Specialty Chemicals Market to Record CAGR of 5.9% Rise in Growth by 2023

Global Industry Analysis

The Specialty Chemicals market is a highly diverse and rapidly growing industry that encompasses a wide range of chemical products used in various industrial applications. These chemicals are typically designed to provide specific properties or functions that cannot be achieved with commodity chemicals. Specialty Chemicals include products such as adhesives, coatings, polymers, surfactants, catalysts, and many others.

According to Persistence Market Research, the global specialty chemicals market is expected to grow at a CAGR of 5.9% by 2020. The market was valued at US$ 901 billion in 2020 and is expected to reach US$ 1.5 trillion by 2023. The market is being driven by various factors such as the growth in end-use industries, increasing demand for high-performance products, and the development of new technologies.

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Asia-Pacific leads the global specialty chemicals market followed by North America and Europe. Increasing industrial activities in developing countries such as India and China will increases the demand for specialty chemicals in these countries. China and Japan are expected to lead the Asia-Pacific market.

Specialty polymers, industrial and institutional cleaners, construction chemicals, electronic chemicals, and flavors and fragrances are the major used specialty chemicals by the manufacturing industry. Rise in disposable income in the developing countries is expected to drive the demand for these products.

According to the National Bureau of Statistics China, annual per capita disposable income of urban households in China increased from USD 2,271.0 in 2008 to USD 3408.5 in 2012. The overall medium household income in India has increased from USD 1,164.8 billion in 2011 to USD 1,308.8 billion in 2012.

Increasing industrial activities in the field of cosmetics, food, agriculture and other manufacturing sector in the developing countries such as India and Brazil are expected to increase in coming future, thus increasing the overall demand for specialty chemicals.

Additionally, specialty chemicals are increasingly used in water treatment. Introduction of more sophisticated water treatment technologies such as ion-exchange include use of specialty chemicals in industrial water treatment. Government regulation on the use of certain chemical in food processing industry and other manufacturing industry may hinder the growth of global specialty chemicals industry.

Chemical industry is very much fragmented with many renowned companies operates in this industry. Some of the major companies engaged in the manufacturing of specialty chemicals are Chevron Phillips Chemical Company, BASF SE, Akzo Nobel N.V., Clariant International Ltd, Evonik Industries AG, Chemtura Corporation, Cytec Industries Inc., Albemarle Corporation and Ferro Corporation.

Key points covered in the report

• Report segments the market on the basis of types, application, products, technology, etc (as applicable)
• The report covers geographic segmentation
• North America
• Europe
• Asia
• RoW
• The report provides the market size and forecast for the different segments and geographies for the period of 2010 to 2020
• The report provides company profiles of some of the leading companies operating in the market
• The report also provides porters five forces analysis of the market.

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This report covers a thorough analysis of:

• Market segment
• Market dynamics
• Market size
• Supply demand
• Current Trends/Issues/Challenges
• Competition and related companies
• Technology
• Value chain

Regional analysis includes:

• North America (USA, Canada)
• Latin America (Mexico, Brazil)
• Western Europe (Germany, Italy, France, UK, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia and New Zealand)
• Japan
• Middle East and Africa (GCC countries, South Africa, North Africa)

Report highlights:

• Detailed overview of the top markets
• Changing market dynamics of the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• competitive landscape
• Strategies of major players and products provided
• Potential and niche segments, areas showing promising growth
• A neutral view of market performance
• Essential information for market participants to maintain and strengthen their market footprint

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The Chemicals and Materials division of Persistence Market Research offers distinct and pin-point analysis about chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on 'green alternatives', recycling and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners and government bodies for developing - 'The Way Forward'.

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