Global Specialty Chemicals Market, 2014-2020: By drivers and restrain, Technology, Application, Size & Share
Deerfield Beach, FL -- (SBWIRE) -- 09/04/2017 -- Zion Market Research has published a new report titled "Specialty Chemicals (Agrochemicals, Polymers & Plastic Additives, Construction Chemicals, Electronic Chemicals, Cleaning Chemicals, Surfactants, Lubricants & Oilfield Chemicals, Specialty Coatings, Paper & Textile Chemicals, Food Additives, Adhesives & Sealants and Others) Market – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020" According to the report, global specialty chemicals market was valued at around USD 345.5 billion in 2014 and is expected to reach USD 473.7 billion in 2020, growing at a CAGR of around 5.4% between 2015 and 2020.
Specialty chemicals are also called as effect chemicals or specialties. These chemicals are manufactured either by a single chemical formulation or a combination of several chemicals whose composition significantly contributes to the performance of the final product. These chemicals are categorized by their properties like low volume, relatively high-value chemicals etc., and recognized for their performance-enhancing properties. Specialty chemicals are used to enhance product performance across a variety of industries, such as paints, cosmetics, electronics, automotive, and construction. For example, in a construction site, the corrosion resistance of steel can be improved by construction chemicals. These chemicals are differentiated on the basis of performance and composition and are also used to enhance the manufacturing processes. For example, textile manufacturers use textile chemicals to enhance the softness of textiles.
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Specialty chemicals market is mainly driven by increasing disposable income in developing countries and simultaneously increasing demand of a variety of products such as cosmetic additives, adhesives, polymers, agrochemicals etc., in which specialty chemicals are used. The rise in demand for specialty chemicals such as construction chemicals, pesticides, oilfield chemicals, mining chemicals and others is mainly due to the huge demand from growth in end-user industries such as construction, automotive, and electronics. Growing automotive industry demands specialty chemicals which help to grow the specialty chemicals market. Additionally, the rapidly expanding market of yield-enhancing agrochemicals is also expected to surge demand for specialty chemicals in the years to come. The rising individual income of the population demands for household products, construction, cleaning products, food and textile products etc in which specialty chemicals are necessary, this factor boost the specialty chemicals market. However, manufacturers are expected to face some challenges such as stringent regulations against agrochemicals which may hamper the growth of this market.
On the basis of product type specialty chemicals market can be segmented as agrochemicals, polymers & plastic additives, construction chemicals, electronic chemicals, cleaning chemicals, surfactants, lubricants & oilfield chemicals, specialty coatings, paper & textile chemicals, food additives, adhesives & sealants and others. Agrochemical was the largest product segment in 2014. The construction chemicals segment is anticipated to exhibit strong growth during the forecast period. Construction chemicals are used in the manufacturing of concrete, cement, or other construction materials to provide superior strength and development in infrastructure demand for this construction material. Electronic chemicals market are expected to show strong demand in coming days due to large used of electronic chemicals in various applications areas such as semiconductors and integrated circuits, smartphones etc.
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Specialty chemicals market was dominated by Asia Pacific and accounted for 45% share of the total market 2014. Due to strong demand from China and India, Asia Pacific dominated the specialty chemicals market. Asia Pacific is followed by North America and Europe. Demand for specialty chemicals from Latin America and Middle East & Africa is anticipated to grow during the forecast period.
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Specialty chemicals manufacturers have a significant impact on the value chain through a higher degree of forwarding integration. These companies manufacture raw materials as well as the final product and use it in various applications. Key players operating in this market includes Akzo Nobel N.V., BASF SE, Ashland Inc., Clariant AG, Evonik Industries, The Dow Chemical Company, Huntsman Corporation, E. I. du Pont de Nemours and Company (DuPont), Arkema S.A., Bayer AG, Chevron Philips Chemical Company, Albemarle Corporation, Chemtura Corporation, Eastman Chemical Company and Solvay.
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