The Global Chemical as a Service Market size accounted for USD 8,101 Million in 2021 and is estimated to reach the value of USD 15,581 Million by 2030.
According to our chemical as a service industry analysis, the rising demand for chemical management services is expanding the industry growth. The cost-effectivity and convenience offered by the CaaS model are one of the prominent chemical as a service market trends that are boosting its global demand. The worldwide chemical as a service market forecast says that the industry is expected to grow with a CAGR of 7.8% throughout the forecast timeframe from 2022 to 2030. Chemical as a service (CaaS) is a business model that offers beneficial services such as chemical leasing, chemical management, and closed-loop systems. The closed-loop systems further offer effective monitoring and automation of various operations in the chemical industry.
Chemical as a Service Market Drivers:
Chemical as a Service Market Restraints:
Chemical as a Service Market Opportunities:
|Market||Chemical as a Service Market|
|Market Size 2021||USD 8,101 Million|
|Market Forecast 2030||USD 15,581 Million|
|CAGR During 2022 - 2030||7.8%|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By End-User Industry, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||BASF SE, CSC JÄKLECHEMIE GmbH & Co. KG, Diversey Holdings Ltd., Ecolab Inc., Haas TCM, Henkel AG & Co. KGaA, Hidrotecnik, Polikem, PPG Industries, Quaker Chemical, Safechem Europe Gmbh, and Sphera.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Chemical as a Service Market Dynamics
The increasing implementation of chemical management services (CMS) is one of the primary aspects fueling the chemical as a service market value. Chemical management services reduce chemical use, cost, emissions, and exposure to liabilities. These services also reduce cost and waste, and accidents, as well as help in reducing environmental concerns. The reliance on chemicals for technological advancement is also growing, and many of the substances used to implement new technologies are hazardous. According to the International Labour Organization (ILO), occupational diseases are the leading cause of death among workers. Each year, hazardous substances are estimated to kill 651,279 people.
Increasing awareness of chemical sustainability is another factor driving the chemical as a service market revenue. The chemical industry transforms raw materials into approximately 70,000 different products used in daily life. Many of these products are not recycled and are instead manufactured in ways that emit greenhouse gases (GHGs). As societal concern about climate change and waste grows, some end users, environmental organizations, and financial firms are demanding sustainable product and manufacturing practices.
However, fluctuation in raw material prices and sourcing is expected to hinder the chemical as a service market growth. The chemicals industry is dealing with high volatility in raw material costs, which is affecting margins and business competitiveness. In addition to that, the unprecedented COVID-19 pandemic disrupted the industry by halting chemical imports and exports. Nonetheless, because many chemicals were used in the production of vaccinations, medicines, and hand sanitizers, among other things, the industry's status was stabilized within a few months.
The increasing number of chemical industries in emerging economies such as China and India is expected to generate significant growth opportunities over the next few years. Because of factors such as new end-use applications, increased innovation, demand for safe and efficient chemicals, and increasing environmental concerns, the chemicals industry is expected to grow at an exponential rate. The emerging markets for many chemicals appear promising, with future growth expected from developing countries such as China, India, Brazil, and Korea.
Chemical as a Service Market Segmentation
The global chemical as a service market segmentation is based on end-user industry, and region.
Chemical as a Service Market By End-User Industry
Among them, the industrial cleaning segment acquired a considerable chemical as a service market share in 2021. The increasing use of industrial cleaning chemicals in the petroleum & refining and power generation industry sectors is driving the growth of the industrial cleaning chemicals market. The ultimate expansion of the industrial cleaning chemicals sector is closely linked to the increase of end-use industries such as aerospace & automobile, manufacturing and commercial offices, healthcare, food processing & dairy, hotels, and retail & food service industry to name a few.
However, the agriculture & fertilizer segment is likely to attain substantial market growth in the coming years. The global agricultural industry's expansion is anticipated to propel the market. Precision farming and modern techniques are influencing agriculturists to use new business models and services, such as chemical as a service. Furthermore, the companies that provide agrochemicals and fertilizers act as service providers, and the user (farmer/agriculturist) pays for this service based on the crop area covered by the chemical application instead of chemical volume.
Chemical as a Service Market Regional Outlook
The Middle East & Africa (MEA)
North America Region Accumulated The Leading Market Share In 2021 Due To Presence Of Several Prominent End-Use Industries
According to the chemical as a service regional outlook, North America is expected to lead the market with maximum shares during the forecast timeframe. This could be attributed to the presence of various well-established end-user industries such as aerospace, automotive, chemical, metals, etc. In addition to that, strict regulatory guidelines for the efficient usage of chemicals also support the North America chemical as a service industry. Meanwhile, the Asia-Pacific region is expected to gain significant impetus in the coming years. The high growth in the region is credited to the growing demand for numerous chemicals due to the presence of a huge population. Furthermore, key player's shift towards adopting technological advancements in their chemical manufacturing facilities is also expected to support the demand for Asian countries.
Chemical as a Service Market Players
Some of the top chemical as a service companies offered in the professional report include BASF SE, CSC JÄKLECHEMIE GmbH & Co. KG, Diversey Holdings Ltd., Ecolab Inc., Haas TCM, Henkel AG & Co. KGaA, Hidrotecnik, Polikem, PPG Industries, Quaker Chemical, Safechem Europe Gmbh, and Sphera.
The global chemical as a service market size accounted for USD 8,101 Million in 2021.
The projected CAGR chemical as a service market during the analysis period of 2022 to 2030 is 7.8%.
The prominent players of the global chemical as a service market involve BASF SE, CSC JÄKLECHEMIE GmbH & Co. KG, Diversey Holdings Ltd., Ecolab Inc., Haas TCM, Henkel AG & Co. KGaA, Hidrotecnik, Polikem, PPG Industries, Quaker Chemical, Safechem Europe Gmbh, and Sphera.
North America held the dominating share for chemical as a service during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for chemical as a service during the analysis period of 2022 to 2030.
Growing adoption of chemical leasing service, increasing awareness towards chemical sustainability, and reduction in wastage of chemicals required in numerous industries drives the growth of global chemical as a service market.
Based on end-user, industrial cleaning sub-segment held the maximum share for chemical as a service market in 2021.