The global Synthetic Chemicals Market was USD 401 Billion in 2022 and is expected to reach USD 782 Billion in 2032, and register a rapid revenue CAGR of 6.8% during the forecast period. Increasing need for sustainable materials and rising demand for bio-based and environmentally friendly products are key factors driving market revenue growth.
Many end-use sectors, including automobile, packaging, construction, and healthcare, use synthetic and bio-based materials extensively. Bio-based materials are sourced from natural sources including plants, animals, and microorganisms while synthetic materials are created artificially. In addition, rising need for sustainable materials is another key factor driving revenue growth of the market.
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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.
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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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