Organic Chemicals Market Size to Grow Rapidly in Future | Global Key Players - TCI America, BASF SE, PPG Industries, The Dow Chemicals Company, AkzoNobel, Royal Dutch Shell

Carbon and its various derivatives combine with elements such as hydrogen, oxygen, nitrogen, and sulfur, to form organic chemicals. The derivatives exist either in carbon chain or carbon ring. Increasing global population and surging urbanization are expected to fuel growth of end-use industries such as agrochemicals, pharmaceuticals, food & beverages, and cosmetics in turn fueling growth of the organic chemicals market. Asia Pacific is growth engine of this market, mainly attributed to the strong economic growth in India and China.

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Ethyl alcohols, synthetic organic alcohols, synthetic flavors, and pesticides are among the most widely used organic compound used in various end-use industries such as pharmaceuticals, food & beverages, and fertilizers.

Organic Chemicals Market Taxonomy

On the basis of product type, the global market is classified into:

Acetic acid
Ethyl alcohol
Methanol
Formaldehyde
Aldehydes
Citric acid
Ketones
Aliphatic
Polymers
Amides
Others

Organic chemicals Market Challenges - Stringent Environmental Regulations

Rising awareness regarding harmful health & environmental effects associated with manufacturing and use of organic compounds is expected to be one of the key challenges for the end user industry. For instance, on December 23, 2010, the Ministry of Environment and Forest (MoEF) of India implemented water (prevention and pollution control) act 1974 and air pollution act 1981. The law enforces strict regulation for production, use, import, and export of various hazardous chemicals such as phthalates, benzothiazole, among others.

Treatment of hazardous waste chemicals prior to releasing in the environment, the organic chemical manufacturing company has to go through a series of complex processes. Moreover, the Chinese Ministry of Environmental Protection implemented penalty on manufacturer to lower the environmental pollution level, which led to shut down of many end user industries.

Key players in the organic chemicals market include TCI America, BASF SE, PPG Industries, The Dow Chemicals Company, AkzoNobel, Royal Dutch Shell, Sinopec, ExxonMobil, Formosa Plastics, LyondellBasell Industries, DuPont, Ineos, Huntsman and Reliance Industries. The market is fragmented, with some of the key companies in North America and Asia Pacific. Moreover, continuous development in R&D and M&A among the key players is expected to enhance their market opportunity.

Key Developments

Key players in the market are adopting various business strategies such as business expansion, in order to expand their product portfolio and gain competitive edge in the market. For instance, in January 2018, AkzoNobel, a manufacturer of performance coatings, expanded its production capacity and upgraded its organic peroxides facility in Los Reyes, Mexico.

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