Page 11 - SpecialtyChem 2021_30Apr
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U sed in wide ranging industries, Host to some key players in the chemical
specialty chemicals are continuing to
post strong gains. Robust growth in construction activities, increasing oil exploration and production and growing requirements in major end-user sectors, including food, packaging and personal care, are buttressing demand for specialties.
Between 2019 and 2024, industry research expects demand for specialties will increase at a compound annual growth rate (CAGR) of 5.17 percent. Expansion in construction and oil exploration and production activities are key factors driving market growth during the forecast period. With its huge customer base, the Asia-Paci c will continue to dominate the market.
An integrated energy and chemicals base, Singapore is reaping the bene ts of the industry’s growth in Asia. From S$6.7 billion in output in 2008, manufacturing revenue rose to S$9.8 billion in 2018, employing 9,160. While it accounted for just 9.8 percent of the chemical cluster’s total output, it contributed 25 percent to the cluster’s total value-added.
industry including Basf, Bayer, Dow, DuPont, LyondellBasell Industries, Linde, Air Liquide and Toray Industries, Singapore’s focus end-markets include lubricant additives, animal health and nutrition, oil eld and water chemicals, consumer care and agricultural chemicals as well as functional chemicals such as surfactants and function polymers.
Spurred on by strong demand in developing countries, meat production is heading up. In a joint report, the Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) forecast that global meat production will grow by 13 percent between 2019 and 2028. With expanding population, increasing af uence and growing appetite for meat, developing countries will account for some three quarters of the growth. As the world’s most populous region, Asia will lead the way with the Philippines, Japan, Malaysia and Vietnam expected to record some of the highest levels of consumption and import growth, as demand outpaces domestic production capacity.

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