Booming Automobile Industry Propelling Specialty Chemicals Market Growth

From $639,935.8 million in 2019, the global specialty chemicals market revenue is predicted to surge to $980,423.7 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 5.5% from 2020 to 2030 (forecast period). The market is being driven by the surging need for specialty chemicals in automobile, textiles, and food industries. Additionally, the growing requirement for higher crop productivity and rapid industrialization are also fueling the need for efficient and low-cost chemical systems in emerging economies, which is, in turn, supporting the growth of the market.

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Specialty chemicals are used as additives for creating the desired effects in substances or products. Hence, due to their compatibility with several other substances and chemicals and diverse features, specialty chemicals are being increasingly used in various end-use industries, such as packaging, consumer goods, automotive, pharmaceuticals, and food processing. For example, in the automotive industry, specialty chemicals are heavily used as fuel additives for improving the characteristics of the fuel. Likewise, specialty chemicals, such as methyl oleate, are used as active pharmaceutical ingredients in various creams and lotions.

The requirement for these chemicals is predicted to soar in emerging economies, such as China, Brazil, and India, on account of the growing urbanization and industrialization rates in these countries. Additionally, due to rapid urbanization, the standard of living of people in these countries and their spending power have increased massively in recent years, which has also positively impacted the sales of specialty chemicals. For example, as per the International Monetary Fund (IMF), developing and emerging economies of Asia, such as Malaysia, India, South Korea, and China, collectively hold more than 31.5% share in the global gross domestic product (GDP).

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This has subsequently pushed up the requirement for cosmetics, packaged foods, pharmaceuticals, and various consumer goods, thereby driving the expansion of the market. Depending on type, the specialty chemicals market is divided into construction chemicals, surfactants, specialty coatings, food additives, agrochemicals, electronic chemicals, polymer additives, plastic additives, cleaning chemicals, paper and textile chemicals, lubricant and oilfield chemicals, and adhesives and lubricants.

Amongst these, the lubricant and oilfield chemicals category is predicted to register the fastest growth in the market in the forthcoming years. This is ascribed to the increasing shale gas production and consumption across the globe. In addition, the surging construction and automobile manufacturing activities are also propelling the need for lubricants and oilfield chemicals. Globally, the Asia-Pacific specialty chemicals market is predicted to grow massively in the coming years, on account of the growing use of these chemicals in heavy automotive and construction applications for extending machinery life, increasing the productivity of equipment by mitigating wear and tear of engine components, especially during extended heavy-duty operations, and reducing operating costs.

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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This release was published on openPR.