United States $3.1 Bn Chemical Licensing Market to 2029 Featuring Dow, ExxonMobil, Eastman, Chevron Philips, Sumitomo, Sulzer, and Mitsubishi [Yahoo! Finance]
SUMITOMO CORP S/ADR (SSUMY)
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Source: Yahoo! Finance
The United States chemical licensing market will reach US$3.10 billion in 2029 at a CAGR of 2.07% from US$2.80 billion in 2024. The chemical licensing market in the United States is driven by the demand from the core sectors like oil and gas, petrochemicals, and pharmaceuticals. The oil and gas production and demand are one of the highest in the world, with U.S. crude oil imports being 6,281,296 b/d (barrels per day) and petroleum exports 9,520,000 b/d (barrels per day), showing the significance of the sector. The chemical industry contributes almost a quarter of the U.S. GDP, makes 70,000 diverse products from raw materials, and distributes them to various end users worldwide. Additionally, building a new manufacturing facility can be time-consuming and expensive. Licensing existing technologies offers faster and more cost-effective ways to set up a production unit for the desired product capabilities. Licensing also allows them to expand beyond the boundaries of their expertise
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