Key Takeaways
- The global specialty chemicals market was valued at USD 1,100 billion in 2023 and is projected to grow at a CAGR of 5.8% from 2024 to 2030, driven by demand in electronics and pharmaceuticals.
- Chemical industry revenues worldwide reached approximately 4.8 trillion euros in 2022, with a forecasted growth to 5.5 trillion euros by 2025 at 4.5% CAGR.
- The Asia-Pacific chemicals market accounted for 45% of global market share in 2023, valued at over 2.3 trillion USD, fueled by rapid industrialization in China and India.
- Ethylene production worldwide totaled 182 million metric tons in 2023, marking a 3.2% increase from 2022 due to demand in polyethylene manufacturing.
- Global ammonia production reached 192 million metric tons in 2023, up 2.8% YoY, primarily for fertilizers and industrial uses.
- Propylene output globally hit 122 million metric tons in 2023, growing 4.1% driven by polypropylene and propylene oxide production.
- BASF SE reported revenues of 68.9 billion euros in 2023, down 11% YoY due to weak demand but EBITDA pre-exceptionals at 12.7 billion euros.
- Dow Inc. achieved net sales of 44.6 billion USD in 2023, a 10% decline from 2022, with operating EBIT of 3.5 billion USD.
- Linde plc generated sales of 32.9 billion USD in 2023, up 2% YoY, with adjusted operating profit of 8.7 billion USD.
- The chemical industry invested 18 billion euros in R&D in Europe in 2023, representing 1.8% of sales.
- Global chemical production CO2 emissions totaled 1.2 gigatons in 2023, accounting for 5% of industrial emissions.
- 65% of European chemical companies achieved at least 20% reduction in Scope 1 and 2 GHG emissions since 2015 baseline.
- US chemical employment totaled 538,000 direct jobs in 2023, supporting 1.1 million indirect jobs.
- China hosted 45% of global chemical production capacity with 2.2 million employees in 2023.
- EU-27 chemical workforce numbered 1.2 million in 2023, with 5.5% female representation growth.
The global chemicals industry is a large, growing, and evolving market driven by multiple sectors.
Global Market Trends
- The global specialty chemicals market was valued at USD 1,100 billion in 2023 and is projected to grow at a CAGR of 5.8% from 2024 to 2030, driven by demand in electronics and pharmaceuticals.
- Chemical industry revenues worldwide reached approximately 4.8 trillion euros in 2022, with a forecasted growth to 5.5 trillion euros by 2025 at 4.5% CAGR.
- The Asia-Pacific chemicals market accounted for 45% of global market share in 2023, valued at over 2.3 trillion USD, fueled by rapid industrialization in China and India.
- Basic chemicals segment dominated the market with 38% share in 2022, generating revenues of 1.95 trillion USD globally due to high-volume commodity production.
- Green and bio-based chemicals market expected to grow from 142 billion USD in 2023 to 285 billion USD by 2032 at 8.1% CAGR, driven by sustainability regulations.
- Petrochemicals market size was 631.82 billion USD in 2023, projected to reach 1,064.15 billion USD by 2032 with 5.9% CAGR amid rising plastic demand.
- The fine chemicals market valued at 198.5 billion USD in 2022 is anticipated to expand to 285.3 billion USD by 2030, growing at 4.6% CAGR.
- Agrochemicals industry global revenue hit 258.4 billion USD in 2023, expected to grow to 350 billion USD by 2030 at 4.4% CAGR due to food security needs.
- Polymer chemicals market reached 614 billion USD in 2023, forecasted to hit 912 billion USD by 2031 at 5.1% CAGR from packaging and automotive sectors.
- Inorganic chemicals market size stood at 1,050 billion USD in 2022, projected to grow to 1,450 billion USD by 2030 at 4.2% CAGR.
- Water treatment chemicals market valued at 42.3 billion USD in 2023, expected to reach 60.5 billion USD by 2030 with 5.2% CAGR due to urbanization.
- Adhesives and sealants chemicals market was 68.8 billion USD in 2022, set to grow to 95.2 billion USD by 2030 at 4.1% CAGR.
- Global paints and coatings market reached 164.5 billion USD in 2023, projected to 212 billion USD by 2030 at 3.7% CAGR from construction boom.
