Materials including surfactants, adhesives, polymers, lubricants, food additives, industrial gases, cleaning materials, elastomers and agrichemicals among others are classified as specialty chemicals. Specialty chemicals are materials which as classified under this category based on their performance or function. These chemicals are used in a wide range of industries such as aerospace, automotives, textiles, water treatment, industrial manufacturing, electronics, food and cosmetics among others.
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Rapid industrialization, particularly in Asia Pacific, is one of the key factors which is expected to drive the global specialty chemicals market over the next few years. In addition, increasing application scope of specialty chemicals owing to focused research & development and technological advancement is expected to be another key factor augmenting the demand for specialty chemicals. Furthermore, increasing focus on innovation coupled with recovery of the global chemicals market is expected to fuel the demand for specialty chemicals over the forecast period. However, volatility in the cost of raw materials such as petroleum is expected to hamper the growth of the market over the near future. Moreover, rising concerns regarding damage to the environment due to the manufacture, usage and wastage of these chemicals is expected to be another vital factor adversely impacting the growth of the market. Development and commercialization of bio-based specialty chemicals is expected to open new opportunities for the growth of the market in the near future.
Asia Pacific is expected to witness the highest gain in the global specialty chemicals market within the forecast period on account of increasing industrial activities in this region. In addition, developing economies of South America, Africa, Eastern Europe and Middle East are expected to exhibit substantial demand for specialty chemicals over the next few years on account of the developing industrial hub in these regions.
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Some of the key participants of this market include Archer Daniels Midland Co. (ADM), AkzoNobel, Ashland Inc., BASF, Bayer, Clariant, Cytec Industries Inc., Dow Chemical Company, Ecolab Inc., Evonik Degussa, ExxonMobil, Huntsman International LLC, Syngenta AG, Sumitomo Corp. and Sherwin-Williams Co. among others. The specialty chemicals market is highly fragmented in nature owing to the presence of several small, medium and large scale manufacturing industries.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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