LONDON, Sept. 27, 2016 /PRNewswire/ -- The chemicals industry is one of the largest manufacturing industries in the world. It manufactures a variety of chemicals products by processing raw materials such as air, water, natural gas, oil, metals and minerals. While many of the products from the industry, such as detergents, soaps and perfumes, are purchased directly by the consumer, 70% of chemicals manufactured are used by other industries, including other branches of the chemicals industry itself, to make products.
The total value of the chemicals industry globally in 2015 was $XX billion. Related to a world population of more than X billion in 2015 this equates to about $XX per person per annum. Given that world domestic product was approximately $XX trillion in 2015, the market makes up about XX% of the global economy. The chemicals industry is one of the largest manufacturing industries and is about XX% of the global manufacturing industry market.
Asia was the largest geographic market in the chemicals sector in 2015, worth XX% of the global market. China and India are the fast-growing chemicals markets in this region. China accounts for more than half of Asia's chemicals sales. Other than China and India, Japan and Singapore are the important markets in Asia. XX% of global chemicals sales in 2030 will be in Asia, according to current growth patterns. The growth of the Asian economies, the lower cost of labor and the concentration of manufacturing industries in these countries are the key reasons for their dominance in the global market. The Americas are the second largest geographic market in 2015 with XX% of the market. North America is the most important region in the Americas. The chemicals industry is one of the USA's largest manufacturing industries. It is also one of the top exporting sectors of US manufacturing, accounting for XX% of global chemicals shipments
Global per capita chemicals consumption grew from $XX in 2011 to $XX in 2015 at a CAGR of XX% and is expected to grow to $XX in 2019 at a CAGR of XX%. Increasing per capita spend on chemicals reflects higher per person consumption generally, especially in the emerging economies.
The global chemicals industry is going through a period of significant change, with worldwide competition rising rapidly during the last decade. Total chemicals sales in Asia are now almost double those of Europe. The sluggish growth of the European chemicals market in the recent period is mainly because of slow economic growth in general, the rising costs of raw materials and increasing EU regulations, particularly in the areas of environmental protection.
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