APAC Specialty Chemicals Market Growth Opportunities and Key Players : Lotte Chemical, DowDuPont, Mitsubishi Chemical Corporation, Taiwan Mitsui Chemicals, Inc., Clariant, BASF, China Petroleum & Chemical Co., Ltd., Huntsman Corporation & Evonik

Specialty chemicals are also known as performance chemicals. They are used as ingredients in the manufacturing processes of consumer and industrial goods. These are low volume chemical products, which add significant value to different products. These chemicals can be used for producing a variety of products, including detergents, paints, electronics, and petroleum products.

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According to research, the APAC specialty chemicals witnessing stable growth since the last few years and it is projected to maintain this growth rate for the next few years. The rapidly growing population; increasing growing middle-class population in the region; and rising industrialization in the field of food, agriculture, cosmetics, and many other manufacturing sectors, are propelling the demand of specialty chemicals in the region.

A major factor driving the growth of the specialty chemicals market in APAC is the increasing penetration of end use industries in the region. Specialty chemicals are used in a variety of industries including automotive, construction, F&B, personal care, and electronics. For example, in the automotive industry, specialty chemicals are used in various applications including paint removal, and cleaner for paint booths.

The automotive market of APAC is rapidly growing, owing to the increasing middle-class population. The relatively low labor cost in APAC is encouraging vehicle and accessory manufacturers to shift their production facilities to the region, in order to cater to the increasing demand of vehicles from the region. This ultimately gives impetus to the market growth in the region.

A major restraint being faced by the APAC specialty chemicals market is the fluctuating cost of raw materials used for manufacturing chemical products. Specialty chemical manufacturers are quite sensitive to the fluctuating raw material costs, as an increase in raw material price entails a reduction in their profit margins. Managing these “cost-plus” price expectations require skill and planning to protect the margins along with customer relationships. Hence, it is becoming difficult for producers to strike balance between production and selling cost.

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Some of the major players operating in the APAC specialty chemicals market are LOTTE Fine Chemical, DowDuPont Inc., Mitsubishi Chemical Corporation, Mitsui Chemicals Inc., Clariant AG, BASF SE, China Petroleum & Chemical Corporation and Huntsman Corporation.

APAC SPECIALTY CHEMICALS MARKET SEGMENTATION

By Type

• Agrochemicals
• Construction Chemicals
• Specialty Coatings
• Surfactants
• Food Additives
• Polymer Additives
• Electronic Chemicals
• Cleaning Chemicals
• Plastic Additives
• Paper & Textile Chemicals
• Adhesives & Sealants
• Lubricant & Oilfield Chemicals
• Others

By Country

• China
• By type
• Japan
• By type
• India
• By type
• Rest of APAC
• By type

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