Market Synopsis
According to the MRFR analysis, the global organic chemicals market size was valued at around USD 10.31 billion in 2020 and is expected to reach around USD 21.25 billion by the end of 2030 at a CAGR of 7.50%.
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Organic chemicals are molecularly structured chemical compounds that contain carbon. Hydrogen, oxygen, nitrogen, sulphur, and chlorine are among the other elements found in these compounds. Organic chemicals can be both natural and created by humans. Most organic chemicals are natural because they are carbon-based, which means they can be produced by plants or animals. Others, on the other hand, are organic-synthetic chemicals, which require a chemical reaction to be produced.
Organic Chemicals Market are in high demand due to their antioxidant and preservative properties, which are used in food and beverage applications. There is also a growing demand for foods produced with less harsh methods, such as heat, salt, sugar, and chemicals. Furthermore, newer technologies for preventing the growth of harmful bacteria are being introduced, increasing the demand for organic chemicals in food applications. However, factors such as volatile raw material prices and raw material availability impede market growth. Furthermore, rising environmental concerns about the use of synthetic acids and the harmful effects of some organics are impeding market growth. Nonetheless, rising demand for environmentally friendly Organic Chemicals has resulted in the development of a number of bio-based Organic Chemicals. Bio-based Organic Chemicals are manufactured from natural sources such as wheat or corn and are a less expensive alternative to conventionally derived Organic Chemicals. As a result, the emergence of bio-based Organic Chemicals has created profitable opportunities for market participants operating in the global Organic Chemicals market.
Covid Analysis
COVID-19 has had a negative impact on overall chemical production, particularly on the production of organic chemicals, owing to disruptions in the global supply chain. This is due to the global lockdown and travel restrictions imposed to limit the spread of the coronavirus. The pandemic has hampered Organic Chemical production, affecting a wide range of industries, including agrochemicals, food and beverage, pharmaceuticals, personal care & cosmetics, and others. Organic chemicals like acetic acid, citric acid, lactic acid, formic acid, and fumaric acid are commonly used in the food and beverage, pharmaceutical, personal care, and cosmetic industries. As a result, demand for Organic Chemicals increased from a variety of end-use industries during the global pandemic. Organic Chemicals producers have kept their facilities running with a limited workforce in order to meet the increased demand from end-users. As a result, even during the pandemic, demand increased slightly. Furthermore, procurement of raw materials was a major impediment, as the majority of raw material suppliers in the market were forced to close their operations due to the outbreak of COVID-19. The closure of several raw material producers and Organic Chemicals manufacturers has resulted in a drop in global consumption. Furthermore, the imposition of various fiscal and monetary policies by governments and managements around the world to limit the damage caused by COVID -19 is expected to result in some relief.
Competitive Landscape
The global Organic Chemicals market is highly fragmented with presence of numerous global, regional, and numerous unorganized players. Some of the prominent players in the global organic chemicals market include BASF SE (Germany), Cargill (US), Eastman Chemical Company (US), Koninklijke DSM N.V. (Netherlands), PPG Industries (US), AkzoNobel (Netherlands), Royal Dutch Shell (Netherlands), Sinopec (China), ExxonMobil (US), LyondellBasell Industries (Netherlands), Ineos (UK), Reliance Industries (India), and The Dow Company (US). Manufacturers seek to gain a competitive advantage over other players by expanding production facilities, acquiring, forming joint ventures, and forming partnerships with key stakeholders. Furthermore, in order to gain the largest share of the global market, producers are increasingly focusing on strategic alliances with stakeholders, new product development, and capacity expansion.
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Segmentation
By Source
- This segment is further segmented into natural and synthetic.
- Compounds produced by plants or animals are known as natural organic chemicals. The majority of natural organic chemicals are carbon-based. The segment's growth is likely to be fueled by the growing emphasis on natural products and the depletion of fossil fuels.
- Synthetic organic chemicals are primarily made from coal or petrochemicals. This segment has the largest market share and is expected to grow at a healthy rate during the forecast period.
By Type
- This segment is further segmented into aliphatic, aromatic, carbonyls, and others.
- Aliphatic compounds have carbon and hydrogen in straight chains, branched trains, or non-aromatic rings. Alkane and alkene such as butane, propane, pentane, hexane, pentene, methane, and others are included in the aliphatic segment. However, because most aliphatics are flammable, they are commonly used in a variety of fuels (propane, pentane).
- Aromatic compounds are made up of conjugated planar ring systems with delocalized pi-electron clouds rather than individual alternating double and single bonds. They're also referred to as aromatics or arenes. Toluene and benzene are the most common aromatic compounds. Many are used in industry as non-polar solvents and as organic synthesis derivatives.
- Carbonyl compounds includes carboxylic acids, acid anhydrides, acyl halides, acid amides, and esters. Carbonyl compounds are used in the production of a wide range of products, including resins, solvents, pharmaceuticals, polymers, and food additives.
- Others includes aldehydes, alcohols, amides, ketones, nitriles, hydrazine, etc.
By Application
- This segment is further segmented into food and beverage, agrochemicals, pharmaceuticals, personal care & cosmetics, plastics & polymers, and others.
- Food and beverage segment accounted for the largest market, because of increased demand for fortified food and beverages. Organic chemicals are widely used in the production of food, beverages, and feed additives.
- Organic chemicals have long been used in the production of agrochemicals, and the segment is expected to grow steadily over the forecast period. Organic chemicals are widely used to improve crop yield in chemical fertilisers, pesticides, and fungicides.
- Personal Care & Cosmetics segment is expected to grow at a moderate rate during the forecast period. Organic chemicals are used as a preservative as well as an active ingredient in personal care and cosmetics for applications such as anti-oxidant, anti-aging, anti-inflammatory, and so on. It is also used to make hair conditioners, shampoos, rinses, wave sets, and other hair care products.
- Organic chemicals, primarily synthetic chemicals, are widely used in the production of plastics and polymers. Polyethylene, polypropylene, polystyrene, polyvinylchloride, and nylon-6 are some of the most common examples.
- Others segment include textiles, paints & coatings, dyes & pigments, solvents, paper & pulp, metal, perfumes, etc.
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By Region
- North America: North America accounted for the second largest market share in the global market. Because of the large production bases of organic chemical producers, high demand for animal feed, and the presence of advanced manufacturing technologies.
- Europe: Europe recorded a stagnant growth in the global market owing to the stringent government regulation.
- Asia-Pacific: Asia-Pacific held the largest market share and is expected to grow at the fastest rate in the market. This is primarily due to massive domestic production, large expansion plans in China, and the widespread presence of key producers in the region.
- Latin America: Latin America market is expected to provide significant growth opportunities because of the rise in urbanization and the presence of major Organic Chemicals producers in Brazil.
- Middle East & Africa: Middle East and Africa are expected to grow profitably because of the consistent supply of raw materials.
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