Chemical as a Service Market Size to Reach USD 15,581 Million by 2030 Propelled By Growing Awareness towards Chemical Sustainability Report by Acumen Research and Consulting
Acumen Research and Consulting
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Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Chemical as a Service Market Size, Share, Analysis Report and Region Forecast, 2022 - 2030”
BEIJING, July 21, 2022 (GLOBE NEWSWIRE) -- The Global Chemical as a Service Market size accounted for USD 8,101 Million in 2021 and is estimated to reach the value of USD 15,581 Million by 2030.
Our worldwide chemical as a service industry analysis suggests that the increasing number of accidents in chemical facilities is favoring a substantial growth in the coming years. According to the World Health Organization's (WHO) most recent estimates, deaths from hazardous chemical exposure increased by 29% in 2019 compared to 2016. The same estimates say that two million people died as a result of hazardous chemical exposure in 2019, up from 1.56 million in 2016.
Hazardous chemicals can be found in the air, consumer products, the workplace, water, and soil. They can cause a variety of diseases, such as mental, behavioral, and neurological disorders, cataracts, and asthma.
The increasing adoption of chemical management services is one of the primary trends in the chemical as a service market (CaaS). In addition, the chemical as service market revenue is driven by the increasing public awareness regarding the industry benefits.
COVID-19 Impact on Global Chemical as a Services Market
The coronavirus outbreak has hampered the growth of the chemical as a service industry due to the lockdown measures in maximum countries, travel restrictions, raw material shortages, and delays in the manufacturing and production of numerous chemicals. The market experienced a decline in growth in 2020 as a result of the COVID-19 pandemic. However, due to the high demand for surfactants, surface disinfectants, and cleaning chemicals, the market has not experienced a significant downturn in 2020. Therefore, the overall impact on chemical as a service was moderate and it was stabilized quickly in few months as compared to other industries.
Chemical as a Services Market Dynamics
One of the major applications of chemical as a service industry is to reduce the cost, waste, and emissions of chemicals. This factor is certainly boosting the chemical as a service market share. The chemical industry is focusing on three sustainability practices in response to increasing pressure to promote sustainable business models: (1) reducing GHG emissions, (2) limiting plastic waste, and (3) using more sustainable raw materials such as biobased feedstocks. The ongoing transition of the chemical industry to more sustainable practices includes technological and legal risks. Involved parties can reduce risk while developing a sustainability tailored approach to each company's specific situation by carefully considering all three measures and their challenges.
Our chemical as a service market forecast suggests that the surging application of chemical leasing services is one of the top trends that will bolster the industry's growth. Chemical leasing is a business-oriented model that lines up the interests of the chemical manufacturer and the chemical user by compensating for chemical service rather than chemical volume sold and used. The chemical as a service is a novel business model. As a result, only a few companies provide these services on a global scale. According to the United Nations Industrial Development Organization (UNIDO), approximately 100 companies worldwide have integrated chemical leasing into their business strategies.
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Additionally, a growing focus on reducing hazardous chemical disposal is also anticipated to drive the market with profitable opportunities. Because of the unique physical and chemical properties of chemicals, hazardous events that result in casualties, property losses, and equipment damage occur frequently at various stages of their production and use. More than 80% of chemicals in China are classified as hazardous. As a result, the application of chemical as a service is found to be beneficial as well as life and cost-saving.
Worldwide Chemical as Service Market Segmentation
The global chemical as a service market has been segmented into end-user, and region. The end-user segment is further split into water treatment & purification, agriculture & fertilizer, metal parts cleaning, paint & coatings, industrial gases, industrial cleaning, and others. Out of these, industrial cleaning accounted for a considerable market share in 2021, while the agriculture & fertilizer segment is anticipated to witness the fastest growth rate in the coming years from 2022 to 2030.
Chemical as a Services Market Regional Overview
The global chemical as a service market regional outlook is given as North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. Among all the regions, the Asia-Pacific region is expected to gain a substantial growth rate during the forecasted timeframe from 2022 to 2030. The growing population, increasing adoption of chemical leasing services, and growing usage of chemical products in construction, manufacturing, and consumer goods are some of the leading aspects that are fueling the Asia-Pacific chemical as a service market growth. However, North America region dominated the market with the majority of the share in 2021.
Some chemical as a services companies covered globally includes 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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