Chemical As A Service Market To Witness A Significant Growth Of USD 13.7 Billion By 2028


 San Francisco, 19 Apr 2022: The Report Chemical As A Service Market Size, Share & Trends Analysis Report By End User Industry (Water Treatment & Purification, Metal Parts Cleaning, Industrial Cleaning, Industrial Gases), By Region, And Segment Forecasts, 2021 - 2028

The global chemical as a service market size is anticipated to reach USD 13.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.7% from 2021 to 2028. The market is predominantly driven by the growing demand for chemical management services and convenience and cost-effectivity offered by the CaaSmodel. Moreover, this model helps in the reduction of hazardous chemical consumption by using chemicals with more efficient processes.

The chemical as a service model offers economic advantages to the manufacturers/industrialists which is one of the major factors for its penetration in the upcoming years. In addition, the chemical as a service model support sustainability. The model reduces chemical consumption from 10-80% in various applications such as metal parts cleaning, powder coating, metal degreasing, industrial cleaning and washing, and ultimately help in achieving sustainability and the direct savings of huge amounts.

For instance, Crown Beverages Limited, a Ugandan beverage manufacturing company, integrated chemical leasing in its operation with the cooperation of American chemicals producer Diversey Eastern and Central Africa (U) Ltd. By integrating this model, the company obtained direct savings of USD 175 thousand and additional significant indirect savings related to effluent treatment.

Chemical as a service model offers services such as chemical management services, chemical leasing, and closed-loop systems (includes monitoring and automation of various operations in the chemical industry). The growing industrialization in emerging countries such as India, Brazil, and China coupled with the increasing adoption of new technologies and business models is expected to drive the market.

In 2020, the market experienced a decline in growth owing to the outbreak of the Coronavirus pandemic. However, the market has not experienced a negative growth owing to the significant demand for surfactants, surface disinfectants, and cleaning chemicals in 2020. Lockdown across nations, travel restrictions, raw material shortage, and shut down of various end-user industries had a negative impact on the market.

Access Research Report of Chemical As A Service Market @ https://www.grandviewresearch.com/industry-analysis/chemical-as-a-service-market-report

Chemical As A Service Market Report Highlights

  • The industrial cleaning segment accounted for a revenue share of 18.0% in 2020. Chemical as a service model is gaining high popularity for the industrial cleaning and washing application compared to the other applications and functions in the industries. Various types of chemicals are used in industrial cleaning applications including solvents, flocculants, detergents, polymers, and more
  • The agriculture and fertilizer segment is anticipated to grow at a fast pace during the forecast period. The agrochemicals and fertilizers segment providing companies act as a service provider and the user (farmer/agriculturist) utilizes this service on the basis of crop area covered by the chemical application rather than volume of chemicals
  • Asia Pacific is the fastest-growing region for the market owing to the presence of various untapped markets coupled with growing industrialization and increasing adoption of newer technologies and business models in the countries such as India, China, Japan, and South Korea
  • China dominated the market for chemicals as a service in the Asia Pacific. This is due to the increasing industrialization in the region, high consumption of chemicals, and growing awareness about sustainability

 List of Key Players of Chemical As A Service Market

  • Diversey Holdings Ltd.
  • Henkel AG & Co. KGaA
  • Safechem Europe Gmbh
  • CSC JÄKLECHEMIE GmbH & Co. KG
  • Polikem
  • Ecolab Inc.
  • Hidrotecnik
  • BASF SE
  • Haas TCM
  • PPG Industries
  • Sphera
  • Quaker Chemical

Access Press Release of Chemical As A Service Market @ https://www.grandviewresearch.com/press-release/global-chemical-as-a-service-market

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