Russia Speciality Chemicals Market Set To Grow at CAGR 5% till 2018
The target of Russian Ministry of Industry & Energy to decrease the import of specialty chemicals to 12% and develop the in-house production facility, to drive the Russian specialty chemicals market at the CAGR 5% till 2018
After the collapse of USSR, the Russian Federation tend to depend on exports for meeting the budgetary needs, which led to the development of few export oriented industries and various technology intensive industries remained unaddressed. The lack of sustainable development of the economy and extensive use of oil & gas reserves, put Russia on forefront to decrease the carbon footprint. Hence, the country is inclined towards addressing environmental issues along with sustainable development. The sustainable developments on both fronts i.e. ecosystem and economic scenario providing few sector such as specialty chemicals on the vertical growth trajectory.
According to a recently published report by TechSci Research “Russia Specialty Chemicals Market Forecast and Opportunities, 2018”, specialty chemicals market in Russia is expected to witness the compounded annual growth rate of 5% over the period 2013-2018. With the accession of Russia in WTO, world will witness the technology development and quality manufacturing activities. The accession will also open up the exports market for specialty chemicals in Russia. To meet the growing specialty chemicals demand, various MNCs have started their domestic production in the country.
“The two major international sports events Winter Olympics and FIFA World Cup are scheduled to occur in 2014 and 2018, respectively which in turn will boost the infrastructure development in the country. Along with real estate some of the allied sectors will also witness the high growth rates. The Russian government has planned to invest about USD 1 Trillion by 2020, to boost the infrastructure and has partnered Dow Chemical Company, to reduce the carbon footprint during the Winter Olympic Games. This tend to drive the construction of green buildings and hence the growth in the construction chemicals segment” said Mr. Karan Chechi, Research Director with TechSci Research, a global management consulting firm.
Globally, the shale gas exploration will drive the oilfield chemicals demand and countries with high oilfield chemical production potential such as Russia will get benefited from these development. Europe is Russia’s largest trading partner, accounting for about 47% of the total oil & gas export, hence the developments in European petrochemical market is also expected to influence the specialty chemicals segment in Russia said Mr. Chechi.
Russia Speciality Chemicals Market Forecast and Opportunities, 2018 has analyzed the growth potential of speciality chemicals market in Russia and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.