Asian specialty chemicals market is expected to reach US$424.51 billion in 2025, rising at a CAGR of 7.75%, for the period of 2021-2025. Factors such as rise in construction industry, growth in oil refining activities, growing cosmetic industry and recovering economic growth would drive the market value during the forecasted period. However, the market growth would be challenged by price instability of crude oil, mounting concerns regarding CO2 emissions and stringent regulations. A few notable trends may include, China’s increasing share in global chemical market, rising user penetration of ecommerce, accelerating active pharmaceutical ingredients (API) market and continuous research and development.
Asia is expected to drive more than two-thirds of the incremental specialty chemicals global demand till the year 2025, primarily fuelled by disproportionate growth in China and India, thereby laying an imperative for players to make bold moves to accelerate the adoption of specialty chemicals. Cosmetic chemicals, adhesives and sealants, flavours and fragrances, printing inks, food additives and water management chemicals are a few emerging segments expected to grow fast and improve their relative positions in the specialty chemicals market in Asia.
Based on country, Asian specialty chemicals market has been segmented into China, Japan and India. China has been the fastest growing specialty chemicals market in Asia, but due to stringent regulations by the Chinese government on the international trade of specialty chemicals, India is likely to emerge as a prominent market player over the coming years. Further, the emergence of the COVID-19 pandemic caused adverse disruption across various chemicals using industries, which resulted in the negative impact on the market value of specialty chemicals in 2020.
Scope of the report:
The report provides a comprehensive analysis of the Asian specialty chemicals market. The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth. The competitive landscape of the market, along with the company profiles of leading players (BASF SE, Mitsubishi Chemical Holdings, Sumitomo Chemical, Aarti Industries, Atul Ltd. And Mitsui Chemicals) are also presented in detail.
Key Target Audience:
Chemicals Manufacturers Specialty Chemicals Suppliers & Distributors Raw Material Suppliers Key End Use Industries Investment Firms Government Bodies & Regulating Authorities
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