Intermediates are molecules produced during the conversion of a chemical substance to a final product. Chemical intermediates are formed during each step of the reaction to convert a reactant to a product. These have shorter life and are highly reactant. These chemicals are used in various applications. For instance, they are employed in the production of elastic textile fibers, coatings, plastics, pharmaceutical & crop protectants, and detergents. Apart from these, chemical intermediates are also employed in feed preservation. They are also used as de-icing agents for airport runways.
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Increase in demand for chemical intermediates in coatings applications and extensive use of chemical intermediates in manufacturing plastics are some of the key factors driving the chemical intermediates market. This is prompting companies to increase the production of chemical intermediates. Additionally, easy availability of raw materials is anticipated to boost the demand for chemical intermediates in the near future.
The global chemical intermediates market is witnessing technological advancements. Companies are constantly striving to develop new and better ways to manufacture chemical intermediates. Development of new manufacturing process of chemical intermediates and applications is estimated to propel the chemical intermediates market. However, volatility in prices of raw material is projected to adversely affect market growth.
Based on type, the chemical intermediates market can be classified into reagents, solvents, building blocks, protective groups, and others. Solvents are the most commonly used chemical intermediates among all due to the excessive use of these in manufacture of coatings and detergents.
Based on form, the chemical intermediates market can be divided into solid, liquid, and gas. Liquid chemical intermediates are commonly used in petrochemical applications.
Chemical intermediates are used in a wide range of applications due to their excellent physical & chemical properties. Based on application, the market can be segmented into pharmaceutical, petrochemical, agriculture, construction, plastics, lubricants, coatings, personal care emollients, additive, and others. The petrochemical segment accounted for significant share of the chemical intermediates market in 2016 owing to the high demand for chemical intermediates in petrochemical processing across the globe.
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In terms of geography, the chemical intermediates market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America is anticipated to constitute key share of the market during the forecast period. Asia Pacific is also estimated to be a rapidly growing region of the chemical intermediates market, owing to the increase in demand for chemical intermediates in the leather & textile segment in the region. Middle East & Africa is likely to be an attractive region of the chemical intermediates market during the forecast period due to the rise in demand for these in the textile industry in the region.
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