Chemical As A Service Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

 

The Chemical As A Service  by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Chemical As A Service , The chemical as a service market size has grown steadily in recent years. It will grow from $7.64 billion in 2023 to $7.92 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%.  The  growth in the historic period can be attributed to data-driven solutions, focus on core competencies, cost-efficiency and scalability, demand for customization and flexibility, regulatory compliance and risk mitigation..

The chemical as a service market size is expected to see strong growth in the next few years. It will grow to $9.87 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.  The growth in the forecast period can be attributed to pandemic impact, demand for sustainable solutions, cost-efficiency, shift towards outsourcing, industry vertical expansion, globalization.. Major trends in the forecast period include market diversification, demand for transparency and compliance, remote monitoring and control, focus on green chemistry, rise of circular economy practices, digitalization and industry 4.0 integration..

A reduction in chemical consumption is contributing to the growth of the chemicals as a service market. A chemical is consumed when it is converted into another chemical through a chemical process. Lack of collaboration between chemical suppliers and consumers leads to unnecessarily high chemical consumption and the development of hazardous waste. Chemical leasing, which is part of the chemicals as a service paradigm, attempts to increase chemical efficiency while lowering chemical hazards and safeguarding human health. For instance, according to a report published by Department of Chemicals and Petrochemicals, an India-based government agency, utilization of installed capacity for basic major chemicals decreased from 79% in 2020 to 72% in 2021, while for basic major petrochemicals, it decreased from 89.5% to 83.6%. A reduction in chemical consumption is expected to propel the chemicals as a service market growth.

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The chemical as a service market covered in this report is segmented –

1) By Type: Chemical Management Services, Chemicals Leasing
2) By End User: Agriculture & Fertilizer, Water Treatment & Purification, Metal Parts Cleaning, Paint & Coatings, Industrial Cleaning, Industrial Gases, Other End Users

Strategic partnerships are a key trend gaining popularity in the chemical as a service market. Major companies operating in chemicals as a service are undergoing partnerships to strengthen their position in the market. For instance, in May 2022, Sphera, Chicago-based a leading global provider of Environmental, Social, and Governance (ESG) performance and risk management software, data, and consulting services, partnered with BASF Germany-based chemical company. The collaboration makes BASF's methodology and digital solution for automated product carbon footprint (PCF) calculation available in Sphera's Life Cycle Assessment (LCA) software solutions. LCAs assist businesses in better analyzing the effects of their supply chain on their overall carbon footprint and making informed decisions on their path to net zero.

The chemical as a service market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis


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