What is covered within chemicals and materials in a few industries would be of greater importance due to its pivotal elements, including chemical and raw material production, distribution, and their uses. This industry provides a critical base for other industries such as manufacturing, construction, healthcare, agriculture, automotive, and consumer goods, among others. New technologies, sustainable development, and, most importantly, the digitization of the industry have facilitated the industry's growth.
In 2023, the global Chemicals and Materials Market was approximately worth 4.5 trillion USD and will further expand at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2030. This development is attributed to the increasing demand for greener materials, enhanced industrial activities, and the development of nanotechnology and bioplastics.
What is covered within chemicals and materials in a few industries would be of greater importance due to its pivotal elements, including chemical and raw material production, distribution, and their uses. This industry provides a critical base for other industries such as manufacturing, construction, healthcare, agriculture, automotive, and consumer goods, among others. New technologies, sustainable development, and, most importantly, the digitization of the industry have facilitated the industry's growth.
In 2023, the global Chemicals and Materials Market was approximately worth 4.5 trillion USD and will further expand at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2030. This development is attributed to the increasing demand for greener materials, enhanced industrial activities, and the development of nanotechnology and bioplastics.
The chemicals and materials sector involves various firms that engage in the manufacture and allocation of critical chemicals and raw materials that can be applied in all sorts of industries. Some of these materials are polymers, composites, specialty chemicals, coatings, adhesives, and metals, which are primary and basic materials for various industries.
1. Basic Chemicals
Petrochemicals
Industrial gases
Synthetic colors and pigments
2. Specialty Chemicals
Adhesives and sealants
Catalysts
Coatings and paints
3. Advanced Materials
Nanomaterials
Bioplastics
High-performance polymers
4. Construction and Building Materials
Cement and concrete
Ceramics and glass
Insulation materials
5. Metals and alloys.
Aluminum
Steel
Titanium
1. Trends toward green and sustainable chemistry
• Biodegradable plastics are of increasing importance.
• Constructions using Viva chemicals have resulted in a reduction in carbon consumption.
2. Changes focused on nanotechnology
• Increased adoption of nano coatings and nano additives in order to improve products durability
3. Circular Economy Mechanism
• Growth of recycling activities and material recovery facilities
4. The Need for High-Performance Materials is Increasing
• Increased demand for aerospace electronics and automobiles
• Bio is the Drive: The industry is moving to the use of bio-based chemicals and recyclable materials, thereby minimizing their effects on the environment.
• Digital Shifting: Artificial intelligence, the Internet of Things, and blockchain technologies are helping increase transparency within the supply chain and optimize the processes.
• Increased Demand: Materials like carbon fiber composites and lithium-ion batteries are the most in-demand and needed for electric mobility.
• Asia-Pacific is dominating in the market: Domestic markets are led by China, India, and Japan, which has made these regions the stronghold of the industry with more industrial activities and infrastructural developments taking place.
According to the application:
• Adhesives & Sealants.
• Paints & Coatings.
• Packaging Materials.
• Electronic Materials.
According to end users:
• Construction.
• Automotive.
• Healthcare and Pharmaceuticals.
• Consumer Goods.
• Energy & Power.
BASF SE, based in Germany
Dow Inc., a US company
The company operates in the United States under the name DuPont or DuPont de Nemours, Inc.
SABIC is a Saudi Arabian company.
LyondellBasell Industries, which is domiciled in the Netherlands
3M from the United States of America
Netherlands AkzoNobel
Germany-based Evonik Industries
Solvay S.A. is is domiciled in Belgium.