A key factor driving the growth of the global flow chemistry market size is the growing demand for bulk chemicals. Bulk chemicals are a group of chemicals that are produced in large quantities to fulfill the rising global demand. They are manufactured using flow chemistry where various raw materials are added in a reactor to obtain the desired chemical composition. Several major end-user segments such as fertilizers, food and beverages, and others, rely on flow chemistry for bulk chemicals. Thus, the increasing demand for bulk chemicals is expected to fuel the flow chemistry market growth during the forecast period.
As per Technavio, the increasing global biodiesel production will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global flow chemistry market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Flow Chemistry Market: Increasing Global Biodiesel Production
The uncertainty in fuel prices, energy security, and the continuous rise in emission levels have led to an increased demand for alternative fuels across the world. Moreover, there has been a significant rise in the use of biodiesel owing to the gradual depletion of fossil fuel reserves. Thus, the R&D efforts in various production methods of biodiesel have increased, which is expected to significantly increase the global production of biodiesel. This will lead to its gradual move toward large-scale commercialization. As various types of flow chemistry equipment are used in the production of biodiesel, the increased demand for the latter will fuel the growth of the flow chemistry market during the forecast period.
“Apart from the increasing global biodiesel production, other factors such as the increased demand for flow chemistry in various applications, and rising investments in petrochemical manufacturing facilities in emerging countries will have a significant impact on the flow chemistry market growth during the forecast period,” says a senior analyst at Technavio.
Global Flow Chemistry Market: Segmentation Analysis
This market research report segments the global flow chemistry market by application (petrochemicals, pharmaceuticals, polymers, agrochemicals, fine chemicals, and others), and geographic regions (North America, Europe, APAC, MEA, and South America).
The North American region led the flow chemistry market in 2018, followed by Europe, APAC, MEA, and South America respectively. The growth of the flow chemistry market in North America can be attributed to several factors such as increasing construction activities, rising crude oil production in the US, growing demand for pharmaceutical products, and the increasing demand for fertilizers in the agriculture industry.
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