Market Overview
MRFR (Market Research Future) believes that the basic chemicals market could cover considerable grounds and attain a significant CAGR between 2020 and 2027 (review period).
Top Boosters and Deterrents
Basic chemicals form the foundation of the chemical sector and are used majorly to create other chemicals as well as non-chemicals. Some of the most popular and extensively used basic chemicals are ethylene, benzene, ammonia, formaldehyde, sodium hydroxide, calcium carbonate, sulfuric acid, chlorine, and many more. These chemicals find a range of applications in rubber, plastic, soaps & detergents, fiber, solvents, fertilizers, and ink.
The basic chemicals industry has been performing significantly well over the years, in view of the soaring demand in diverse end-use sectors including packaging, transportation, textile, agriculture, pharmaceutical, paints & coatings, and electrical & electronic, in developed as well as developing nations. The incredible growth of the packaging sector in line with the soaring preference for packaged beverages as well as food products owing to convenience and higher product shelf life has favored the basic chemicals industry to a large extent. Basic chemicals witness rampant demand in several emerging countries, like India, China, and Brazil, as the working population continues to boom and the surging industrialization rate.
The revival of the automotive industry across developed countries coupled with the heightened demand for lightweight, fuel-efficient vehicles in the face of stringent environmental norms has uplifted the market position as well. The automotive industry has been doing especially well in developing regions as sales of passenger vehicles continues to escalate and consumers note surge in their disposable income.

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Segmentation Insight
The basic chemicals industry has been considered for type and application.
The different types of basic chemicals are organic as well as inorganic. The inorganic chemical types are sodium hydroxide, calcium carbonate, ammonia, hydrogen, chlorine, titanium dioxide, sulfuric acid, and others. Meanwhile, the organic chemical types are butadiene, urea, benzene, methanol, ethylene, propylene, acetone, and others. Ammonia’s rapidly mounting use in the fertilizer industry in view of the surging food demand has made it the leading segment in the global market. Out of the organic chemicals, the highest growth will be noted by the ethylene market, considering the substantial demand for polymers across numerous industries. Inorganic chemicals generally find use as a processing aid in the production of chemical as well as non-chemical products.
 
Depending on the application, the key segments covered in the market study are building material, fiber, plastics, fertilizers, rubber, adhesives, soaps & detergents, and more. The highest gainer is expected to be plastic as the demand and use of packaged beverages and foods continue to escalate. The preference for PET bottles has surged, as environmental concerns soar, which is bound to foster basic chemicals’ applications in the plastic sector.
Regional Status
The basic chemicals industry can be segregated depending on Latin America, Asia Pacific/APAC, Europe, North America, and MEA or Middle East & Africa.
Asia Pacific is the clear winner in the global market, commanding the biggest share as a result of the booming sales and consumption of a variety of basic chemicals in the region. The stunning growth of several end-use industries in India and China has done wonders for the regional market. Also, numerous global manufacturers are shifting their manufacturing facilities to the region, given the affordable labor costs and infrastructure. The accelerated industrialization rate along with the surging purchasing capacity of consumers will also contribute to the basic chemicals market growth in the next couple of years.
North America stands as a prominent market for basic chemicals, backed by the thriving construction sector and the surge in commercial and residential construction projects. Additionally, rampant demand for different basic chemicals from packaging and automotive industries should further benefit the North American market. Canada happens to be growing at the fastest rate while the US is performing remarkably well, thanks to the extensive demand for consumer electronics.
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Major Vendors
The top manufacturers active in the basic chemicals industry include DowDuPont (U.S.), LyondellBasell Industries Holdings B.V. (The Netherlands), Mitsubishi Chemical Corporation (Japan), SABIC (Saudi Arabia), INEOS (Switzerland), BASF SE (Germany), China Petroleum & Chemical Corporation (China), Royal Dutch Shell (The Netherlands), LG Chem (South Korea), Celanese Corporation (U.S.), Exxon Mobil Corporation (U.S.), BDC Group (U.S.), Formosa Plastics Corporation (U.S.), and more.
These companies form the largest part of the global market, given their massive production capabilities, extensive revenue base, patented manufacturing facilities, and expansive distribution networks. These firms are mostly focused on adopting strategic initiatives that include agreement, acquisition, expansion, partnership and more to remain relevant in the next several years.
May 2021
Stamicarbon, a reputed Dutch technology firm has introduced a green ammonia manufacturing process that is expected to facilitate sustainable fertilizer production. Called Stami Green Ammonia Technology, it depends primarily on renewable resources such as wind, solar, and hydrogen from water, replacing the need for fossil fuels. The company, which is Italy’s Maire Tecnimont Group’s innovation division, has also entered an exclusive agreement with Raybite for the commercialization of its ammonia technology package.
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NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.