Specialty Chemicals Market: Newer Applications of Advance Composite Materials in Automotive Industry By 2024

The global specialty chemicals market is extremely fragmented as the top three companies accounted for merely 10.6% of the market value in 2014. Transparency Market Research (TMR) notes that these leading players -The Dow Chemical Company, BASF SE, and Bayer AG - are increasingly adopting forward integration to consolidate their shares. This has helped them gain a better control of their supply chains across high-demanding regions and ensure a continuous supply of their products in order to gain a competitive edge over others. The degree of competition in the market is fairly high and is characterized by a significant barrier to entry for new players, finds TMR.

Several companies operating in the market have garnered advantage of economies of scale, thereby making it difficult for new companies to enter the market. The global market for specialty chemicals is forecast to rise at a CAGR of 4.7% during 2015–2023.The estimated market value at the end of 2016 was US$871.5 bn and is anticipated to reach US$1,210.1 bn by the end of forecast period.

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Increasing Demand for High-Yielding Agrochemicals to Boost Market

On the basis of geography, the major regions covered are Europe, North America, and Asia Pacific.

Asia Pacific is the leading market for specialty chemicals and is expected to maintain its dominance throughout the forecast period. This regional market is expected to occupy 54.4% of the global specialty chemicals market, in terms of value. The growth of the market is attributed to substantial demand from the agriculture and paper and textiles industries. The dominance of the agrarian economy in various nations is expected to spur the demand for agrochemicals in this region.

Based on product, the global specialty chemicals market is segmented majorly into agrochemicals, construction chemicals, polymers and plastic additives, electronic chemicals, surfactants, lubricants and oilfield chemicals, cleaning chemicals, specialty coatings, paper and textile chemicals, adhesives and sealants, and food additives. The agrochemical segment is estimated to hold 13.5% of the global specialty chemicals market valuation by 2023. The growth of the segment will be propelled by the soaring demand for high-yielding specialty chemicals in agriculture.

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Use of Specialty Chemicals in Agriculture and Automotive Sectors to Accelerate Demand

The global market for specialty chemicals is primarily driven by the spiraling demand from across the key end users: agriculture sector and automotive industry. The soaring use of specialty chemicals to boost the quantity and quality of yield in agriculture is expected to propel the market over the forecast period. The large-scale application of specialty chemicals in the automotive and construction industries is expected to catalyze the growth of the specialty chemicals market worldwide.

The use of advanced composites such as carbon fiber and vinyl esters in automotive parts offers manufacturers cost-effective and productive technology, decreasing scrap and the cure time. Furthermore, a strict regulatory framework restraining the use of several agrochemicals has impeded the growth of the market to some extent. In addition, the declining demand for coated paper in Europe and North America is a glaring constraint likely to hinder the demand for specialty chemicals in the paper industry for the next few years.

Nevertheless, the use of approved non-toxic specialty chemicals and continual advancement in composites for various automotive applications are the major factors expected to unlock lucrative market avenues over the forecast period.

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