Global Specialty Chemicals Market Information-by Functional (Adhesives & Sealants, Elastomers, Flame Retardant, Water Treatment and Others), by End-use (Construction, Agriculture, Automotive, Electronics, Others), and by Region - Forecast to 2023
Pune, India -- (SBWIRE) -- 03/22/2018 -- Specialty Chemicals – Insights
Popularly known by the name specialties or effect chemicals, specialty chemicals can be described as multipurpose chemical products. They can be utilized to derive a number of different results. Majority of the industries depend on these chemical results to function. Recently, the demand for these has risen which in turn has propelled the growth of the Global Specialty Chemicals Market.
Specialty Chemicals are employed in accordance with their performance or purpose. They contain various elements. They can be a mix of a number of molecules. These mixtures are commonly known as formulations. The biological and chemical characteristics of these elements have a great impact on the end product. Specialty chemicals are extensively used in industries like waste water treatment, textiles, paints, agriculture, oil & gas, electronics & many more.
Effect chemicals are often confused with commodity chemicals. But the basic difference between the two is that Specialty Chemicals have only a single or dual purposes. On the other hand their commodity counterparts can have numerous other uses. Owing to their unique traits, Specialty Chemicals are termed as the most diverse chemical elements.
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The Global Specialty Chemical Market is poised for a considerable amount of growth. Back in 2016, this market was valued at USD 1.14 trillion. At present, experts believe that this industry will grow at a healthy CAGR of around 14.8%. If all goes well, the market will earn above USD 233.1 billion by 2022.
There are many aspects that come together to drive the growth of this market. Some of the major ones include, population explosion, higher demand for constructions & automotive industry advancements. Requirement for utility-specific chemicals and longer product cycles will further foster the growth of the market.
Additional propellers can be listed as growing environmental concerns & technological inventions. Although, the market may encounter certain hindrances like lesser crude oil costs & strict environmental rules pertaining Specialty Chemicals. It is believed that with time all of these problems will be resolved.
The Worldwide Specialty Chemicals Market is divided into functions, types & end users.
On the basis of functions the market is segmented into adhesives & sealants, elastomers, flame retardant and water treatment. Out of these adhesive & sealants held the biggest market share of up to 25.9% in 2015. This sub segment was followed by elastomers that held around 24.7% shares.
On account of Types the market is segmented into electronic chemicals, industrial & institutional cleaners, specialty polymers, surfactants and construction chemicals.
Soap, cleaning, cosmetics, food and beverages, electrical & construction form the end-users segment.
Geographically, the Global Specialty Market is spread across North America, Europe, Asia Pacific and Rest of the World.
Out of these Asia Pacific holds the largest market share. It is due to the high availability of raw materials and lower human labor costs. Several nations like India, Malaysia, and Thailand etc are poised for growth in the coming years.
Key Players & Strategies
Some of the big brands in this industry include Akso Nobel NV, BHS Specialty Chemical and Evonik Industries AG. These brands have a really smart approach towards this industry. They focus on technological inventions and at the same time expand their companies by getting hold of local players of a specific region.
One of the major industry trends that this market is widely accepting is that of is industry cross. In it a specific brand assesses and identifies an industry specific project. They then carry out a strategic innovation partnership with another organization to launch a new and promising product in the market. This has helped in effective utilization of technology and bringing higher revenues to the market.
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