Basic Chemicals Market Growth, Analysis and Forecast 2023
Basic Chemicals Market Overview
The basic chemicals market is accruing rapidly across the globe, mainly due to the huge demand from various major end-use industries such as transportation, agriculture, packaging, textile, electrical & electronic, pharmaceutical, and paints & coatings worldwide. The market witness upsurge in demand over the past few years, owing to the increasing uptake of these chemicals.
Besides, the growing packaging industry with the surging demand for packaged beverages and food products due to convenience and improved product shelf life provides impetus to the market growth. Resultantly, the basic chemicals market is growing pervasively on the global platform.
Considering the growth, the market is witnessing currently, Market Research Future (MRFR), in its recently published study report foretells that the global basic chemicals market, growing rapidly will gain phenomenal accruals by registering an outstanding CAGR during the review period (2018-2023).
Since basic chemicals are one of the key components used in the plastic manufacturing, trends in production and supply of plastic are significant for the basic chemicals market as well. As plastic products are used across the burgeoning industries such as automotive, construction and electrical, the demand for basic chemical market is heading forth steadily.
On the other hand, some concerns such as volatility in the prices of the feedstock required in the production of these chemicals and increasing research in the field of development of eco-friendly and innovative products by the leading players, may hamper the growth of the market over the corresponding period.
Basic Chemicals Market Key Players:
Fervent players in the basic chemical industry include DowDuPont (US), BASF SE (Germany), Exxon Mobil Corporation (US), SABIC (Saudi Arabia), China Petroleum & Chemical Corporation (China), INEOS (Switzerland), LyondellBasell Industries Holdings B.V. (The Netherlands), Formosa Plastics Corporation (US), Royal Dutch Shell (The Netherlands), Mitsubishi Chemical Corporation (Japan), LG Chem (South Korea), Celanese Corporation (US), and BDC Group (US).
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Global Basic Chemicals Market – Regional Analysis
Globally, the Asia-Pacific’s chemical industry is the most diverse with more than 70,000 modern products such as plastics, particleboards, pharmaceuticals, and paints & coatings.
The Asia Pacific is the dominating market for basic chemicals industry, holding the largest market share. The region witnesses the expansion of infrastructural projects and mulling to restart the construction activities conducted by both, government and private players, which, in turn, will drive the demand for basic chemicals in the region.
Simultaneously, the presence of large petrochemical manufacturers in India and China impacts the market growth positively. Furthermore, the surging demand for chemicals from some of the burgeoning industries such as automotive, and agriculture, among others are fostering the market growth.
North America region is another lucrative market for the basic chemicals. Although North America occupies comparatively a smaller share in the market, the growing reconstruction activities and increasing demand from the automotive industry are the major driving forces driving the market growth in the region. Besides, expanding aviation and marine industry contribute to the market growth.
Global Basic Chemicals Market – Competitive Analysis
Manufacturers, operating in the basic chemicals market, have been witnessing a good time especially, due to the shutdown of a number of chemicals companies in China. Companies are perceiving revenue growth picked up from the last quarter of 2017 quarter, alongside the expansion in operating profit margin (OPM).
The market still appears highly competitive and diversified with the presence of many well-established players having the regional and global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the key trends for leading players in the market.
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