Global Specialty Chemicals Market Analysis and Forecast Report 2030
Specialty chemicals, also referred to as performance chemicals or effect chemicals are the chemicals used to create the desired effect in products or substances. Specialty chemicals are produced to meet performance-specific requirements. They are produced in batch chemical plants with the help of batch processing techniques. Specialty chemicals are manufactured in lesser volumes and for specific uses. Specialty chemicals can be single chemical formulations or entities whose composition affects the performance and functioning of the consumer’s product. Specialty chemicals are used under diverse categories including agrochemicals, adhesives, construction chemicals, cleaning materials, industrial gases, and food additives. Specialty chemicals find application across a wide range of industries such as automotive, consumer goods, food processing, packaging, pharmaceuticals, and cosmetics.
Global Specialty Chemicals Market is expected to project a notable CAGR of 5.60% in 2030.
Global Specialty Chemicals Market to surpass USD 982.42 billion by 2030 from USD 670.5 billion in 2019 at a CAGR of 5.60% in the coming years, i.e., 2020-30. Specialty Chemicals are experiencing an escalating demand from numerous industries including automotive, construction, food and beverages, and electronics. In addition, the shift towards the environment and user-friendly specialty chemicals to edge out the conventional commodity chemicals is expected to observe a significant growth in the coming years.
Recent Highlights in Global Specialty Chemicals Market
In September 2020, Henkel AG & Co. KGaA announced to invest $23 million to expand its liquid hand soap and hand sanitizer manufacturing facilities in Geneva (Switzerland) and New York and Pennsylvania (U.S.), to meet the increasing demand for cleaning chemicals amid the COVID-19 pandemic.
In June 2019, BASF SE announced to invest in its coating business in Asia and expand its facility in Guangdong Province, Jiangmen, and south china which manufactures automotive coatings. This new facility will double the production capacity, to cater to the growing demand for automotive refinish coatings
Global Specialty Chemicals Market: Segments
Agrochemicals segment to grow with the highest CAGR during 2020-30
Global Specialty Chemicals market is segmented by Product type into agrochemicals, polymers & plastic additives, construction chemicals, electronic chemicals, cleaning chemicals, surfactants, lubricants & oilfield chemicals, food additives, and others. Agrochemicals, segment held the largest market share in the year 2019 owing to the increasing population and shortage of arable land. This has increased the attention on raising crop yields. Various specialty chemical companies are developing yield-enhancing agrochemicals. Besides, the rising awareness and knowledge among farmers regarding the usage of agrochemicals are anticipated to witness market growth in the future.
Building & construction segment to grow with the highest CAGR during 2020-30
Global Specialty Chemicals market is divided by End User into building & construction, oil & gas, paints & coatings, agriculture, electrical & electronics, automotive, food & beverages, cosmetics & pharmaceuticals, aerospace & defense, textile, pulp & paper and Others. The building & construction segment held the largest market share in the year 2019 and will continue to dominate the market in the coming years. Rising government expenditure on construction activities and the development of public infrastructure is likely to boost the demand for specialty chemicals. Specialty chemicals provide extra protection in buildings from environmental hazards and enhance the durability of construction chemicals. These chemicals also find application in several construction projects during renovation and in constructing high buildings.
Shift from Commodity Chemicals to Specialty Chemicals
Specialty chemicals are used as an alternative to commodity chemicals due to stringent laws on using petroleum-based products which are estimated to grow the specialty chemicals market. With the growing concern regarding the harmful effects of conventional chemicals on the environment as well as on humans has encouraged the need for environment-friendly and user-friendly specialty chemicals. As a result, many players in the market have shifted their focus towards the production and selling of specialty chemicals in order to outperform conventional fine and commodity chemical manufacturers.
Growing demand from Automotive Industry
Automotive manufacturing industry is one of the significant end-users of a specialty market. The high demand for lubricants, adhesives, paints, and coatings for weight reduction and to enhance the performance of the vehicles is estimated to propel the market growth. Lightweight automotive components such as fenders, energy absorbers, and instrument panels are manufactured using specialty chemicals as a raw material thereby boosting the market growth of the specialty chemicals market.
Fluctuation in Cost of Raw Material
Constant fluctuations in the prices of raw material of specialty chemicals is expected to hamper the market growth in the coming years. Many specialty chemicals are produced using petroleum-based commodity chemicals. Fluctuations in the cost of crude oil affect the input price of specialty chemicals, hence reducing the profitability of market players.
Global Specialty Chemicals Market: Key Players
Akzo Nobel N.V
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Dow Chemical Company
Chevron Philips Chemical Company
Other Prominent Players
Global Specialty Chemicals Market: Regions
Global Specialty Chemicals Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa. Global Specialty Chemicals Market in Asia Pacific held the largest market share in the year 2018. Asia Pacific will continue to dominate the global Specialty Chemicals market owing to rising investment in construction and infrastructure development projects. Furthermore, mounting research and development activities in this region has resulted in the development of advanced specialty chemicals which is projected to bolster the market growth.
Global Specialty Chemicals Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Specialty Chemicals Market report also contains analysis on:
Specialty Chemicals Market Segments:
By Product Type
Polymers & Plastic Additives,
Lubricants & Oilfield Chemicals,
Building & Construction
Oil & Gas
Paints & Coatings
Electrical & Electronics
Food & Beverages
Cosmetics & Pharmaceuticals
Aerospace & Defense
Pulp & Paper
Specialty Chemicals Market Dynamics
Specialty Chemicals Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Related Reports: Global Greenhouse Irrigation System Market Analysis and Forecast Report 2030