Specialty Chemicals Market Outlook 2031
The Global Specialty Chemicals Market size was valued at USD 272.60 Billion in 2022 and is likely reach to USD 422.89 Billion by 2031 expanding at a CAGR of 5% during the forecast period, 2023 - 2031. Growth of the market is attributed to rising growth of construction activities.
Chemical compounds utilized in range of industries, including construction chemicals, paints & coatings, textile chemicals, mining chemicals, plastic additives, and others are known as specialty chemicals.
One of the primary growth factors is estimated to be raising demand for high-performance and function-specific chemicals across end-user sectors such as oil & gas, pulp & paper, and personal care & cosmetics.
Negative effects of traditional chemicals on the environment and humans have spurred a need for user-friendly and environment friendly specialized chemicals. As a result, numerous businesses have moved their focus to the production and marketing of specialty chemicals in order to differentiate themselves from traditional fine and commodity chemical producers.
Increasing use of rechargeable, downsized, and sustainable electronic components has resulted in a huge demand for devices that may provide improved performance while requiring less maintenance. This has resulted in a significant increase in demand for specialty chemicals from the electrical and electronics industries.
The Covid-19 pandemic affected the demand and supply of global specialty chemicals market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Specialty Chemicals Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand from multiple industries is projected to drive the market.
- Rising demand for high performance has encouraged the adoption of chemical components; this in turn has fueled the market.
- Negative effect on human health and environment is estimated to hinder the market growth.
- Development of environment friendly chemicals is anticipated to create immense opportunities for the market players.
Scope of The Specialty Chemicals Market Report
The report on the global specialty chemicals market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Specialty Chemicals Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Agro- chemicals, Construction Chemicals, Paints & Coating, Electronic Chemicals, and Oilfield Chemicals)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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3M; BASF SE; H.B. Fuller; Huntsman International LLC; and Henkel AG & Co. KGaA
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Specialty Chemicals Market Segment Insights:
The agro chemicals segment is projected to hold a major market share
Based on types, the global specialty chemicals market is segregated into agro-chemicals, construction chemicals, paints & coating, electronic chemicals, and oilfield chemicals. The agro chemicals segment is estimated to increase at a high CAGR during the forecast period.
The segment's expansion is mainly fueled by the world's increasing need for food and decreasing per capita arable land.
The demand for food is increasing as the population grows. Providing food for this expanding population has become a challenge. Arable land, on the other hand, is disappearing as a result of industrialization and urbanization.
Fertilizers have been used to boost crop productivity for a long time, resulting in increased demand for agrochemicals during the forecast period.
Specialty Chemicals Market Regional Outlook
The market in Asia Pacific is projected to hold a major market share
In terms of regions, the global specialty chemicals market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market. The region's growing population, particularly in nations like China and India, is driving food demand.
The expansion of the service sector in Asia Pacific is driving the demand in construction sector, resulting in increased demand for office space, increased residential construction projects, and inflow of investments from multi-national companies looking to establish an industrial base in the region. The construction sector in China and India is predicted to grow as their population increases.
The Chinese government has announced large development plans, including plans for the relocation of 250 million people to new megacities over the next ten years, presenting a significant opportunity for the industry players.
Segments
Types
- Agro Chemicals
- Construction Chemicals
- Paints and Coating
- Electronic Chemicals
- Oilfield Chemicals
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Major players competing in the specialty chemicals market include 3M, BASF SE, H.B. Fuller, Huntsman International LLC, and Henkel AG & Co. KGaA.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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