14th October 2019 – 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.
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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