Basic Chemicals Market to Garner $949.1 Billion, Globally, By 2030 at 3.9% CAGR, Says Allied Market Research
Rise in adoption of basic chemicals in the food & beverage industry and developments in the pharmaceutical sector drive the growth of the global basic chemicals market.
PORTLAND, Ore., Jan. 17, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Basic Chemicals Market by Product Type (Organic and Inorganic) and End User (Chemical Industry, Food & Beverages, Textiles, Pharmaceuticals, Pulp & Paper, Polymer, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030" According to the report, the global basic chemicals industry was estimated at $649.8 billion in 2020, and is anticipated to hit $949.1 billion by 2030, registering a CAGR of 3.9% from 2021 to 2030.
Drivers, restraints, and opportunities-
Rise in adoption of basic chemicals in the food & beverage industry and developments in the pharmaceutical sector drive the growth of the global basic chemicals market. On the other hand, several health hazards associated with basic chemicals restrain the growth to some extent. However, advancements in agricultural additives are expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- The basic chemicals market's dependence on the food & beverages, chemical, textile, pulp & paper, polymer, agriculture, and other sectors impacted the market negatively, especially during the initial phase of the pandemic.
- The basic chemicals market also experienced a steep fall in demand throughout the term.
- However, the market is anticipated to recoup soon.
The organic segment to dominate by 2030-
Based on product type, the organic segment dominated with the largest share in 2020, holding nearly three-fifths of the global basic chemicals market. Alcoholic beverages such as beer, wine, and distilled spirits require addition of intoxicating ingredients and use of ethanol as an intoxicating substance in these alcoholic beverages is the key market trend. Ethanol being produced from sugarcane, grains, and different organic compound makes it pretty ideal renewable fuel. These factors drive the growth of this segment. The inorganic segment, on the other hand, is expected to cite the fastest CAGR of 4.7% throughout the forecast period. Ammonia is an important raw material that is used as an intermediate chemical compound during production of fertilizers. Chlorine, on the other hand, is another widely used inorganic chemical that is used for disinfecting tap water and as a bleaching agent. These factors propel this segment growth.
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The chemical industry segment to maintain the dominant share-
Based on end use industry, the chemical industry segment held the highest market share in terms of revenue, accounting for nearly two-fifths of the global basic chemicals market. This is due to the fact that rise in demand for a wide range of consumer goods has boosted the growth of the chemical industry in both developed and developing economies where basic chemicals are utilized either as raw materials or intermediate in manufacturing different products. The polymer segment, however, is estimated to exhibit the fastest CAGR of 4.5% during the forecast period. This is because increase in utilization of plastics across several end-use sectors has escalated the growth of the polymer manufacturing industry where basic chemicals are widely used as a raw material for product manufacturing purposes.
Asia-Pacific, followed by North America, garnered the major share in 2020-
Based on region, the market across Asia-Pacific, followed by North America, dominated the market with major share in 2020, accounting for nearly half of the global basic chemicals market. This same region is also expected to witness the fastest CAGR of 4.5% from 2021 to 2030. Factors such as increase in investments, intense competition, and presence of large number chemical manufacturing companies are fueling the market growth in this province.
Key players in the industry-
- Borealis AG
- Eastman Chemical Company
- Tokyo Chemical Industry Co. Ltd.
- LyondellBasell Industries Holdings B.V.
- Mitsubishi Chemical Corporation
- BASF SE
- Shin-Etsu Chemical Co. Ltd.
- Solvay
- INEOS
- Sumitomo Chemical Co. Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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