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A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are required to produce other products.
Industrial output in 2005 Service output in 2005. The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (), manufacturing (), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (). [1]
Industrial resources (minerals) are geological materials that are mined for their commercial value, which are not fuel (fuel minerals or mineral fuels) and are not sources of metals (metallic minerals) but are used in the industries based on their physical and/or chemical properties. [1]
Countries that primarily produce agricultural and other raw materials (i.e., primary sector) tend to grow slowly and remain either under-developed or developing economies. The value added through the transformation of raw materials into finished goods reliably generates greater profitability, which underlies the faster growth of developed ...
The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, fishing, forestry and mining. [1] [2] [3] The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries.
Primary: involves the retrieval and production of raw-material commodities, such as corn, coal, wood or iron. Miners, farmers and fishermen are all workers in the primary sector. Secondary: involves the transformation of raw or intermediate materials into goods, as in steel into cars, or textiles into clothing. Builders and dressmakers work in ...
The chemical industry comprises the companies and other organizations that develop and produce industrial, specialty and other chemicals. Central to the modern world economy, it converts raw materials (oil, natural gas, air, water, metals, and minerals) into commodity chemicals for industrial and consumer products.
The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics. The industry is usually divided into three major components: upstream, midstream, and downstream.