Chemicals

The chemicals industry outcomes include specialty chemicals, agrochemicals and fertilizers, bulk chemicals, and resins and polymers, among others. It is one of the most patent-intensive industries, and it acts as a raw material supplier for the manufacturing of plastic goods, paints and coatings, textile, fiber and composites, and synthetic rubber, among other products play vital roles in numerous industries, such as The chemicals industry outcomes include specialty chemicals, agrochemicals and fertilizers, bulk chemicals, and resins and polymers, among others. It is one of the most patent-intensive industries, and it acts as a raw material supplier for the manufacturing of plastic goods, paints and coatings, textile, fiber and composites, and synthetic rubber, among other products play vital roles in numerous industries, such as building and construction, cosmetics, pharmaceuticals, automotive and transportation, appliances, aerospace & defense, refining, paper and pulp, oil & gas extraction, and consumer goods.

During COVID-19 pandemic, the chemicals industry played the significant role in delivering medical supplies, sanitization and disinfectant products, and protective packaging products. Increase in globalization, progressive changes in the global supply chains, availability of capital for companies, expansion of businesses, and cross-border investments are among the major factors driving the chemicals industry growth. In addition, digital transformation of the industry over the years and development of socioeconomic system are significantly boosting the industry growth. Crude oil is a significant part of chemical sector and building block to manufacture several chemicals and derivatives products. Thus, fluctuations in crude oil prices impact the overall growth and output of the chemicals industry.

Stringent government regulations, and environmental and safety concerns associated with the production of numerous types of chemicals and intermediate products as well as with the usage of fossil fuels are a few of the major challenges faced by the companies operating in global chemicals industry. Additionally, rapidly changing technologies, alteration in consumer demands, political turbulence, and change in business model further hamper the growth of the industry. To overcome these growth hurdles, chemical companies are focusing on sustainable raw material production, energy-efficient manufacturing process, and recycling technology adoption.

The chemicals industry is one of the leading contributors and an irreplaceable part of the global economy, accounting for ~USD 5.7 trillion to the global GDP. The chemicals industry has become a vital part of the global economy and created large-scale employment across the world. Substantial investments in R&D, leading to improvements in process and technologies, would further support the global chemicals industry growth in the coming years.

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