Mar 11, 2021   SOURCE: BusinessWire

Specialty Chemicals Market Research Report 2021 - Global Industry Analysis and Growth Forecast to 2030 - ResearchAndMarkets.com

The "Specialty Chemicals Market Research Report: By Type - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The market generated $639,935.8 million in 2019, and it is expected to value $980,423.7 million by 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 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.

Key Topics Covered:

Chapter 1. Research Background

Chapter 2. Research Methodology

Chapter 3. Executive Summary

3.1 Voice of Industry Experts

Chapter 4. Introduction

4.1 Definition of Market Segments

4.1.1 By Type

4.1.1.1 Agrochemicals

4.1.1.2 Construction chemicals

4.1.1.3 Specialty coatings

4.1.1.4 Surfactants

4.1.1.5 Food additives

4.1.1.6 Polymer additives

4.1.1.7 Electronic chemicals

4.1.1.8 Cleaning chemicals

4.1.1.9 Plastic additives

4.1.1.10 Paper & textile chemicals

4.1.1.11 Adhesives & sealants

4.1.1.12 Lubricant & oilfield chemicals

4.1.1.13 Others

4.2 Value Chain Analysis

4.3 Market Dynamics

4.3.1 Trends

4.3.1.1 Shifting of production base to APAC

4.3.2 Drivers

4.3.2.1 Diversified applications of specialty chemicals

4.3.2.2 Demand stimulus from emerging economies

4.3.2.3 Impact analysis of drivers on market forecast

4.3.3 Restraints

4.3.3.1 Governmental and environmental regulations

4.3.3.2 Impact analysis of restraints on market forecast

4.3.4 Opportunities

4.3.4.1 Development of bio-based specialty chemicals

4.4 Impact of COVID-19

4.5 Porter's Five Forces Analysis

Chapter 5. Global Market Size and Forecast

5.1 By Type

5.2 By Region

Chapter 6. North America Market Size and Forecast

Chapter 7. Europe Market Size and Forecast

Chapter 8. APAC Market Size and Forecast

Chapter 9. LATAM Market Size and Forecast

Chapter 10. MEA Market Size and Forecast

Chapter 11. Major Markets: Segment Analysis

Chapter 12. Competitive Landscape

12.1 Market Share Analysis of Key Players

12.2 Competitive Benchmarking of Key Players

12.3 List of Other Players

12.4 Strategic Developments of Key Players

Chapter 13. Company Profiles

  • Ashland Global Holdings Inc.
  • Evonik Industries AG
  • Akzo Nobel N.V.
  • Eastman Chemical Company
  • LOTTE Fine Chemical Co. Ltd.
  • Mitsui Chemicals Inc.
  • Mitsubishi Chemical Corporation
  • BASF SE
  • Clariant International Ltd.
  • Huntsman Corporation
  • Dow Inc.
  • China Petroleum & Chemical Corporation
  • Saudi Basic Industries Corporation
  • Sadara Chemical Company
  • Thebe Unico
  • AECI Ltd.

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