New York (US), May 09, 2023 (GLOBE NEWSWIRE) -- Commodity Chemicals Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Commodity Chemicals Market Research Report Information By Product, By End-Use, And By Region–Market Forecast Till 2032,” the commodity market size is expected to garner a value of up to USD 1272.5 Billion by 2032, at a CAGR of 6.60% over the review period.
Market Scope:
Bulk chemicals, also known as commodity chemicals, are a class of chemicals that are generated on a big scale and serve as precursors to other chemicals that are then used to create a variety of consumer goods, such as base chemicals, adhesives, plastics, and construction materials.
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Competition Dynamics
Leading commodity chemicals companies are making significant investments in R&D to broaden their product offerings, which will spur further expansion of the market for commodity chemicals. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their worldwide presence. The commodity chemicals sector must provide reasonably priced products if it is to grow and thrive in an increasingly competitive and challenging market environment.
- BASF SE
- Bayer Group
- AkzoNobel N.V.
- The Dow Chemical Company
- LyondellBasell Industries Holdings B.V.
- E.I. DuPont de Nemours and Company
- Mitsui Chemicals
- Braskem SA
- PPG Industries
- Eastman Chemical Company
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 1272.5 billion |
| CAGR | 6.60% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023–2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, End-Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Increased use in plastic industry |
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Market USP:
Market Drivers
Due to global population expansion and growing economic levels, there is an increase in demand for products like petrochemicals and explosives. This market driver is causing the market for commodity chemicals products to expand. The global market for commodity chemicals is driven by the expanding demand from the plastics sector. This company is supported by growing demand from the food and beverage sector and consumer retail businesses all around the world. Because of their unique lightweight and secure qualities, commodity chemicals are used by the plastics industry to make a range of goods. Given that close replacements like glass simply cannot compete in terms of dependability and cost-effectiveness, the market for commodity chemicals is expected to grow. In addition, a number of industries, including consumer products, healthcare, and construction, have seen an increase in the need for packaging materials recently.
Market Limitations
The business has significant problems because to the tight international regulation of chemicals' adverse effects on human health and the environment, as well as the shifting costs of crude oil and natural gas. The technicality involved in their small-scale manufacture, particularly for those produced using bio-refineries, like collagen, presents significant difficulties for the sector. The sector is also under competition from less expensive conventional alternatives to speciality chemicals.
COVID-19 Analysis:
The COVID-19 pandemic raised the price of packaging materials in 2020–2021, which in turn raised the price of consumer items, medical equipment, etc. As the COVID-19 pandemic's impacts expand throughout the globe, leading manufacturers are observing a substantial increase in demand for hygiene products including hand sanitizers, liquid soaps, disinfectant sprays, and germ-protecting wipes. The previous 12 to 18 months have seen an upsurge in the usage of specialty items, according to chemical firms. They are speeding up the scaling up and streamlining of their manufacturing capabilities now that they have examined their production plans in light of the current circumstances. The market has therefore been subtly bolstered by the increasing use of cleansers and disinfectants.
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Market Segmentation: Product Insights
The ester market sector prevailed. The reason for the market development is the rise in demand for esters FAEs from several end-use sectors, including personal care, pharmaceuticals, and food processing.
End-Use Insights
The segment known as household industrial and institutional (HI & I) produced the greatest revenue. This end use industrial segment has grown as a result of increased demand from the food and beverage sector and consumer retail businesses all over the world. Due to the particular lightweight features of common chemicals, the plastics industry can produce a wide range of items. The market for commodity chemicals is predicted to grow since near replacements like glass just fall short in terms of cost-effectiveness and reliability.
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Regional Analysis:
This market will be dominated by the North American market for Base & commodity chemicals. Due to the increasing demand for commodity chemicals from end-use sectors such hospitals, biotechnology companies, academic institutions, and others, the market is growing.
The second-largest market share belongs to the market for commodity chemicals in Europe. The increased demand for plastic resins and synthetic rubbers in the area is what is causing this market to grow. The growth may also be attributed to the rise in demand for medical supplies and equipment, which are made of common chemicals. The growing awareness of customers about hygiene is another factor driving the growth of this market. Additionally, the UK commodity chemicals market had the quickest rate of growth in the European area, while the German commodity chemicals market had the biggest market share.
From 2023 to 2032, the market for commodity chemicals in Asia-Pacific is anticipated to develop at the quickest CAGR. This is attributed in part to economic growth, industrialisation, and the rise of significant end-use industries. The Asia Pacific market for commodity chemicals is expanding most rapidly in China and India. The production of food, drinks, personal care and cosmetic products, as well as medicinal applications, has an impact on the region's requirement for additives. The main producers in the region are China, India, and Japan. The fact that China is the world's top producer helps the market for commodities to expand. Additionally, the Indian market for commodity chemicals was expanding at the quickest rate in the Asia-Pacific area, while China's market for these products had the biggest market share.
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