New York, May 27, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Basic Chemicals Market: Segmented by Type: By Product Type, by Function, and by Region – Global Analysis of Size, market share and trends for 2019-2020 and forecast to 2030″ – https://www.reportlinker.com/p06191994/?utm_source=GNW
Basic chemicals (bulk chemicals) are a set of chemicals produced on a large scale and acting as intermediates for other chemicals, which in turn are used to manufacture a wide range of consumer products, including construction materials, adhesives, plastics, basic chemicals. Largest sub-segment of chemical industry Basic chemicals are generally traded in broad categories such as organic, inorganic, synthetic resins, synthetic rubbers, fibers, sheets, explosives and petrochemicals, acrylate ester, adipic acid, acrylonitrile, benzene, bisphenol, butyl acetate, hexane, melamine, polyvinyl chloride, propylene, methanol, methyl, glycol and glycerin. These chemicals have very little product differentiation. and therefore make price the dominant economic factor in the final consumer’s purchasing decisions.
The commodity chemicals market is expected to project a notable CAGR of 6.60% in 2030.
The commodity chemicals market is led by large players with diversified portfolios and a sophisticated and modern management approach. Growing awareness and acceptance of healthy lifestyles among consumers has increased the demand for pharmaceuticals and nutraceuticals. Consumers are focusing on personal care, which will likely increase the demand for cosmetics and personal care products for end use. Important factors were observed in the commodity chemicals market
News and recent developments:
In March 2021: BASF invested in Bota Biosciences, Ltd. (Bota Bio), an industrial synthetic biotechnology company that has developed a proprietary next-generation biotechnology platform that enables the sustainable and cost-effective production of high-quality products for a variety of industrial applications. Some examples are sweeteners, vitamins, personal care products or pesticides.
In July 2017, The Dow Chemical Company announced that it would begin building a new $100 million Innovation Center to drive innovation at the intersection of silicone and organic science. Chemistry at the Heritage Dow Corning Corporate Campus, home to approximately 200 research and development employees who study future technologies at the interfaces of silicone chemistry.
Basic Chemicals Market: Segments
Inorganic Segment Expected to Grow with Highest CAGR in 2020-30
The commodity chemicals market is segmented by product type into commercial and industrial cleaners, flavors and fragrances, food and food additives. The commercial and industrial cleaners segment held the largest share of market sales in 2019 and is expected to witness a high growth rate during the forecast period. Fixing adhesives important in the building and construction industry are rapidly energizing the commercial and industrial cleaners segment.
Inorganic Segment Expected to Grow with Highest CAGR in 2020-30
The commodity chemicals market is segmented by type into pesticides, construction chemicals, oilfield specialty chemicals, organic, inorganic, food additives, specialty polymers, and others. The inorganic segment accounted for the largest share of the market due to its use in a wide variety of applications such as food industry, water treatment and wastewater treatment.
Increase in gross domestic product (GDP)
Growing economic growth and gross domestic product (GDP) of industrialized and developing countries around the world is driving the global commodity chemicals market for commodity chemicals. Price is the main influencing factor because product differentiation in these basic chemicals is very low. Additionally, the easy availability and lower cost of basic chemicals over specialty chemicals is supporting the market growth across the globe.
Increase in the number of various industries
The growing number of automotive, aerospace, personal care and transportation industries will also positively impact the growth of the basic chemicals market across all regions, business strategies such as mergers and Acquisitions by major players to manufacture a variety of chemicals are also expected to be another factor contributing to the overall growth of the global modified commodity chemicals market. In addition, the global contribution to overall global product growth is driven by growing demand from the plastics industry. Demand from food and beverage industry and global retail.
Strict government regulations
Strict global regulation of chemical side effects on health and the environment as well as fluctuating crude oil and natural gas prices pose great challenges to the industry. The technicalities accompanied by their manufacture on a small scale, in particular for those formed via bio-refineries such as collagen, pose major challenges to the industry. Additionally, competition from cheaper conventional counterparts of specialty chemicals adds to the challenge for the industry.
Impact of COVID-19 on the Basic Chemicals Market
The world is facing an unprecedented challenge as a result of the COVID19 pandemic: Several companies have closed their production and sales units due to the lockdown, and the rapid onset of the COVID19 (Coronavirus) pandemic has accelerated its Global spread in late Feb 2020 Countries like China, Italy, Iran, France and Germany are expected to experience severe economic downturn in fiscal year 2020 which is expected to affect the market in all regions.
Basic Chemicals Market: Key Players
Company overview, business strategy, key product offerings, financial performance, key performance indicators, risk analysis, recent development, regional presence, SWOT analysis
The Dow Chemical
Mitsubishi Chemical Holdings
Basic Chemicals Market.: Regions
The commodity chemicals market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific is expected to dominate the market in the coming years. The Asia-Pacific region is by far the largest market for base chemicals, accounting for almost half of the total base chemicals market, followed by North America and Europe. manufacturing industries in developing countries like India, China and Indonesia. The ample availability of crude oil and natural gas from Gulf states such as Saudi Arabia, Iran, Iraq and Syria is helping the chemical raw materials industry in the Asia-Pacific region.
The Basic Chemicals market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – US & Canada
Latin America Market size, share, trends, opportunities, annual growth, CAGR – Mexico, Argentina, Brazil and rest of Latin America
European Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Market Size, Share, Trends, Opportunities, YoY Growth, CAGR of Asia-Pacific Market – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East & Africa Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – North Africa, Israel, GCC, South Africa & Rest of MENA
The Basic Chemicals Market report also contains analysis on:
Specialty Oilfield Chemicals
By product type
Commercial and industrial cleaners
Flavors & Fragrances
Food and fodder additives
Basic Chemicals Market Dynamics
Commodity Chemicals Market Size
Offer and demand
Competition and companies involved in the market
Market value chain
Market drivers and restraints
Scope and Segmentation of the Basic Chemicals Market Report
Report attribute details
Market size value in 2020 USD 700.71 billion
Revenue forecast in 2030 1327.37 billion USD
CAGR growth rate of 6.60% from 2021 to 2030
Base year for the estimate 2020
Quantitative Units Revenue in USD Million and CAGR from 2021 to 2030
Report Coverage Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends
Segments Covered Type, Product Type, Function, Application and Region
North America; Europe; Asia Pacific; Latin America; Middle East and Africa (MEA)
Key Companies Featured BASF, Bayer, The Dow Chemical, Mitsubishi Chemical Holdings, PPG Industries, Linde, Akzo Nobel, LyondellBasell Industries, Asahi Kasei, Sumitomo Chemicals, Evonik Industries
Frequently Asked Questions
What is the size of the Basic Chemicals market?
Which segment is expected to strengthen the market share in the future?
Which regional market is strongly dominating the Basic Chemicals market?
What are the factors driving the Basic Chemicals Market?
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