Specialty Chemicals Market Research Report: By Type - Global Industry Analysis and Growth Forecast to 2030

Specialty Chemicals Market Research Report: By Type - Global Industry Analysis and Growth Forecast to 2030

  • December 2020 •
  • 192 pages •
  • Report ID: 6033414 •
  • Format: PDF
Specialty Chemicals Market Research Report: 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) - Global Industry Analysis and Growth Forecast to 2030

Driving forces such as the widening application base of specialty chemicals, escalating need for an improved crop quality, and rapid industrialization will accelerate the specialty chemicals market growth at a CAGR of 5.5% during the forecast period (2020–2030). The market generated $639,935.8 million in 2019, and it is expected to value $980,423.7 million by 2030. The demand for these chemicals will be driven by the growing automobile, textile, and food and beverage industries, especially in developing countries.

Specialty chemicals are used as additives to generate the desired effect in substances and end products. These chemicals have diverse features and are compatible with other chemicals. Owing to these properties, they find wide application in various end-use industries. For example, the automobile sector uses specialty chemicals as fuel additives to improve the properties of the fuel. Similarly, methyl oleate, a specialty chemical, is used as an active pharmaceutical ingredient in a variety of creams and lotions.

One of the key factors fueling the specialty chemicals market is the robust industrialization and urbanization in the emerging economies of China, Brazil, and India. Owing to the rapid urbanization, there has been a substantial rise in the living standard of the people of these countries. This has, in turn, fueled the consumption of cosmetics, packaged food items, and pharmaceuticals. Moreover, the expansion of the automobile sector in China and India, as a result of people’s rising disposable income, is facilitating the market growth.

The type segment of the specialty chemicals market is categorized into lubricant & oilfield chemicals, agrochemicals, adhesives & sealants, construction chemicals, surfactants, polymer additives, cleaning chemicals, specialty coatings, food additives, electronic chemicals, paper & textile chemicals, and plastic additives. Among these, the lubricant & oilfield chemicals category will display the fastest growth in the forecast period due to the increase in the production of shale gas. Moreover, an increase in construction and automotive production activities will support the growth of this category in the coming years.

Geographically, the Asia-Pacific (APAC) specialty chemicals market is expected to hold the largest share during the forecast period. This can be attributed to the soaring demand for these chemicals in the electrical & electronics, pharmaceutical, automotive, agriculture, and personal care & cosmetics industries of India and China. Moreover, the rapid expansion of the construction sector, extensive research and development (R&D) by key market players, increasing installation of water treatment systems, and escalating demand for plastics and adhesives from the packaging sector will fuel the market growth in the coming years.

The presence of numerous players, such as Evonik Industries AG, BASF SE, China Petroleum and Chemical Corporation, Dow Inc., Henkel AG & Co. KGaA, Akzo Nobel N.V., Mitsubishi Chemical Corporation, Huntsman Corporation, and Clariant International Limited, gives a fragmented character to the specialty chemicals market. These players are expanding the capacity of their manufacturing facilities to gain a competitive edge. For instance, in December 2019, BASF SE announced its plans to expand its facility in Jiangmen, Guangdong Province, China, and invest in its coating business in Asia.

Thus, the growth of the end-use industries in developing countries and a wide application base of specialty chemicals will propel the market advance in the coming years.