Overview of the Global Commodity Chemicals Market
Published On : Sep 10, 2014
The global commodity chemicals market is expected to grow at an approximate CAGR of 7% for the period between 2012 and 2017 reaching a market value worth $2440.6 billion by the end of 2017. Commodity chemicals, also known as bulk chemicals refer to that set of chemicals that are manufactured on a massive scale for the production of other chemicals. These other chemicals are used extensively for manufacturing final products like plastics, tires, construction materials, adhesive and apparel.
The biggest segment in the chemical industry is that of commodity chemicals. Commodity chemicals are applied directly or indirectly in almost each and every type of manufacturing industry. These industries range from personal care industries to aerospace industries.
Global Commodity Chemicals Market - An Overview of Products and Market Trends
The global commodity chemicals market is categorized into petrochemicals, organics, explosives, plastics, synthetic rubbers, resins, films, inorganics and fibers. These categories include various types of chemicals such as methanol, acetic acid, polyvinyl chloride, propylene, benzene, hexane, methyl, melamine, glycol, acetone, glycerines, esters, butyl acetate, adipic acid, butanediol, bisphenol and butadiene.
The main economic factor that influences the purchasing decisions of the end consumers is the price. Price is the main influencing factor because the product differentiation in the case of these commodity chemicals is very low.
The growth of the global commodity chemicals market can be owed to the increasing gross domestic product and economic growth of the developing and developed economies. However, the factors that limit the growth of this market include fluctuations in prices of natural gas and crude oil and stringent regulatory measures of governments all across the globe pertaining to environment and health standards.
Global Commodity Chemicals Market - Global Market Overview
The global commodity chemicals market is characterized by large number of regional and local players which makes this market highly fragmented. The largest commodity chemicals market is the Asia Pacific which accounts for almost 50% of the total commodity chemicals market. Asia Pacific is followed by Europe and North America.
There is high growth potential in the Asia Pacific because of growing economies like China, Indonesia and India. These countries have booming manufacturing sectors which get sufficient support from the respective governments. The commodity chemicals market in the Asia Pacific also gets immense support from gulf countries like Iraq, Saudi Arabia, Syria and Iran in the form of bulk supply of natural gas and crude oil.
The prominent players in the global commodity chemicals market include Chem China, BASF SE, INEOS Group Holding, Bayer AG, Evonik Industries, The Dow Chemical Company, Sumitomo Chemicals, Mitsubishi Chemical Holdings Corporation, Asahi Kasei, PPG Industries, LyondellBasell Industries, Akzo Nobel and Linde Group.
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