The High Purity Chemicals Market size is projected to grow at a CAGR of 9.5% during the forecast period 2022-2027 and reach US$20.6 billion by 2027. The growth of the High Purity Chemicals Market is primarily dependent on the growth of the building & construction industry. High purity chemicals are organic chemicals with industrial applications as they are used for the synthesis of complex reactions in laboratories and are essential for enhancing agrochemical, electronics devices, coatings, adhesives and pharmaceutical manufacture. The surging developments associated with the building & construction industry across the world have led to considerable growth in the High Purity Chemicals market.
High Purity Chemicals Market: The Building & Construction Segment Leads the Market
On the basis of the end-use industry, the High Purity Chemicals Market can be segmented into pharmaceutical & healthcare, chemical & petrochemical, personal care & cosmetics, food & beverages, agriculture, biotechnology, electrical & electronics, building & construction, military & defence, transportation and others. The building & construction industry is evaluated to be the leading segment in the high purity chemicals market in 2021. During the forecast period 2021-2027, the building & construction industry segment is expected to grow with a CAGR of 9.0%. This can be attributed to various reasons such as the utilization of high purity chemicals in adhesives & sealants and paints and coatings. According to International Trade Administration (ITA), China is the world’s largest construction market and is estimated to grow at an annual average growth of 8.6% between 2022 and 2030.
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High Purity Chemicals Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the High Purity Chemicals Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, APAC has emerged as the most dominant region in the market. In 2021, the APAC region held around 39% share of the total revenue earned by the market globally. Asia-Pacific countries including China, Japan and India are comparatively ahead in terms of the growth of the building & construction industry. According to the Statistics in Japan, the number of construction contract orders went from 6,00,46,960 units in 2020 to 6,36,10,223 in 2021. The high purity chemicals market would also witness significant growth in the North American region. The USA and Canada are emerging as competitive countries in the High Purity Chemicals market.
High Purity Chemicals Market: Competitive Landscape
The key companies holding major shares in the High Purity Chemicals Market are BASF SE, The Dow Chemical Company, DuPont, ExxonMobil, Akzo Nobel N.V., Evonik Industries AG, Asahi Kasei Corp, Bayer, Linde AG and Mitsubishi Chemical Holdings. The key strategies adopted by the companies include product launches and facility expansion. In April 2022, High Purity New England (HPNE), a supplier of single-use solutions for the biopharmaceutical industry, launched its third facility. Moreover, in January 2022, Hyundai Engineering launched a high-purity hydrogen production system using Ammonia.
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