According to the report published by Zion Market Research, global demand for Specialty Chemicals market was valued at approximately USD 630 Billion in 2019, and is expected to generate revenue of around USD 750 Billion by end of 2026, growing at a CAGR of around 3-4% between 2020 and 2026.
Global Specialty Chemicals Market: Overview
Specialty chemicals are particular chemical products that help in providing variety of effects to various industries that they cater to such as textile, ink additives, construction, oil & gas, cosmetics, and food. Specialty chemicals can be single-chemical formulations or entities whose composition greatly influences the performance of the customers’ product. On the basis of their purpose and efficiency, certain chemicals are used. In this market, continuous R&D has facilitated the development of products with optimum and advanced characteristics. This is one of the major factors driving this market 's growth. Noticeable demand from Asian countries such as India and China has emerged with rapid industrialization. Investment in construction and infrastructure growth projects in the Asia-Pacific region has been growing.
Global Specialty Chemicals Market: Growth Factors
Some of the main growth opportunities are innovation and R&D, as the market is largely consumer-driven. The focus of the manufacturer on delivering creative and custom-made product offerings for target applications and satisfying the demand of specific customers has driven investment in research and development, thereby driving the development of innovative specialty chemicals and expanding the product portfolio of the industry. The need for user-friendly and environmentally-friendly specialty chemicals has been prompted by concerns about the adverse effects of traditional chemicals on the environment and humans. Therefore, the attention of many players has moved towards the production and marketing of specialty chemicals in order to outperform traditional manufacturers of fine and commodity chemicals.
Global Specialty Chemicals Market: Segmentation
The Specialty Chemicals market is fragmented based on application. By application, the market is divided into paints and coatings, catalysts, construction chemicals, cosmetic chemicals, dyes, inks, and pigments, electronic chemicals, water treatment chemicals, food additives, agrochemicals, industrial and institutional cleaners, lubricant additives, mining chemicals, oilfield chemicals, adhesives and sealants, plastic additives, rubber processing chemicals, specialty polymers, textile chemicals, others. The automotive industry is expected to remain a lucratively rising market with a strong demand for weight reduction and cost-saving end-use adhesives, lubricants, paints, and coatings. The product demand for end-use pharmaceuticals and nutraceuticals has been driven by the awareness and increasing acceptance of a healthier lifestyle among consumers.
Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Specialty Chemicals Market: Regional Analysis
The Asia-Pacific area dominated the market for specialty chemicals and is likely to maintain its place during the forecast period , owing to robust construction sector growth , increased demand for cosmetic products , increased investment and development in the increasing performance of the electrical and electronics industries, increased demand for packaging adhesives and plastics, and increased demand for packaging products.
Global Specialty Chemicals Market: Competitive Players
Some main participants of the Specialty Chemicals market are BASF SE, Dow Inc., Bayer AG, Evonik Industries AG, Lanxess AG, Solvay SA, Clariant AG, Huntsman International LLC, Albemarle Corporation, Nouryon, Sumitomo Chemical Company, Ashland LLC., Henkel Ag & Co. KGAA, Merck & Co. Inc., Sasol Limited, Koninklijke DSM N.V., PPG Industries Inc., 3M, H.B. Fuller, among others.
Specialty Chemicals Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The key factors driving the growth of the specialty chemical industry are improving living standards in most developing countries , trade liberalisation, increasing demand for electronics and advances in process technology. In addition , the increase in urbanisation and industrialization in countries such as China , India and Japan is driving the demand for paints and coatings, which further boosts the demand for building chemicals, which in turn drives the need for specialty chemicals throughout the forecast period.
According to Zion Market Research, global demand for Specialty Chemicals market is expected to generate revenue of around USD 630 Billion by end of 2019 and around 750 Billion in 2026, growing at a CAGR of around 3-5% between 2020 and 2026.
In North America, the demand for poly aluminium chloride is well established, with various water treatment operations being carried out on a large scale here. The demand for poly aluminium chloride is in its growth process in the Asia Pacific region, and is expected to see a steady growth in the area over the next few years.
Some main participants of the Specialty Chemicals market are BASF SE, Dow Inc., Bayer AG, Evonik Industries AG, Lanxess AG, Solvay SA, Clariant AG, Huntsman International LLC, Albemarle Corporation, Nouryon, Sumitomo Chemical Company, Ashland LLC., Henkel Ag & Co. KGAA, Merck & Co. Inc., Sasol Limited, Koninklijke DSM N.V., PPG Industries Inc., 3M, H.B. Fuller, among others.
