Global Specialty Chemicals Market Scope Report

Global Specialty Chemicals Market Highlights Over 2023 - 2035

The global specialty chemicals market is estimated to garner a revenue of ~ USD 900 billion by the end of 2035 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~ USD 600 billion in the year 2023. The growing construction industry in the Asia Pacific is the major factor driving the growth of the global specialty chemicals market. For instance, the development in infrastructure, commercial, and residential in the region is projected to be ~51%, ~16%, and ~13%, respectively.

GET A SAMPLE COPY OF THIS REPORT

Asia Pacific’s construction sector should thus see a positive growth trend despite the disruptions caused in the sector by COVID-19. Further, China is set to become the most prominent construction industry globally in the next decade. Using specialty chemicals, the existing construction materials gain higher performance capacity.

Global Specialty Chemicals Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Food Demand in the World – The food demand in the world has been projected to grow between ~60% and ~99% by 2050. Specialty chemicals when used in crop protection pesticides, herbicides and more improves the effectiveness of these man-made chemicals which plays a big role in increasing the growth of crops, which in turn, increases the production of food.

• High Expenditure on R&D in the Chemical Industry – It is estimated that a sum of up to USD 2 billion was spent on research and development (R&D) in chemicals in 2020.

• Growing Demand for Consumer Electronics – Close to 9 billion units of consumer electronics, were observed to be sold in 2022.

• Increased Demand for Cleaning Products – It is estimated that since the beginning of the pandemic up to 8 million units of sanitizers and cleaning products were sold only in the United States (U.S.).

Challenges

• Reduced Sales of Specialty Chemicals During COVID-19

• Economic Sanctions, Trade Restrictions, and Reduced Profits Even Before the Pandemic

• Decline in Automotive Production During the Pandemic

The global specialty chemicals market is segmented and analyzed for demand and supply by type into agrochemicals, flavors ingredients, fragrances ingredients, dyes & pigments, personal care active ingredients, water treatment chemicals, construction chemicals, surfactants, textile chemicals, polymer additives, bio-based chemicals, and others. Of these, the construction chemicals segment is anticipated to hold the largest market size by the end of 2035. The increase in construction activities and the use of construction chemicals in items, including repair and renovation compounds, and fixing adhesives, are the factors driving the segmental growth. For instance, in the U.S., a total of up to 2 million new housing units have been estimated to have been completed in 2021.

Global Specialty Chemicals Market Regional Synopsis

Regionally, the global specialty chemicals market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2035. The emergence of China as a manufacturing hub and the growing industrialization in places including India, Singapore, Thailand, and Malaysia are the factors driving the regional market growth.  For instance, according to the World Bank, the manufacturing sector contributed to about 25% of the total gross domestic product (GDP) of East Asia & Pacific in 2021.

Market Segmentation

Our in-depth analysis of the global specialty chemicals market includes the following segments:

Key Companies Dominating the Global Specialty Chemicals Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global specialty chemicals market that are included in our report are Ashland Inc., Evonik Industries AG, The Dow Chemical Company, Akzo Nobel N. V., BASF SE, Kemira Oyj, Sumitomo Chemical Co., Ltd., Croda International Plc, Huntsman International LLC, The Lubrizol Corporation, and others.

Global Specialty Chemicals Market: Latest Developments

• October, 2022: Evonik Industries AG announced the introduction of solutions for plastics ensuring better sustainability, performance, recyclability, and a circular market model for a better world for future generations.

• September, 2022: BASF SE announced a partnership with RiKarbon Inc. to innovate the personal care market with new green emollients made from bio-waste.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

.