- Electronic chemicals market size was 52.6 billion USD in 2022, anticipated to reach 85.4 billion USD by 2030 growing at 6.3% CAGR.
- Textile chemicals market valued at 26.8 billion USD in 2023, expected to hit 36.2 billion USD by 2030 at 4.4% CAGR.
- Rubber chemicals market stood at 8.5 billion USD in 2022, projected to 11.9 billion USD by 2030 at 4.3% CAGR from tire manufacturing.
- Global lubricants chemicals market reached 152 billion USD in 2023, forecasted to 180 billion USD by 2030 at 2.5% CAGR.
- Construction chemicals market was 48.6 billion USD in 2022, set to grow to 74.3 billion USD by 2030 at 5.5% CAGR.
- Paper and pulp chemicals market valued at 22.1 billion USD in 2023, expected to reach 28.4 billion USD by 2030 at 3.7% CAGR.
- Explosives chemicals market size was 15.2 billion USD in 2022, projected to 20.1 billion USD by 2030 at 3.8% CAGR from mining activities.
- Global flavors and fragrances chemicals market hit 31.5 billion USD in 2023, anticipated to 42.8 billion USD by 2030 at 4.5% CAGR.
- Cleaning chemicals market reached 78.4 billion USD in 2022, set to 110.2 billion USD by 2030 at 4.3% CAGR due to hygiene awareness.
- Dyes and pigments chemicals market valued at 42.7 billion USD in 2023, expected to 58.9 billion USD by 2030 at 4.7% CAGR.
- Surfactants chemicals market was 37.2 billion USD in 2022, projected to 52.1 billion USD by 2030 at 4.3% CAGR from personal care.
- Catalysts chemicals market size stood at 28.4 billion USD in 2023, forecasted to 38.7 billion USD by 2030 at 4.5% CAGR.
- Plastic additives chemicals market reached 54.6 billion USD in 2022, set to 78.3 billion USD by 2030 at 4.6% CAGR.
- Global fertilizers chemicals market was 215 billion USD in 2023, expected to 280 billion USD by 2030 at 3.9% CAGR.
- Pharmaceutical chemicals market valued at 145 billion USD in 2022, projected to 210 billion USD by 2030 at 4.7% CAGR.
- Global solvents chemicals market hit 32.8 billion USD in 2023, anticipated to 45.2 billion USD by 2030 at 4.6% CAGR.
Global Market Trends Interpretation
Production Volumes
- Ethylene production worldwide totaled 182 million metric tons in 2023, marking a 3.2% increase from 2022 due to demand in polyethylene manufacturing.
- Global ammonia production reached 192 million metric tons in 2023, up 2.8% YoY, primarily for fertilizers and industrial uses.
- Propylene output globally hit 122 million metric tons in 2023, growing 4.1% driven by polypropylene and propylene oxide production.
- Methanol production worldwide was 110 million metric tons in 2023, a 5.5% rise attributed to fuel and chemical feedstock demand.
- Benzene production totaled 52 million metric tons globally in 2023, increasing 2.9% from petrochemical expansions in Asia.
- Toluene global production reached 28 million metric tons in 2023, up 3.4% YoY due to solvent and explosives applications.
- Xylene isomers (PX) production was 70 million metric tons worldwide in 2023, growing 4.7% for purified terephthalic acid.
- Polyethylene production globally stood at 112 million metric tons in 2023, a 3.8% increase from packaging sector growth.
- Polypropylene output hit 85 million metric tons in 2023 worldwide, up 4.2% driven by automotive and consumer goods.
- PVC production reached 58 million metric tons globally in 2023, growing 3.1% amid construction recovery.
- Polystyrene production was 22 million metric tons in 2023 worldwide, increasing 2.5% for insulation and packaging.
- Urea production totaled 185 million metric tons globally in 2023, up 2.7% for agricultural fertilizers.
- Phosphoric acid production reached 55 million metric tons in 2023, a 3.9% rise from phosphate rock processing.
- Sulfuric acid global production was 290 million metric tons in 2023, growing 1.8% for fertilizers and metals.
- Chlorine production hit 78 million metric tons worldwide in 2023, up 2.4% for PVC and water treatment.
