According to a new report published by Allied Market Research, titled, “Organic Chemicals Market,” The organic chemicals market was valued at $153.3 billion in 2022, and is estimated to reach $286.1 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
Organic chemical or compound is a special category of compound that contains carbon-hydrogen bonds. Carbon shows a unique property called catenation that enables it to form numerous organic compounds with different carbon hydrogen bonds and its derivatives. These chemicals can be obtained naturally or can also be produced by artificial processes as well. Organic chemicals are classified into flavoring agents, aromatic agents, & various alcohols, and are widely used in industries such as food & beverages, pharmaceuticals, cosmetics, and fertilizers.
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Growth in population base has led to rapid urbanization in both developed and developing economies such as the U.S., China, and India. This has increased government spending on architecture sector to develop various upcoming infrastructure projects. For instance, according to a report published by National Investment Promotion and Facilitation Agency, the infrastructure activities accounted for 13% share of the total foreign direct investment (FDI) inflows in 2021. Furthermore, rapid development of water supply, sanitation, urban transport, schools, and healthcare aid the growth of the building & architecture sector.
A wide range of paints & coatings are used in interior and exterior parts of buildings for surface protection, material strengthening, and corrosion resistance purposes, where organic chemicals are used as solvents during paint manufacturing. Moreover, it is used as a raw binder polymer that provides excellent fluid dispersion to paints & coatings. This factor has made key manufacturers of paints & coatings sector to use organic chemicals; thus, boosting the market growth.
One of the greatest advantages of organic chemicals is that majority of it can be manufactured from natural sources such as plants, animals, coal, petroleum, and wood. These are easily available in almost every region across the globe. This factor has eased the availability of organic chemicals. Moreover, factor such as rise in corporate social responsibility (CSR) activities coupled with growing awareness for using non-toxic chemicals has surged the popularity of organic chemicals among several end-use sectors. This may fuel the demand for organic chemicals market during the forecast period.
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On the contrary, since the organic chemical industry is technology-driven, there is huge spending on R&D, and this plays a crucial role in the value chain. These R&D investments regarding innovative applications as well as a reduction in production costs are expected to bring numerous opportunities for the industry players. The government initiatives with an aim to encourage the manufacturing industry in emerging economies, such as India, are expected to open new opportunities for organic chemicals market development.
The organic chemicals market is segmented on the basis of product, end-use industry, and region. By product, the market is segregated into acids, alcohols & ethers, amines & amides, aldehydes & ketones, and others. The alcohol and ethers segment dominated the global market, in terms of revenue in 2022. The rise in severity of diseases coupled with change in eating habits has surged the risk of heart-related problems among people of 45-70 years. This factor has surged the demand for therapeutic drugs where propanol is widely used to treat heart problems, help with anxiety, and prevent migraines. This may further augment the growth of the organic chemicals market for alcohols type.
The surge in demand for personal grooming coupled with increase in demand for luxury and exotic fragrances has led the perfume manufacturing sector to witness a rapid surge in demand where organic ethers are widely used as major solvent in perfume manufacturing. This may boost the growth of the organic chemicals market during the forecast period.
By end-use industry, the market is divided into pharmaceuticals, agrochemicals, personal care & cosmetics, food & beverages, and others. The pharmaceuticals end-use industry segment dominated the global market. Pharmaceutical sector is recognized as the growing sector owing to surge in spending on development highly efficient drugs where organic chemicals act as a major pharmaceutical solvent.
For instance, according to a report published by India Brands Equity Foundation, the Indian pharmaceutical industry witnessed a growth of 17.7% in 2021 and is expected to grow by 22% by the end of 2022. This may foster the growth of the organic chemicals market during the forecast period.
Region wise, the organic chemicals market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific organic chemicals market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major market share in 2021, China’s food & beverage sector has grown rapidly, which has forced the organic chemicals manufacturers to increase their manufacturing capacities where organic chemicals are frequently used in beverage, food, and feed production. This may act as one of the key drivers responsible for the growth of the organic chemicals market.
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Furthermore, the pharmaceutical sector in India has witnessed a significant growth owing to increase in severity of diseases where organic chemicals is widely used to produce various pharmaceutical formulations and drug coatings. For instance, according to a report published by India Brands Equity Foundation, India’s pharmaceutical sector stood at $42 billion in 2021 and is anticipated to reach $65 billion by 2024. This is anticipated to increase the sales of organic chemicals among the growing pharmaceutical sector; thus, creating lucrative opportunities for the organic chemicals market in the Asia-Pacific region.
Key players operating in the global organic chemicals market include Akzonobel, BASF SE, Cargill, CHEMPLAST SANMAR LIMITED, Dow, Hindustan Organic Chemicals Limited, Neogen Chemicals Limited, Royal Dutch Shell plc, TCI America, and Vinati organics Limited.
Key findings of the study
- By product, the alcohols and ethers segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.3 % from 2023 to 2032.
- By end use industry, the pharmaceuticals segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.9% from 2023 to 2032.
- By region, Asia-Pacific garnered the highest share of in 2022, in terms of revenue, growing at a CAGR of 6.8%.
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