New York, April 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Chemicals Global Market Report 2023" - https://www.reportlinker.com/p05292863/?utm_source=GNW
The global chemicals market grew from $4700.13 billion in 2022 to $5079.29 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The chemicals market is expected to grow to $6851.59 billion in 2027 at a CAGR of 7.8%.
The chemicals market consists of the sales of petrochemicals, industrial gas, ethyl alcohol, organic chemicals and inorganic chemicals, resins, synthetic rubber, and artificial and synthetic fibers and filaments, pesticides, fertilizers, and other agricultural chemicals.The chemicals industry establishments produce a variety of chemical products by processing raw materials such as air, water, natural gas, oil, metals and minerals.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Chemical compounds are substances that are produced based on the transformation of organic and inorganic raw materials by a chemical process and the formulation of products. Chemicals have characteristics such as flammability, toxicity, acidity, reactivity, and heat of combustion.
Asia-Pacific was the largest region in the chemicals market in 2022.North America was the second-largest region in the chemicals market.
The regions covered in the chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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.
Interest rates were low in most developed countries during this period.This positively impacted the growth of the chemicals market.
For instance, in March 2020, the Bank of England, a UK-based central bank, reduced interest rates to 0.1%, the lowest level ever, as a measure of protest against COVID-19. These low-interest rates encouraged borrowing and increased the flow of money for investment. This allowed chemical 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 enables 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 in 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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The chemicals market research report is one of a series of new reports that provides chemicals market statistics, including chemicals industry global market size, regional shares, competitors with a chemicals market share, detailed chemicals market segments, market trends and opportunities, and any further data you may need to thrive in the chemicals industry. This chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p05292863/?utm_source=GNW
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