Allied Market Research published a new report, titled, “Basic Chemicals Market by Product Type (Organic and Inorganic) and End User (Chemical Industry, Food & Beverages, Textiles, Pharmaceuticals, Pulp & Paper, Polymer, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The report offers key drivers that propel the growth in the global basic chemicals market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.
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As per the report published by Allied Market Research, the global basic chemicals market is projected to reach $949.1 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030. The report highlights the market characteristics, market potential, growth by segmentation, and competitive landscape.
The global basic chemicals market is analyzed across several regions such as Europe, North America, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to dominate the market in terms of revenue throughout the forecast period. Moreover, the region would manifest the highest CAGR of 4.5% during the forecast period.
Eswara Prasad, Manager, Chemical and Material at Allied Market Research, stated, “Surge in adoption of basic chemicals in food & beverage industry and growth of the pharmaceutical sector drive the global basic chemicals market. However, health hazard associated with basic chemicals hinders the market growth. On the contrary, rise in agricultural additives is expected to open new opportunities for the market players in the future.
Based on product type, the organic segment would hold the lion’s share from 2021 to 2030, and held more than half of the total market share in 2020. However, the inorganic segment is estimated to register the highest CAGR of 4.7% during the forecast period.
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On the basis of end use, the polymer segment would portray the highest CAGR of 4.5% during the forecast period. However, the chemical industry segment is expected to continue its dominance in terms of share from 2021 to 2030.
The global basic chemicals market report includes an in-depth analysis of the major market players such as BASF SE, Borealis AG, Eastman Chemical Company, INEOS, LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, Shin-Etsu Chemical Co. Ltd., Solvay, Sumitomo Chemical Co. Ltd., and Tokyo Chemical Industry Co. Ltd.
The report offers a comprehensive study of the impact of the Covid-19 pandemic on the market.
- The Covid-19 outbreak negatively affected the market due to its dependence on food & beverages, textile, chemical, pulp & paper, agriculture, and polymer sectors which were hampered during the pandemic.
- The manufacturing industries were moderately affected which resulted in a downfall in demand for basic chemicals.
- Fuel consumption was decreased during the pandemic due to restrictions on transportation of non-essential items.
- The global basic chemicals market is divided based on product type and end use.
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