07 July 2008 16:03 [Source: ICIS news]
HOUSTON (ICIS news)--The US alternative chemicals market in 2008 will be worth some $46.6bn (€29.8bn) in 2008, growing at a compound annual growth rate of 15.3% to $94.8bn in 2013, according to a study by BCC research announced on Monday.
“Along with the public’s demand for greener products, manufacturers’ needs for cost-effective processing, cheaper feedstocks, and new product avenues have become major market drivers for the commercialization of alternative chemical products,” the group said in a statement.
The market is broken down by end-use alternative chemical products and includes plastics, packaging, cleaning and detergent products, miscellaneous specialty chemicals and other chemical products.
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Cleaning and detergent products have the second largest share of the domestic market, estimated to be worth $10.0bn in 2008 and $19.1bn in 2013, the group said.
Packaging is the fastest growing segment and is expected to increase from $4.4bn in 2008 to $13.0bn in 2013, according to the researchers.
The plastics and other chemical products segments also are expected to see robust growth, the group said.
Plastics should increase from an estimated $5.5bn in 2008 to $11.1bn in 2013. The production of other chemical products is expected to generate $9.4bn in 2008 and $16.1bn in 2013, BCC research said.
($1 = €0.64)
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