BASF SE has announced plans to invest USD 1 billion in a new Verbund site in Zhanjiang, China. The new site is expected to be operational by 2027 and will produce a range of chemicals and plastics for the growing Chinese market.
BASF SE has announced plans to launch a new range of sustainable packaging solutions. The new solutions are made from renewable materials and are recyclable. BASF is targeting the food and beverage industry with its new packaging solutions. The company believes that there is a growing demand for sustainable packaging in this sector. BASF is also targeting the cosmetics industry with its new packaging solutions.
Author Credits: Smruti Ranjan, Rajrani Baghel
Report ID: 5175
Published Date: Aug 22, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Increasing demand for automotive sector is the major factor driving the market growth.
The market size of specialty chemicals is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023 â€“ 2035.
The major players in the market are BASF SE, Dow Inc., DuPont de Nemours, Inc., Evonik Industries AG, Akzo Nobel N.V., Clariant AG, and others.
The automotive segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.