Global — Specialty Chemicals Market is witnessing a steady rise in revenues while the coronavirus pandemic still on the curve. The market growth mainly attributes to the uses of Specialty Chemicals in the manufacturing of various essential products like disinfectants, pharma products, toothpaste, flavors & fragrance, and many others. The Specialty Chemical Industry contributes to almost every manufacturing sector.
Though the sector engages in supplying feedstock to daily use products manufacturing, the lockdown has impacted the industry to some extent, especially in terms of raw material supplies required of its own products. To counter these raw material shortages, industry players found alternative products and suppliers, which is a significant point leading to the growth of the specialty chemical industry amid the coronavirus crises.
A leading research firm, Market Research Future (MRFR), in its, resent COVID 19 analysis, asserts that Global Specialty Chemicals Market would generate revenues over USD 1000 BN by 2023, growing at an impressive CAGR during the forecast period (2018 – 2023). An MRFR expert involved in the assessment of COVID 19 impact on the Specialty Chemicals Market states that the industry’s digital transformation has received a boost in the past few months.
While quarantines and closures are in place, various aspects of the economy are growing, including the Internet, telecom, pharmaceuticals, and healthcare supply chains, this, as a result, has prompted leading industry players to vie effective strategies to deal with the post-pandemic challenges. The pharmaceutical industry, with its increasing consumption of Specialty Chemicals, is driving the market growth.
Following the outbreak of SARS-CoV-2, pharmaceutical companies and research laboratories, are joining hands to achieve a breakthrough in drugs and diagnosis, which increases the consumption of Specialty Chemicals. Besides, the automotive industry, with its soon to be increasing production is expected to consume a large amount of Specialty Chemicals once life gets to normalcy after the lockdown.
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Specialty Chemicals Market - Segmentations
The Report is segmented into three dynamics;
By Source: Butane, Naphtha, Ethane, Wood, Propane, Crude Oil, and others.
By Type : Fragrances Ingredients, Agrochemicals, Dyes & Pigments, Water Treatment Chemicals, Personal Care Active Ingredients, Surfactants, Textile Chemicals, Construction Chemicals, Bio-Based Chemicals, Polymer Additives, and others.
By Regions: Europe, Americas, Asia Pacific, MEA, and Rest-of-the-World.
Global Specialty Chemicals Market - Competitive Analysis
Highly Competitive, the Specialty Chemicals Market appears fragmented, with many large and small players forming a competitive landscape. Mergers & acquisitions, collaboration, expansion, and product/ technology launch remain popular trends of industry players to gain a larger competitive share. The demand for Specialty Chemicals is high, as these are sold in volume and well-margined markets. Specialty Chemical manufacturers are leveraging reliable distribution channels during the uncertain economic environment in light of the COVID-19 pandemic.
Active Players of the Global Specialty Chemicals Market are ExxonMobil Corporation, Evonik Industries AG, Henkel AG & Co, AkzoNobel NV, Lenzing AG, Clariant AG, BASF SE, BHS Specialty Chemicals, Lanxess AG, Solvay SA, Ashland Inc., and DowDuPont, KGaA, among others.
May 26, 2020 ---- Lanxess India, one of the leading specialty chemical companies, announced its plan to acquire more intermediates, performance chemicals, specialty additives, and consumer protection products. The German company has already begun due diligence and evaluation of assets. The company also targets to make climate-neutral manufacturing sites with more investments in renewable energy.
Despite the coronavirus lockdown, the India growth story remains intact; this is why the company is aggressively pursuing possible inorganic opportunities alongside its already successful organic strategies for future growth.
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Global Specialty Chemicals Market - Geographical Analysis
Asia Pacific region dominates the Global Specialty Chemicals Market. The largest market share attributes to the rising demand from some of the burgeoning industries such as construction, automotive, textile, and, most importantly, the water treatment sector. Also, the continually growing chemical industry, alongside the rapid industrialization and urbanization in the region, substantiates the market demand. Moreover, the rapidly increasing economy in the region plays a causal role in the development of the market.
Until recently, China was the largest specialty chemicals market in the region. However, India has taken over the leading position in the regional market due to the geopolitical shift after in global multinational corporations to reduce its dependence on China after the coronavirus outbreak. The APAC Specialty Chemicals Market is anticipated to retain its leading position in the global market throughout the review period.
North America holds the second-largest share in the Global Specialty Chemicals Market. The market is majorly driven by the rapidly growing building & construction industry in the region, which is witnessing increasing infrastructure development and rebuilding projects. Besides, factors such as the increasing demand from the burgeoning automotive, aviation, and marine industry in the region contribute to the market growth.
The Specialty Chemicals Market in the European region is growing continually. Factors such as rising plastic production and the dramatically increasing packaging & manufacturing sector foster market growth. Moreover, increasing demand from the various end-use industries pushes the growth of the market excellently. Besides, the presence of robust automobile industries in the region drives the market growth, pulling a massive demand throughout the year.
COVID-19 Study in Detail:
Impact of COVID-19 on Iso-Propyl Alcohol Market @ https://www.marketresearchfuture.com/report/covid-19-impact-iso-propyl-alcohol-industry
Impact of COVID-19 on Steel Extruded Products Market @ https://www.marketresearchfuture.com/report/covid-19-impact-steel-extruded-products-market
Corona virus Outbreak and Plastic Films Market @ https://www.marketresearchfuture.com/report/covid-19-impact-plastic-films-market
NOTE: Our teams of researchers are studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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