BEIJING, July 21. 2022 (GLOBE NEWSWIRE) — The Global Chemistry as a Service Market the size accounted for USD 8,101 million in 2021 and is expected to reach the value of USD 15,581 million by 2030.
Our global analysis of the chemical industry as a service suggests that the increasing number of accidents at chemical facilities is driving substantial growth in the coming years. According to the most recent estimates from the World Health Organization (WHO), deaths from exposure to hazardous chemicals increased by 29% in 2019 compared to 2016. The same estimates indicate that two million people died from exposure to hazardous chemicals in 2019, up from 1.56. million in 2016.
Hazardous chemicals can be found in the air, consumer products, workplace, water and soil. They can cause various diseases, such as mental, behavioral and neurological disorders, cataracts and asthma.
One of the major trends in the chemicals-as-a-service (CaaS) market is the growing adoption of chemical management services. Additionally, the chemicals as a services market revenue is driven by the growing public awareness of the benefits of the industry.
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|Market||Chemistry as a Service Market|
|Market size 2021||$8,101 million|
|Market Forecast 2030||$15,581 million|
|Analysis period||2018 – 2030|
|Year of reference||2021|
|Forecast data||2022 – 2030|
|Segments Covered||By end-user industry and geography|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||BASF SE, CSC JÄKLECHEMIE GmbH & Co. KG, Diversey Holdings Ltd., Ecolab Inc., Haas TCM, Henkel AG & Co. KGaA, Hidrotecnik, Polikem, PPG Industries, Quaker Chemical, Safechem Europe Gmbh and Sphera.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
|Scope of customization||10 a.m. free customization and expert advice|
Impact of COVID-19 on the Global Chemicals as a Services Market
The coronavirus outbreak has hampered the growth of the chemical-as-a-service industry due to lockdown measures in as many countries as possible, travel restrictions, raw material shortages, and delays in the manufacturing and production of many chemicals. The market witnessed a decline in growth in 2020 due to the COVID-19 pandemic. However, due to the high demand for surfactants, surface disinfectants, and cleaning chemicals, the market has not witnessed any significant downturn in 2020. Hence, the overall impact on Chemical as a Service was moderate and stabilized quickly in a few months compared to other industries.
Chemicals as a Services Market Dynamics
One of the main applications of the chemical industry as a service is to reduce the cost, waste and emissions of chemicals. This factor is certainly increasing the market share of chemistry as a service. The chemical industry is focusing on three sustainability practices in response to growing pressure to promote sustainable business models: (1) reduce GHG emissions, (2) limit plastic waste, and (3) use more sustainable raw materials such as bio-based raw materials. The chemical industry’s ongoing transition to more sustainable practices carries technological and legal risks. The parties involved can reduce the risks while developing a sustainable approach tailored to each company’s specific situation by carefully considering the three measures and their challenges.
Our Chemicals-as-a-Service market forecast suggests that the growing application of chemical rental services is one of the major trends that will support the growth of the industry. Chemical leasing is a business-driven model that aligns the interests of the chemical manufacturer and the chemical user by compensating for the chemical service rather than the volume of chemicals sold and used. Chemistry as a service is a new business model. As a result, only a few companies provide these services globally. According to the United Nations Industrial Development Organization (UNIDO), around 100 companies worldwide have incorporated chemical leasing into their business strategies.
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Additionally, an increasing focus on reducing the disposal of hazardous chemicals is also expected to drive the market with profitable opportunities. Due to the unique physical and chemical properties of chemicals, hazardous events resulting in casualties, property loss and property damage frequently occur at various stages of their production and use. Over 80% of chemicals in China are classified as hazardous. As a result, the application of chemistry as a service proves beneficial as well as life and cost saving.
Global Chemistry-as-a-Service Market Segmentation
The global chemistry-as-a-service market has been segmented into end-user and region. The end-user segment is further divided into water treatment and purification, agriculture and fertilizer, metal parts cleaning, paint and coatings, industrial gases, industrial cleaning and others. Among these, industrial cleaning accounted for considerable market share in 2021, while agriculture and fertilizer segment is expected to witness the fastest growth rate in the coming years from 2022 to 2030.
Regional Overview of the Chemicals as a Services Market
The regional outlook of the global chemistry as a service market is given for North America, Europe, Latin America, Asia-Pacific, Middle East & Africa. Among all the regions, Asia-Pacific is expected to witness a substantial growth rate over the forecasted period from 2022 to 2030. Growing population, increasing adoption of chemical rental services and increasing usage of chemical chemicals in construction, manufacturing and consumer goods are some of the major aspects fueling the growth of the chemistry as a service market in Asia-Pacific. However, North America region dominated the market with majority share in 2021.
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Chemistry as a Service Market Players
Some chemicals-as-a-service companies covered globally include BASF SE, CSC JÄKLECHEMIE GmbH & Co. KG, Diversey Holdings Ltd., Ecolab Inc., Haas TCM, Henkel AG & Co. KGaA, Hidrotecnik, Polikem, PPG Industries , Quaker Chemical, Safechem Europe GmbH and Sphera.
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