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Chemical Accelerators Market (10.75% CAGR): Global Size & Growth Analysis By Credence Research
Chemical Accelerators are substances that speed up a chemical reaction by a chemical process. Primary chemical accelerators are substances that affect chemical reactions slowly. A smaller quantity of secondary chemical accelerators is used, for activating the primary chemical accelerators, for increasing the pace of the chemical reactions.
Key Trends in Global Chemical Accelerators Market
Increasing demand for chemical accelerators from chemical industry and its end-users
Chemical accelerators are used in the production of various chemicals as it increases the speed of chemical reactions. Wastewater treatment and water cleaning processes require chemicals that contain chemical accelerators. It helps in the chemical transformation of the pollutants. Chemical accelerators are effective for controlling the time required for setting concretes and cement replacements in the construction industry. Likewise, chemical accelerators are useful in reducing the risk of concrete being damaged by freezing during cold weather. Chemical accelerators are used in agrochemicals. It is used for the vulcanization of natural rubber. In the oil and gas sector, chemical accelerators are used in cementing oil pipes. Moreover, the chemical accelerators are used in the oil-field chemicals that help in optimization of drilling, corrosion protection, stabilizing drilling fluid at high temperature and pressure environment, and improving oil recovery among others.
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Impact of COVID 19 on Global Chemical Accelerators Market
COVID 19 had a major impact on revenue generation in the global chemical accelerators market. Governments imposed lockdowns and other stringent measures regarding social distancing, movement of people and goods, and functioning of the industrial units. It in turn caused closure and limited operations in chemical accelerators production facilities. The COVID-19 impact on many end-use industries led to the decrease in demand for chemical accelerators in 2020. COVID 19 caused a decrease of 20% in total revenue generated by the global chemical accelerators market in 2020 when compared to that in 2019.
Global Chemical Accelerators Market by Type Insights
Primary chemical accelerators and secondary chemical accelerators are the two major types of Chemical Accelerators. The secondary chemical accelerators segment accounted for a significant share of the total revenue generated by the global chemical accelerators market in 2020.
Global Chemical Accelerators Market by Application Insights
The chemical industry and medical are the two major application areas for the global chemical accelerators market. The chemical industry accounted for the majority of revenue generation in the global chemical accelerators market in 2020. It accounted for over XX% share in 2020.
Global Chemical Accelerators Market by Regional Insights
North America was the largest market for Chemical Accelerators in 2020 and it accounted for nearly xx% share in total global revenue generation. The presence of the large number of oil and gas fields, chemical manufacturing units and wastewater treatment plants in North America drives the sales of chemical accelerators in the region. The huge number of current infrastructure projects in the United States and Canada are expected to drive the demand for chemical accelerators in the region. Asia Pacific is anticipated to exhibit highest CAGR during the forecast period as there are huge number of infrastructure projects in China and other major developing countries in the region. The demand for chemical accelerators for vulcanizing rubber are anticipated to remain high in the region. Europe is another major chemical accelerator market with the presence of large number of wastewater treatment plants, and chemical production plants.
Global Chemical Accelerators Market Competitive Landscape
Most prominent players in the global Chemical Accelerators market include Akzonobel N.V., Arkema SA, BASF SE, China Petroleum & Chemical Corporation, Behn Meyer Group, Eastman Chemical Company, Laxess AG, Emery Oleochemicals LLC, R.T. Vanderbilt Company Inc, and Solvay SA among others.
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