PUNE, India, February 23, 2018 /PRNewswire/ --
The report "Chemical Licensing Market by Type (C1 Derivatives, C2 Derivatives, C3 Derivatives, C4 Derivatives) End-Use Industry (Oil & Gas, Chemical), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, South America) - Global Forecast to 2022" published by MarketsandMarkets™, the Chemical Licensing Market is estimated to be USD 10.72 Billion in 2017 and is projected to reach USD 13.81 Billion by 2022, at a CAGR of 5.2% from 2017 to 2022. This growth can be attributed to the increased demand for chemical licensing from the oil & gas and chemical industries. The rise in demand for new technologies in chemical manufacturing to meet the needs of end-users is pushing the demand for chemical licensing in the region. The increasing stringent regulations imposed by various countries/organizations is forcing chemical manufacturers to focus on the development of eco-friendly and sustainable technologies for the production of various derivatives.
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The C2 derivatives segment is estimated to be the largest type segment of the Chemical Licensing Market.
The C2 derivatives segment is estimated to be the largest type segment of the Chemical Licensing Market in 2017. Manufacturing C2 derivatives includes the use of technologies and processes such as polymerization, chlorination, and oxidation. A range of C2 derivatives are produced using technologies licensed major companies. Polyethylene and EDC-PVC manufacturing technologies are in high demand in the market due to their multiple applications; this demand is a major factor driving growth in the C2 derivatives segment of the Chemical Licensing Market.
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Based on end-use industry, the oil & gas segment accounted for the largest share of the Chemical Licensing Market in 2016.
Based on end-use industry, the oil & gas segment accounted for the largest share of the Chemical Licensing Market in 2016. Chemical licenses are necessary for new plant installations and are an integral part of the oil & gas industry. These licenses are required for petroleum refining and the production of bulk and fine chemicals in all branches of the chemical industry. The refinery and petrochemical industries are growing, and the demand for sustainable technologies is gradually rising. Providing the best sustainable technology for the production of different products is posing a challenge to the global Chemical Licensing Market, thereby increasing the demand for new and advanced technologies, which is ultimately driving the Chemical Licensing Market.
Asia Pacific projected to lead the Chemical Licensing Market till 2022
Asia Pacific accounted for the largest share of the Chemical Licensing Market in 2016 and is projected to lead the market through 2022. The high demand for chemical licensing in the downstream industry is due to the increasing need for refinery process efficiencies for the optimization of energy and cost. Asia Pacific is also projected to be the fastest-growing region in the Chemical Licensing Market. The penetration of chemical licensing in the oil & gas end-use industry is expected to grow at a higher CAGR in Asia-Pacific due to the high refinery capacities of China, India, South Korea, and Japan and the need for advanced sustainable and eco-friendly chemical production technologies.
Key companies profiled in the Chemical Licensing Market research report include Johnson Matthey (UK), Mitsubishi Chemical Corporation (Japan), Sumitomo (Japan), ExxonMobil (US), and Shell (Netherlands).
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