Chemical Plant EPC Market:
- The chemical industry has been an integral part of the global economic development for many centuries. The industry plays an important role in manufacturing innovative, life-enhancing products and technologies.
- The chemical industry is the major source of raw materials for paints & coatings, fertilizers, packaging products, construction, pesticides, and textile applications
- Rise in population and urbanization across the globe has boosted the demand for chemicals. This, in turn, has led to an increase in investments in the chemical plant EPC market.
- The American Chemical Council estimates that annual capital spending by the U.S. chemical companies would increase from US$ 40 Bn in 2016 to US$ 58.6 Bn in 2024
- Chemical plant EPC players are focusing on new business strategies by adopting new technologies and adding operational services to their portfolios
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Key Drivers of Global Chemical Plant EPC Market
- Demand for chemical plant EPC has been increasing across the globe owing to the rise in globalization and urbanization. Demand for chemicals has been increasing in various end-user industries. Thus, investments in the chemical plant EPC market are growing in order to meet the demand.
Major Development in Global Chemical Plant EPC Market
- On December 05, 2019, Nuberg EPC was awarded a contract for the expansion of an existing 45 ton per day (TPD) chlor-alkali plant and Greenfield calcium chloride plant project in Sohar, Oman, by Oman Chlorine. After the expansion, the total production capacity of the chlor-alkali plant is expected to be 75 TPD. The plant is anticipated to produce caustic soda, hydrochloric acid, and sodium hypochlorite.
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COVID-19 Impact on Global Chemical Plant EPC Market
- The coronavirus (COVID-19) outbreak has disrupted the value chain of the chemical EPC market. This would result in changes in project costing and timelines for ongoing and proposed engineering, procurement and construction (EPC) projects. Furthermore, key challenges faced by chemical plant EPC players due to the COVID-19 outbreak include disruption of the supply chain, difficulty in workforce management, and issues in meeting subcontracting work timelines.
Asia Pacific to Hold Prominent Share of Global Chemical Plant EPC Market
- Based on region, the global chemical plant EPC market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global chemical plant EPC market in 2019, owing to high investments in the chemical industry in the region. The trend is projected to continue during the forecast period due to expansion of the textile & apparel industry in the region. Manufacture of man-made fibers is the largest component of the region’s chemical industry. Asia Pacific is moving toward a consumer-led economy; thus, demand for paints, soaps/detergents, and cosmetics has been rising in the region.
- Europe is anticipated to account for vital share of the global chemical plant EPC market during the forecast period. The region dominates the basic chemicals & fertilizers sector.
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- The chemical plant EPC market in North America is estimated to expand at a healthy pace during the forecast period. North America comprises large-scale shale gas reserves. As a result, investments in new chemical plants are rising in the region.
- The chemical plant EPC market in Middle East & Africa is likely to expand at a moderate pace during the forecast period. The region is largely focused on the production of refined petroleum, petrochemical, and basic chemical products owing to easy access to low-cost oil and gas.
- The chemical plant EPC market in Latin America is anticipated to expand at a sluggish pace during the forecast period, as countries in the region are at a developing stage. Brazil is largest producer of chemicals in the region.
Key Players Operating in Global Chemical Plant EPC Market
Leading players operating in the chemical plant EPC market include:
- thyssenkrupp
- Nuberg
- Burrow Global, LLC.
- Citec Group
- Fluor Corporation
- TGE Gas Engineering
- SHAPOORJI PALLONJI
- Uniseven
- Air Liquide
- Maire Tecnimont SpA
- Odebrecht S.A.
- SK E&C CO., LTD.
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