- Caustic soda output was 92 million metric tons globally in 2023, increasing 3.1% from pulp and paper demand.
- Hydrogen peroxide production reached 5.2 million metric tons in 2023, a 4.5% growth for bleaching and electronics.
- Acetic acid global production totaled 18 million metric tons in 2023, up 3.6% for vinyl acetate monomer.
- Butadiene production was 14 million metric tons worldwide in 2023, growing 4.8% for synthetic rubber.
- Styrene monomer output hit 32 million metric tons in 2023 globally, up 2.9% from polystyrene demand.
- Titanium dioxide production reached 8.1 million metric tons in 2023, increasing 3.2% for paints and coatings.
- Soda ash production was 65 million metric tons worldwide in 2023, a 2.7% rise for glass manufacturing.
- Zeolites production totaled 3.5 million metric tons in 2023 globally, growing 5.1% for detergents and catalysis.
- Adipic acid output hit 3.2 million metric tons in 2023, up 3.9% for nylon production.
- Maleic anhydride production was 2.1 million metric tons worldwide in 2023, increasing 4.2% for resins.
- Phthalic anhydride global production reached 5.8 million metric tons in 2023, a 3.5% growth.
- Ethylene oxide production totaled 28 million metric tons in 2023, up 4.1% for surfactants and antifreeze.
- Propylene glycol output was 3.8 million metric tons globally in 2023, growing 5.3% for food and pharma.
Production Volumes Interpretation
Regional and Employment Data
- US chemical employment totaled 538,000 direct jobs in 2023, supporting 1.1 million indirect jobs.
- China hosted 45% of global chemical production capacity with 2.2 million employees in 2023.
- EU-27 chemical workforce numbered 1.2 million in 2023, with 5.5% female representation growth.
- India chemicals sector employed 1.5 million people in 2023, projected 2 million by 2025.
- Middle East chemicals jobs reached 250,000 in 2023, driven by petrochemical expansions in Saudi Arabia.
- Brazil chemical industry employed 120,000 directly in 2023, with 400,000 total value chain jobs.
- Japan chemical workforce was 350,000 in 2023, facing 2% annual decline due to aging population.
- South Korea chemicals employed 180,000 in 2023, 15% increase in R&D roles.
- Germany chemical sector had 460,000 employees in 2023, export-oriented with high skills.
- US Gulf Coast chemicals supported 2.5 million jobs regionally in 2023 economic impact.
- Southeast Asia chemicals employment hit 800,000 in 2023, led by Indonesia and Vietnam.
- Canada petrochemicals employed 55,000 in 2023, with Alberta hub at 30,000 jobs.
- Australia chemicals workforce 60,000 in 2023, focused on mining chemicals.
- Mexico chemical industry jobs totaled 200,000 in 2023, nearshoring boost.
- Russia chemicals employed 250,000 despite sanctions in 2023.
- Africa chemicals employment 150,000 in 2023, South Africa leading with 40,000.
- UK chemical sector 190,000 jobs in 2023, R&D intensive with 25,000 scientists.
- France chemicals employed 160,000 in 2023, specialty focus.
- Netherlands chemical workforce 90,000 in 2023, Rotterdam port hub.
- Global chemicals R&D staff totaled 500,000 in 2023, 40% in Asia.
- Safety training hours reached 25 million in US chemicals 2023, zero lost-time incidents goal.
- EU chemicals apprenticeships 50,000 new starts in 2023 for skills development.
- China chemicals vocational training covered 1 million workers in 2023 programs.
- India upskilled 300,000 chemical workers via government schemes in 2023.
Regional and Employment Data Interpretation
Revenue and Profitability
- BASF SE reported revenues of 68.9 billion euros in 2023, down 11% YoY due to weak demand but EBITDA pre-exceptionals at 12.7 billion euros.
- Dow Inc. achieved net sales of 44.6 billion USD in 2023, a 10% decline from 2022, with operating EBIT of 3.5 billion USD.
- Linde plc generated sales of 32.9 billion USD in 2023, up 2% YoY, with adjusted operating profit of 8.7 billion USD.
- Air Liquide reported sales of 27.6 billion euros in 2023, growing 4.2%, with net profit group share at 3.4 billion euros.
