General Chemical Product Market to Grow at 4.8% CAGR, Reaching $352.23 Billion by 2029

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General Chemical Product Market Outlook: How is the Market Expected to Grow by 2025?
The market size for generic chemical products has witnessed consistent growth in the past few years. The market worth is projected to rise from $280.67 billion in 2024 to $292.03 billion in 2025, representing a compound annual growth rate (CAGR) of 4.0%. Factors attributing to growth during the historic period include industrial demand, cost of raw materials, world economic conditions, competition in the market, and consumer trends.

General Chemical Product Market Forecast: What Size Will It Reach By 2029?
The overall market size for general chemical products is projected to experience consistent expansion in the forthcoming years. The market is estimated to surge to $352.23 billion by 2029, with a compound annual growth rate (CAGR) of 4.8%. The growth during the projection period can be inferred from factors such as disruptions in the supply chain, sustainability drives, altering consumer habits, governmental policies and rules, and global health events. Prominent trends anticipating during the forecast period encompass sustainable and eco-friendly chemistry, industry 4.0 and digitalization, regulatory adherence and safety, bio-derived chemicals, and supply chain robustness.

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Which Key Market Drivers Will Shape General Chemical Product Industry Trends in 2025-2029?
The anticipated expansion of the pharmaceutical sector is forecasted to stimulate growth in the general chemical product market. The term pharmaceutical industry can be defined as a business corporation given the legal rights to manufacture, market, and sell pharmaceuticals. The role of chemicals is instrumental in the manufacturing process of various pharmaceutical commodities such as drugs, lotions for application on the skin, vaccines, health supplements, and specially formulated milk for newborns. Therefore, the expansion of the pharmaceutical sector is foreseen to accelerate the general chemical product market's growth. In relation to this, the 2021-2030 National Health Expenditure (NHE) report released by the Centers for Medicare & Medicaid Services, an entity under the US Department of Health and Human Services, in March 2022, forecasted the annual increase in national health spending to average 5.1% between the years 2021 and 2030, culminating at an estimated $6.8 trillion by the year 2030. Furthermore, Medicare expenditure is projected to surge at an annual rate of 7.2% while Medicaid spending is expected to rise by 5.6% annually during the 2021-2030 time frame. Hence, the upswing in the pharmaceutical industry is contributing to propelling the growth of the general chemical product market.

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What Are the High-Growth Segments in the General Chemical Product Market?
The general chemical product market covered in this report is segmented -

1) By Type: Except Basic Chemicals, Resins, Synthetic Rubber, Other Types
2) By Product Type: Organic, Inorganic
3) By Application: Household, Commercial

Subsegments:
1) By Except Basic Chemicals: Specialty Chemicals, Fine Chemicals, Agrochemicals, Surfactants
2) By Resins: Epoxy Resins, Polyester Resins, Polyurethane Resins, Phenolic Resins
3) By Synthetic Rubber: Styrene-Butadiene Rubber (SBR), Ethylene-Propylene-Diene Monomer (EPDM), Nitrile Rubber (NBR), Butyl Rubber
4) By Other Types: Adhesives And Sealants, Paints And Coatings, Inks, Additives And Modifiers

Which Global Trends Are Driving General Chemical Product Market Expansion?
The primary trend taking root in the general chemical products market is product innovation. Companies leading in this market are concentrating their efforts on creating new products. For instance, SCG Chemicals, a Thailand-based chemical firm, introduced Circular PP in February 2022. This premium post-consumer recycled resin (PCR) is produced using state-of-the-art recycling technology and recycled feedstock, forming a significant part of SCG Green Polymertm solutions. The properties of Circular PP match those of virgin plastic resins, making it the perfect solution for manufacturing eco-friendly food packaging.

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Who Are the Fastest-Growing Companies in the General Chemical Product Industry?
Major companies operating in the general chemical product market include 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.

What Is the Regional Outlook for the General Chemical Product Market by 2029?
Asia-Pacific was the largest region in the general chemical market in 2024. The regions covered in the general chemical product market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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This release was published on openPR.