Chemicals & Materials Market Revenue Growth Predicted by 2026
The industry of chemicals & materials forms the basis of various industries such as construction, transportation, food and beverages, pharmaceuticals, electronics, healthcare, utilities, and oil & gas. The market consists of a number of components and sub components within its large portfolio. A chemical compound is a distinct substance or compound that is artificially manufactured or purified, whereas a material is a compound from which other complex materials are made. Chemicals, organic and inorganic in nature, form the building blocks of different kinds of materials. Widely used materials include ceramics, adhesives, metals, composites, polymers, and glasses.
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Chemicals & Materials Market Challenges – Reduce Environmental Impact
Effective and eco-friendly mode of waste disposal, adopted by various regions, act as a key challenge for chemicals & materials manufacturing companies. Stringent laws are enforced on the disposal, only after treatment of all wastewater, gases, and semi-solid waste. The Ministry of Environment and Forest (MoEF) of India, on December 23, 2010, implemented water prevention and control pollution act 1974 and air prevention and control pollution act 1981. These impose stringent regulatory framework for manufacturers and end-users regarding production, import, export, and storage of hazardous chemicals & materials.
Chemicals & Materials Market Outlook – Surge in Electronics and Construction Chemicals Industries Augmenting Market Growth
Increasing demand for electronic devices across the globe, especially in key regions such as North America, Asia Pacific and the Middle East, is driving demand for electronic chemicals. Electronic chemicals such as PCB laminate, silicon wafer, specialty gases, and wet chemicals are widely used in a wide number of electronic applications such as computers, electronic circuit, diodes, capacitors, home appliances, and entertainment systems. Asia Pacific contributes the largest share in electronics market, which is the largest end-user segment for electronic chemicals.
Construction chemicals are chemicals used to enhance the quality of the structure by providing resistance against dry heat and wet climate, and protection against fire. Population explosion in countries such as India and China, along with rapid economic growth in these countries, has fueled demand for infrastructure and construction, in turn increasing the number of infrastructural development activities. This, in turn, creates a highly conducive environment for growth of the chemicals and materials market.
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