New York, Sept. 26, 2019 (GLOBE NEWSWIRE) -- Growing number of chemical manufacturing industries, increasing oil & gas exploration activities, demand for downstream processing industries along with stringent regulations regarding the environmental impacts are key factors contributing to high CAGR during the forecast period.
According to the current analysis of Reports and Data, the global Chemical Licensing market was valued at USD 11.07 billion in 2018 and is expected to reach USD 16.7 Billion by the year 2026, at a CAGR of 5.3%. Chemical licensing is a branch of intellectual property licensing with the help of which industrial end users can own the rights to use a particular chemical. The chemical licensing involves permission in usage of the technology in manufacturing of Carbon byproducts. The growing demand for carbon byproducts in various industries and the introduction of efficient advanced technology for the production of those derivatives are the factors driving the industry. The country like India included materials like Hydrocyanic acid & byproducts, Phosgene & its byproducts, and Isocyanates & di-isocyanates of hydrocarbons in compulsory licensing list due to its hazardous nature as mentioned in international conventions. Rising population, growing manufacturing industry, along with strict government regulations in chemical industry, are expected to support the growth in upcoming years.
The falling crude oil prices, rising demand for downstream industries, and increasing oil & gas exploration activities are likely to provide growth opportunities for the market. The global growth in industrial output had a significant impact on the industry, which in turn, expected to drive the growth during the forecast period. The limited adoption of licensing technology and its higher cost may limits the growth during forecasted period. However, increasing environmental awareness and strict regulatory policies may promote the growth during the forecast period. The market is much fragmented and includes a large number of manufacturing and industrial giants as well as emerging players. Additionally, the emerging players have a good opportunity to enter the industry, owing to developments and high demand from end-use industries.
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Further key findings from the report suggest
- Chemical licensing are mandatory for setting up of new plant and thus are an essential part of the Oil & Gas industry. The advancements in the oil & gas industry due to the increasing demand is attributing towards the growth of the market.
- With the rising incidences of illegal drug trafficking, there is a significant increase in the demand for industry across the globe
- The technologies manufacturing Polyethylene and Ethylene derivative polyvinyl chloride are in high demand in the market; this demand may propel the C2 derivatives segment.
- The North America region is expected to witness lucrative growth at a CAGR of 4.9% owing to the growing number of production and manufacturing facilities.
- Asia Pacific is expected to register a CAGR of 5.8% due to the rapid adoption of advanced technologies positioned in this region
- Increasing demand for Polyethylene and ethylene dichloride polyvinyl chloride manufacturing technologies are some factors which is expected to drive the industry.
- The high cost associated with manufacturing technologies is likely to hinder the demand during the forecast period.
- Growing number of refineries in countries such as India, China, and South Korea would propel demand in the region in forecasted year.
- In September 2017, Mitsubishi Chemical Corporation entered into an agreement with Air Liquide Engineering & Construction to offer licenses for MCC's BTCB technology and Air Liquide E&C’s butadiene extraction technology to customers. Customers can use these technologies to manufacture butadiene through normal butene, substituting the conventional route through naphtha cracking
- Key participants include Johnson Matthey, Mitsubishi Corporation, Sumitomo, ExxonMobil, Shell, Chevron Phillips Company among others
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Chemical Licensing market on the basis of type, end use, and region:
Type (Revenue, USD Billion; 2016–2026)
- C1 Derivatives
- C2 Derivatives
- C3 Derivatives
- C4 Derivatives
End Use (Revenue, USD Billion; 2016–2026)
- Oil & Gas
- Chemical
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Regional Outlook (Revenue in USD Billion; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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