Citric acid, a weak organic acid, is a key player in the world of food additives, widely recognized for its natural preservative properties and as a flavor enhancer in food and beverages. Extracted primarily from citrus fruits like lemons and oranges, it also holds prominence in sectors such as pharmaceuticals, cosmetics, and industrial applications. While the citric acid market thrived in 2023, it's imperative to understand the forces propelling its growth and the challenges it faces. Citric acid marketis estimated to grow at a CAGR of 4.6% from 2024 to 2032
Rare Earth Metals Market is Expected to Grow at 6.8% by 2031. The rare earth metals market is divided by types, applications and geographical locations. Rare earth metals by types is a group of seventeen metals that include fifteen lanthanides. These fifteen lanthanides are praseodymium, neodymium, promethium, dysprosium, gadolinium, thulium, ytterbium, lanthanum, cerium, samarium, europium, holmium, terbium, erbium and lutetium with same chemical characteristics and the remaining two metals known as yttrium and scandium totaling seventeen rare earth metals.
The salicylic acid market encompasses the production, distribution, and sale of salicylic acid, a beta hydroxy acid that is primarily used for its properties as an exfoliant and anti-inflammatory agent. Salicylic acid is derived either from natural sources like willow bark or through synthetic processes involving phenol and sodium hydroxide. This compound is prominently featured in various industries including pharmaceuticals, skincare, haircare, and food preservatives. Its roles range from serving as an active ingredient in acne treatments to being used as a preservative in low pH foods.
Superabsorbent polymers (SAPs) are a class of synthetic materials known for their exceptional ability to absorb and retain large quantities of water or aqueous solutions. These polymers are used in a wide range of applications where the absorption and retention of liquids are critical. SAPs have gained prominence in industries such as hygiene products, agriculture, packaging, medical devices, and construction due to their unique properties.Superabsorbent polymers market is expected to expand at a CAGR of 5.7% from 2024 to 2032, driven by its versatile applications and sustainability initiatives.
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.
