Market Overview:

The Fine Chemicals Market size is estimated to reach $257 Billion by 2030, growing at a CAGR of 5.7% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Fine Chemicals Market – By Type (Active Pharmaceutical Ingredients, Agrochemicals and Specialty Chemicals), By Application (Pharmaceuticals, Cosmetics, Agriculture, Electronics, Food and Beverage, Petrochemicals, Plastics, Metal and Mining and Others) and By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030”

Growing demand for pharmaceuticals due to the rising incidences of diseases drives the demand for fine chemicals. Additionally, the rising need for agrochemicals and demand for specialty chemicals boosts the fine chemicals market. 

North America Leads Market:

North America held the largest market share in 2023. North America, particularly the faces a high prevalence of conditions like diabetes, thyroid disorders, and obesity. The United States, faces a high prevalence of conditions like diabetes, thyroid disorders and obesity. As the prevalence of these diseases rises, so does the demand for treatments as well.  Additionally, the region has a well established pharmaceutical industry. In November 2024, AstraZeneca announced it is dedicating $3.5 billion of capital investment in the US to boost its research and manufacturing footprint by the end of 2026.

Fine Chemicals Market: Key Takeaways

Rising Demand for Agrochemicals

According to UN projections, world population is expected to reach 9.7 billion in 2050. The global population is steadily increasing leading to a growing demand for food production. To meet this rising demand, farmers rely heavily on agrochemicals to enhance crop yields and protect against pests and diseases. Fine chemicals are essential components in the production of these agrochemicals including herbicides, insecticides and fungicides. As the demand for agrochemicals continues to grow so does the demand for the fine chemicals used in their manufacturing. 

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Need for Pharmaceuticals

The pharmaceutical industry relies heavily on fine chemicals as key intermediates in the synthesis of active pharmaceutical ingredients (APIs). The United Nations Population Fund, India (UNFPA) in its 2023 India Ageing Report has said that by 2046 it is likely that elderly population will have surpassed the population of children in India, As the global population ages and healthcare needs increase, the demand for pharmaceuticals is rising. To meet this growing demand, pharmaceutical companies require a steady supply of high-quality fine chemicals. This surge in demand drives the fine chemicals industry, stimulating investment in research and development, production capacity expansion, and technological advancements.

Scope of the Report: 

      Report Metric

                      Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

5.7%

Market Size in 2030

$274 Billion

Segments Covered

By Type, By Application and By Geography


Geographies Covered

North America (U.S, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Malaysia, Indonesia and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of the World (Middle East and Africa)



Key Market Players

  1. BASF SE

  2. Sumitomo Chemical Company

  3. LANXESS

  4. Lonza

  5. Lotte Fine Chemical Co., Ltd

  6. Novonesis Group

  7. Arkema

  8. Solvay S.A

  9. Evonik Industries

  10. Boehringer-Ingelheim


Recent Developments:
  • In October 2024, Lotte Fine Chemical Co., a subsidiary of South Korea's Lotte Chemical Corp., announced that it has entered into a significant global distribution agreement with Colorcon, a US-based leader in pharmaceutical cellulose distribution.
  • In March 2024, ICIG, a privately-owned industrial group announced that it acquired a majority stake in Vasant Chemicals, a Hyderabad-based specialty chemicals and pharma intermediates company.
  • In December 2023, Hikal and the Government of Gujarat signed an MoU. As per the MoU Hikal will invest $590 million to set up a state of the art fine chemical manufacturing plant at Panoli, Gujarat.
Fine Chemicals Market: Competitive Landscape

Key companies profiled in the Fine Chemicals Market are BASF SE, Sumitomo Chemical Company, LANXESS, Lonza, Lotte Fine Chemical Co., Ltd, Novonesis Group, Arkema, Solvay S.A, Evonik Industries, Boehringer-Ingelheim

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