Specialty Chemicals Market Analysis and Industry Outlook 2023
The Dow Chemical Company, BASF SE, Bayer AG, E.I. du Pont de Nemours and Company, Akzo Nobel N.V., and Evonik Industries AG are names of a few of the prominent companies operating in the global specialty chemicals market. One of the strategies that has helped them attain a prominent position in the fine chemicals market is the thrust on product diversification through cutting edge research. They have been allocating substantial amounts on their research activities. And in order to maintain their positions in the near future too, they are seen setting their gaze upon the upcoming specialty markets such as India and China. The two nations, with their swift pace of industrialization, are predicted to contribute significantly to demand generation in the near term.
A report on the global specialty chemicals market by Transparency Market Research finds that it would hit a value of US$1,210.1 bn by 2023-end owing to demand rising at a 4.7% CAGR from 2017 to 2023. It also finds that the market is fragmented wherein no player holds a clear cut dominant share.
The Dow Chemical Company, BASF SE, Bayer AG, E.I. du Pont de Nemours and Company, Akzo Nobel N.V., and Evonik Industries AG are names of a few of the prominent companies operating in the global specialty chemicals market. One of the strategies that has helped them attain a prominent position in the fine chemicals market is the thrust on product diversification through cutting edge research. They have been allocating substantial amounts on their research activities.
Demand for Agrochemicals by Agricultural Sector Majorly Fuels Specialty Chemicals Market
At the forefront of driving demand in the global specialty chemicals market is the agricultural sector. The industry is hard pressed to find solutions for maximizing yields. This is because of the swelling world population that needs to be fed. This has resulted in demand for agrochemicals, which are a type of fine chemical, to increase the volume of produce. Those include fertilizers, pesticides, and others. They improve output by serving to limit wastage of crop owing to a pest attack or insufficient nutrients in soil. Going forward too, the end use segment of agriculture will continue stoking demand in the global specialty chemicals market owing to the need to hike agricultural yield by almost 50.0% by 2050-end.
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Surging Automotive Demand Spells Opportunity for Market
Another major demand driver in the global specialty chemicals market is the automotive industry. With the surging demand for automobiles all over the world owing to impressive economic development and urbanization, the demand for production materials such as sealants, plastic adhesives, and paints and coatings is rising. This, in turn, is providing opportunity to the global fine chemicals market.
Players Formulating Non Toxic Products to Overcome Regulatory Hurdles
However, one factor posing a challenge to the global specialty chemicals market is the stringent regulations placed on the usage of agrochemicals. To overcome the challenge, astute manufacturers are trying to come up with non-toxic products having the necessary regulatory approvals.
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