Global Overview of the Chemical Products Industry

November 2023

The briefing examines how the chemical products industry is performing globally and in the largest countries in terms of chemical products output. The report also provides data for production, market size, imports, exports, industry costs, industry profitability and number of companies. The industry and market overview provide benchmarks against other countries in the region.

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This report comes in PPT.

Key Findings


Stricter emissions standards are being imposed globally, resulting in companies investing in more sustainable production. B2B buyers are expected to increasingly prioritise circularity, driving chemical companies to accelerate their decarbonisation technologies, re-evaluate their existing assets and renounce usage of hydrocarbons.

Volatility to oil price fluctuations

While low oil prices resulted in plummeting revenue for petrochemical producing companies in 2020, sharp increases in oil prices during 2021 have led to rising chemical production value. Moreover, oil plays a huge role in increasing or decreasing demand for chemicals. The competitiveness of production in regional terms is also highly reliant on oil prices, as oil and natural gas remain widely-used feedstock within the global chemical products industry.

Supply chain localisation

The COVID-19 pandemic has had a significant effect on the chemical industry’s global supply chain. To prevent further disruptions, companies seek to locate their supply chains within the nearby region. Moreover, governments are taking efforts to bring production back to their countries and investing in self-sufficiency.

Capital investment growth

Due to the rising demand for chemical products among several major industrial sectors, such as construction and automotive, major chemical companies will continue to dedicate generous investment to chemical capacity expansion.


Key findings
Global economic downturn to hinder the demand for chemicals used in industrial production
Asia Pacific is expected to lead in chemical production additions up to 2027
Elevated energy and raw material costs drove up chemical prices in 2022
Weakened demand and Asian oversupply may to limit the chemical industry's profitability
In 2022, rising prices boosted chemical exports
Chemical imports to slow down amid subdued industrial demand
Key trends
Macroeconomic/Industry trends
China Petroleum & Chemical Corp continues to hold the leading position
Total number of companies continues to decline due to consolidation
Rising costs are leading to greater industry concentration
China : Subdued domestic demand from construction sector weakens short term growth
Key trends in China 2023/2024
US : Real terms production to decrease through to 2024 due to weakened industrial demand
Key trends in the US 2023/2024
Germany : While weak demand affects the short term, a medium-term rebound is anticipated
Key trends in Germany 2023/2024
Japan : Subdued production growth in real terms as demand for chemicals slows
Key trends in Japan 2023/2024
South Korea : Short-term outlook is challenging as lower global demand dampens exports
Key trends in South Korea 2023/2024
India : Sustained d omestic demand drives positive medium-term growth
Key trends in India 2023/2024
Saudi Arabia : Medium-term outlook remains optimistic as global demand is set to rebound
Key trends in Saudi Arabia 2023/2024
Brazil : Rising competition from imported chemicals may hinder the industry's growth
Key trends in Brazil 2023/2024
Netherlands : Facing higher costs and weaker exports, short-term outlook remains subdued
Key trends in the Netherlands 2023/2024
Taiwan : Diminished export outlook to dampen the industry's short-term prospects
Key trends in Taiwan 2023/2024


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