Chemical Market to Surpass USD 4.66 Trillion by 2030 Driven by Increased Demand for Specialty Chemicals and Growing Sustainability Initiatives | Research by SNS Insider
Based on SNS Insider’s research, the global chemical market is on an upward trajectory, fueled by technological innovation, sustainability initiatives, increased demand for specialty chemicals, expansion in emerging markets, and the evolution of end-user industries.
Pune, Oct. 30, 2023 (GLOBE NEWSWIRE) —
The SNS Insider report indicates that “The global Chemical Market valued at USD 2.9 trillion in 2022, is anticipated to achieve a value of USD 4.66 trillion by 2030. This growth is projected to occur at a CAGR of 6.1% from 2023 to 2030.”
The global chemical industry encompasses a vast array of sectors involved in the research, development, production, and distribution of chemicals. These chemicals can be organic or inorganic, basic or specialty, and find applications in diverse fields such as healthcare, agriculture, manufacturing, and energy production. The chemical industry is a significant contributor to the global economy, generating billions of dollars in revenue annually. It creates job opportunities, fosters innovation, and drives economic growth in both developed and developing countries.
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The global chemical market stands as one of the largest and most diverse sectors in the world economy. It encompasses an array of products, including basic chemicals, specialty chemicals, agrochemicals, and more. With the increasing demand for these products across various industries, the market continues to expand rapidly. The rising demand for specialty chemicals across various industries is fueling market growth. Specialty chemicals find applications in sectors such as automotive, electronics, construction, and agriculture. Their unique properties and functions are driving innovation and creating new market opportunities. As industries become more specialized, the demand for tailor-made chemicals is expected to surge, providing significant impetus to the global market. The rapid industrialization and urbanization in emerging economies are driving the demand for chemicals. As these economies grow, there is a substantial increase in infrastructure development, manufacturing activities, and agricultural practices. This burgeoning demand is drawing the attention of global chemical companies, leading to significant investments in emerging markets.
Chemical Market Overview & Scope:
|Market Size in 2022||USD 2.9 Trillion|
|Market Size by 2030||USD 4.66 Trillion|
|CAGR||CAGR of 6.1% over 2023-2030|
|Key Segments||By Pharmaceutical Chemicals
By Specialty Chemicals
By Personal Care and Cosmetics
By Industrial Gases
|Pricing & Purchase Options||Avail customized purchase options to meet your exact research needs. Explore purchase options.|
Key Takeaway from Global Chemical Market Study
- The fertilizer segment stands leading segment, exerting significant influence on agricultural practices worldwide. Fertilizers, essential for enhancing soil fertility and ensuring bountiful harvests, are poised to dominate the chemical market in the coming years. As the global population burgeons, the demand for fertilizers is set to witness a remarkable upswing.
- The construction chemicals segment is poised to make substantial strides in the global chemical market. These specialized chemicals, integral to the construction industry, encompass a wide array of products including concrete admixtures, adhesives, sealants, and protective coatings. The burgeoning construction activities across the globe, driven by urbanization and infrastructural development, are propelling the demand for construction chemicals.
- SABIC, a leading global chemical company, along with several other prominent players in the chemical industry, has signed a significant agreement with TNO to establish a cutting-edge Research and Development (R&D) hub dedicated to plastic waste processing. This collaboration marks a pivotal moment in the fight against plastic pollution, demonstrating a collective commitment to finding innovative solutions to one of the world’s most pressing environmental challenges.
- TotalEnergies, in collaboration with ENEOS and PTT Global Chemical, has successfully launched a state-of-the-art 6.7 MWp Solar Rooftop Project in Thailand. The project’s capacity to generate 6.7 MWp of clean, renewable energy is a significant milestone in Thailand’s journey towards energy independence and environmental preservation.
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Market Dynamics Analysis
One of the significant drivers propelling global chemical market forward is the burgeoning demand from various sectors such as agriculture, healthcare, automotive, and electronics. Rapid industrialization in emerging economies, coupled with the continuous advancements in technology, fosters innovation and increases the need for chemicals. Moreover, the focus on sustainable practices and the rising awareness about environmental conservation drive the market towards eco-friendly alternatives, promoting research and development in green chemistry. However, amidst these opportunities, the industry faces formidable restraints, notably stringent regulations and compliance standards due to environmental concerns. The chemical market also grapples with challenges related to volatile raw material prices, geopolitical tensions affecting the supply chain, and the ever-changing consumer preferences. Additionally, cybersecurity threats pose a significant risk to the intellectual property and operational stability of chemical companies, demanding robust digital security measures. Navigating these complexities requires industry players to stay agile, invest in research, and foster international collaborations, ensuring sustainable growth while mitigating potential threats and challenges.
