New York, US, April 27, 2022 (GLOBE NEWSWIRE) -- Organic Chemicals Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Organic Chemicals Market Information by Application, Source, Type and Region - Forecast till 2030”, the market is estimated to grow at a CAGR of 16% CAGR to reach USD 21.25 Billion by 2030.
Market Scope:
Organic chemicals are molecularly structured chemical substances that contain carbon. Organic substances can be both natural and created by humans. Hydrogen, sulfur, nitrogen, oxygen, and chlorine are among the other ingredients contained in these compounds. Organic chemicals are natural since they are carbon-based, which means plants or animals can create them. On the other hand, some are organic-synthetic compounds, which require a chemical reaction to be generated.
Market Competitive Landscape:
The vital contenders in the organic chemicals market are:
- BASF SE (Germany),
- China Petrochemical Corporation (China),
- ExxonMobil (US),
- Ineos (UK),
- Cargill (US),
- Eastman Chemical Company (US),
- Koninklijke DSM N.V. (Netherlands),
- AkzoNobel (Netherlands),
- Royal Dutch Shell (Netherlands),
- Reliance Industries (India),
- PPG Industries (US),
- The Dow Company (US)
- LyondellBasell Industries (Netherlands),
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Market USP Covered:
Market Drivers:
Due to their antioxidant and preservation characteristics, organic chemicals are frequently used in the food and beverage industries. There is also an increasing demand for meals manufactured using less laborious processes, such as heat, sugar, sodium, and chemicals. In addition, the novel technologies for limiting the growth of germs are being practiced that are contributing to the demand for organic chemicals for culinary purposes. In line with expanding demand for ecologically friendly organic chemicals, manufacturers are boosting their investments in manufacturing and technological improvement of organic chemicals manufacturing.
Market Restraints:
The surging cost of raw materials affects the production cost of organic compounds, resulting in price rises that reduce manufacturer margins. Commodity price rises, such as wheat and corn, and shifting crude oil costs are putting pressure on the organic chemicals market. Several organic chemicals are poisonous and environmentally dangerous. Acetic acid is extensively used in the manufacturing of pesticides and herbicides. On the other hand, high acetic acid concentrations can be detrimental to vegetation, animals, and aquatic life. Furthermore, the hazardous nature of volatile organic chemicals, which were widely employed in the paints and coatings sector, has caused a huge setback.
Strict controls and increased knowledge of these issues work to limit market expansion. Conversely, there are some negative impacts caused by these compounds, such as health and environmental hazards caused by the usage of plastic and other dangerous gases released during the manufacturing process.
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COVID 19 Analysis
Bio-based organic compounds are becoming a changing trend to a diverse variety of industries and consumers worldwide. Organic chemicals are produced from organic sources such as wheat or corn and are less expensive because they are generated from renewable feedstocks, making organic chemicals are beneficial to the environment. As a result, market participants can expect bio-based organic chemicals to deliver attractive prospects throughout the projection period.
COVID-19 has had a severe influence on overall chemical output, particularly organic chemical manufacturing, due to interruptions in the supply chain due to the all-inclusive lockdown and travel bans to prevent the spread of the coronavirus. The pandemic has influenced numerous businesses' global operations, including animal feed, food service, and medications, reducing organic chemical manufacturing. The closure of various raw material suppliers and manufacturers of organic chemicals has resulted in a global use decline. Furthermore, the bulk of raw material providers in the market were compelled to halt their activities due to the emergence of COVID-19.
Market Segmentation
By Source
The chemical process produces synthetic organic compounds. Synthetic compounds are primarily made from petrochemicals and coal. This segment has the biggest market share and is predicted to increase at a healthy rate throughout the forecast period.
By Application
Acetic acid is an antibiotic used to prevent infections and several other disorders. Astringents, local stimulants, and foaming agents are examples of how formic acids are employed. Due to the growing appetite for anti-biotics and anti-viral medications, the pharmaceuticals category is predicted to grow the fastest in the course of the projection period.
By Type
Aromatic compounds are built of conjugated planar ring systems with delocalized pi-electron clouds rather than discrete single bonds and alternating double bonds. They're also referred to as aromatics or arenes. Toluene and benzene are the most prevalent aromatic chemicals. Many are utilized in the industry as nonpolar solvents and organic synthesis compounds.
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Organic Chemicals Market Regional Insights
Asia-Pacific accounted for the most market share and is predicted to witness the fastest growth in the market. This is primarily owing to large development plans in the region, vast local production, and the region's extensive presence of key producers. Furthermore, superior knowledge of the health benefits of organic chemicals and forgiving government regulations in the region is projected to drive sales of organic chemicals in the region. North America accounted for the second-highest market share in the global market due to high turnover for animal feed, huge manufacturing sites of organic chemicals makers, and the existence of advanced manufacturing methods. Europe follows North America. Europe's progress in the worldwide market has been slow due to demanding government regulation. The Latin American market is likely to have considerable growth potential due to rising urbanization and key organic chemical companies in Brazil. The MEA region, on the other side, are predicted to grow financially as a result of a consistent supply of raw materials.
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