Chemicals market to grow to approximately $ 6 trillion in 2019
The chemicals industry is one of the largest manufacturing industries in the world. It manufactures a variety of chemicals products by processing raw materials such as air, water, natural gas, oil, metals and minerals.
While many of the products from the industry, such as detergents, soaps and perfumes, are purchased directly by the consumer, 70% of chemicals manufactured are used by other industries, including other branches of the chemicals industry itself, to make products.
The products of the chemicals industry can be broadly classified into three categories: basic chemicals, specialty chemicals and consumer chemicals.
Basic chemicals mainly include petrochemicals, polymers and basic inorganic compounds. These chemicals are usually produced in huge quantities and are sold either to other industries or within the chemicals industry as raw materials.
Specialty chemicals mainly comprise chemicals which are known for their specific function or performance. Adhesives, paints, pigments and dyes are a few examples of specialty chemicals.
Consumer chemicals are chemicals which are sold as an end product to the general consumer. Examples of consumer chemicals include soaps, detergents and toilet cleaning products.
There has been rapid progress recently in the field of fertilizers and pesticides and other agricultural chemicals segments in regards to effectively utilizing farmlands and improving yields. These developments are reducing the demand and supply gap in agriculture resulting from increasing urbanization and demand for resources. In the fertilizers and pesticides segment competitors are focusing on products which have high demand or high growth in demand.
According to The Business Research Company’s Chemicals Consultant, Yogesh Bathula, the worldwide expansion of the chemicals industry has been driven largely by the rise of multinational chemicals companies. Global investment in chemicals companies has been driven by the attraction of lower labor costs, world economic growth, the reduction of tariffs and other trade barriers, and advances in telecommunications and transportation.
The Business Research Company expects the chemicals market to grow to approximately $ 6 trillion in 2019. Asia was the largest geographic market in the chemicals sector in 2015, accounting for over half of the global market.
The figure below shows the year-on-year growth of the global chemicals market during 2015–2019.
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