As the market has developed and grown, the Advanced Materials and Chemicals sectors of the manufacturing industry have been two of the fastest growing sectors. Chemicals is one of the oldest industries within manufacturing and has continued to play an important role in the day-to-day needs of the population as well as the industrial and economic needs. Trends in new technology, emerging markets, and the need to “go green” have transformed the chemical and advanced materials market.
As technology has evolved, so has the chemical manufacturing industry. Companies have developed some of the most advanced packaging technologies and various product formulas. The use of advanced functional material has also increased because the advanced materials are able to reduce the carbon footprint and use energy more efficiently. Technological developments are changing the future for the manufacturing of chemicals and advanced materials and will continue to do so.
With the importance of advanced materials and chemicals in the manufacturing industry, there is an opportunity for new companies to gain their own profits. Some of the fastest growing markets, as highlighted by recent studies from MarketsandMarkets, are the ultra pure sulfuric acid market, which is expected to grow by 6.1% till 2019; the lubricant additive market, which is expected to reach $16.2 billion by 2019; and, the isocyanate market, which is expected to reach $38,729 million by 2019. The few key industry leaders in most of these segments account for more than 70%–75% of the market share. But, there are many new players entering the market, which has increased competition.
Globally, there has been a change in the need for cleaner chemical production and distribution. With the rising cost of electricity, creation of new government regulations, and the corporate responsibility of companies, the industry is experiencing a need for more energy-efficient sectors. Chemical data centers are being revamped to be green centers with energy-efficient ways to store, manage, and distribute products. Some storage facilities are able to have 80% of energy savings through their new structures, according to a recent report by MarketsandMarkets. Even specific industries are evolving to meet the needs of the green initiative. Fuel additives in the gas and oil industries are implementing new regulations to control emissions; bio polyols are sticking to green-only origins to be used in applications like polyurethane foams (flexible & rigid), coatings, adhesives, and sealants; and, the growth of the global phase change material market is increasing and expected to reach $1,488.1 million in 2015, according to MarketsandMarkets.
The evolving market of chemicals and advanced materials is opening up opportunities for many companies. Moving forward, the manufacturing industry will change through these developments and technological advancements. Following these progressions will work in companies’ favors so they can utilize these changes to move forward in the industry.
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