The North America commodity chemicals market comprises various basic chemicals such as organic and inorganic chemicals, petrochemicals, polymers, and plastics which have extensive applications across various end-use industries. Commodity chemicals are primarily used in the construction, automotive, packaging, healthcare, and electronics sectors. Rapid urbanization along with rising constructions of residential and commercial infrastructure is augmenting the demand for acrylics, chloropolymers, and adhesives in this region. Further, increasing automobile sales are propelling the requirement for polymers, synthetic rubbers, plastic compounds, and basic petrochemicals in the automotive sector.
The North America Commodity Chemicals Market is estimated to be valued at US$ 220 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The surging demand from the construction and automotive industries has been a key trend fueling the growth of the North America commodity chemicals market. Construction activities in the region have witnessed a strong recovery post the pandemic. According to the U.S. Census Bureau, the total construction spending in the United States increased by 1% from March 2022 to April 2022. Similarly, vehicle sales in the U.S. and Canada have rebounded well and are increasing each month. This rising demand for construction materials and automotive components is driving the requirement for basic chemicals that are used to manufacture these products. Leading players in the commodity chemicals market are accordingly increasing their production capacities to cater to this burgeoning demand from the construction and automotive end-use industries.
Segment Analysis
The North America commodity chemicals market is dominated by petrochemicals which accounts for over 45% share of the overall market. Petrochemicals such as ethylene, propylene, benzene, toluene and xylene are key foundational or basic building-block chemicals that act as intermediates for various commodity and specialty chemicals. They find wide application in industries such as plastics & polymers, paints & coatings, adhesives, and personal care among others. This wide range of applications has ensured consistent demand for petrochemicals over the years in the region.
Key Takeaways
The North America Commodity Chemicals Market Size is expected to witness high growth over the forecast period. Rising demand from end-use industries such as construction, automotive, consumer goods will drive the market during this period. The North America Commodity Chemicals Market is estimated to be valued at US$ 220 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
Regional analysis:
The United States accounts for over 80% share of the North America commodity chemicals market owing to presence of major petrochemical producers and strong demand from end-use industries in the country. Canada is another major market in the region supported by growing automotive and construction industries.
Key players:
Key players operating in the North America commodity chemicals market are BASF SE, The Dow Chemical Company, LyondellBasell Industries, Dupont, Eastman Chemical Company, Formosa Plastics Corporation etc. These companies are focusing on capacity expansions as well as development of bio-based variants to cater to evolving industry and regulatory trends.
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Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the commodity chemicals market include BASF SE, Bayer AG, The Dow Chemical Company, Mitsubishi Chemical Holdings Corporation, PPG Industries, Linde Group, Akzo Nobel, LyondellBasell Industries, Asahi Kasei, Sumitomo chemicals, Evonik Industries.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Commodity Chemicals Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/commodity-chemicals-market/download-sampleMarket DynamicsBooming developed and developing economies coupled with a rise in demand from end-use industries such as polymer, food processing, pharmaceuticals, paint & coatings, and personal and home care is driving the growth of the global commodity chemical market.
Strengthening the supply chain and the government plans to introduce incentives for industrial growth, further fostering the market growth.
Emerging economies like China, India witness abundant opportunities for market growth.
However, environmental concerns, trade restrictions, and volatile raw material prices hinder global demand for commodity chemicals.The report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
The commodity chemicals are foreseeing a rise in the market growth because of the economic expansion and rising gross domestic product (GDP) of developing and developed countries worldwide.
The worldwide market for commodity chemicals is segmented into organics, petrochemicals, plastics, explosives, resins, synthetic rubbers, films, fibers and inorganics.
These segments comprise several types of chemicals, for instance, acetic acid, methanol, propylene, polyvinyl chloride, hexane, benzene, melamine, methyl, acetone, glycol, esters, glycerines, adipic acid, butyl acetate, bisphenol, butanediol in addition to butadiene.There are high expansion prospects in the Asia Pacific market as a result of developing economies like India, Indonesia and China.
The main economical aspect which influences the buying decisions of the end customers is the price.
Though, the rigid government’s regulation all over the world in relation to the environment and health side effect of chemicals as well as fluctuating prices of natural gas as well as crude oil are laying noteworthy challenge for the industry.Download Research Sample with Industry Insights @ https://www.trendsmarketresearch.com/report/sample/3282Countries Tariffs on Chemicals to Impact the Worldwide MarketsRecently, China’s tariffs on chemicals, polymers are considered to alter the regional trade.
Among which the US commodity chemical products market is indicated to be most impacted on the basis of exports to China since a percentage of overall production during the year 2017 are styrene, monoethylene glycol (MEG), linear low density polyethylene (LLDPE), EVA copolymers, ethylene dichloride (EDC) and high density PE (HDPE) , on the basis of an study of select chemicals trade flows.
