According to Acumen Research & Consulting, the global basic chemicals market size is estimated to grow a CAGR above 4.1% over the forecast timeframe and reach a market value of around USD 943 Billion by 2030.
Before becoming products for general consumers, basic chemicals produced by chemical manufacturing industries are primarily sold within the chemical industry and to other industries. In many industries, these products are used to process raw materials. There are also products classified as basic chemicals that act as additives and solvents in a variety of mixtures.
As newer industries emerge as part of development, the demand for chemicals rises. Chemicals ranging from crop protection, paints, and inks, to textiles, paper, and engineering are all covered under the basic chemical products. New products are constantly being developed to meet the needs of customers as well as new environmental regulations.
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Impact of COVID-19 pandemic on Global Basic Chemicals Market
Chemicals are used in a variety of applications, including automobiles, textile, and food & beverages. Chemical products are found in 96 percent of manufactured goods. As a result, a sector with such extensive economic exposure is likely to be impacted by COVID-19's early and long-term adjustments. Chemical firms might face risks to fragile business models as well as the major potential for expansion and transformation, depending on the path of the pandemic and its influence on economic conditions.
Global Basic Chemicals Market Growth Aspects
The increasing adoption of basic chemicals in the food & beverages industry and growth in the pharmaceutical sector are the primary factors driving the growth of the global basic chemicals market. Chemicals can play a significant role in the manufacturing and preservation of food. Food additives, for example, might extend the shelf life of foods; others, such as colors, can enhance the appeal of foods. Flavorings are used to improve the taste of food.
In addition, the rising usage of basic chemicals in the consumer goods industry is also one of the significant driving factors for the market. Chemicals are at the heart of many everyday consumer items, from cosmetics to dish detergent, and paints to plastics. Intermediate products, such as specialty chemicals and commodity chemicals, are items that act as raw ingredients for other processes. Consumer goods, on the other hand, are the result of a specific process. In Europe, for example, downstream sectors use around 70% of the chemicals produced in the fabrication of their end-product.
However, health issues associated with toxic chemicals are hampering market growth. According to the WHO, more than 2 million people died due to exposure to selected chemicals. In addition to that, 1,06,683 people died from unintentional poisoning in 2016. Thus, there are several stringent regulations for the production and consumption of chemicals all over the world.
Market Segmentation of Basic Chemicals Market
The global basic chemicals market has been segmented into type, end-user industry, and geography. Based on the type, the market is divided into organic (acetone, benzene, butadiene, ethylene, methanol, propylene, urea, and others) and inorganic (ammonia, calcium carbonate, chlorine, hydrogen, sodium hydroxide, sulfuric acid, titanium dioxide, and others). Among them, the organic segment achieved the maximum share in 2021 due to the increasing shift of consumers to organic products, limited reactions of these chemicals, and their increasing adoption in end-user industries such as vinegar production, paints & adhesives, pharmaceuticals, and descalers. However, the inorganic basic chemicals segment is expected to gain a significant push in the coming years, due to the lower costs, easy availability, and their growing applications in industries such as fuel, pigmentation, pharma, chemical, and semiconductor.
Furthermore, the end-user segment is categorized into chemical industry, pharmaceuticals, food & beverages, polymer, pulp & paper, textiles, and others. The chemical industry is having the widespread application of basic chemicals, thereby dominating the maximum market share in 2021.
Basic Chemicals Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global basic chemicals market. In 2021, Asia-Pacific occupied the majority of the regional market share. One of the main factors driving the increase in demand for consumer chemicals is the expanding industrialization of emerging markets. The high population density of Asia-Pacific is fueling the expansion of the basic chemicals industry. Furthermore, as a result of increased urbanization, the general middle class's discretionary income has increased. As a result, consumers' purchasing power rises, resulting in an increase in sales value.
The North America region stood as the second-largest market in the global basic chemicals industry. The chemical business is one of the most important exporting and manufacturing industries in the United States. The United States is responsible for 18% of worldwide chemical shipments.
Basic Chemicals Market Players
Some key players covered globally include Borealis AG, BASF SE, Eastman Chemical Company, LyondellBasell Industries Holdings B.V., INEOS, Tokyo Chemical Industry Co. Ltd., Mitsubishi Chemical Corporation, Solvay, Shin-Etsu Chemical Co. Ltd., and Sumitomo Chemical Co. Ltd.
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