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Chemicals Market: Rising Inorganic Chemicals Demand in Fertilizers Drives Growth and Forecasts a Market Size of $8580.4 billion in 2029 at a CAGR of 8.6%
Chemicals Market Size
What Is The Projected Market Size Of The Global Chemicals Market And Its Growth Rate?
• The chemicals market size is projected to grow from $5614.19 billion in 2024 to $6158.94 billion in 2025 at a compound annual growth rate (CAGR) of 9.7%.
• The market is forecasted to reach $8580.4 billion in 2029 at a CAGR of 8.6%.
What Is Driving The Growth In The Chemicals Market?
The growth of the chemicals market is primarily driven by the rising demand for inorganic chemicals in the fertilizer industry. The use of these chemicals improves the growth and productivity of plants, leading to an increase in the need for chemicals. For instance, in December 2022, according to S&P Global Inc., fertilizer shipments totaled 224 million metric tonnes, with intermediates such as ammonia, sulfur, and phosphate rock sold to more than 100 million metric tonnes. The value of primary fertilizer demand is projected to double from $115 billion to roughly $231 billion, driven by changes in supply and demand chains.
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Who Are the Key Players Driving Chemicals Market Growth?
Key players in the chemicals market include:
• Sinopec Limited
• China National Chemical Corporation (ChemChina)
• BASF SE
• Procter & Gamble Company
• Unilever plc
• Dow Inc.
• Saudi Basic Industries Corporation (SABIC)
• LyondellBasell Industries N.V.
• L'Oreal SA
• LG Chem Ltd. and many others.
What Are The Key Trends In The Chemicals Market?
Trends driving the chemicals market growth include:
• Sustainability and green chemistry
• Digital transformation
• Circular economy
• Advanced materials and nanotechnology
• Supply chain resilience
• Digitalization and industry 4.0
What Are The Segments Of The Global Chemicals Market?
The global chemicals market is segmented by:
• Type: General Chemical Product, Printing Inks, Toiletries, Soap And Cleaning Compounds, Adhesives, Paints And Coatings, Pesticide And Other Agricultural Chemicals, and others
• Type of Intermediate Chemicals: Methanol, Ethylene Oxide, Propylene Oxide
• End User: Pharmaceuticals, Agrochemicals, Water Treatment, Construction, Paints And Dyes, Oil And Gas, and other end users
Which Region Leads The Chemicals Market?
Asia-Pacific was the largest region in the chemicals market in 2024, followed by North America. The market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Chemicals Market Global Market Report?
- Market Size Analysis: Analyze the Chemicals Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Chemicals Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Chemicals Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Chemicals Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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