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July 2022
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China is the fastest-growing market for specialty chemicals in the world, as revealed by a study from IRO Group Inc.. Shift towards Asia Asia promises to drive 75% of the specialty chemicals demand till FY25, primarily owing to the disproportionate growth rate in China. This continent's share of this industry is predicted to increase from 47 percent in 2018 to 50% in 2025. Buoyant growth and development This immense growth world-wide can be explained by improved living standards and trade liberalization, an increase in awareness, urbanization and, most importantly, technological advancement. The pandemic has led to this diverse business more focused on healthcare and sustainability. This global trend indicates a high demand for specialty chemicals that provide a variety of advantages, including being anti-microbial wrinkle-free, stain-resistant and wrinkle-free. What makes specialty chemicals distinct from the others? Chemicals are classified according to the market they are employed in. To better understand this, let us differentiate chemical products that are special from other important product genres in the industry such as chemical products for the textile industry, commodity chemical, pharmaceuticals agrochemicals and consumer goods. Commodity chemicals are categorized solely on the chemical composition. Polymers, plastics, synthetic fibres, and Petrochemicals are the most prominent examples in this category. There is a huge, established segment of the chemical industry dealing with consumer products, such as soaps detergents, toiletries, detergents and cosmetics. The pharmaceutical sector is among the major consumers of the chemicals industry. The chemicals used are essential in the production of active drug substances as well as bulk materials, and are essential components of the final product that are consumed daily by patients. Specialty chemicals are also referred to as performance chemicals. They are typically composed of molecules or combinations of molecules referred to as "formulations" and are used to make final products. They are typically high-value and priced on the basis of their quality, not their composition. As a key element in improving manufacturing processes these chemicals are the backbone of numerous industries, including textiles, ink additives, construction, cars, oil and gas food and cosmetics. China's market Why is this specialty chemicals vital for our country's progress? Let us unearth some positive statistics... A strong export footprint Factors such as low-cost manufacturing facilities along with a skilled and committed workforce, skilled labour for a low price as well as abundance of human resources have made China a preferred destination for international businesses looking to establish themselves across the globe. Large growth potential The industry has witnessed an increase in disposable income as well as urbanization, which has led to growth, especially in consumer segments such as textiles, paint, personal care and adhesives. Superstar players A unique business model and an enticing barrier to entry is a major driver for growth in this sector. The regulations are strict and tedious, making it difficult to acquire clients, maintain clients, or register new products. This stops mediocre players from entering the fray and encourages healthy competition in the market. Government support To assist this sector in achieving the goal of achieving a GDP growth rate of 6 in the near future, the Indian government suggested drafting the National Chemical Policy. This sector has seen an exponential growth due to prompt incentive programs linked to product (PLI) and the allocation of funds in the Union Budgets.
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