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"Global Specialty Chemicals Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 363.4 Bn by 2028, Likely to Grow with the CAGR of 5.60% During the Forecast Period."
The global market in the preference of the customer is under transition along with the industrial lifecycle has fostered the growth of speciality chemicals. The speciality chemical industry is recognized as an innovative, entrepreneurial, and consumer-driven market. These speciality chemicals include low-volume, high-value chemicals that have specific usage and are a considerable part of the global market. These chemicals are of high value-added offerings used as catalysts, intervenes, protectants, constituents, or preservatives in different offerings and usage. The Specialty chemicals are also considered as “performance” chemicals, or “effect” chemicals, or “formulation” chemicals. Speciality chemicals are utilized in lesser quantities and are targeted for specific end-use applications. The physical and chemical properties of these chemicals impact the performance of finished goods.
Increasing Demand For Chemicals Is Anticipated To Drive The Demand For Specialty Chemicals
The chemicals industry is growing exponentially in the recent years due to their wide usage by various industries. Moreover, there is a considerable demand for the speciality chemicals that shall boost the chemical industry. There are various government policies imposed to regulate the chemicals industry that is supporting the growth of the chemical industry globally.
Agriculture Segment held a prominent share in Global Specialty Chemicals Market in 2019
The global speciality chemicals market is categorized into various segments including – agrochemicals that is leading the market of chemicals in the global market. The Agrochemicals segment registered the highest market expansion rate of 2.8% during the forecast period. It could be attributed to the increase in the population that needs food products is propelling the market demand for agrochemicals during the forecast period. Moreover, the crop yield is being hampered by the natural disasters and insecticides including crop-related challenges that could be eliminated by the application of agrochemicals during the forecast period. A plunge in the development of various agrochemicals in the global market is also a significant factor contributing to the market demand for the speciality agrochemicals during the forecast period.
The Asia-Pacific Region Is Projected to Register the Highest Growth In The Specialty Chemicals Market during the Forecast Period
The speciality chemicals market demand is high in the Asia-Pacific region, and it is anticipated to sustain its market position during the forecast period. Its robust market demand could be attributed to plunging in the construction industry; rising demand of cosmetic products, investments in manufacturing in electrical and electronics industry, growing demand of adhesives and plastics of the packaging industry, and rising installations of water treatment systems from the industries in the region. These factors are propelling the market demand for speciality chemicals which are used in the respective industries for the production of finished goods. The use of speciality chemicals in the Asia-Pacific region could also be attributed to the favourable construction industry. These key factors are expected to enhance the demand of speciality chemicals by adhesives and sealants, paints and coatings, construction chemicals, and speciality polymers in the Asia Pacific region, during the forecast period.
Global Specialty Chemicals market is fragmented among the number of local and global players. The organizations involved in the production of speciality chemicals are expanding their global presence by adopting market diversification strategies to increase their competency.
Key players operating in the global Specialty Chemicals market are BASF SE., 3M, Huntsman International LLC, H.B. Fuller, Henkel AG & Co. KGaA, DowDuPont Inc., Evonik Industries AG, Akzo Nobel N.V., Eastman Chemical Company, LOTTE Fine Chemical, Mitsui Chemicals Inc., Ashland Global Holdings Inc., China Petrochemical Corporation, Saudi Basic Industries Corporation (SABIC)
Global Specialty Chemicals Market Key Segments
Global Specialty Chemicals Market, By Product
- Construction Chemicals
- Specialty Coatings
- Food Additives
- Polymer Additives
- Electronic Chemicals
- Cleaning Chemicals
- Plastic Additives
- Paper & Textile Chemicals
- Adhesives & Sealants
- Lubricant & Oilfield Chemicals
Global Specialty Chemicals Market, By End-user
- Industrial Manufacturing
- Consumer Goods
Global Specialty Chemicals Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America