Basic Chemicals Market Size | Size, Recent Trends, Demand and Share Estimation by 2030 with Top Players

The global basic chemicals industry, as highlighted in a recent report by Allied Market Research, is on a growth trajectory, with an estimated market value of $649.8 billion in 2020 projected to reach $949.1 billion by 2030. The compound annual growth rate (CAGR) from 2021 to 2030 is expected to be around 3.9%.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞: https://www.alliedmarketresearch.com/request-sample/15353

Several factors contribute to this growth, including increased adoption of basic chemicals in the food & beverage industry and advancements in the pharmaceutical sector. However, health hazards associated with basic chemicals pose some challenges. The industry is also impacted by the COVID-19 pandemic, with a temporary negative effect on sectors such as food & beverages, chemicals, textiles, pulp & paper, polymer, agriculture, and others.

The report indicates a dominant role for the organic segment, holding nearly three-fifths of the global basic chemicals market in 2020. The demand for intoxicating ingredients in alcoholic beverages, with ethanol derived from sugarcane, grains, and various organic compounds, is a key trend driving this segment. Conversely, the inorganic segment is expected to experience the fastest CAGR of 4.7%, fueled by the importance of raw materials like ammonia and chlorine in fertilizer production and water treatment.

In terms of end-use industries, the chemical industry segment leads with almost two-fifths of the market share. The rise in demand for consumer goods has boosted the chemical industry where basic chemicals are used as raw materials or intermediates. The polymer segment is anticipated to exhibit the fastest CAGR of 4.5% due to increased plastic utilization across various sectors.

Geographically, Asia-Pacific takes the lead, accounting for nearly half of the global basic chemicals market in 2020 and expected to maintain the fastest CAGR of 4.5% from 2021 to 2030. Factors such as increased investments, intense competition, and the presence of numerous chemical manufacturing companies contribute to this region's market dominance.

Key players in the industry include Borealis AG, Eastman Chemical Company, Tokyo Chemical Industry Co. Ltd., LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, BASF SE, Shin-Etsu Chemical Co. Ltd., Solvay, INEOS, and Sumitomo Chemical Co. Ltd.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/basic-chemicals-market-A14984

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.