WELLESLEY, Mass., July 11, 2018 (GLOBE NEWSWIRE) -- The demand for inorganically manufactured chemicals is expected to increase, with significant growth potential for caustic soda and chlorine, according to a first of its kind report by BCC Research.
Inorganic chemicals are needed to support an increased demand in end-user industries such as glass, paper, food and cosmetics. As outlined in the report Inorganic Chemicals Manufacturing: Global Markets to 2022, this market reached a value of nearly $277.0 billion in 2017 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% to reach an estimated $362.0 billion by 2022.
Major players mentioned in this report include Hanwha Chemical Corp., Yara International ASA, CF Industries Holdings, Inc., Eurochem Group and Olin Corp, among others.
Research Highlights
- The North America inorganic chemicals manufacturing market totaled $56.4 billion in 2017 and is estimated to reach $66.0 billion by 2022, growing at a compound annual growth rate (CAGR) of 3.2% for the period of 2017-2022.
- Nitrogen compounds accounted for the largest share of the inorganic chemicals market in 2017 at $136.5 billion.
- The highest growth is projected to come from soda ash, which is forecast to grow at a CAGR of 8.8%.
“The inorganics manufacturing market is expected to benefit from steady economic growth forecast in many developed and developing countries,” the report notes. “Rising disposable income in developing countries is increasing the demand for products such as glass, cosmetics and paper products which use soda ash and other chemicals compounds, thereby driving the market.”
Asia-Pacific Region Leads Market Growth
The Asia-Pacific region is the largest inorganic chemicals market, accounting for 43.5% of the global market. The region is estimated at grow at a CAGR of 8.4%. China and India are forecasted to have the fastest growth, growing at CAGRs of 8.7% and 6.3%, respectively. In this region, nitrogen compounds constituted the largest market segment, with a 49.2% share of the market worth $59.3 billion in 2017.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.