Global Chemical Indu

Updated on : April 10, 2024

Chemical Industry Outlook for 2024

According to a 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 growth from 2.2 trillion in 2023 to USD 2.4 trillion by 2024 at a CAGR 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 Outlook for 2024 is set to furnish projections on the chemical industry's performance, encompassing various high growth transforming industries such as battery systems, nex-gen packaging, green hydrogen, sustainable materials, and so on. To achieve this, the report will analyze the industry's 2023 performance in comparison to 2022, highlighting pivotal developments in the chemical industry landscape during 2023. Furthermore, it will delve into the key trends in 2024 that are poised to influence the chemical industry, encompassing macro-economic shifts, global industry-agnostic trends, and industry-specific developments. These identified trends will serve as the driving forces and constraints shaping the chemical industry's trajectory in 2024. Drawing insights from historical performance and the anticipated impact of these trends, the report will formulate forecasts for the chemical industry in 2024.

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.

Scope

The base year considered in the report is 2023, and 2024 is the forecast year. The geographical scope includes North America, Europe, Asia Pacific , and the Rest of the World (RoW). The chemical segment in addition to bulk chemicals also includes both specialty chemical and niche chemicals. It is important to highlight that while the report provides quantitative details for various sub-industry segments, the emphasis on key developments and trends is directed solely toward the disruptive and emerging demand segments which could create a lucrative opportunity segment for a leading player intending to encash it.

Research Methodology

The research methodology involves three key components: (a) secondary research, incorporating historical data from MarketsandMarkets (MnM) reports and Knowledge Store, regular sales data gathered from diverse associations, industry bodies, and third-party databases across regions, and the extraction of key trends, market drivers, and restraints from various industry articles, reports, and journals; (b) Expert Opinions, entailing interviews with key experts to collect insights on key trends, their impact, market drivers and restraints, and industry performance; and (c) MarketsandMarkets (MnM) Analysis. MnM consultants and analysts, with a combined experience exceeding 100 years, continually monitor the industry, regions, sectors, and players. This ongoing surveillance, coupled with existing market knowledge, forms the basis for analysis and market forecasting.

Who should be interested in the report?

The report holds significance for industry stakeholders, including chemical OEMs, importer/suppliers, dealers, and others engaged in chemical industry. It provides valuable insights for leadership and teams involved in strategy, product development, research and development (R&D), sales and marketing, as well as those focusing on new market development.