Specialty Chemicals Market – Overview
Specialty chemicals have seen a rise in their demand levels over the past few years especially due to increasing pace of urbanization. Market focused reports associated to the chemicals & materials industry among others lately have been made accessible by Market Research Future which circulates reports on this industry. The market is projected to earn revenues worth USD 1,147.4 billion by 2023 in the forecast period.
The specialty chemicals segment is undergoing a phase of transformation, which has increased the market share significantly. Population boost has also considerably added to the growth of the construction, automobile industry which has been influential in the growth of the specialty chemicals market. Adhesive & Sealants segment in the market is anticipated to witness accelerated growth with a CAGR of 5.77 percent. Rapid industrialization in various nations is also positively boosting the market’s expansion. Intensification in the consumption levels of specialty chemicals will alter the competitive landscape significantly in the forecast period.
May 2018: The petrochemical arm of Malaysia’s national oil-and-gas firm Petronas, Petronas Chemicals Group is planning to follow an acquisition plan to improve contribution from the specialty chemicals business and weather cost volatility. Improved sales in the value added specialty chemicals market could potentially raise the profitability and aid in doubling earnings in the coming 20 years.
The specialty chemicals market has been segmented into segments of end use, functional and regions. The Functional segment of the specialty chemicals industry comprises of Flame Retardant, Adhesives & Sealants, Elastomers, Water Treatment and Others. The End use segments of the specialty chemicals market include agriculture, automotive, electronics, construction, and others. The region based segmentation of the market consists of Europe, North America, Asia Pacific and Rest of the world.
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Detailed Regional Analysis
As per the regional analysis of the market, the Asia Pacific region is controlled by the specialty chemicals market globally and has had the largest share of the market in 2015. North America and Europe follow the Asia Pacific region. Furthermore, the Asia Pacific region in the specialty chemicals market will observe growth above average given the demand through the forecast period driven by robust growth in India and China owing to the rising agriculture and construction industry. While analyzing the volume aspects, Africa, Middle East, and the Asia Pacific region are anticipated to observe healthy growth in the forecast period. Accessibility of cheap labor, promising weather conditions and governmental support are among the factors fuelling the emulsion polymers market in these regions. The North American and European region is also likely to undergo important growth shortly.
The North American region will be the dominant market for specialty chemicals and is estimated to perceive a high CAGR. The market has been developing owing to the growth in various manufacturing sectors such as chemicals, medical devices, and consumer goods. The European and North American region is responsible for a major share in 2016 because of stringent regulation in several developed countries that has led to an improvement in the market for utilization of ecofriendly products.
Global Competitive Analysis
The growing interest in diversification within the industry has indirectly allowed the businesses to employ several situations available in the market. Challengers are also spending a certain amount in innovation to deliver a certain degree of invention in the market and develop the avenues for growth especially in the duration of the forecast period. The market trends have also necessitated the need to ensure fiscal sustainability to invest in development prospects as and when they arise. Firms are persistently attempting to create financial leverage, to be better positioned to make the most of market gains. The objective of the firms in the market to grow their shareholder’s value, while improving the capability to drive their competitive edge has enabled the company’s growth to a great extent. The chances for increasing revenue inflow in the business are expected to multiply through the forecast period.
BASF, Akzo Nobel NV, Evonik Industries AG, Chevron Phillips Chemical, BHS Specialty Chemical, Royce International, and Ashland are the prominent competitors in the market.
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