Basic Chemicals Market: Increasing use of the basic chemicals is projected to boost the demand during the forecast period 2021-2030

Pune, India, June 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Basic Chemicals Market Research Report.

The global basic chemicals market is segmented by type, application, and region. On the basis of the type, the market is segmented into organic and inorganic chemicals. The organic chemicals are sub-segmented into benzene, butadiene, ethylene, methanol, acetone, propylene, urea, and others. The inorganic chemicals are sub-segmented into ammonia, calcium carbonate, chlorine, hydrogen, sulfuric acid, titanium dioxide, sodium hydroxide, and others. Organic chemicals are widely used in plastics, synthetic fibers, rubber, adhesives, inks, dyes, explosives, and fertilizers. Among various organic chemicals, ethylene accounted for the largest share in terms of volume owing to rising demand for polymers from end-use industries. Inorganic chemicals are used as a processing aid in the manufacturing of chemical and non-chemical products.

On the basis of application, the market is segmented into plastics, fiber, rubber, fertilizers, soaps & detergents, adhesives, building materials, and others. Plastic accounted for the largest market share owing to the increasing consumption of packaged beverages and food products. Surging demand for PET bottles in order to reduce the environmental issue is driving the market growth further. The product use is increasing owing to the growing industrial base in the developing regions.

Regional Analysis

Based on the region, the basic chemicals market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific emerged as the largest market for the basic chemical market in 2021 as a result of a growing number of industries in developing economies such as India and China. Rapid industrialization coupled with the penetration of end-use industries is expected to drive the demand.

North America is a prominent region in Textile Chemicals as a result of the flourishing construction industry with rising residential and commercial construction activities. Additionally, surging demand from the automotive and packaging industry is expected to drive market growth during the forecast period, 2021-2030.

Europe is another prominent region in the global basic chemicals market with a growing electrical, and electronics industry due to increasing demand for wearable devices and electronic equipment in the pharmaceutical industry. Latin America and the Middle East & Africa are likely to exhibit healthy growth during the review period.

Competitive Analysis

Some of the key players in the global basic chemicals market are BASF SE (Germany), DowDuPont (U.S.), Exxon Mobil Corporation (U.S.), China Petroleum & Chemical Corporation (China), SABIC (Saudi Arabia), LyondellBasell Industries Holdings B.V. (The Netherlands), INEOS (Switzerland), Formosa Plastics Corporation (U.S.), Mitsubishi Chemical Corporation (Japan), Royal Dutch Shell (The Netherlands), LG Chem (South Korea), BDC Group (U.S.), and Celanese Corporation (U.S.). 

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