General Chemical Product Market Size 2024 And Growth Rate

The general chemical product market size has grown strongly in recent years. It will grow from $309.7 billion in 2023 to $329.93 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to industrial demand, raw material costs, global economic conditions, market competition, consumer trends.

General Chemical Product Market Growth Forecast

The general chemical product market size is expected to see strong growth in the next few years. It will grow to $415.82 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to supply chain disruptions, sustainability initiatives, evolving consumer preferences, government policies and regulations, global health events. Major trends in the forecast period include green and sustainable chemistry, digitalization and industry 4.0, regulatory compliance and safety, bio-based chemicals, supply chain resilience.

General Chemical Product Market Driver: Pharmaceutical Sector Surge Propels Growth In General Chemical Products Market

The growth in the pharmaceutical sector is expected to boost the growth of the general chemical product market going forward. The pharmaceutical industry refers to a commercial enterprise that has a license to produce, market, and distribute pharmaceuticals. Chemicals play a critical role in the manufacturing of a variety of pharmaceutical products, including medications, topical ointments, vaccines, dietary supplements, and unique newborn milk compositions; hence, the growth in the pharmaceutical sector is expected to boost the general chemical products market. For instance, in March 2022, according to the 2021–2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Additionally, throughout the period 2021–2030, Medicare expenditures are expected to expand at a 7.2% annual rate, while Medicaid spending is expected to grow at a 5.6% annual rate. Therefore, the growth in the pharmaceutical sector is driving the growth of the general chemical products market.

General Chemical Product Market Driver: Automotive Industry Boom Fuels Growth In General Chemical Products Market

The rise in the automotive industry is expected to propel the growth of the general chemical products market going forward. The automotive industry encompasses the production, design, development, and sale of vehicles, including cars, trucks, and motorcycles, along with associated parts and services. The automotive sector uses general chemical products for manufacturing processes, including adhesives, coatings, lubricants, and polymers, as well as in vehicle maintenance and operation. For instance, in December 2023, according to MarkLines Co. Ltd., a US-based provider of online information services to the automotive industry, US new vehicle sales of 1,242,376 units for November 2023 represented an increase of 2.6% from October 2023 and an increase of 8.8% from November 2022. Therefore, a rise in the automotive industry will drive the growth of the general chemical products market.

Global General Chemical Product Market Major Players

Major companies operating in the general chemical product market report are China Petrochemical Corporation, Exxon Mobil Corporation, Mitsui Chemicals Inc., BASF SE, Dow Inc., Bayer AG, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, Air Liquide S.A., Linde plc, Henkel AG & Co. KGaA, INEOS Group Limited, Sumitomo Chemical Co. Ltd., Evonik Industries AG, Shin-Etsu Chemical Co. Ltd., Solvay SA, DuPont de Nemours Inc., AkzoNobel N.V., Eastman Chemical Company, Celanese Corporation, Wacker Chemie AG, Formosa Plastics Corporation, Huntsman Corporation, The Chemours Company, Nippon Shokubai Co. Ltd., Invista Holdings Corporation, Ashland Global Holdings Inc., Borealis AG, Tokyo Chemical Industry Co. Ltd.

Global General Chemical Product Market Trend: Recycled Resin For Sustainable Food Packaging Revolutionizes General Chemical Products Market

Product innovation is the key trend gaining popularity in the general chemical products market. Major companies operating in the general chemical products market are focusing on developing new products. For instance, in February 2022, SCG Chemicals, a Thailand-based chemical company launched Circular PP, a premium post-consumer recycled resin (PCR) produced through advanced recycling technology utilizing recycled feedstock, as part of SCG Green Polymertm solutions. Circular PP boasts properties equivalent to those of virgin plastic resins, making it ideal for the production of environmentally friendly food packaging.

Global General Chemical Product Market Trend: Key Players Advanced Solutions Enhanced General Chemical Products Market

Major companies operating in the general chemical products market are focusing on developing advanced sustainable resins to meet environmental regulations and address growing consumer demands for eco-friendly products. Advanced sustainable resin refers to an environmentally conscious and durable polymer material that minimizes environmental impact and promotes long-term ecological sustainability. For instance, in May 2023, SABIC, a Saudi Arabia-based chemicals company, launched LNP ELCRIN WF0051iQ. The latest addition to the company's sustainable iQ resins, this compound features thin-wall construction, non-brominated or non-chlorinated flame retardance, and is the first LNP ELCRIN iQ grade to meet the UL94 V0 standard for fire resistance at 0.4 mm, making it ideal for electrical applications. With a relative thermal index (RTI) of 130°C at 0.4 mm and a comparative tracking index (CTI) of 2, it enhances safety and reduces material requirements, potentially lowering tooling costs.

General Chemical Product Market Merger And Acquisition:

News Corp. Enhances Chemical Market Analytics Portfolio With Acquisition Of Base Chemicals From S&P Global

In June 2022, News Corp., a US-based mass media and publishing company, acquired Base Chemicals from S&P Global for $295 million. With this acquisition, the company's operating name will be Chemical Market Analytics by OPIS, a Dow Jones firm. News Corp bought OPIS (the Oil Price Information Service) and associated assets from S&P Global and IHS Markit in February. As a result of this acquisition, Base Chemicals and OPIS are expected to broaden Dow Jones' news and information capabilities significantly. Base Chemicals is a US-based provider of commodity chemicals.

Regional Insights For The Global General Chemical Product Market

Asia-Pacific was the largest region in the general chemical market in 2023. The regions covered in the general chemical product market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the general chemical product market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The general chemical products market consists of sales of acids, alkalies, salts, and organic chemicals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The general chemical product market research report is one of a series of new reports from The Business Research Company that provides general chemical product market statistics, including general chemical product industry global market size, regional shares, competitors with a general chemical product market share, detailed general chemical product market segments, market trends and opportunities, and any further data you may need to thrive in the general chemical product industry. This general chemical product market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.