Basic Chemicals Market Anticipated to Grow at Much Faster Rate in Upcoming Years 2024 – 2030
Basic Chemicals Market Trend
Rise in adoption of basic chemicals in the food & beverage industry and developments in the pharmaceutical sector drive the growth of the global market.
WILMINGTON, DELAWARE, UNITED STATES, May 24, 2024 /EINPresswire.com/ -- Allied Market Research has published a comprehensive report titled, "Basic Chemicals Market by Product Type (Organic and Inorganic) and End User (Chemical Industry, Food & Beverages, Textiles, Pharmaceuticals, Pulp & Paper, Polymer, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global basic chemicals industry was valued at $649.8 billion in 2020 and is projected to reach $949.1 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/15353
𝐃𝐫𝐢𝐯𝐞𝐫𝐬, 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬, 𝐚𝐧𝐝 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬
The growth of the global basic chemicals market is primarily driven by the increased adoption of basic chemicals in the food & beverage industry and advancements in the pharmaceutical sector. However, growth is somewhat restrained by health hazards associated with basic chemicals. On the other hand, advancements in agricultural additives are anticipated to present lucrative opportunities for the market.
𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧
𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐓𝐲𝐩𝐞:
- Organic Segment: Dominated the market in 2020, accounting for nearly three-fifths of the market share. The use of ethanol in alcoholic beverages and its production from renewable sources like sugarcane and grains drive this segment.
- Inorganic Segment: Expected to register the fastest CAGR of 4.7% during the forecast period. Key drivers include the use of ammonia in fertilizers and chlorine in water disinfection and as a bleaching agent.
𝐄𝐧𝐝 𝐔𝐬𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
- Chemical Industry: Held the largest market share in 2020, contributing nearly two-fifths of the total revenue. The increasing demand for consumer goods, which utilizes basic chemicals as raw materials or intermediates, fuels this segment.
- Polymer Segment: Projected to grow at the fastest CAGR of 4.5% due to the rising use of plastics in various end-use sectors.
𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬
Asia-Pacific, followed by North America, held the largest market share in 2020, accounting for nearly half of the global market. The region is also anticipated to experience the highest CAGR of 4.5% from 2021 to 2030. Factors such as substantial investments, intense competition, and a large number of chemical manufacturing companies are driving market growth in this region.
𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
Some of the prominent players in the basic chemicals market include:
- Borealis AG
- Eastman Chemical Company
- Tokyo Chemical Industry Co. Ltd.
- LyondellBasell Industries Holdings B.V.
- Mitsubishi Chemical Corporation
- BASF SE
- Shin-Etsu Chemical Co. Ltd.
- Solvay
- INEOS
- Sumitomo Chemical Co. Ltd.
𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/basic-chemicals-market/purchase-options
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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