Global market for specialty chemicals is expected to witness high demand over the forecast period, which may be attributed to surge in demand for safe and efficient chemicals. Specialty chemicals are known to drive product performance across various industries, and are anticipated to drive the market demand over the next few years.. Further, speciality chemicals are used across an array of application areas such as mining, food, textile and oil, which is further estimated to impel market demand. Expansion of manufacturing activities and increased usage in industrial applications may also augment the specialty chemicals market demand over the next few years. Factors including rise in material cost as well as several regulatory norms may pose a challenge to market growth. Specialty chemicals are used in several application areas, including oil chemicals, paper chemicals, rubber processing chemicals, food additives oil field chemicals.
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Further, based on their function specialty chemicals are broadly classified into biocides, antioxidants, catalysts, enzymes and special membranes. Increasing raw material costs are expected to hinder the market growth over the forecast period. Rising environmental concern along with stringent environmental rules and regulations are also expected to restrain market growth over next seven years. Growing specialty chemicals demand in developing countries on account of rapidly growing industrial segment is expected to provide new opportunities for the market players over the forecast period. Shift in trend towards bio-based chemical usage especially in developed countries within North America and Europe is expected to create novel opportunities to the market players.
The Asia Pacific specialty chemicals market is expected to witness high growth owing to surging demand across the industrial and manufacturing sector, particularly India and China. The Middle East & Africa market is also estimated to exhibit strong growth, which may be attributed to the expanding manufacturing sector in this region. North America is also expected to witness as these products help improve the efficiency across various industrial applications. The Europe specialty chemicals market is characterized by presence of several stringent regulations pertaining to the environment owing to which the regional demand is expected to witness moderate growth over the forecast period.
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Key industry participants emphasize on entering into new markets and explore new application areas, which may further catapult market demand. Further, in order to address issues related to high material cost and to eliminate any wasteful methods involved in manufacturing specialty chemicals has led to rise in R&D investments. Asia Pacific and Middle East & Africa provide several market growth opportunities owing to the expanding industrial and manufacturing sector in these regions. Further, lack of stringent environment protection laws in the aforementioned regions may also drive the regional market demand, and provide avenues for industry players to meet their revenue goals.
In addition, industry participants focus on high investments in R&D activities to pace up innovation across several conventional products to drive demand in mature European and North American markets. Companies focus on developing environmentally sustainable bio-based products in order to address several regulations pertaining to environment protection. Increasing efforts towards development of cost effective production processes along with development of bio-based products is expected to fuel the market growth over the forecast period.
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