Global Specialty Chemicals Market Analysis Highlights the Impact of COVID-19 2020-2024 | Increasing Demand From Agrochemical Industry to Boost Market Growth | Technavio

The global specialty chemicals market size is expected to grow by USD 118.22 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Technavio has announced its latest market research report titled Global Specialty Chemicals Market 2020-2024 (Graphic: Business Wire)

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The growing world population and the declining arable land are impacting the agriculture industry. The limited availability of arable land is leading to an increase in focus on raising crop yields to support the rapidly growing world population. This has encouraged specialty chemical companies to develop various yield-enhancing agrochemicals. The increasing awareness among farmers regarding these agrochemicals will provide high growth opportunities for vendors in the market. Hence, the rising demand for food and the decreasing amount of land for crop cultivation, especially in developing countries, will propel the use of agrochemicals for the improvement of farm yields and the reduction of crop loss.

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As per Technavio, the increasing demand for recycled plastics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Specialty Chemicals Market: Increasing Demand for Recycled Plastics

Many industries are adopting green and sustainable solutions, owing to increasing awareness about healthy living. This has led to a rise in the demand for recycled plastics. The packaging industry uses recycled plastics in large volumes. The industry is shifting toward the use of recycled plastics, with a growing number of consumers that are conscious about environmental protection norms. Recycled plastics offer new possibilities for reducing waste, lowering energy consumption and carbon emissions, and decreasing water consumption to achieve high quality and performance. Recycled plastics are used for increasing shelf life and offering product protection. Therefore, an increase in the adoption of green options for various applications has augmented the demand for recycled plastics, which has raised the demand for plastic additives in recycled plastics. This, in turn, will drive the growth of the global specialty chemicals market during the forecast period.

“Other factors such as the shift toward specialty adhesives and sealants, and the increasing demand for surfactants, agrochemicals, lubricants, cleaners, oilfield chemicals, and specialty coatings will have a significant impact on the growth of the specialty chemicals market value during the forecast period,” says a senior analyst at Technavio.

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Specialty Chemicals Market: Segmentation Analysis

This market research report segments the specialty chemicals market by end-user (agrochemicals, lubricant and oilfield chemicals, industrial and institutional cleaners, electronic chemicals, adhesives and sealants, food additives, polymers and plastic additives, surfactants, construction chemicals, textile chemicals, and others) and geography (APAC, North America, Europe, South America, and MEA).

The APAC region led the specialty chemicals market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as rapid industrialization and the increasing demand for agrochemicals, plastic additives, food additives, and adhesives and sealants.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005445/en/