Key Regional Developments
North America stands at the forefront of chemical innovation, driven by advanced research and development initiatives. The region’s focus on sustainable practices, stringent regulations, and investments in green technologies propel the market forward. European countries are leading the way in promoting a circular economy within the global chemical market. Stringent environmental regulations, coupled with a strong emphasis on recycling and waste reduction, have reshaped the global packaging market landscape. The Asia-Pacific region is witnessing unprecedented growth in the chemical industry due to rapid industrialization and urbanization. Countries like China and India have emerged as major consumers and producers of chemicals.
Impact of Recession
During economic downturns, companies may reduce investments in research and development to conserve funds. This retrenchment in innovation can stifle the growth of the chemical industry, hindering the development of groundbreaking technologies and eco-friendly solutions. However, resilient businesses are leveraging strategic partnerships, collaborations, and government incentives to continue their research endeavors, fostering innovation even in challenging times. The ongoing recession has accelerated the adoption of digital technologies within the chemical industry. Companies are embracing automation, data analytics, and artificial intelligence to enhance operational efficiency, reduce costs, and streamline processes. This digital transformation is not only aiding in cost savings but also driving innovation, enabling companies to adapt to changing global chemical market demands swiftly.
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Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
126.96.36.199 United Kingdom
188.8.131.52 South Korea
184.108.40.206 Rest of the World
5. Value chain analysis
6. Porter’s 5 forces model
7. PEST analysis
8. Global Chemical Market Segmentation By Type
8.1 Global Chemical Market, By Pharmaceutical Chemical
8.1.1 Pharmaceutical Chemicals By Product (By Value)
220.127.116.11 Basic building blocks
18.104.22.168 Active ingredients
22.214.171.124 Advanced intermediates
8.1.2 Pharmaceutical Chemicals By Product (By Volume)
126.96.36.199 Basic building blocks
188.8.131.52 Active ingredients
184.108.40.206 Advanced intermediates
8.2 Global Chemical Market, By Agrochemicals
8.2.1 Agrochemicals By Type (By Value)
220.127.116.11 Crop Protection Chemicals
18.104.22.168 Plant Growth Regulators
8.2.2 Agrochemicals By Type (By Volume)
22.214.171.124 Crop Protection Chemicals
126.96.36.199 Plant Growth Regulators
8.3 Global Chemical Market, By Specialty Chemicals
8.3.1 Specialty Chemicals By Type (By Value)
188.8.131.52 Construction Chemicals
184.108.40.206 Food & Feed Additives
220.127.116.11 Water Treatment Chemicals
18.104.22.168 Electronic Chemicals
22.214.171.124 Textile Chemicals
126.96.36.199 Specialty Oilfield Chemicals
188.8.131.52 Dyes & Pigments
184.108.40.206 Mining Chemicals
8.3.2 Specialty Chemicals By Type (By Volume)
220.127.116.11 Construction Chemicals
18.104.22.168 Food & Feed Additives
22.214.171.124 Water Treatment Chemicals
126.96.36.199 Electronic Chemicals
188.8.131.52 Textile Chemicals
184.108.40.206 Specialty Oilfield Chemicals
220.127.116.11 Dyes & Pigments
18.104.22.168 Mining Chemicals
8.4 Global Chemical Market, By Personal Care and Cosmetics
