The global Synthetic Chemicals Market reached a total value of USD 401 billion. It is projected to experience significant growth, with expectations to reach USD 782 billion by 2032, displaying a robust compound annual growth rate (CAGR) of 6.8% throughout the forecast period. This remarkable expansion can be primarily attributed to the increasing demand for sustainable materials and the surging interest in eco-friendly and bio-based products.
A variety of industries, such as automotive, packaging, construction, and healthcare, rely heavily on both synthetic and bio-based materials for their operations. Bio-based materials are sourced from natural origins like plants, animals, and microorganisms, while synthetic materials are artificially manufactured. Moreover, the escalating demand for sustainable materials stands out as a pivotal driver behind the market's revenue growth
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Major Companies:
- BASF SE
- DuPont de Nemours, Inc.
- Evonik Industries AG
- Royal DSM N.V.
- Braskem S.A.
- Solvay S.A.
- Arkema S.A.
- LG Chem Ltd.
- Mitsubishi Chemical Holdings Corporation
- INEOS Group AG
Key questions addressed in the report:
- What is the expected market size of the global Synthetic Chemicals market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Synthetic Chemicals market?
Strategic Developments:
In 2021, BASF SE announced the acquisition of Solvay's polyamide business, which includes Engineering Plastics, fiber, and polymer intermediates. This acquisition aimed to strengthen BASF's position in the engineering plastics market and expand its product portfolio.
In 2020, DuPont de Nemours, Inc. and Archer Daniels Midland Company (ADM) formed a partnership to produce and market a new line of bio-based materials called FDME (furandicarboxylic acid). This new material can be used in various applications such as packaging, textiles, and electronics, and is expected to reduce the environmental impact of traditional petrochemical-based materials.
In 2020, Braskem S.A. announced the development of a new technology for the production of bio-based ethylene, which is used in the production of various plastics. This technology uses renewable sources such as sugarcane and aims to reduce greenhouse gas emissions and the dependence on fossil fuels.
Synthetic Chemicals Market Segmentation:
By Product Type Outlook:
- Polymers
- Specialty Chemicals
- Adhesives & Sealants
- Petrochemicals
- Others
By End-Use Outlook:
- Industrial
- Construction
- Automotive
- Personal Care
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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