New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "General Chemical Product Global Market Report 2023" - https://www.reportlinker.com/p06464035/?utm_source=GNW
Ltd., Solvay SA, Tokyo Chemical Industry Co. Ltd., DuPont de Nemours Inc., Sumitomo Chemical Co. Ltd., Bayer AG, China Petrochemical Corporation, Exxon Mobil Corporation, and Formosa Plastics Corporation
The global general chemical product market is expected to grow from $260.69 billion in 2022 to $309.93 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The general chemical product market is expected to reach $389.82 billion in 2027 at a CAGR of 5.9%.
The general chemical products market consists of sales of acids, alkalies, salts, and organic chemicals.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A general chemical product is a material formed as a consequence of a chemical reaction. It is used in the manufacture of many well-known everyday products, including glass, soap, beauty products, powdered detergent, paper, and textiles.
Asia-Pacific was the largest region in the general chemical market in 2022. The regions covered in general chemical products report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of general chemical products are except basic chemicals, resins, synthetic rubber, and others.Except basic chemicals refer to any chemicals that are not considered basic chemicals.
This includes a wide variety of chemicals, such as pharmaceuticals, specialty chemicals, and fine chemicals. The main types of products involved are organic and inorganic, which are used for several applications, including household and commercial.
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.
Product innovation is the key trend gaining popularity in the general chemical products market.Major companies operating in the general chemical products market are focusing on developing new products.
For instance, in August 2020, Locus Performance Ingredients™, a US-based biochemistry and fermentation company launched Ferma™.The product has a pure sophorolipid family of biosurfactants (INCI: Glycolipids) that provides safer and more sustainable component solutions with 5-25 times greater performance, allowing for reduced consumption rates and a 37% reduction in carbon footprint.
The Ferma™ line assists personal care formulators in overcoming regulatory obstacles, financial constraints, and customer concerns by giving access to highly adaptable ingredients that are 100% bio-based and GMO-free.
In June 2022, News Corp., a US-based mass media and publishing company, acquired Base Chemicals from S&P Global for $295 million. With this acquisition, the company’s operating name will be Chemical Market Analytics by OPIS, a Dow Jones firm. News Corp bought OPIS (the Oil Price Information Service) and associated assets from S&P Global and IHS Markit in February. As a result of this acquisition, Base Chemicals and OPIS are expected to broaden Dow Jones’ news and information capabilities significantly. Base Chemicals is a US-based provider of commodity chemicals.
The countries covered in the general chemical products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The general chemical product market research report is one of a series of new reports that provides general chemical product market statistics, including general chemical product industry global market size, regional shares, competitors with a general chemical product market share, detailed general chemical product market segments, market trends and opportunities, and any further data you may need to thrive in the general chemical product industry. This general chemical product market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464035/?utm_source=GNW
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