Diverse Applications Propel Europe Fine Chemical Industry Toward US$ 53,714.2 million Milestone by 2032
At the end of the projected year (2032), demand is anticipated to reach a worth of US$ 53,714.2 million, according to research on the Europe fine chemical market by Future Market Insights. Production of pharmaceuticals and agrochemicals is expected to continue to be a leading element driving the market’s expansion.
A key portion of the overall consumption in Europe is being catered through the import of various fine chemicals from East Asia. Germany and the United Kingdom are key consumers of fine chemicals in the region owing to the strong presence of prominent end-use industries. Pharmaceuticals remain a prominent end-use industry for fine chemicals followed by the agriculture sector, with the medicine industry consuming active pharmaceutical ingredients which account for a key part of the fine chemical industry.
With the rising population and decreasing agricultural product supply from Ukraine and Russia, demand for agrochemicals is witnessing significant growth to foster the surging requirement for high-yield crops. Boosting demand for pharmaceuticals is expected to propel the consumption of active pharmaceutical products and drugs in the next ten years.
Key companies are establishing new divisions which focus on developing specific drugs for certain events such as hematological oncology and solid tumors. Ongoing research and development activities to develop advanced products with better performance in oncology therapy are also expected to favor demand over the forecast period.
Request a Sample Report and Explore New Growth Opportunities!
Key Takeaways from Europe Fine Chemical Market Study
Fine chemicals are estimated to witness a growth forecast of 9% CAGR on a value basis in the Europe market.
Germany and France are expected to collectively account for around 1% of the overall fine chemical market share in Europe.
The pharmaceutical segment by product type is expected to create an absolute $ opportunity of US$ 13,686 million between 2022 and 2032 in Europe fine chemical market.
Germany is a key importer of fine chemicals with an estimated import volume of 9,711.1 tons in 2021.
The Europe market for fine chemicals is estimated to reach a valuation of US$ 33,612.1 million in 2022.
