The global commodity chemicals market size was US$ 701.1 billion in 2021. The global commodity chemicals market is forecast to grow to US$ 1311.3 by 2030 by registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market
The overall market for basic chemicals is being driven by the increasing economic growth and gross domestic product (GDP) of both developed and developing countries all across the globe. In addition, the fact that base chemicals are more readily available and less expensive will propel the market forward.
Commodity chemicals find a wide range of applications across various industries, such as aerospace, automotive, personal care, and transportation, etc. Thus, this factor will have a positive impact on the growth of the global commodity chemicals market.
Growing mergers and acquisitions as a business strategy by industry players will benefit the commodity chemicals market during the analysis period. Furthermore, the rising demand for commodity chemicals from the plastics and the food & beverage industry will benefit the commodity chemicals market during the analysis period. On the contrary, stringent government regulations related to the use of commodity chemicals may limit the growth of the overall market during the study period.

COVID-19 Impact Analysis
As a result of the COVID-19 pandemic, the world is facing an unprecedented challenge. Due to the lockdown restrictions, several companies have closed their production and sales units as the COVID-19 virus spread rapidly around the world. Post-pandemic, the market is expected to experience several growth opportunities due to the growing focus of economies on revamping industrialization and recovering from economic loss.

Regional Analysis
The Asia-Pacific commodity chemicals market is forecast to hold the highest market share, owing to the large population of the region and rising hold highest market. The Asia-Pacific region will hold a strong foothold in the industry due to the presence of various industry players. In addition to that, rising manufacturing industries and the presence of various developing countries like India, China, and Indonesia, will contribute to the growth of the market. Further, the high availability of crude oil and natural gas in the region will also contribute to the growth of the commodity chemicals market during the forecast period.

Competitors in the Market
BASF
Bayer
The Dow Chemical
Mitsubishi Chemical Holdings
PPG Industries
Linde
Akzo Nobel
LyondellBasell Industries
Asahi Kasei
Sumitomo Chemicals
Evonik Industries
Other Prominent Players

Market Segmentation
The global commodity chemicals market segmentation focuses on Type, Product, Function, and Region.
By Type
Pesticides
Construction Chemicals
Specialty Oilfield Chemicals
Organic
Inorganic
Food Additives
Specialty Polymer
Others
By Product Type
Commercial and Industrial Cleaners
Flavor & Fragrances
Food & Feed Additives
By Function
Antioxidants
Biocides
Surfactants
Others
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America