Global organic chemical market was worth over USD 6 billion in 2014, and the market grew at an average of 8% per year from 2009 to 2014. Global organic chemicals market is expected to be driven by growing industrialization and rapid urbanization over the forecast period. This market has a plethora of applications such as food & beverages, pharmaceuticals, pesticides, agrochemicals, water treatment, crop protection, personal care products & cosmetics, fertilizers, automotive industry, gasoline additives, polymers, and chemicals. These industry products account for a major share of the overall global chemicals industry.
Such broad application scope spread across various industries promises robust growth prospect over the next six years. Rapid industrialization, especially in the emerging economies such as China, India, and Brazil, is expected to aid the global market growth over the forecast period. Growing financial prosperity across the globe coupled with rising disposable income levels in the emerging economies promise positive growth prospects in future.
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Stringent regulations and growing awareness regarding the harmful health & environmental effects related to organic chemical applications such as plastic manufacturing are anticipated to hinder growth and development. Release of hazardous chemicals during organic chemical production and the subsequent cost-intensive treatment processes is presumed to challenge market growth over the next six years. A weak economic scenario, particularly in the European region, is anticipated to negatively impact the regional as well as global market over the forecast period.
The industry is technology-driven, which results in R&D spending playing a critical role along the value chain. These R&D investments regarding innovative applications and reduction in production costs promise ample opportunities for the industry participants. Massive government initiatives to encourage the manufacturing industry in the emerging economies are projected to provide ample opportunities for the organic market development.
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A few important organic chemical products include ethyl alcohol, gum & wood chemicals, cyclic crudes & intermediates, fatty acids, synthetic organic alcohols, synthetic flavors, perfume materials, and bulk pesticides. Other than these products, the industry participants also manufacture a range of additional products that have applications across various industries.
Applications for this market are spread across various industries. Such wide acceptance makes these products extremely valuable for manufacturing and industrial purposes, as they are used as raw materials for manufacturing the final downstream products. Government initiatives, particularly in the emerging regions such as Asia Pacific, Central & South America, and Middle East & Africa, to encourage manufacturing operations with an aim to aid GDP growth are presumed to complement market growth and development.
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