8.4.1 Personal Care and Cosmetics By Product (By Value)
22.214.171.124 Skin Care
126.96.36.199 Hair Care
188.8.131.52 Oral Care
184.108.40.206 Decorative Cosmetics
8.4.2 Personal Care and Cosmetics By Product (By Volume)
220.127.116.11 Skin Care
18.104.22.168 Hair Care
22.214.171.124 Oral Care
126.96.36.199 Decorative Cosmetics
8.5 Global Chemical Market, By Industrial Gases
8.5.1 Industrial Gases By Product (By Value)
188.8.131.52 Carbon Dioxide
8.5.2 Industrial Gases By Product (By Volume)
184.108.40.206 Carbon Dioxide
8.6 Global Chemical Market, By Polymers
8.6.1 Polymers By Type (By Value)
8.6.2 Polymers By Type (By Volume)
8.7 Global Chemical Market, By Petrochemicals
8.7.1 Petrochemicals By Product (By Value)
8.7.2 Petrochemicals By Product (By Volume)
9. Global Plant-based Beverages Market, by region/ country
9.2 North America
9.3.6 The Netherlands
9.3.7 Rest of Europe
9.4.2 South Korea
9.4.6 Rest of Asia-Pacific
9.5 The Middle East & Africa
9.5.3 South Africa
9.6 Latin America
9.6.3 Rest of Latin America
10 Company Profile of the Global Chemical Market
10.1 Company Profile of Pharmaceutical Chemicals
10.1.1.1 Company Overview
10.1.1.4 SWOT Analysis
10.1.1.5 The SNS View
10.1.3 Porton Fine Chemicals
10.1.6 Johnson Matthey
10.1.8 Jubilant Life Sciences
10.1.9 Vertellus Holdings
10.2 Company Profile of Agrochemicals
10.2.1 Bayer AG
10.2.1.1 Company Overview
10.2.1.4 SWOT Analysis
10.2.1.5 The SNS View
10.2.2 The DOW Chemical Company
10.2.3 ADAMA Ltd.
10.2.4 BASF SE
10.2.6 Clariant AG
10.2.8 Evonik Industries AG
10.2.9 FMC Corp.
10.3 Company Profile of Specialty Chemicals
10.3.1 Clariant AG
10.3.1.1 Company Overview
10.3.1.4 SWOT Analysis
10.3.1.5 The SNS View
10.3.2 Croda International Plc.
10.3.5 Akzo Nobel N.V.
10.3.6 Huntsman International LL
10.3.8 Evonik Industries AG
10.3.10 The Lubrizol Corporation
10.4 Company Profile of Personal Care and Cosmetics
10.4.1 Procter & Gamble
10.4.1.1 Company Overview
10.4.1.4 SWOT Analysis
10.4.1.5 The SNS View
10.4.4 The Estée Lauder Companies Inc.
10.4.5 MacAndrews & Forbes (Revlon)
10.4.6 L’Oréal S.A.
10.4.7 Avon Products Inc.
10.4.8 Kao Corporation
10.4.9 Oriflame Cosmetics S.A.
10.4.10 Coty Inc.
10.5 Company Profile of Industrial Gases
10.5.1 Air Products Inc.
10.5.1.1 Company Overview
10.5.1.4 SWOT Analysis
10.5.1.5 The SNS View
10.5.2 Air Liquide
10.5.3 Taiyo Nippon Sanso Corp.
10.5.4 Linde plc.
10.5.5 Matheson Tri-Gas Inc.
10.5.6 INOX-Air Products Inc.
10.5.7 SOL Group
10.5.10 Iwatani Corp.
10.6 Company Profile of Polymers
10.6.1 Eastman Chemical Company
10.6.1.1 Company Overview
10.6.1.4 SWOT Analysis
10.6.1.5 The SNS View
10.6.2 Evonik Industries AG
10.6.3 Royal DSM
10.6.4 Dow Inc.
10.6.5 BASF SE
10.6.6 Mitsui Chemicals Inc.
10.6.7 Exxon Mobil Corporation
10.6.8 Clariant International Limited
10.6.9 Huntsman Corporation
10.6.10 Covestro AG
10.7 Company Profile of Petrochemicals
10.7.1 Reliance Industries Ltd.
10.7.1.1 Company Overview
10.7.1.4 SWOT Analysis
10.7.1.5 The SNS View
10.7.2 Chevron Corporation
10.7.3 LG Chem
10.7.4 LyondellBasell Industries Holdings B.V.
10.7.5 Royal Dutch Shell PLC
10.7.6 China National Petroleum Corporation
10.7.9 INEOS Group Ltd.
10.7.10 Mitsubishi Chemical Corporation
11. Competitive Landscape
11.1 Competitive Benchmarking
11.2 Market Share Analysis
11.3 Recent Developments
11.3.1 Industry News
11.3.2 Company News
11.3.3 Mergers & Acquisitions
12. USE Cases and Best Practices
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