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.