In this article, we will look at the top 20 chemical exporting countries in the world. If you want to skip our detailed analysis, head straight to the Top 5 Chemical Exporting Countries in the World.
Chemicals Market Outlook
The chemical industry is one of the most important industries in the world and is directly linked to many other major sectors. Chemicals are used for industrial and consumer applications, and they are key components for vast and unrelated industries including hospitality and semiconductor fabrication. According to a report by Precedence Research, the global basic chemicals market is projected to grow to around $979.63 billion by 2032, up from $671.45 billion in 2022, at a compound annual growth rate of 3.9%. The Asia Pacific region led the basic chemicals market with a 39% revenue share in 2022. The chemical industry has the largest share of end users, comprising 43% of revenue in 2022. Organic chemicals are the most dominant segment in the chemicals industry, accounting for 57% market share in 2022 mainly driven by high demand in different industries.
After a challenging end to 2022, the chemical industry was expected to record a modest rebound in production in 2023. As per the 2024 chemical industry outlook by Deloitte, several chemical companies significantly revised down their expectations by mid-2023. Different factors impacted the overall demand for chemicals worldwide, including inflation in the US, recession in Europe, and a smaller-than-expected rebound in demand from China. Moreover, over-ordering in 2021 and 2022 meant many countries had high inventory levels, causing months of destocking. This led to a lower demand for chemicals and the chemical output increased less than 1% year-over-year during the first eight months of 2023. The capital spending for the chemical industry in the US is expected to remain mostly unchanged in 2024, before the demand soars to 3% in 2025 and to 4% in 2026.
In Asian markets, China is expected to have a sluggish demand in the chemicals sector due to its economic crisis. According to S&P Global Inc.’s (NYSE:SPGI) chemicals market outlook for the first half of 2024, the petrochemical market is expected to remain pressured in the first half in China, driven by the country’s property market crisis and slow economic growth. This will have a big impact on the overall petrochemical market as China is Asia’s biggest petrochemical consumer. India is expected to remain a driving force with high demand in the petrochemical segment. With a projected growth of 7% in chemical commodity products in 2023, India is expected to have 8% growth in its chemical commodity products in 2024. This surpasses the economic growth of 6% to 7.1% annually between 2024 and 2026, as projected by the S&P Global Ratings.
The global industries are moving toward carbon emissions reductions and the chemical industry supports over 75% of all emissions reduction technologies needed to meet net-zero goals by 2050. Industries such as EV battery manufacturers, refrigerants for heat pumps, and solvents for semiconductors are all supported by the chemical industry in achieving net-zero emissions. The demand for chemicals from such industries will likely increase production in the chemical industry in 2024, with over 100 potential projects expected to begin in 2024. On March 15, the American Chemistry Council reported that weekly chemical production increased by 1.6%, chemical prices increased by 0.9%, and retail sales were up by 0.6%.
Leading Chemical Companies
Dow Inc. (NYSE:DOW), China Petroleum & Chemical Corporation (HKSE:0386), BASF SE (ETR:BAS) are some of the biggest chemical companies in the world.
Dow Inc. (NYSE:DOW) is America’s top chemical firm and has a presence in over 150 countries. On March 15, Dow Inc. (NYSE:DOW) reported that its research scientists have created a novel architecture for polyethylene (PE). The development of differentiated long-chain branched PE provides a potential for reduced carbon emissions and asset flexibility in industry-scale polyethylene production. Here is what a representative from the company said:
“Dow has a bold vision to create the materials and solutions that contribute to addressing global challenges such as climate change, resource scarcity, and plastic waste while meeting evolving customer needs. This is a game-changing innovation by Dow’s research & development team that will further strengthen Dow’s industry-leading product portfolio.”
China Petroleum & Chemical Corporation (HKSE:0386), or Sinopec is one of the leading Chinese companies operating in the energy and chemicals sector. On January 18, the company reported that it has signed an agreement with BP plc (LON:BP) to support each other in areas including oil and gas trading, fuel retailing, and lubricant and marine fuel sales, among others. Both companies will also work on low-carbon cooperation including EV charging and related fields to boost energy transition in transport. On January 30, China Petroleum & Chemical Corporation (HKSE:0386) announced that it participated in the first trading session of the China Certified Emission Reduction Scheme (CCER). The goal of CCER is to achieve the carbon peaking and carbon neutrality goals.
