Chemical products make up one of the world's largest industries, partly because of the ubiquity of chemicals in the products used in everyday life, in addition to the breadth of chemical products that exist. Although the chemicals industry has developed alongside the industrial development of the world, this established industry is undergoing a period of change.
With Asia already standing as the industry’s largest revenue-generating region, it is fitting that China will become the center of the world’s chemical industry in the coming years. Chemical sales growth will likely be challenged by new environmental regulations. Emergent digital technologies may pave the way for increased productivity and shift the existing chemical business paradigms.
Prior to the beginning of the coronavirus pandemic in 2020, major chemical companies were already concerned about chemical demand growth. In March, the pandemic’s impact caused chemical shares to decrease by 35 percent worldwide. Overall, chemical revenue dropped by 3.6 percent in 2020, but it is expected to bounce back to approximately four trillion U.S. dollars in 2021, similar to the 2019 figure. In 2021, many of the leading chemical companies reported the highest revenues in years.
Chemical industry worldwideIn 2019, basic chemicals, which includes inorganic chemicals, bulk petrochemicals and intermediates, and plant resins, made up the largest value share of global chemical shipments, at 2.18 trillion U.S. dollars. Pharmaceuticals, often counted as a separate industry, is nevertheless the second-largest chemical segment. Specialty chemicals, such as brake fluid in the automotive industry, ranked third. Agricultural chemicals and consumer chemicals were the fourth and fifth ranked segments.
Global agrochemical industryAmong key trends currently affecting the trajectory of the chemical industry is the impact of the COVID-19 crisis. Though the pandemic decreased global chemical shipments in 2020, some segments fared well that year. Another noteworthy trend that will impact the industry will be increasing regulations in the face of climate change. As an industry that relies heavily on fossil fuels, new ways of manufacturing and recycling technologies will be needed to lower the industry’s carbon footprint.
Coronavirus' impact on the global chemical industryBASF, headquartered in Ludwigshafen, Germany, has been the world's largest chemical company based on annual revenue for several years. In 2021, the diversified chemical company's revenue exceeded 78 billion euros (82 billion U.S. dollars). The U.S.-based companies Dow Chemical and LyondellBasell have also consistently been among the top five global chemical companies based on revenue over the past decade.
Leading chemical companiesThe chemical industry category offers data on the various chemical segments, including inorganic and organic chemistry, petrochemicals, agricultural chemicals, paint and coatings, materials science and composites, and others. Statista's chemical industry analysis includes production, consumption, and trade figures for a wide variety of chemical products, in addition to the key financial indicators and data about the leading companies in this industry.
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