What Has Been The Evolution of the Basic Chemicals Market in Recent Years?
The basic chemicals market has seen considerable growth due to a variety of factors.
•In the past few years, the basic chemicals market has seen robust growth. Its size is projected to increase from $708.83 billion in 2024 to $744.51 billion in 2025, attesting to a compound annual growth rate (CAGR) of 5.0%.
Factors contributing to this expansion in the previous period are the advancement in consumer goods manufacturing, oil and gas industry evolution, progress in the healthcare and pharmaceutical sectors, world war phases, and environmental regulations.
What Is the Forecasted Market Size and Growth Rate for The Basic Chemicals Market?
The basic chemicals market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for a robust enhancement in the size of the basic chemicals market in the forthcoming years. The market is anticipated to expand to a whopping $931.47 billion by 2029, progressing at a compound annual growth rate (CAGR) of 5.8%.
The substantial growth projected for the forecasted period is ascribed to a shift towards green chemistry, the use of renewable resources, implementing circular economy strategies, energy transition, and the adoption of clean technologies, digitalization, and industry 4.0. Foreseen trends throughout the forecast period include providing customized and tailored solutions, an emphasis on safety and risk management, putting into effect the circular economy, emphasis on health and personal care chemicals, in addition to advanced materials development.
What Are The Core Factors Supporting Growth In The Basic Chemicals Market?
Growth in the basic chemicals market is anticipated to be propelled by the demand from the food and beverage industry. This sector is intricate and extensive, comprising a range of activities such as production, processing, packaging, distribution, and selling of food and drink products. Essential chemicals are widely used in the food and beverage industry as additives which include flavorings, thickeners, sweeteners, colorants, and preservatives. For instance, Aviko, a food company based in the Netherlands, reported that the fast food sector in the UK had seen an increase of 9%, growing from $20.57 billion in 2021 to $22.44 billion in 2022, as of June 2023. The same month, 45% of UK consumers reported eating at fast food restaurants. Hence, this upsurge in demand within the food and beverage industry is primarily facilitating the expansion of the basic chemicals market.
What Are The Major Segments Within The Global Basic Chemicals Market?
The basic chemicals market covered in this report is segmented –
1) By Product Type: Organic, Inorganic
2) By Application: Fiber, Rubber, Fertilizers, Soaps And Detergents, Adhesives, Building Material, Other Applications
3) By End-Use: Chemical Industry, Food And Beverages, Textiles, Pharmaceuticals, Pulp And Paper, Polymer, Other End-Uses
Subsegments:
1) By Organic: Petrochemicals, Alcohols, Acids, Amines
2) By Inorganic: Acids, Salts, Oxides, Metals And Metal Compounds
Pre-Book The Basic Chemicals Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Trends Are Expected To Transform The Basic Chemicals Market?
The emergence of product innovations is a significant trend that is garnering attention in the basic chemicals market. Major firms in this market are inventing new products to maintain their industry standing. For instance, Evonik Industries AG, a specialty chemicals firm based in Germany, introduced the ELATUR DINCD plasticizer for basic chemicals in January 2022. This type of plasticizer, a cyclohexanone, boasts exceptional UV resistance and flexibility in low temperatures. Its low viscosity makes it simple to process, and it is particularly well-suited for high-demand interior and exterior uses such as textile fabrics, roofing membranes, floor coverings, and items like adhesives, sealants, paints, and coatings.
Who Are the Key Players in the Basic Chemicals Market?
Major companies operating in the basic chemicals market include:
• Reliance Industries Limited
• BASF SE
• Saudi Basic Industries Corporation (SABIC)
• LyondellBasell Industries Holdings B.V.
• China National Chemical Corporation (ChemChina)
• LG Chem Ltd.
• Mitsubishi Chemical Corporation
• Yara International ASA
• INEOS Group Limited
• Sumitomo Chemical Co. Ltd.
• Asahi Kasei Corporation
• Shin-Etsu Chemical Co. Ltd.
• Solvay SA
• DuPont de Nemours Inc.
• Lotte Chemical Corporation
• Eastman Chemical Company
• Eurochem Agro GmbH
• Israel Chemicals Limited
• Celanese Corporation
• Formosa Plastics Corporation
• Tosoh Corporation
• Nippon Shokubai Co Ltd
• UBE Industries Ltd
• Borealis AG
• Versum Materials Inc.
• Tata Chemicals Limited
• Jordan Bromine Company Limited
• Tokyo Chemical Industry Co. Ltd.
• Indo Chemicals Pvt. Ltd.
• Bhavani Chemicals
What Is The Most Dominant Region In The Basic Chemicals Market?
Asia-Pacific was the largest region in the basic chemicals market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the basic chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
