Market Trends of Global Valves Industry in Chemical Industry
This section covers the major market trends shaping the Chemical Industry Valves Market according to our research experts:
Growing Expansion of Specialty Chemical Manufacturing Companies Owing to Increasing Demand
- The demand for specialty chemicals by the manufacturing industries such as textile, oil and gas, construction, food, and cosmetics is rapidly increasing as the chemical composition of these specialty chemicals determines their use. With the growing concern about health and safety, the sales of industrial and institutional cleaners and disinfectants have grown rapidly.
- Market participants are concentrating on expanding their production capacity and developing unique specialty chemical production units to cater to the rapidly growing demand. For instance, in January 2021, LANXESS Specialty chemicals company signed an agreement with French company INTACE SAS to expand its business to gain the competitive edge to become a leading manufacturer of antimicrobial biocides and fungicides for the packaging industry.
- In addition, in November 2021, Indian Oil Corporation (IOCL) announced plans to invest INR 3,681 crore (USD 495.22 million) to set up India's first mega-scale maleic anhydride unit for manufacturing high-value specialty chemicals at its Panipat Refinery in Haryana.
- Furthermore, according to IBEF, specialty chemicals constitute 22% of the total chemicals and petrochemicals market in India and the demand for these chemicals is expected to rise at a CAGR of 12% in 2019-2022.
- All such favorable factors of business capacity expansion to cater the rapidly growing demand for specialty chemicals are expected to drive the demand for the valves market for processing operations in chemical industry during the forecast period.
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Asia Pacific is Expected to Hold Major Growth
- The Asia Pacific region is known as the major demanding region in the chemical industry around the globe. The demand for specialty chemicals in the region is continuously rising owing to the growth of the construction sector, demand for cosmetic products, and growing investment and production in adhesives.
- To cater to this demand, the regional chemical manufacturers are planning to invest in specialty manufacturing and strengthening 'Aatmanirbhar Bharat' the mission of the Indian government. For instance, in November 2021, The Indian Oil board approved INR 3,681 crore plan to set up India's first mega-scale maleic anhydride unit for manufacturing high-value specialty chemicals at its Panipat refinery at Haryana. Such establishment of manufacturing units is further expected to propel the demand for different types of valves for chemical industry applications.
- According to International Chemical Trade Association (ICTA), in June 2021, China set its chemical industry policy direction for five years and focused on building the domestic market by emphasizing quality. Further, with innovation as a prime emphasis, China is focusing on sectors including aerospace, electronics, energy, environmental protection, medical, and defense to supply a variety of chemical products.
- Furthermore, in January 2021, Agilyx, a technology company that enables customers to recycle the most challenging post-use plastics to high-value, virgin-equivalent products, and Toyo Styrene Co., LTD (Toyo Styrene), an affiliate of Denka Company Limited, Nippon Steel Chemical & Material Co., Ltd. and Daicel Co., Ltd., announced that they are entering into the construction phase of a 10 ton per day chemical recycling facility in Japan, enabled by Agilyx depolymerization technology.
- The countries such as China, India, and Japan are taking center stage for innovation in several industries that are the clients of chemical industries. Thus, such developments initiative and growth factors in the chemical industry are further projected to propel the demand for valves in the chemical industry for their operations in the Asia Pacific region during the forecast period.
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