Growth in End-Use Sectors to Help Specialty Chemicals Niche Flourish

The niche of specialty chemicals is being driven by technological advancements, their growing requirement in developing nations, and increasing end-use base. They are consumed as ingredients in the manufacture of various consumer and industrial goods, where they act like value-addition components in terms of the products’ performance. These chemicals are used in cosmetics, household items, and crop growing.

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The improving economic status in developing nations, such as India, Brazil, and China, is leading to their growing requirement, thus driving the specialty chemicals niche. To meet the requirement for such materials, several countries are amending laws to encourage their production. For instance, in 2014, the Indian government launched the Make in India initiative to boost the chemicals manufacturing sector and abolished the licensing process and invited 100 percent foreign direct investment. The specialty chemicals niche is expected to prosper as such materials are being increasingly utilized by various end-use sectors as performance-enhancing substances.

Valued at $582.3 billion in 2017, the specialty chemicals market is projected to generate $782.2 billion in 2023, growing at a 5.1% CAGR during the forecast period 2018–2023. The market is registering growth due to the rising demand for specialty chemicals in emerging economies, increasing penetration of end-use industries in the market, and technological advancements. Also known as performance chemicals, specialty chemicals are utilized as ingredients in the manufacturing processes of industrial and consumer goods. These are low volume chemical products that add important value to different products.

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In terms of type, the specialty chemicals market is divided into construction chemicals, surfactants, polymer additives, cleaning chemicals, paper & textile chemicals, lubricant & oilfield chemicals, agrochemicals, specialty coatings, food additives, electronic chemicals, plastic additives, adhesives & sealants, and others. The category of others includes advanced ceramic materials, mining chemicals, water treatment chemicals, and rubber processing chemicals. The market was dominated by the agrochemicals’ division during 2013–2017, holding a share of more than 14.0% in 2017 due to the surging demand for crop protection chemicals and growing requirement for diversified food items.

Among all the regions, namely Middle East and Africa (MEA), Latin America (LATAM), Europe, Asia-Pacific (APAC), and North America, the largest revenue share of the specialty chemicals market was occupied by the APAC region during the historical period. The reason for this was the rising demand for residential, public, and commercial buildings, growing adoption of new chemicals for increasing crop production, and increasing urban population. Attributed to this, the region is further projected to account for the major share of the market during the forecast period.

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This release was published on openPR.