Global Chemicals Market 2023 to 2027, Fueled by Growing Demand Across Industries - ResearchAndMarkets.com
The global chemicals market is projected to reach a value of US$7.06 trillion by 2027, with a growth rate of 7.33% during the period from 2023 to 2027.
The "Global Chemicals Market (by Category & Region): Insights & Forecast with Potential Impact of COVID-19)" report has been added to ResearchAndMarkets.com's offering.
The global chemicals market is projected to reach a value of US$7.06 trillion by 2027, with a growth rate of 7.33% during the period from 2023 to 2027.
The growth of the market is driven by various factors, including a growing consumer base, increasing demand for plastics, rising consumption in the automotive industry, upswing in cosmetics manufacturing, and expansion of oil drilling and refining activities.
Key Growth Drivers:
- Growing Consumer Base: The increasing global population is contributing to the demand for various consumer products and materials.
- Increasing Demand for Plastics: The demand for plastics in various industries is fueling the growth of the chemicals market.
- Surging Consumption in the Automotive Industry: The automotive sector's demand for chemicals for manufacturing and production is boosting the market.
- Upswing in Cosmetics Manufacturing: The cosmetics industry's use of chemicals for products is driving market growth.
- Expansion of Oil Drilling & Refining Activities: The oil and gas industry's need for chemicals in drilling and refining is contributing to market growth.
Market Trends & Developments:
- Accelerating Demand from Construction Industry: The construction industry's demand for chemicals for building materials is on the rise.
- Rising Usage in Electronic Applications: The electronics industry's use of chemicals for various applications is a growing trend.
- Escalating Adoption of Agricultural Fertilizers: The agriculture sector's need for chemicals for fertilizers is contributing to market growth.
- Continuous Research and Development: Ongoing research and development in the chemicals sector are driving innovation and growth.
Challenges:
- Price Instability of Crude Oil: Fluctuations in crude oil prices can impact the cost of chemicals production.
- Rise in Operating Cost: Increasing operating costs can affect the profitability of chemical manufacturing.
- Increased Environmental Regulations: Stringent environmental regulations can impact the production and use of certain chemicals.
Market Segmentation:
The global chemicals market can be segmented based on category (commodity chemicals, specialty chemicals, agriculture chemicals, and other chemicals) and region (Asia, Europe, NAFTA, Latin America, and Rest of the World).
Market Dynamics by Region:
- Fastest Growing Region: Asia is the fastest-growing region due to factors like infrastructure construction, industrialization, and diverse end-user industry demand.
Companies Mentioned:
Key players in the global chemicals market include:
- China Petroleum & Chemical Corporation (Sinopec)
- Eneos Holdings, Inc.
- BASF SE
- Dow Inc (The Dow Chemical Company)
- LyondellBasell Industries N.V
- Mitsubishi Chemical Group Corporation
Scope of the Report:
The report provides a comprehensive analysis of the global chemicals market, including its potential impact from COVID-19. It covers major regions and countries, analyzes growth drivers, market trends, and challenges in depth. The competitive landscape is explored, with detailed company profiles of leading players in the industry.
Key Target Audience:
- Manufacturers, Producers, and Traders of Chemicals
- Exporters and Importers
- Raw Material Suppliers
- End Users
- R&D and Investment Companies
- Government Bodies & Regulating Authorities
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $5.32 Trillion |
| Forecasted Market Value (USD) by 2027 | $7.06 Trillion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/4feygm
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