The global specialty chemicals market size is expected to reach USD 844.2 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.7% over the forecast period. Higher performance achieved by the application of specialty chemicals when compared to their conventional counterparts is expected to be one of the prime market growth factors.
According to the European Chemical Industry Council (Cefic), specialty chemicals accounted for more than 25.0% of the total production in the EU region in FY 2018. Increasing disposable income, growing awareness, healthcare spending, construction spending, infrastructural development, and population growth are factors likely to increase the product sales across end-use industries such as construction, personal care, and cosmetics, pharmaceutical and nutraceuticals, food, automotive, and electronics. It is further expected to be accelerated by the growing consumer demand for energy that has driven the product consumption in oil and gas end-use.
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Participation in R&D along with new and innovative product launches is one of the factors driving intense competition among the players. Compliance with the national and international norms for sustainable manufacturing and distribution along with acquiring certifications such as USDA and GMP is one of the major concerns among the manufacturers involved in domestic as well as offshore businesses. However, trade halts, supply chain disruptions, and industrial shutdowns caused by the impact of COVID-19 in some of the major economies such as the U.S., Iran, and China are likely to add on to the industry challenge in 2020.
Specialty Chemicals Market Report Highlights
• Production capacity expansion among the manufacturers along with their focus towards the adoption of high-performance ingredients are expected to be the key market growth factors
• Asia Pacific is anticipated to remain one of the prominent markets, holding a value share of 46.8% for electrical and electronics products owing to the dominance of China in terms of production capacity
• Significant growth opportunities are expected to be witnessed in nutraceuticals, flavors and fragrances product segments
• Rising awareness regarding healthy lifestyle and the benefits of natural and plant-based ingredients are the factors expected to foster the demand for pharmaceutical and nutraceutical additives
• The customized product offering for target customer is expected to expand the product portfolio of the manufacturers
• Business strategies including R&D investment, innovation, and strategic alliance with other players in order to increase product penetration and profit margins are likely to be witnessed more during the forecast period.
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Specialty Chemicals Market Segmentation
Grand View Research has segmented the global specialty chemicals market on the basis of product and region:
Specialty Chemicals Product Outlook (Revenue, USD Billion, 2016 - 2027)
• Specialty Polymers
• Institutional & Industrial Cleaners
• Electronic Chemicals
• Rubber Processing Chemicals
• Flavors & Fragrances
• Construction Chemicals
• Food & Feed Additives
• Cosmetic Chemicals
• Oilfield Chemicals
• Mining Chemicals
• Pharmaceutical & Nutraceutical Additives
• Plastic Additives
• Printing Inks
• CASE (Coatings, Adhesives, Sealants & Elastomers)
• Specialty Pulp & Paper Chemicals
• Specialty Textile Chemicals
• Water Treatment Chemicals
• Corrosion Inhibitors
• Flame Retardants
Specialty Chemicals Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
o The U.S.
o The U.K.
• Asia Pacific
• Central & South America
• Middle East & Africa
o South Africa
List of Key Players of Specialty Chemicals Market
• Solvay AG
• Evonik Industries AG
• Clariant AG
• Akzo Nobel N.V.
• BASF SE
• Kemira Oyj
• LANXESS AG
• Croda International Plc
• Huntsman International LLC
• The Lubrizol Corporation
• Albemarle Corporation
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.