Chemical Management Services Market To Reach $6.14 Billion By 2030

Chemical Management Services Market Growth & Trends

The global chemical management services market size is anticipated to reach USD 6.14 billion by 2030 and is projected to grow at a CAGR of 5.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is attributed to the CaaS model's convenience. This method assists in reducing the consumption of hazardous chemicals by using them more efficiently. The growing pressure on businesses to follow environmental and safety laws coupled with the need to boost productivity and save costs is further triggering the demand.

By using inventory management software, key players such as PPG Industries keep track of their chemical stockpiles and control disposal, storage, and chemical usage. Companies can also utilize it to optimize their inventory. Similarly, Haas is able to monitor the placement and usage of chemicals across all its sites globally.

This market is moderately fragmented in nature, with several large and small companies providing a broad range of services to the clients worldwide. The services need a high degree of expertise, which has challenges as well as creating opportunities for smaller suppliers in order to offer niche services which focus on specific regions or industries. However, top multinationals usually offer a broader range of services and operate on global footprints with more standardized pricing and services.

Businesses spend money on services like auditing, consultation, and training. For instance, a business that need a sophisticated chemical management program can spend more than one that needs simple storage and handling services. Each dollar spent on chemicals results in an added cost of USD 1 to 3 for chemical management purposes. By considering this, a player spending USD 1 million on chemicals needs to spend an additional cost of USD 1 to 3 million in managing them. The companies require a high level of experience and expertise which results in a higher cost of labor. Transportation is also a critical component that ensures chemicals are delivered on time and safely. Chemical costs comprise of expenses incurred in disposing, storing, and purchasing of chemicals. The complexity of handling processes and stringent regulations are anticipated to drive the demand for chemical management services in the near future.

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Chemical Management Services Market Report Highlights

• Based on type, the inventory segment is expected to grow at the fastest CAGR of 6.1% during the forecast period, owing to growing demand for the management of chemical inventory levels, hazardous material storage systems, usage protocols,employee safety procedures, and waste disposal procedure

• Based on application, the heavy equipment segment is anticipated to grow at a CAGR of 6.2% during the forecast period

• Asia Pacific emerged as the fastest growing region with a CAGR of 5.9% during the forecast period, due to rapidly growing infrastructure, foreign investment plans, chemical facility expansions, and need for CMS especially in developing economies of China and India

Chemical Management Services Market Segmentation

Grand View Research has segmented the global Chemical Management Services market report based on type, application and region:

Chemical Management Services Type Outlook (Revenue, USD Million, 2018 - 2030)

• Procurement

• Delivery/Distribution

• Inventory

• Use

• Others

Chemical Management Services Application Outlook (Revenue, USD Million, 2018 - 2030)

• Automotive

• Air Transport

• Electronics

• Heavy Equipment

• Food & Pharmaceutical

• Others

Chemical Management Services Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • South Africa

List of Key Players in the Chemical Management Services Market

• KMG Chemicals

• ChemicoMays

• Henkel

• PPG Industries

• Chemcept

• Haas TCM

• BP

• Quaker Chemical

• EWIE

• Intertek