Press release
Specialty Chemicals Market will cross USD 1,147.4 Billion by 2023
Specialty Chemicals Market
DowDuPont Inc., BASF SE, Akzo Nobel, Bayer AG, Clariant AG, Evoniks Industries, Ashland Inc., Chembound Chemicals, Albemarle, Sinopec, SABIC, LyondellBasell Industries, .Chemtura Corporation, Croda International PLC, Eastman Chemical Company, A. Schulman plc, H.B. Fuller Company.
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Specialty Chemicals Market – Market Overview
Global Specialty Chemicals Market demand is witnessing significant growth, owing to increasing penetration in prominent end-use industries namely, personal care & cosmetics, surfactants, construction, electronics industries. Growing R&D activities in the aforementioned end use industries has led to growth of more sophisticated and application specific products demand. This in turn is positively influencing the consumption of Specialty Chemicals across the globe. Manufacturers are focusing on delivering products that are specific to certain applications.
In addition to this, increasing trend of sustainability in the end-use industries is driving the demand of specialty chemicals across the globe. For instance, increasing regulations on VOC containing coatings has led to increased consumption of specialty, water borne coatings.
Accrediting the colossal growth the Industrial Adhesive Market is witnessing currently and the potential the market is demonstrating to accrue pervasively further in the years to come; the Market Research Future has recently published a meticulous study report giving out the complete market insight up till 2023. According to which, continuing with the same trends the Global Industrial Adhesive Market is projected to perceive an outstanding growth by 2023 registering a striking CAGR during the anticipated period (2017 – 2023).
The prominent end use industries of the Specialty Chemicals comprises, construction, transportation, personal care & cosmetics, electronics, industrial & institutuional cleaners, paints & coatings, oil & gas, and others. Electronics and construction industries contribute to the significvanty share in the over all market. Rising focus on innovation in the end-use industries and aiming on innovation in terms of products and new applications in lectronics & end use industries is antcipated to created an additional demand for the specialty chemicals.
However, relatively high cost of the Specialty Chemicals compared to the commodity chemicals, and technological complexity involved in the production process is estimated to be a major impediment in the global market growth.
Specialty Chemicals Market – Competitive Analysis
Specialty Chemicals Market is moderately fragmented and is prominent players existing in the market are the leading chemical companies. Specilaty chemicals market is a low volume, high value market and comprises higher profit margin products. Realizing the higher profit margings in the market, majority of commodity chemical companies have diversified their product folio into specialty products. The opprtunities in the Specialty Chemicals Market are decreasing, owing to the ever increasing competition in the sector. Thus, with time, manifacturers are investing in product innovation for newer applications in the end use industries.
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Industry/ Innovation/ Related News
Sept 2017: BASF announced to expand its current production capacity of specialty amines at its production facility in China. The commencement of the production facility is estimated to start by 2019 end. The production capacity of the plant is anticipated to be 21,000 metric tons per year. By this development, the company has extended its product portfolio of specialty amines.
Sept 2017: BASF SE enetered an agreement acquire the Polyamide business of Solvay. The acquired business will be a part of BASF’s performance material busness segment. The polyamide business comprises 12 production sites, 4 R&D locations and 10 technical centers. The acquistion of the portfolio will expand the company’s specialty product portfolio and will strengthen its position as the gklobal specialty chemicals manufacturer.
Nov 2017: Evonik industries, one of the leading specialty company has eneterd in to an agreement to acquire high concentrate additive compounding business of The 3M Company. The concentarte additve compounding business willl be operated under the specialty additives for plastic industry business segment of the company. By this movem, the company is expanding its capability to cater the plastic industry through its high profit business segment.
Oct 2017: Bostik, specialty adhesive company opened a production facility for hot melt pressure sensitive adhesives for various end-use industruies. By the move, company aims to expand its foot-print in growing Asia specialty chemicals market. Company already owns another production facility for adhesives in India. With the two production facilities, company aims to serve the local exports markets of India.
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