Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "Organic Chemicals Market By Product, By End Use Industry: Global Opportunity Analysis and Industry Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
The global organic chemicals market, which was valued at $153.2 billion in 2022, is expected to experience significant growth, estimated to reach $286.0 billion by 2032, with a remarkable compound annual growth rate (CAGR) of 6.5% from 2023 to 2032.
Organic chemicals are a distinctive category of compounds characterized by the presence of carbon-hydrogen bonds. They play a pivotal role in various industries, including food and beverages, pharmaceuticals, cosmetics, and fertilizers, with applications ranging from flavoring agents and aromatic agents to alcohols.
The organic chemicals market is being driven by several key factors, including the rise in awareness of self-grooming activities, which has led to a substantial increase in demand for personal care products containing aliphatic hydrocarbons. Additionally, the growing geriatric population in countries like Italy and Japan has fueled the demand for anti-aging creams, which often contain aliphatic hydrocarbons. These trends are expected to boost the organic chemicals market for personal care and cosmetics applications.
Moreover, the textile sector has witnessed increased demand for ketones, which are used as solvents. This surge in demand can be attributed to rising disposable incomes, fashion consciousness, and the need for consumer goods, driving rapid industrialization in both developed and developing economies. Organic aldehydes, on the other hand, are being used in the manufacturing of industrial chemicals, dyes, and solvents, further increasing demand across various industries.
One of the key advantages of organic chemicals is their versatility, as they can be sourced from natural materials like plants, animals, coal, petroleum, and wood. This widespread availability has eased access to organic chemicals, making them readily accessible in almost every region worldwide. Additionally, the rise in corporate social responsibility (CSR) activities and the growing awareness of non-toxic chemicals have made organic chemicals increasingly popular across various sectors.
Market Dynamics:
Drivers:
- Increasing adoption of organic chemicals in the food and beverage industry.
- Robust demand from the pharmaceutical sector.
- Rise in demand for paints and coatings in the architecture sector.
- Abundant natural raw material sources.
Restraints:
- High costs associated with organic chemicals.
Opportunities:
- Consolidation of players.
- Rise in technology-driven R&D activities.
While aluminum casting processes require substantial energy and costly equipment, presenting potential challenges, the organic chemical industry remains technology-driven, with significant investments in research and development. These investments, aimed at innovative applications and reducing production costs, are expected to create numerous opportunities for industry players. Government initiatives promoting manufacturing in emerging economies like India are also likely to foster further development in the organic chemicals market.
Key Market Segments:
- Product: Categories include acids (such as acetic acid, lactic acid, and citric acid), alcohols and ethers, amines and amides, aldehydes and ketones, and others.
- End-Use Industry: Segments encompass agrochemicals, personal care and cosmetics, food and beverages, pharmaceuticals, and others.
- Region: The market analysis covers North America, Europe, Asia-Pacific, and LAMEA.
Key Market Players:
- Akzonobel
- BASF SE
- Cargill
- CHEMPLAST SANMAR LIMITED
- Dow
- Hindustan Organic Chemicals Limited
- Neogen Chemicals Limited
- Royal Dutch Shell plc
- TCI America
- Vinati Organics Limited
Key Benefits for Stakeholders:
- Quantitative analysis of market segments, trends, estimations, and dynamics from 2022 to 2032.
- Identification of prevailing market opportunities.
- Assessment of key drivers, restraints, and opportunities.
- Porter's five forces analysis for informed decision-making.
- In-depth segmentation analysis for market insights.
- Benchmarking of major market players.
- Comprehensive analysis of regional and global trends, players, segments, application areas, and market growth strategies.
The global organic chemicals market is poised for significant growth, driven by diverse applications across multiple industries and a growing emphasis on sustainable and non-toxic chemical solutions. For a detailed analysis of the market, please refer to the complete report.
For more information about this report visit https://www.researchandmarkets.com/r/5tg2p1
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
