Global Chemical Industry Outlook 2024: Opportunities, Growth, Scope, Demand, Regional Analysis, Graph, Segmentation and Forecast Report
According to a research report "Global Chemical Industry Outlook 2024- Navigating the sustainable and disruptive Horizon of Tomorrow", published by MarketsandMarkets, the Top 7 Chemical sub-industries will grow from USD 2265 billion in 2023 to USD 2411 billion by 2024 at a YoY increase of 8%. These segments will offer new opportunities worth USD 165 billion in 2024 in the form of new technologies, sustainable solutions, new materials, and energy transition.
The global chemical industry is entering 2024 with a positive outlook. Despite the challenging years 2022 and 2023, the chemical industry is set to rebound with moderate growth in 2024. While challenges remain, the combined effect of rising demand, favorable regulations, and industry focus on sustainability & decarbonization, digitalization, and innovation is creating a strong foundation for growth and success in the years ahead.
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The chemical industry anticipates a transformative journey from 2023 to 2024, with a focus on sustainable practices, energy transition, the rise of digital initiatives, innovative technologies, changing geopolitical scenarios, customization, and deglobalization. To remain successful, companies will have to adopt dramatic step-changes that are likely to include deglobalization and supply chain localization. Increased health and geopolitical concerns will result in risk mitigation and business continuity, just-in-time delivery, and precise plant footprint and supply chain strategy. The chemical industry must confront diverging standards in supply chains and other economic activities or business lines. However, most chemicals are intrinsically multiregional rather than truly global products and intercontinental trade is still significant for many players.
Chemical industry developments in 2023 and upcoming 2024
In 2023, Recessionary effects in Europe, inflation in the United States, and slower growth in Asia Pacific are some of the key contributors to the bearish global demand for chemicals in 2022 and 2023. Many chemical companies around the globe posted negative growth in chemical sales during the first three quarters of the year 2023. However, the companies have a positive outlook for the 4th quarter ending December 2023 and are expecting to subdue the overall decline. Employment in this industry has fallen over a couple of 10,000 with overall chemical industry output growing by 1.2% compared to 2022. During the same period, industry witnessed multiple operational closures such, Trinseo, a US-based chemical company, has initiated the closure of its styrene plant in the Netherlands due to declining sales and earnings. Another leading player, Chemours has experienced industry struggles leading to plant closures, due to 14% dip in sales and a 45% drop in profits.
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In the United States, the demand for chemicals during the first nine months (Jan-Sept 2024) have been sluggish due to recessionary and inflationary effects in the country, which in the fourth quarter started to ease, and demand is expected to see a modest rebound. The American Chemistry Council expects that the growth in the US chemical industry will be at a single-digit year on year till 2026. Another leading player Huntsman reported segments decreased in sales for Polyurethanes, Performance Products, and Advanced Materials in 2023 due to various factors such as lower sales volumes and decreased average selling prices.
In Europe, there has been a considerable fall in demand for chemicals in 2023 due to weaker demand from all the key end-use industries, high energy cost, high raw materials cost, the Russian-Ukraine war, intensifying recessionary effect with rising interest rates, and inflation continues to affect the European chemical industry. The industry is rethinking its supply chain strategies to balance costs, carbon footprint, and resilience while navigating disruptions.
APAC has once again proved to be a key growth driver and became a sign of relief for major chemical companies, posting moderate growth, though not as expected during the start of the year 2023. APAC will continue to hold two-thirds of the chemical market in 2024.
2024
Chemical companies around the globe are likely to enter the new year with utmost caution, keeping their focus more on reducing overall costs and improving process efficiencies to offset the losses incurred during the past years.
MNM captured some of the key trends that are likely to drive growth in 2024 and beyond:
Decarbonization, Digitalization, Sustainability, Circularity, And Energy Transition Are Some Of The Key Trends Expected To Drive The Global Chemical Industry In 2024 And Beyond.
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Top Key Companies in Global Chemical Industry Outlook:
- In the rapidly disruptive landscape of the chemical industry, key companies are spearheading transformative initiatives across various sectors.
- In the battery industry segment, Emersys (US), Clarios (Germany), Hitachi (Japan), LC Chem (Korea), and Tesla (US). Chinese Companies such as GS Yuasa, BAK Power, BYD are other front runner player in the high growth battery innovations segment.
- The Composite and lightweight segment, Light Weight segment sees global leaders such as Owens Corning (US), Toray Industries (Japan), Mitsubishi Chemical Holdings (Japan), and Solvay (Belgium).
- Key players such as 3M (US), Avery Dennison (US), BASF (Germany), Hutamaki Group (Finland), and Ball Corporation (US). Other player harnessing potential in this technology segment are International Papers, Crown Corporation, Stora Enso harnessing smart technologies potential to enhance revenues.
- For ensuring opportunity capitalization in Green Hydrogen segment, Linde Plc (Ireland), Air Liquid (US), Siemens Energy (Germany), Toshiba Energy Systems (Japan), Air Products (US), and Energie (France) are at the forefront, providing advanced solutions for market development and sustainable transition.
- Lubricant segment is advancing by players like Shell (US), BP (UK), Exxon Mobil (US), Total (France), and Petro China (China).
- In the coating and adhesives sector, companies like Akzo Nobel (Netherland), PPG Industries (US), Sherwin- Williams (US), Axalta Coating (US), Jotun (Norway), and Asian Paints (India).
- Finally, Water treatment is driven by companies like Veolia (France), Suez (France), Dupont (US), Evoque Water (US), Ecolab (US), offering advanced and sustainable solutions for water treatment technology. In 2024, chemical industry will continue investments in technologies such as Forwards osmosis, UHP RO, and Digitalization of water treatment solutions.
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