The market for North American commodity chemicals is anticipated to expand as the building and construction sector continues to develop and use high-quality, energy-efficient products. Over the course of the forecast period, the market is expected to rise as a result of an increase in the production of barrier coatings and lightweight plastic goods using common chemicals. The U.S. Commodity Chemicals market is expected to expand due to rising demand for multipurpose, high-quality paints and coatings with exceptional weather resistance features. Paints and coatings are typically made with commodity chemicals like resins, pigments, and solvents; each of these compounds has a specific role to play in the creation of paints. Commodity chemical market expansion is anticipated to be fueled by the North American region's recovery in the oil and gas sector as a result of rising investment. For instance, the US produced 17,886,000 barrels per day (bpd) of crude oil in 2018, overtaking Saudi Arabia to become the world's top producer. Thus, expansion of the oil and gas industry in the United States is anticipated to benefit market expansion.
According to Coherent Market Insights, The market for Commodity Chemicals In North America is anticipated to reach an estimated value of US$ 57,611.94 million in 2021 and grow at a CAGR of 5.70% from 2021 to 2028.
Leading Companies in the North America Commodity Chemicals Industry:
1. BASF
The business was established in 1865, and its head office is in Ludwigshafen, Germany. The corporation's six business segments are polymers, plastics, performance goods, useful solutions, agricultural solutions, and petroleum and natural gas. The expansion of BASF's polymer dispersions production facility in Daya Bay, China, was announced in March 2023. Through R&D innovation and a commitment to a sustainable lifestyle, BASF produced healthy beauty in February 2023.
2. Bayer Group
The company was started in 1863 and is located in Leverkusen, Germany. Bayer AG manufactures and sells agricultural and medical products. For $425 million, Bayer announced in August 2020 that it had purchased KaNDy Therapeutics Ltd, bolstering its female healthcare division. The business declared in June 2021 that it had acquired Noria Therapeutics Inc. and PSMA Therapeutics Inc., acquiring access to many actinium-225-based experimental medicines with a focus on treating cancer.
3. Akzonobel N.V.
The company was started in 1994 and is based in Amsterdam, Netherlands. Specialty chemical production is done by Akzo Nobel N.V. The business sells pulp and paper, bleaching and oxidising, salt-chlorine, surfactants, polymers, ornamental paints and coatings, and other chemical products. AkzoNobel introduced a bisphenol-free interior coating for beverage can ends in May 2023.
4. The Dow Chemical Company
The company was started in 1897 and has its main office in Midland, Michigan, U.S As a chemical firm, The Dow Chemical firm does business. The business produces plastic materials, rubber, agro-science, and speciality chemicals. Worldwide, Dow Chemical provides services to the packaging, construction, food, and personal care industries. Dow and New Energy Blue established a partnership in May 2023 to create renewable plastic materials using leftover maize.
5. E.I. DuPont de Nemours and Company
The company was started in 2017 and is located in Wilmington, Delaware, United States. The company provides a wide variety of goods, including consumer goods, building supplies, adhesives, electronics, textiles, fibres, home and garden items, medical equipment, resins, and printing supplies. DuPont declared its intention to purchase Rogers Corporation in November 2021 in a deal estimated to be worth $5.2 billion.
6. Mitsui Chemicals
The firm was started in 1997 and is based in Tokyo, Japan. The company primarily specialises with petrochemicals, basic chemicals, functional polymeric materials, and performance materials. Chemical products of all kinds are produced and sold by Mitsui Chemicals, Inc. Products offered by the company include synthetic resins, fine chemicals, ethylene, propylene, and other petrochemicals.
7. Braskem SA
The firm was founded in 2002 and is based in Brazil. Petrochemical and electricity production are both done by Braskem S.A. As a producer, distributor, and seller of thermoplastic resin, Braskem SA (Braskem) offers a wide range of petrochemical and thermoplastic goods.
Definition: A significant portion of other chemicals are created with the help of bulk chemicals known as commodity chemicals. Adhesives, plastics, construction materials, clothing, and tyres are just a few of the products made from chemicals that are generated utilising commodity chemicals.
