Allied Market Research Says, Global Basic chemicals market is anticipated to expand $949.1 billion by 2030, and witnessing 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 research offers a detailed segmentation of the global basic chemicals market. Key segments analyzed in the research include Product Type, End-use Industries and Region, Extensive analysis of sales, revenue, growth rate, and market share of each type, process, shell material, application and end user for the historic period and the forecast period is offered with the help of tables.
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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 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.
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.
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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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.