Global Specialty Chemicals Market Size To Grow USD 1016.5 Billion By 2030 | CAGR of 5.52%
The Global Specialty Chemicals Market Size was valued at USD 723.43 Billion in 2021 and the worldwide specialty chemicals market size is expected to reach USD 1016.5 Billion by 2030, according to a research report published by Spherical Insights & Consulting. Companies Covered: 3M, Akzo Nobel N.V., Huntsman International LL, DuPont, Clariant AG, Solvay, Lanxess, Sika AG, Evonik Industries AG, Croda International Plc, Ashland LLC., Corteva, The Lubrizol Corp., BASF SE, Albemarle Corp., Koninklijke DSM N.V., Sumitomo Chemical Co., Ltd., PPG Industries Inc., Nouryon, Merck & Co., Inc., Lion Specialty Chemicals Co., Ltd. and among others.
New York, United States , March 15, 2023 (GLOBE NEWSWIRE) — The Global Specialty Chemicals Market Size is to grow from USD 723.43 billion in 2021 to USD 1016.5 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.52% during the forecast period. Specialty chemicals adoption is increasing in various industries, including mining, industrial, food & drinks, construction, agrochemicals, electronics chemicals, paper & pulp chemicals, pharmaceutical ingredients, specialty polymers, manufacturing, oilfield chemicals, surfactants, and others.
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Specialty chemicals, commonly referred to as performance chemicals or specialties, are utilized in the manufacturing of finished goods as well as to improve industrial processes. Specialty chemicals, which are low-volume, high-value, ultra-high purity substances, are used by a diverse range of end users. The world’s top ten specialized chemical makers include BASF, Lubrizol Corporation, AkzoNobel, Huntsman, Clariant, Rockwood, DuPont, Lanxess, Clariant AG, and Solvay.
The need for green or bio-based specialty chemicals, expanding acceptance in the healthcare industry, and rising demand in the personal hygiene industry are all important drivers of specialty chemicals market growth. Additionally, the automotive industry is predicted to be an unscrupulously rising industry, fueling market expansion, due to the significant need for adhesives, lubricants, paints, and coatings for lowering weight and cost-saving end goods. However, rising oil prices are expected to have a significant impact on the specialty chemicals business.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on the “Global Specialty Chemicals Market Size, Share, and COVID-19 Impact Analysis, By Product (Food & Feed Additives, Agrochemicals, Flavor & Fragrances, Dyes & Pigments, Water Treatment Chemicals, Personal Care Active Ingredients, Surfactants, Construction Chemicals, Bio-based Chemicals, Textile Chemicals, Institutional & Industrial Cleaners, Oilfield Chemicals, Polymer Additive, Electronics Chemicals, Paper & Pulp Chemicals, Pharmaceutical Ingredients, Specialty Polymers, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.” Get Detailed Report Description Here:
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The agrochemicals & food & feed additives segment is dominating the market with the largest market share of 35% over the forecast period.
Based on end-user, the Global Specialty Chemicals Market is segmented into food & feed additives, agrochemicals, flavor & fragrances, dyes & pigments, water treatment chemicals, personal care active ingredients, surfactants, construction chemicals, bio-based chemicals, textile chemicals, institutional & industrial cleaners, oilfield chemicals, polymer additive, electronics chemicals, paper & pulp chemicals, pharmaceutical ingredients, specialty polymers, and many others. Among these, the agrochemicals & food & feed additives segment dominates the market with the largest market share of 55% over the forecast period. Growing worldwide food consumption and lower per capita agricultural land are driving the segment’s expansion, which will drive the specialty chemicals market throughout the forecast period.
Furthermore, the pharmaceutical ingredients category is predicted to grow during the forecast period. Additionally, due of the qualitative nature of regulatory standards, equipment, and cleaning and hygiene activities, institutional and industrial cleaners are predicted to expand as one of the most important segments.
With a market share of 58%, Asia Pacific dominates the market.
Asia Pacific dominates the market with a 58% market share owing to the biggest revenue share due to the presence of key growing economies in this region such as China, Japan, India, and South Korea. The agrochemical and pharmaceutical applications industries are expected to rise, boosting the specialty polymer market’s growth over the forecast period.
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North America is expected to grow the fastest during the forecast period because of its significant demand for biocides, cosmetic chemicals, corrosion inhibitors, institutional cleansers, lubricating oil additives, and synthetic lubricants.
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in theGlobal Specialty Chemicals Market include 3M, Akzo Nobel N.V., Huntsman International LL, DuPont, Clariant AG, Solvay, Lanxess, Sika AG, Evonik Industries AG, Croda International Plc, Ashland LLC., Corteva, The Lubrizol Corp., BASF SE, Albemarle Corp., Koninklijke DSM N.V., Sumitomo Chemical Co., Ltd., PPG Industries Inc., Nouryon, Merck & Co., Inc., Lion Specialty Chemicals Co., Ltd., and among others.
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In May 2022, Sika AG has purchased United Gilsonite Laboratories (UGL), a well-known provider of solutions for consumer and DIY waterproofing applications in the United States. Sika will benefit from the acquisition by broadening its portfolio and opening up cross-selling potential with large retailers and other building material stores. Sika can capitalize on the growing trends in both the residential and commercial building categories with the combined offerings of the two enterprises.
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