Carbon and its various derivatives combine with elements such as hydrogen, oxygen, nitrogen, and sulfur, to form organic chemicals. The derivatives exist either in carbon chain or carbon ring. Increasing global population and surging urbanization are expected to fuel growth of end-use industries such as agrochemicals, pharmaceuticals, food & beverages, and cosmetics in turn fueling growth of the organic chemicals market. Asia Pacific is growth engine of this market, mainly attributed to the strong economic growth in India and China.
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The last decade has witnessed a spike in incidence rate of various diseases. This in turn has led to increasing spending by various government and non-governmental organizations on developing effective drugs to combat such diseases, subsequently propelling growth of the pharmaceuticals industry. This trend is expected to prevail over the forecast period, consequently fueling growth of the organic chemicals market. Global giants in pharmaceuticals space, such as Pfizer spent US$ 7872 million in 2016, which increased by 2% as compared to 2015 and Novartis spent US$ 8400 million in 2016, which have significantly increased investment in R&D for effective drug development.
Organic chemicals Market Challenges – Stringent Environmental Regulations
Rising awareness regarding harmful health & environmental effects associated with manufacturing and use of organic compounds is expected to be one of the key challenges for the end user industry. For instance, on December 23, 2010, the Ministry of Environment and Forest (MoEF) of India implemented water (prevention and pollution control) act 1974 and air pollution act 1981. The law enforces strict regulation for production, use, import, and export of various hazardous chemicals such as phthalates, benzothiazole, among others. Treatment of hazardous waste chemicals prior to releasing in the environment, the organic chemical manufacturing company has to go through a series of complex processes.
Key players in the organic chemicals market include TCI America, BASF SE, PPG Industries, The Dow Chemicals Company, AkzoNobel, Royal Dutch Shell, Sinopec, ExxonMobil, Formosa Plastics, LyondellBasell Industries, DuPont, Ineos, Huntsmann and Reliance Industries. The market is fragmented, with some of the key companies in North America and Asia Pacific. Moreover, continuous development in R&D and M&A among the key players is expected to enhance their market opportunity.
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