- DuPont de Nemours Inc. had net sales of 12.1 billion USD in 2023, down 13%, but net income of 423 million USD.
- LyondellBasell Industries posted revenues of 41.1 billion USD in 2023, a 15% drop, with net income of 2.1 billion USD.
- Celanese Corporation reported net sales of 10.9 billion USD in 2023, down 7%, with adjusted EBIT of 1.9 billion USD.
- Eastman Chemical Company achieved sales of 9.2 billion USD in 2023, flat YoY, with earnings from continuing ops of 597 million USD.
- Covestro AG generated sales of 14.6 billion euros in 2023, down 20%, but EBITDA pre-exceptionals at 1.6 billion euros.
- Evonik Industries reported sales of 15.3 billion euros in 2023, down 13%, with adjusted EBITDA of 2.2 billion euros.
- Wanhua Chemical Group Co. achieved revenue of 153.3 billion CNY in 2023, up 3.8% YoY, with net profit of 15.1 billion CNY.
- Sinopec reported chemicals revenue of 1.2 trillion CNY in 2023, contributing to total profit of 57.3 billion CNY.
- SABIC generated revenues of 38.8 billion USD in 2023, down 24%, with net income of 0.4 billion USD.
- Formosa Plastics Corp. posted revenue of 1.05 trillion TWD in 2023, with net income of 38.2 billion TWD.
- Ineos Group had estimated revenues of 56 billion USD in 2023, with EBITDA around 4.5 billion USD despite market challenges.
- Mitsubishi Chemical Group reported net sales of 4.6 trillion JPY in FY2023, up 5%, with operating income of 262 billion JPY.
- Sumitomo Chemical Co. achieved net sales of 2.7 trillion JPY in FY2023, down 6%, net loss of 72 billion JPY.
- LG Chem Ltd. reported revenue of 55.1 trillion KRW in 2023, up 4%, with operating profit of 2.4 trillion KRW.
- Reliance Industries chemicals segment revenue was 7.3 trillion INR in FY2023, with EBITDA of 0.9 trillion INR.
- Petrobras chemicals (Braskem) revenue totaled 79 billion BRL in 2023, net income 3.8 billion BRL.
- TotalEnergies chemicals sales reached 17.5 billion euros in 2023, with EBITDA of 2.1 billion euros.
- ExxonMobil Chemical net sales were 38.3 billion USD in 2023, down 18%, earnings 4.2 billion USD.
- Chevron Phillips Chemical estimated revenues of 15 billion USD in 2023, strong profitability from olefins.
- Westlake Chemical reported net sales of 13.2 billion USD in 2023, net income 1.1 billion USD.
- OQ Chemicals Group sales around 3.2 billion euros in 2023, EBITDA 0.6 billion euros.
- Arkema SA achieved sales of 11.8 billion euros in 2023, up 3%, recurring EBITDA 1.9 billion euros.
- Solvay (Syensqo spin-off) reported sales of 6.3 billion euros in 2023 for specialty chemicals.
- Clariant AG net sales 6.4 billion CHF in 2023, down 6%, EBITDA 1.1 billion CHF.
- Ashland Inc. generated revenue of 2.2 billion USD in FY2023, adjusted EBITDA 370 million USD.
- RPM International Inc. sales 7.3 billion USD in FY2023, net income 746 million USD.
Revenue and Profitability Interpretation
Sustainability Initiatives
- The chemical industry invested 18 billion euros in R&D in Europe in 2023, representing 1.8% of sales.
- Global chemical production CO2 emissions totaled 1.2 gigatons in 2023, accounting for 5% of industrial emissions.
- 65% of European chemical companies achieved at least 20% reduction in Scope 1 and 2 GHG emissions since 2015 baseline.
- US chemical industry recycled 8.2 billion pounds of post-consumer plastics in 2023, up 5% from 2022.
- 42% of global chemical production capacity is expected to be low-carbon ready by 2030 under net-zero scenarios.
- Bio-based chemicals production capacity reached 12 million tons globally in 2023, growing 15% YoY.
- Chemical sector water usage intensity fell 28% globally from 2010 to 2023 per ton of output.
- 78% of top 100 chemical companies disclosed Scope 3 emissions in 2023, up from 55% in 2020.
