Materials & Chemicals: Top 5 Emerging Markets in Q4 2024 by SkyQuest Technology
The world of chemicals and materials has changed drastically in 2024 and as the year comes to an end, there are some key markets setting tone for lucrative future of the chemicals & materials industry for 2025. Sustainability will be a key deciding factor in the future success of any chemical or material company as governments and regulatory bodies impose more stringent mandates to promote sustainability. Green chemicals are slated to witness a robust hike in demand in almost every aspect of the materials & chemicals industry vertical. Here are the top 5 markets that are defining the fourth quarter of 2024 of the materials and chemicals industry.
1.Advanced Composites Market:
Increasing emphasis on improving fuel efficiency and reducing weight in the aerospace and automotive industries to reduce emissions is expected to be a key trend for advanced composite providers going forward. Growing investments in the R&D of novel material and composite technologies are also supplementing revenue generation in this market. Carbon fiber composites are slated to be highly coveted for their lightweight and durable properties which helped them hold 64.1% revenue share of the advanced composites market in 2021. The global advanced composites market is slated to expand at 9.2% CAGR through 2031.
2.Bioplastics Market:
Bans on single-use plastics and high demand for biodegradable alternatives to plastics are expected to create an opportune setting for bioplastic providers in the long run. Efforts of plastic-using companies to eliminate the use of traditional plastic and promote sustainability are expected to primarily bolster the demand for bioplastics around the world. Adoption of circular economy initiatives are also expected to favour the demand for bioplastics in the long run. High emphasis on sustainability by European country governments has allowed Europe to account for 48.6% of global bioplastics market share in 2023. Sales of bioplastics are expected to rise at an astronomical 19.2% CAGR from 2024 to 2031.
3.Specialty Chemicals Market:
High demand for better functionality of products from different industry verticals is expected to be a key trend for specialty chemicals providers over the coming years. Moreover, rising investments in R&D of novel chemicals coupled with advancements in technologies are also slated to bolster specialty chemicals market development. High emphasis on improving agricultural yield to feed rapidly expanding global population makes agrochemical segment a dominating one in this market. The global specialty chemicals industry is expected to account for USD 895.12 billion value in 2031.
4.Titanium Dioxide Market:
Extensive use of titanium dioxide in the preparation of different types of specialized paints and coatings is estimated to be the top trend going forward. Growing use of titanium dioxide to coat plastic-based automotive components and increasing construction activity are also predicted to alter the titanium dioxide market growth trajectory in the future. The Asia Pacific region accounted for a massive 41.44% share of the global titanium dioxide market in 2021 owing to the presence of robust paints and coatings manufacturing industry and rising infrastructure development activity. Demand for titanium dioxide is expected to amass a valuation of USD 37.08 billion in 2031.
5.Textile Chemicals Market:
Creation of textile chemicals that can enhance conductivity, flexibility, and durability of smart textiles is projected to be a major trend for all companies involved in this market. Rapidly evolving consumer preferences and the need for functional clothing are estimated to primarily drive up the demand for textile chemicals over the coming years. Textile chemical companies are expected to focus on the creation of products that have a minimal impact on the environment to maximize their business scope in the long run. Sales of textile chemicals are estimated to rise at a moderate 4.7% CAGR from 2024 to 2031.
Sustainability Expected to Headline the Last Quarter of 2024 for Materials & Chemicals Industry
Sustainability will be a major underlying factor affecting the growth of almost every sub-market in the materials and chemicals industry vertical going forward. Q4 marks the beginning of a new era in the materials and chemicals industry, where being environmentally responsible becomes a necessity for every company involved in these markets. However, the risks of economic downturn and increasing geopolitical tensions in the Middle East region due to the ongoing war between Israel and countries such as Lebanon, Palestine, Iran, and Syria are expected to slow down the demand for chemicals and materials on a global level going forward. Find more detailed information on trends, opportunities, drivers, and restraints affecting these markets at Skyquest.
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