Basic Chemicals Market Eyes on the Upward Trajectory Skyrocketing Market Size Ahead

Allied Market Research has released a report titled "Basic Chemicals Market by Product Type (Organic and Inorganic) and End User (Chemical Industry, Food & Beverages, Textiles, Pharmaceuticals, Pulp & Paper, Polymer, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". The report projects significant growth in the global basic chemicals industry, estimating its value at $949.1 billion by 2030, with a compound annual growth rate (CAGR) of 3.9% from 2021 to 2030, up from $649.8 billion in 2020.

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Market Dynamics:

The rise in basic chemicals adoption in the food & beverage industry and advancements in the pharmaceutical sector are key drivers for market growth. However, health concerns associated with basic chemicals and the initial negative impact of the COVID-19 pandemic have restrained growth. Nevertheless, opportunities lie in advancements in agricultural additives.

COVID-19 Impact:

The pandemic initially affected the basic chemicals market negatively due to its dependence on various sectors like food & beverages, chemical, textile, and agriculture. However, recovery is anticipated.

Segment Analysis:

- Product Type: The organic segment dominated in 2020, driven by demand from alcoholic beverages and the use of ethanol. The inorganic segment is expected to witness the fastest growth, propelled by demand for ammonia and chlorine.

- End User: The chemical industry segment held the highest market share in 2020 and is expected to maintain dominance. The polymer segment is projected to grow rapidly due to increased plastic utilization.

Regional Insights:

Asia-Pacific, followed by North America, dominated the market in 2020 and is expected to maintain its lead, with Asia-Pacific exhibiting the fastest growth rate. Factors such as increased investments and intense competition are driving growth in this region.

Key Players:

Key players in the basic chemicals market 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.

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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.

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