Specialty Chemicals Market is predicted to touch $233.5 Billion by 2020 : AMR Study
In 2014, construction chemicals and food additives segment collectively accounted for about half of the market share and is expected to maintain this trend during the forecast period. In 2014, the Asia-Pacific region contributed around 35% share of the specialty chemical market.
Specialty Chemicals Market Report, published by Allied Market Research, forecasts that the global market is expected to generate $233.5 billion by 2020.
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The Specialty Chemicals Market is segmented based on type and geography. The global specialty chemicals market has been analyzed on the basis of type, which includes food additives, cosmetic chemicals, water treatment chemicals, textile chemicals, construction chemicals, paper & pulp chemicals, oil field chemicals, and ink additives. In 2014, the construction chemicals segment garnered the highest share of 22.3% in the global market. Increasing urbanization in emerging economies is driving public infrastructure and housing projects; this in turn has increased the consumption of specialty construction chemicals such as protective coatings, adhesives and sealants, concrete admixtures, and asphalt additives. The construction chemicals industry is booming in emerging economies such as Asia-Pacific, the Middle East, Africa, Central and South America. In 2014, food additives, cosmetic chemicals, and paper & pulp chemicals collectively accounted for around half of the global specialty chemicals consumption. Ink additives is projected to be the fastest growing segment, registering a CAGR of 5.8% during the forecast period.
In 2014, food additives, cosmetic chemical, and paper & pulp chemicals collectively accounted for around half of the global specialty chemicals consumption. Water treatment chemical is projected to be one of the fastest growing segment, registering a CAGR of 5.6% during the forecast period. Stringent government regulations for proper utilization of water compels industries and municipal corporations to adopt water treatment solutions, which in turn is fueling the demand for water treatment chemicals.
Based on geography, the global specialty chemicals market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Historically, developed regions such as North America, Europe, and Japan were the major consumers of specialty chemicals. However, now the trend is shifted and in 2014, the Asia-Pacific region dominated the market, accounting for almost 35% of the global market share and would consolidate its position throughout the forecast period. Asia-Pacific is also the fastest growing specialty chemicals market in the global, registering a CAGR of 5.4% during the forecast period (2015-2020).
The demand for specialty chemicals in the Asia-Pacific market is primarily attributed by the rapid industrialization in India, China, Japan, South Korea, and Taiwan. Rapid industrialization in the Asia-Pacific region is supplemented by trade liberalization, the spread of process technology, low labor cost, and high economic growth. In 2014, North America and Europe together accounted for more than half of the market share in the global specialty chemicals market.
The global specialty chemicals market generated a revenue of $175,377.2 million in 2014 and is projected to garner $233,570.1 million by 2020, registering a CAGR of 4.9% during the analysis period.
Top Winning Strategies
Top market players in global specialty chemicals market are adopting acquisitions, agreements, expansions, partnerships, product launches, and divestitures as their key business strategy to sustain in the competitive market. The data of market players and their strategic moves are gathered through the press release of respective companies, various blogs, which is limited to the available information on the website and primary calls to the experts in the industry. Strategic moves that are tracked from the recent developments of the key companies in this industry include:
Key Findings of Specialty Chemicals Market
• In 2014, food flavors segment dominated the food additives market, accounting for one-thirds share of the overall market revenue.
• Asia-Pacific region was the largest consumer of cosmetic chemicals, accounting for about 39% share of the market in 2014.
• Coagulants & flocculants and biocides & disinfectants segments jointly accounted for more than half of the water treatment chemicals market revenue in 2014.
• Presently, Asia-Pacific region is the leading consumer of construction chemicals, accounting for more than 50% share of the market and is expected to maintain its dominance during the forecast period.
• Asphalt additives is one of the lucrative segments in the construction chemicals market and is projected to grow at CAGR of 7.5% during the forecast period.
In 2014, the Asia-Pacific region accounted for about one-thirds share of the gloabl specialty chemicals market and is expected to grow at the highest CAGR of 5.4% during the forecast period. The is primarily attributed to the increasing demand for specialty chemicals in construction, personal care, water treatment, pulp & paper, and ink additives market. North America and Europe collectively accounted for more than 50% share of the global specialty chemical market in 2014, with oil field chemicals and food additives as major revenue-generating segments.
The prominent players profiled in this report include BASF SE, The Dow Chemical Co., Bayer AG, AkzoNobel N.V., Huntsman Corporation, Chemtura Corporation, Rhodia S.A., Clariant AG, Evonik Industries AG, and Novozymes A/S.
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