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.”

Market Overview

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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Market Analysis

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:

Report Attributes Details
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 Agrochemical

By Specialty Chemicals

By Personal Care and Cosmetics

By Industrial Gases

By Polymers

By Petrochemicals

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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.

Recent Developments

  • 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. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea 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) Basic building blocks Active ingredients Advanced intermediates

8.1.2 Pharmaceutical Chemicals By Product (By Volume) Basic building blocks Active ingredients Advanced intermediates

8.2 Global Chemical Market, By Agrochemicals

8.2.1 Agrochemicals By Type (By Value) Fertilizer Crop Protection Chemicals Plant Growth Regulators Others

8.2.2 Agrochemicals By Type (By Volume) Fertilizer Crop Protection Chemicals Plant Growth Regulators Others

8.3 Global Chemical Market, By Specialty Chemicals

8.3.1 Specialty Chemicals By Type (By Value) Construction Chemicals Food & Feed Additives Water Treatment Chemicals Electronic Chemicals Textile Chemicals Specialty Oilfield Chemicals Surfactants Dyes & Pigments Mining Chemicals CASE Others

8.3.2 Specialty Chemicals By Type (By Volume) Construction Chemicals Food & Feed Additives Water Treatment Chemicals Electronic Chemicals Textile Chemicals Specialty Oilfield Chemicals Surfactants Dyes & Pigments Mining Chemicals CASE Others

8.4 Global Chemical Market, By Personal Care and Cosmetics

8.4.1 Personal Care and Cosmetics By Product (By Value) Skin Care Hair Care Oral Care Fragrances Decorative Cosmetics

8.4.2 Personal Care and Cosmetics By Product (By Volume) Skin Care Hair Care Oral Care Fragrances Decorative Cosmetics

8.5 Global Chemical Market, By Industrial Gases

8.5.1 Industrial Gases By Product (By Value) Hydrogen Oxygen Nitrogen Carbon Dioxide Acetylene Argon

8.5.2 Industrial Gases By Product (By Volume) Hydrogen Oxygen Nitrogen Carbon Dioxide Acetylene Argon

8.6 Global Chemical Market, By Polymers

8.6.1 Polymers By Type (By Value) Thermoplastics Thermosets Elastomers

8.6.2 Polymers By Type (By Volume) Thermoplastics Thermosets Elastomers

8.7 Global Chemical Market, By Petrochemicals

8.7.1 Petrochemicals By Product (By Value) Ethylene Propylene Butadiene Benzene Xylene Toluene Methanol

8.7.2 Petrochemicals By Product (By Volume) Ethylene Propylene Butadiene Benzene Xylene Toluene Methanol

9. Global Plant-based Beverages Market, by region/ country

9.1 Introduction

9.2 North America

9.2.1 USA

9.2.2 Canada

9.2.3 Mexico

9.3 Europe

9.3.1 Germany

9.3.2 UK

9.3.3 France

9.3.4 Italy

9.3.5 Spain

9.3.6 The Netherlands

9.3.7 Rest of Europe

9.4 Asia-Pacific

9.4.1 Japan

9.4.2 South Korea

9.4.3 China

9.4.4 India

9.4.5 Australia

9.4.6 Rest of Asia-Pacific

9.5 The Middle East & Africa

9.5.1 Israel

9.5.2 UAE

9.5.3 South Africa

9.5.4 Rest

9.6 Latin America

9.6.1 Brazil

9.6.2 Argentina

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 BASF Company Overview Financials Speed/Services/Offerings SWOT Analysis The SNS View

10.1.2 Lonza

10.1.3 Porton Fine Chemicals

10.1.4 Dishman

10.1.5 Abbott

10.1.6 Johnson Matthey

10.1.7 Lanxess

10.1.8 Jubilant Life Sciences

10.1.9 Vertellus Holdings

10.1.10 Hikal

10.2 Company Profile of Agrochemicals

10.2.1 Bayer AG Company Overview Financials Speed/Services/Offerings SWOT Analysis The SNS View

10.2.2 The DOW Chemical Company

10.2.3 ADAMA Ltd.

10.2.4 BASF SE

10.2.5 Nufarm

10.2.6 Clariant AG

10.2.7 Solvay

10.2.8 Evonik Industries AG

10.2.9 FMC Corp.

10.2.10 UPL

10.3 Company Profile of Specialty Chemicals

10.3.1 Clariant AG Company Overview Financials Speed/Services/Offerings SWOT Analysis The SNS View

10.3.2 Croda International Plc.

10.3.3 Solvay

10.3.4 DuPont

10.3.5 Akzo Nobel N.V.

10.3.6 Huntsman International LL

10.3.7 Lanxess

10.3.8 Evonik Industries AG

10.3.9 Arkema

10.3.10 The Lubrizol Corporation

10.4 Company Profile of Personal Care and Cosmetics

10.4.1 Procter & Gamble Company Overview Financials Speed/Services/Offerings SWOT Analysis The SNS View

10.4.2 Unilever

10.4.3 Shiseido

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. Company Overview Financials Speed/Services/Offerings SWOT Analysis 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

10.5.8 Messer

10.5.9 BASF

10.5.10 Iwatani Corp.

10.6 Company Profile of Polymers

10.6.1 Eastman Chemical Company Company Overview Financials Speed/Services/Offerings SWOT Analysis 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. Company Overview Financials Speed/Services/Offerings SWOT Analysis 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

10.7.7 Dow

10.7.8 SABIC

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

13. Conclusion

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