PRZOOM - /newswire/ -
Wellesley, MA, United States, 2008/07/07 - According to a new technical market research report, Alternative Chemical Products and Processes (CHM040B) from BCC Research, the U.S. market for alternative chemical products is expected to be worth $46.6 billion in 2008 - BCCResearch.com.
This will increase to $94.8 billion in 2013, a compound annual growth rate (CAGR) of 15.3%.
The market is broken down by end-use alternative chemical products and includes plastics, packaging, cleaning and detergent products, miscellaneous specialty chemicals and other chemical products. Miscellaneous specialty chemicals have the largest share of the U.S. market and are expected to be worth $17.3 billion in 2008 and $35.5 billion in 2013, for a CAGR of 15.5%.
Cleaning and detergent products have the second largest share of the domestic market, estimated to be worth $10.0 billion in 2008 and $19.1 billion in 2013, for a CAGR of 13.8%.
Packaging is the fastest growing segment and is expected to increase from $4.4 billion in 2008 to $13.0 billion in 2013, for a CAGR of 24.2%.
The plastics and other chemical products segments also are expected to see robust growth. Plastics should increase from an estimated $5.5 billion in 2008 to $11.1 billion in 2013, for a CAGR of 15.1%. The production of other chemical products is expected to generate $9.4 billion in 2008 and $16.1 billion in 2013 for a CAGR of 11.4%.
Along with the public’s demand for greener products, manufacturers’ needs for cost-effective processing, cheaper feedstocks, and new product avenues have become major market drivers for the commercialization of alternative chemical products.
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