Specialty Chemicals Market Size, Share, Trends, 2024 | Key players are AkzoNobel, Dow, Solvay, BASF, DuPont, Clariant, Ashland, INEOS Group AG, Evonik

Specialty chemicals market size is expected to surpass $1,200 billion by 2024, with estimated gains at more than 4.5% CAGR.

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.

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Governments across the globe are undertaking initiatives to endorse the adoption of agrochemicals for raising food supply, which will contribute to the growth of specialty chemicals industry size. Also, developing lifestyle and growing consumer disposable income will boost product demand.

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. Rising electronics and automobiles sales to bolster specialty chemicals market demand Global specialty chemicals business is expected to gain huge proceeds from increasing product application in the automotive industry.

Specialty chemicals are being extensively used to produce paints & coatings and adhesives utilized in the automotive industry. In 2015, global automobile production, including personal & commercial, reached almost 90 million units. Consumers are highly inclined towards using lubricants to lower frictional forces in automobiles, which will further propel specialty chemicals market demand.

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The ongoing coronavirus pandemic has delivered a significant blow to the entire supply-demand ecosystem on a global scale. Containment measures such as lockdowns have also added to contractions in economic operations, which is likely to pose challenges to revival prospects in recent years.

However, despite its adverse impact on most industrial sectors, the pandemic has generated lucrative opportunities for the specialty chemicals industry. This is driven by various factors, including falling crude prices and growing domestic demand in countries such as India, among others. Also, the robust demand for key global industries to de-risk supply chains, by moving beyond China as their base, is likely to emerge as a key accelerator for the growth of performance chemicals in the current scenario.

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