Major players in the chemical as a service market are Sphera Solutions, Henkel AG & Co. KGaA, Safechem Europe Gmbh, CSC JÄKLECHEMIE GmbH & Co. KG, Polikem S. a. s. , Quaker Chemical, Hidrotecnik, BASF SE, Haas TCM, and PPG Industries.
New York, Oct. 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Chemical As A Service Global Market Report 2022" - https://www.reportlinker.com/p06325410/?utm_source=GNW
The global chemical as a service market is expected to grow from $6.99 billion in 2021 to $7.90 billion in 2022 at a compound annual growth rate (CAGR) of 12.9%. The chemical as a service market is expected to grow to $11.49 billion in 2026 at a compound annual growth rate (CAGR) of 9.8%.
The chemicals as a service (CaaS) market consists of sales of chemicals as a service by entities (organizations, sole traders, and partnerships) that refer to the transition in chemical organizations’ business models from selling a product (paid in weight or volume) to selling a service (paid in proportion of a certain service level). Customers benefit from the cheaper initial investment, predictable costs, and less fuss with product maintenance, while suppliers benefit from increased margins through additional sales of value-added services in the service package (such as insurance or maintenance), scale effects, and customer lock-in.
The main types of chemical as a service are chemical management services, and chemical leasing.Chemical management services refer to a business model in which a consumer buys chemical services instead of chemicals.
CMS assists manufacturers in prioritising chemical management tasks so that they can be completed more efficiently. The end-users of chemicals as a service include agriculture and fertilizer, water treatment and purification, metal parts cleaning, paint and coatings, industrial cleaning, industrial gases, and other end-users.
North America was the largest region in the chemical as a service market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the chemical as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The chemical as a service market research report is one of a series of new reports that provides chemical as a service market statistics, including chemical as a service industry global market size, regional shares, competitors with a chemical as a service market share, detailed chemical as a service market segments, market trends and opportunities, and any further data you may need to thrive in the chemical as a service industry. This chemical as a service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
A reduction in chemical consumption is contributing to the growth of the chemicals as a service market.A chemical is consumed when it is converted into another chemical through a chemical process.
Lack of collaboration between chemical suppliers and consumers leads to unnecessarily high chemical consumption and the development of hazardous waste.Chemical leasing, which is part of the chemicals as a service paradigm, attempts to increase chemical efficiency while lowering chemical hazards and safeguarding human health.
For instance, in May 2019, according to The Sustainable Development Goals Policy Briefs by UN, it reported that after the introduction of Chemical Leasing for bottle washing and conveyor lubrication, chemical consumption was reduced by 40 and 48%, respectively, and the water and energy demand decreased significantly by a Ugandan beverage company Crown Beverages Limited (CBL). A reduction in chemical consumption is expected to propel the growth of the chemicals as a service market.
Strategic partnerships are a key trend gaining popularity in the chemical as a service market.Major companies operating in chemicals as a service are undergoing partnerships to strengthen their position in the market.
For instance, in May 2022, Sphera®, Chicago-based?a leading global provider of Environmental, Social, and Governance (ESG) performance and risk management software, data, and consulting services, partnered with BASF Germany-based chemical company.The collaboration makes BASF’s methodology and digital solution for automated product carbon footprint (PCF) calculation available in Sphera’s Life Cycle Assessment (LCA) software solutions.
LCAs assist businesses in better analyzing the effects of their supply chain on their overall carbon footprint and making informed decisions on their path to net zero.
In December 2020, Quaker Chemical Corporation, a US-based chemical company acquired Coral Chemical Company for an amount of $53 million.With this acquisition, Quaker Chemical benefitted with additional net sales.
Coral Chemicals is a US-based chemical manufacturing company that provides specialty pre-treatment chemicals, lubricants, and environmental solutions.
The countries covered in the chemical as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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