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Global Chemical Licensing Market Set For Rapid Growth, To Reach A Value Of Around USD 13.96 Billion By 2024

iCrowdNewswire   Oct 6, 202010:53 AM ET

Zion Market Research has published a new report titled “Chemical Licensing Market By Derivative Type (C1, C2, C3, and C4) and by End-Use (Oil & Gas and Chemical): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018—2024”. According to the report, the global chemical licensing market was valued at approximately USD 10.43 billion in 2017 and is expected to generate revenue of around USD 13.96 billion by 2024, at a CAGR of around 4.62% between 2018 and 2024.

Industrial policy means rules, regulations, principles, and policies formulated by the government and some regulatory bodies in order to control and regulate industrial undertaking in a nation. Chemical licensing is a part of industrial policies. With fast-paced industrialization and liberalization, it is necessary to have a chemical license for all chemical manufacturing companies and organizations. It is essential to distinguish and safeguard the legal trade in chemical compounds and substances so that these compounds are not utilized for illegal purposes. The objective is to avoid illegal drug trafficking and patenting the chemical compounds and their proprietary technologies for producing these chemicals. There is an increase in the demand for chemical licensing across the globe for tackling drug trafficking. This is likely to boost the chemical licensing market in the upcoming years. Manufacturers that are involved in drug manufacturing for medical and pharmaceutical industry need to have a chemical license for the same. Stringent government regulations in some nations and the growing need for an additional number of downstream processing industries are likely to positively impact the chemical licensing market development over the forecast time period. However, the higher licensing cost of technologies might hamper this global market’s development in the future.

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The chemical licensing market is segmented based on derivative type and end-use. By derivative type, this market includes C1, C2, C3, and C4. The C2 derivative type is anticipated to dominate the global market in the future. On the basis of end-use, the market is bifurcated into chemical and oil and gas. The chemical industry is expected to dominate the market in the upcoming years, due to the growing number of chemical production and manufacturing facilities globally, especially in emerging economies.

Global Chemical Licensing Market

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa comprise the regional segment of the global chemical licensing market. The Asia Pacific is likely to grow at the highest rate in the chemical licensing market globally over the forecast time period. This growth can be attributed to the increasing number of small- and medium-sized enterprises with different chemical manufacturing and production facilities across the region. North America held a substantial revenue share of the global chemical licensing market, due to faster adoption of new technologies by the region’s chemical industry.

Some industry players operating in the global chemical licensing market include Chevron Phillips Chemical Company, Eastman Chemical Company, Exxon Mobil Corporation, Huntsman Corporation, Johnson Matthey, Mitsubishi Chemical Corporation, Nova Chemicals Corporation, Sumitomo Chemical, LyondellBasell, and Shell, among others.

This report segments the global chemical licensing market into:

Global Chemical Licensing Market: Derivative Type Analysis

Global Chemical Licensing Market: End-Use Analysis

Global Chemical Licensing Market: Regional Analysis

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Keywords:    Chemical Licensing Market

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