Specialty Chemicals Market Size 2019 – 2024 Astonishing Growth | Top Key Players Ashland, Clariant, Evonik, The Dow Chemical Company, Huntsman Corporation, DuPont, Arkema, Bayer, Syngenta, Albema

Global Specialty Chemicals Market, which was worth more than USD 830 billion in 2015, is slated to be one of the mega avenues that investors can bet on. Chemicals are vital for the manufacturing of most industrial products, right from construction, agrochemicals, and electronics, to paints, automobiles and paper & textiles, which will undeniably augment specialty chemicals market. Companies such as BASF SE, Bayer AG, The Dow Chemical Company, INEOS Group AG and DuPont are identified as the top five specialty chemicals producers operating across the globe.

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Some of the popular product categories of specialty chemicals market include food additives, fragrances, industrial gases, adhesives, agrochemicals, cleaning materials, cosmetic additives and many others. The overall specialty chemicals industry is estimated to account for a marginal 4% CAGR over the period of 2016-2024, as per a report compiled by Global Markets Insights, Inc.

Automotive industry is one of the top potential growth prospect for specialty chemicalsmarket. Automotive industry utilizes a broad range of specialty chemical products in the form of paints & coatings, polymers & plastic additives, adhesives & sealants, lubricants, etc., thus contributing towards a significant share of specialty chemicals industry. The expanding automotive industry coupled with the growing demand for fuel-efficient vehicles will bring a huge set of opportunities for the market space.

Growth drivers
• Increasing demand for yield-enhancing agrochemicals
• Rising demand from automotive industry

Specialty Chemicals Market By Product

• Agrochemicals
• Polymers & Plastic Additives
• Construction Chemicals
• Electronic Chemicals
• Cleaning Chemicals
• Surfactants
• Lubricants & Oilfield Chemicals
• Specialty Coatings
• Paper & Textile Chemicals
• Food Additives
• Adhesives & Sealants

The chemical industry has rightly been marked as a key parameter to achieve sustainable development for other industries. Chemicals are the key differentiators of any two products under comparisons, and are thus being widely and of course wisely adopted by the manufacturers worldwide. Paints & Coatings industry is a well-suited example of explaining this feature, where 80% of the raw materials in almost all the paints are same, and the rest 20% which are the differentiating factors comprises the specialty chemicals. Construction specialty chemicals market, which had a revenue of USD 70 billion in 2015, is estimated to have a noticeable surge over the coming years owing to the rising number of commercial and residential projects worldwide.

However, the high costs associated with the raw materials to manufacture these products will be a prime matter of concern for the manufacturers worldwide. SMBs will be the major sector impacted by these high priced raw materials. Asia Pacific has significantly emerged as an efficient and cost-friendly raw material supply source for the international companies, enabling these manufacturers to tap this emerging market. Moreover, the growing automotive and construction industry is also a vital factor favoring APAC specialty chemicals market size. Asia Pacific specialty chemicals market is expected to grow at a CAGR of 6.5% over the period of 2016-2024. North America is estimated to account for the second largest market followed by Europe.

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Key insights from the report include:

• Global specialty chemicals market size is set to exceed USD 1,200 billion by 2024, with projected gains at over 4.5% CAGR.

• Electronic chemicals market size is projected to witness gains more than 4.5% CAGR. These find widespread applications in electronic apparatuses including integrated circuits and semiconductors. Additionally, increasing smartphone customer base will favor growth.

• These products are used in food to improve the nutrient content and texture laterally keeping the food fresh. Upgrading consumer lifestyle accompanied with increasing disposable income is analyzed to be the key factor propelling food additives specialty chemicals market size.

• In 2015 Asia Pacific, led by China, Japan, and India, dominated the global specialty chemicals market revenue. The growth was mainly attributed to growing construction and automotive industry.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. AkzoNobel
2. BASF
3. Ashland
4. Clariant
5. Evonik
6. The Dow Chemical Company
7. Huntsman Corporation
8. DuPont
9. Arkema
10. Bayer
11. Syngenta
12. Albemarle Corporation
13. Chaitra Corporation
14. Eastman Chemical Company
15. Solvay
16. INEOS

Chemical industry has become a crucial name in the global business space, being regarded as the key enabler for other sectors. Chemicals have occupied their significant share in probably all the other industries of the world, right from the electronics to the paint, automotive, food & beverages, etc. With this gigantic presence, specialty chemicals market is all set to expand vigorously both in terms of revenue and applications over the coming years. According to Global Market Insights, Inc. “specialty chemicals market having had a share of USD 830 billion in 2015, is estimated to reach USD 1273 billion by 2024.”

Browse key industry insights spread across 110 pages with 74 market data tables & 14 figures & charts from the report, “Specialty Chemicals Market” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/specialty-chemicals-market

The global population, which is estimated to grow rapidly touching a 9 billion mark by 2040 is a major factor driving the specialty chemical industry. Possibly, all the industries of the world are witnessing a supply/demand imbalance due to this population growth, the food industry being in the topmost concerned space. The food security concerns can be realized looking at the population vs arable land growth rate during 2015. Where on one hand, the population witnessed a 5% increase, on the other side the arable land witnessed a growth of 3.5%, which clearly indicates the agricultural food scarcity the world may witness. This imbalance is making the farmers adopt Agrochemicals on a large scale, thus boosting specialty chemicals industry size.

In the coming years, the companies worldwide will spend heavily on R&D activities to walk parallelly with the growing consumer needs and demands. The industry, which is highly competitive and fragmented presently, will witness various collaborations and partnerships for efficient manufacturing of these products. Key market players are Dow Chemical, INEOS Group, BASF, Bayer, Ashland Inc., DuPont, Clariant, Huntsman, Syngenta, Evonik Industries, Arkema, Albemarle, Akzo Nobel, Eastman Chemical Company, Chemtura, and Solvay.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market researchand consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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