Overview and Scope
Basic chemicals are substances produced in large quantities and are fundamental building blocks for various industries. Basic chemicals are widely used in producing other chemicals and making products that positively impact the economy.
Sizing and Forecast
The basic chemicals market size has grown strongly in recent years. It will grow from $675.35 billion in 2023 to $713.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to consumer goods manufacturing, oil and gas industry development, growth in healthcare and pharmaceuticals sectors, world war periods, environmental regulations.
The basic chemicals market size is expected to see steady growth in the next few years. It will grow to $864.15 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to transition to green chemistry, renewable resources utilization, circular economy initiatives, energy transition and clean technologies, digitalization and industry 4.0. Major trends in the forecast period include customization and tailored solutions, focus on safety and risk management, circular economy implementation, health and personal care chemicals, advanced materials development.
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Segmentation & Regional Insights
The basic chemicals market covered in this report is segmented –
1) By Product Type: Organic, Inorganic
2) By Application: Fiber, Rubber, Fertilizers, Soaps And Detergents, Adhesives, Building Material, Other Applications
3) By End-Use: Chemical Industry, Food And Beverages, Textiles, Pharmaceuticals, Pulp And Paper, Polymer, Other End-Uses
Asia-Pacific was the largest region in the basic chemicals market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the basic chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The demand in the food and beverage industry is expected to propel the growth of the basic chemicals market going forward. The food and beverage industry refers to a broad and complicated sector that includes several operations related to the production, processing, packaging, distribution, and retailing of food and drink items. The food and beverage industry uses basic chemicals as additives such as flavorings, thickeners, sweeteners, colorants, or preservatives. For instance, in June 2022, according to USDA Rural Development, 2021 Highlights, a US-based agency under the United States Department of Agriculture, there were food and beverage (F&B) sales of $467.20 billion in 2021. Moreover, in December 2022, according to Kirin Brewery Company Limited, a Japan-based beverage company, there were 185.60 million kiloliters of global beer consumption in 2021. Therefore, the demand in the food and beverage industry is driving the growth of the basic chemicals market.
Key Industry Players
Major companies operating in the basic chemicals market report are Reliance Industries Limited, BASF SE, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries Holdings B.V., China National Chemical Corporation (ChemChina), LG Chem Ltd., Mitsubishi Chemical Corporation, Yara International ASA, INEOS Group Limited, Sumitomo Chemical Co. Ltd., Asahi Kasei Corporation, Shin-Etsu Chemical Co. Ltd., Solvay SA, DuPont de Nemours Inc., Lotte Chemical Corporation, Eastman Chemical Company, Eurochem Agro GmbH, Israel Chemicals Limited, Celanese Corporation, Formosa Plastics Corporation, Tosoh Corporation, Nippon Shokubai Co Ltd., UBE Industries Ltd., Borealis AG, Versum Materials Inc., Tata Chemicals Limited, Jordan Bromine Company Limited, Tokyo Chemical Industry Co. Ltd., Indo Chemicals Pvt. Ltd., Bhavani Chemicals
The basic chemicals market report table of contents includes:
1. Executive Summary
2. Basic Chemicals Market Characteristics
3. Basic Chemicals Market Trends And Strategies
4. Basic Chemicals Market – Macro Economic Scenario
5. Global Basic Chemicals Market Size and Growth
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31. Basic Chemicals Market Other Major And Innovative Companies
32. Global Basic Chemicals Market Competitive Benchmarking
33. Global Basic Chemicals Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Basic Chemicals Market
35. Basic Chemicals Market Future Outlook and Potential Analysis
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