General Chemical Product Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Jul 17, 2024 - 20:42

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General Chemical Product Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
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.

Sizing and Forecast
The general chemical product market size has grown strongly in recent years. It will grow from $309.7 billion in 2023 to $329.93 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to industrial demand, raw material costs, global economic conditions, market competition, consumer trends.

The general chemical product market size is expected to see strong growth in the next few years. It will grow to $415.82 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to supply chain disruptions, sustainability initiatives, evolving consumer preferences, government policies and regulations, global health events. Major trends in the forecast period include green and sustainable chemistry, digitalization and industry 4.0, regulatory compliance and safety, bio-based chemicals, supply chain resilience.

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Segmentation & Regional Insights
The general chemical product market covered in this report is segmented –

1) By Type: Except Basic Chemicals, Resins, Synthetic Rubber, Other Types
2) By Product Type: Organic, Inorganic
3) By Application: Household, Commercial

Asia-Pacific was the largest region in the general chemical market in 2023. The regions covered in the general chemical product market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the general chemical product market report are China Petrochemical Corporation, Exxon Mobil Corporation, Mitsui Chemicals Inc., BASF SE, Dow Inc., Bayer AG, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, Air Liquide S.A., Linde plc, Henkel AG & Co. KGaA, INEOS Group Limited, Sumitomo Chemical Co. Ltd., Evonik Industries AG, Shin-Etsu Chemical Co. Ltd., Solvay SA, DuPont de Nemours Inc., AkzoNobel N.V., Eastman Chemical Company, Celanese Corporation, Wacker Chemie AG, Formosa Plastics Corporation, Huntsman Corporation, The Chemours Company, Nippon Shokubai Co. Ltd., Invista Holdings Corporation, Ashland Global Holdings Inc., Borealis AG, Tokyo Chemical Industry Co. Ltd.

The general chemical product market report table of contents includes:

1. Executive Summary
2. General Chemical Product Market Characteristics
3. General Chemical Product Market Trends And Strategies
4. General Chemical Product Market - Macro Economic Scenario
5. Global General Chemical Product Market Size and Growth
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31. Global General Chemical Product Market Competitive Benchmarking
32. Globa General Chemical Product Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Fat Replacers Market
34. General Chemical Product Market Future Outlook and Potential Analysis
35. Appendix