Global Inorganic Chemicals Market Insights, Opportunity Analysis, Market Shares and Forecast, 2016 - 2022
The global inorganic chemical market is forecasted to grow at a CAGR of 4.5% during the forecasted period of time. Inorganic chemical is mainly considered as chemicals which are made up of bulk of basic chemical production. Inorganic materials are basically those which are mainly derived from inanimate earth materials such as minerals and atmosphere etc. These chemicals are quite different from organic chemicals which are derived mainly from plant and animal sources. They are basically depended upon naturally occurred or synthetically produced elements.
The inorganic chemical market is forecasted to grow at a higher rate in future due to its rapid growth and rising fertilizer industry in all over the world. Another major factor which drives this global market is due to its rising end users applications like industrial products and paint & coatings etc. which are also helpful in boosting this market. Rising chemical industry is considered as another factor that propels the growth of the market in near future. Although there are many factors which drive this market, but still there are various challenges which are faced by the market such as high research and development cost and lack of technical expertise etc. There are also various restraints which are faced by global inorganic chemical market which are complexities and improper handling of chemicals or acids etc. The major factor which restraints the market growth is impact of inorganic chemicals on environment which directly affects the growth of the market and it is going to be key factor hampering the growth of the market.
The global inorganic chemical market is segmented on the basis of product type, type and by geography. On the basis of product type, the market is segmented into inorganic salts, non-metallic oxides, elementary substances, metal oxides, alkali, inorganic acids, and others. Among all product type, inorganic salt market is the fastest growing market because of rising fertilizers and agrochemicals industry in all over the world. The usage of ammonium phosphate, nitrates is considered as primary factors that drives this on the basis of types, the global inorganic chemical market is segmented into basic chemicals, pesticides and agrochemicals, paints and coatings, soaps and detergents, other chemical and plastic and rubber etc. On the basis of application, the market is segmented into Separators, Vaporizers, Condensers, Pumps and compressors, Reactor vessels, Hoppers, Concentrators, Absorption columns, Valves, Piping systems, Diluters, Distillation columns, Scrubbers, Rotary kilns, Heaters, Heat exchangers, etc.
On the basis of geography, Europe, Asia Pacific North America, and ROW are the major segments of this global inorganic chemical market. Asia would be the fastest growing market in inorganic chemical. The major reason behind the success of this region is raising industrial market in developing countries like China, India etc. However, North American region holds the largest market share in inorganic chemical market due to rising end- user industry and so on. Some of the major players of the market include BASF SE, DuPont, Evonik Industries, Formosa Plastics, Ineos, Dow Chemical, LG Chem., Lyondell Basell Industries, Akzo Nobel, and Bayer, Mitsubishi Chemical and so on. Mergers, product launches, Innovation and expansion are some of the key strategies adopted by the market players. On 15th March’2016, BASF and Avantium have established a joint venture for the production as well as marketing of furandicarboxylic acid and PEF based on the new chemical building block. These mergers, product launches and acquisition helps in boosting the growth of global inorganic chemical market.
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1. AKZO NOBEL
2. BASF SE
4. DOW CHEMICAL
6. EVONIK INDUSTRIES
7. FORMOSA PLASTICS
9. LG CHEM
10. LYONDELL BASELL INDUSTRIES
11. MITSUBISHI CHEMICAL
15. SUMITOMO CHEMICAL