Global Specialty Chemicals Market: Overview
Specialty chemicals are mainly produced by a complex as well as interlinked industry. These chemicals are a type of chemical product which are mainly sold based on their function and performance, instead of their composition. Such chemicals either can be found as a single-chemical entity or as complete formulations. Their composition helps in enhancing the performance as well as processing of customers’ desired product. With rapidly mushrooming urbanization, industrialization, and increasing standard of living, the requirement of high-performance chemicals like specialty chemicals is rising at a breathneck speed. This is majorly responsible for driving the global specialty chemicals market.
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As per expert analysts, the global specialty chemicals market is expected to register a valuation of US$1,210.1bn by 2023-end. This growth is predicted to occur at a promising CAGR of 4.7% during the forecast period from 2017 to 2023. Flourishing agriculture industry worldwide, and growing demand for agrochemicals are fueling the global specialty chemicals market. The market is mainly segmented on the basis of product and region.
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Agrochemicals Has Largest Share in Specialty Chemicals Market
On the basis of product, the global specialty chemicals market has been divided into following segments – cosmetic chemicals, food additives, textile chemicals, agrochemicals, water treatment chemicals, construction chemicals, ink additives, oil field chemicals, and paper & pulp chemicals. The construction chemicals segment registered the highest share of 22.3%. This is due to the rising urbanization such as growing housing projects and public infrastructure in developing countries, which further augments the demand for specialty construction chemicals, specially adhesives and sealants, protective coatings, asphalt additives, and concrete admixtures. However, in high-end markets such as Central and South America, Asia Pacific, and the Middle East and Africa, the popularity of construction chemicals is expected to continue.
Apart from construction chemicals, agrochemicals is expected to witness highest share of 13.5% in the next few years, especially during the mentioned forecast period – 2015 to 2023. This is mainly due to the rising demand for improving quality and quantity of yield from agricultural industry.
Flourishing Paper and Textiles Industry in Asia Pacific to Contribute to Market Demand
Geographically, Asia pacific is expected to grab 54.4% of the global specialty chemicals market value by 2023 end, as the region has seen rapid industrialization. Rising demand for specialty chemicals from agricultural industry, growing paper and textiles industry, and increasing disposable income could be responsible for fueling specialty chemicals market in this region. Countries like China and India contributes more in this regional market as these countries have witnessed high extent of agriculture trade and exports along with rapid growth in paper and textiles industry. Apart from these, rising consumption of paper and apparel, and rapid establishment of several manufacturers are also expected to boost the global specialty chemicals market.
A competitive vendor landscape exists in this market thanks to the presence of innumerable players. Some of the prominent players operating in the global specialty chemicals market are The Dow Chemical Company, BASF SE, INEOS Group AG, Clariant AG, Eastman Chemical Company, and Evonik Industries AG, and Akzo Nobel N.V.
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