The Other Basic Inorganic Chemical by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Other Basic Inorganic Chemical, The other basic inorganic chemical market size has grown strongly in recent years. It will grow from $205.75 billion in 2023 to $222.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to industrialization and infrastructure development, agricultural expansion, water treatment needs, construction and building materials, globalization of supply chains..
The other basic inorganic chemical market size is expected to see strong growth in the next few years. It will grow to $299.54 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to renewable energy initiatives, electronic waste recycling, technological advancements in agriculture, focus on sustainable water management, infrastructure and construction projects.. Major trends in the forecast period include global economic trends, shift in geographic demand, fluctuations in raw material prices, focus on quality and purity, supply chain resilience..
The rising demand for inorganic chemicals in the fertilizer industry is expected to propel the growth of the other basic inorganic chemicals market going forward. Fertilizer is a substance made naturally or artificially that contains chemical elements that improve the growth and productivity of plants. Inorganic fertilizers comprise basic inorganic chemicals that transport essential nutrients to sustain crops and increase output. Thus, a demand for inorganic chemicals in the fertilizer industry will increase the need for other basic inorganic chemicals. For instance, in December 2022, according to a report shared by S&P Global Inc., a US-based publicly traded corporation, Fertilizer shipments totaled 224 million metric tons. Fertilizer intermediates such as ammonia, sulfur, and phosphate rock are sold to more than 100 million metric tons. There was a total global market of 497 million metric tons of major fertilizers in 2020. In 2021, the value of primary fertilizer demand will have more than doubled, rising from $115 billion to roughly $231 billion, driven by variables in both the supply and demand chains. Therefore, the rising demand for inorganic chemicals in the fertilizer industry drives the growth of the other basic inorganic chemicals market.
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The other basic inorganic chemical market covered in this report is segmented –
1) By Product Type: Basic Inorganic Chemicals, Alkali Chemicals
2) By Application: Concentrators, Separators, Condensers, Vaporizers, Reactor vessels, Other Applications
3) By Industry: Food Industry, Pharmaceuticals, Personal Care, Agriculture, Other Industries
Expansion of production plants with advance technology has emerged as a key trend gaining popularity in the other basic inorganic chemical market. Major companies operating in the market are focused on introducing new sulfuric acid plants with the help of new technologies to sustain their position in the market. For instance, in October 2022, Andritz AG, an Austria-based technology group, made the world’s first sulfuric acid plant for Klabin’s Ortigueira mill in Brazil. The plant can produce 150 metric tons of commercial-grade (>98%) sulfuric acid daily from concentrated odorous vapors and elemental Sulphur. This plant’s technology is based on Andritz’s self-created A-Recovery+ idea, enabling pulp mills to extract side streams from the pulping process and transform them into commercial goods and commodities. The facility is part of Andritz’s CircleToZero product line, which aims to remove waste byproducts, create new goods with added value, and set the framework for zero-emissions, zero-waste production.
The other basic inorganic chemical market report table of contents includes:
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