Basic Chemicals Market
The basic chemicals market growth is expected to reach over USD 650.5 Billion by 2030, with a CAGR of 4.20% from (2021–2030).
Acetic acid, phenol, ethanol, benzene, urea, methanol, and ethylene are a few examples of organic chemicals that have been used in various applications including pharmaceuticals, vinegar production, descalers, and paints adhesives. Inorganic chemicals have applications in semiconductors, pigmentation, medicine, chemical, and fuel industries.
Market Competitive Analysis:
The prominent vendors in the industrial labels market are:
- DowDuPont (U.S.)
- LyondellBasell Industries Holdings B.V. (The Netherlands)
- Mitsubishi Chemical Corporation (Japan)
- SABIC (Saudi Arabia)
- INEOS (Switzerland)
- BASF SE (Germany)
- China Petroleum Chemical Corporation (China)
- Royal Dutch Shell (The Netherlands)
- LG Chem (South Korea)
- Celanese Corporation (U.S.)
- Exxon Mobil Corporation (U.S.)
- BDC Group (U.S.)
- Formosa Plastics Corporation (U.S.)
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Market Drivers
Basic chemicals form the foundation of the chemical sector and are used majorly to create other chemicals as well as non-chemicals. Some of the most popular and extensively used basic chemicals are ethylene, benzene, ammonia, formaldehyde, sodium hydroxide, calcium carbonate, sulfuric acid, chlorine, and many more. These chemicals find a range of applications in rubber, plastic, soaps detergents, fiber, solvents, fertilizers, and ink.
The basic chemicals industry has been performing significantly well over the years, in view of the soaring demand in diverse end-use sectors including packaging, transportation, textile, agriculture, pharmaceutical, paints coatings, and electrical electronic, in developed as well as developing nations. The incredible growth of the packaging sector in line with the soaring preference for packaged beverages as well as food products owing to convenience and higher product shelf life has favored the basic chemicals industry to a large extent. Basic chemicals witness rampant demand in several emerging countries, like India, China, and Brazil, as the working population continues to boom and the surging industrialization rate.
The revival of the automotive industry across developed countries coupled with the heightened demand for lightweight, fuel-efficient vehicles in the face of stringent environmental norms has uplifted the market position as well. The automotive industry has been doing especially well in developing regions as sales of passenger vehicles continues to escalate and consumers note surge in their disposable income.
Market Restraints
Some of the top restraints that are hindering the expansion of the basic chemicals market. Some of these include the ban on the use of chemical fertilizers as well as crop protection chemicals in several countries.
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COVID-19 Analysis
The basic chemicals market has been seeing a major decline since the outbreak of the COVID-19 pandemic. The pandemic has had an adverse effect on various businesses worldwide, particularly in regions like Europe and North America.
Various industries have been seriously impacted by the pandemic, given the adverse circumstances and economic crash. To prevent the virus from spreading further, companies are shutting down operations and production facilities while the government has restricted many of the manufacturing production activities. This has brought down the demand and the consumption rate of a number of basic chemicals across most of the major end-use industries. However, MRFR anticipates that the worldwide market will remain strong all through the review period, as the lockdown is being lifted up in a few countries.
Segment Overview
The basic chemicals industry has been considered for type, and application.
The different types of basic chemicals are organic as well as inorganic. The inorganic chemical types are sodium hydroxide, calcium carbonate, ammonia, hydrogen, chlorine, titanium dioxide, sulfuric acid, and others. Meanwhile, the organic chemical types are butadiene, urea, benzene, methanol, ethylene, propylene, acetone, and others. Ammonia’s rapidly mounting use in the fertilizer industry in view of the surging food demand has made it the leading segment in the global market. Out of the organic chemicals, the highest growth will be noted by the ethylene market, considering the substantial demand for polymers across numerous industries. Inorganic chemicals generally find use as a processing aid in production of chemical as well as non-chemical products.
Depending on application, the key segments covered in the market study are building material, fiber, plastics, fertilizers, rubber, adhesives, soaps detergents, and more. The highest gainer is expected to be plastic as the demand and use of packaged beverages and foods continue to escalate. The preference for PET bottles has surged, as environmental concerns soar, which is bound to foster basic chemicals applications in the plastic sector.
Regional Analysis
Asia Pacific is the clear winner in the global market, commanding the biggest share as a result of the booming sales and consumption of a variety of basic chemicals technology advancements in the region. The stunning growth of several end-use industries in India and China has done wonders for the regional market. Also, numerous global manufacturers are shifting their manufacturing facilities to the region, given the affordable labor costs and infrastructure. The accelerate industrialization rate along with the surging purchasing capacity of consumers will also contribute to the basic chemicals market growth in the next couple of years.
North America stands as a prominent market for basic chemicals, backed by the thriving construction sector and the surge in commercial and residential construction projects. Additionally, rampant demand for different basic chemicals from packaging and automotive industries should further benefit the North American market. Canada happens to be growing at the fastest rate while the US is performing remarkably well, thanks to the extensive demand for consumer electronics.
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