Specialty Chemicals Market Analysis and Industry Overview 2023
Specialty Chemicals Market Analysis
The global specialty chemicals market is predicted to touch USD 1000 billion at a 6.21% CAGR over the forecast period (2018-2023), states the new Market Research Future (MRFR) report. Specialty chemicals are specific chemical products that offer an array of effects on which a good number of industry sectors depend. Some of these categories include textile auxiliaries, surfactants, polymers, paints lubricants, industrial gases, fragrances, food additives, flavors, elastomers, construction chemicals, cosmetic additives, colors, cleaning materials, agrichemicals, and adhesives. Other industrial sectors, including textiles, manufacturing, agriculture, cosmetics, food, aerospace, and automotive are highly reliant on such products.
Various factors are propelling the specialty chemicals market. These factors, as stated by the latest MRFR report, include shift to specialty chemicals from commodity chemicals, burgeoning demand from the automotive industry, burgeoning demand for lightweight automobiles, and increasing living standards. Additional factors pushing market growth include increased development of biochemical and green solutions, growing demand for agrochemicals, and flourishing agriculture industry. Moreover, rapidly mushrooming industrialization and urbanization are also adding to the growth of the specialty chemicals market.
On the flip side, the volatile cost of raw materials may impede the specialty chemicals market growth over the forecast period.
Specialty Chemicals Market Segmentation
The MRFR report provides a complete segmental analysis of the specialty chemicals market report on the basis of type and source.
Based on source, the specialty chemicals industry is segmented into wood, butane, propane, ethane, naphtha, crude oil, and others. Of these, the naphtha segment will have the largest share in the market over the forecast period. It is projected to develop at a 6.19% CAGR.
By type, the global specialty chemicals industry is segmented into bio-based chemicals, polymer additives, textile chemicals, construction chemicals, surfactants, personal care active ingredients, water treatment chemicals, dyes & pigments, fragrance ingredients, flavor ingredients, and agrochemicals, among others. Of these, the agrochemicals segment will dominate the market over the forecast period.
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Specialty Chemicals Regional Analysis
By region, the specialty chemicals market growth covers the latest trends and growth opportunities across the Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Of these, the Asia Pacific region will remain the driving force over the forecast period. Factors contributing to the growth in the region include growing demand from the automobile sector, the presence of fast-developing economies, and thriving agrochemicals industry. Besides, the relaxations in regulations by governments are also adding to the growth of the market in the region.
The specialty chemicals market in Europe is predicted to have a notable growth over the forecast period. Factors contributing to the growth in the region include growing demand from various end use industries and the presence of leading players in the region.
The specialty chemicals market in North America is predicted to have a healthy growth over the forecast period. Factors contributing to the growth in the region include the growing food and beverage market in the US and rising production of lightweight cars that are boosting the demand for polymer additives and polymer.
The specialty chemicals market in the Middle East and Africa and Latin America is predicted to have a small share in the market over the forecast period. However, Middle Eastern country-level markets, especially Dubai, UAE, and Qatar, and Latin America country-level markets, especially Brazil and Mexico, are predicted to have strong growth opportunities over the forecast period.
Specialty Chemicals Key Players
Leading players profiled in the specialty chemicals market report include BASF SE, Lanxess AG, ExxonMobil Corporation, DowDuPont, KGaA, Solvay SA, Ashland Inc., Lenzing AG, AkzoNobel NV, BHS Specialty Chemicals, Clariant AG, Henkel AG & Co, and Evonik Industries AG, and others. Key players have adopted several strategies such as partnerships, mergers and acquisitions, research and development, joint ventures/partnerships, expansion, product innovations and launches, and more to create a niche in the market.
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