The North America Commodity Chemicals Market Growth Accelerated by Surging Demand from Construction and Automotive Industries

 

The North America commodity chemicals market comprises various basic chemicals such as organic and inorganic chemicals, petrochemicals, polymers, and plastics which have extensive applications across various end-use industries. Commodity chemicals are primarily used in the construction, automotive, packaging, healthcare, and electronics sectors. Rapid urbanization along with rising constructions of residential and commercial infrastructure is augmenting the demand for acrylics, chloropolymers, and adhesives in this region. Further, increasing automobile sales are propelling the requirement for polymers, synthetic rubbers, plastic compounds, and basic petrochemicals in the automotive sector.

The North America Commodity Chemicals Market is estimated to be valued at US$ 220 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The surging demand from the construction and automotive industries has been a key trend fueling the growth of the North America commodity chemicals market. Construction activities in the region have witnessed a strong recovery post the pandemic. According to the U.S. Census Bureau, the total construction spending in the United States increased by 1% from March 2022 to April 2022. Similarly, vehicle sales in the U.S. and Canada have rebounded well and are increasing each month. This rising demand for construction materials and automotive components is driving the requirement for basic chemicals that are used to manufacture these products. Leading players in the commodity chemicals market are accordingly increasing their production capacities to cater to this burgeoning demand from the construction and automotive end-use industries.

Segment Analysis
The North America commodity chemicals market is dominated by petrochemicals which accounts for over 45% share of the overall market. Petrochemicals such as ethylene, propylene, benzene, toluene and xylene are key foundational or basic building-block chemicals that act as intermediates for various commodity and specialty chemicals. They find wide application in industries such as plastics & polymers, paints & coatings, adhesives, and personal care among others. This wide range of applications has ensured consistent demand for petrochemicals over the years in the region.

Key Takeaways

The North America Commodity Chemicals Market Size is expected to witness high growth over the forecast period. Rising demand from end-use industries such as construction, automotive, consumer goods will drive the market during this period. The North America Commodity Chemicals Market is estimated to be valued at US$ 220 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.

Regional analysis:
The United States accounts for over 80% share of the North America commodity chemicals market owing to presence of major petrochemical producers and strong demand from end-use industries in the country. Canada is another major market in the region supported by growing automotive and construction industries.

Key players:
Key players operating in the North America commodity chemicals market are BASF SE, The Dow Chemical Company, LyondellBasell Industries, Dupont, Eastman Chemical Company, Formosa Plastics Corporation etc. These companies are focusing on capacity expansions as well as development of bio-based variants to cater to evolving industry and regulatory trends.

For More Insights, Read: https://www.newswirestats.com/north-america-commodity-chemicals-market-size-share-and-growth-forecast-2023-2030/