The global specialty chemicals market is expected to reach value of around US$ 301 Bn by 2026 and is anticipated to grow at a CAGR of around 4.8% in terms of revenue during the forecast period 2019 to 2026.
Specialty chemicals are special type of chemicals which are produce as per the requirement of diverse industry sectors such as cosmetic, food, textile, construction chemical etc. A complex, interlinked industry produces specialty chemicals. It is expected that specialty chemicals markets will continue to deliver higher growth rates and margins relative to manufacturer’s commodity chemicals markets.
The report provides analysis of global Specialty Chemicals market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Rising industrial activity in cosmetics, food, agriculture and other manufacturing sectors is anticipated to increasing demand for specialty chemicals especially in developing countries such as India and Brazil in near future. The specialty chemicals also been used in water treatment. The use of special chemicals in industrial water treatments involves the implementation of more modern water treatment methods such as ion exchange. Government legislation on the use of certain chemical substances in food processing and other industries will impede the growth of the specialty chemical industry. On the flipper side, specialty chemicals enhance performance, provide the end products with specific functionality and offer a combination of innovation and customer service. Countries such as China, India, Japan, and Brazil, have significant growth opportunities in near future. As more and more chemical companies slowly move their manufacturing bases to low-cost areas, it is expected that demand for specialty chemicals will increase with the growth of competition.
Asia Pacific held the maximum market share and is anticipated to govern the market amid the forecast period. Increasing demand in the major end-user industries, including construction, agriculture, automobile, packaging, personal care, textiles, and electronics, along with growing investment in infrastructure; and the production of environmentally friendly goods give the manufacturers of specialty chemicals adequate revenue opportunities. Increasing industrial activity in developing countries like India and China would increase demand in these countries for specialty chemicals. The growth of the Asia-Pacific construction sector is driven mainly by the expansion of the service sector, leading to an increase in demand for office spaces, a rise in residential construction projects, and the inflow of investments from multinational companies to develop the region's industrial base. Such trends are likely to increase demand paints and coatings, adhesives and sealants, building chemicals, and specialty polymers in the region in coming years. The cosmetics industry is also seeing high growth in demand in the region, led by increased use of cosmetic products due to improved demand for anti-aging cosmetics from baby boomers and X generation, impact of Western culture on youth, increased employment of women, and continuous development of mass-attracting products. This raises the production of cosmetics in the area, resulting in increased demand for specialty chemicals.
The market research study on “Specialty Chemicals Market (Specialty Chemicals Market (By Type, Specialty Oilfield Chemicals, Pesticides, Construction Chemicals, Specialty Polymer, Food Additives, Others; Function: Biocides, Surfactants, Antioxidants, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed insights on the global specialty chemicals market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global specialty chemicals services market, its type, function, and major geographic regions. The report covers global specialty chemicals services market size, and segment markets by type, function, and geography along with the information on companies operating in the market. The specialty chemicals services market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Specialty Chemicals Services market is segmented as below:
Specialty Chemicals Services Market By Type
Specialty Chemicals Services Market By Function
Specialty Chemicals Services Market By Geography
Key Players and Market Situation
Some of the noticeable players in the market include Huntsman International LLC, BASF SE, 3M, H.B. Fuller, Henkel AG & Co. KGaA, and others. The market for specialty chemicals is highly fragmented, with a significant market share held by numerous players.
In addition, governments in developing countries are introducing friendly policies that promote the growth of the specialty chemicals industry by encouraging global players to invest in these areas, upgrading chemical industries and manufacturing capabilities, and redesigning institutes for industrial education to create productive domestic workforce.
Specialty chemicals are special type of chemicals which are produce as per the requirement of diverse industry sectors such as cosmetic, food, textile, construction chemical etc.
Rising industrial activity in cosmetics, food, agriculture and other manufacturing sectors are main driver of the specialty chemicals market.
According to Acumen Research and Consulting, the specialty chemicals market value is anticipated to be worth around US$ 301 billion by 2026.
The specialty chemicals market is anticipated to grow over 4.8% CAGR during the forecast period 2019 to 2026.
Asia-Pacific held maximum share in 2018 for specialty chemicals market.
The key players operating in the specialty chemicals market are Huntsman International LLC, BASF SE, 3M, H.B. Fuller, Henkel AG & Co. KGaA, and others.
The global specialty chemicals market is segmented into type, function, and major geographic regions.