Specialty chemicals are a particular segment of chemical products which are manufactured to use in a wide range of applications due to their favorable properties. Specialty chemicals have definite formulations and performance benefits to provide superior physical, chemical and performance benefits in different end-use applications. The formulation of the specialty chemicals directly contributes to the performance and processing of the product for further end-use applications. The major categories of specialty chemicals are pesticides, agrochemicals, electronic chemicals, lubricants, paints & coatings, construction chemicals, surfactants, oil field chemicals, cosmetic chemicals, additives, and polymers, among others.
The Global Specialty Chemical Market is valued at USD 623.5 Billion in 2020 and is anticipated to grow with a CAGR of 4.12% during the forecast period from 2020 to 2028. The major factors that are contributing to the growth of the specialty chemicals market are an increasing demand from various end-use markets, such as personal care, power & energy, building & construction, transportation, aerospace & defense, food & beverages, textile, and others. Moreover, new innovations and efforts by the manufacturers to enhance performance of the existing product line are also contributing to the growth of the specialty chemicals market.
There are stiff market competitions among the major market players in the global specialty chemicals market. The major global players such as BASF SE, The Dow Chemical Company, Dupont, Akzonobel, and DSM have a well-maintained product offering in the global specialty chemicals market and are continuously spending more on R&D activities for new product development or to enhance the existing product lines to cater to the market demand. Further, various inorganic and organic growth activities are also adopted by the leading players to retain a competitive market position.
Global Speciality Chemicals Market, by Type
In terms of type, the global specialty chemicals market is segmented into agrochemicals, construction chemicals, electronic chemicals, surfactant, cleaners, specialty oil field chemicals, processing chemicals, specialty gases, cosmetic ingredients, food additives, specialty polymers, and others. Among these, electronic chemicals, specialty polymers, and surfactant segments have cumulatively captured the largest market share in 2020. Growth in electrical & electronics industry and growth in building and construction market, along with increasing healthcare spending, increasing prevalence of diseases are some of the factors that are propelling these types of specialty chemicals market.
Global Speciality Chemicals Market, by Function
In terms of function, the global specialty chemical market is segmented into antioxidants, pesticides, cleaning agents, adhesives, elastomers, lubricants, catalysts, enzymes, flavors, fragrance, coatings, pigments, and others. Among these, adhesives, pesticides, and cleaning agents are some of the prominent segments that are contributing to the growth of the global specialty chemicals market in terms of function.
Global Speciality Chemicals Market, by End-Use Industry
In terms of End-use industry, the global specialty market is segmented into building & construction, oil & gas, paints & coatings, transportation, agriculture, electrical & electronics, automotive, food & beverages, cosmetics & pharmaceuticals, aerospace & defense, textile, pulp & paper, and others. Building & construction, electrical & electronics, and paints & coatings end-use industries contribute a healthy share to the global specialty chemicals market. Increasing government and individual expenditure towards construction activities, development of public infrastructures, and rapid technology changes in electronic industry to cater to the market demand are some of the contributing factors that are leveraging the growth of these end-use industries in the global specialty chemicals market.
Global Speciality Chemicals Market, by Region:
In terms of region, the Asia Pacific region has captured the largest market for global speciality chemicals in 2020 and is anticipated to be dominant till the forecast period. In the Asia Pacific region, China and Japan are holding major market shares in the global specialty chemicals market. The presence of a large number of electronic industries, growing construction industry, oil & gas exploration activities, and demand from food & beverages industry are enhancing specialty chemicals demand in the region. North America is the 2nd largest market in the global specialty chemicals market followed by Europe.
Some Major Findings of Speciality Chemicals Market Report Include:
By End-Use Industry:
Detailed scope covering all the major segments in the market
In line data validations to ensure data precision
Market recommendations supporting decision making processes
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