Press release
Basic Chemicals Market Global Shares 2018 to 2023 by BASF SE, DowDuPont, Exxon Mobil, China Petroleum & Chemical, SABIC, LyondellBasell Industries Holdings, INEOS, Formosa Plastics, Mitsubishi Chemical, Royal Dutch Shell, LG Chem, BDC Group and Celanese
Basic Chemicals Market Estimated to Boost Registering a Phenomenal CAGR between 2018-2023
August 13, 2018 – MC Industrial Chemical Co. Ltd. (Thailand), a trusted importer and distributor of basic chemicals, industrial solvents, textiles, and plastics announced that it is looking for partners for the future growth, supplying the building blocks for Asia’s growing industries. The company is seeking partners with strong raw materials capabilities that can further enhance its portfolio and expand the business operations.
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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.
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, 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.
Europe is emerging as one of the promising markets for basic chemicals with expanding packaging industry. Owing to the growing production of PET bottles and packaged beverages & food products, the region is likely to observe a significant growth during the review period. The automobile industry majorly pulls the demand for these chemicals in the region for making interiors of luxury cars.
The MEA (the Middle East & Africa) region is another substantial market in the Global Basic Chemicals Market. The market in the MEA region is projected to grow at a considerable CAGR owing to the availability of feedstock and the high investment potential. Besides, the growing demand for basic chemicals from the prominent end-use industries such as packaging, automotive, and petrochemicals fuels the market growth in the region.
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