The General Chemical Product Market Size Is Expected To Grow At A Rate Of More Than 5% With Growth In The Pharma Industry As Per The Business Research
Latest Market Sizes And Forecasts For 2023-2032: The Business Research Company
July 20, 2023 at 11:30 Eastern Time | Origin: TBRC Business Research Private Limited
London, July 20, 2023 (GLOBE NEWSWIRE) - According to a study by The Business Research Company, the general chemical product market is projected to experience growth in the future due to the expansion of the pharmaceutical industry. The pharmaceutical industry refers to businesses that have permission to produce, sell, and distribute medications. Chemicals play a crucial role in the manufacturing of various pharmaceutical products such as medications, ointments, vaccines, dietary supplements, and specialized infant formulas. Therefore, the growth of the pharmaceutical sector is anticipated to have a positive impact on the overall chemical products market.
Anticipated to experience a significant rise, the overall size of the international general chemical product market is predicted to expand from $260.69 billion in 2022 to $309.93 billion in 2023, showcasing a compound annual growth rate (CAGR) of 6.6%. This growth trajectory is set to continue as the market is projected to reach $389.82 billion in 2027, maintaining a CAGR of 5.9%. Asia-Pacific emerged as the dominant market for general chemical products in 2022, commanding the largest share.
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Prominent participants in the overall chemical product industry include BASF SE, Borealis AG, Eastman Chemical Company, INEOS Group Limited, LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, Shin-Etsu Chemical Co. Ltd., Solvay SA, Tokyo Chemical Industry Co. Ltd., DuPont de Nemours Inc., Sumitomo Chemical Co. Ltd., Bayer AG, China Petrochemical Corporation, Exxon Mobil Corporation, and Formosa Plastics Corporation.
In the general chemical products industry, there is a growing trend towards product innovation. The major players in this industry are putting their focus on creating new and improved products. One example of this is Locus Performance IngredientsTM, which is a company that specializes in biochemistry and fermentation and is based in the United States. They will be launching a product called FermaTM in August 2020. This product contains a family of pure sophorolipid biosurfactants (also known as Glycolipids) that offer safer and more environmentally friendly solutions. These solutions have a performance level that is 5-25 times greater than alternatives, resulting in lower consumption rates and a reduction of 37% in carbon emissions. The FermaTM line of products provides formulators in the personal care industry with access to highly adaptable ingredients that are 100% bio-based and free from genetically modified organisms (GMOs). This helps formulators overcome challenges related to regulations, financial limitations, and concerns from customers.
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The worldwide overall chemical merchandise market is divided by category into excluding primary chemicals, resins, man-made rubber, and various forms; by product type into natural, non-natural; by usage into domestic, commercial.
The Business Research Company's General Chemical Product Global Market Report for 2023 offers detailed information about the overall size of the general chemical product market, its various segments, current trends in the market, factors that drive or hinder its growth, the market position of key competitors, as well as their revenues and shares in the market.
The Business Research Company has released over 5,000 industry reports, encompassing over 2,500 market segments and 60 different regions. These reports rely on 1,500,000 datasets, thorough secondary research, and unique perspectives gained from interviews with experts in the respective industries.
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