Specialty Chemicals Observe High Demand in Construction Sector

San Francisco, California, August 24, 2018: The global market for specialty chemicals is driven by the vast set of applications these chemicals serve in products such as agrochemicals, construction chemicals, industrial cleaners, plastic additives and polymers, and surfactants, observes a recent market research report by TMR Research. The report is titled “Specialty Chemicals Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025.”

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The market will also significantly benefit from the thriving construction and automotive industries across the globe, the rising global population and the consecutive rise in demand for increased production levels from a number of industries, and increased global demand for agrochemicals. However, the market could bear the brunt of the rising numbers of stringent environment-protection norms compelling the reduced use of a number of polluting agrochemicals, hindering the growth prospects of the market to a certain degree over the forecast period.

Geographically, the market for specialty chemicals across countries in the BRICS association has witnessed a plausible fillip owing to increased demand for food products and the rapid pace of industrialization and urbanization. The steady rise in demand for a number of specialty chemicals in rapidly industrializing countries such as India and China will continue to play a key role in the overall development of the global specialty chemicals market. Moreover, a number of world’s leading manufacturers of specialty chemicals reside in Asia Pacific, which continues to be a leading factor behind the flourishing growth of the market in the region.

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The vendor landscape of the global specialty chemicals market features a large number of small, regional, and international players. Some of the leading vendors in the market are Eastman Chemical Company, Albemarle Corporation, Chevron Philips Chemical Company, Evonik Industries AG, Bayer AG, The Dow Chemical Company, INEOS Group AG., BASF SE, Solvay, Arkema S.A., Clariant AG, Syngenta AG, Akzo Nobel N.V., Chemtura Corporation, DuPont, Ashland Inc., and Huntsman Corporation.

Specialty Chemicals Market – New Growth Opportunities by 2025

Specialty Chemicals Market: Snapshot

The global demand for specialty chemicals is driven by their high usage in industrial and institutional cleaners, construction chemicals, agrochemicals, electronic chemicals, polymers and plastic additives, and surfactants. Specialty chemicals when added to products, impart many additional features or characteristics to them. As new environmental standards and product specifications are being accepted across industries, the use of specialty chemicals will also rise. The emerging trends of building smart cities and sustainable buildings are encouraging the usage of specialty chemicals. Further, the use of agricultural products for fuel blending, polymer production, and other industrial applications is slated to create new growth opportunities for the global specialty chemicals market.

The burgeoning demand for food grains and rapid urbanization in countries such as Brazil, Russia, India, China, and South Africa (BRICS) is boosting the growth of the global specialty chemicals market. India and China are witnessing rapid industrialization from the past few years and this has created a heightened demand for these chemicals. Residential and non-residential construction projects are escalating in these countries, boosting the demand for specialty chemicals market. Moreover, Asia Pacific houses many specialty chemical manufacturers, which is another reason why this market is flourishing in the region.

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Despite the market being led by big global players, many local and regional vendors have also managed to acquire a strong grip on the market. These players have achieved so by offering high specialty chemicals, which are beneficial for niche applications. This is intensifying the competition in the market.

Global Specialty Chemicals Market: Overview

The global market for specialty chemicals is projected to grow at a healthy rate in the coming few years, thanks to the growing demand from diverse industries across the globe. A substantial contribution from construction and automotive industries is another factor fuelling the growth of the overall market. However, the rising use of bio-based chemicals due to several environmental hazards is likely to curb the growth of the market in the near future. Nonetheless, the stringent regulatory framework is anticipated to enhance the growth of the market in the near future.

Global Specialty Chemicals Market: Key Trends

The increasing demand for yield-improving agrochemicals is one of the vital factors likely to encourage the growth of the global specialty chemicals market in the next few years. In addition, the rising growth opportunities for specialty chemicals market from the automotive industry is likely to supplement the market’s growth in the forecast period. On the flip side, the strict government rules and regulations against the use of agrochemicals and the reducing demand for coated paper in several developed economies are projected to hamper the growth of the global market in the next few years.

