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Russia speciality chemicals market: 5% CAGR between 2012-2018

Press release   •   May 01, 2013 13:53 BST

The Russia speciality chemicals market is expected to grow by a CAGR of over 5% between 2012 and 2018. A key driver of this growth is expected to be the Russian Ministry of Industry & Energy's target of decreasing specialty chemicals imports by 12% and developing in-house production facilities.

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.

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.

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