Market Snapshot:
One of the primary market growth factors is predicted to be rising demand for high-performance and function-specific chemicals across end-use sectors such as oil and gas, pulp and paper, and personal care and cosmetics. Specialty chemicals are sometimes known as impact chemicals or performance chemicals. Essential oils, gelatin, castor oil, and collagen are just a few examples. The function and performance of these compounds are utilised to determine their application. In this industry, continuous R&D has aided the development of products with optimal and innovative characteristics. This is one of the primary drivers driving the market's expansion. The growing use of rechargeable, downsized, and sustainable electronic components has resulted in a huge demand for devices that may provide improved performance while requiring less maintenance.
Highlights from Specialty Chemical Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | North America |
Largest Market | Asia Pacific |
Forecast Value (2028) | USD 5120.0 Million |
Unit | Value (USD Million) |
CAGR | 4.67% |
The key Vendors profiled in the report are The Dow Chemical Company (United States.), Albemarle Corporation (United States), Henkel Ag & Co. KGAA (Germany), BASF SE (Germany), AkzoNobel N.V. (The Netherlands), Evonik Industries AG (Germany), Clariant AG (Switzerland), Huntsman International LLC (United States) and Ashland Inc. (United States). Additionally, other players that are part of this comprehensive study are Solvay AG (Belgium), Kemira Oyj (Finland), LANXESS AG (Germany), Croda International Plc (United Kingdom) and The Lubrizol Corporation (United States).
Geographic Breakdown and Segment Analysis
The Global Specialty Chemical market presents a comprehensive analysis of the Specialty Chemical market by product type (Agrochemicals, Flavor Ingredients, Fragrances Ingredients, Dyes & pigments, Personal care active ingredients, Water treatment chemicals, Construction chemicals, Surfactants, Textile chemicals, Bio-based chemicals, Polymer additives, Oil field chemicals, Paper & pulp chemicals, Electronic chemicals, Specialty polymers, Pharmaceutical Ingredients and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Specialty Chemical industry. Investors and Vendors can easily understand the inherent opportunities and challenges for their products in geographical region of interest. For instance, while the Asia Pacific holds majority of market share of the Specialty Chemical market, the Europe has emerged as a crucial market for several Specialty Chemical brands.
Analyst at AMA have segmented the market study of Global Specialty Chemical market by Type, Application and Region.
Influencing Trend:
The Growing demand from the construction as well as infrastructure development projects, The Rising Demand from the Agrochemical Industry and The Increasing Awareness between the Framers
Market Growth Drivers:
The Increasing demand due to rapid industrialization and The Surge in population-level
Challenges:
Stringent Government Regulations
Restraints:
The Concern Related to the High Raw Material Cost and Decline Market Automotive Production
Opportunities:
Increasing Demand due to Online B2B Marketplaces and The Growing Investment in R&D
Market Developments Activities:
On 12th August 2020, Momentive Performance Materials, a leading supplier of silicone-based and other specialty chemical products, announced today – as part of a new business plan – that it has entered into an agreement to sell its Consumer Sealants division to Henkel, a global manufacturer of adhesives, detergents, and other consumer products. The Consumer Sealants division makes sealants and caulks used in construction and home improvement products that are sold under the GE brand name.
In Nov 2019, Axalta, a leading global supplier of liquid and powder coatings, announced that it completed the acquisition of Capital Paints LLC, a UAE-based thermosetting powder coatings manufacturer.
Regulatory Insights:
REACH is the new European Chemicals Regulation that deals with the Registration, Evaluation, Authorization, and Restriction of Chemical substances. REACH came into force on June 1, 2007, and replaces the previous chemical legislation in the European Union (EU)., GEO Specialty Chemicals' REACH Initiative and GEO Specialty Chemicals, Inc. is dedicated to the protection and the health and safety of its employees, customers, and the environment by ensuring the safe handling of chemicals throughout their life cycle. To that end, GEO is committed to making certain that all GEO products manufactured in or imported into the European Union area are in compliance with the European Union's REACH legislation.
The specialty chemicals market seems to be very fragmented in nature. Positioning in high-growth nations like China, strategic alliances, extensive R&D for long-term, efficient product creation, and adoption of new technologies are just a few of the market participants' operating tactics. Furthermore, due to shifting end-user perspectives and favorable regulatory mandates, R&D for bio-based specialty chemicals has gained substantial traction in recent years.
Key Target Audience
Specialty Chemical Manufactures, Government Regulatory Bodies, Private Research Organization, Government Research Organizations and Others