Chemicals

General Chemical Product Market Forecast 2024-2033: Growth Rate, Drivers, And Trend|China Petrochemical Corporation, Exxon Mobil Corporation, Mitsui Chemicals Inc., BASF SE, Dow Inc

The General Chemical Product Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s General Chemical Product Global Market Report 2024, The general chemical product market size has grown strongly in recent years. It will grow from $309.7 billion in 2023 to $329.93 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to industrial demand, raw material costs, global economic conditions, market competition, consumer trends.

The general chemical product market size is expected to see strong growth in the next few years. It will grow to $415.82 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to supply chain disruptions, sustainability initiatives, evolving consumer preferences, government policies and regulations, global health events. Major trends in the forecast period include green and sustainable chemistry, digitalization and industry 4.0, regulatory compliance and safety, bio-based chemicals, supply chain resilience.

The growth in the pharmaceutical sector is expected to boost the growth of the general chemical product market going forward. The pharmaceutical industry refers to a commercial enterprise that has a license to produce, market, and distribute pharmaceuticals. Chemicals play a critical role in the manufacturing of a variety of pharmaceutical products, including medications, topical ointments, vaccines, dietary supplements, and unique newborn milk compositions; hence, the growth in the pharmaceutical sector is expected to boost the general chemical products market. For instance, in March 2022, according to the 2021–2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Additionally, throughout the period 2021–2030, Medicare expenditures are expected to expand at a 7.2% annual rate, while Medicaid spending is expected to grow at a 5.6% annual rate. Therefore, the growth in the pharmaceutical sector is driving the growth of the general chemical products market.

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The general chemical product market covered in this report is segmented –

1) By Type: Except Basic Chemicals, Resins, Synthetic Rubber, Other Types
2) By Product Type: Organic, Inorganic
3) By Application: Household, Commercial

Major companies operating in the general chemical products market are focusing on developing advanced sustainable resins to meet environmental regulations and address growing consumer demands for eco-friendly products. Advanced sustainable resin refers to an environmentally conscious and durable polymer material that minimizes environmental impact and promotes long-term ecological sustainability. For instance, in May 2023, SABIC, a Saudi Arabia-based chemicals company, launched LNP ELCRIN WF0051iQ. The latest addition to the company’s sustainable iQ resins, this compound features thin-wall construction, non-brominated or non-chlorinated flame retardance, and is the first LNP ELCRIN iQ grade to meet the UL94 V0 standard for fire resistance at 0.4 mm, making it ideal for electrical applications. With a relative thermal index (RTI) of 130°C at 0.4 mm and a comparative tracking index (CTI) of 2, it enhances safety and reduces material requirements, potentially lowering tooling costs.

The general chemical product market report table of contents includes: