New York, May 31, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Chemicals Global Market Report 2022" - https://www.reportlinker.com/p05292863/?utm_source=GNW
The global chemicals market is expected to grow from $4,241.18 billion in 2021 to $4,620.17 billion in 2022 at a compound annual growth rate (CAGR) of 8.9%. The market is expected to grow to $6,371.09 billion in 2026 at a CAGR of 8.4%.
The chemicals market consists of the sales of chemicals by entities (organizations, sole traders, and partnerships) that produce chemicals based on the transformation of organic and inorganic raw materials by a chemical process and the formulation of products (but excluding beneficiating of mining output, refining of crude petroleum, manufacturing of aluminum oxide, primary metal manufacturing, beverage distilling, tobacco manufacturing). The chemicals industry establishments produce a variety of chemical products by processing raw materials such as air, water, natural gas, oil, metals, and minerals.
The main types of chemicals are general chemical products, printing inks, toiletries, soap and cleaning compounds, adhesives, paints and coatings, pesticide and other types of agricultural chemicals, chemical fertilizers, synthetic rubber and fibers, plastic material and resins, ethyl alcohol, and other basic types of organic chemical, and other types of basic inorganic chemical, synthetic dye, and pigment, industrial gas, and petrochemicals.Printing ink is ink used in printing and contains a pigment or pigments of the required color mixed with oil or varnish.
The types of intermediate chemicals are methanol, ethylene oxide, and propylene oxide. The end-users involved are pharmaceuticals, agrochemicals, water treatment, construction, paints and dyes, oil and gas, rubber chemicals, surfactants, personal care, and other end-users.
Asia Pacific was the largest region in the chemicals market in 2021.North America was the second-largest region in the chemicals market.
The regions covered in the chemicals report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Interest rates were low in most developed countries during this period, this positively impacted the growth of the chemicals market. For instance, in 2019, the European Central Bank decreased interest rates to -0.5% on deposits from banks to encourage lending. These low-interest rates encouraged borrowing and increased the flow of money for investment. This allowed chemicals companies to borrow money for process improvements, thus driving the market during the historic period.
Rising costs had a negative impact on the growth of the industrial gas market during the forecast period.This rise in raw material costs resulted in higher manufacturing costs, thus decreasing the investments available for research and development of new products.
Additionally, companies invested heavily in marketing their products due to intense competition in the market.Rising trucking, railroad, dry-bulk, and air-freight rates also negatively impacted the market.
This rise in operating costs increased the pressure on companies to protect margins while maintaining the quality of their products.
Chemical companies are increasingly adopting sustainable and eco-friendly processes to eliminate the negative impact of chemical manufacturing on the environment.Evolution in technology and chemical sciences enabled chemical companies to utilize alternative fuels to produce chemical products.
They are using naturally available carbon dioxide to produce fuels, industrial products, and other substances. For instance, Akzo Nobel N.V a chemicals and coatings giant is planning to make a seven-figure investment into Green Lizard Technologies’ patented process to make surfactants from plants rather than from oils.
The countries covered in the chemicals market are Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Ukraine, USA, and Vietnam.
Read the full report: https://www.reportlinker.com/p05292863/?utm_source=GNW
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