Market Research Future (MRFR) announces the publication of its research report Global Basic Chemicals Market, 2023.
The global basic chemicals market is growing pervasively, witnessing the massive demand from many key end-use industries. Agriculture, transportation, packaging, textile, electrical & electronics, pharmaceutical, and paints & coatings are industries that absorb a considerable amount of basic chemicals per year. Moreover, surging demand from the rapidly growing packaging industry is another key factor escalates the market on the global platform.
According to Market Research Future (MRFR), the global basic chemicals market is expected to witness exponential accruals by 2023. In its recently published analysis, MRFR also asserts that the market would register a phenomenal CAGR throughout the forecast period (2018-2023).
Basic chemicals are the key substrates used in the plastic manufacturing process. Hence, trends in production and supply of plastics impact the growth of the basic chemicals market, significantly. Plastic products are extensively used in the automotive, construction, and electrical industry. Resultantly, the demand for basic chemicals is continually on the rise.
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Players leading global basic chemical market include DowDuPont (US), Exxon Mobil Corporation (US), BASF SE (Germany), SABIC (Saudi Arabia), INEOS (Switzerland), China Petroleum & Chemical Corporation (China), LyondellBasell Industries Holdings BV (The Netherlands), Royal Dutch Shell (The Netherlands), Formosa Plastics Corporation (US), Mitsubishi Chemical Corporation (Japan), BDC Group (US), LG Chem (South Korea), and Celanese Corporation (US), among others.
Basic Chemicals Market – Geographical Analysis
The Asia Pacific region leads the global basic chemicals market. The presence of key petrochemical manufacturers in China and India, such as Finolex, SINOPEC Shanghai Petrochemical Co., Ltd., and NOCIL is a key factor in creating market demand. Moreover, huge consumption of basic chemicals from the growing automotive, agriculture, and electrical & electronics companies, among others are driving the market.
The chemical industry in the APAC region is the most diverse with more than 70,000 modern products such as particleboards, plastics, pharmaceuticals, and paints & coatings. The region is witnessing the expansion of infrastructural projects and mulling to restart the construction activities conducted by both, government and private players, which, in turn, is expected to drive the demand for basic chemicals in the region.
The basic chemicals market in the North America region is another lucrative market owing to the growing reconstruction activities and increasing demand from the automotive industry. Besides, burgeoning aviation and marine industry contribute to market growth.
The European basic chemicals market is emerging a promising market, globally. Factors such as the growing production of PET bottles and packaged beverages & food products in the region would foster market growth. The automobile industry in the region pulls the demand for these chemicals majorly for making interiors of luxury cars.
Basic Chemicals Market – Competitive Landscape
Highly competitive, the basic chemicals market appears diversified due to the presence of many well-established players. To gain a competitive advantage, mergers & acquisitions, brand reinforcement, and innovation remain key trends for leading players. Manufacturers are witnessing a good time, due to the shutdown of a number of chemicals companies in China. Companies perceive revenue growth picked up from the last quarter of 2017, and there is a considerable expansion in operating profit margin (OPM).
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