Market Research Future will be publishing a Cooked Research Report on Specialty Chemicals Market that contains the information from 2016 to 2023. Global Specialty Chemicals Market is expected to grow with the CAGR 5.48 % from 2016 to 2023 to Reach USD 1,147.4 Billion by 2023.
Specialty chemicals are high value added and low production volume chemicals. Specialty chemical can also be termed as performance chemicals. It is high added value products used as catalysts, intermediates, components, protectants it is utilized in a wide variety of applications.
Globally, the market for specialty chemicals has been increasing tremendously, specifically in Asia pacific, owing to rise in the populations in this region resulting to increasing in demand for construction industries, automotive industry among others. Additionally, specialty chemical industry growth typically follows the growth of these key end markets. For example an increasingly urbanized china will demand for clean municipal market leading to increase in municipalities’ usage of water chemicals to recycle the waste water. Furthermore, the government across the globe specifically in developing countries are investing in development of roads, ports, power and telecom which could result in over 15% pea growth in construction, and chemicals.
Key Players in the Global Specialty Chemicals Market are include:
- Akzo Nobel NV
- Evonik Industries AG
- Chevron Phillips Chemical
- BHS Specialty Chemical
- Royce International
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Specialty chemicals by functional has been segmented into adhesive, elastomers, flame retardant, water treatment and others, Adhesive & Sealants accounted for the largest market share of 26.02% in 2015, projected to grow at the highest CAGR of 5.77% during the forecast period. Elastomers was the second-largest market in 2015.
On the other hand, the market by end-use the market has been segmented into construction, agriculture, automotive, electronics and others. Water treatment Chemicals market has been growing at a faster pace owing to, in developing economies prefer in demand for water is been increasing tremendously due to usage in irrigation, drinking and industrial usage. Water treatment chemicals are used in for a wide range of industrial process, Apart from use in potable water, the customer base is widespread across diverse industries ranging from large power plants, refineries and fertilizer factories to pharmaceuticals, food and beverages, electronic and automobile companies.
The construction chemical industry in India accounts for only 0.4% of the total construction spend and has a potential of reaching 1% which is the norm in developed economies. The key products for this sector would be in the areas of painting and coating materials, reinforcing fibers, admixtures and other construction chemicals. The key success factor for construction chemical industry would be developing products and adopting advanced coating, ceiling and reinforcing material like polyurethane base coating, silicone base and polymer base re-enforcing material.
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Asia Pacific has Dominated Specialty Chemicals Market in 2016
As per MRFR analysis Asia Pacific dominated the global specialty chemicals market and has accounted for the largest share of the market in 2015. Asia Pacific market is followed by Europe and North America. Moreover, Asia Pacific specialty chemicals market will witness growth above average with respect to demand of the same throughout the forecast period driven by strong growth in China and India due to the growing agriculture and construction industry.
In terms of volume, Middle East, Africa and Asia Pacific are expected to witness robust growth during the forecast period. Availability of cheap labor, favorable weather conditions and governmental support are some of the factors driving the emulsion polymers market in these regions. Europe and North America are also expected to experience significant growth in the near future.
North America will be the ruling market for global specialty chemicals, anticipated to witness highest CAGR. The market has been growing due to various growing manufacturing sector namely, medical devices, chemicals and consumer goods. Europe and North America accounted for largest share in 2016 due to stringent regulation in various developed countries have led to boost the market for utilization of ecofriendly products.
This research report provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the global specialty chemicals market, including the high-growth regions, countries and their political, economic and technological environments. Further-more the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
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