Specialty Chemicals Market to See 4%CAGR Growth to 2024: Growth Factor & Trends

Specialty Chemicals Market size is set to touch USD 1,273 billion by 2024; according to a new research report.
Global specialty chemicals market share is majorly driven by increasing population along with rapid industrialization resulting in decreased arable land. Global population is likely to reach 9 billion by 2040, this will consequently propel food demand up to the same period. Significant increase in yield is possible through agrochemicals use such as fungicides. Governments across the globe are promoting agrochemicals use to secure food supply to meet the increasing food demand owing to drive industry growth.
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Growth drivers Increasing demand for yield-enhancing agrochemicals, Rising demand from automotive industry, Industry pitfalls & challenges, Stringent government regulations against agrochemicals, Diminishing coated paper demand in North America and Europe
Robust growth in end user industries including construction and automotive will boost the global specialty chemicals market size by 2024. These compounds are used in adhesives and paints &coatings, which are widely used in automotive as well as construction industry. In 2015, global vehicles production, including commercial &personal, was approximately 90 million units. Furthermore, increasing consumer demand for lubricants to reduce frictional forces in the vehicles will enhance growth.
Specialty chemicals are mainly synthetic and have harmful environmental effects, which effects the biodiversity. Therefore, stringent environmental legislations are formulated and directed for the product application, due to its toxicity. This may restraint the industry size in the near future. In addition, increasing consumer awareness towards digital media, such as Twitter, Facebook, and YouTube may hinder paper &textile specialty chemicals market size. However, growing construction industry, particularly in China, India, Japan and Brazil, will propel industry share in the coming years.
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Key insights from the report include: Global specialty chemicals market size is set to exceed USD 1,200 billion by 2024, with projected gains at over 4.5% CAGR.,
In 2015, construction chemicals market size generated revenue more than USD 70 billion. These chemicals are extensively used to increase the shell life of the building and upgrade the functional and aesthetic requirements of the structure. Upcoming construction projects for residential and commercial structures will drive growth.
Electronic chemicals market size is projected to witness gains more than 4.5% CAGR. These find widespread applications in electronic apparatuses including integrated circuits and semiconductors. Additionally, increasing smartphone customer base will favor growth.
These products are used in food to improve the nutrient content and texture laterally keeping the food fresh. Upgrading consumer lifestyle accompanied with increasing disposable income is analyzed to be the key factor propelling food additives specialty chemicals market size.
In 2015, U.S. generated revenues of over USD 150 billion in specialty chemicals sales, mainly accounted for by the growing oil &gas sector.
In 2015 Asia Pacific, led by China, Japan, and India, dominated the global specialty chemicals market revenue. The growth was mainly attributed to growing construction and automotive industry.
In 2015, specialty chemicals company revenue shares were fragmented. Major industry share contributor includes Dow Chemical, BASF, Bayer, INEOS Group and DuPont. Other prominent participants are Ashland, Clariant, Syngenta, Huntsman, Arkema, Evonik Industries, Akzo Nobel, Albemarle, Chemtura, Eastman Chemical, and Solvay.
Specialty Chemicals Market By Product: Agrochemicals, Polymers &Plastic Additives, Construction Chemicals, Electronic Chemicals, Cleaning Chemicals, Surfactants, Lubricants &Oilfield Chemicals, Specialty Coatings, Paper &Textile Chemicals, Food Additives, Adhesives &Sealants, Others
The above information has been provided on a regional and country basis for the following: North America, U.S., Canada, Europe, Germany, UK, France, Spain, Italy, Asia, Pacific, China, India, Japan, Australia, Indonesia, Malaysia, Latin America, Brazil, Mexico, MEA, South Africa,GCC
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This release was published on openPR.