10 Oct 2018 – The global Specialty Chemicals Market size is expected to value at USD 1.79 trillion by 2025. The market is subject to witness a substantial growth due to the high-end demand for function specificities chemicals and variation in consumer and industrial product life cycles. Other factors such as increasing concerns regarding the excess of pollution, environmental hazards, and growing demand for an alternative solution to limit greenhouse gas (GHG) emissions, are expected to drive demand for the specialty chemicals in upcoming years.
Specialty chemicals are increasingly used in water-based paints, biodegradable plastics, solar-powered and rechargeable electronics. Globally, the specialty chemicals market is predicted to grow at CAGR of 5.6% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.
Recent technological advancement in the specialty chemicals industry is presenting lucrative growth avenues for industry players, in the recent years. Substantial growth in housing sector and rising industrial production are anticipated to fuel the growth of the market over the forecast period. Rapid pace of macroeconomic cycles is a key for market expansion in the last decade. Increasing number of small & medium-sized enterprises SMEs in developing economies across Asia-Pacific and Latin America is playing crucial role for the success of the industry since last couple of years.
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Increasing investment for research & development in specialty chemicals industry has led to development of innovative products and enhancement in the manufacturing techniques are estimated to propel market growth in upcoming years. Substantial development in the Middle East region due to presence large number of petrochemical reserves, thus providing the vital feedstock for downstream derivatives are widening market reach, in the recent years. Factors such as inexpensive labor, skilled workforce, trade liberalization policies, and rise in number of end-user industries are propelling market growth further.
Robust growth in shale oil & gas industry and rise in drilling & refining activities coupled with reduced prices of crude oil prices are projected to fuel growth of specialty chemicals market in near future. Growing oil exploration activities in the North America region is also leading to the increasing demand for oilfield chemicals and other types additives, in the last few years. Additionally, rising investment by prominent market players across the globe in capacity expansion as well as modernization of existing facilities to generate excess of revenues and gain competitive edge over other organizations, thus positively impacting market growth over the forecast period.
A construction chemical is considered as one of the fastest growing segment in the specialty chemicals industry with substantial revenue generation in the last couple of years. Growing popularity of the construction chemical marker segment is attributed to considerably high-end demand for specialized waterproofing chemicals, tile fixing substances, joint filler, and renovation compounds. Rapid growth in housing industry in the U.S., growing infrastructural &construction activities across Asia-Pacific region and Middle East region are critical for market expansion in the recent years. Furthermore, coatings, adhesives, sealants and elastomers (CASE) market segment has also shown substantial growth during the forecast period.
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The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. European region has shown major growth in recent years owing to the rise in the adoption of latest technologies and existence of well-established industrial infrastructure. Asia-Pacific region is predicted to hold major market share in the specialty chemicals market with massive growth in forecast period. Countries such as India, Thailand, Malaysia, China and Singapore are leading the Asia-Pacific market with rapid industrialization and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the specialty chemicals industry are BASF SE, Evonik Industries AG, Henkel Corporations, Solvay SA, PPG Industries, Inc., Albemarle Co., AkzoNobel N.V., H.B. Fuller Company, Ashland Incorporations, Dymax Co., Ferro Co., Huntsman Co., Chemtura Co., The Dow Chemical Company Pvt. Ltd., ExxonMobil Co., Avery Dennison Co., Beardow& Adams Ltd., and UnisealIncorations.
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