Dubai, UAE, Oct. 09, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the Global Fine Chemicals Market is estimated to attain a valuation of USD 254.73 billion by 2032 from USD 146.38 billion in 2022, exhibiting a 5.7% CAGR from 2023-2032. In sectors such as pharmaceuticals, agriculture, and specialty chemicals, there is a growing emphasis on the importance of quality and performance. Fine chemicals, known for their exceptional purity, accurate composition, and unique functionalities, are highly preferred in these industries.
Fine chemicals play a crucial role in the advancement of innovative products and processes. As industries focus on enhancing efficiency and fostering innovation, there is a growing need for fine chemicals to meet these demands. The pharmaceutical field is experiencing remarkable growth on a global scale. With rising incidences of chronic diseases, increased healthcare investments, and the development of novel therapies, the demand for fine chemicals used in drug manufacturing has seen a significant surge.
Get PDF Sample Copy of Report @ https://www.extrapolate.com/sample/chemicals-and-advanced-materials/fine-chemicals-market/87460
Competitive Landscape
Major players in the global fine chemicals market are placing great importance on mergers and acquisitions as their main approach to expanding their range of products. For instance, in February 2021, Rajen Mariwala's Eternis Fine Chemicals acquired UK-based Tennants Fine Chemicals for an undisclosed amount to diversify its offerings of aroma chemicals and leverage the efficient manufacturing and distribution networks of Tennants.
Prominent businesses in the global fine chemicals market include:
- Sumitomo Chemical Co., Ltd.
- JMP STATISTICAL DISCOVERY LLC
- BASF SE
- Pfizer Inc.
- CABB Group GmbH
- Arkema
- Vertellus
- Novasep
- LANXESS
- Zhejiang Medicine Co., Ltd.
Market Segmentation
By Type
- Active Pharmaceutical Ingredients
- Agrochemicals
- Specialty Chemicals
- Others
Adoption of Active Pharmaceutical Ingredients to Rise as Need for Medical Drug Production Increases
On the basis of type, the market has been segmented into active pharmaceutical ingredients, specialty chemicals, agrochemicals, and others. The active pharmaceutical ingredients segment held the largest share of the global fine chemicals market in 2022. The segment's growth can be mainly attributed to the significance of active ingredients in medicines. These ingredients play a pivotal role in carrying out the intended functions of medications.
The global pharmaceutical industry is expected to experience a substantial increase in the demand for high-quality chemicals such as polypeptides, erythropoietin, nucleotides, and others. The growing need for medical drug production in various countries primarily drives this surge in demand.
For More Information, Enquire @ https://www.extrapolate.com/enquire/chemicals-and-advanced-materials/fine-chemicals-market/87460
By Application
- Additives
- Inorganic Bulk Pigments
- Rare Earth
- Catalyst
- Electronic Chemicals
- Cutting Fluid
- Pharmaceuticals
- Food Ingredients
- Formulation
- Cosmetic Chemicals
- Feed Additives
Pharmaceutical Sector's Demand to Spur Fine Chemicals Sales Growth
By application, the industry has been segregated into inorganic bulk pigments, additives, catalysts, pharmaceuticals, cosmetic chemicals, electronic chemicals, rare earth, cutting fluid, food ingredients, formulation, and feed additives. The pharmaceutical segment led the global fine chemicals market in 2022 and is likely to grow significantly through the projection period. According to the National Center for Health Statistics, in 2020, approximately 2.9 billion drugs were ordered and dispensed during doctor office visits in the United States. Meanwhile, about 336 million drugs were administered or prescribed in hospital emergency department visits.
Furthermore, recent findings from the Kaiser Family Foundation (KFF) emphasize that among the 246 million individuals in the United States, over 90 million are deemed to be at a higher risk of experiencing severe illness if they have been infected with the coronavirus. These statistics clearly demonstrate that the increasing demand for medical drugs in developing nations is playing a significant role in driving the market's growth.
Purchase This Comprehensive Research Report for Valuable Market Insights @ https://www.extrapolate.com/complete-checkout-buy/87460
Growing Adoption of Fine Chemicals in Electronics and Electrical Sectors to Drive Fine Chemicals Market Expansion
The fine chemical industry is estimated to observe substantial growth in the upcoming years due to various factors. These include the expanding electronics and electrical sectors, growing investments, a rise in global automobile sales, and increased research and development efforts aimed at creating innovative and advanced products.
Moreover, the market benefits from the presence of well-established corporations worldwide, alongside burgeoning product demand from various industries. Notably, there is a surging need for electronic parts such as semiconductors and connectors in numerous Asian nations, including China, India, Japan, Hong Kong, and Korea. Furthermore, the market's expansion is anticipated to be reinforced by government initiatives that provide tax incentives and other forms of support.
North America Fine Chemicals Market to Grow Considerably Owing to Well-Established Chemical Industry
North America is projected to experience significant growth over the forecast period as a result of the well-established chemical industry in major nations such as the US. About 96% of the chemical sector's production is utilized for the production of various goods. The rising demand for fine chemicals in North America can be attributed to their extensive usage across multiple industries. For instance, the fragrance industry has witnessed notable expansion by incorporating fine chemicals as essential components in perfumes and colognes. Likewise, the processed food and cosmetics sectors have been positively influenced by the utilization of these chemicals as flavor enhancers and additives.
Fine chemicals have expanded their presence beyond traditional markets and found utility in emerging sectors such as mining, construction, and electronics. These industries demand specialized chemicals capable of fulfilling precise functions. As a result, fine chemicals serve as essential intermediates for manufacturing these specialized products.
Browse Complete Report @ https://www.extrapolate.com/chemicals-and-advanced-materials/fine-chemicals-market/87460
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Fine Chemicals Market
Chapter 5. Global Fine Chemicals Market Overview, By Type, 2018 - 2032 (USD Million)
Chapter 6. Global Fine Chemicals Market Overview, By Application, 2018 - 2032 (USD Million)
Chapter 7. Global Fine Chemicals Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 8. North America Fine Chemicals Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 9. Europe Fine Chemicals Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 10. Asia Pacific Fine Chemicals Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 11. Middle East & Africa Fine Chemicals Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 12. South America Fine Chemicals Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 13. Competitive Landscape
Chapter 14. Key Vendor Analysis
Chapter 15. Sourcing Strategy and Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
Chapter 17. Market Effect Factors Analysis
Chapter 18. Future Outlook of the Market
Browse Complete TOC @ https://www.extrapolate.com/toc/chemicals-and-advanced-materials/fine-chemicals-market/87460
About Us:
Extrapolate is a Global Market Research, Advisory, and Consulting firm that works closely with Industry experts from various industries to bring the latest and most accurate research reports.
In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets - not merely respond to them. Extrapolate helps clients develop market perspectives that drive success.
Contact Us
Extrapolate
Phone: (+1) 888 328 2189
E-mail: talk@extrapolate.com
Website: https://www.extrapolate.com
Blog: https://www.extrapolate.com/blog
Follow Us: LinkedIn | Facebook | Twitter
