The report titled “Global Specialty Chemicals Market” assesses the specialty chemicals market globally based on type, function, and region. A comprehensive report provides a detailed historical and future market size with trend analysis. RationalStat provides market share analysis, production capacity by key producers, Covid-19 impact analysis, an overview of the competition, market strategies, and potential growth areas.
According to RationalStat research, the global specialty chemicals market is expected to touch US$ 900 billion by the end of 2028, expanding at a significant CAGR of 5%.
Market Overview and Dynamics: Increased R&D of specialty chemicals and a rise in demand from Asian countries have bolstered the specialty chemicals market
The global specialty chemicals market is expected to grow at a CAGR of around 5% during the forecast period of 2022-2028. The flourishing food & beverage industry is driving the growth of specialty chemicals in the upcoming years as the industry requires the use of food additives and preservatives in packed food items
- Increased research & development activities of specialty chemical products with advanced features are further expected to fuel market growth in the forthcoming years. Not only this, the manufacturers are focusing on product development and fulfilling customers’ stringent quality requirements, which involve materials with specific high-performance characteristics and which have relatively high barriers to entry. Such factors are anticipated to influence the growth of the global orthopedic market.
- In addition, the rapid industrialization in various developing economies across the world is another catalyst for the growth of the global specialty chemicals market. Even, the government is implementing policies that support industries in achieving lower costs and better manufacturing capabilities.
- Furthermore, societal factors such as the demand for a more environmentally conscious way of life have resulted in new environmental protection laws mandating the increased use of specialty chemicals for water treatment, chemicals to combat hazardous air pollutants, and a plethora of new industrial and institutional cleaning chemicals. Such changes are anticipated to act as a catalyzing agent in the growth of the global specialty chemicals market.
- There is a highly consumer-driven shift as the rapidly growing middle classes require more consumer goods such as electronics, personal care, high-end cosmetics, and food & nutrition products stimulating demand for the specialty chemicals which are used to produce them.
Furthermore, there is a consumer-driven shift as the rapidly growing middle classes demand more consumer goods such as electronics, personal care, high-end cosmetics, and food & nutrition products, stimulating demand for the specialty chemicals used to manufacture them.
Segmental Analysis: Within APAC, China is the largest consumer of construction materials, feed additives, specialty polymers, and coatings, etc.
- Based on type, construction chemicals hold a prominent share in the global specialty chemical market owing to the flourishing construction industry and the increased use of chemicals in the industry.
- Based on region, Asia Pacific holds a prominent share of the global specialty chemicals market as the industries like construction and infrastructure industries have seen significant growth and are expected to grow at a steady pace in the forthcoming years.
Competition Analysis: The rising demand for high-performance and function-specific chemicals across end-use sectors is expected to fuel the demand for specialty chemicals in the upcoming years
Due to the presence of many well-established companies in the global specialty chemicals market, there is intense competition in the global specialty chemicals market. The global specialty chemicals market is expected to witness growth in the forthcoming years as the growing population upsurges the demand of various industries like agriculture, construction, and automotive industry which is expected to further fuel the growth of the global specialty chemicals market.
The market players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. In 2020-21, we estimated a total M&A transaction value above US$ 55 billion in the specialty chemicals market.
- In July 2021, Platinum Equity acquired Solens, Dubilier & Rice, and BASF for a value of US$ 5.2 billion and merged them with Segura Water.
- In July 2021, two specialty chemicals business lines of H20 Innovation Inc., PWT, and Genesis joined together to form the H20 Innovation Specialty Chemicals Group.
Some of the prominent players that contribute significantly to the specialty chemicals market growth are Albemarle Corporation, Ashland LLC, BASF SE, Bayer AG, Clariant AG, Huntsman International LLC, 3M Company, Sumitomo Chemical Company, Solvay SA, Mitsubishi Chemical Corporation, Vink Chemicals GmbH & Co. KG, and DuPont de Nemours Inc. among others.
RationalStat has segmented the global specialty chemicals market on the basis of type, function, and region.
- By Type
- Cleaning Chemicals
- Construction Chemicals
- Electronic Chemicals
- Adhesives & Sealants
- Polymer & Plastic Additives
- Textile Chemicals
- Others (Paper Chemicals, etc.)
- By Function
- Special Enzymes
- Specialty Coatings
- Specialty Pigments
- Others (Demulsifiers etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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