Chemicals Market Characteristics
The chemicals manufacturing market consists of the sales of chemicals by entities (organizations, sole traders and partnerships) that produce chemicals based on the transformation of organic and inorganic raw materials by a chemical process and the formulation of products (but excluding beneficiating of mining output, refining of crude petroleum, manufacturing of aluminium oxide, primary metal manufacturing, beverage distilling, tobacco manufacturing).The chemicals industry establishments produce a variety of chemical products by processing raw materials such as air, water, natural gas, oil, metals and minerals.
Competitive Landscape of the Chemicals Market
Major players in the global chemicals market include China Petroleum & Chemical Corporation (Sinopec), BASF SE, Bayer AG, Dow Chemical, Lyondell Basell Industries.
Chemicals Market Size
The chemicals market size is expected to reach $3 trillion by 2022, significantly growing at a CAGR of around 0.2% during the forecast period. The growth in the chemicals market is due emerging markets growth, low oil prices and emergence of multinational chemicals companies.
However, the market for chemicals is expected to face certain restraints from several factors such as safety, regulatory challenges and changing regulations.
Chemicals Market Segmentation
The global chemicals market is further segmented based on type and geography.
By Type - The chemicals market is segmented into ethyl alcohol and other, petrochemicals, plastics materials and resin, fertilizer, toiletries, general chemical product, soap and cleaning compounds, paints and coatings, other basic inorganic chemical, pesticide and other agricultural chemicals, synthetic rubber and fibres, adhesives, synthetic dye and pigment, synthetic dye and pigment, printing inks.
Among these segments, the ethyl alcohol and other chemicals market accounts for the largest share in the global chemicals market.
By Geography - The global chemicals is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America chemicals market accounts the largest share in the global chemicals market.
Trends in the Chemicals Market
Shifting production facilities to emerging markets, chemical manufacturers adopting IOT technology and rapid evolution in green technologies are the major trends witnessed in the global chemicals market.
Potential Opportunities in the Chemicals Market
With Increase in global chemicals mergers and acquisitions (M&A), adoption of advanced technologies, economic growth the scope and potential for the global chemicals market is expected to significantly rise in the forecast period.