| A00348 | Pages: 313 | May 2020 | 53796 Views | ||
| Author(s) : Rutuja Danekar, Saurabh Dixit , Eswara Prasad | Tables: 121 | Charts: 85 |
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Pandemic disrupted the entire world and affected many industries.
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Request Now !The global specialty chemicals market was valued at $711.0 billion in 2019, and is projected to reach $953.9 billion by 2027, growing at a CAGR of 5.0% from 2020 to 2027.
Specialty chemicals are particular chemical products that help in providing variety of effects to various industries that they cater to such as textile, ink additives, construction, oil & gas, cosmetics, and food. Specialty chemicals can be single-chemical formulations or entities whose composition greatly influences the performance of the customers’ product. These chemicals are used on the basis of their function and performance. Continuous R&D in this market has facilitated development of products with optimum and advanced features. This is one of the major factors that drives the growth of this market. With rapid industrialization, noticeable demand from Asian countries such as India and China have arisen. There has been rise in investments in construction and infrastructure development projects in Asia-Pacific. Therefore, Asia-Pacific is considered as a favorable destination for the specialty chemical manufacturers; thereby, boosting the market growth. Whereas, variations in raw material cost and stringent regulations by the government are estimated to hamper the growth of the global specialty chemicals market.
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The global specialty chemicals market is segmented on the basis of type and region. Depending on type, the market is divided into agrochemicals, flavor ingredients, fragrances ingredients, dyes & pigments, personal care active ingredients, water treatment chemicals, construction chemicals, surfactants, textile chemicals, bio-based chemicals, polymer additives, oil field chemicals, paper & pulp chemicals, electronic chemicals, specialty polymers, pharmaceutical ingredients, and others. Region wise, the specialty chemicals market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global specialty chemicals market are BASF SE, Dow, Inc., Bayer AG, Evonik Industries AG, Lanxess AG, Solvay SA, Clariant AG, Huntsman International LLC, Albemarle Corporation, Nouryon, Sumitomo Chemical Company, and Ashland LLC. Other companies in accordance with specialty chemicals market are Henkel Ag & Co. KGAA, Merck & Co., Inc. Sasol Limited, Koninklijke DSM N.V., PPG Industries Inc., 3M, H.B. Fuller, and others
Specialty Chemicals Market
By Type Pharmaceutical Ingridents is projected as the most lucrative segment.
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By type, the pharmaceutical ingredients accounted for the largest specialty chemicals market share in 2019, and is anticipated to continue this trend during the forecast period. This is attributed to the numerous applications across the pharmaceutical industry such as manufacturing drugs for cardiovascular diseases, skin disorders, and Hughes syndrome. Pharmaceutical ingredients are basically active ingredients that are present in medicine products. They are manufactured from basic chemical compounds in large reactors in different manufacturing plants. After the base or chemical compound is processed it turns into an intermediate, which finally forms the pharmaceutical ingredient. Based on the production of specific pharmaceutical ingredient the number of intermediates varies from 1 to 10.
Moreover, agrochemical is expected to account for around one-eight market share. Increase in population base along with rise in demand for food is further demanding agrochemicals for the better crop production and protection, which further drives the growth of the specialty chemicals market during the forecast period. Furthermore, growing awareness among farmers toward the use of agrochemicals in farming fuels the growth of the market. With increase in urbanization and industrialization there is decrease in agriculture land, which leads to growth in demand for agrochemicals to increase the crop yield per acre of land; thereby, driving the growth of the specialty chemicals market during the forecast period
Specialty Chemicals Market
By Region 2026Asia Pacific North AmericaEuropeLamea Asia Pacific holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.
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On the basis of region, Asia-Pacific valued for 36.0% market share, holding the largest market share across all regions. This is attributed to the presence of key developing economies such as China, India, and Japan in this region, which registered the highest market share in the specialty chemicals market in 2017. Specialty chemicals are used in the Asia-Pacific region in various applications such as paints & coatings, water treatment, personal care ingredients & cosmetics, electronics, agriculture, and others. These regions offer lucrative investment opportunities for overseas players.
