Specialty chemicals, also called as effect chemicals or specialties, are specific chemical products which furnish a large number and variety of effects on which growth of various other industries depends. Some of the types of specialty chemicals include agrichemicals, adhesives, cosmetic additives, cleaning materials, elastomers, construction chemicals, food additives, flavors, industrial gases, lubricants, fragrances, surfactants, polymers and textile auxiliaries among others. Various industrial sectors including aerospace, automobile, cosmetics, food, manufacturing, agriculture and textile depends largely on such specialty chemical products. Specialty chemicals are those chemicals which are used depending on their functions and performance. As a result, specialty chemicals are often referred to as formulation chemicals or performance chemicals. Specialty chemicals can be a mixture of molecules or unique molecules also called as formulations. The chemical and physical characteristics of formulated mixture or single molecules as well as composition of aforementioned mixtures affect the overall performance of end product. In various commercial applications, the specialty chemical manufacturers concentrate on bringing innovative technical solutions for their group of customers. Hence, this is a differentiating facility in the options furnished by specialty chemical manufacturers when they are related to other sectors of the global industry including commodity chemicals, fine chemicals, pharmaceuticals and petrochemicals.
Rising industrial activities, especially in the sectors such as food, agriculture, cosmetics and others sectors in developing economies including Brazil, India and China are some key factors anticipated to drive the demand for specialty chemicals during the forecast period. In addition, increasing use of specialty chemicals in water treatment process across the globe is another factor fuelling the global specialty chemicals market. Further, increasing development and introduction of relatively more sophisticated water treatment process including ion-exchange involves the use of specialty chemicals. Stringent government norms on use of specific specialty chemicals in food industry may hamper the global specialty chemicals market over the forecast period. Furthermore, increasing industrial activities, especially in the developing economies such as China, India, Turkey, Russia, Poland, Indonesia and Brazil is in turn increasing the demand for specialty chemicals. Japan and China are anticipated to maintain their dominance in the Asia-Pacific specialty chemicals market throughout the forecast period. Institutional and industrial cleaners, specialty polymers, electronic chemicals, construction chemicals and some specific flavors and fragrances are the widely used specialty chemicals across the globe.
The global specialty chemicals market can be segmented on the basis of type, function and geography. By type, the global specialty chemicals market can be segmented into food additives, water treatment chemicals, cosmetic chemicals, textile chemicals, paper and pulp chemicals, construction chemicals, oil field chemicals, ink additives and others. On the basis of function, the global specialty chemicals market can be segmented into antioxidants, biocides, surfactants and others. By geography, the global specialty chemicals market can be divided into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.
Some of the players involved in the supply of specialty chemicals are focusing on key market strategies such as acquisitions and mergers along with improvement in old products and innovations in new products. They are also concentrating on bringing up new products to meet the demands in ever-competitive market. Some of the major players in the global specialty chemicals market include Novozymes, Akzo Nobel N.V., Clariant AG, Rhodia S.A., Huntsman Corporation, Evonik Industries AG, Chevron Phillips Chemical Company, BASF SE, Cytec Industries Inc., Chemtura Corporation, Ferro Corporation and Albemarle Corporation among others.
Market by Type
· Food additives
· Cosmetic chemicals
· Water treatment chemicals
· Textile chemicals
· Paper and pulp chemicals
· Construction chemicals
· Oil field chemicals
· Ink additives
Market by Function
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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