A Good Time To Consider Alternatives
According to a new technical market research report-Alternative Chemical Products And Processes-from BCC Research, the U.S. market for alternative chemical products is expected to be worth $46.6 billion in 2008. Furthermore, this market is expected to increase to $94.8 billion in 2013 with a compound annual growth rate (CAGR) of 15.3 percent. 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 with a CAGR of 15.5 percent. Other highlights of the report include:
- 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 percent.
- 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 percent.
- The plastics and other chemical products segments are additionally expected to see robust growth-plastics should increase from an estimated $5.5 billion in 2008 to $11.1 billion in 2013 with a CAGR of 15.1 percent.
- The production of other chemical products is expected to generate $9.4 billion in 2008 and $16.1 billion in 2013 for a CAGR of 11.4 percent.
Along with the public's demand for greener products is manufacturers' needs for cost-effective processing, cheaper feedstocks and new product avenues, which have become major market drivers for the commercialization of alternative chemical products, according to the report.
Total U.S. Production Of End-Use Alternative Chemical Products Through 2013 ($ Billions)
Source: BCC Research