Market Research Future published a Half Cooked Research Report on “Global Base Chemical Market Research Report – Forecast to 2027”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Baden Aniline and Soda Factory, Dow chemicals, Bayer, Saudi basic industries, lyondellBasell industries, Linde, Henkel, Air liquide, PPG industries, Mitsubishi Chemical, Ineos and AkzoNobel, among others are some of the prominent players at the forefront of competition in the Global Base Chemical Market and are profiled in MRFR Analysis.
Base Chemical Market – Overview
The Global Base Chemical Market is expected to grow at moderate annual increment, driven by demand from end user industries like pulp & paper, textiles, soaps and detergents, fertilizers, medication, food and others. The Base Chemical manufacturers are increasingly shifting towards Asia Pacific region in line with the shift of consumer demands in textile, detergents and fertilizer sectors. As a result of this shift, China is the largest contributor and accounted for nearly half of the global production of Base Chemical. Significant refining and cracker capacity of the petrochemical has been added in China to address rapidly growing car fleet sales as well as the diverse needs of a growing Chinese middle class. Overall, the rate of Base Chemical capacity addition has been very high in Asia Pacific region while global consumption is expected to slow down, due to economic slowdown of many developing and developed countries. As a result of this, Base Chemical operating rates is expected to decline, leading to lower margins and pressure on the higher-cost producers.
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Industry/ Innovation/ Related News:
April 2017 – A contract shared between ThyssenKrupp and Andhra Sugars, wherein, membrane cell caustic soda expansion plan has been proposed. With existing production capsacity additional 436 tons/day of membrane cell caustic soda will be produced at Andhra Pradesh based plant.
December 2013 – Braskem acquired 70% stakes in Solvay Indupa in exchange USD 290 million. With this acquisition, Braskem fully functioning 1 PVC and 1 chore-Alkali plant cap[able opf production 170 k tons of caustic soda.
November 2016 – Gujrat Alkalie Chemicals Ltd to open new caustic soda plant having a production capacity of 266 kilo tons / annual.
August 2016 – Westlake chemicals completes the acquisition of Axial Corporation, which is a foremost chlore-alkali producer in North America. The acquisition undertaken between Westlake and Axial Corporation in exchange of USD 3.8 Million.
March 2016 – Axial Corporation tied in an agreement with automotive and heavy duty coolants supplier, that is, Old World Industries for marketing liquid caustic soda across the US. Axial Corporation would leverage Old World Industries’ supply chain network as well as customer service activities for the distribution of liquid caustic soda.
September 2014 – Aditya Birla has acquired Chlore-Alkali division of Jayshree Chemicals in exchange of USD 31 million.
October 2015 – Olin Corporation completes the previously announced merger activity with The Dow Chemicals Company. Chlor-alkali and vinyl, global chlorinated organics and global epoxy businesses of doe chemicals have merged with Olin.
December 2017 – AkzoNobel Expands high purity salt production in Netherlands. AkzoNobel’s Specialty Chemicals business is studying plans to expand production of high-purity vacuum salt at its Delfzijl site in the Netherlands.
Base Chemical Market India
Indian Base Chemical Market is estimated to grow with incremental growth rate of the world market. Globally, India ranks at significant level in exports of base chemicals. Regionally, western India has been the dominant region contributing approx. 50% to the Gross Value Added (GVA) for the Base Chemical sector.
Several initiatives taken by Government of India will support the growth of chemical industry in India. One of such initiative is ‘Make in India’. This initiative is expected to foster growth in Indian Base Chemical market by allowing duty rationalization for skill development, feedstock, improving infrastructure and tax incentives for R&D investments. Approval of the GST bill is another key reform which is expected to lower logistics cost by 10-15% and create a unified market across the country. The launch of Single Window Interface for Facilitating Trade (SWIFT) by government would help importers or exporters to file a common integrated declaration, instead of 9 forms across 6 agencies.
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The R&D investment and facility of Indian companies have been limited traditionally, but the situation is changing slowly with more and more companies looking at R&D as a key source of staying in competitive environment of Base Chemical market in India. The investment in R&D for Indian companies is expected to grow above 2% of the total revenue, thereby help to innovate them the product in the market. The industry is also observing increasing tie-ups with academia which will facilitate the technology applied research further.
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