Chemical Technology Market Expected to Reach $2.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Chemical Technology Market," The chemical technology market size  was valued at $1.4 billion in 2021, and is estimated to reach $2.5 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.

Chemical technology is employed in chemical industries to enhance the manufacturing of chemicals. Major emerging technologies in chemistry include 3D printing, nanopesticides, directed evolution of enzymes and binding proteins, metal-organic frameworks, solid-state batteries, flow chemistry, reactive extrusion, nanozymes, nanosensors, and others.

3D printing has been widely incorporated into the chemical industry because it facilitates mass production, smooth operation, economic fabrication, rapid prototyping, and manufacturing of chemicals. Nanopesticides incorporate nanotechnology to enhance their properties and comprise nanoparticles that preferably surpass the 100nm size limit set for regulatory purposes by different governmental agencies.

Nanopesticides are utilized as they offer efficient solubility, sustained release kinetics with high stability, and enhanced permeability to attain maximum benefit. They also help boost pest control effectiveness for a longer time period. Also, they control the degradation of the encapsulated molecules that are in challenging environmental conditions.

Further, directed evolution of enzymes and binding proteins is a man-made approach created on molecular insights, which drives the evolution process in the laboratory. This approach has become an extensively employed strategy in academic research and the pharmaceutical and chemical industries. Directed evolution of enzymes procedure tailors them to operate in new reaction conditions, optimizes their catalytic activity toward new substrates, and enables them to catalyze new chemical reactions.

The growth of the global chemical technology market is majorly attributed to its growing use in various applications such as consumer chemicals, specialty chemicals, petrochemicals & polymers, fertilizers & agrochemicals, industrial gases, and others.

Moreover, rise in demand for 3D printing is predicted to bolster the chemical technology market growth in coming years. 3D printing has received exceptional interest and attention in the field of analytical chemistry owing to its capability for rapid prototyping, reduced fabrication time, and ever-growing palette of functional print materials.

In recent years, bioprinting has become one of the most promising technologies. 3D-bioprinting is predicted to revolutionize diagnostics and treatments, as artificial tissues and organs could be easily employed for drug screening as well as toxicology research. Besides, this chemical technology could lead to the production of tissues and organs for ideal transplants that would not need a donor. Nowadays, scientists can 3D-print tubular tissues (urethra, heart, blood vessels) and viscous organs.

Further, nowadays, 3D printing is gaining popularity in chemistry laboratories. This technology enables chemists to develop, prototype, and print functional devices that incorporate catalytic and analytical functionalities. Besides, it also helps print common laboratory hardware and teaching aids.

Moreover, 3D printing can immensely speed up experimental chemical research, as it makes possible to produce complex multi-component chemical equipment directly in the laboratory without any delay. This applies to fundamental chemical research and research & engineering projects. In chemical engineering, 3D printing delivers a unique opportunity to create a series of reactors or other equipment with a variety of design parameters to find the optimal solution. However, the risk of cybercrime is predicted to hinder market expansion.

Nevertheless, rise in chemical production in developed and developing countries is predicted to offer ample growth opportunities for the chemical technology market. According to Cefic, the European Chemical Industry Council, global chemical sales grew by 15.2% from $3,703.36 billion in 2020 to $4,267.24 billion in 2021. The BRICS countries (Brazil, Russia, India, China, and South Africa) accounted for about half of the chemical sales in 2021 globally.

With $1,832.6 billion in 2021, China is the biggest chemicals producer globally, contributing 43% of global chemical sales in 2021. Further, sales revenues in the US chemical industry grew immensely by 7.3% in 2021 compared to 2020.

Further, as per India Brand Equity Foundation, India holds a robust position in imports and exports of chemicals worldwide and ranks 14th in exports and 8th in imports at the global level (excluding pharmaceuticals). The Indian chemicals industry covers over 80,000 commercial products with an overall market size of $178 billion in 2018-19. The industry is predicted to rise at 9.3% to surpass $304 billion by 2025, owing to increasing demands in the end-user segments for petrochemicals and specialty chemicals. The specialty chemicals industry is anticipated to reach $40 billion by the year 2025. Furthermore, India’s specialty chemical players are boosting their capacities in order to cater to growing demand from domestic and overseas.

Moreover, the Indian government is planning to introduce production-linked incentive (PLI) scheme in order to promote domestic production of agrochemicals. Also, under the Union Budget 2022-2023, the government allotted $27.43 million to the Department of Chemicals and Petrochemicals.

The chemical technology market is segmented into technology, application, and region. On the basis of technology, the market is categorized into artificial intelligence, sodium-ion batteries, nanozymes, blockchain, nanosensors, nanopesticides, metal organic frameworks (MFOs), 3D-printing, and others. On the basis of application, the market is dividec into consumer chemicals, specialty chemicals, petrochemicals and polymers, fertilizers and agrochemicals, and others. Region-wise, the chemical technology market share is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major players operating in the global chemical technology industry include HiNa Battery Technology Co., NGK INSULATORS, LTD., Profacgen, Bayer AG, Camson Biotechnologies, Corteva, novoMOF, Promethean, Marrone Bio Innovations, and Andermatt Biocontrol AG.

Key findings of the study:

• By technology, the artificial intelligence segment was the highest revenue contributor to the market in 2021 and is predicted to grow with a CAGR of 6.7%.
• By application, the petrochemicals and polymers segment dominated the market in 2021 and is predicted to grow with a CAGR of 6.5%.
• By region, Asia-Pacific was the highest revenue contributor in 2021.