The chemical industry is expected to witness remarkable growth in the coming years due to increasing demand from various sectors such as agriculture, automotive, healthcare, and energy. Innovations in sustainable technologies including green chemistry and renewable energy solutions are driving the sector towards greener production methods that reduce environmental impact. Furthermore, the rise of emerging economies and global industrialization provide significant opportunities
for the expansion of the chemical sector in
infrastructure, manufacturing, and consumer goods . Advances in automation, digitalization, and supply chain optimization are further increasing efficiency, enabling companies to tap into new markets while meeting the changing needs of industries and consumers. This combination of innovation, sustainability, and global demand positions the chemical industry to sustain growth and profitability. The
size is expected to reach USD 895.12 billion by 2031, growing at a CAGR of 5.2% during the forecast period (2024-2031). The exponential growth in the world population poses enormous challenges in meeting the growing demand for food. This surge is straining the supply chain, exacerbating the threat of food shortages. What exacerbates this problem is the decreasing availability of cultivable land as a result of rapid industrialization and urbanization. Fertilizers play a key role and have been a long-standing solution to increase crop productivity, driving the continued demand for agrochemicals during the forecast period. The
electronic chemicals and materials market
size is expected to reach USD 101.31 billion by 2031, growing at a CAGR of 7.24% during the forecast period (2024-2031). Product development and technological advancements are expected to increase competitiveness among industry players. The high capital cost for new industrial facilities and R&D is expected to hinder the entry of new companies. However, significant technological advancements aimed at improving the performance quality of products are likely to provide a competitive edge to new entrants. The increasing demand for silicon from other end-user sectors such as solar PV is expected to impact the supply of raw materials during the forecast period. Additionally, silica prices are expected to fluctuate due to rising trade tensions between China, the US, and the European Union during the forecast period. Wet chemicals, photoresists, gases, acids, and solvents are examples of high purity chemicals used in electronic materials and chemicals.
size is expected to reach USD 72.56 billion by 2031, growing at a CAGR of 8.27% during the forecast period (2024-2031). The green chemicals market has witnessed significant growth in recent years due to increasing consumer demand and corporate sustainability goals. Today’s consumers are actively preferring eco-friendly and sustainable products. This trend has led companies to produce more green chemicals to meet consumer demands and improve their brand name. Companies are also setting ambitious goals for sustainability. This includes minimizing carbon footprints and reducing the use of hazardous substances. However, high production costs are hampering the market growth. Green chemicals require renewable raw materials or improved technologies, which can be more expensive than conventional chemical processes. This results in high production costs and high costs for users. However, the market is amenable to the advancement of green chemistry. Also, investment in superior technologies is another opportunity for manufacturers.
size is expected to reach USD 1,215.9 billion by 2031, growing at a CAGR of 7% during the forecast period (2024-2031). The increasing demand for downstream specialty chemicals and plastics manufacturing is driving the petrochemicals market growth. The market is expected to grow steadily throughout the forecast period owing to the increasing demand from end-use sectors such as construction, industrial, textiles, medical, pharmaceuticals, consumer goods automotive, and electronics.