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 2021
- 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.
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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.
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.
- 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:
- Burrow Global, LLC.
- Citec Group
- Fluor Corporation
- TGE Gas Engineering
- SHAPOORJI PALLONJI
- Air Liquide
- Maire Tecnimont SpA
- Odebrecht S.A.
- SK E&C CO., LTD.
Global Chemical Plant EPC Market: Research Scope
Global Chemical Plant EPC Market, by Service
Global Chemical Plant EPC Market, by Component
- Pipes & Valves
- Heat Exchangers
- Cryogenic Systems
- Process Equipment
- Polymerization Plants
- Distillation & Evaporation Plants
- Reactor Vessels
- Storage Tanks
Global Chemical Plant EPC Market, by Plant Type
- Inorganic Chemicals
- Organic Chemicals
Global Chemical Plant EPC Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.