The sodium bicarbonate market is expected to grow at a CAGR of 3.9% during the forecast period of 2024 to 2032. Sodium bicarbonate, commonly known as baking soda, is a versatile chemical compound with a wide range of applications across various industries, including food and beverages, pharmaceuticals, personal care, and industrial processes. This white, crystalline powder is well-known for its use as a leavening agent in baking but also plays crucial roles in pH buffering, odor control, and as a mild disinfectant.
The methyl ssobutyl ketone (MIBK) is expected to grow at a CAGR of 3.9% during the forecast period of 2024 to 2032. Methyl isobutyl ketone (MIBK) is a solvent commonly used across various industries due to its outstanding solvency characteristics. MIBK is primarily utilized in surface coatings, rubber chemicals, and the extraction of gold and other precious metals. The chemical serves a critical role in formulations where a high solvent strength is required, including lacquers, varnishes, and paints. Its efficacy in improving the gloss and flow of paints and its compatibility with many different resins make it an invaluable component in the coatings industry.
The cement paints market is expected to grow at a CAGR of 3.5% during the forecast period of 2024 to 2032. Cement paints market is evolving with rising construction activities globally. These paints, primarily composed of white cement and pigments, are applied as a decorative waterproof coating on concrete and masonry surfaces. Their popularity is attributed to their durability, cost-effectiveness, and resistance to harsh weather conditions. This market caters to both residential and commercial sectors, reflecting growing urbanization and infrastructural developments.
The textile enzymes market is expected to grow at a CAGR of 5.5% during the forecast period of 2024 to 2032. Textile enzymes market is a dynamic segment within the chemical industry, focusing on the application of various enzymatic processes to improve the quality and functionality of textiles. These enzymes, including amylases, catalases, and cellulases, are used extensively in textile processing to enhance fabric softness, enable biopolishing, and facilitate eco-friendly processing techniques.
The phosphate esters market is expected to grow at a CAGR of 6.6% during the forecast period of 2024 to 2032. Phosphate esters are organophosphorus compounds widely used as lubricants, surfactants, and fire retardants in various industrial applications. They play a crucial role in enhancing the performance and safety of products across sectors such as automotive, aerospace, agriculture, and textiles. The demand for phosphate esters has been growing due to their superior properties including thermal stability, anti-wear characteristics, and fire resistance.
The bromobenzene market is expected to grow at a CAGR of 4.4% during the forecast period of 2024 to 2032. Bromobenzene is an aromatic compound extensively utilized in the synthesis of a multitude of other organic substances, including pharmaceuticals, agrochemicals, and various industrial chemicals. The compound serves as a building block in organic chemistry, particularly in the production of phenylmagnesium bromide, a Grignard reagent.
The geocells market is expected to grow at a CAGR of 6.5% during the forecast period of 2024 to 2032. Geocells are three-dimensional honeycomb-like structures made from high-density polyethylene (HDPE), polypropylene, polyester, or other polymer alloys. These structures are used primarily for soil stabilization, erosion control, and to improve the load-bearing capacity of various infrastructures. geocells are extensively utilized in road construction, railway work, earth retention, and landscaping projects due to their flexibility and environmental compatibility.
The tetrahydrofuran (THF) market is expected to grow at a CAGR of 7.1% during the forecast period of 2024 to 2032, driven by its versatile applications across various industries, including pharmaceuticals, chemicals, and polymers. Key conclusions from the market analysis indicate that the demand for THF is influenced by several factors, including its essential role in the production of Polytetramethylene Ether Glycol (PTMEG), its use as a solvent, and its significance in the manufacturing of other chemicals.
The hydroxyethyl cellulose market is expected to grow at a CAGR of 4.8% during the forecast period of 2024 to 2032, driven by the surging demand for building materials, expanding use in waterborne paints & coatings, and its pivotal role in the oil fields. However, environmental concerns in production pose a challenge that necessitates industry-wide efforts towards sustainable manufacturing processes.
The stealth coatings market is expected to grow at a CAGR of 6.8% during the forecast period of 2024 to 2032, driven by the increasing demand for advanced stealth technologies, the expanding applications in various industries, and the ongoing geopolitical tensions necessitating enhanced defense capabilities. Despite challenges such as high development and application costs, the market is expected to expand as industries seek advanced protective solutions.
The global market for chemicals is expected to grow at a CAGR of 8.5% during the forecast period of 2023 to 2031. The worldwide chemical business, valued at $2.4 trillion, is one of the manufacturing industry's fastest-growing areas. General chemical products, printing inks, toiletries, soap and cleaning compounds, adhesives, paints and coatings, pesticides and other types of agricultural chemicals, chemical fertilizers, synthetic rubber and fibers, plastic material and resins, ethyl alcohol and other basic organic and inorganic chemicals, synthetic dye and pigment, industrial gas, and petrochemicals are the most common types of chemicals. Printing ink consists of a pigment or pigments of the desired hue that is combined with oil or varnish. Intermediate chemicals consist of methanol, ethylene oxide, and propylene oxide. Pharmaceuticals, agrochemicals, water treatment, construction, paints and dyes, oil and gas, rubber compounds, surfactants, personal care, and more end-users are involved.
The chemical industry is one of the oldest manufacturing businesses. It not only plays a critical role in addressing the day-to-day demands of the average citizen but also greatly contributes to the industrial and economic development of a nation. In the past few years, the global chemical industry has undergone significant structural changes, including the relocation of manufacturing facilities to Asian countries, the emergence of new growth markets, the introduction of new technologies, and the all-encompassing effect of the global economic crisis coupled with rising raw material costs. As a result of the global economic crisis, the commodity/bulk and specialty chemicals markets have experienced dramatic losses in demand and profit over the past two years. The need for chemicals is anticipated to return to developed countries, albeit to a lesser degree than in Asia. All of the main chemical firms anticipate that rising markets, such as China, India, Brazil, and Korea, will contribute to the sales growth of their chemical products. Given its huge potential advantage in low-cost hydrocarbon feedstocks primarily backed by proximity to Crude oil, the Middle East has also attracted a great deal of investments, mergers, and acquisitions, as well as additional capacity. This is mostly owing to the higher GDP growth rates attributable to economic expansion and the development of new applications in these regions. The global chemical sector will continue to place a strong emphasis on managing cash flow, controlling operating rates, and assuring worldwide supplies of raw materials. Major obstacles continue to be laws and carbon emissions policies, which are pushing industries towards greener goods and away from feedstocks derived from petrochemicals.
To remove the harmful effects of chemical manufacturing on the environment, chemical businesses are rapidly implementing eco-friendly and sustainable processes. The evolution of technology and the chemical sciences enables chemical firms to use alternate fuels to manufacture chemical goods. They are utilizing naturally occurring carbon dioxide to manufacture fuels, industrial products, and other compounds. For instance, the chemicals and coatings company Akzo Nobel N.V. plans to invest seven figures in Green Lizard Technologies' proprietary technology to produce surfactants from plants as opposed to oils. JXTG Holdings Inc., Sinopec Limited, BASF SE, Procter & Gamble, Unilever plc, L'Oreal SA, Dow Inc., Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemical Holdings Corp, and Guardian Industries, LLC are major players in the chemicals sector.
For companies in the Chemicals industry, Acute Market Reports is the best option for in-depth market research and expert consultancy. Acute Market Reports, through its solutions crafted through a futuristic approach, enables its clients to make well-informed business decisions. Through our partnerships with Fortune 500 organizations, we have been able to demonstrate our expertise by completing customized consulting projects for each client throughout their entire product and service offering.
