According to new report published by Allied Market Research, titled, " Specialty Chemicals Market by Type (Food Additives, Cosmetic Chemicals, Water Treatment Chemicals, Textile Chemicals, Construction Chemicals, Paper & Pulp Chemicals, Oil Field Chemicals, and Ink Additives) - Global Opportunity Analysis and Industry Forecast, 2018-2026 " the global specialty chemicals market was valued at $211.2 billion in 2018, and is expected to reach $316.5 billion by 2026, growing at a CAGR of 5.2% from 2019 to 2026. 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. Furthermore, the Asia-Pacific region is the largest market for specialty chemicals. The Asia-Pacific specialty chemicals market has witnessed dynamic growth in the recent years. There has been a notable demand from the emerging economies, such as India and China, due to rapid industrialization. This is one of the major factors, which is responsible for driving the world specialty chemicals market. Furthermore, advancements in the major electronics producing countries, such as Japan, South Korea, Taiwan and China, have fostered the consumption of specialty chemicals in this region. Changing consumer lifestyles has led to increase in the demand for cosmetic products. Moreover, increasing investments in construction and infrastructure development projects in the emerging economies, such as India and China, have fueled the adoption of specialty chemicals in this region. 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 specialty chemicals market growth. The production of specialty chemicals incurs high-cost, which leads to lower demand in the market. Most of the specialty chemicals are manufactured using petroleum-based commodity chemicals. Fluctuations in crude oil prices have significantly impacted the input costs of specialty chemicals, thereby, decreasing the profitability of market players. Moreover, chemical manufacturers strive to reduce the costs of the end products, so the elevated costs passed on the buyers.
Key Findings of the Specialty Chemicals Market :
- The market size is provided in terms of revenue
- The market share has been analyzed across four major regions
- In 2018, 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 more than two-thirds share of the market in 2018
- Coagulants & flocculants and biocides & disinfectants segments jointly accounted for more than half of the water treatment chemicals market revenue in 2018
- Presently, Asia-Pacific region is the leading consumer of construction chemicals, accounting for more than half of the market and is expected to maintain its dominance during the forecast period
In 2018, the Asia-Pacific region accounted for about one-thirds share of the Global specialty chemicals market and is expected to grow at the highest CAGR 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 half of the global specialty chemical market in 2018, with oil field chemicals and food additives as major revenue-generating segments.
The prominent players profiled in the specialty chemicals market 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, and others.