The global specialty chemicals market was valued at $828.9 billion in 2015, and it is expected to grow at a CAGR of 5.0% during 2016 - 2022.
New York, NY -- (SBWIRE) -- 12/12/2016 -- The factors driving the growth of the global market include large base of end-use industries, high demand from Asia-Pacific, increasing demand from automotive industry, and technological advancements in the global specialty chemicals market. The growth of the global Specialty chemicals market is largely driven by high demand for specialty chemicals agriculture and construction industries. The growing construction activities in Asia-Pacific and development of environment friendly products offer ample revenue generation opportunities to the manufacturers of specialty chemicals.
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Among the various types of specialty chemicals, the agrochemicals segment held the largest share (15.9%) with the market size of $131.4 billion in 2015 in the global specialty chemicals market. The construction chemicals segment is anticipated to witness the highest growth at a CAGR of 6.8% during the forecast period. The construction chemicals segment in the global specialty chemicals market was valued at $79.3 billion in 2015, and it is anticipated to reach $125.6 billion by 2022. The high growth in the construction chemicals segment is attributed to the increasing construction activities in Asia-Pacific, and increasing focus on buildings renovation in developed economies and government initiatives for green buildings.
In 2015, Asia-Pacific held the largest share (39.7%) in the global specialty chemicals market with a market size of $340.4 billion. The specialty chemicals market in the region is anticipated to witness the highest growth at a CAGR of 7.2% during the forecast period. The major reasons behind the growth of the specialty chemicals market in the region include increasing infrastructure investment, and high demand in major end markets, such as construction, automotive, agriculture, packaging, textiles, and personal care. In addition, the high demand for specialty chemicals in China and India are creating ample growth opportunities for the Asia-Pacific specialty chemicals market. The specialty chemicals market in India and China are expected to grow at a CAGR of 14.6% and 7.3% respectively during the forecast period.
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Some of the major players operating in the global specialty chemicals market include Albemarle Corporation, Akzo Nobel N.V., Ashland, BASF SE, Clariant AG, Evonik Industries, E.I. du Pont de Nemours and Company, Eastman Chemical Company, Huntsman Corporation, INEOS Group, and The Dow Chemical Company.
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