Chemical Industry Forecast 2023-2032: Insights Into Market Size, Growth Rate, And Drivers – By The Global Market Model
The Global Market Model, The Business Research Company’s flagship product, provides global chemicals industry overview covering key areas such as chemicals industry market size, chemicals industry trends and drivers, chemical industry challenges, and more across 58 geographies for the seven regions.
LONDON, June 06, 2023 (GLOBE NEWSWIRE) -- In its most recent estimation for the chemicals industry, the Global Market Model predicted consistent forecast growth (CAGR) over the next 10 years. Inflation, economic headwinds, the impact of the Russia-Ukraine war, and increased raw material prices due to supply chain interruptions, which eventually translated to higher end-product pricing, were all factors included in our prior prediction update. As a result, throughout this update cycle, our projections for this market are pretty comparable.
5 Key highlights from the Global Market Model’s forecast for the chemical industry -
1. Market Value:
The global chemicals market was valued at $4726.1 billion in 2022. The market accounted for 4.6% of the global GDP.
2. Expected Growth Rate:
The market is expected to grow at a compound annual growth rate (CAGR) of 8.8% during 2022 to 2032.
3. Largest Segment:
The ethyl alcohol and other basic organic chemical market was the largest segment of the chemicals market in 2022, accounting for 25.4% of the total.
4. Leading Market:
China was the leading market in the chemicals market in 2022, accounting for 22.8% of the total.
5. Market Driver:
The increase in demand from various applications, such as packaging and the automobile industry, is expected to drive the market during the forecast period.
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The market intelligence database allows further in-depth analysis of the chemicals industry covering the following industry indicators –
- Number of enterprises
- Number of employees
Gain Access To Relevant Insights On The Chemical Industry Through The Global Market Model:
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