Dublin, Aug. 15, 2024 (GLOBE NEWSWIRE) -- The "United States Chemical Licensing Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The United States chemical licensing market will reach US$3.10 billion in 2029 at a CAGR of 2.07% from US$2.80 billion in 2024.
The chemical licensing market in the United States is driven by the demand from the core sectors like oil and gas, petrochemicals, and pharmaceuticals. The oil and gas production and demand are one of the highest in the world, with U.S. crude oil imports being 6,281,296 b/d (barrels per day) and petroleum exports 9,520,000 b/d (barrels per day), showing the significance of the sector.
The chemical industry contributes almost a quarter of the U.S. GDP, makes 70,000 diverse products from raw materials, and distributes them to various end users worldwide. Additionally, building a new manufacturing facility can be time-consuming and expensive. Licensing existing technologies offers faster and more cost-effective ways to set up a production unit for the desired product capabilities. Licensing also allows them to expand beyond the boundaries of their expertise in proprietary technologies.
Growing focus on sustainability and recyclability might positively impact the market growth.
Companies are increasing their focus on the recyclability of the material. They are innovating and producing materials that are environmentally sustainable and have a clear impact. In May 2024, Dow and Freepoint came to an agreement to transform plastic waste into new products. This would significantly enhance the circular economy for plastics in North America.
Further, in September 2023, Danimer Scientific and Chevron Phillips Chemical announced a collaboration to make biodegradable plastic products using polymers in a facility in Bartlesville, Okla. These advancements encourage companies to reduce waste and promote resource optimization. This altogether improves the production process of environment-friendly materials.
Dependence on the oil and gas sector is anticipated to fuel the market.
With the improvement in technology related to production, companies in the oil and gas sector can source innovative technologies through licensing agreements, leading them to be at the forefront of manufacturing without investing in research and development.
The United States is one of the largest consumers of petroleum products, with imports of 2,047,526 b/d (barrels per day) in 2022. The United States has 20,010,000 b/d (barrels per day) of petroleum consumption (product supplied) for 2022. This demand for oil and gas products requires improved efficiency and product quality for cost efficiency. Licensing can also improve safety standards, which can be valuable for chemical manufacturers.
United States Chemical Licensing Market Segmentation Analysis
By application, the United States chemical licensing market is segmented into oil and gas, petrochemicals, pharmaceuticals, and others.
The United States chemical licensing market is segmented by application into oil and gas, petrochemicals, pharmaceuticals, and others. Oil and gas would hold a significant portion of the chemical licensing market, as the US producing petroleum production (crude oil, natural gas liquids, renewable fuels, and processing gain) of 20,078,900 b/d (barrels per day) in 2022. US imports of petrochemical feedstocks, being 16 thousand b/d (barrels per day) in 2023, the demand from the petrochemicals sector would remain robust.
With the growing chronic disease burden in the USA due to obesity and other critical lifestyle problems, pharmaceuticals will thrive in the country. Other sectors would include healthcare, food and beverages, advanced materials, cosmetics, personal care, and chemicals needed for batteries.
United States Chemical Licensing Market - Geographical Outlook
California and New York would hold a significant share of the chemical licensing market in the United States.
California and New York would hold a significant share of the chemical licensing market. The economy of New York was as large as $1.6 Trillion in 2022, one of the major states of the USA, with several major companies. The chemical industry is the third largest manufacturing industry in the state at $14.75B. New York is the 10th largest chemistry-producing state in the nation. California has several leading players in the states as PMC Global, Inc., Dionex Corporation, Imerys Filtration Minerals, Inc., and others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 82 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $2.8 Billion |
| Forecasted Market Value (USD) by 2029 | $3.1 Billion |
| Compound Annual Growth Rate | 2.0% |
| Regions Covered | United States |
Companies Featured
- Dow
- ExxonMobil Chemical
- Eastman
- Chevron Philips Chemical
- Sumitomo Corporation
- Sulzer
- Mitsubishi Gas Chemical
Segmentation
By Type
- Inorganic Chemicals
- Organic Chemicals
By Application
- Oil and Gas
- Petrochemicals
- Pharmaceuticals
- Others
By Province
- California
- New York
- Pennsylvania
- Ohio
- Others
For more information about this report visit https://www.researchandmarkets.com/r/fawh3a
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