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Basic Chemicals Market 2024 - Industry Share, Growth Opportunities, Leading Companies And Outlook By 2033
Basic Chemicals Market
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According to The Business Research Company's, The basic chemicals market size has grown strongly in recent years. It will grow from $675.35 billion in 2023 to $713.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to consumer goods manufacturing, oil and gas industry development, growth in healthcare and pharmaceuticals sectors, world war periods, environmental regulations.
The basic chemicals market size is expected to see steady growth in the next few years. It will grow to $864.15 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to transition to green chemistry, renewable resources utilization, circular economy initiatives, energy transition and clean technologies, digitalization and industry 4.0. Major trends in the forecast period include customization and tailored solutions, focus on safety and risk management, circular economy implementation, health and personal care chemicals, advanced materials development.
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Market Drivers and Trends:
The demand in the food and beverage industry is expected to propel the growth of the basic chemicals market going forward. The food and beverage industry refers to a broad and complicated sector that includes several operations related to the production, processing, packaging, distribution, and retailing of food and drink items. The food and beverage industry uses basic chemicals as additives such as flavorings, thickeners, sweeteners, colorants, or preservatives. For instance, in June 2022, according to USDA Rural Development, 2021 Highlights, a US-based agency under the United States Department of Agriculture, there were food and beverage (F&B) sales of $467.20 billion in 2021. Moreover, in December 2022, according to Kirin Brewery Company Limited, a Japan-based beverage company, there were 185.60 million kiloliters of global beer consumption in 2021. Therefore, the demand in the food and beverage industry is driving the growth of the basic chemicals market.
Product innovations are a key trend gaining popularity in the basic chemicals market. Major companies operating in the basic chemical market are innovating new products to sustain their position in the market. For instance, in January 2022, Evonik Industries AG, a Germany-based specialty chemicals company, launched an ELATUR DINCD plasticizer for basic chemicals. ELATUR DINCD plasticizer is a cyclohexanone with excellent UV resistance and low-temperature flexibility. Due to its low viscosity, it is simple to process. It is exceptionally well suited for demanding exterior and interior applications, including textile fabrics, roofing membranes, floor coverings, adhesives, sealants, paints, and coatings.
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Major Key Players of the Market:
Reliance Industries Limited, BASF SE, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries Holdings B.V., China National Chemical Corporation (ChemChina), LG Chem Ltd., Mitsubishi Chemical Corporation, Yara International ASA, INEOS Group Limited, Sumitomo Chemical Co. Ltd., Asahi Kasei Corporation, Shin-Etsu Chemical Co. Ltd., Solvay SA, DuPont de Nemours Inc., Lotte Chemical Corporation, Eastman Chemical Company, Eurochem Agro GmbH, Israel Chemicals Limited, Celanese Corporation, Formosa Plastics Corporation, Tosoh Corporation, Nippon Shokubai Co Ltd, UBE Industries Ltd, Borealis AG, Versum Materials Inc., Tata Chemicals Limited, Jordan Bromine Company Limited, Tokyo Chemical Industry Co. Ltd., Indo Chemicals Pvt. Ltd., Bhavani Chemicals
Basic Chemicals Market 2024 Key Insights:
• The basic chemicals market size is expected to see steady growth in the next few years. It will grow to $864.15 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Growing Demand In Food And Beverage Industry Fuels Expansion Of Basic Chemicals Market
• Continuous Innovation Drives Growth In Basic Chemicals Market
• Asia-Pacific was the largest region in the basic chemicals market in 2023
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