Specialty Chemicals Market Report, published by Allied Market Research, forecasts that the global market is expected to generate $233.5 billion by 2020. In 2014, construction chemicals and food additives segment collectively accounted for about half of the market share and is expected to maintain this trend during the forecast period. In 2014, the Asia-Pacific region contributed around 35% share of the specialty chemical market.
Specialty chemicals are manufactured on the basis of their performance or function, rather than their chemical composition. Constant focus on research & development activities has led to the development of advanced specialty chemicals; thereby, driving the market growth. Moreover, heavy investment in construction & infrastructure projects and changing lifestyle of consumers boost the consumption of specialty chemicals, such as construction chemicals and food additives, in the emerging economies. However, fluctuating cost of raw materials and stringent government regulations are expected to restrain the market growth.
Key Findings of Specialty Chemicals Market
- In 2014, food flavors segment dominated the food additives market, accounting for one-thirds share of the overall market revenue.
- Asia-Pacific region was the largest consumer of cosmetic chemicals, accounting for about 39% share of the market in 2014.
- Coagulants & flocculants and biocides & disinfectants segments jointly accounted for more than half of the water treatment chemicals market revenue in 2014.
- Presently, Asia-Pacific region is the leading consumer of construction chemicals, accounting for more than 50% share of the market and is expected to maintain its dominance during the forecast period.
- Asphalt additives is one of the lucrative segments in the construction chemicals market and is projected to grow at CAGR of 7.5% during the forecast period.
In 2014, the Asia-Pacific region accounted for about one-thirds share of the gloabl specialty chemicals market and is expected to grow at the highest CAGR of 5.4% during the forecast period. The is primarily attributed to the increasing demand for specialty chemicals in construction, personal care, water treatment, pulp & paper, and ink additives market. North America and Europe collectively accounted for more than 50% share of the global specialty chemical market in 2014, with oil field chemicals and food additives as major revenue-generating segments.
The prominent players profiled in this report include BASF SE, The Dow Chemical Co., Bayer AG, AkzoNobel N.V., Huntsman Corporation, Chemtura Corporation, Rhodia S.A., Clariant AG, Evonik Industries AG, and Novozymes A/S.