Commodity Chemicals Market Size, Share, Growth, And Industry Analysis, By Type (Organics and Inorganics), By Application (Consumer Product, Food & Beverage, Plastic, Industry, Mining & Construction, Oil & Gas Industry, Construction Materials and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Commodity Chemicals Market Report Overview

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The global commodity chemicals market size was USD 650534.91 million in 2021 and market is projected to touch USD 1280897 million by 2031, at a CAGR of 7.01% during the forecast period.

A set of chemicals known as commodity chemicals—also known as bulk chemicals or bulk commodities—are produced on an enormous scale to meet the demands of international markets. Chemical trade publications and websites like Chemical Week and ICIS routinely publish the average pricing of chemicals. The size and intricacy of this market have been the subject of numerous studies, particularly in the USA. The chemical business is divided into several subsectors, including fine chemicals, specialty chemicals, inorganic chemicals, petrochemicals, pharmaceuticals, renewable energy (such as biofuels), and materials (such as biopolymers). Commodity chemicals are one of these subsectors. The main distinction between chemicals is how they are made.

The market for these chemicals has recently experienced strong CAGR growth. Due to a number of factors, the market for commodity chemicals is anticipated to increase during the forecast period. These include the rising demand for commodity plastic, its affordability, and the expansion of its use in new industries. Bulk chemicals and commodity chemicals both serve as building blocks for the production of other chemicals. These are widely available and used in the production of plastics, rubber, adhesives, clothing, and building materials. Plastic resins, organics, synthetic rubbers, inorganics, explosives, petrochemicals, and films are some of the major categories in which the chemicals market deals. Glycol, glycerines, methyl, methanol, benzene, acetone, acetic acid, and other similar substances. Due to little product differentiation, the global market for these chemicals has a tendency to be very price sensitive.

COVID-19 Impact: Lockdowns to Disrupt Market Supply and Hinder Market Growth

City-wide lockdowns and disruptions in the transportation network are having an indiscriminate effect on the world and the global economy as a result of the COVID-19 epidemic and the rising numbers of sick. In the days and weeks to come, it is anticipated that a considerable impact would be felt on supply chains for chemicals and materials as well as manufacturing processes all over the world. Transportation has ceased as a result of the lockdown of cities and nations. There are countless chemical enterprises that have temporarily closed or are about to do so. Companies that rely largely on manufacturing for raw materials, components, or completed items would be most negatively affected.

Latest Trends

"Plastic Industry to Provide Impetus to the market "

The demand from the plastics industry, which is growing, drives the market for commodity chemicals globally. A rising demand from the food and beverage industry and consumer retail establishments around the world supports this business. The plastics sector uses these chemicals because of their distinct lightweight and secure properties to create a variety of products. The market is predicted to expand since near substitutes like glass just cannot compete in terms of reliability and cost-effectiveness.

Additionally, the market has clear benefits over those for specialist chemicals in the concerned industries. The market also provides broadly accessible, reasonably priced goods. Commodity chemical is widely accessible, which is also fueling their expansion in the automotive, personal care, and transportation industries.

Commodity Chemicals Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into organics and inorganics.

In terms of product, is the largest segment.

• By Application Analysis

Based on application, the market can be divided into consumer product, food & beverage, plastic, industry, mining & construction, oil & gas industry, construction materials and others.

In terms of application, is the largest segment.

Driving Factors

"Building and Construction Sector to Augment Market Growth"

The market is anticipated to rise as a result of the expansion of the building and construction sector, which will need more high-quality and energy-efficient products. Over the course of the projection period, the market will increase due to the rising use of commodity chemicals to create proactive and protective coatings and lightweight plastic products. The market is expected to develop as a result of rising demand for multipurpose, high-quality paints and coatings with exceptional weather resistance capabilities. Paint and coatings are primarily made with commodity chemical like resins, pigments, and solvents. These chemicals are employed in different ways depending on how the paint is made.

"Aerospace Industry to Enhance Market Performance"

Over the past few years, the manufacturing of common chemicals has expanded due to booming aerospace industry. The International Trade Administration (ITA) estimates that the aerospace sector's export sales to the economy totaled billions of dollars. Additionally, the aircraft industry has received billions in foreign direct investment (FDI) by the conclusion of the projection period. The rise of the North American market is anticipated to be accelerated by growth in the food industry brought on by rising consumer and governmental spending. Consumers, corporations, and governmental organizations spent millions on food and beverages in supermarkets and other merchants as well as on takeout meals and snacks, according to the agriculture economic research service.

Restraining Factors

"Environmental Laws to Impede Market Expansion"

During the anticipated timeframe, the global market for commodity chemicals will also encounter certain difficulties. Increasing environmental laws and increased scrutiny of chemicals are anticipated to impede market expansion over the forecast period. Furthermore, the volatility of the crude oil and natural gas markets might be a barrier to growth. This is anticipated to constraint commodity chemicals market growth.

Commodity Chemicals Market Regional Insights

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"Asia Pacific to Dominate the Market Due to Demand for Paper-Based Packaging"

The region with the quickest growth is anticipated to be Asia Pacific. Growing demand for paper-based packaging is what is driving the commodity chemical market share in the Asia-Pacific region. As the production of commodity chemical shifts from North America and Europe to Asia Pacific, the regional market will likewise experience significant expansion. The global market for commodity chemical is anticipated to be driven by China and India's expanding support for manufacturing.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Covestro (Germany)
• Formosa Plastics Corporation (Taiwan)
• Toray Industries (Japan)
• Bayer (Germany)
• Asahi Kasei (Japan)
• Akzo Nobel (Netherlands)
• Yara International (Norway)
• Evonik Industries (Germany)
• Sinopec (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.