The chemical intermediate market is growing in tandem with the augmented production rate of the plastic industry. Chemical intermediates are produced in between steps of chemical reactions. But its application only begins there as it accentuates the reaction process and enables the reaction to deliver the desired result. Formed from the reactants, these intermediates are mostly short-lived and are absent in the final product mixture. The chemical intermediate market value is projected to reach over USD 194.5 billion by 2030 with a healthy CAGR of over 8.70% during the review period (2022-2030). reveals Market Research Future (MRFR) in a published report. The report has its focus on segmental details and factors that can impact the market growth in the coming years.
Among the factors, plastic industry will surely play a significant role in the growth of the chemical intermediates market. But the coating industry finds elaborate use of these intermediates owing to their shorter span of life. In aviation industry, these chemical intermediates work well as a de-icing agent on the runaways that can ensure safe landing of aircrafts. In addition, various application industries such as the manufacturing of detergents, elastic textile fibers, pharmaceuticals, and agriculture have reserved an integral role for intermediates that can bolster the expansion rate of the chemical intermediate market.
Despite such advantages, the chemical intermediate market can get bogged down by the volatile prices of the raw agents. The impact would be on the final price which can hamper the expected growth curve in the coming years.
The global chemical intermediate market can be segmented by type, application, and form.
Based on the type, the chemical intermediate market comprises phenol, acetone, methyl ethyl ketoxime (MEKO), and others. MEKO finds an array of application in the coating industry.
Application-wise, the chemical intermediate market can be segmented into pharmaceuticals, automotive, agriculture, and others. For the automotive sector, its allure is quite extensive as it is necessary for both coating and manufacturing of plastic components.
By form, the chemical intermediate market consists liquid, solid, and gaseous.
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Regionally, the chemical intermediate market includes namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America’s impact on the market raises the bar for other regions. Its extensive impact results from the densely populated industrial pockets and the presence of a vast number of verticals in the U.S., Canada, and Mexico. At the same time, research & development sector, coupled with high investment rate are pushing the regional chemical intermediates market growth forward.
Europe’s chemical intermediate market consists of countries such as Germany, France, Italy, and the U.K. Their industrial superiority, especially in the automotive sector, is contributing to the regional market growth. Meanwhile, extraordinary growth in the APAC region can be the fastest during the forecast period. The regional textile and leather industries can further the prospect of the intermediate market in the region.
The highly lucrative chemical intermediate market has a wide horizon with several industrial vertical taking part in it. The companies involved intensely in the market strategies that include merger, acquisition, collaboration, product launch, and other methods which increases market exposure and, in the process, assist in holistic growth.
Minimalizing carbon footprint is now of utmost importance for companies as the government regulations are getting stricter. Chemical intermediates that adhere to the norms are derived from biomass feedstocks. Beta Process Bioenergy’s biomass processing from complete sugar beets, Advonex’s hydrocarbon ingredients, and Vertoro’s crude lignin oil are a perfect example of such initiatives.
The Environmental Protection Agency (EPA) in February 2018, hiked the toxic substance control act (TSCA) testing price of chemicals by substantial margin which can impact innovations.
Prominent influencers of the chemical intermediate market are Chevron Oronite, SI Group Inc, Arizona Chemical, INVISTA, ExxonMobil Chemical, Biosynth, R K Synthesis, Jay chemicals, Himalaya chemicals, AdvanSix Chemical, BASF, Dow, Aceto, and others.
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