Production of medicines and agrochemical products has been the prominent factor responsible for growth in the fine chemicals market. According to research conducted by Future Market Insights (FMI) on the global fine chemicals industry, demand is set to reach a valuation of US$ 340,084.3 million by the end of 2033.
Size of the global market for fine chemicals was US$ 144,469.5 million in 2018. In 2022, the market experienced a 6.6% yearly growth. In 2023, it’s projected to amount to US$ 184,884.6 million.
In a number of sectors, including specialty chemicals, agriculture, and pharmaceuticals, quality and performance are becoming increasingly important. High purity, exact composition, and specialized functions are characteristics of fine chemicals.
They are consequently seen as being essential in the creation of cutting-edge products and procedures. Need for fine chemicals to fulfill these demands is growing as the aforementioned sectors work to innovate and become more efficient.
Globally, the pharmaceutical sector is expanding significantly. Need for fine chemicals used in medication manufacture has increased as a result of expanding chronic diseases, rising healthcare costs, and the discovery of novel medicines.
Active pharmaceutical ingredients (APIs), which are the main substances responsible for therapeutic effects of drugs, are synthesized with the help of fine chemicals. The pharmaceutical sector continues to experience strong demand for fine chemicals as new medications are created and existing ones are improved.
Sustainable and environmentally friendly techniques are becoming more popular across a range of sectors. In green chemistry processes, fine chemicals are frequently used as catalysts, reagents, or intermediates.
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Similar procedures attempt to consume less energy, produce less waste, and employ fewer dangerous substances. Need for fine chemicals that support greener operations keeps rising as businesses work to implement sustainable production methods.
Key Takeaways from Fine Chemicals Market Study:
- From 2018 to 2022, the global fine chemicals industry experienced steady growth at a CAGR of 6%.
- The global fine chemicals market is projected to experience a healthy 8% CAGR from 2023 to 2033.
- East Asia fine chemicals industry accounted for a share of around 8% in 2022.
- Based on product type, the pharmaceutical segment held a share of about 2% in 2022.
- In terms of manufacturing type, the captive segment is projected to account for a share of around 83% in 2033.
“Demand is expected to be spurred by growing knowledge of the benefits of fine chemicals over commodity chemicals. Demand is also anticipated to be driven by rising investment by well-known corporations on research & development resources and surging public awareness related to environmental issues.” – says a lead analyst at Future Market Insights (FMI).
Competitive Landscape in Fine Chemicals
The fine chemicals industry is a moderately consolidated sector, with a select group of globally prominent firms. About 40 to 45% of the worldwide market share is made up by leading players.
Reputed companies in the global market are constantly expanding their production capabilities and modernizing their product lines. Due to their vast global presence and diverse product portfolios, tier 1 companies have dominant positions in the market.
They also have robust financial resources and strong research & development capabilities. Tier 2 businesses, in contrast, would soon concentrate on particular product categories or niche markets.
Their regional concentration, agility, and flexibility have been utilized. To compete, all tiers should place a high priority on critical elements such as product quality, legal compliance, client satisfaction, and sustainable business practices.
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Key Players in Fine Chemicals Market:
- Albemarle Corporation
- Lanxess AG
- Huntsman International LLC
- BASF SE
- Nouryon
- WeylChem International GmbH
- CHEMADA Industries Ltd
- Syntor Fine Chemicals Ltd
- Boehringer Ingelheim International GmbH
- Lonza Group Ltd
- Evonik Industries AG
For instance,
- Lonza, a global manufacturing partner for the pharmaceutical, biotech, and nutrition industries, teamed up with AbTis in November 2022. It is a biotech company with headquarters in Korea that aims to advance antibody-drug conjugates (ADCs). They seek to improve the accuracy of bioconjugation techniques for cutting-edge medicines built on bioconjugates.
- Guangxi Tianyuan New Energy Materials Co., Ltd. was successfully bought by Albemarle Corporation Company in October 2022. It has reached a crucial turning point with this. All of Qinzhou’s outstanding equity was acquired to complete the deal for a total cash payment of around US$ 200 million. Lithium is a key component in the creation of batteries, and Qinzhou is a corporation involved in its production.
Fine Chemicals Market Outlook by Category
By Product Type:
Pharmaceuticals
- Active Pharmaceutical Ingredients
- Excipient
- Peptides & Proteins
- Steroids
- Alkaloids
- Others
Agrochemicals
- Pesticides
- Insecticides
- Herbicides
- Biocides
Construction Chemicals
- Adhesives & Sealants
- Admixtures
- Coating Ingredient
- Superplasticizer
- Others
Additives
- Food & Feed Additive
- Drug Additive
- Polymer Additives
- Others
- Specialty Polymers
- Pigments & Dyes
- Flavors & Fragrance Ingredients
- Water Treatment Chemicals
- Surfactants
- Others
By Manufacturing Type:
- Captive
- Merchant
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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