Astute Analytica has released a new report on the world.The Global Coiled Tubing Market report contains extensive information regarding market size, drivers, threats, opportunities, and growth factors.Additionally, the research report contains COVID-19 impact, regional insights, competitor analysis and segmentation.
The global coiled tubing market size is valued at USD 1.0 billion in 2021.The global coiled tubing market size is expected to reach USD 1.0 billion by 2027, growing at a compound annual growth rate (CAGR) of 5.6% over the forecast period from 2021 to 2027.
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The chemical industry is one of the largest in the world, contributing $5.7 trillion to global GDP and supporting nearly 120 million jobs, according to 2019 estimates by the International Council of Chemical Societies.To reduce the negative impact of chemical manufacturing on the environment, the chemical industry is gradually adopting sustainable and environmentally friendly procedures.Chemical companies are using environmentally friendly alternatives, such as using carbon dioxide from the atmosphere to make fuels, industrial products and other chemicals.Technological advancements and developments in chemical science have played a major role in this shift in the industry.
Almost every product people use contains chemicals.As the effects of COVID-19 ripple across the globe and economic activity grinds to a halt, chemical companies are operating in a completely different way.There is a gap in the demand for chemicals in end markets.Global supply networks have been disrupted, chemical companies’ stock prices have been hit hard, and chemical companies in the United States, the Middle East, China and Europe are competing for rapid order conversions.
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The U.S. chemical industry is expected to recover significantly in 2022 as the economy reopens and countries lift restrictions, which could boost utilization rates at plants badly affected by the outbreak.In the US, industrial production is expected to grow by 5.5% and 4.3% in 2021 and 2022, respectively.Chemical production in the U.S. is expected to grow by 1.5% in 2021 and 3.0% in 2022, while shipments in 2021 are expected to increase by 8.0% in 2022 after a 13.5% decline in 2020.
The Asia Pacific region size value is 36.0% of the market, maintaining the largest market share among all regions.It holds the largest market share in the market owing to the presence of key developing economies such as China, India and Japan in the region.Paints and coatings, water treatment, personal care ingredients and cosmetics, electronics, agriculture and other industries use chemicals throughout the Asia Pacific region.For foreign investors, these places offer excellent investment options.In 2019, China was the largest specialty chemicals market in Asia, accounting for about 38.9% of the global market.India came in second with a market share of 23.1%.
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