Press release
Other Basic Inorganic Chemical Industry to See Robust Expansion, Valued at $246.31 Billion by 2029
Other Basic Inorganic Chemical Market
What Is the Projected CAGR for the Other Basic Inorganic Chemical Market from 2024 to 2025?
The market size for other basic inorganic chemicals has been consistently expanding over the recent years. Projected growth suggests an increase from $191.8 billion in 2024 to $200.9 billion in 2025, showing a compound annual growth rate (CAGR) of 4.7%. This historical growth trend is influenced by factors such as industrial and infrastructural development, agricultural growth, water treatment requirements, building material needs, and global supply chain expansion.
What are the Expected Market Size and CAGR for Other Basic Inorganic Chemical by 2029?
Projections for the basic inorganic chemical market suggest a significant expansion in the coming years, with its value predicted to reach $246.31 billion in 2029. This would represent a compound annual growth rate (CAGR) of 5.2%. The anticipated growth during this forecast period is likely due to factors such as renewable energy initiatives, electronic waste recycling, advancements in agricultural technologies, emphasis on sustainable water management, and infrastructure and construction projects. Key trends likely to be observed during this period include global economic shifts, changes in geographic demand, variations in the prices of raw materials, a focus on product quality and purity, and the resilience of supply chains.
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Which Factors Are Driving the Global Other Basic Inorganic Chemical Market Expansion?
The escalation in the requirement for inorganic chemicals utilised in the agricultural chemical industry is anticipated to stimulate the expansion of the other basic inorganic chemicals sector. Fertilizers are either made naturally or synthetically containing chemical compounds which enhance the growth and productivity of vegetation. These inorganic fertilizers are made up of fundamental inorganic chemicals which carry essential nutrients necessary for crop growth and increased productivity. Hence, the growing requirement for inorganic chemicals in the agricultural chemical industry amplifies the need for other basic inorganic chemicals. As an example, Krungsri Research, a financial institution based in Thailand, in June 2023, stated that the demand for inorganic fertilizers is anticipated to rise annually by 2.0-3.0% until 2025. Consequently, the increased demand for inorganic chemicals within the fertilizer industry stimulates the expansion of the other basic inorganic chemicals market.
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Which Segment Currently Holds the Largest Share of the Other Basic Inorganic Chemical Market?
The other basic inorganic chemical market covered in this report is segmented -
1) By Product Type: Basic Inorganic Chemicals, Alkali Chemicals
2) By Application: Concentrators, Separators, Condensers, Vaporizers, Reactor Vessels, Other Applications
3) By Industry: Food Industry, Pharmaceuticals, Personal Care, Agriculture, Other Industries
Subsegments:
1) By Basic Inorganic Chemicals: Acids, Salts, Oxides, Carbonates
2) By Alkali Chemicals: Sodium Hydroxide, Potassium Hydroxide, Sodium Carbonate, Ammonium Hydroxide
Which Major Trends Are Shaping the Future of the Other Basic Inorganic Chemical Industry?
The growth trend in the other basic inorganic chemical market is dictated by an increasing number of production plants leveraging advanced technology. Several leading corporations in the market are focusing on the launch of state-of-the-art sulfuric acid plants via innovative technologies to strengthen their market presence. As a prime example, Andritz AG, a technology enterprise from Austria, established the globe's pioneering sulfuric acid plant for Klabin's Ortigueira mill in Brazil in October 2022. This plant, capable of churning out 150 metric tons of high-grade (>98%) sulfuric acid daily from concentrated foul odors and elemental Sulphur, utilizes technology from Andritz's proprietary A-Recovery+ concept. This concept allows pulp mills to salvage side products from the pulp-making process and convert them into commercially profitable goods. Andritz's CircleToZero product range houses this plant, a line designed to eliminate waste byproducts, contribute to the production of new, valuable products, and pioneer a zero-emissions, zero-waste production model.
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Which Key Players Dominate the Other Basic Inorganic Chemical Industry Globally?
Major companies operating in the other basic inorganic chemical market include Akzo Nobel NV, Evonik Industries AG, Mitsubishi Chemical Corporation, GFS Chemicals Inc., Behn Meyer Holding AG, Eastman Chemical Company, Sumitomo Chiba Chemical Co. Ltd., Saudi Basic Industries Corporation, China Petroleum & Chemical Corporation, LG Chem Ltd., Arkema SA, Solvay SA, Tata Chemicals Limited, Otsuka Chemical Co. Ltd., Albemarle Corporation, Cabot Corporation, The Dow Chemical Company, Huntsman Corporation, Ineos Group Limited, Lanxess AG, Olin Corporation, PQ Corporation, Rhodia SA, Shin-Etsu Chemical Co. Ltd., Tosoh Corporation, W.R. Grace & Co., Zeon Corporation, American Elements Corporation, Chemetall GmbH, Materion Corporation, Merck KGaA, Umicore SA
What Are the Fastest-Growing Regions in the Other Basic Inorganic Chemical Market?
Asia-Pacific was the largest region in the other basic inorganic chemical market in 2024. The regions covered in the other basic inorganic chemical market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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