Inorganic chemical is generally referred as chemicals which are made up of bulk of basic chemical production. Inorganic materials are basically those which are mainly derived from inanimate earth materials such as minerals and atmosphere etc. These chemicals are quite different from organic chemicals which derive mainly from plant and animal sources. They are basically depended upon naturally occurring or synthetically produced elements. The major factor which drives the global inorganic chemical market is rising demand of sulphuric acids in various industrial processes which is mainly used for the production of fertilizers. The global inorganic chemical market is forecasted to grow at a CAGR of 4.5% during the forecasted period of time. The report focuses on the application of the inorganic chemical in various industries and the factors leading to growth and development of the industry. Rising support of key players towards providing natural products or synthetic products helps in boosting the global inorganic chemical market.
Rising demand of inorganic chemical in industrial process would be the key factor which drives the growth of global inorganic chemical market. The inorganic chemical market is forecasted to grow at higher rate in future due to rapid growth and rising fertilizer industry in all over the world. Another major factor which drives this global due to rising end users applications like industrial products and paint & coatings etc. is also helpful in boosting this market. Wide usage of applications in global inorganic chemical market is another factor which helps in fuelling this global inorganic chemical market. The other major factor which helps in boosting this market is the key players investing huge amount in research and development for developing natural and synthetic products according to the consumer demand. In region, Asia Pacific is forecasted to be the fastest growing region in next 6 to 7 years due to rising industrial market across the globe. Although there are many factors which drive this market, but still there are various restraints which are faced by the market such as complexities and proper handling of chemicals or acids etc. The major factor which restraints the market growth are fluctuations in prices of crude oil which directly affects the production cost in recent times, and it is going to be key factor hampering the growth of the market. There are also challenges which are faced by global inorganic chemical market are high research and development cost and lack of technical expertise etc.
The global inorganic chemical market is segmented on the basis of product type and by geography. On the basis of product type, the market is segmented into non-metallic oxides, elementary substances, inorganic salts, metal oxides, alkali, inorganic acids, and others. Among all product type, inorganic salt market is the fastest growing market because of rising fertilizers and agrochemicals industry in all over the world. The usage of ammonium phosphate, nitrates is considered as primary factors that drives this on the basis of types, the global inorganic chemical market is segmented into basic chemicals, pesticides and agrochemicals, paints and coatings, soaps and detergents, others chemical and plastic and rubber etc. On the basis of application, the market is segmented into Absorption columns, Separators, Pumps and compressors, Vaporizers, Condensers, Reactor vessels, Hoppers, Diluters, Concentrators, Valves, Piping systems, Distillation columns, Scrubbers, Rotary kilns, Heaters, Heat exchangers, etc. The chemical industry is forecasted to be the fastest growing industry due to pharmaceutical and petrochemicals are the two biggest in chemicals that accounted 26 to 35% respectively of the overall chemical industry. Therefore, it also helps in boosting inorganic chemical market in all over the world. On the basis of geography, Europe, Asia Pacific North America, and ROW are the major segments of this global inorganic chemical market. North America is the leading markets in inorganic chemical due to promising growth of chemical industry in all over the world. North America region holds the largest market share in inorganic chemical market due to rising end- user industry and so on. However, Asia would be the fastest growing market in inorganic chemical. The major reason behind the success of this region is raising industrial market in developing countries like China, India etc. Therefore, this segment is also considered as major factors that drive this global inorganic chemical market.
Some of the major players of the market include AkzoNobel, BASF SE, Bayer, Dow Chemical, DuPont, Evonik Industries, Formosa Plastics, Innes, LG Chem, Lyondell Basell Industries, and Mitsubishi Chemical and so on. Mergers, product launches, Innovation and expansion are some of the key strategies adopted by the market players. On 15th March’2016, BASF and Avantium have established a joint venture for the production as well as marketing of furandicarboxylic acid and PEF based on the new chemical building block. On 10th May’2016, BASF launches its cross-linker and water based dispersion durable coatings for providing high quality to its customers. These mergers, product launches and acquisition helps in boosting the growth of global inorganic chemical market.
