General Chemical Product Market Report 2024 - General Chemical Product Market Insights, Trends And Forecast

"The Business Research Company recently released a comprehensive report on the Global General Chemical Product Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The general chemical product market size has grown strongly in recent years. It will grow from $309.7 billion in 2023 to $329.93 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to industrial demand, raw material costs, global economic conditions, market competition, consumer trends.

The general chemical product market size is expected to see strong growth in the next few years. It will grow to $415.82 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to supply chain disruptions, sustainability initiatives, evolving consumer preferences, government policies and regulations, global health events. Major trends in the forecast period include green and sustainable chemistry, digitalization and industry 4.0, regulatory compliance and safety, bio-based chemicals, supply chain resilience.

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Market Drivers and Trends:
The growth in the pharmaceutical sector is expected to boost the growth of the general chemical product market going forward. The pharmaceutical industry refers to a commercial enterprise that has a license to produce, market, and distribute pharmaceuticals. Chemicals play a critical role in the manufacturing of a variety of pharmaceutical products, including medications, topical ointments, vaccines, dietary supplements, and unique newborn milk compositions; hence, the growth in the pharmaceutical sector is expected to boost the general chemical products market. For instance, in March 2022, according to the 2021-2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Additionally, throughout the period 2021-2030, Medicare expenditures are expected to expand at a 7.2% annual rate, while Medicaid spending is expected to grow at a 5.6% annual rate. Therefore, the growth in the pharmaceutical sector is driving the growth of the general chemical products market.

Product innovation is the key trend gaining popularity in the general chemical products market. Major companies operating in the general chemical products market are focusing on developing new products. For instance, in February 2022, SCG Chemicals, a Thailand-based chemical company launched Circular PP, a premium post-consumer recycled resin (PCR) produced through advanced recycling technology utilizing recycled feedstock, as part of SCG Green Polymertm solutions. Circular PP boasts properties equivalent to those of virgin plastic resins, making it ideal for the production of environmentally friendly food packaging.

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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:
China Petrochemical Corporation, Exxon Mobil Corporation, Mitsui Chemicals Inc., BASF SE, Dow Inc., Bayer AG, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, Air Liquide S.A., Linde plc, Henkel AG & Co. KGaA, INEOS Group Limited, Sumitomo Chemical Co. Ltd., Evonik Industries AG, Shin-Etsu Chemical Co. Ltd., Solvay SA, DuPont de Nemours Inc., AkzoNobel N.V., Eastman Chemical Company, Celanese Corporation, Wacker Chemie AG, Formosa Plastics Corporation, Huntsman Corporation, The Chemours Company, Nippon Shokubai Co. Ltd., Invista Holdings Corporation, Ashland Global Holdings Inc., Borealis AG, Tokyo Chemical Industry Co. Ltd.

General Chemical Product Market 2024 Key Insights:
• The general chemical product market size is expected to see strong growth in the next few years. It will grow to $415.82 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Pharmaceutical Sector Surge Propels Growth In General Chemical Products Market
• Recycled Resin For Sustainable Food Packaging Revolutionizes General Chemical Products Market
• Asia-Pacific was the largest region in the general chemical market in 2023

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This release was published on openPR.