BASF SE (ETR:BAS) is one of the biggest chemical companies in the world. On February 22, BASF SE (ETR:BAS) announced that it signed an agreement with INEOS Automotive Limited on paint development and a global automotive refinish body. BASF SE (ETR:BAS) will assist INEOS Automotive in building its global body and paint program for the next three years. On March 12, the company announced that it is expanding its portfolio of the Aroma Ingredients brand with the launch of a new natural product on the flavor market in the Isobionics product line. The new Isobionics Natural beta-Caryophyllene 80 will be presented at the FlavourTalk Raw Materials Exhibition 2024. This new flavor is obtained from renewable resources through BASF SE’s (ETR:BAS) cutting-edge biotechnology.
With this context, let’s take a look at the top 20 chemical exporting countries in the world.
Top 20 Chemical Exporting Countries in the World
Our Methodology
To compile the list of the top 20 chemical exporting countries in the world, we gathered data from OEC World. We have listed the top 20 chemical exporting countries in ascending order of their chemical exports in 2022.
Top 20 Chemical Exporting Countries in the World
20. Taiwan
Total Chemical Exports (2022): $24.5 Billion
Taiwan is one of the top chemical exporting countries in the world with total chemical exports of $24.5 billion in 2022. Taiwan’s chemical exports make up 1.02% of the total global chemical trade.
19. Denmark
Total Chemical Exports (2022): $27.3 Billion
Denmark had total chemical exports of $27.3 billion in 2022, accounting for 1.14% of the total global chemical trade. Denmark ranks 19th among the top chemical exporting countries in the world.
18. Saudi Arabia
Total Chemical Exports (2022): $28 Billion
Saudi Arabia exported chemicals worth $28 billion in 2022. With the country’s chemical exports making up 1.17% of the total global chemical trade, Saudi Arabia is one of the top chemical trading countries in the world.
17. Russia
Total Chemical Exports (2022): $29.9 Billion
In 2022, Russia had total chemical exports worth $29.9 billion. Russia’s chemical exports comprised 1.25% of the total global chemical trade in 2022. Russia is one of the largest chemical exporters in the world.
16. Canada
Total Chemical Exports (2022): $45.9 Billion
Canada had total chemical exports of $45.9 billion in 2022, making up 1.92% of the global chemical trade. Canada is one of the leading chemical exporting countries in the world.
15. Singapore
Total Chemical Exports (2022): $46.6 Billion
Singapore ranks 15th among the top chemical exporting countries in the world. Singapore exported chemicals worth $46.6 billion in 2022.
14. Spain
Total Chemical Exports (2022): $54.5 Billion
Spain had total chemical exports of $54.5 billion in 2022, accounting for 2.28% of the total global chemical trade. Spain is one of the top chemical exporters in the world.
13. United Kingdom
Total Chemical Exports (2022): $62.9 Billion
The United Kingdom exported chemicals worth $62.9 billion in 2022. With the country’s chemical exports making up 2.63% of the total global chemical trade, the United Kingdom is one of the top chemical trading countries in the world.
12. India
Total Chemical Exports (2022): $64.3 Billion
India is one of the top chemical trading countries in the world. In 2022, India had total chemical exports of around $64.3 billion, making up 2.69% of the global chemical trade.
11. South Korea
Total Chemical Exports (2022): $64.7 Billion
South Korea had total chemical exports worth $64.7 billion in 2022. South Korea’s chemical exports accounted for 2.71% of the total global chemical trade.
10. Japan
Total Chemical Exports (2022): $73.2 Billion
Japan is one of the largest chemical exporters in the world. Japan exported chemicals worth $73.2 billion in 2022 and is one of the leading chemical exporters in the world.
9. Italy
Total Chemical Exports (2022): $82.9 Billion
Italy is one of the top chemical exporting countries in the world with total chemical exports of $82.9 billion in 2022. Italy’s chemical exports make up 3.47% of the total global chemical trade.
8. Netherlands
Total Chemical Exports (2022): $97.5 Billion
In 2022, the Netherlands exported chemicals worth $97.5 billion accounting for 4.08% of the total global chemical trade. The Netherlands ranks among the top chemical exporting countries in the world.
7. France
Total Chemical Exports (2022): $106 Billion
France had chemical exports of $106 billion in 2022. France’s chemical exports comprised 4.45% of the total global chemical trade in 2022.
6. Belgium
Total Chemical Exports (2022): $122 Billion
Belgium exported chemicals worth $122 billion in 2022. Belgium ranks sixth among the top chemical exporting countries in the world.
Click here to see Top 5 Chemical Exporting Countries in the World.
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Disclosure: None. Top 20 Chemical Exporting Countries in the World is originally published on Insider Monkey.