Specialty Chemicals Market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) from 2019 to 2025.
Market Outline: Specialty Chemicals Market
Specialty chemicals are produced by a complex, interlinked industry. In the strictest sense, specialty chemicals are chemical products that are sold on the basis of their performance or function, rather than their composition. They can be single-chemical entities or formulations whose composition sharply influences the performance and processing of the customer’s product. Products and services in the specialty chemicals industry require intensive knowledge and ongoing innovation. Commodity chemicals, on the other hand, are sold strictly on the basis of their chemical composition. They are single chemical entities. The commodity chemical product of one supplier is generally readily interchangeable with that of any other.
Market Dynamics: Specialty Chemicals Market
Growing concerns regarding pollution and environmental degradation have generated high demand for alternative applications that contribute to lower greenhouse gas (GHG) emissions, such as water-based paints, biodegradable plastics, solar-powered and rechargeable electronics. Technological innovations are expected to present additional lucrative growth avenues. The rapid expansion of shale oil & gas drilling & refining activities, along with favorable oil & gas prices is also anticipated to boost market growth over the forecast period. However, strict governmental regulations and high cost associated with the purchase of this product is expected to hamper the growth of specialty chemicals market.
Market Scope: Specialty Chemicals Market
Specialty chemicals market is segmented based on product type, and application
Based on product type, market is segmented into the following:
- Elastomers (CASE)
Based on the application, market is segmented into the following:
- Housing & Residential Construction
- Industrial Manufacturing
- Food Additives
- Cosmetic Chemicals
- Textile Chemicals
- Paper & Pulp Chemicals
Regional Analysis: Specialty Chemicals Market
Geographically, specialty chemicals market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific Specialty Chemicals Market is anticipated to remain the fastest growing market as the number of players in this region has risen significantly in recent years, while the region itself has the advantage of low raw material & labor costs. Countries such as India, Thailand, Malaysia, and Singapore are expected to generate high demand as their economies grow & diversify, creating significant potential for investors seeking untapped opportunities in these markets. The increasing industrial activities in agriculture, food, cosmetics, and other manufacturing sectors in countries like China and India, will contribute significantly to the growth of the specialty chemicals market in the region.
Competition Assessment: Specialty Chemicals Market
Some of the players in the specialty chemicals market include:
- BASF SE
- R. Grace & Co.
- Wacker Chemie AG
- Solvay SA
Notable Market Developments: Specialty Chemicals Market
- February 2018: Nexeo Solutions, a leader in chemicals and plastics distribution, announced that it would expand its business relationship with Solvay to distribute home care surfactant and polymer products into the North American market.