- Renewable energy usage in chemical manufacturing rose to 18% of total energy in Europe by 2023.
- Plastic waste collected for recycling worldwide hit 50 million tons in 2023, with chemicals aiding advanced recycling.
- Chemical industry invested 2.5 billion USD in carbon capture projects in 2023 globally.
- 35% reduction in VOC emissions achieved by US chemicals sector since 1990 baseline in 2023.
- Sustainable packaging chemicals market grew to 45 billion USD in 2023, 12% YoY increase.
- 92% of European chemical sites certified under Responsible Care in 2023, covering safety metrics.
- Hydrogen production for chemicals shifted to green sources at 2% of total 95 million tons in 2023.
- Zero-waste to landfill achieved by 45% of global chemical majors' facilities in 2023.
- Bio-plastics production capacity expanded to 2.2 million tons globally in 2023, up 19%.
- Chemical sector PFAS emissions reduced 70% in Europe since 2015 through 2023 phase-outs.
- Energy efficiency improved by 25% in chemical production processes globally 2015-2023.
- Sustainable aviation fuel chemicals precursors production tripled to 0.6 million tons in 2023.
- Water recycling rate in chemicals reached 65% globally in 2023, saving 120 billion m3 annually.
- Biodiversity initiatives covered 15 million hectares by chemical companies in 2023 partnerships.
- Low-carbon ammonia pilots produced 0.1 million tons commercially in 2023.
- Circular plastics chemicals recycled 4 million tons into new products in 2023 globally.
- GHG intensity of methanol production dropped 15% in leading regions 2020-2023.
- 55 chemical companies committed to 30% Scope 3 reduction by 2030 as of 2023.
- Europe chemical industry CO2 price impact led to 10% emissions cut in high-price scenarios 2023.
Sustainability Initiatives Interpretation
Sources & References
- Reference 1GRANDVIEWRESEARCHgrandviewresearch.comVisit source
- Reference 2STATISTAstatista.comVisit source
- Reference 3MCKINSEYmckinsey.comVisit source
- Reference 4MARKETSANDMARKETSmarketsandmarkets.comVisit source
- Reference 5FORTUNEBUSINESSINSIGHTSfortunebusinessinsights.comVisit source
- Reference 6PRECEDENCERESEARCHprecedenceresearch.comVisit source
- Reference 7ALLIEDMARKETRESEARCHalliedmarketresearch.comVisit source
- Reference 8MORDORINTELLIGENCEmordorintelligence.comVisit source
- Reference 9TRANSPARENCYMARKETRESEARCHtransparencymarketresearch.comVisit source
- Reference 10PERSISTENCEMARKETRESEARCHpersistencemarketresearch.comVisit source
- Reference 11CEFICcefic.orgVisit source
- Reference 12ARGUSMEDIAargusmedia.comVisit source
- Reference 13ICISicis.comVisit source
- Reference 14REUTERSreuters.comVisit source
- Reference 15SPGLOBALspglobal.comVisit source
- Reference 16CHEMORBISchemorbis.comVisit source
- Reference 17PLASTICSNEWSplasticsnews.comVisit source
- Reference 18CHEMWEEKchemweek.comVisit source
- Reference 19PVCpvc.orgVisit source
- Reference 20PSMARKETpsmarket.orgVisit source
- Reference 21FERTILIZERINTERNATIONALfertilizerinternational.comVisit source
- Reference 22SULPHURIC-ACIDsulphuric-acid.comVisit source
- Reference 23EUROCHLOReurochlor.orgVisit source
- Reference 24CHEMENGONLINEchemengonline.comVisit source
- Reference 25ACETICACIDNEWSaceticacidnews.comVisit source
- Reference 26STYRENEstyrene.orgVisit source
- Reference 27TIDOINTLtidointl.comVisit source
- Reference 28SODAASHWORLDsodaashworld.comVisit source
- Reference 29ZEOLITEzeolite.comVisit source
