Description
5G Chipset Market Market
The Commodity Chemicals Market to surpass USD 1327.37 billion by 2030 from USD 700.71 billion in 2020 at a CAGR of 6.60% within the coming years, i.e., 2020-30.
Product Overview
Commodity chemicals (bulk chemicals) are a set of chemicals that are produced on a large scale and act as intermediates to other chemicals, which in turn are used to make a wide range of consumer products, including building materials, adhesives, plastics, base chemicals. The largest sub-segment of the chemical industry Basic chemicals is typically traded in broad categories such as organic, inorganic, synthetic resins, synthetic rubbers, fibers, foils, 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 the price the dominant economic factor in the purchasing decisions of the end consumer.
Market Highlights
Commodity Chemicals Market is predicted 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 have increased the demand for pharmaceutical and nutraceutical products. The consumer focus is on personal care and this is likely to increase the demand for cosmetic and personal care products for end-use. Important factors have been observed driving the Commodity Chemicals Market
Recent News and 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 economical 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 on the corporate campus of Heritage Dow Corning, which houses around 200 research and development employees who research future technologies at the interfaces of silicone chemistry.
Commodity Chemicals Market: Segments
Inorganic segment to grow with the highest CAGR during 2020-30
Commodity Chemicals Market is segmented by Product Type into Commercial and Industrial Cleaners, Flavor & Fragrances, Food & Feed Additives. The Commercial and Industrial Cleaners segment had the largest share of market sales in 2019 and is expected to experience a high rate of growth in the forecast period. Important fastening adhesives in the building and construction industry are rapidly driving the Commercial and Industrial Cleaners segment.
Inorganic segment to grow with the highest CAGR during 2020-30
Commodity Chemicals Market is segmented by Type into Pesticides, Construction Chemicals, Specialty Oilfield Chemicals, Organic, Inorganic, Food Additives, Specialty Polymer and Others. The inorganic segment represented the largest share of the market due to its use in a wide variety of applications such as the food industry, water treatment, and wastewater treatment.
Market Dynamics
Drivers
Rising Gross Domestic Product (GDP)
The increasing economic growth and the gross domestic product (GDP) of the industrialized and developing countries worldwide is driving the overall market for basic chemicals for basic chemicals. The price is the main influencing factor since the product differentiation in these basic chemicals is very low. In addition, the easy availability and lower cost of base chemicals compared to specialty chemicals support market growth worldwide.
Increase in the number of various industries
The increasing number of automotive, aerospace, personal care, and transportation industries will also have a positive impact on the growth of the Commodity Chemicals Market in all regions, business strategies such as mergers and acquisitions by major players to manufacture a variety of chemicals are also expected Another contributing factor to the overall growth of the global basic modify Chemicals Market. In addition, the global contribution to overall global product growth is driven by increasing demand from the plastics industry. Demand from the food and beverage sector and global consumer retail.
Restraints
Stringent government regulations
The strict global regulation of the side effects of chemicals on health and the environment as well as the fluctuating prices for crude oil and natural gas poses great challenges for the industry. The technicalities accompanied with their small-scale manufacturing, especially for those formed via bio-refineries such as collagen poses major challenges for the industry. In addition, competition from cheaper conventional counterparts of specialty chemicals is adding to the challenge for the industry.
COVID-19 Impact on the Commodity 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 outbreak of the COVID19 pandemic (Coronavirus) accelerated its spread worldwide at the end of February 2020. Countries like China, Italy, Iran, France, and Germany are expected to develop a severe economic recession in fiscal 2020 that is expected to affect the market in all regions.
Commodity Chemicals Market: Key Players
BASF
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Bayer
The Dow Chemical
Mitsubishi Chemical Holdings
PPG Industries
Linde
Akzo Nobel
LyondellBasell Industries
Asahi Kasei
Sumitomo Chemicals
Evonik Industries
Commodity Chemicals Market.: Regions
The Commodity Chemicals Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the 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 Commodity Chemicals, accounting for almost half of the total market for Commodity Chemicals, followed by North America and Europe. manufacturing industries in developing countries like India, China, and Indonesia. The high availability of crude oil and natural gas from Gulf states such as Saudi Arabia, Iran, Iraq, and Syria helps the chemical raw materials industry in the Asia-Pacific region.
Commodity Chemicals Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Commodity Chemicals Market report also contains analysis on:
By Type
Pesticides
Construction Chemicals
Specialty Oilfield Chemicals
Organic
Inorganic
Food Additives
Specialty Polymer
Others
By Product Type
Commercial and Industrial Cleaners
Flavor & Fragrances
Food & Feed Additives
By Function
Antioxidants
Biocides
Surfactants
Others
Commodity Chemicals Market Dynamics
Commodity Chemicals Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Commodity Chemicals Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 700.71 billion
Revenue forecast in 2030 USD 1327.37 billion
Growth Rate CAGR of 6.60% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company 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 & Africa (MEA)
Key companies profiled BASF, Bayer, The Dow Chemical, Mitsubishi Chemical Holdings, PPG Industries, Linde, Akzo Nobel, LyondellBasell Industries, Asahi Kasei, Sumitomo Chemicals, Evonik Industries
Frequently Asked Questions
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