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An Increase in Agricultural Activities And Production Also Increases The Demand For Fertilizers Resulting in the Growth of Fine Chemicals Market.
HYDERABAD, TELANGANA, INDIA, September 22, 2022 /EINPresswire.com / -- IndustryARC, in its latest report, predicts that The Fine Chemicals Market is forecast to reach US$232.3 billion by 2027, after growing at a CAGR of 5.7 % during the forecast period (2022-2027). Fine Chemicals refer to pure, single chemical substances that are more often produced in quite small and limited amounts through batch or biotechnological processes followed by synthesis, segregation, and purification. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways :
1. Pharmaceuticals in Fine Chemical Market is expected to see the fastest growth, especially during the forecast period. The major reason behind this is the increasing demand and consumption of various medical drugs across the world. For instance, in 2019, the UNDESA published a report, which showed that the majority of the elderly population (approx. 703 billion) have a weaker immune system, hence, they tend to fall sick quite often. This increases the demand for fine chemicals required for the production of medical drugs and medications, hence, leading to market growth.
2. Asia-Pacific dominated the Fine Chemicals Market in 2021, with countries like China, and India being most likely to drive the market growth. The major reason behind this is the rising requirement of construction materials, cosmetic products, increasing demand for adhesives and plastics from the packaging industry, and more applications that require the use of fine chemicals boost the market growth.
3. New environmental-friendly methods are being employed in order to reduce the negative effects of fine chemicals on the environment.
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Segmental Analysis :
1. The Active Pharmaceutical Ingredients segment held the largest share in the Fine Chemicals Market in 2021 and is expected to grow at a CAGR of 5.5 % between 2022 and 2027. The major reason behind this is the fact that active ingredients are the most important component of any drug since they are the ones who are responsible for fulfilling the purpose of the medication.
2. Increased risk of people falling sick or suffering from certain medical illnesses will also increase the demand for medicines or drugs required for the treatment, which can lead to an increase in the demand for fine chemicals required for the production of the medical drugs. This, in turn, will play a major role in leading market growth in the upcoming years.
3. The Asia Pacific held the largest share in the Fine Chemicals Market in 2021 up to 30 %. A recent study indicates that the total sales revenue of traditional pharmaceuticals in China amounted to about $28.8 billion in 2019 and is expected to increase in the upcoming years.
Competitive Landscape :
The top 5 players in the Fine Chemicals Industry are -
1. Sumitomo Chemicals(JAP)
2. BASF SE
3. GlaxoSmithKline plc(UK)
5. Chemada Fine Chemicals(Israel )
6. Syntor Fine Chemicals(UK)
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Related Reports :
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B. Specialty Oilfield Chemicals Market
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