Chemical is a distinct substance or compound, which is artificially prepared or purified. It is classified as commodity chemicals, industrial gases, specialty chemicals, and fertilizers & agricultural chemicals. Commodity chemicals are Petro-based commodity chemicals and coal-based commodity chemicals. Industrial gases chemicals contain nitrogen, neon, helium, dry ice, propane, carbon dioxide or CO2 and argon. Specialty chemicals contain printing inks, paints & coatings, detergent, textile, and plastic additives. Fertilizers & agriculture chemicals contain plant growth regulator chemicals and pesticide chemicals such as herbicide, insecticide, fungicide, and bio-pesticide, etc.
According to the study, “Chemicals Global Market Report 2019” the key companies operating in the global chemicals market are BASF SE, Evonik Industries AG, The Dow Chemical Company, DuPont, Air Liquide, Bayer AG, E.I. du Pont de Nemours and Company, H.B Fuller, Henkel AG & CO. KGaA, Huntsman International LLC, A. Schulman Inc., Albemarle Corporation, Akzo Nobel NV, American Water Chemicals Inc., Ashland, Archroma, Baker Hughes Incorporated, Asian Paints, Beckers Group, Buckman Laboratories International Inc., Berger Paints India Limited, BP PLC, BWA Water Additives, Chevron Corporation, Clariant, China Petroleum and Chemical Corporation, ConocoPhillips The company, Cytec Solvay Group, Covestro AG, DuluxGroup Limited, Eastman Chemical The company, Dura Coat Products Inc., Ecolab, FMC Corporation, FUCHS, Formosa Plastics Group, General Electric.
Based on type, global chemicals market is segmented into Based on adhesives and sealants, the market is segmented into solvent-borne adhesives, water-borne adhesives, reactive adhesives, hot-melt adhesives and sealants. Based on catalysts, the market is segmented into petroleum refining catalysts, chemical synthesis catalysts, and polymerization catalysts. Based on food additives, the market is segmented into synthetic additives and natural additives. Based on pigments, the market is segmented into organic pigments and inorganic pigments. Based on lubricant and oil additives, the market is segmented into dispersants & emulsifiers, oxidation inhibitors, detergents, extreme-pressure additives & anti-wear additives, friction modifiers, viscosity index modifiers, corrosion inhibitors, and other product types.
Based on mining functions, the market is segmented into extraction chemicals, flotation chemicals, and grinding aids. Based on oilfield type, the market is segmented into biocides, demulsifiers, corrosion & scale inhibitors and polymers. Based on plastic additives, the market is segmented into Polyethylene, Polypropylene, Polystyrene, Polyethylene Terephthalate, Polyamide, Polycarbonate, Polyvinyl Chloride and other plastic types. In addition, based on water treatment functions, the market is segmented into flocculants, biocides & disinfectants, coagulants, defoamers & defoaming agents, odor control agents, pH adjusters & softeners and other functions.
The chemicals market is driven by increase in the adoption of new technologies & innovative construction procedures, followed by growth in construction activity and rapid urbanization. However, change in the regulatory environment and low consumer awareness may impact market growth. Moreover, growth in awareness regarding energy conservation & sustainable infrastructure is one of the major opportunities for the market.
Based on geography, the Asian-Pacific the region holds a major share in the chemicals market, followed by North-American region owing to enhance in demand from flavors & fragrances industry and growth in conformity with the latest manufacturing standards in the region. It is expected that the future of this market will be bright due to the rise in population and the constant focus on research & development over the forecast period.
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Ankur Gupta, Head Marketing & Communications