The APAC specialty chemicals market is projected to reach $361.0 billion by 2023, according to P&S Market Research.
The rapidly growing population; increasing growing middle-class population in the region; and rising industrialization in the field of food, agriculture, cosmetics, and many other manufacturing sectors, are propelling the demand of specialty chemicals in the region.
Insights into market segments
On the basis of type, the APAC specialty chemicals market is categorized into agrochemicals, construction chemicals, specialty coatings, surfactants, food additives, polymer additives, electronic chemicals, cleaning chemicals, plastic additives, paper and textile chemicals, adhesives and sealants, lubricants and oilfield chemicals, and others. The other types include advanced ceramic materials, rubber processing chemicals, water treatment chemicals, and mining chemicals. Of these, the fastest growth during the forecast period is expected from construction chemicals, with a CAGR of 7.4%. This can be attributed to the increasing domestic demand for residential and commercial buildings from the massive population of the region.
India to lead the market growth
India is expected to be the fastest growing APAC specialty chemicals market, advancing at a CAGR of 8.2% during the forecast period. The highest growth in the country is attributed to the growing urbanization trend, increasing disposable income, and high demand for enhanced aesthetics in residential infrastructures. Specialty chemicals are used in a variety of industries including automotive, construction, food and beverage (F&B), personal care, and electronics.
Browse report overview with detailed TOC on "Asia-Pacific (APAC) Specialty Chemicals Market by Type (Agrochemicals, Construction Chemicals, Specialty Coatings, Surfactants, Food Additives, Polymer Additives, Electronic Chemicals, Cleaning Chemicals, Plastic Additives, Paper & Textile Chemicals, Adhesives & Sealants, Lubricant & Oilfield Chemicals), by Country (China, Japan, India) – Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/apac-specialty-chemicals-market
Increase in construction activities is laying immense opportunities for market growth
In order to facilitate rapid industrialization and improving lifestyle, almost all APAC countries are focusing on infrastructure development. The infrastructure projects include construction of commercial and residential buildings, hospitals, schools, malls, shopping complexes, warehouse, manufacturing facilities, roads, highways and railroads. Specialty chemicals are used in the construction industry in the form of resins, pigments, surfactants, coatings, paints, varnishes, additives, sealants and adhesives, and others. Thus, increasing construction activities is driving the demand of these chemicals in the region, creating growth opportunities for APAC specialty chemicals market.
APAC specialty chemicals market competitive landscape
Some of the major players operating in the APAC specialty chemicals market are DowDuPont Inc., Ashland Global Holdings Inc., Evonik Industries AG, Akzo Nobel N. V., Eastman Chemical Company, LOTTE Fine Chemical, Mitsui Chemicals Inc., Mitsubishi Chemical Corporation, BASF SE, Clariant AG, Huntsman Corporation, and China Petroleum & Chemical Corporation.
APAC SPECIALTY CHEMICALS MARKET SEGMENTATION