Austin, July 17, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report estimates the Chemical As a Service Market Size at USD 9.07 billion in 2023 and is expected to reach USD 13.50 billion by 2032 and grow at a CAGR of 7.96% over the forecast period 2024-2032.
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The chemical as a Service market is growing by government support, rising demand for chemical leasing services, and rising awareness of chemical sustainability are expected to fuel market expansion. Further propelling market expansion is the end-user industries' growing need for chemical management.
Environmental responsibility is a major driving force, as chemical as a service models promote efficient chemical usage, minimizing waste and environmental impact. Furthermore, it offers compelling economic advantages. Furthermore, it offers compelling economic advantages. By leasing chemicals instead of purchasing them outright, companies can reduce upfront costs and simplify management. This can translate to substantial cost savings in the long run and drive the chemical as service market growth.
For instance, in 2022, according to ReliefWeb, a United State based humanitarian information stated that around 380 billion m3 of civic wastewater will produce worldwide each year. The generation of wastewater will rise by 24 percent by 2030 and 51% by 2050. Hence, the rising environmental concern is driving the growth of chemical as a service market.
The chemical as a service market is an emerging concept in the industry, and still establishing. The number of companies offering these services on a global scale remains limited. The United Nations Industrial Development Organization (UNIDO) estimates only around 100 companies worldwide have embraced chemical leasing as part of their business model. While most chemical as a service provider currently operates at a local or regional level, a select few, like the US-based Diversey Holdings LTD., are successfully expanding their reach internationally. This limited global presence indicates a vast, unexplored market brimming with opportunity.
Chemical as a Service Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 9.07 billion |
| Market Size by 2032 | USD 13.50 billion |
| CAGR | 7.96% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segment Analysis
By Application, the industrial cleaning segment held the largest market share of the chemical as a service market of approx. 31.96% share in 2023, and is expected to keep growing in the upcoming years. The chemical as a service model is demonstrating its value beyond its initial venture into cleaning vessels, pipes, reactors, and metal parts. Industrial operators are increasingly recognizing the economic advantages and convenience offered by chemical as a service. Instead of the traditional model of purchasing chemicals and managing separate labor costs for cleaning, chemical as a service allows them to subscribe to a service that streamlines the process and has the potential to reduce overall expenses.
Recent Developments Showcase Technological Advancements and Investment
- In May 2023, Dow Chemical partnered with CAS to launched CAS ScifFinder-n, it optimizes searching for chemical molecules over 200 million compounds.
- In May 2022, Sphera done a strategic partnership with BASF. This partnership focused to offer a comprehensive and automated solution to manufacturing and chemical companies and increase its product portfolio with accuracy, speed, and efficiency.
North America dominated with a revenue share of more than 34.47% in 2023 driven by rapid development in the chemical as a service market.
North America accounted for a major market share of approx. 34.47% in the chemical as a service market in 2023. The United States presents a fertile landscape for the burgeoning chemical as a service market, driven by a powerful combination of chemical services factors. A basis of this growth is the presence of a well-established chemical industry within the U.S. This industry acts as a powerhouse, providing chemical as a service provider with a readily available pool of expertise and resources.
Asia Pacific is expected to grow at the fastest growth in the forecast period. This is caused, among other things, by the existence of numerous small, medium, and big businesses engaged in the agrochemical and fertilizer, paint and coating, and water treatment industries. Furthermore, the market is anticipated to be driven by the region's growing industrialization, particularly in nations like South Korea, Japan, China, and India.
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Key Takeaways:
- The global chemical as service market rising awareness of chemical sustainability is expected to fuel market expansion
- Industrial cleaning segment held the largest market share of the chemical as a service approx. 31.96% share in 2023.
- The companies utilizing digital technology to create new goods for an expanding number of industries.
- Asia Pacific is expected to grow at the fastest growth in the forecast period. This is caused, among other things, by the existence of numerous small, medium, and big businesses has established on chemical as a digital service.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Chemical as a Service Market Segmentation, By Application
8. Regional Analysis
9. Company Profiles
10. Competitive Landscape
11. Use Case and Best Practices
12. Conclusion
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