In 2019, China was the largest market of specialty chemicals in Asia, accounting for around 38.9% share of the overall market. It was followed by India with 23.1% share of the overall market. The specialty chemical market, especially in India, is expected to exhibit dynamic growth during the forecast period. The Indian specialty chemicals industry is highly fragmented and comprises mainly small- to medium-scale companies. Moreover, the unprecedented increase in the use of water treatment chemicals has fueled the growth of the specialty chemicals industry in India.
Furthermore, improving standards of living in most of the developing countries, trade liberalization, growing demand for electronics, and advancements in process technology are the major factors that boost the growth of the specialty chemical industry. Moreover, rise in urbanization and industrialization in the countries such as China, India, and Japan drives the demand for paints & coatings, which further fuels the demand for construction chemicals, which in turn drives the specialty chemicals market during the forecast period. In addition, the demand for water treatment chemicals in Asia-Pacific region, especially in China and India, owing to rise in need for potable water in domestic and industrial applications due to increasing population is expected to fuel the demand for specialty chemicals market.
Key Market Segments & Key Market Players
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According to the perspectives of CXOs of the leading companies of the market, rapid industrialization is the key factor attributed to the leading position of Asia-Pacific region in the global specialty chemical market. The Asia-Pacific region provides lucrative opportunities to leading global chemical manufacturers, owing to its huge potential to set up manufacturing plants and growing demand for specialty chemicals.
Rise in cost of labor and stringent government regulations hampered the market growth in China, which contribute approx. 40% to the global chemical industry. The pandemic further impacted the situation as companies across the world are looking for alternate supply solutions. Thus, the COVID-19 crisis presents an excellent opportunity to the specialty chemical industry in the ASEAN countries such as India, Vietnam, Singapore, and others to assert its dominance at the global level.
Increase in demand for specialty chemicals in the Asia-Pacific region and rise in purchasing power are the major factors driving the adoption of specialty chemicals for various applications, such as textiles, pharmaceuticals, paints, and construction. Renowned global market leaders, such as BASF SE, Ashland LLC, and Evonik Industries AG among others, are adopting various inorganic growth strategies to maintain their market position in this market. These companies are focused on investment, business expansion, and product launch to cater to the growing demand for products such as cosmetics, food, and textiles.
Although Asia-Pacific has emerged as a lucrative region for investors, North America and Europe are perceived as mature markets for the chemical industry due to the high growth rate in terms of revenue. For instance, increase in the demand for bio-based chemicals from various industries driving the growth of specialty chemicals market during the forecast period.
Moreover, stringent government regulations for proper efficient utilization of water has enforced industries and municipal corporations to adopt water treatment solutions, which in turn drives the demand for water treatment chemicals. Moreover, construction chemicals, personal care active ingredients, textile chemicals, and oilfield chemicals among others are expected to witness dynamic growth due to the low cost of raw materials for manufacturing specialty chemicals.
A. The increase in the demand for consumer products such as papers, oil products, electronics, etc. all over the world increases the demand for electronic chemicals and paper, oilfield chemicals, which is expected to drive the growth of the specialty chemicals market during the forecast period
A. The global Specialty chemicals market anticipated to grow at CAGR of 5.0% during the forecast period.
A. New product launches, business collaboration and acquisition are the major growth strategies adopted by the players in this market.
A. Some of the key trends observed in the global Specialty chemicals market are growing focus towards pharmaceutical grade Specialty chemicals due to increaed emphasis on healthcare activities owing to COVID epidemic
A. North America and Asia Pacific regions expected to provide lucrative growth opportunities to the global Specialty chemicals market.
A. BASF SE, Dow, Inc., Bayer AG, Evonik Industries AG, Lanxess AG, Solvay SA, Clariant AG, Huntsman International LLC, Albemarle Corporation, Nouryon, Sumitomo Chemical Company, and Ashland LLC are some of the prominent market players in this market.
A. Pharmaceutical ingridents is the largest segment in the global Specialty chemicals market.
A. Major customer of the Specialty chemicals are from pharmaceutical manufacturers, fertilizer manufactuers, oilfield industry, personal care manufactuers, and industrial sector are the key potential consumers in the Specialty chemicals market.
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