Analysis by Product Type (Oligomer, and Polymer); by Application (Decorative, Can & Coil Coatings, Detergents, Pulp & Paper, Industrial Maintenance, Furniture & Flooring, Marine Coatings, Printing & Packaging, and Others); and by End-user (Construction, Automotive, Paper, Oil & Gas, Agriculture, Pharmaceutical, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031
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The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Growth Drivers
Extensive Use in Automotive Industry – Dispersants are added to lubricating oils in engines to prevent the buildup of sludge and varnish on cylinder walls, keeping them clean. This demand is anticipated to improve the organic dispersants’ market share. China’s domestic production of vehicles is expected to reach around 35 million by the year 2025. In 2020, it sold over 25 million vehicles.
Treatment of Oil Spills - In an oil spill, dispersants break down petroleum into smaller droplets and help to clear the oil from the water's surface. As per the International Tanker Owners Pollution Federation (ITOPF), approximately 10,000 tons of oil was spilled in 2021, far more than in 2020.
Increasing Use in Paper Industry - The growing demand for good quality, cost-effective paper in developing countries such as China and India are predicted to drive the market for organic dispersants. As per latest studies, India alone manufactures more than 12 million tons of paper, contributing to around ~3% share of the world’s paper production.
Growing Demand in Oil & Gas Production –Crude Oil production worldwide was around 4141 MT in the year 2020, according to the International Energy Agency (IEA), and is expected to increase post-pandemic, driving the market growth of organic dispersants.
Rising Use in Agriculture- Organic dispersants increase the efficiency of biocides used in agriculture. According to the Food and Agriculture Organization of the United Nations, around 4.2 million tons of pesticides were used worldwide in the year 2019.
Challenges
The global organic dispersants market is segmented and analyzed for demand and supply on the basis of product type into oligomer and polymer organic dispersants. Out of these, the oligomer sub-segment is projected to grow at a higher CAGR during the forecast period, owing to its utility in many industries, such as, the cosmetics and pharmaceutical industries. As per the latest report, the global cosmetics industry earned over USD 370 billion. Growth of the cosmetic industry is expected to boost the market growth.
Regionally, the global organic dispersants market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific is projected to hold the largest market share by the end of 2031 on the back of growing demand for energy and automobiles in the region. The developing infrastructure due to rapid urbanization and industrialization is expected to multiply the market share in the region. For instance, the value of the construction industry in India is estimated to reach to about USD 1.4 trillion by 2025. On the other hand, the market in the North America region is anticipated to garner a significant share over the forecast period, owing to the growing investment in oil drilling activities.
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The global organic dispersants market is further classified on the basis of region as follows:
Our in-depth analysis of the global organic dispersants market includes the following segments:
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growing demand for organic dispersants in industries like construction, oil & gas, agriculture, and automotive, and its use in the treatment of oil spills are some of the driving factors.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
Ans: Fluctuation in prices of raw materials, stringent government regulations in some developed countries, and slower pace of innovation in developing countries are some of the challenges affecting market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Clariant Ltd., Harmony Additive Pvt. Ltd., Ferro Corporation, BASF SE, Arkema, Ashland Inc., Evonik Industries AG, The Lubrizol Corporation, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, application, end-user, and by region.
Ans: The oligomer organic dispersants sub-segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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