Global Overview of the Chemical Products Industry

June 2022

The briefing examines how the chemical products industry performs globally in the largest countries in terms of chemical products output. The report also provides data for production, market size, imports, exports, industry’s costs, industry’s profitability and number of companies. The industry and market overview provide benchmarks against other countries in the region.

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Key Findings

Sustainability

Stricter emissions standards are being imposed globally, resulting in companies investing in more sustainable production. B2B buyers are expected to increasingly prioritise circularity, driving chemical companies to accelerate their decarbonisation technologies, re-evaluate their existing assets and renounce usage of hydrocarbons.

Volatility to oil price fluctuations

While low oil prices resulted in plummeting revenue for petrochemical producing companies in 2020, sharp increases in oil prices during 2021 have led to rising chemical production value. Moreover, oil plays a huge role in increasing or decreasing demand for chemicals. The competitiveness of production in regional terms is also highly reliant on oil prices, as oil and natural gas remain widely-used feedstock within the global chemical products industry.

Supply chain localisation

The COVID-19 pandemic has had a significant effect on the chemical industry’s global supply chain. To prevent further disruptions, companies seek to locate their supply chains within the nearby region. Moreover, governments are taking efforts to bring production back to their countries and investing in self-sufficiency.

Capital investment growth

Due to the rising demand for chemical products among several major industrial sectors, such as construction and automotive, major chemical companies will continue to dedicate generous investment to chemical capacity expansion.

 

Introduction

Scope
Examining four trends shaping the chemical products industry
Key trends impacting the industry in 2022

Global overview

Chemical product production value has exceeded the pre-pandemic level
Asia Pacific to drive chemical production value growth through to 2026
China and US continue to dominate global industry
Cost discipline to continue as profits remain under pressure
Recovering demand to drive exports value growth
Expanding B2B demand to drive imports growth in China
B2B demand drives market expansion in Western Europe
Rising energy prices pressure chemical products industry
Rising metal and energy prices forecast to peak in 2023

Leading companies

China Petroleum & Chemical Corp to remain in the leading position
Total number of companies declines due to consolidation
Industry concentration to increase amid rising costs

Global outlook

China, the US and Western Europe to drive future production value growth
Western Europe and Asia forecast to swiftly recover from the COVID-19 shock
Key future trends shaping the global industry

Country snapshots

China : Industry to witness moderate growth
China’s zero-COVID-19 strategy to disrupt chemical production
US : Industry to show steady growth
Basic chemicals to lead in production value growth in the US
South Korea: Chemical production value to record solid growth
Basic chemicals set to underpin production value growth in South Korea
Japan: Industry to witness solid growth
Production of basic chemicals to slow as chemical giant withdraws basic chemicals business
Germany: Production value to continue growing steadily
Basic chemicals in Germany to perform strongly over the forecast period
India : Basic chemicals to drive production value growth within the industry
Basic chemicals to drive production value growth in India
Iran: Plastic in primary forms to lead country’s chemical output
Economic diversification set to continue driving demand for chemical products
Netherlands: Industry set to record steady growth
B2B demand to drive specialit y chemical sector growth
Saudi Arabia: Industry to follow a path of growth
Demand for Saudi chemical goods continues to grow
Taiwan: Industry’s production value to record solid growth
Basic chemicals to lead production value growth in Taiwan
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