Global Third-Party Chemical Distribution Market 2019-2023 | Growing Focus on Chemical Distribution 4.0 to Boost Demand | Technavio
LONDON--(BUSINESS WIRE)--Jan 8, 2019-- analysts forecast the global third-party chemical distribution market to grow at a CAGR of over 7% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the global third-party chemical distribution market to grow at a CAGR of over 7% by 2023. (Graphic: Business Wire)
The positive impact of a trade war between the US and China on chemical manufacturers is one of the major trends being witnessed in the . In 2018, the ongoing trade war between US and China had a positive impact on the number of chemical products being exported to China, especially for companies operating in various developing economies, which has allowed several chemical distributors to globalize their service portfolio and gain a strong presence in China. One of the biggest consumers of chemical products is China, which has increased the demand for third-party chemical distributors in the country.
According to Technavio analysts, one of the key factors contributing to the growth of the global third-party chemical distribution market is the growing focus on chemical distribution 4.0:
Global third-party chemical distribution market: Growing focus on chemical distribution 4.0
There is a considerable demand for digitalization of the overall chemical distribution supply chain owing to the advent of modern technologies in the global chemical market. Business requirements have changed along with evolving customer expectations, thereby resulting in increased adoption of digital technologies by chemical manufacturers as well as chemical distributors.
According to a senior analyst at Technavio for research on specialty chemicals, “The advent of digital technologies such as the Internet of Things (loT) and analytics can enable manufacturers and distributors to analyze large data volumes, automate processes and empower the workforce. The adoption helps in instilling agility into the system, optimizing operations, adhering to regulations and developing innovative business models. Moreover, the advent of online commerce also allows third-party chemical distributors to enter partnerships with digital retailers, thereby increasing the need for third-party chemical distributors.”
Global third-party chemical distribution market: Segmentation analysis
The global third-party chemical distribution market research report provides market segmentation by type (commodity chemicals and specialty chemicals) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The commodity chemicals segment held the largest market share in 2018, accounting for nearly 71% of the market. This type segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of over 41%. This region is expected to dominate the market through 2023, with over 2% increase in its market share.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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