Global Specialty Chemicals Market: Market Potential

The rapid development of the automotive and construction sectors is projected to fuel the growth of the global specialty chemicals market in the coming years. The tremendously rising population and the growing demand for agrochemicals are estimated to accelerate the growth of the overall market in the next few years. The increasing collaborations and enhancement of the distribution channels are projected to contribute extensively towards the overall development of the global specialty chemicals market in the next few years. Furthermore, the rising competition resulting in expansion of the product portfolio is another essential aspect predicted to encourage the growth of the overall market in the coming few years.

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Global Specialty Chemicals Market: Regional Outlook

In the last few years, North America led the global specialty chemicals market and is likely to remain in the dominating position throughout the forecast period. The high growth of this region can be attributed to the rising demand for oilfield chemicals and lubricants, owing to the rising oil exploration activities. On the other hand, Asia Pacific is expected to register a healthy growth rate in the coming years. The rising expenditure in the construction sector and the substantial contribution from Japan, China, and India are projected to fuel the growth of the Asia Pacific market in the near future.

Furthermore, the rising demand for specialty chemicals from the automotive sector and the rising disposable income of consumers are predicted to supplement the growth of the market in the near future. Moreover, the developing lifestyle of consumers is indirectly anticipated to bolster Asia Pacific specialty chemicals market in the near future.

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Global Specialty Chemicals Market: Competitive Analysis

The global market for specialty chemicals is characterized by a high competition with the presence of a large number of players operating in it. As per the study, several new players are estimated to enter the global market in the next few years and enhance the competitive landscape of the market. In order to maintain their leading position, these players are focusing on improving their distribution network and introduce new products.

Some of the prominent players operating in the specialty chemicals market across the globe are Evonik Industries AG, Albemarle Corporation, Eastman Chemical Company, Syngenta AG, Chevron Philips Chemical Company, Solvay, BASF SE, The Dow Chemical Company, Bayer AG, INEOS Group AG., Chemtura Corporation, Clariant AG, Ashland Inc., Arkema S.A., Akzo Nobel N.V., DuPont, and Huntsman Corporation.

Rising Need to Boost Yield to Augment Specialty Chemicals Market

San Francisco, California, May 26, 2017: A new research report by TMR Research provides a detailed overview of the global specialty chemicals market and throws light on the factors that are predicted to impact the market’s growth in the approaching years. The research report, titled “Specialty Chemicals Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” highlights the growth prospects, barriers, and the current trends in the market. In addition, the key segmentations of the global specialty chemicals market, along with the regional outlook and competitive landscape have been discussed at length in the scope of the research report.

The global market for specialty chemicals is projected to grow substantially with the rising need for yield-improving specialty chemicals. This is predicted to fuel the growth of the overall market throughout the forecast period. In addition to this, the increasing number of applications of specialty chemicals, especially in the automotive sector is projected to accelerate the growth of the market in the near future. However, the strict regulatory framework imposed by governments, across the globe concerning the use of specific specialty chemicals is considered to restrict the market’s growth in the coming years.

Nonetheless, the development of the construction and automotive industries, particularly in emerging economies worldwide is estimated to encourage the growth of the global specialty chemicals market over the forecast period. Thanks to these factors, the market is likely to register a strong growth rate in the coming years.

North America, in the last few years, accounted for a massive share of the global specialty chemicals market and is expected to lead throughout the forecast period. The robust growth of this segment can be ascribed to the growing demand for oilfield lubricants and chemicals, thanks to the increasing exploration activities for in different parts of North America. The oil and gas industry in Asia Pacific is likely to experience a promising growth in the next few years, offering lucrative opportunities for the key players operating in this region. The rising contribution from China, India, and Japan and the increasing expenditure in the construction sectors are projected to supplement the growth of the specialty chemicals market in the coming years.

Some of the leading players operating in the specialty chemicals market across the globe are The Dow Chemical Company, Chevron Philips Chemical Company, BASF SE, DuPont, Syngenta AG, Solvay, Bayer AG, Albemarle Corporation, Akzo Nobel N.V., Eastman Chemical Company, Huntsman Corporation, Clariant AG, Chemtura Corporation, Ashland Inc., Arkema S.A., INEOS Group AG., and Evonik Industries AG. The presence of a large number of players and the anticipated entry of new players are projected to strengthen the competitive landscape of the overall market in the next few years.