Precision Chemicals Market projected to reach USD 112.4 Million by 2030, growing at a CAGR of 7.2% during the forecast period of 2023-2030 – a comprehensive study by MarketDigits
The Precision Chemicals market was valued USD 69.10 Million in 2023 and projected to reach USD 112.4 Million by 2030, growing at a CAGR of 7.2% during the forecast period of 2023-2030.
Richmond, Feb. 14, 2024 (GLOBE NEWSWIRE) — According to a research report “Precision Chemicals Market”, by Grade (High-grade chemicals, Technical-grade chemicals, Reagent-grade chemicals, Analytical-grade chemicals), Product (Solvents, Reagents, Surfactants, Buffers, Active pharmaceutical ingredients, Others), Application (Pharmaceuticals, Cleaning products, Agriculture, Electronics, Cosmetics, Others), Distribution Channel (Hypermarkets and Supermarkets, Conventional Store, Online, Subscription Model, Others) and Region – Global Forecast to 2030.
Global Precision Chemicals Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 69.10 Million |
| Market size value in 2030 | USD 112.4 Million |
| CAGR (2023-2030) | 7.2% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Grade, Product, Application, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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TOC Covers in Depth & Breath on Precision Chemicals Market
170 – Market Data Tables
65 – List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Global Precision chemicals market occupies an essential role in the contemporary chemical industry, Accuracy plays a crucial role in evaluating the excellence of chemical measurement outcomes, influencing considerations such as uncertainty, suitability for a specific purpose, method validation, instrumental capability, internal quality control, proficiency testing, and more advanced activities. The variability of measurement outcomes, indicated by the standard deviation, is influenced by numerous factors within a single analytical system, comprising a specific analytical procedure and a particular type of test material. These factors include measurement conditions, test material state, and analyte concentration. It is imperative to align these factors appropriately with the intended application of precision information. Targeted weed management has significant potential to reduce herbicide usage in agricultural crops without compromising yields or incurring additional weed management costs in subsequent years. Precision weed management serves as an effective tool to align with EU targets for reducing pesticide usage.
Sensors and Classifiers for Weed/Crop Detection detect weeds and differentiate them from crops. Spectral information in the visible and near-infrared wavebands allows for real-time control of single nozzles, particularly useful before sowing, after conservation tillage, and in inter-row areas. Decision algorithms, usually installed on a controller, determine the necessity for weed control and specify the appropriate herbicide type and rate. Different techniques use varied approaches for classification, such as distinguishing green vegetation in crops (“Green on Green”). This review focuses on Convolutional Neural Networks (CNN) for plant species identification. Precise herbicide application is facilitated by sprayers with boom section control or single nozzle control.
Major vendors in the global Precision Chemicals market:
- CABB Group GmbH
- DOW
- Entegris
- Fujifilm (China) Investment Co., Ltd.
- NuGenTec
- Precision Alloys and Chemicals
- Precision Chemical, LLC
- Precision Chemical Manufacturing Ltd
- Precision Chemical Technologies Inc.
- RECKLI
- Sigma-Aldrich
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Increasing demand for high-quality precision chemicals
One of the primary drivers for the global Precision Chemicals market is the significant shift in, Industries with advanced manufacturing processes, such as electronics, automotive, and aerospace, increasingly demand high-quality precision chemicals to meet specific performance and quality standards. Ongoing technological advancements in sectors like healthcare, electronics, and materials science create a need for precise and high-quality chemicals to support the development of innovative products and technologies. Stringent regulatory standards and environmental regulations necessitate the use of high-quality precision chemicals that comply with safety, environmental, and quality requirements. The healthcare and pharmaceutical industries, in particular, witness a surge in demand for high-quality precision chemicals used in the manufacturing of pharmaceuticals, medical devices, and diagnostic equipment. In the automotive sector, there is an increasing emphasis on high-performance materials and coatings, driving the demand for precision chemicals that contribute to the durability, efficiency, and aesthetics of automotive products. Precision chemicals play a crucial role in the electronics and semiconductor industries, where high-quality materials are essential for the production of semiconductors, electronic components, and advanced display technologies.
Market Dynamics
Drivers:
- Demand for precision farming and agriculture is on rise
- Increasing demand for high-quality precision chemicals
- Growing consumer preference
- Growing demand for semiconductor-grade precision
Opportunities:
- Technological Advancements
- Rising demand for novel drug delivery
- Growing awareness of environment
- Development of new production techniques
Development of new production techniques
Advancements in chemical processing play a crucial role in propelling the growth of the global Precision chemicals market. Innovations in synthesis methods, including novel chemical reactions and pathways, contribute to the production of precision chemicals with enhanced purity, precision, and efficiency. The adoption of microreactor technology allows for precise control over reaction conditions, enabling the production of precision chemicals with specific molecular structures and properties. Continuous flow processes provide a more streamlined and continuous production approach, reducing batch-to-batch variations and improving overall efficiency in manufacturing precision chemicals. The integration of automation and robotics in production facilities enhances precision and consistency, reducing human error and ensuring the reproducibility of high-quality precision chemicals. High-throughput screening techniques accelerate the identification and optimization of optimal reaction conditions and formulations for the production of precision chemicals. The application of green chemistry principles focuses on sustainable and environmentally friendly production techniques, minimizing waste, energy consumption, and the use of hazardous materials in precision chemical manufacturing.
North America dominates the market for Precision chemicals.
North America stands out as the dominating region in the global Precision Chemicals market, with the United States leading in consumption and market share. The region’s dominance can be attributed to the high precision chemicals are increasingly becoming the favored option in precision farming, experiencing a rising demand. Precision farming signifies a transformative shift in crop production and animal husbandry practices. The U.S. market particularly benefits from a diverse consumer chemicals options.
Asia-Pacific, and specifically India, is emerging as a key player with substantial growth potential in the Precision Chemicals market. The manufacturing processes in electronics and semiconductor industries frequently involve the use of highly toxic precision chemicals. To guarantee the dependability of the end product and achieve superior post-process quality, the utilization of precision cleaning chemicals is essential in the production of components. India’s market is driven by a rising urban population, increasing disposable incomes, and a shift towards Westernized habits. The convenience factor aligns well with the fast-paced urban life in countries like India, making increasingly popular. Additionally, government initiatives promoting the processing sector and improvements in distribution channels contribute to the market’s growth.
Another noteworthy region is the Middle East and Africa, where the demand for convenient food solutions is on the rise due to changing lifestyles and an expanding working-class population. South Africa, in particular, showcases promise as a market with high growth potential, driven by urbanization and a growing awareness of convenient chemicals options.
The Reagent-grade Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global Precision Chemicals market, Reagent-grade chemicals refer to chemicals of high purity and quality that meet specific standards suitable for laboratory and analytical applications. These chemicals are commonly used in scientific research, experiments, and various analytical procedures where precision, accuracy, and minimal impurities are essential. Reagent-grade chemicals adhere to stringent purity standards. The level of purity is often specified by recognized organizations such as the American Chemical Society (ACS), European Pharmacopoeia (EP), or other relevant regulatory bodies. These chemicals are characterized by low levels of impurities, ensuring that they do not introduce contaminants that could interfere with experimental results or analytical measurements.
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