India Set to Witness Explosive Demand for Specialty Chemicals in Near Future

Specialty chemicals or performance chemicals are used in the production of numerous goods in several end-use industries. Such chemicals are directed toward specific services and consumer needs, rather than general use. These chemical products add significant value to a wide range of products, such as detergents, electronics, paints, and petroleum products. For example, automakers use such chemicals as fuel additives to enhance fuel properties. Likewise, the pharmaceutical industry uses specialty chemicals as active ingredients in numerous creams and lotions.

The escalating industrialization rate in Asia-Pacific (APAC) countries, owing to the booming middle-class population and mounting disposable income of people, will fuel the APAC specialty chemicals market at a CAGR of 5.7% during forecast period. According to P&S Intelligence, the market was valued at $259.6 billion in 2017 and it is expected to reach $361.0 billion revenue by 2023. The surging number of manufacturing units in the food and beverage, cosmetics, and agriculture industries will create a huge requirement for specialty chemicals in the in the region in the foreseeable future.

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In recent years, specialty chemicals producing companies, such as China Petroleum & Chemical Corporation, Mitsui Chemicals Inc., Ashland Global Holdings Inc., Huntsman Corporation, LOTTE Fine Chemical, DowDuPont Inc., Clariant AG, Eastman Chemical Company, BASF SE, Akzo Nobel N. V. and Mitsubishi Chemical Corporation have been offering agrochemicals, surfactants, construction chemicals, electronic chemicals, cleaning chemicals, paper and textile chemicals, lubricant and oilfield chemicals, polymer additives, food additives, plastic adhesives, and adhesives and sealants to several end-use sectors in APAC.

In recent years, China has emerged as the leader of the APAC specialty chemicals market, due to the burgeoning domestic demand for commercial and residential buildings, on account of the surging in the country. Moreover, the presence of a large manufacturing base in China, owing to the availability of cheap labor and abundant raw materials, will also fuel the consumption of specialty chemicals in the country in the coming years. Additionally, the expansion of the automotive industry is also fueling the demand for performance chemicals in this APAC region.

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Whereas, India is expected to adopt specialty chemicals at the highest rate in APAC in the coming years, as per P&S Intelligence. This can be primarily credited to the accelerating urbanization rate, mounting disposable income of people, and burgeoning demand for improved aesthetics in residential infrastructure in the country. Moreover, the automotive, personal care, electronics, and food and beverage industries in India are also expected to adopt a significant volume of specialty chemicals in the forthcoming years.

Thus, the rising industrialization rate and the flourishing construction industry will fuel the adoption of specialty chemicals in APAC in the foreseeable future.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.