BEIJING, June 15, 2022 (GLOBE NEWSWIRE) — The Global Chemical Licensing Market accounted for US$ 12,781 Mn in 2021 and is expected to reach US$ 19,721 Mn by 2030 with a considerable CAGR of 5.1% during the forecast timeframe of 2022 to 2030.
In the early days of the chemical sector, market leaders used patent protection and confidentiality to keep competitors at bay. The role of patent rights changed in less concentrated postwar markets. Licensing is also used by chemical producers to generate revenue from process improvement in bulk organic chemicals and petrochemicals. The growing significance of technology licensing is strongly connected to the arrival of a new class of specialized process design and manufacturing firms that have played an important role in the development and dissemination of process innovations. As a result, they have helped to lower entry barriers and increase competition in the marketplace.
Chemical licensing is a subset of intellectual property licensing in which industrial end-users own the rights to use a specific chemical. The chemical licensing market includes the licensing of technology used in the manufacture of C1–C4 derivative products as well as some aromatic derivatives. Licenses are most commonly used in the chemical and petrochemical process industries. The changes are accompanied by widespread licensing of chemical processing technologies, which is associated with massive expansion. Chemical registration is becoming increasingly important as a new class of companies that specialize in process engineering and manufacturing emerge, playing an important role in the development and distribution of process innovations. Growing demand for petrochemicals from developing economies, coupled with stringent environmental regulations, is propelling the market growth.
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Report Coverage:< table class="gnw_border_top_solid gnw_border_bottom_solid gnw_table_border_collapse hugin" style="width:100%; border-collapse:collapse !important;">
Chevron Phillips Chemical Company, Eastman Chemical Company,
Exxon Mobil Corporation, Huntsman Corporation, Nova Chemicals Corporation,
Sumitomo Chemical, LyondellBase, and Sinopec.
Global Chemical Licensing Market Growth Aspects
Crude oil price disruptions and increased demand for chemical derivatives are driving demand for a wide range of technologies. Population increase, manufacturing sector expansion, and increased regulatory standards in the petroleum and chemical industries are all expected to drive the growth of the chemical licensing market. Chemical technology licenses ensure that the technologies used in manufacturing are environmentally friendly and long-lasting. This license ensures that the production industry’s technologies are both cost-effective and environmentally sustainable. These licenses are required for oil and gas reprocessing, as well as chemical production in all industry verticals.
The chemical licensing market is being driven by a high proportion of petrochemical and chemical manufacturing industries globally, increased oil exploration and production operations, and rising demand for new industries. On the other hand, increased environmental awareness and stricter regulatory policies are expected to drive the market in the near future. Tight federal regulations in some countries, as well as rising demand for a broader range of downstream industries, are expected to have a significant impact on the growth of the chemical licensing market during the forecast period. Aside from that, chemical licensing adoption is currently very limited, and the high cost of licensing technologies has become a significant market restraint.
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In the Pharmaceutical Industry, Licensing is becoming more popular
Even though developing new drugs is becoming more expensive and necessitates facilities and efficient resources, licensing collaborations are becoming a more attractive proposition for many global pharmaceutical industries. These licensing options help companies offset R&D investments while avoiding time-consuming technology and innovation processes. According to the India Brand Equity Foundation, India is the world’s largest manufacturer of generic drugs. More than half of the world’s demand for vaccines is met by the Indian pharmaceutical industry. As a result, the forecast period will see an increase in the use of licensing.
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global chemical licensing market. The Asia-Pacific region accounted for the largest market share in 2021 and is expected to maintain its dominant position throughout the forecasting timeframe due to rapid industrialization, supportive government subsidiaries, rising investment in R&D activities, and increased knowledge regarding the importance of chemical licensing. Furthermore, due to the high refinery capacities in countries such as of South Korea, India, China, and Japan, and the subsequent need for innovative, and environment friendly chemical production technologies, the penetration of chemical licensing in the oil & gas end-use market is expected to increase at a higher CAGR in Asia-Pacific.
Furthermore, due to the increasing number of manufacturing and production facilities, the North American region is expected to see profitable growth in the chemical licensing market.
The global chemical licensing market has been segmented by Acumen Research and Consulting based on type, and end-user. Based on the type, the market is divided into C1 derivatives, C2 derivatives, C3 derivatives, and C4 derivatives. Based on end-user, the market split into oil & gas, chemical, and others.
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Some key players covered global in the chemical licensing industry are Johnson Matthey, Mitsubishi Chemical Corporation, Sumitomo, Shell, Chevron Phillips Chemical Company, Eastman Chemical Company, Exxon Mobil Corporation, Huntsman Corporation, Nova Chemicals Corporation, Sumitomo Chemical, Lyondell Base, and Sinopec.
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