New York, May 31, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Chemicals Global Market Report 2022” – https://www.reportlinker.com/p05292863/?utm_source=GNW
The global chemicals market is expected to grow from $4,241.18 billion in 2021 to $4,620.17 billion in 2022 at a compound annual growth rate (CAGR) of 8.9%. The market is expected to reach $6,371.09 billion in 2026 with a CAGR of 8.4%.
The chemicals market includes the sales of chemicals by entities (organizations, sole proprietorships, and partnerships) that produce chemicals based on the transformation of organic and inorganic raw materials through a chemical process and the formulation of products (but excluding the beneficiation of mining production, refining of crude oil, manufacture of aluminum oxide, primary metal processing, distillation of beverages, manufacture of tobacco). Establishments in the chemical industry produce a variety of chemicals by processing raw materials such as air, water, natural gas, petroleum, metals and minerals.
The main types of chemicals are general chemicals, printing inks, toiletries, soaps and cleaners, adhesives, paints and coatings, pesticides and other types of agricultural chemicals, chemical fertilizers, rubber and synthetic fibers, plastics and resins, ethyl alcohol, and other basic types of organic chemicals, and other types of basic inorganic chemicals, synthetic dyes and pigments, industrial gases and petrochemicals. .
The intermediate chemical types are methanol, ethylene oxide and propylene oxide. Affected end users are pharmaceuticals, agrochemicals, water treatment, construction, paints and dyes, oil and gas, rubber chemicals, surfactants, personal care and d other end users.
Asia Pacific was the largest chemical market region in 2021. North America was the second largest chemical market region.
Regions covered in the Chemicals report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Interest rates were low in most developed countries during this period, which had a positive impact on the growth of the chemicals market. For example, in 2019 the European Central Bank lowered interest rates to -0.5% on bank deposits to encourage lending. These low interest rates encouraged borrowing and increased the flow of money for investment. This has allowed chemical companies to borrow money to improve their processes, thus boosting the market in the historical period.
Rising costs have had a negative impact on the growth of the industrial gases market over the forecast period. This increase in raw material costs has led to higher manufacturing costs, thus decreasing the investments available for research and development of new products.
Moreover, companies have invested heavily in marketing their products due to the intense competition in the market. Rising trucking, railroad, dry bulk and air freight rates also negatively impacted the market.
This increase in operating costs has increased the pressure on companies to protect their margins while maintaining the quality of their products.
Chemical companies are increasingly adopting sustainable and environmentally friendly processes to eliminate the negative impact of chemical manufacturing on the environment. Developments in chemical science and technology have allowed chemical companies to use alternative fuels to manufacture chemicals.
They use naturally available carbon dioxide to produce fuels, industrial products and other substances. For example, Akzo Nobel NV, a chemicals and coatings giant, plans to invest seven figures in Green Lizard Technologies’ patented process for making surfactants from plants rather than oils.
The countries covered in the chemicals market are Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria , Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, Ukraine, United States United and Vietnam.
Read the full report: https://www.reportlinker.com/p05292863/?utm_source=GNW
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