Market Insights: —
Market Research Future (MRFR)’s latest study has revealed that the Global Specialty Chemicals Market is set to thrive at a CAGR of 6.21% during the forecast period 2018 to 2023. The market is set to grow from USD 710.03 Bn in 2017 to USD 1000 Bn by the end of 2023. Specialty Chemicals have developed an application in different industry verticals such as food, textiles, automobiles, etc. The global market is anticipated to witness a surge in demand in the forthcoming years.
The shift from commodity chemicals to Specialty Chemicals due to the superiority of Specialty Chemicals has augured well for the market players. The trend is prognosticated to perpetuate in the foreseeable future.
However, the volatile price of raw materials such as petrochemical derivatives remain an impediment to the Specialty Chemicals market growth and is expected to affect pricing policies adversely.
The demand for Specialty Chemicals from the automotive industry is the key factor responsible for favoring the expansion of the Specialty Chemicals Market. The growth of the automotive industry directly reflects on the growth of the Specialty Chemicals Market. These chemicals are widely used in lightweight vehicle applications. The upsurge in demand for lightweight automobiles is likely to catapult the market on an upward trajectory.
The Specialty Chemicals Market is entering a maturity phase. However, low operating costs in the Middle East and the Asia Pacific has opened new avenues of growth in the Specialty Chemicals Market. Several end-user industry players are shifting to these regions for establishing manufacturing units. This, in turn, is expected to intensify demand for Specialty Chemicals in these regions.
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In August 2018, IMCD, Netherlands, acquired European Specialty chemicals distributor, Velox.
In August 2018, BASF Chemicals Company strengthened its collaboration with Grolman in Europe for expanding the marketing of the BASF specialty chemicals to Italy, Spain and Portugal.
Some of the key players profiled in the report are Evonik Industries AG, Henkel AG & Co, Clariant AG, BHS Specialty Chemicals, AkzoNobel NV, Lenzing AG, Ashland Inc., Solvay SA, KGaA, DowDuPont, ExxonMobil Corporation, Lanxess AG, and BASF SE.
A detailed segmental analysis is offered in the report based on Source and Type.
By Source, the Global Specialty Chemicals Market is segmented into crude oil, naphtha, ethane, propane, butane, wood and others. Among these, the naphtha segment accounts for a major share of the market revenue. It is forecasted to register a CAGR of 6.19% over the assessment period.
By Type, the Specialty Chemicals Market has been segmented into agrochemicals, flavor ingredients, fragrance ingredients, dyes & pigments, water treatment chemicals, personal care active ingredients, construction chemicals, surfactants, textile chemicals, polymer additives, bio-based chemicals, and others. Among these, the agrochemicals segment holds the most significant share of the market and is likely to exhibit positive growth in the foreseeable future.
By Region, the Global Specialty Chemicals Market has been segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America. Asia Pacific is projected to lead the global market and is expected to hold a significant market share towards the end of 2023. The factors responsible for aiding market proliferation in the region include thriving agrochemicals industry, the presence of fast-developing economies, increasing demand from the automobile industry, etc. Furthermore, the relaxations in regulations by the governments catalyze the expansion of the regional market.
Europe and North America are important growth pockets and are likely to remain highly lucrative markets during the forecast period. The presence of key players in the regions is projected to complement the expansion of the markets. Meanwhile, Latin America and the Middle East & Africa are estimated to hold the least share of the specialty chemicals market. However, Middle Eastern country-level markets such as Qatar, U.A.E, Dubai, etc. and Latin American country-level markets such as Mexico and Brazil resonate strong growth opportunities.
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