Specialty Chemicals Market Size, Share, Industry Trends and Outlook 2023 by Evonik Industries AG, Henkel AG & Co, ExxonMobil Corporation, Clariant, AkzoNobel NV, Lenzing AG, BHS Specialty Chemicals, Lanxess AG, BASF SE, Ashland, Solvay, KGaA and DowDuPont

Industry Detailed Analysis

The Specialty Chemicals Market has emerged as an ever-increasing space worldwide, owing to the huge demand from a number of large-scale manufacturing sectors. Perceiving outstanding growth, its sub-sectors such as automotive, food & beverages, construction, and textiles among others, have been boosting the growth of the Specialty Chemical Market, fostering substantial demand for the product. Massive investments are expected to get transpired in the market which will escalate the market growth to furthering heights.

Market Research Future (MRFR) in its recently published study report asserts that the already booming market of Specialty Chemicals is expected to grow over 1000 Bn USD by 2023 from 700 Bn USD in 2017. During the estimated period (2018 – 2023), the market is expected to register a striking CAGR.

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The Global Specialty Chemicals Market is predominantly driven by the increasing population which is resulting in increasing the demand in the construction, food & agro and textile industry. Additionally, increased urbanization that demands clean and safe water increases usage of water chemicals to recycle the wastewater.

The major segment in developing countries would be the water treatment chemicals, substantially the demand for water is been increasing tremendously owing to usage in irrigation, drinking, and industrial usage.

Simultaneously, the improving economic conditions worldwide are promoting the market growth improving quality of life of consumers and sales in luxury items such as automotive, and personal care products & cosmetics and others.

On the other hand, the market is challenged by the price volatility of raw materials alongside the demand and supply gap of the same. While the Sales volume is improved, manufacturers are forced to deal with an upsurge in raw materials prices, resulting in shrinking margins.

Specialty Chemicals Global Market - Segments:

The MRFR analysis is segmented into three key dynamics: -

By Sources: Crude Oil, Naphtha, Ethane, Propane, Butane, and Wood among others

By Types: Agrochemicals, Flavors Ingredients, Fragrances Ingredients, Dyes & Pigments, Personal Care Active Ingredients, Water Treatment Chemicals, Construction Chemicals, Surfactants, Textile Chemicals, Polymer Additives, and Bio-Based Chemicals among others.

By Regions: North America, Europe, APAC, and Rest-of-the-World.

Global Specialty Chemicals Market - Regional Analysis

Asia Pacific region accounts for the leading market for specialty chemicals owing to the increasing population leading to the augmented demand from some of the burgeoning industries such as construction, automotive, textile and water treatment among others, witnessing huge sales and growth in the review.

China, among the other APAC countries, acquired the largest market share in 2017, while India stood second in the region. The Specialty Chemical segment in India is likely to see immediate gains after the change in goods and services tax (GST). Ongoing campaigns such as “Make in India” are estimated to support the country to emerge as a manufacturing hub for the chemicals industry.

Global Specialty Chemicals Market - Competitive Analysis

Specialty Chemicals are typically not measured by volumes but by margins. Manufacturers expect to grow the share of Specialty Chemicals to overall operating earnings to around 25% over the next few years. Companies are now set to diversify their specialty chemicals portfolio even further, conducting feasibility studies for new products.

In the long term, the trade war between the US and China is likely to dampen overall global economic growth. The tariff war going on between these countries could have knock-on effects on the market growth, affecting the petrochemicals industry.

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This release was published on openPR.