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Specialty Chemicals Market

Specialty Chemicals Market Size, Share, Development, Growth and Demand Forecast to 2022 – Industry Insights by Type (Agrochemicals, Construction Chemicals, Electronic Chemicals, Cleaning Chemicals, Specialty Coatings, Surfactants, Polymer Additives, Plastic Additives, Lubricants and Oilfield Chemicals, Paper and Textile Coatings, Food Additives, Adhesives and Sealants, Others)

Published: May 2016
Report Code: CM10664
Available Format:
Pages: 91

Specialty chemicals are the particular low volume chemical products adding significant value to the different products in several industries, such as construction, agriculture, textile, automotive, oil and gas, food and beverage, paints, glass and cosmetic. These chemicals are marketed for their function or performance, instead of their composition. These chemicals are either single entity, or in combination of several chemicals. The specialty chemical products significantly enhance the processing and performance of consumer products. Specialty chemicals find several applications as catalyst, antioxidant, pesticide or biocide, demulsifier. The specialty chemicals market witnessed significant change over the years, owing to the extensive research and development and product innovation. These chemicals result in higher margins, in comparison to bulk chemicals.

 

SPECIALTY CHEMICALS MARKET

The global specialty chemicals market was valued at $828.9 billion in 2015, and it is expected to grow at a CAGR of 5.0% during 2016 - 2022. The large base of end-use industries, high demand from Asia-Pacific, increasing demand from automotive industry, and technological advancements are driving the growth of the specialty chemicals market. The shifting of production to Asia is the key trend witnessed in the specialty chemicals market. However, saturation in specialty chemicals market in developed economies, volatile raw materials prices and stringent regulations for specialty chemicals are some of the factors hindering the growth of the specialty chemicals market to some extent.

Among the various types of specialty chemicals, the agrochemicals segment held the largest share (15.9%) with market size of $131.4 billion in 2015. The construction chemicals segment held the second largest share (9.6%) in the specialty chemicals market in 2015. The segment is also anticipated to witness the highest growth at a CAGR of 6.8% during 2016 – 2022. Surfactants is another key type segment in the specialty chemicals market, and it is anticipated to witness 5.9% CAGR during forecast period.

Asia-Pacific was the largest as well as the fastest growing specialty chemicals market. The region accounted for 39.7% share in the specialty chemicals market in 2015, and it is anticipated to capture 47.5% share in the market in 2022. The increasing domestic consumption in Asia-Pacific especially in China and India, increasing investment by the major players for the production of specialty chemicals in India and China are driving the specialty chemicals market in the region. The raw material availability and low labor cost are the key success factors for the significant growth of specialty chemicals market in China and India.

Some of the major players operating in the specialty chemicals market include Albemarle Corporation, Akzo Nobel N.V., Ashland, BASF SE, Clariant AG, Evonik Industries, E. I. du Pont de Nemours and Company, Eastman Chemical Company, Huntsman Corporation, INEOS Group, and The Dow Chemical Company.

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