Specialty Chemicals Market to see 5% CAGR till 2024 | AkzoNobel, BASF, Clariant, Evonik, Dow, DuPont, Arkema, Bayer, Solvay
The specialty chemicals market research study provides a detailed survey of the vital players - this is based on the financial highlights, company outline, SWOT Analysis, Product Portfolio, as well as major strategies and the expansion plans of industry contenders. This report is also anticipated to reflect consistent growth in years to come since consumers are now being rather aware of product quality.
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Global specialty chemicals market share is majorly driven by increasing population along with rapid industrialization resulting in decreased arable land. The global population is likely to reach 9 billion by 2040, this will consequently propel food demand up to the same period. A significant increase in yield is possible through agrochemicals use such as fungicides. Governments across the globe are promoting agrochemicals used to secure food supply to meet the increasing food demand owing to drive industry growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
7. Huntsman Corporation
12. Albemarle Corporation
13. Chaitra Corporation
14. Eastman Chemical Company
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.
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The continuous upsurge in population and rapid industrialization have been reducing arable land, which has induced demand for specialty chemicals. Food demand is likely to proliferate considerably, which is predicted to touch almost $9 billion by 2040. Agrochemicals, such as fungicides can be applied to enhance yield and are being extensively utilized to satisfy the incessant demand for food. Also, specialty chemicals are used to enrich food products with nutrients, enhance texture, and keep food fresh for a longer time.
Specialty chemicals have found widespread applications as construction chemicals owing to their ability to prolong structure life and improve the aesthetic & functional requirements of buildings. Escalating industrialization will augment the number of residential and commercial construction projects in the future and generate substantial demand for specialty chemicals. In 2015, Asia Pacific evolved as a pivotal growth ground for specialty chemicals, led by Japan, India, and China. The construction chemicals industry accounted for more than $70 billion in the total specialty chemicals market in 2015.
o Polymers & Plastic Additives
o Construction Chemicals
o Electronic Chemicals
o Cleaning Chemicals
o Lubricants & Oilfield Chemicals
o Specialty Coatings
o Paper & Textile Chemicals
o Food Additives
o Adhesives & Sealants
Asia Pacific specialty chemicals are projected to grow at an annual growth rate of 6.5% over the period of 2016-2024. A swift rise in the construction and automotive industries in the region has propelled the demand for construction chemicals and automotive chemical compounds, which in turn has driven specialty chemicals industry to accumulate lucrative gains from the region. The fact that renowned automakers such as Audi AG, BMW, and Mercedes Benz have planned to expand their operations across APAC can prove beneficial for the expansion of specialty chemicals market in the region.
The specialty chemicals market dynamics are complex and each business segment outlines a different growth chart. Despite the healthy growth of automotive and construction industries in North America and the Asia Pacific, the market scenario for the textiles & paper specialty chemicals is witnessing a marked change. The advent of digitalization and the Internet are posing a threat to the development of specialty chemicals market from textiles & paper industry. The growing trend of promotional activities on You-Tube, Facebook, Twitter, and other such platforms has gradually faded out the traditional marketing tools including pamphlets and catalogs, thus depicting a sluggish growth for this market from the paper & textiles sector.
Key market players in the specialty chemicals market includes Akzo Nobel N.V., BASF SE, Ashland Inc., Clariant AG, Evonik Industries, The Dow Chemical Company, Huntsman Corporation, DuPont, Arkema S.A., Bayer AG, Chevron Philips Chemical Company, Syngenta AG, Albemarle Corporation, Chaitra Corporation, Eastman Chemical Company, Solvay, and INEOS Group AG.
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Main Features of the Global Market Research Report:
The report delivers the market valuation as well as the projected growth rate of the market spanning all years till 2025.
-The report also describes the major drivers of the market by considering as well as taking calculated risks, in tandem with identifying and testing new strategies.
-The research report endorses a detailed industry chain analysis. Also, it covers the production process of the market, upstream raw material supplier information, raw material costs, labor costs, manufacturing costs, marketing channels, as well as the downstream buyers of the market.
-The report provides detailed knowledge about the competitive scenario of the global market and also discusses the numerous marketing strategies adopted by companies to stay ahead in the competition.
-The report analyses the various market segments and also provides their contribution to the development of the global industry.
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