Over the years, chemicals have become an integral and indispensable part of human life. The chemical industry is one of the most important factor fueling economic growth across the globe. Chemicals and raw materials are supplied to various industrial sectors including textile, soap and detergent, pharmaceutical, oil and gas, textile, and agrochemicals among others to make end products right from energy-efficient homes to clothing to paints and skincare products. In order to own rights over a particular chemical technology, manufacturers are seen to apply for licensing. Licensing is one of the significant ways of making profits from novel processing techniques. There has been an increasing demand for licensing technology due to emergence of various innovative process designs and firms that play a vital role in developing new processes and techniques.
Johnson Matthey, Mitsubishi Corporation, Sumitomo, ExxonMobil, Shell, Chevron Phillips Company among others
The global chemical licensing market is expected to reach USD 18.61 billion in 2028, with a steady CAGR of 5.3% during the forecast period of 2021 and 2028, according to a novel research report published by Reports and Data. The chemical industry has rapidly gained traction over the recent past and is expected to grow significantly over the forecast period. There has been a rapid increase in chemical license filing due to a surge in the number of chemical manufacturing industries worldwide along with oil and gas exploration activities. The chemical licensing industry involves licensing technology used in manufacturing C1 to C4 derivatives and aromatic derivatives. Some key factors such as rapid growth in the manufacturing sector, increasing regulatory requirements in the chemical sector, and rising number of downstream processing industries are boosting global chemical licensing market growth.
Asia Pacific accounted for largest revenue share in 2020 and is expected to retain its dominant position throughout the forecast period owing to rapid industrialization, increasing oil and chemical refineries in China, India, Japan, and South Korea, favorable government subsidiaries, increasing investments in research and development activities and increasing awareness about importance of chemical licensing.
Recent Advancements in Chemical Licensing Industry
- In April 2021, pioneers in peptide technology and drug innovation, ISSAR Pharmaceuticals, made announced licensing out pre-IND filing and US patent of their peptide-based New Chemical Entities (NCEs). The latent collaboration is expected to help ISSAR Pharmaceuticals for designing and developing new peptide-based drugs that can be used for against various diseases going ahead.
- In May 2021, Enviro Tech Chemical Services, Inc. issued a license agreement to PeroxyChem for using its intervention methods of using peracetic acid in poultry processing system chill tanks.
End Use Outlook
- Oil & Gas
- C1 Derivatives
- C2 Derivatives
- C3 Derivatives
- C4 Derivatives