CRI Report has released a report titled “Commodity Chemicals Market –Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” which is anticipated to reach USD 1327.37 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 6.60% between 2020 and 2030. According to the report, the Commodity Chemicals Market is led by large players with diversified portfolios and a sophisticated and modern management approach. Growing awareness and acceptance of healthy lifestyles among consumers have increased the demand for pharmaceutical and nutraceutical products. The consumer focus is on personal care and this is likely to increase the demand for cosmetic and personal care products for end-use. Important factors have been observed driving the Commodity Chemicals Market.
The market report on Commodity Chemicals Market includes in-depth insights as:
- The estimated value of the market was USD 700.71 billion in the year 2020.
- Commodity Chemicals Market in Asia Pacific held the largest market share in the year 2020.
- Based on Product Type, Commercial and Industrial Cleaners emerged as a key segment in the Commodity Chemicals Market.
- Based on Type, Inorganic emerged as a key segment in the Commodity Chemicals Market.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“The increasing economic growth and the gross domestic product (GDP) of the industrialized and developing countries worldwide is driving the overall market for basic chemicals. The price is the main influencing factor since the product differentiation in these basic chemicals is very low. In addition, the easy availability and lower cost of base chemicals compared to specialty chemicals support market growth worldwide”, said a lead analyst at CRI Report.
Commodity chemicals (bulk chemicals) are a set of chemicals that are produced on a large scale and act as intermediates to other chemicals, which in turn are used to make a wide range of consumer products, including building materials, adhesives, plastics, base chemicals The largest sub-segment of the chemical industry Basic chemicals are typically traded in broad categories such as organic, inorganic, synthetic resins, synthetic rubbers, fibers, foils, explosives and petrochemicals, acrylate ester, adipic acid, acrylonitrile, benzene, bisphenol, butyl acetate, hexane, melamine, polyvinyl chloride, propylene, methanol, methyl, glycol, and glycerin. These chemicals have very little product differentiation. and therefore, make the price the dominant economic factor in the purchasing decisions of the end consumer.
Commodity Chemicals Market is segmented by Product Type into Commercial and Industrial Cleaners, Flavor & Fragrances, Food & Feed Additives. The Commercial and Industrial Cleaners segment had the largest share of market sales in 2019 and is expected to experience a high rate of growth in the forecast period. Important fastening adhesives in the building and construction industry are rapidly driving the Commercial and Industrial Cleaners segment.
Key Players in the Market
- Some of the key players operating in the Commodity Chemicals Market are BASF, Bayer, The Dow Chemical, Mitsubishi Chemical Holdings, PPG Industries, Linde, Akzo Nobel, LyondellBasell Industries, Asahi Kasei, Sumitomo Chemicals, Evonik Industries.
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In the new report, CRI Report thrives to present an unbiased analysis of the Commodity Chemicals Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2030. The study includes compelling insights into growth that is witnessed in the market. Commodity Chemicals Market is segmented by Type into Pesticides, Construction Chemicals, Specialty Oilfield Chemicals, Organic, Inorganic, Food Additives, Specialty Polymer, and Others; By Product Type into Commercial and Industrial Cleaners, Flavor & Fragrances, Food & Feed Additives; By Function into Antioxidants, Biocides, Surfactants, and Others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.