The specialty chemicals are the special chemicals that are unique formulations and give desired products in the chemical reaction for the industrial use. The specialty chemicals companies invest high capital for the R&D of chemical materials and its applications in various end user industries. There is high scope for the Specialty Chemicals Market in various regions across the globe by 2021.
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Scope and Regional Forecast of the Specialty Chemicals Market:
The Specialty Chemicals Market products are mainly used for fuel and lubrication applications for industrial, aerospace and automotive applications. Government agencies are expected to highly regulate the use of harmful chemicals that will affect the environment adversely through 2021. The global chemical output which was valued at $180 billion in 1970, rose to more than $4 trillion in 2015.
The Specialty Chemicals Market has grown of over 6 percent in the past five years in the Asia Pacific region and it is expected to grow over to 7% in the upcoming years through 2021. Asia Pacific is anticipated to generate revenue approximately US$ 500 million by 2021.
In the Specialty Chemicals Market, North America and Europe are following the lead of Asia Pacific region. These regions are growing at steady pace and are not expected to grow as fast as Asia Pacific through 2021. Increasing R&D by chemical companies is driving the growth by 2021.
The Specialty Chemicals Market is a fast growing market with increasing demand for specialty chemicals in various end user industries for specified applications which is boosting the production of these chemicals in the specialty chemical companies in various regions across the globe. This market is expected to have fast growth owing to the increasing investment for specialty chemical manufacturing research by the specialty chemicals industry, growing utilization of the chemical products and rising demand in various regions across the globe through 2021.
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Segmentation and Key Players of the Specialty Chemicals Market:
The Specialty Chemicals Market is segmented into various categories by application and by geography as follows:
By application: Paints and Coatings, Polymers and Plastic Additives, Agrochemicals, Food Additives, Homecare Surfactants, Water Management Chemicals, Leather and Textile Chemicals, Construction Chemicals, Lubricant and Fuel Additives and Pulp and Paper Chemicals
By geography: North America, Latin America, Europe, Asia Pacific and Middle East & Africa
The key players in the Specialty Chemicals Market are as follows:
- BASF SE
- The Dow Chemical Company
- Ashland Corporation
- Exxon Mobil
- Evonik Industries AG
The chemical manufacturing companies are investing for the production of chemicals with desired properties and effects on products for industrial use across the globe through 2021.
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On a related note, another research on World Specialty Chemicals Market – Opportunities and Forecast, 2014 – 2020 Research Report @ http://www.marketintelreports.com/report/allied0160/world-specialty-chemicals-market–opportunities-and-forecast-2014–2020
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