Table Of Contents
Yerukola Eswara Prasad
Pooja Parvatkar
A Light on the Top 10 Materials & Chemicals Markets and Their Future Prospects
The materials and chemicals industry has undergone a huge transformation due to the increasing emphasis on using renewable resources, the adoption of green chemistry, and investments in research and development of new materials and chemicals with enhanced properties. In the fourth quarter of 2023, the sector has experienced significant growth. Allied Market research has taken the initiative to highlight the top 10 markets that have gained prominence, exploring their current status, growth drivers, and future potential.
Mining Metal
Mining metal, a process of extracting valuable metallic materials from the Earth, has gained huge popularity in the chemicals and materials market due to a lot of reasons. The global mining metal market is projected to reach $1.6 trillion by 2032, rising at a CAGR of 5.1%. The market is driven by the increasing need for materials in construction activities, manufacturing, and infrastructure development due to the rising expansion of economies. Moreover, rapid globalization and the industrialization of developing countries have increased the demand for metals, creating lucrative opportunities for the domain. The future scope of the market relies on the demand for base mining metals from the electrical and electronics industry for the manufacturing of various components and devices.
Oleochemicals
The increasing use of oleochemicals in the production of soaps, lubricants, detergents, and various other products has significantly driven the global oleochemicals market. The market is anticipated to generate a revenue of $55.2 billion by 2032, manifesting a CAGR of 6.5%. The growing demand for natural and chemical-free products including personal care products, and food items among eco-conscious consumers has fueled the demand for oleochemicals. Moreover, the stringent government regulations and policies to promote the use of bio-based resources have encouraged industries to adopt oleochemicals, propelling the market growth significantly.
Water Treatment Chemicals
Possessing a crucial role in purifying water for consumption, industrial processes, and environmental protection, water treatment chemicals have gained huge traction in the materials & chemicals market. The global water treatment chemicals market is projected to hit $53.8 billion by 2032, exhibiting a CAGR of 3.8%. The market is attributed to the increasing expansion of the oil and gas industry, needing water treatment chemicals to address the challenges associated with the extraction and processing of oil and gas. Furthermore, the increasing investments made by governments and industries in bringing advancements in water treatment technologies will bring immense possibilities for the sector in the future.
Herbal Extract Products
Herbal extract products, containing several bioactive compounds, play an important role in revolutionizing extraction methods. The global herbal extract products market is projected to reach $85.1 billion by 2032, showcasing a CAGR of 11.9%. The market is driven by the increasing advancements in extraction and manufacturing technologies to improve productivity and enhance herbal extract production with sustainability. Moreover, the increasing R&D investments in various extraction methods, formulation techniques, and quality control processes will bring extensive growth opportunities for the domain.
Hydrocolloidal
Hydrocolloidal materials, widely known for their unique properties, play an important role in the medical industry, especially for dressings. Hydrocolloidal dressings are widely used for wound care by forming a gel that creates a moist environment around the wound. The global hydrocolloidal market is predicted to reach $18.7 billion by 2032, showcasing a CAGR of 5.6%. Moreover, the increasing use of hydrocolloids in the food industry as thickeners, stabilizers, and gelling agents has fostered the market with wide opportunities. With the increasing demand for processed and convenience foods among individuals, the Asia-Pacific region held the highest market share in 2022.
Rare Earth Hydrogen Storage Materials
The rare earth hydrogen storage materials market has witnessed prominence in the chemical and materials industry due to the increasing use of hydrogen as a clean energy. The global rare earth hydrogen storage materials market is expected to rise at a promising CAGR from 2023 to 2032. The increasing development of fuel cell technologies and the rising adoption of rare earth hydrogen storage materials due to strict environmental regulations are the major factors that can potentially drive the market to achieve new heights. The future scope of the market relies on the increasing use of these environmentally friendly materials in various applications including manufacturing heat pumps, purifying hydrogen, and manufacturing NiMH batteries.
Carbon Graphite
Providing a wide range of applications in the automotive industry, carbon graphite materials have gained huge popularity in recent years. The global carbon graphite market is predicted to reach $4.5 billion by 2032, showcasing a CAGR of 5.7%. The market is mainly driven by the increasing use of carbon graphite in aerospace and defense applications because of its lightweight and high-strength properties. Moreover, the material can also be used in 3D printing and additive manufacturing processes, offering a wide variety of custom components for various industries. By possessing such beneficial applications, the carbon graphite market is predicted to have a bright future in the coming years.
PET Preforms
Polyethylene Terephthalate (PET) preforms are mainly used by domestic product makers for packaging products such as cleaning solutions, edible oils, and a variety of other products. The global PET preforms market is predicted to garner a revenue of $35.4 billion by 2032, manifesting a CAGR of 4.5%. The market is driven by the increasing demand for PET preforms in cosmetics and healthcare industries because of their excellent water resistance, transparency, and impermeability. Furthermore, the rising use of PET preforms in single-serve RTD beverages will bring immense expansion opportunities for the market in the future.
Saudi Arabia Construction Chemicals
The huge demand for construction chemicals in Saudi Arabia countries because of technological advances, structural reforms, and infrastructural developments has driven the Saudi Arabia construction chemicals market. The market is anticipated to reach $2.7 billion by 2032, rising at a CAGR of 5.9%. The market is attributed to the growing demand for infrastructure megaprojects in various sectors of the economy, emphasizing technological advancements. The future of the market relies on the increasing government initiatives for developing transportation infrastructure, electricity, and utility facilities, increasing the demand for building chemicals in the future.
Surfactants
The surfactants market has gained huge prominence in the materials and chemicals industry due to its numerous potential applications across various sectors. The global surfactants market is predicted to garner a revenue of $59.5 billion by 2032, manifesting a CAGR of 4.7%. The market is driven mainly due to the increasing use of surfactants in various personal care and cosmetic products such as shampoos, skincare products, and body washes. Furthermore, the increasing use of surfactants in the agriculture industry for the dispersion of agrochemicals such as herbicides, pesticides, and fertilizers will bring extensive opportunities for the market in the future.
The Bottom Line
The fourth quarter of 2023 provides a dynamic landscape in the materials and chemicals industry, with these top 10 markets showcasing remarkable growth and innovation. As the global focus on sustainability, circular economy models, and adherence to regulatory requirements and standards, these markets are poised to play a pivotal role in shaping the future of the materials and chemicals industry. Contact AMR analysts for deeper insights and strategic guidance today!
