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Chemicals Global Market Report 2021: COVID 19 Impact and Recovery to 2030

·3-min read

Major companies in the chemicals market include China Petroleum & Chemical Corporation (Sinopec); BASF SE; Bayer AG; Dow Chemical and LyondellBasell Industries. The global chemicals market is expected to grow from $3340.

New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Chemicals Global Market Report 2021: COVID 19 Impact and Recovery to 2030" -
32 billion in 2020 to $3728.43 billion in 2021 at a compound annual growth rate (CAGR) of 11.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4304.71 billion in 2025 at a CAGR of 4%.

The chemicals market consists of the sales of chemicals by entities (organizations, sole traders and partnerships) that produce chemicals based on the transformation of organic and inorganic raw materials by a chemical process and the formulation of products (but excluding beneficiating of mining output, refining of crude petroleum, manufacturing of aluminium oxide, primary metal manufacturing, beverage distilling, tobacco manufacturing).The chemicals industry establishments produce a variety of chemical products by processing raw materials such as air, water, natural gas, oil, metals and minerals. The chemicals market is segmented into general chemical product; printing inks; toiletries; soap and cleaning compounds; adhesives; paints and coatings; pesticide and other agricultural chemicals; chemical fertilizers; synthetic rubber and fibers; plastic material and resins; ethyl alcohol and other basic organic chemical; other basic inorganic chemical; synthetic dye and pigment; industrial gas and petrochemicals.

Asia Pacific was the largest region in the global chemicals market, accounting for 49% of the market in 2020. North America was the second largest region accounting for 17% of the global chemicals market. Africa was the smallest region in the global chemicals market.

Chemical companies are increasingly adopting sustainable and ecofriendly processes to eliminate negative impact of chemical manufacturing on the environment. Evolution in technology and chemical sciences enabled chemical companies to utilize alternative fuels to produce chemical products. They are using naturally available carbon dioxide to produce fuels, industrial products and other substances. For instance, Akzo Nobel N.V a chemicals and coatings giant is planning to make a seven-figure investment into Green Lizard Technologies’ patented process to make surfactants from plants rather than from oils.

Rising costs had a negative impact on the growth of the industrial gas market during the forecast period. This rise in raw material costs resulted in higher manufacturing costs, thus decreasing the investments available for research and development of new products. Additionally, companies invested heavily on marketing their products due to intense competition in the market. Rising trucking, railroad, dry-bulk and air-freight rates also negatively impacted the market. This rise in operating costs increased the pressure on companies to protect margins, while maintaining the quality of their products.

Interest rates were low in most developed countries during this period; this positively impacted the growth of the chemicals market. For instance, in 2019, the European Central Bank decreased interest rates to -0.5% on deposits from banks to encourage lending. These low interest rates encouraged borrowing and increased the flow of money for investment. This allowed chemicals companies to borrow money for process improvements, thus driving the market during historic period.

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