Los Angeles, November 7, 2019 –QY Research recently published a research report titled, “Global Chemical Management Services (CMS) Market Size, Status and Forecast 2019-2025”. Experts at QY Research have provided a brief overview of the global chemical management services market in the report. It studies the various drivers, opportunities, and potential of the market. It also provides the statistical data of the market on the basis of companies and regions.
In 2018, the global CMS market size was US$3 bn and it is expected to reach an estimated US$5 bn by the end of 2025, rising at a CAGR of over 7% between 2019 and 2025.
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Industries to Maximize Productivity and Increase Efficiency by Investing in CMS
Chemical management services are hired by companies to reduce chemical costs, emissions, usage, and exposure to liabilities. Unlike traditional chemical providers, the modern service providers today are not responsible for volume of the chemical supplied but focus on reduction of chemical lifecycle costs, risks, and environmental impacts. CMS is involved in different stages of chemical usage such as procurement, delivery and distribution, creating, logging, and maintaining inventory, monitoring and reporting related issues or problems. This provides companies an opportunity to outsource services and reduce the implementation cost. Taking up these services allows customers to reduce accidents, improve their brand image, and reduce environmental impact.
As the service providers are also responsible for training employees for handling chemical agents, which includes keeping abreast with technology, treatment, and disposal, and information needed for employee safety. All of these elements are focused toward maximizing productivity and reducing maintenance. Hence, more and more end-user companies are shifting towards CMS. The increasing demand of industries to improve their waste management, especially the need to curb toxic effluents, is expected to create lucrative opportunities for the market.
Automotive Segment to Become Largest Consumer of CMS
The chemical management services market includes type and application segment. The type segment includes procurement, delivery/distribution, inventory use, and others. The application segment includes automotive, air transport, electronics, heavy equipment, food and pharmaceutical, steel, and others. The automotive industry requires various chemical during and after the production require large storage place. Hence, in order to effectively manage the chemicals, from storage or its use, companies are opting for CMS.
The U.S. to Dominate Global CMS Market as Awareness of Chemical Contamination Gains Seriousness
The major region included in the report are North America, Central & South America, Asia Pacific, Europe, the Middle East and Africa, Southeast Asia, and others. The U.S. is currently the largest chemical consumer and hence a significant chemical management services market as well. It occupies nearly 67.67% of the global revenue. Europe closely follows the U.S. with adoption of newer technologies to offer improved ways of managing chemicals. Asia Pacific is an emerging market due to the rising awareness of CMS and increasing encouragement from governments to its providers and consumers.
Companies to Focus on New Acquisition to Expand their Market Share
Rinchem Company, Inc. an Albuquerque-based CMS corporation has announced its partnership with Carolina Tank Lines, a Burlington-based trucking business. Rinchem will provide logistics and chemical management services to the current fleet of transportation. This acquisition aims to add partners to the growing suites of services offered by the company.
Other manufacturers covered in the report are Haas TCM, PPG Industries, KMG Chemicals, Henkel, ChemicoMays, BP, Quaker Chemical, EWIE Co., Intertek, Chemcept, CiDRA, Aviall, SECOA BV, Air Liquid, Houghton, Sitehawk, 3E, and others.
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