Specialty Chemicals Market Demand, Application, COVID-19 Analysis, Share, Forecast 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 report. 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.
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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.
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.
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 size 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.
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NOTE: Our team of researchers are studying Covid19 and its impact
on various industry verticals and wherever required we will be considering
covid19 footprints for a better analysis of market and industries. Cordially
get in touch for more details.
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Thank you for sharing in-depth information about specialty chemicals in this wonderful blog.
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