Basic Chemicals Market Overview, Demand, Global Industry Share, COVID-19 Analysis and Growth 2023
Basic Chemicals Market Overview
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 global basic
chemicals industry 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 COVID-19 analysis on 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 chemical market 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 Key Players:
Fervent players in the basic
chemical 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).
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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
industry, 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.
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.
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NOTE: Our team of researchers are studying Covid19 and its impact
on various industry verticals and wherever required we will be considering
covid19 footprints for a better analysis of market and industries. Cordially
get in touch for more details.
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