Global Chemicals Market Analysis
The global chemicals market is made up of two key sections. One section consists of basic chemicals, and another section consists of chemicals utilized in synthesis. Chemicals are bifurcated into different sub-sections that include bulk chemicals, raw materials, feedstock, and basic chemicals.Bulk chemicals are used to create other chemical items and manufactured commodities. Raw materials comprise of base materials and are utilized in the manufacturing of oil and gas. A feedstock is produced from the main raw materials and utilized in processing plants. Basic chemicals like plastics and resins are utilized for industrial purposes.
Provided the potential health and ecological risks involved in the emission of chemicals into the environment, the OECD (Organization for Economic Cooperation and Development) has recognized branches of the chemical market with a most pressing requirement for emission scenario documents. The main objective of emission scenario documents is to record the manufacture of chemicals from the source till its final use in order to evaluate or calculate the proportion of waste produced by each chemical and thus measure the risk involved in it. Recent company priorities include synthetic rubber, base pharmaceuticals, petrochemicals, plastics, and perfumes.
Chemicals are utilized across a large number of industries and items like paint, printing ink, and pesticides and exist in various formats adapted for particular uses. Primary chemicals refer to bulk chemicals and products that involve large output at lesser costs. Secondary chemicals comprise of lesser output at greater prices and can be bifurcated into specialty chemicals as well as fine chemicals.
Fine chemicals include relatively lesser output with higher costs and are employed as intermediates to manufacture chemical items like pharmaceuticals and detergents.
Specialty chemicals are devised for performing a particular purpose by using primary chemicals with less output at higher costs. Adhesives, sealants, and plastic additives come under this section. Industrial chemicals, sometimes included in the bulk chemicals section, are utilized in chemical procedures such as photographic chemicals and dyes.
Petrochemicals are chemical compounds produced from petroleum. Other chemical kinds include customer care items like detergents and perfumes as well as life science items used in biotechnology to produce crops like pesticides and pharmaceuticals.
The specialty chemicals industry in US is worth almost about 185 billion dollars as per the reports by a reputed market research agency. The leading industry section comprising of paints and coatings was valued at about 50 billion dollars or almost about 28% of the global specialty chemicals industry sector. Industrial growth was predicted to register slow growth with a sales forecast valued under 230 billion dollars by the end of the year 2015.
The global chemicals industry diminished at the time of economic crises, and it was predicted to witness a rise in demand with economic recovery. Market growth will also be encouraged by cost-cutting initiatives. As about one-tenth of the industry demand in the chemicals industry comes from the automobile sector and another one-tenth from the housing sector, financial recovery in the global market depends on how nice these sections perform economically. Further, the renewable chemicals industry was expected to accrue a revenue of more than 76 billion dollars in year 2015, as per the research reports of a reputed market research firm.