The Global Basic Chemicals Market is expected to reach over USD 650.5 Billion by 2030, with a CAGR of 4.20% from (2021–2030).
Factors such as the demand for basic chemicals is driven by various major end-use industries such as automotive, packaging, transportation, electrical electronic, agriculture, textile, pharmaceutical, and paints coatings. Besides the growing packaging industry witnessing surging demand for packaged beverages and food products led by the burgeoning FB industry escalates the market on the global heights, creating a huge demand for these chemicals.
Acknowledging the kind of growth this market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the already booming market of Basic chemicals is expected to grow further by 2023 registering an impressive CAGR during the estimated period (2018–2023).
The burgeoning automotive industry heading by augmenting demand for fuel-efficient vehicles as a result of strict environmental regulations is fostering the market growth. The electrical and electronics sector witnessing increasing sales of consumer electronics propels market growth. Undoubtedly, improving economic conditions worldwide, those are increasing consumers’ purchasing power act as a key driving force behind the growth of end-user industries and hence, market growth of basic chemicals.
The emergence of E-commerce in chemicals is proving to be a major force for the growth of the market. Increasing number of chemical makers are exploring e-commerce platforms like Alibaba.com and Amazon Business, highlighting the opportunity of online sales.
Chemical companies are constructing supply chains where the by-products of one operation get converted into starting materials of another operation. Creating efficient value chains that extend from basic chemicals to high-value-added products such as coatings and crop protection agents is helping the market grow a great deal, ensuring the interlinking of production plants, energy flows, and infrastructure.
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Global Basic Chemicals Market — Segmentations
MRFR has segmented its analysis into three key dynamics for an easy grasp;
By Types: Inorganic Chemicals and Organic Chemicals among others.
By Applications: Plastics, Fiber, Rubber, Fertilizers, Soaps Detergents, Adhesives, and Building Materials among others.
By Regions: Europe, North America, APAC, and the Rest-of-the-World.
Global Basic Chemicals Market — Regional Analysis
The Asia Pacific region accounted for the leading market for basic chemicals in 2017. Factors such as the presence of major petrochemical manufacturers, mainly in India and China are driving the market growth. Besides the increasing population is leading to augmenting the demand in sectors such as plastic, consumer goods, and building materials foster the market growth.
Furthermore, the burgeoning end-use industries such as automotive manufacturing and electrical and electronics are contributing to the market growth, witnessing huge sales and growth. China acquired the largest market share in 2017, while India stood second in the region. The Basic chemical segment in India is likely to see immediate gains after the change in goods and services tax (GST). Also, rapid urbanization, industrialization, economic growth, and lucrative investment policies are providing impetus to the market growth in the APAC region.
The North American region holds the second-largest market share in the global Basic chemicals Future Development Strategies. Factors impacting the market growth include the augmenting demand from end-use industries such as expanding transportation sector including automotive, aviation, and marine industry. The increasing adoption of lightweight materials in the automotive and transportation industry in the region is projected to drive the market growth in the region during the forecast period.
Whereas, the Basic chemicals market in the European region is expected to witness increasing demand during the review period. Factors driving the market growth include the expanding packaging industry, growing production of PET bottles, and packaged food beverage products led by rising environmental concerns. Furthermore, the growing end-user industries such as automotive and aerospace in the region are likely to impact the market growth positively, augmenting the demand for these substrates during the forecast period.
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Global Basic Chemicals Market — Competitive Analysis
Characterized by the presence of several large and small-scale players, the global basic chemicals market appears to be fragmented and highly competitive. Emphasizing upon new product development initiatives, and geographical expansion; manufacturers compete based on price and brand reinforcement.
Matured players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and technology launch. These key players ensure greater commercialization of their products through promotion initiatives such as trade exhibitions, and increased collaboration.
Key Players:
Some of the eminent leaders of the market include DowDuPont (U.S.), BASF SE (Germany), Exxon Mobil Corporation (U.S.), SABIC (Saudi Arabia), China Petroleum Chemical Corporation (China), INEOS (Switzerland), LyondellBasell Industries Holdings B.V. (The Netherlands), Mitsubishi Chemical Corporation (Japan), Formosa Plastics Corporation (U.S.), LG Chem (South Korea), BDC Group (U.S.), Royal Dutch Shell (The Netherlands), and Celanese Corporation (U.S.).
Industry/Innovation/Related News:
October 22, 2018 — Brenntag AG (Germany), a leading global chemical distribution company providing tailor-made distribution solutions for basic industrial and specialty chemicals and Kaneka Corporation (Japan), an international chemical manufacturing company announced their collaboration for a new personal care ingredient line.
August 17, 2018 — Brenntag AG (Germany), a leading global chemical distribution company providing tailor-made distribution solutions for basic industrial and specialty chemicals announced the acquisition of Alphamin (Belgium), a specialty chemicals distributor, along with its US subsidiary. The acquisition is an attractive bolt-on deal for Brenntag’s existing specialty chemicals business, strengthening and expanding its existing offer in the material science segment.
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