Specialty Chemicals Market Overview:
Specialty Chemicals Market is set to thrive at a CAGR of 6.21% during the forecast period 2018 to 2023. The market is set to grow from USD 710.03 Billion in 2017 to USD 1000 Billion by the end of 2023.
The specialty chemicals market is entering a maturity phase. However, low operating costs in the Middle East and the Asia Pacific has opened new avenues of growth in the specialty chemicals market. Several end-user industry players are shifting to these regions for establishing manufacturing units. This, in turn, is expected to intensify demand for specialty chemicals in these regions.
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Specialty Chemicals Market Key Players:
Market giants thrive on their superior execution of strategies that include merger, collaboration, acquisition, product launch, and others. These strategies often prove beneficial for both the companies and expanding the sector. For instance, Clariant AG is getting acquired by Sabic, and the decision could help improve the portfolio of Sabic. AkzoNobel is planning to buy Brazilian firm Polinox to gain hold of the organic peroxides manufacturing process.
Some of the key players influencing the specialty chemicals market are;
• Evonik Industries AG,
• Henkel AG & Co,
• Clariant AG,
• BHS Specialty Chemicals,
• AkzoNobel NV,
• Lenzing AG,
• Ashland Inc.,
• Solvay SA, KGaA,
• DowDuPont,
• ExxonMobil Corporation,
• Lanxess AG,
• BASF SE,
Specialty Chemicals Market Segmentation:
The global specialty chemical market can be segmented by source and type.
By source, the specialty chemicals market includes crude oil, naphtha, ethane, propane, butane, wood, and others. Among these, the naphtha segment accounts for a major share of the market revenue and is expected to record substantial CAGR during the forecast period.
By type, the specialty chemicals market comprises agrochemicals, flavor ingredients, fragrance ingredients, dyes & pigments, water treatment chemicals, personal care active ingredients, construction chemicals, surfactants, textile chemicals, polymer additives, bio-based chemicals, and others. The agrochemicals segment accounts for the most significant share of the market.
Specialty Chemicals Market Regional Analysis:
Geographically, the specialty chemicals market is segmented into five major regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa
Owing to the low raw material and labor cost and increase in the number of players in specialty chemicals market, the Asia-Pacific region is projecting highest growth rate in the global specialty chemicals market.
The rapid growth of construction, automotive and electronic industries is driving the specialty chemicals market in the North America region. Increase in the exploration activities of oil and natural gas is fueling the expansion of the specialty chemicals market in this region.
The Middle East and Africa region are projecting significant growth in the specialty chemicals market due to the high availability of crude oil reserves and chemical feedstock, along with increasing construction activities in this region.
Specialty Chemicals Market Table of Content to be Continue……,
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