General Chemical Product Global Market Report 2024

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 expansion observed in the historical period can be attributed to industrial demand, raw material costs, global economic conditions, market competition, and 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 anticipated growth in the forecast period can be attributed to supply chain disruptions, sustainability initiatives, evolving consumer preferences, government policies and regulations, and global health events. Major trends expected in the forecast period include green and sustainable chemistry, digitalization and Industry 4.0, regulatory compliance and safety, bio-based chemicals, and the emphasis on supply chain resilience.

The projected growth in the pharmaceutical sector is expected to propel the expansion of the general chemical product market. The pharmaceutical industry refers to a commercial enterprise licensed to produce, market, and distribute pharmaceuticals. Chemicals play a pivotal role in manufacturing various pharmaceutical products, including medications, topical ointments, vaccines, dietary supplements, and specialized newborn milk compositions. The upward trajectory in the pharmaceutical sector is poised to stimulate the general chemical products market. According to the 2021–2030 National Health Expenditure (NHE) report by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, national health spending is projected to increase by an annual average of 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Additionally, Medicare expenditures are expected to grow at a 7.2% annual rate, while Medicaid spending is forecasted to increase at a 5.6% annual rate. Hence, the growth in the pharmaceutical sector is a key driver for the expansion of the general chemical products market.

The anticipated growth in the automotive industry is poised to drive the expansion of the general chemical products market. The automotive industry encompasses the production, design, development, and sale of vehicles, including cars, trucks, and motorcycles, along with associated parts and services. General chemical products play a vital role in various automotive manufacturing processes, such as adhesives, coatings, lubricants, and polymers, as well as in vehicle maintenance and operation. According to December 2023 data from MarkLines Co. Ltd., new vehicle sales in the US for November 2023 reached 1,242,376 units, reflecting a 2.6% increase from October 2023 and an 8.8% increase from November 2022. Hence, the upward trend in the automotive industry is expected to fuel the growth of the general chemical products market.

Product innovation is a key trend. Major companies are dedicated to developing new products to meet evolving market demands. For instance, in February 2022, SCG Chemicals, a Thailand-based chemical company, launched Circular PP, a premium post-consumer recycled resin produced through advanced recycling technology. As part of SCG Green Polymer solutions, Circular PP possesses properties comparable to virgin plastic resins, making it suitable for environmentally friendly food packaging.

Major companies are focusing on developing advanced sustainable resins to align with environmental regulations and meet the increasing consumer demand for eco-friendly products. Advanced sustainable resins refer to environmentally conscious and durable polymer materials that minimize environmental impact. An example is SABIC, a Saudi Arabia-based chemicals company, launching LNP ELCRIN WF0051iQ in May 2023. This sustainable resin is part of the company's iQ resins, offering thin-wall construction, non-brominated or non-chlorinated flame retardance, and meeting the UL94 V0 standard for fire resistance at 0.4 mm, making it suitable for electrical applications.

In June 2022, News Corp., a US-based mass media and publishing company, successfully acquired Base Chemicals from S&P Global for $295 million. The operating name for the acquired entity will be Chemical Market Analytics by OPIS, a Dow Jones firm. This acquisition, following News Corp.'s purchase of OPIS in February, is expected to significantly expand Dow Jones' news and information capabilities. Base Chemicals, a US-based provider of commodity chemicals, became an integral part of News Corp.'s portfolio.

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.

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. The countries covered in the general chemical product market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

General chemical products encompass categories such as except basic chemicals, resins, synthetic rubber, and others. Except basic chemicals refer to any chemicals not classified as basic chemicals, including pharmaceuticals, specialty chemicals, and fine chemicals. The main product types are organic and inorganic, applied in various household and commercial applications.

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.

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.

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.