As per the report published by Fior Markets, the global organic chemicals market is anticipated to grow from USD 8.63 billion in 2017 to USD 15.97 billion by 2025 along with a CAGR of 7.49% during the forecast period from 2018-2025. On account of the increasing adoption of organic chemicals, government rules for using natural chemicals, and large-scale consumption across various industries, and continuous development in R&D, North America is growing at a faster pace. These factors are also creating an opportunity for the growth of the market.
Global Organic Chemicals Market by Chemical Type, Product (Aliphatics, Aromatics, Carbonyls, Other), Process Additives, Ingredients, Application (Pharmaceuticals, Pesticides, Agrochemicals, Plastics & Polymers, Cosmetics, Food & Beverages, Others), Region” and Global Forecast 2018-2025.
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Top leading players the industry include BASF SE, AkzoNobel, Reliance Industries, Mangalore Petrochemicals, TCI America, PPG Industries, Royal Dutch Shell Plc, Dow Chemicals, LG Chem, Mitsubishi Chemical, and SABIC. Major companies are offering greater opportunities and are acquiring the way of new product developments and venture capital investments to obtain market share. For instance, in 2018, CPS Performance Materials purchased Far Chemical from Edgewater Capital Partners. Far Chemical is a developer and producer of specialty organic chemicals.
The chemical type segment includes the natural type and synthetic type. In 2017, the natural type segment is expected to hold the highest market share of 56.19% as natural nature of chemical are less harmful to the environment and can also be used to grow food organically. These chemicals naturally found in nature and are legally allowed to use in various industries. The product segment includes aliphatics, aromatics, carbonyls, and others. Aliphatic products contain carbon and hydrogen joined together. Aliphatics include both alkanes and alkenes. These aliphatic compounds are extensively used as fuels such as methane, acetylene, and liquefied natural gas (LNG). Process additives contain catalysts, chain terminators, and others. Catalysts are a process used to increase the reaction rate of chemicals, preventing consumption. Industrialists use catalysts to make polymerisation at warmer temperatures and pressure. It reduces the activation energy during increasing the speed of reaction. Ingredients segment is classified into corrosion inhibitors and adsorbent. In 2017, the corrosion inhibitors segment accounted for the highest market share of 51.32%. Corrosion inhibitors are used in the formation of a coating on metals that prevents access of corrosive substance to the metal surfaces. Application segment is categorized into pharmaceuticals, pesticides, agrochemicals, plastics & polymers, cosmetics, food & beverages, and others. Pharmaceuticals segment expected to grow with the highest market share of 34.14% over the forecast period on account of the increasing use of organic chemicals in drug producing and high investments in R&D for the development of effective drugs.
The key drivers of the organic chemicals market are increasing global population and surging urbanization, rapid developments, and increasing disposable income levels in the emerging economies. Further, increasing R&D investments is projected to lead the growth of the organic chemicals market in a couple of years. The stringent regulations and growing awareness regarding the harmful health & environmental effects and weak economic scenario are still forecasted to limit the growth of the market. Moreover, robust growth in various industries may give a major push to the organic chemicals market over the anticipated period.
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