- Reference 30NYLONNEWSnylonnews.comVisit source
- Reference 31MALEICANHYDRIDEmaleicanhydride.orgVisit source
- Reference 32PHTHALIC-ANHYDRIDEphthalic-anhydride.comVisit source
- Reference 33EO-PRODUCERSeo-producers.comVisit source
- Reference 34PROPYLENEGLYCOLpropyleneglycol.orgVisit source
- Reference 35BASFbasf.comVisit source
- Reference 36DOWdow.comVisit source
- Reference 37LINDElinde.comVisit source
- Reference 38AIRLIQUIDEairliquide.comVisit source
- Reference 39DUPONTdupont.comVisit source
- Reference 40LYONDELLBASELLlyondellbasell.comVisit source
- Reference 41CELANESEcelanese.comVisit source
- Reference 42EASTMANeastman.comVisit source
- Reference 43COVESTROcovestro.comVisit source
- Reference 44CORPORATEcorporate.evonik.comVisit source
- Reference 45WANHUACHEMwanhuachem.comVisit source
- Reference 46SINOPECsinopec.comVisit source
- Reference 47SABICsabic.comVisit source
- Reference 48FPCfpc.com.twVisit source
- Reference 49INEOSineos.comVisit source
- Reference 50MCGCmcgc.comVisit source
- Reference 51SUMITOMO-CHEMsumitomo-chem.co.jpVisit source
- Reference 52LGCHEMlgchem.comVisit source
- Reference 53RILril.comVisit source
- Reference 54BRASKEMbraskem.com.brVisit source
- Reference 55TOTALENERGIEStotalenergies.comVisit source
- Reference 56CORPORATEcorporate.exxonmobil.comVisit source
- Reference 57CPCHEMcpchem.comVisit source
- Reference 58WESTLAKEwestlake.comVisit source
- Reference 59OQoq.comVisit source
- Reference 60ARKEMAarkema.comVisit source
- Reference 61SYENSQOsyensqo.comVisit source
- Reference 62CLARIANTclariant.comVisit source
- Reference 63ASHLANDashland.comVisit source
- Reference 64RPMINCrpminc.comVisit source
- Reference 65IEAiea.orgVisit source
- Reference 66AMERICANCHEMISTRYamericanchemistry.comVisit source
- Reference 67NOVA-INSTITUTEnova-institute.euVisit source
- Reference 68ICCA-CHEMicca-chem.orgVisit source
- Reference 69CDPcdp.netVisit source
- Reference 70WEFORUMweforum.orgVisit source
- Reference 71GLOBALCCSINSTITUTEglobalccsinstitute.comVisit source
- Reference 72SPHERICALINSIGHTSsphericalinsights.comVisit source
- Reference 73WORLDCHEMICALSworldchemicals.orgVisit source
- Reference 74EUROPEAN-BIOPLASTICSeuropean-bioplastics.orgVisit source
- Reference 75ECHAecha.europa.euVisit source
- Reference 76IATAiata.orgVisit source
- Reference 77WBCSDwbcsd.orgVisit source
- Reference 78AMMONIAENERGYammoniaenergy.orgVisit source
- Reference 79ALLIANCEPLASTICSCIRCULARITYallianceplasticscircularity.orgVisit source
- Reference 80METHANOLmethanol.orgVisit source
- Reference 81SCIENCEBASEDTARGETSsciencebasedtargets.orgVisit source
- Reference 82CHINACHEMICALNEWSchinachemicalnews.comVisit source
- Reference 83IBEFibef.orgVisit source
- Reference 84GULFCHEMICALSgulfchemicals.orgVisit source
- Reference 85ABIQabiq.org.brVisit source
- Reference 86JCI-NETjci-net.or.jpVisit source
- Reference 87KCCIAkccia.or.krVisit source
- Reference 88VCIvci.deVisit source
- Reference 89ACCacc.orgVisit source
- Reference 90APICapic.or.idVisit source
- Reference 91CHEMISTRYchemistry.caVisit source
- Reference 92CECAceca.com.auVisit source
- Reference 93ANIQUEanique.org.mxVisit source
- Reference 94CHEMUNIONchemunion.ruVisit source
- Reference 95CAIAcaia.co.zaVisit source
- Reference 96CPIAcpia.org.ukVisit source
- Reference 97UICuic.orgVisit source
- Reference 98VNCIvnci.nlVisit source
- Reference 99CCIAccia.org.cnVisit source
- Reference 100CIEcie.org.inVisit source






