Press Release

Basic Chemicals Market to Grow with a CAGR of 4.75% Globally through 2029

Surge in research and development activities is expected to drive the Global Basic Chemicals Market growth in the forecast period, 2025-2029.

According to TechSci Research report, “Basic Chemicals Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Global Basic Chemicals Market stood at USD665.28 billion in 2023 and is anticipated to grow with a CAGR of 4.75% in the forecast period, 2025-2029. Initiatives taken by government based on basic chemicals has led to favorable market conditions for the Global Basic Chemicals Market. Several factors contribute to the growth of various basic chemicals products.

Governments around the world are dedicated to continuously developing comprehensive policies and regulations to ensure the utmost safety, sustainability, and responsible practices within the basic chemicals sector. One notable instance is the U.S. Environmental Protection Agency (EPA), which, in June 2023, unveiled a groundbreaking framework specifically aimed at addressing both new and existing uses of PFAS (per- and polyfluoroalkyl substances) under the Toxic Substances Control Act (TSCA). This framework serves as a strategic guide to effectively manage and mitigate potential risks associated with PFAS, safeguarding public health and the environment.

These regulatory frameworks are meticulously designed to exert control over the production, usage, and disposal of hazardous substances, thereby exerting a profound influence on the operations of chemical manufacturers. By implementing and enforcing these regulations, governments strive to encourage responsible practices, minimize adverse environmental impacts, and foster the development of sustainable solutions within the chemical industry. This holistic approach ensures that the basic chemicals sector operates in a manner that aligns with the principles of safety, sustainability, and protection of human health and the environment.


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Research and development (R&D) initiatives are playing a pivotal role in driving the development of innovative and enhanced chemical products. For instance, in the pharmaceutical sector, the continuous development of novel drugs is poised to cement its dominance in the global fine chemicals market. With a strong focus on R&D, the industry is committed to pushing the boundaries of medical advancements and bringing forth groundbreaking solutions to address various health challenges.

The Global Basic Chemicals Market is segmented into type, end user, regional distribution, and company.

Based on its type, the others segment held the largest market share in the forecast period. Alcoholic beverages, including beer, wine, and distilled spirits, have long been enjoyed by people across the globe. These beverages derive their intoxicating properties from the addition of specific ingredients, with ethanol playing a pivotal role as the intoxicating substance. Ethanol, commonly produced from sources such as sugarcane, grains, and various organic compounds, not only serves as a key market trend but also holds tremendous potential as a renewable fuel. The utilization of ethanol in alcoholic beverages not only provides a pleasurable experience but also aligns with the growing demand for sustainable alternatives in the fuel industry.

Based on region, Asia Pacific segment is expected to grow during the forecast period. 

Several factors contribute to the growth of the market in this province. These include an increase in investments, intense competition among chemical manufacturing companies, and the presence of a large number of players in the industry. Together, these dynamics create a favorable environment for market expansion and development.

Major companies operating in Global Basic Chemicals Market are:

·         Borealis AG

·         BASF SE

·         Eastman Chemical Company

·         Ineos Group Ltd

·         Tokyo Chemical Industry Co. Ltd.

·         Mitsubishi Chemical Corporation

·         Solvay SA

·         Shin-Etsu Chemical Co. Ltd.

·         Sumitomo Chemical Co. Ltd.

·         LyondellBasell Industries Holdings B.V.


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“With increasing emphasis on sustainability and reducing carbon footprint, there's a noticeable shift in the basic chemicals industry towards exploring and adopting bio-based feedstocks derived from renewable sources. This trend is being driven by various factors, including growing environmental awareness among consumers, tightening regulations aimed at curbing greenhouse gas emissions, and the recognition of the finite nature of fossil fuel resources. The trend towards bio-based feedstocks in the basic chemicals industry is expected to continue as companies recognize the environmental, economic, and social benefits associated with their adoption. By embracing bio-based feedstocks, companies can contribute to sustainable development goals, reduce their environmental impact, and capitalize on the growing market demand for eco-friendly products.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Global Basic Chemicals Market By Type (Organic Ammonia, Chlorine, Sodium Hydroxide, Inorganic Benzene, Ethylene, Propylene, Others), By End User (Chemical Industry, Pharmaceuticals, Food & Beverages, Polymer, Pulp & Paper, Textiles, Others), By Region, By Competition Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of Global Basic Chemicals Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Basic Chemicals Market.

 

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