Specialty Chemicals Market To Create Business Opportunities, Due To High Demand of Flavor & Fragrances Till 2028
Specialty Chemicals Industry Overview
The global specialty chemicals market size is expected to reach USD 824.1 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.3% 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.
Specialty Chemicals Market Segmentation
Grand View Research has segmented the global specialty chemicals market report on the basis of product and region:
Based on the Product Insights, the market is segmented into 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, specialty pulp & paper chemicals, specialty textile chemicals, catalysts, water treatment chemicals, corrosion inhibitors, flame retardants and others
- The industrial and institutional cleaners segment accounted for the largest market revenue share of 9.8% in 2020 and is projected to witness a growth rate of 4.6% from 2020 to 2028.
- The CASE segment which includes, coatings, adhesives, sealants, and elastomers emerged as a lucrative segment accounting for a value share of 4.9% in 2020.
- Numerous technological advancements and product innovations have led to the performance enhancement of such products and have boosted the growth of the specialty chemicals market in the past years.
- Construction chemicals are expected to emerge as one of the prominent product segments with significant growth projections between 2020 and 2027. The demand for products such as specialized water-proofing compounds, repair and renovation compounds, joint fillers, and tile fixing adhesives is considerable in the construction and building industry.
- Infrastructural growth in emerging economies such as India, China, and Brazil has contributed to segment growth. This demand is not restricted to the developing nations of the Asia Pacific and South America.
- The U.S. Department of Commerce has stated that the value of construction put in place in the U.S. was more than USD 1,369 billion in January 2020, which signifies the immense demand for specialty construction chemicals in North America.
- The rapid expansion of refining capacity and shale oil and gas drilling activities in the past few years has boosted the consumption of products in the oil and gas end-use industry. This is further driven by the considerable growth in oil refinery throughput across the geographies.
- According to the BP Statistical Review of World Energy report of 2019, the refining throughput in countries such as China, Colombia, and Vietnam grew by 6.7%, 7.6%, and 85% per annum respectively.
Specialty Chemicals Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Positioning in high-growth countries such as China, strategic alliances, intensive R&D for sustainable, efficient product development, and adoption of new technologies are some of the prominent operational strategies among the market participants. Further, R&D for bio-based specialty chemicals has gained significant momentum over the past few years owing to changing end-user perceptions and favoring regulatory mandates.
Some of the prominent players in the specialty chemicals market include:
- 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
Order a free sample PDF of the Specialty Chemicals Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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