by The North America commodity chemicals market consists of basic chemicals that serve as building blocks and intermediates for the production of various industrial and consumer goods. Commodity chemicals find wide applications in industries such as construction, automotive, packaging, and healthcare owing to their cost-effectiveness. The growing demand from end-use markets is driving the growth of these basic chemicals.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand from end-use industries
One of the key trends propelling the growth of the North America commodity chemicals market is the rising demand from various end-use industries. Commodity chemicals act as intermediates for a wide range of industrial and consumer products. The construction industry is a major consumer of commodity chemicals, which are used to manufacture materials like cement, concrete, and gypsum. Similarly, the automotive industry utilizes these basic chemicals in brake fluids, lubricants, fuels, coatings, adhesives, and plastic components. Rapid industrialization and infrastructure growth are augmenting the demand from industries like construction and automotive, thereby favoring market growth.
SWOT Analysis
Strength: North America is a highly developed industrial region with a strong presence of commodity chemical manufacturing facilities, which helps ensure easy availability.
Weakness: Regulatory pressures to reduce environmental footprint of manufacturing activities in the region pose challenges to industry players.
Opportunity: Growing end-use industries such as construction, automotive, consumer goods offer increased demand for basic chemicals.
Threats: Volatility in raw material prices can impact production costs for manufacturers.
Key Takeaways
The North America Commodity Chemicals Market Size 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 2023-2030.
The region of North America dominates the global commodity chemicals market, both in terms of production and consumption. The United States alone accounts for over 30% of global commodity chemical production. Major manufacturing hubs in the region include Texas, Louisiana, and Pennsylvania.
Key players operating in the North America commodity chemicals market are Dow Chemicals, BASF SE, ExxonMobil, DuPont, Formosa Plastics, and SABIC.These companies collectively account for over 50% of the regional market. Dow Chemicals and BASF are amongst the largest producers of major commodity chemicals.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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