Pune, India, September, 2018 /MRFR Press Release/- Market Research Future published a half-cooked research report on “Global Basic Chemicals Market Research Report - Forecast to 2023” - Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The basic chemicals market is accruing rapidly across the globe, mainly due to the huge demand from various major end-use industries such as transportation, agriculture, packaging, textile, electrical & electronic, pharmaceutical, and paints & coatings worldwide. The market witness upsurge in demand over the past few years, owing to the increasing uptake of these chemicals.
Besides, the growing packaging industry with the surging demand for packaged beverages and food products due to convenience and improved product shelf life provides impetus to the market growth. Resultantly, the basic chemicals market is growing pervasively on the global platform.
Considering the growth, the market is witnessing currently, Market Research Future (MRFR), in its recently published study report foretells that the global basic chemicals market, growing rapidly will gain phenomenal accruals by registering an outstanding CAGR during the review period (2018-2023).
Since basic chemicals are one of the key components used in the plastic manufacturing, trends in production and supply of plastic are significant for the basic chemicals market as well. As plastic products are used across the burgeoning industries such as automotive, construction and electrical, the demand for basic chemicals is heading forth steadily.
On the other hand, some concerns such as volatility in the prices of the feedstock required in the production of these chemicals, and increasing research in the field of development of eco-friendly and innovative products by the leading players, may hamper the growth of the market over the corresponding period.
Basic Chemicals Market – Segmentation
The MRFR analysis is been segmented into three key dynamics for the convenience of understanding: -
By Types : Organic (Ammonia, Chlorine, Sodium Hydroxide, others.), and Inorganic (Benzene, Ethylene, Propylene, and others) among others.
By Applications : Plastics, Fiber, Rubber, Fertilizers, Soaps & Detergents, Adhesives, and Building Materials among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
Global Basic Chemicals Market – Regional Analysis
Globally, the Asia-Pacific’s chemical industry is the most diverse with more than 70,000 modern products such as plastics, particleboards, pharmaceuticals, and paints & coatings.
The Asia Pacific is the dominating market for basic chemicals, holding the largest market share. The region witnesses the expansion of infrastructural projects and mulling to restart the construction activities conducted by both, government and private players, which, in turn, will drive the demand for basic chemicals in the region.
Simultaneously, the presence of large petrochemical manufacturers in India and China impacts the market growth positively. Furthermore, the surging demand for chemicals from some of the burgeoning industries such as automotive, and agriculture, among others are fostering the market growth.
North America region is another lucrative market for the basic chemicals. Although North America occupies comparatively a smaller share in the market, the growing reconstruction activities and increasing demand from the automotive industry are the major driving forces driving the market growth in the region. Besides, expanding aviation and marine industry contribute to the market growth.
Europe is emerging as one of the promising markets for basic chemicals with expanding packaging industry. Owing to the growing production of PET bottles and packaged beverages & food products, the region is likely to observe a significant growth during the review period. The automobile industry majorly pulls the demand for these chemicals in the region for making interiors of luxury cars.
The MEA (the Middle East & Africa) region is another substantial market in the global basic chemicals market. The market in the MEA region is projected to grow at a considerable CAGR owing to the availability of feedstock and the high investment potential. Besides, the growing demand for basic chemicals from the prominent end-use industries such as packaging, automotive, and petrochemicals fuels the market growth in the region.
Global Basic Chemicals Market – Competitive Analysis
Manufacturers, operating in the basic chemicals market, have been witnessing a good time especially, due to the shutdown of a number of chemicals companies in China. Companies are perceiving revenue growth picked up from the last quarter of 2017 quarter, alongside the expansion in operating profit margin (OPM).
The market still appears highly competitive and diversified with the presence of many well-established players having the regional and global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the key trends for leading players in the market.
Fervent players in the market include DowDuPont (US), BASF SE (Germany), Exxon Mobil Corporation (US), SABIC (Saudi Arabia), China Petroleum & Chemical Corporation (China), INEOS (Switzerland), LyondellBasell Industries Holdings B.V. (The Netherlands), Formosa Plastics Corporation (US), Royal Dutch Shell (The Netherlands), Mitsubishi Chemical Corporation (Japan), LG Chem (South Korea), Celanese Corporation (US), and BDC Group (US).
Industry/ Innovation/ Related News:
August 13, 2018 – MC Industrial Chemical Co. Ltd. (Thailand), a trusted importer and distributor of basic chemicals, industrial solvents, textiles, and plastics announced that it is looking for partners for the future growth, supplying the building blocks for Asia’s growing industries. The company is seeking partners with strong raw materials capabilities that can further enhance its portfolio and expand the business operations.