Chemical Industry Outlook - Expansion Driven by Soaring Raw Material Costs, By The Global Market Model

A Comprehensive Global Chemical Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast

LONDON, Aug. 18, 2023 /PRNewswire/ -- The Global Market Model, the flagship product of The Business Research Company, offers comprehensive chemical industry analysis covering its growth trajectory, present valuation, key segments, and regional prominence.

The chemicals market is set for robust expansion, as indicated by the Global Market Model's projection of a Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2032. This growth is underpinned by a burgeoning demand across a range of applications, particularly within the packaging and automobile sectors.

Future Of Chemical Industry – Steady Projections and Influential Factors

The chemical industry analysis provided by the Global Market Model maintains a notably stable outlook, remaining consistent with projections made at the close of 2022. Factors such as inflation, economic challenges, the repercussions of the Russia-Ukraine conflict, and supply chain disruptions that drive up raw material and end product prices were meticulously accounted for in the prior forecast update. The anticipated long-term price stabilization, coupled with recent months' steady oil prices, contribute to the sustained continuity of our market forecasts throughout this update cycle.

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Global Chemicals Industry Market Size and Key Drivers

In 2022, the global chemicals market boasted an impressive valuation of $4,688.4 billion, constituting a noteworthy 4.7% of the global GDP. Several pivotal drivers propel the industry's growth, including:

• High demand across end-use sectors
• Accelerated urbanization rates
• Robust agriculture industry presence in both developed and developing nations
• Stringent regulatory emphasis on effective pollution monitoring and control
• Expansive consumer populations in both developed and developing economies
• Swift economic growth
• Flourishing industrialization

The ethyl alcohol and other basic organic chemical market emerged as the largest segment, capturing a significant 25.4% of the total market share in 2022. In the same year, China solidified its dominance as the foremost market in the chemicals sector, capturing an impressive 22.8% of the total market share.

Harness the power of the Global Market Model to access crucial chemical industry information. We're here to address your specific requirements -https://www.thebusinessresearchcompany.com/global-market-model/demo-request

The Global Market Model, The Business Research Company's flagship product, is the world's largest database of market forecasts. Forecasts for over 7000 markets are updated every six months on the basis of economic, geo-political and sector-specific factors. The latest forecast, made in June 2023, builds on the previous projections from December 2022, providing up-to-date, reliable information for businesses to strategize and make informed decisions.

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SOURCE The Business Research Company