BANGALORE, India, Sept. 17,
2024 /PRNewswire/ -- Organic Chemicals Market is
Segmented by Product (Acids, Alcohols and Ethers, Amines and
Amides, Aldehydes and Ketones, Others), By End Use Industry
(Pharmaceuticals, Agrochemicals, Personal Care and Cosmetics, Food
and Beverages, Others): Global Opportunity Analysis and Industry
Forecast, 2023-2032.
The Global Organic Chemicals Market was valued at USD 153.3 Billion in 2022, and is projected to
reach USD 286.1 Billion by 2032,
growing at a CAGR of 6.5% from 2023 to 2032.
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Major Factors Driving the Growth of Organic Chemicals
Market:
The growing need for organic chemicals is fueling the market for
these products in a number of industries, such as personal care,
agriculture, and pharmaceuticals. Organic chemicals are becoming
more and more popular as ecologically beneficial substitutes for
synthetic chemicals. They are mostly obtained from plant or animal
sources. The need for sustainability is driving innovation in
bio-based chemicals, as is the regulatory requirement to cut
chemical waste and carbon emissions. With their growing industrial
activity and higher production capacity, emerging economies in the
Asia-Pacific region, such
China and India, are driving the market. This trend is
further supported by encouraging government programs for green
chemistry.
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TRENDS INFLUENCING THE GROWTH OF THE ORGANIC CHEMICALS
MARKET:
The market for organic compounds is expanding mostly due to the
influence of the pharmaceutical sector. The synthesis of
excipients, which are crucial elements in medication formulation,
and active pharmaceutical ingredients (APIs) depends heavily on
organic molecules. The aging of the world's population and the
rising incidence of chronic illnesses are driving up demand for
medicines, which in turn is driving up the use of organic
compounds. Furthermore, the market is growing because of the
ongoing innovation in medication research, especially in the areas
of biopharmaceuticals and personalized medicine, which calls for
specific organic chemicals. The need for premium organic chemicals
is anticipated to grow as pharmaceutical businesses increase their
capacity for manufacturing and allocate resources towards research
and development, hence playing a major role in the market's
expansion.
The market for organic chemicals is mostly driven by ethers and
alcohols because of their wide range of applications in different
sectors. While ethers are employed as reagents and solvents in
industrial and medicinal operations, alcohols like methanol and
ethanol are frequently utilized as solvents, intermediates, and in
the synthesis of other compounds. The need for biofuels, of which
ethanol is a major component, increases alcohol consumption even
further. The market is growing in part because of the growing
demand for cosmetics and personal care items that contain alcohols
and ethers. These chemicals' adaptability and extensive use across
several industries guarantee their sustained contribution to the
growth of the organic chemicals market.
Since these compounds are needed to make fertilizers,
insecticides, and herbicides, the agrochemicals industry plays a
major role in driving the market for organic chemicals. The need
for agrochemicals is being driven by the growing need for increased
agricultural production due to the world's population growth. The
main components of efficient agrochemicals that increase crop
output and guard against pests and illnesses are organic compounds
like hydrocarbons, alcohols, and amines. The development of
bio-based agrochemicals and the adoption of sustainable farming
methods are also driving the market's expansion. There will always
be a high need for organic compounds in agrochemicals as long as
the agriculture sector keeps developing.
Green chemistry and environmental restrictions are having a
bigger impact on the market for organic compounds. To lessen the
environmental effect of chemical manufacture, governments and
regulatory agencies throughout the world are implementing stronger
environmental requirements. As a result, there is an increasing
need for organic compounds that abide by these rules, such as those
that are biobased and have reduced toxicity levels. Innovation in
the market for organic chemicals is also being driven by the focus
on green chemistry, which attempts to create chemical processes and
products that are safer and more sustainable. The market is
anticipated to develop as a result of an increase in demand for
ecologically friendly organic chemicals as businesses adjust to
these changes.
The market for organic compounds is being increasingly impacted
by environmental laws and the move toward green chemistry. Stricter
environmental regulations are being enforced globally by
governments and regulatory agencies in an effort to lessen the
environmental effect of chemical manufacture. The need for organic
compounds that abide by these rules, such as those derived from
biofuels and having reduced toxicity levels, has increased as a
result. Innovation in the market for organic chemicals is also
being driven by the emphasis on green chemistry, which tries to
create safer, more sustainable chemical processes and products.
Demand for ecologically friendly organic compounds is anticipated
to increase as businesses adjust to these developments, fostering
market expansion.
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ORGANIC CHEMICALS MARKET SHARE ANALYSIS
The size of the Asia-Pacific
organic chemicals market is anticipated to increase at the fastest
rate of 6.8% throughout the forecast period, accounting for 60.9%
of the market share in 2022. The fast growth of China's food and beverage industry has
compelled producers of organic chemicals, which are widely utilized
in the production of food, drink, and feed, to expand their
manufacturing capacity. This might be one of the main factors
propelling the market expansion for organic chemicals.
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Key Companies:
- Shell
- AkzoNobel
- BASF SE
- Cargill Inc
- DOW
- Hindustan Organic Chemicals Limited
- Neogen Chemicals Limited
- Royal Dutch Shell plc
- TCI America
- Vinati Organics Limited
- CHEMPLAST SANMAR LIMITED
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
- Ethyl Alcohol And Other Basic Organic Chemical
Market
- Organic Agricultural Chemicals Market
- Metal Organic Chemical Vapor Deposition (MOCVD)
market is projected to grow from USD
1088.1 Million in 2024 to USD 2024.2
Million by 2030, at a Compound Annual Growth Rate (CAGR) of
10.9% during the forecast period.
- Organic Pigment market was valued at USD 8762 Million in 2023 and is anticipated to
reach USD 11360 Million by 2030,
witnessing a CAGR of 3.7% during the forecast period 2024-2030.
- Organic Silicon Functional Additives Market
- Organic Pigment Dispersions Market
- Organic Removal Chemical Filters Market
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