Strong Industrial Base in Asia Pacific to Drive Demand for Specialty Chemicals; Global Market Expected to Rise to US$1,201.1 bn by 2023

A recent market research report analyzing the global specialty chemicals market, published by Transparency Market Research, projects moderate growth prospects for the market over the period between 2015 and 2023. The report is titled “Specialty Chemicals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”.

The report states that the market will expand at a 4.70% CAGR over the report’s forecast period. If the rate of growth holds true, the market, which had a valuation of US$800.4 bn in 2014, will rise to US$1,201.1 bn by 2023.
Specialty chemicals are a collection of high-value, low-volume chemicals that are known for their performance-enhancing characters. A large number of industrial processes require the use of a variety of specialty chemicals for several operations. Some of the most commonly used specialty chemicals come in the form of surfactants, additives, lubricants, sealants, adhesives, catalysts, etc.

The report segments the global specialty chemicals market on the basis of two criteria: product type and geography.On the basis of product type, the market is segmented into cleaning chemicals, construction chemicals, polymers and plastic additives, agrochemicals, surfactants, electronic chemicals, specialty coatings, lubricants and oilfield chemicals, food additives, paper and textile chemicals, and adhesives and sealants. Some other product types, such as water management chemicals, flavors and fragrances, feed additives, nutraceuticals ingredients, printing inks, catalyst, and cosmetic chemicals are also examined in the report.

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Of the various product types, the market earned a major share of revenue from the sales of agrochemicals in 2014. Over the report’s forecast period, the segment of construction chemicals is expected to exhibit strong growth. A continuous rise in construction activities, especially in Asia Pacific, is expected to lead to increased demand for specialty chemicals in the construction sector.

On the basis of geography, the market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa.Of these, Asia Pacific accounted for over 45% of the global specialty chemicals market in 2014 in terms of demand, primarily due to the well-developed industrial base in China and India. Growth of the industrial sector in other Southeast Asian countries also leads to significant demand for specialty chemicals. North America accounted for the second largest share in the global market in 2014, followed by Europe.

Over the report’s forecast period, the market for specialty chemicals is expected to rise in Asia Pacific owing to the changing living standards of the population in this region, rise in disposable incomes, and rapid industrialization.

The report also gives a snapshot of the competitive landscape of the global specialty chemicals market with the help of detailed business profiles, SWOT analysis, and details regarding business and financial strategies of some of the key companies in the market. Some of the key players in the market are The Dow Chemical Company, BASF SE, E. I. du Pont de Nemours and Company (DuPont), Ashland Inc., Bayer AG, Huntsman Corporation, Evonik Industries AG, Clariant AG, INEOS Group AG., Syngenta AG, Arkema S.A., Akzo Nobel N.V., Chevron Philips Chemical Company, Chemtura Corporation, Albemarle Corporation, Solvay, and Eastman Chemical Company. The impact of recent developments on the global specialty chemicals market’s overall growth prospects is also included in the report.

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This release was published on openPR.