The global general chemicals market is expected to grow from $26069 billion in 2022 to $309.93 billion in 2023, representing a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war has derailed the global economy's chances of recovering from the coronavirus pandemic, at least in the short term. The war between the two countries has led to economic sanctions against multiple countries, a spike in commodity prices, and supply chain disruptions, leading to inflation in goods and services and affecting many markets around the world. The general chemical products market is expected to reach $389.82 billion in 2027, with a compound annual growth rate of 5.9%.
The general chemical products market includes sales of acids, bases, salts, and organic chemicals. The value of this market is the "ex-factory price", which is the value of goods sold by the manufacturer or creator of the goods to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to the end customer.
The value of goods on the market includes related services sold by the creator of the goods.
General chemical products are substances formed by chemical reactions. It is used in the manufacture of many well-known everyday products, including glass, soap, beauty products, powdered detergents, paper, and textiles.
Asia Pacific will be the largest region in the general chemicals market in 2022. The General Chemical Products report covers Asia Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of general chemical products are in addition to basic chemicals, resins, synthetic rubber, and so on. Excluding Essential chemicals refers to any chemical that is not an essential chemical.
This includes a wide variety of chemicals such as pharmaceuticals, specialty chemicals, and fine chemicals. The products involved are mainly organic and inorganic and are used in a variety of applications, including domestic and commercial.
The growth of the pharmaceutical industry is expected to drive the growth of the general chemical products market. The pharmaceutical industry refers to commercial enterprises that have licenses to manufacture, market, and distribute pharmaceuticals.
Chemicals play a key role in the production of a wide range of pharmaceutical products, including medicines, topical ointments, vaccines, dietary supplements, and unique newborn milk compositions; Therefore, the growth of the pharmaceutical industry is expected to boost the general chemical products market. For example, in March 2022, according to the National Health Spending 2021-2030 (NHE) Report released by the U.S. Department of Health and Human Services Centers for Medicare and Medicaid Services, national health spending is projected to grow at an average annual rate of 5.1 percent between 2021 and 2030, reaching about $6.8 trillion by 2030. In addition, between 2021 and 2030, Medicare spending is projected to grow at an annual rate of 7.2 percent, while Medicaid spending is projected to grow at an annual rate of 5.6 percent. Therefore, the growth of the pharmaceutical industry is driving the growth of the general chemical products market.
Product innovation is an increasingly popular trend in the general chemical products market. Major companies operating in the general chemical products market are focusing on developing new products.
