CHICAGO , Dec. 20, 2023 /PRNewswire/ — According to the recent research report “Global Chemical Industry Outlook 2024 – Navigating the sustainable and disruptive Horizon of Tomorrow”, published by MarketsandMarkets™, the Top 7 Chemical sub-industries will grow from USD 2265 billion in 2023 to USD 2411 billion by 2024 at a YoY increase of 8%. These segments will offer new opportunities worth USD 165 billion in 2024 in the form of new technologies, sustainable solutions, new material, and energy transition.
The global chemical industry is entering 2024 with a positive outlook. Despite the challenging years 2022 and 2023, the chemical industry is set to rebound with moderate growth in 2024. While challenges remain, the combined effect of rising demand, favorable regulations, and industry focus on sustainability & decarbonization, digitalization, and innovation is creating a strong foundation for growth and success in the years ahead.
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The objectives of the report on Global Chemical Industry Outlook 2024 are mentioned as follows:
- To understand the performance of the chemical industry in 2023
- To analyze the top developments and disruptions that took place in 2023.
- To understand the key trends that are likely to impact the industry in 2024.
- To estimate the performance of various key sub-industries at the global level as well as for each of the key regions considered in the report and by sectors/segments.
- To identify growth opportunities and provide recommendations for market participants to tap opportunities.
The report will encompass statistical data and prognostications pertaining to the performance of the chemical industry across various metrics, including overall sales volumes and specific breakdowns for key regions. This comprehensive analysis will extend to high growth emerging sub-industry segments providing an outlook window about sales volumes, overall figures, segmentation by various types, breakdowns by various regions and key countries and specific insights capturing interesting trends, disruption and impact of various disruptions on the future outlook of Chemical Industry. Additionally, the report will delve into key competitive trends, strategic initiatives, and emerging opportunities assessment penultimate into the understanding of key revenue pockets in the sub-industry segment.
The report will also explore pivotal trends expected to influence the chemical industry in 2024. These trends encompass factors such as the emergence of smart lubricant systems, biodegradable lubricant, electric vehicle fluids, smart and multifunctional coating, and so on.
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Chemical industry developments in 2023 and upcoming 2024
In 2023, Recessionary effects in Europe, inflation in the United States, and slower growth in Asia Pacific are some of the key contributors to the bearish global demand for chemicals in 2022 and 2023. Many chemical companies around the globe posted negative growth in chemical sales during the first three quarters of the year 2023. However, the companies have a positive outlook for the 4th quarter ending December 2023 and are expecting to subdue the overall decline. Employment in this industry has fallen over a couple of 10,000 with overall chemical industry output growing by 1.2% compared to 2022. During the same period, industry witnessed multiple operational closures such, Trinseo, a US-based chemical company, has initiated the closure of its styrene plant in the Netherlands due to declining sales and earnings. Another leading player, Chemours, has experienced industry struggles leading to plant closures, due to 14% dip in sales and a 45% drop in profits.
In the United States, the demand for chemicals during the first nine months (Jan-Sept 2024) have been sluggish due to recessionary and inflationary effect in the country, which in the fourth quarter started to ease, and demand is expected to see a modest rebound. The American Chemistry Council expects that the growth in the US chemical industry will be at a single-digit year on year till 2026. Another leading player Huntsman reported segments decreased in sales for Polyurethanes, Performance Products, and Advanced Materials in 2023 due to various factors such as lower sales volumes and decreased average selling prices.
In Europe, there has been a considerable fall in demand for chemicals in 2023 due to weaker demand from all the key end-use industries, high energy cost, high raw materials cost, the Russian-Ukraine war, intensifying recessionary effect with rising interest rates, and inflation continues to affect the European chemical industry. The industry is rethinking its supply chain strategies to balance costs, carbon footprint, and resilience, while navigating disruptions.
APAC has once again proved to be a key growth driver and became a sign of relief for major chemical companies, posting moderate growth, though not as expected during the start of the year 2023. APAC will continue to hold two-thirds of the chemical market in 2024.
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Top Key Companies in Global Chemical Industry Outlook 2024:
- In the rapidly disruptive landscape of the chemical industry, key companies are spearheading transformative initiatives across various sectors.
- In the battery industry segment, Emersys (US), Clarios (Germany), Hitachi (Japan), LC Chem (Korea), and Tesla (US). Chinese Companies such as GS Yuasa, BAK Power, BYD are other front runner player in the high growth battery innovations segment.
- The Composite and lightweight segment, Light Weight segment sees global leaders such as Owens Corning (US), Toray Industries (Japan), Mitsubishi Chemical Holdings (Japan), and Solvay (Belgium).
- Key players such as 3M (US), Avery Dennison (US), BASF (Germany), Hutamaki Group (Finland), and Ball Corporation (US). Other players harnessing potential in this technology segment are International Papers, Crown Corporation, Stora Enso harnessing smart technologies potential to enhance revenues.
- For ensuring opportunity capitalization in Green Hydrogen segment, Linde Plc (Ireland), Air Liquid (US), Siemens Energy (Germany), Toshiba Energy Systems (Japan), Air Products (US), and Energie (France) are at the forefront, providing advanced solutions for market development and sustainable transition.
- Lubricant segment is advancing by players like Shell (US), BP (UK), Exxon Mobil (US), Total (France), and Petro China (China).
- In the coating and adhesives sector, companies like Akzo Nobel (Netherland), PPG Industries (US), Sherwin- Williams (US), Axalta Coating (US), Jotun (Norway), and Asian Paints (India).
Finally, Water treatment is driven by companies like Veolia (France), Suez (France), Dupont (US), Evoque Water (US), Ecolab (US), offering advanced and sustainable solutions for water treatment technology. In 2024, the chemical industry will continue investments in technologies such as Forwards osmosis, UHP RO, and Digitalization of water treatment solutions.
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