COMMODITY CHEMICALS MARKET ANALYSIS

Commodity Chemicals MarketSize and Trends

The global commodity chemicals market size is expected to witness significant growth by 2027, and register a CAGR of 5.41% over the forecast period (2019 - 2027).

Market Overview

Commodity chemicals, also known as bulk chemicals or bulk commodities, are chemicals produced on a large scale with the goal of meeting demand of the global market. They have primary application as intermediate materials for producing other chemicals, which are then used for manufacturing products in end use industries such as construction, adhesives, apparels, plastics, tires, and others. Commodity chemicals are classified into two broad classes, organic and inorganic. Some of the major sectors served by commodity chemicals are plastics, dyes, fertilizers, pigments, pharmaceuticals, mining, synthetic fibers, and agricultural chemicals.

Market Dynamics

Commodity chemicals have direct or indirect application in a wide range of end use industries from automotive to the personal care products industry, and several manufacturing industries. Moreover, increasing industrialisation and growing gross domestic product (GDP) of emerging economies worldwide are some of the factors propelling demand for commodity chemicals. Also, easy availability and lower costs of commodity chemicals compared to specialty chemicals, is favoring growth of the market around the world. The growing number of automotive, aerospace, personal care, and transportation industries will also have a positive impact on the growth of the market in all regions. Business strategies such as mergers and acquisitions by key players to produce a variety of commodity chemicals is expected to be another contributing factor to the overall growth of the global commodity chemicals market.

Market Trends

Also, easy availability and lower costs of commodity chemicals compared to specialty chemicals, is favoring growth of the market around the world. The growing number of automotive, aerospace, personal care, and transportation industries will also have a positive impact on the growth of the market in all regions. Business strategies such as mergers and acquisitions by key players to produce a variety of commodity chemicals is expected to be another contributing factor to the overall growth of the global commodity chemicals market.