What is the market demand for global chemical?
The global chemical market demand is showing a diversified trend, driven mainly by economic development, industrialization processes, and strengthened environmental regulations.
Overview of global chemical Market Demand
The global chemical market exhibits distinct regional distribution characteristics, with North America, Europe, and the Asia Pacific region being the main production and consumption areas. The Asia Pacific region, especially China, has become an important growth pole in the global chemical market due to its rapid economic development and large manufacturing scale, leading to a rapid increase in demand for chemicals. In addition, the global chemical market is driven by multiple factors:
Economic development: With the sustained growth of the global economy, especially the acceleration of industrialization in emerging market countries, the demand for chemicals continues to increase.
Industrialization process: The industrialization process in developing countries has driven the growth of chemical demand, especially the significant increase in demand for industrial chemicals such as acetaldehyde.
Strengthening environmental regulations: The issue of global climate change is becoming increasingly prominent, and governments around the world are continuously strengthening their environmental regulatory systems, promoting the demand for green production and sustainable development.
Market demand for specific chemicals
Taking acetaldehyde as an example, acetaldehyde is an important chemical raw material in industry, used for the production of chemicals such as ethanol and acetic acid, and widely used in food, medicine, and daily chemical products. In 2024, the global acetaldehyde market size will reach 12.35 billion yuan, with China being the largest market, accounting for approximately 55% of the market share. The competitive landscape of the acetaldehyde market is dominated by large enterprises, while small and medium-sized enterprises win market share through technological innovation and differentiated competition. In addition, the strengthening of environmental regulations and fluctuations in production costs also have an impact on the supply of acetaldehyde in the market.
The changing trend and future forecast of market demand
In the coming years, the demand for sustainable chemicals will accelerate. Despite the current severe economic situation, the demand for sustainable chemicals has shown strong resilience. Accenture predicts that the sustainable chemicals market will grow from $340 billion in 2023 to $570 billion in 2028. The increasing demand for environmentally friendly products among consumers and their willingness to pay a premium for green products indicate a positive shift in the market. However, the development of the sustainable chemicals industry still faces challenges such as lagging investment and long-term market downturns.