May 19, 2023   SOURCE: BusinessWire

Global Specialty Chemicals Market Report 2023: A $738.23 Billion Market in 2022 - Forecasts to 2028 - Rising Demand For Sustainable Specialty Chemicals & High Performance Materials - ResearchAndMarkets.com

The "Global Specialty Chemicals Market: Analysis By End Use, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.

The global speacialty chemicals market was valued at US$738.23 billion in 2022. The market value is forecasted to grow to US$998.94 billion by 2028. The market is anticipated to grow at a CAGR of approx. 5% during the forecasted period of 2023-2028.

Specialty chemicals, also referred to as specialities or effect chemicals, are chemical compounds that are procured & consumed in smaller quantities and are generally based on tailor made formulations for specific customer application, function and performance.

Specialty chemicals are low-volume and high-value products, sold based on their quality or utility. Thus, they may be used primarily as additives or to provide a specific attribute to the end-products. The focus is on value addition to the end products.

The increasing per capita disposable income and change in consumer preferences have led to an improvement in demand for end-user industries such as pharmaceuticals, agrochemicals and home/personal care products. This has led to the rising demand for specialty chemicals.

Other significant factor is consolidation. Downstream value-added opportunities have led companies to expand their product portfolios towards high-growth and high-margin products or obtaining access to technological knowhow through M&A activities.

Therefore, with rising trend of consolidation allowing specialty chemical companies to expand geographical coverage and enter into high emerging markets by working with regional manufacturers, the global specialty chemicals market will continue to grow positively in the forecasted period.

Market Segmentation Analysis:

By End Use: The report provides the bifurcation of the market into ten segments based on end use: pharmaceuticals, agrochemicals & fertilizers, construction chemicals, home care ingredients, dyes & pigments, water treatment chemicals, electronics & electrical chemicals, flavor & fragrances ingredients, paints & coating additives, and others.

Pharmaceutical specialty chemicals market held the largest share in the global specialty chemicals market, owing to increasing application of specialty chemicals in pharmaceutical business such as the production of medications for cardiovascular disorders, skin problems, and Hughes syndrome; growing need for innovative and effective drugs to treat a range of diseases and medical conditions; increasing investment in research and development in the pharmaceutical industry; growing trend towards personalized medicine; and new emerging opportunities for collaboration and partnerships between specialty chemical manufacturers and pharmaceutical companies.

By Region: Asia Pacific specialty chemicals market is both the largest and fastest growing region in global specialty chemicals market, driven by rapid urbanization, growing demand for application specific chemical compounds in construction and manufacturing sector, increasing population growth, rising awareness among farmers regarding the use of agrochemicals, ongoing investments in building & infrastructure improvement projects and rapidly expanding end user industries.

Asia Pacific specialty chemicals market is divided into four regions on the basis of geographical operations, namely, China, Japan, India, and rest of Asia Pacific, where China specialty chemicals market held the largest share in Asia Pacific specialty chemicals market, owing to large chemical production base, growing business opportunities, rapid industrialization, rising expendable cash, growing demand for high performance materials and high desire for improved aesthetics in domestic construction.

India specialty chemicals market is the fastest growing region within Asia Pacific, owing to rise in consumption of end-user products, rapid growth of agrochemical industry, increasing number of companies shifting their manufacturing base due to cheap labor and easy availability of raw materials and supportive Government policies. Developments and opportunities together would drive India to become the hub for specialty chemicals manufacturing over the coming decade.

Competitive Landscape:

Specialty chemicals market is seen to be fragmented and highly competitive with large number of small and medium-sized specialty chemical companies operating in the market and striving to differentiate themselves based on product quality, performance, and innovation.

The key players of the market are also adopting various key development strategies to meet the increased demand from various industries, including increased R&D investment, strategic partnerships, mergers, acquisition & collaboration as well as developing new solutions in order to broaden and strengthen their current portfolios, while attracting new customers.

Market Dynamics

Growth Driver

  • Growth of Chemical Industry
  • Rising demand from other End User Industries
  • Rapid Urbanization
  • Increased Demand for High Performance Materials

Challenges

  • Growing Environmental and Safety Concerns
  • Fluctuating Prices of Raw materials
  • Strong Entry Barriers

Market Trends

  • Increasing Integration Of AI and ML
  • Consolidation
  • Rising Demand For Sustainable Specialty Chemicals
  • Technological Advancements In Manufacturing Process

The key players of the market are:

  • Solvay SA
  • The Dow Chemical Company
  • Sika AG
  • Huntsman Corporation
  • BASF SE
  • Evonik Industries AG
  • Clariant AG
  • Albemarle Corporation
  • Croda International Plc
  • Arkema Group (Arkema S.A.)
  • LANXESS AG
  • The Lubrizol Corporation
  • Hexion Inc.

For more information about this report visit https://www.researchandmarkets.com/r/glbgk5

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