Chinese Chemical Market Analysis infers that it constituted roughly half of the world’s chemical market within the past two decades. The Chinese economy has been facing a slowdown due to strained US-China Trade relations.
According to the market database, China’s chemical industry constitutes around USD 1.17 Trillion of the overall sales generated within the country for the year 2017. This value accounted for roughly 40% of the global sales revenue generated. The annual chemical expenditure rose rapidly between the periods 2010-2015. The demand for Chinese chemical products rose by a value of 10% per year. Therefore, by the year 2015, China generated revenue worth USD 1.61 Billion. The chemical expenditure peaked in the year 2015, followed by which it fell to a value of USD 1.5 Trillion by 2017. The spending decreased by a value of 7%. China’s share in global chemical sales increased from 24% in 2010 to 37% in 2018. Between 2016 and 2019, the growth dynamics for the Chinese chemical sector is accounted to have a value of 8.5% approximately.
The growth of the chemical industry is defined by the value chain analysis and hence the end-users. According to chemical market research reports the Pre Corona GDP was poised to grow at a 7.5% medium-term rate concerning the end-users (2018-2023).
China as a superior market for Water storage systems
According to the market database, based on regional analysis, the global market is expected to be dominated by the Asia Pacific region due to the growing population. Currently, China has the largest population globally followed by India. Therefore, along with the growing number of people residing in this area, the need for proper utilization of existing water reserves also increases. Therefore, strict norms on regulated industrial use and discharge of water have been imposed in these regions due to the limited resources and the growing inhabitants. Additionally, factors like ineffective recycling of industrial wastewater for reuse further augment the growth of this market positively.
Additionally, according to Chinese Chemical Market Analysis reports in China, the total welfare loss due to the impact of water pollution on health alone accounted for a value of USD 13.4 Billion in the 1990s. Low-income countries with safer access to clean and sanitary water resources enjoyed annual average growth of 3.7%.
Drivers for the water storage systems market
Water is essentially the life support system that governs the functioning of the whole planet. Due to issues like environmental degradation and increased water pollution man has been trying to devise measures to curtail his activities. Therefore, the use of green technology that supports a circular economy is of utmost importance. Moreover, water storage is also important for applications in agriculture, and sustenance in terms of day-to-day activities.
According to the market database, the material used for the construction of these storage systems must be environmentally sustainable. Therefore, material that imparts toxins cannot be used for the construction of these storage facilities. Hence increased research is being carried out in this area to develop solutions that satisfy both ends of the design problem. Some of the key drivers to this market include the rapidly growing population and the reducing supply of freshwater worldwide.
As mentioned earlier, life thrives due to the presence of water therefore the availability of uncontaminated freshwater has been reducing. To support the use of pure resources the storage facilities must be optimized and adept concerning its application. The submission of stringent regulations for the conservation of the existing water resources acts as a key driver for this market. These storage facilities hereby prevent unsupervised pollution/consumption or intoxication of the present water reserves.
According to the market database, Reevno is one of the key Chinese companies that deal with the production of water storage tanks. The company develops bladder tanks that serve as an ideal option in terms of short-medium storage of water. This facility is majorly used by industries and mining companies. The unit provides a potable water storage facility for human consumption.