During the year 2014, for the international chemical industry the energy efficiency and functional materials could become the major growth and beyond. Nevertheless in the long run the trends such as bio-based chemicals, gas processing auxiliaries or agrochemicals are expected to become the key growth drivers. In most of the parts of the world these may not prove to be the fastest growing sectors, however, in India these sectors represents with a significant growth potential.
According to deem of market experts, across the value chain materials and chemicals that support and promote clean and sustainable technologies and energy efficiency are on the top of the agenda of stakeholders. Moreover, in order to trim down their respective carbon emissions and achieve energy efficiency goals, the governments around the world have started focusing more on energy efficient buildings as it is among the biggest energy consumers. The importance of energy efficiency in buildings cannot be overemphasised in particular to the major economies such as building account for a major consumption of energy which is next to transportation.
As being witnessed in the emerging economies like India and China, this trend is anticipated to prolong in the context of escalating urbanisation. The need for sustainable insulation systems and materials will be driven by the growth of net-zero energy and green buildings. As per the foresee by research analyst, amid the major driving forces behind the augmentation of materials for energy efficient buildings will be the substantial growth in emerging markets, building renovations in Europe and the evolving standards in the US.
Urbanisation in an emerging economies and coupled with the growing middle class, also the infrastructure build-up taking place with an increasing number of smart cities enabling efficiency solutions, the business of construction chemicals is seeing robust demand again. The construction of chemicals remains at the top of the agenda for emerging as well as developed markets, even amidst the current mixed global economic landscape. However functional materials and smart packaging solutions are also in high demand.
Conventionally the construction sectors have been quite conservative, even though segregation is a difficult task for the construction chemicals sector, as the products are mostly commodities. Furthermore, in order to understand the needs of the customers and develop customer focused solutions for specific applications, major producers are closely associating with customers and are trying to reach a higher level of segregation.
Changing in the consumer lifestyle is another factor which accompanies the urbanisation Mega Trend. This Mega Trend will draw more attention towards new packaging technologies and products like flexible packaging mainly in food and beverage applications, which is the largest end segment application. The major trend in the in the packaging industry will continue to increase focus on sustainability which supports the adoption of materials from renewable sources.
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