Global Basic Chemicals Market Share 2024, Forecast To 2033
8 Mar, 2024
The basic chemicals market has experienced robust growth, reaching $675.35 billion in 2023 and $713.59 billion in 2024 at a CAGR of 5.7%, driven by consumer goods manufacturing and environmental regulations. Expected to see steady growth, the market is forecasted to expand to $864.15 billion in 2028 at a CAGR of 4.9%, attributed to transition to green chemistry and digitalization. Major trends include customization and focus on safety.
Global Basic Chemicals Market Key Driver
The demand in the food and beverage industry is expected to propel the growth of the basic chemicals market going forward. The food and beverage industry refers to a broad and complicated sector that includes several operations related to the production, processing, packaging, distribution, and retailing of food and drink items. The food and beverage industry uses basic chemicals as additives such as flavorings, thickeners, sweeteners, colorants, or preservatives. For instance, in June 2022, according to USDA Rural Development, 2021 Highlights, a US-based agency under the United States Department of Agriculture, there were food and beverage (F&B) sales of $467.20 billion in 2021. Moreover, in December 2022, according to Kirin Brewery Company Limited, a Japan-based beverage company, there were 185.60 million kiloliters of global beer consumption in 2021. Therefore, the demand in the food and beverage industry is driving the growth of the basic chemicals market.
Get A Free Sample Of The Global Basic Chemicals Market ReportGlobal Basic Chemicals Market Segments
The basic chemicals market covered in this report is segmented –
1) Product Type:Organic, Inorganic
2) Application:Fiber, Rubber, Fertilizers, Soaps And Detergents, Adhesives, Building Material, Other Applications
3) End-Use:Chemical Industry, Food And Beverages, Textiles, Pharmaceuticals, Pulp And Paper, Polymer, Other End-Uses
By Geography: The countries covered in the basic chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the basic chemicals market in 2023. 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.
Major Basic Chemicals Industry Players
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
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Basic Chemicals Market Overview
Basic chemicals are substances produced in large quantities and are fundamental building blocks for various industries. Basic chemicals are widely used in producing other chemicals and making products that positively impact the economy.