The market for specialty chemicals is anticipated to expand magnificently. They offer superior performance and functionality compared to conventional chemicals, making them essential for specific tasks. Additionally, they exhibit improved efficiency, durability, safety, and environmental sustainability, providing added value to the end products or processes they are used in. Herbicides make up the largest portion of the specialty chemical market globally, accounting for 45% of all specialty chemical consumption.
According to Data Bridge Market Research, Specialty Chemical is expected to reach the value of USD 788.96 billion in 2021 and is expected to reach USD 1196.19 billion by 2029, registering a CAGR of 5.34 % during the forecast period of 2022 to 2029.
“Rapid industrialization surge market demand"
Rapid industrialization in various countries has led to increased demand for specialty chemicals. The rise in investments in construction and infrastructure development projects has made countries attractive destinations for specialty chemical manufacturers. The growing need for specialty chemicals in construction, automotive, and electronics sectors is driving market growth. As industries expand and new projects emerge, the demand for specialized chemical solutions is expected to rise further, fostering market growth in these favorable destinations.
What restraints the growth of the specialty chemical?
“Volatile raw material prices can impede the market growth”
Volatile raw material prices pose a significant restraint in the specialty chemical market. Specialty chemicals rely on specific raw materials, and price fluctuations can impact manufacturers' profit margins. Factors such as supply-demand imbalances, geopolitical events, and natural disasters can cause rapid price fluctuations. Unpredictable raw material costs make it challenging for companies to plan and forecast, affecting their competitiveness and hindering market growth.
Segmentation: Global Specialty Chemical
The specialty chemical is segmented on the basis of function, type and application
- On the basis of function, the specialty chemical is segmented into antioxidants, biocides, surfactants, and others
- On the basis of product, the specialty chemical is segmented into coating, agrochemicals, electronic chemicals, construction chemicals, speciality polymers and resins, flavours ingredients, fragrances ingredients, dyes and pigments, personal care active ingredients, water treatment chemicals, surfactants, textile chemicals, bio-based chemicals, polymer additives, oil field chemicals, paper and pulp chemicals, pharmaceutical industries and others
- On the basis of application, the specialty chemical is segmented into automotive, construction, agriculture, industrial manufacturing, consumer goods and others.
Regional Insights: Asia-Pacific dominates the global specialty chemical
Asia-Pacific's dominance in the specialty chemical market can be attributed to several factors. The region experiences high demand for specialty chemicals, driven by the growing construction sector, increasing demand for cosmetic products, and the rise in investment and production of reusable specialty chemicals. China, in particular, stands out due to its robust growth in the construction industry and its ease of specialty chemical production. These factors contribute to the flourishing dominance of the Asia-Pacific region in the specialty chemical market.
North America's projected growth as the fastest developing region in the specialty chemical market can be attributed to the increasing demand in the retail sector. The retail industry in North America is witnessing a surge in demand for specialty chemical products, including personal care, household, and automotive chemicals. Factors such as consumer preferences for high-quality and innovative products, changing lifestyles, and a focus on sustainability drive the demand for specialty chemicals in the retail sector, propelling the region's growth during the projected period.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-specialty-chemical-market
Recent Developments in Global Specialty Chemical
- In 2021, Gabriel Performance Products, a producer of epoxy curing agents and specialty additives with headquarters in Ohio, was acquired by Huntsman Corporation for USD 250 million from Audax Private Equity.
The Prominent Key Players Operating in the Global Specialty Chemical Include:
- Henkel Adhesives Technologies India Private Limited (Germany)
- BASF SE (Germany)
- AkzoNobel N.V. (Netherlands)
- Evonik Industries AG (Germany)
- Clariant (Switzerland)
- Huntsman International LLC (U.S.)
- Dow (U.S.)
- Albemarle Corporation (U.S.)
- Ashland Inc. (U.S.)
- The Lubrizol Corporation (U.S.)
- Croda International Plc (U.K.)
- Kemira Oyj (Finland), (Netherlands)
- LANXESS AG (Germany)
- Solvay (Belgium)
- Nouryon (Netherland)
- Sumitomo Chemical (Japan)
- Ashland LLC (U.S.)
- Dupont (U.S.)
- PPG (U.S.)
- H.B Fuller Company (U.S.)
- Dymaxn (U.S.)
- Ferro Corporation (U.S.)
- Uniseal Inc (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global specialty chemical companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Specialty Chemical
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
