Recycle and reuse practices are impacting the sales of virgin materials, resulting into lesser dependency on volume-driven growth. New materials are showcasing potential for driving value-based growth, but chemical companies are still some time away from achieving voluminous production, while maintaining high quality at the same time. Barring few exceptions, a majority of players are still prioritizing short-term volume growth over long-term value growth. Pressure on improving bottom-line is influencing manufacturers to improve efficiency and reduce operational costs. The impact of value-driven growth may not be visible in the short-term, but long-term outlook remains in favor of a balanced approach between value and volume.
Manufacturers are under increasing pressure to incorporate digital solutions in their offerings. Forward-thinking manufacturers are investing in technology to reduce human interference and streamline key operational aspects such as ordering and shipping. Resonating its influence over every industry, Internet of Things (IoT) has the potential to transform and disrupt the chemical sector. Connectivity through IoT devices is gaining traction, whereas product-level sensors on dispensing equipment and barrels are helping manufacturers track their consignments digitally. Through assessment of long-term benefits, chemical companies are capitalizing on digitization by adopting digital platforms & processes that eliminate human error in profit-associated operations.
Manufacturers continue seeking low-priced feedstock in a bid to marginally reduce pre-production costs. Industry leaders are joining forces to replace fossil fuel-derived feedstock with bio-based alternatives. However, concerns related to producing affordable and sustainable feedstock at mass scale remains a challenge. Access to quality and affordable feedstock will continue to remain a focus area for manufacturers. Chemical manufacturing processes are running on limited energy, while volume of feedstock is getting stranded at ports as disapproval from import authorities keeps disrupting supply chains in sectors, such as oleochemicals and petrochemicals industries.
Chemical manufacturers have promised support and adherence to governments & regional authorities that are committing towards green, sustainable initiatives. Development of bio-alternatives is gaining momentum. Research & academic institutes are teaming up with manufacturers to formulate sustainable substitutes for commonly-used chemical substrates. Many companies are keeping a close eye on advancements in “green chemistry.” Shift towards eco-friendly chemicals will gain momentum in the future on the back of government regulations and end-user preference. Rising costs of fossil fuels will also instrument the upsurge for sustainable chemicals manufacturing.
List of factors tracked in the Chemicals and Materials Market Report
- Chemical Industry Value Add
- Chemical Sales
- Per Capita Consumption
- Standard Capacity Factors
- Plastics Consumption Outlook
- Glass Consumption Outlook
- Policies and Regulations
- Historical growth of top players
- Growth in associated markets
- Net trade scenario
- Apparent production capacity
PMR utilizes robust methodology and approach to arrive at market size and related projections. The research methodology for this report is based on 3 dimensional model. We conduct about 45-60 min duration detailed interviews with product manufacturers; apart from this we also collect market feedback from industry experts. To validate this data, we interact with senior panel members having more than 10 years of experience in relevant field. The panel members help in validating the findings and fill the gaps if any. In addition, we leverage on our existing pool of information, paid database and other valid information sources available in public domain. Usually industry interactions extend to more than 50+ interviews from market participants across the value chain.
PMR collects data from secondary sources including company annual reports, association publications, industry presentations, white papers, and company press releases apart from these we leverage over paid database subscriptions and industry magazines to collect market information and developments in exhaustive manner. After being done with desk research, detailed questionnaire and discussion guide is formulated to initiate primary research with key industry personnel; the discussion aims at collecting key insights, growth perspectives, prevalent market trends and quantitative insights including market size and competition developments. Both of these research approaches help us in arriving at base year numbers and market hypothesis.
In this phase, PMR validates the data using macro and micro economic factors. For instance, growth in electricity consumption, industry value added, other industry factors, economic performance, growth of top players and sector performance is closely studied to arrive at precise estimates and refine anomalies if any.
Data Analysis and Projection
Data analysis and projections were made based on proprietary research frameworks and statistical analysis, which was further validated from industry participants. These frameworks include Y-o-Y growth projections, macro-economic factor performance, market attractiveness analysis, key financial ratios, and others.
For public companies we capture the data from company website, annual reports, investor presentations, paid databases. While for privately held companies, we try to gather information from the paid databases (like Factiva) and based on the information we gather from databases we estimate revenue for the companies. In addition, the team tries to establish primary contact with the companies in order to validate the assumptions or to gather quality inputs.
Standard Report Structure
- Executive Summary
- Market Definition
- Macro-economic analysis
- Parent Market Analysis
- Market Overview
- Forecast Factors
- Segmental Analysis and Forecast
- Regional Analysis
- Competition Analysis
- Production Companies
- Channel Partners
- Marketing Authorities
- Subject Matter Experts
- Research Institutions
- Financial Institutions
- Market Consultants
- Government Authorities
- Wear & Corrosion Resistant Coatings
- Welding Electrodes
- Cutting Tools
- North America
- Latin America and Middle East & Africa (LAMEA)
- South East Asia & Asia Pacific (SEA & Pacific)
By End Use Industry
- Pulp & Paper
There has been speedy growth in mining, construction, and the energy sectors such as power and oil and gas owing to the growing demand for fuel sources, metals, and housing and infrastructure requirements across geographies, especially in China and developing countries in the SEA & rest of Asia Pacific. This has been deciphering into higher demand for mining, power and oil and gas equipment as well as devices used in steel, cement, glass, pulp and paper and the construction industries. This, in turn, has been causing a rise in the demand for chromium carbide overlay plates and other products which improve the equipment life and efficiency, thereby reducing maintenance costs and downtime of the equipment. Thereby, the mounting size of these core industry sectors has been proving to be instrumental to the growth of the chromium carbide market. Some important applications of overlay products include fan blades, shovel buckets, dragline buckets, hopper liners, dozer skins, loader buckets, housing liners, and spiral conveyors.
Mining and Energy Sectors to be the Leading End-users
The consumption in the mining industry comprises the employment of chromium carbide in chromium carbide overlay plates used in truck beds, dragline buckets, dozer blades, shovel buckets and excavator liners, and hoppers. Furthermore, cutting tools employing chromium carbide and tubular hard-facing electrodes with chromium carbide compositions are extensively used in the mining of coal, aluminum, minerals, and zinc ore. There has been rapid growth in mining, construction and the energy sectors such as oil and gas and power owing to surging demand for metals, fuel sources and housing and infrastructure requirements across geographies, especially in developing regions such as China and the SEA and the rest of APAC countries.
This has been converting into advanced demand for mining, power and oil & gas equipment as well as equipment used in steel, cement, glass, pulp and paper and the construction industries. This, in turn, has been resulting in an increased demand for chromium carbide overlay plates and other products which enhance equipment life and efficiency, thereby reducing maintenance costs and downtime of the equipment. Henceforward, the mounting size of these major industry sectors has been proving to be instrumental to the growth of the chromium carbide market. Some important applications of overlay products include fan blades, shovel buckets, dragline buckets, hopper liners, loader buckets, housing liners, dozer skins, and spiral conveyors.
Steel Sector in China to Give the Market a Much Needed Boost
China is expected to remain on the vanguard in the consumption of both steel as well as chromium carbide, in the steel sector. The rapid development of the infrastructure and major industrial activities in the mining, energy, steel, and cement sectors in the country is anticipated to fuel demand for specific industrial equipment requiring chromium carbide as the raw material, and thereby drive chromium carbide market growth. The production of chromium carbide overlay plates used in steel industry applications such as those in coke vibrating screen plates, fan blade, apart from cutting tool, blast furnace liners, machining tool and welding electrodes are the key end uses of chromium carbide in the steel industry.