Global Chemical Intermediate Market - Overview
The chemical intermediate market is growing in tandem with the augmented production rate of the plastic industry. Chemical intermediates are produced in between steps of chemical reactions. But its application only begins there as it accentuates the reaction process and enables the reaction to deliver the desired result. Formed from the reactants, these intermediates are mostly short-lived and are absent in the final product mixture. According to MRFR analysis, the chemical intermediate market value is projected to reach over USD 170 billion by 2030 with a healthy CAGR of over 8.2% during the review period.
The global chemical intermediate market can record a surge in demand and resultantly production over the review period (2021-2030), reveals Market Research Future (MRFR) in a published report. The report has its focus on segmental details and factors that can impact the market growth in the coming years.Among the factors, plastic industry will surely play a significant role in the growth of the chemical intermediates market. But the coating industry finds elaborate use of these intermediates owing to their shorter span of life. In aviation industry, these chemical intermediates work well as a de-icing agent on the runaways that can ensure safe landing of aircrafts. In addition, various application industries such as the manufacturing of detergents, elastic textile fibers, pharmaceuticals, and agriculture have reserved an integral role for intermediates that can bolster the expansion rate of the chemical intermediate market size. Despite such advantages, the chemical intermediate market can get bogged down by the volatile prices of the raw agents. The impact would be on the final price which can hamper the expected growth curve in the coming years.
Global Chemical Intermediate Market – Prominent Players
The key players operating in the global chemical intermediate market are Dow (US), INVISTA (US), BASF SE (Germany), Akzo Nobel NV (Netherlands), Stepan Company (US), LG Royal DSM (Netherlands), SABIC (Saudi Arabia), Chevron Corporation (US), Jay Chemicals (India), Himalaya chemicals (India) and Exxon Mobil Corporation (US).
Chemical intermediates are also known as commodity chemicals, and are manufactured on a large scale to serve as feedstock for a host of downstream, upstream and specialty chemicals. Chemicals intermediate is much diversified industry and covers more than 80,000 commercial products in the market. It provides key building blocks for the industries such as pharmaceuticals textiles automobiles, paints, papers, soaps, detergents among many others. The global chemical intermediate market is expected to grow at healthy annual increment which is driven by demand from end use industries. The industry is increasingly shifting towards Asia Pacific region in line with the shift of its key consumer industries such as automotive, electronics to leverage higher manufacturing competitiveness of emerging economies and to serve the increasing demand from consumer. As a result of this shift, China is the largest contributor and accounted largest share followed by European Union and North America to the global chemical intermediate market.
In such a scenario, the Chemical Intermediate offers a lightweight plastic solution, which in turn drives the market growth. On the flip side, price volatility and the demand-supply gap in the raw materials required for the production of Chemical Intermediate is major tailwind impeding the growth of the market. Nevertheless, the increasing uses of Chemical Intermediate would support market growth throughout the forecast period.
Chemical Intermediate Market - Segments:
The global research on chemical intermediates can be segmented by type, application, and form.
Based on the type, the chemical intermediate market comprises phenol, acetone, methyl ethyl ketoxime (MEKO), and others. MEKO finds an array of application in the coating industry.
Application-wise, the chemical intermediate market can be segmented into pharmaceuticals, automotive, agriculture, and others. For the automotive sector, its allure is quite extensive as it is necessary for both coating and manufacturing of plastic components.
By form, the chemical intermediate market consists liquid, solid, and gaseous.
Global Chemical Intermediate Market -Regional Analysis
Regionally, the chemical intermediate market includes namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America’s impact on the market raises the bar for other regions. Its extensive impact results from the densely populated industrial pockets and the presence of a vast number of verticals in the U.S., Canada, and Mexico. At the same time, research & development sector, coupled with high investment rate are pushing the regional chemical intermediates market growth forward.
Europe’s chemical intermediate market consists of countries such as Germany, France, Italy, and the U.K. Their industrial superiority, especially in the automotive sector, is contributing to the regional market growth. Meanwhile, extraordinary growth in the APAC region can be the fastest during the forecast period. The regional textile and leather industries can further the prospect of the intermediate market in the region.
Industry/ Innovation/ Related News
March 2016 – BASF completed its two-step capacity expansion for the chemical intermediate 1,4-butanediol (BDO) by approximately 20 percent at its Verbund site in Geismar, Louisiana during the first quarter of 2016. The double-digit million-dollar investment increased production capacity by implementing measures to boost efficiency and improve infrastructure. With this expansion, BASF planned to strengthen the position in the North and South American markets and reliably meet the customers’ growing chemical intermediate demand from local asset in Geismar. In addition to this, BASF is investing in various products in North America, most recently in formic acid to expand the strong presence in the market and the commitment to the customers. BASF is Tire-1 Company in intermediate chemical market and the expansion strategy of BASF would definitely fuel the global intermediate chemical market.
September 2021 – Intermediate chemicals major Deepak Nitrite has set an ambitious target to achieve USD1 billion turnover in the next three to four years, with its upcoming rupees1,400-crore phenol-acetone facility at Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) in Dahej, Gujarat.the company is setting up the country’s largest phenol-acetone plant at Dahej PCPIR with capacity of about 200,000 tonnes per annum. Once this project is commissioned, it will trigger a lot of new opportunities for intermediate chemical market in India.
November 2021 – Dutch specialty chemicals and coatings producer AkzoNobel completed an expansion effort at its Boxing, China surface chemicals plant to enable the site to produce a wider range of products. The capacity expansion of AkzoNobel in Asia would notonly boost the intermediate chemical market in the region but it would also help AkzoNobel to increase their Asia Pacific market share.
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