The global commodity chemicals market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Commodity chemicals or bulk chemicals are a category of chemicals that are produced on a substantial scale and act as feedstock to produce other chemicals which are used in making speciality and fine chemicals. Commodity chemicals are classified as the major sub-category of the chemical industry. Commodity chemicals are generally traded in wide-ranging categories such as inorganics, organics, plastics resins, fibers, synthetic rubbers, films, explosives and petrochemicals. These wide-ranging categories consist of chemicals such as, ammonia, hydrochloric acid, sulphuric acids, calcium carbonate, sodium carbonate, sodium chloride, acetic acid, acetone, acrylate esters, adipic acid, acrylonitrate, benzene, bisphenol, butadiene, butanediol, butyl acetate, hexane, melamine, polyvinyl chloride, propylene, methanol, methyl, glycols, glycerines etc. The end users purchase these chemicals based on price as the principal economic aspect as these chemicals are quite low in product differentiation.
The commodity chemical market is extremely divided and supported with numerous domestic players. Asia is the largest market for commodity chemicals with nearly half of the entire market, followed by North America and Europe. The growth potential remains high in Asia due to the developing economy and continuous pattern and assistance for the manufacturing sector in the developing countries such as China, India, and Indonesia. Mass accessibility to crude oil and natural gas through the Middle East is helping the commodity chemical industries in Asia.
Commodity chemicals market provide a variety of industrial sectors including personal care products to electronics. It has its application both directly or indirectly in nearly all manufacturing industries. Rapid economic growth of countries, especially developing countries around the world is elevating the entire market of commodity chemicals. Despite this firm regulation of the government authorities around the globe concerning the EHS standards and ever-changing prices of crude oil and natural gas create considerable concern for the industry.
Top manufacturers in the commodity chemicals market include Akzo Nobel, Asahi Kasei, BASF SE, Bayer AG, Mitsubishi Chemical Holdings Corporation, PPG industries, Linde Group, LyondellBasell Industries, The Dow Chemical Company, Sumitomo chemicals, Evonik Industries, INEOS Group Holding and Chem China.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth