analysts highlight the increase in global chemical shipments as a key factor contributing to the growth of the global chemical storage cabinets market:
Global chemical storage cabinets market: Increase in global chemical shipments
The demand for chemicals is increasing due to the substantial growth of packaging, pharmaceutical, and food and beverage industries. Chemicals are used as raw materials or intermediate products in industries for the production of finished materials such as chemical fertilizers, plastics, and synthetic rubber. In 2017, the chemical shipments in the US were valued at over USD 750 billion.
According to a senior market research analyst at Technavio, “In 2017, organic chemicals held a dominant share of over 43% in the US. During the forecast period, the shipment of organic chemicals is anticipated to post a year-over-year growth of 2%-3% in the US. Similarly, the sales of chemicals in Asia accounted for nearly 62% of the worldwide sales owing to the strong contribution from China and South Korea.”
Global chemical storage cabinets market: Americas leads the market
This market research report segments the global chemical storage cabinets market into the following end-users (C&P industry, O&G industry, and manufacturing industry) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas was the leading region for the global chemical storage cabinets market in 2017. It accounted for a market share of more than 36%. It was followed by APAC and EMEA. APAC is expected to project the fastest growth during the period 2018-2022.
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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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