Specialty Chemicals Market To Reach USD 1,045.7 Billion By 2032
The specialty chemicals market is benefitting from the advancements in technology research.
Fort Collins, Colorado, Nov. 15, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, The Specialty Chemicals Market size was valued at USD 607.3 Billion in 2022 and is expected to reach a market size of USD 1,045.7 Billion by 2032 with a CAGR of 5.7%.
The specialty chemicals market is growing due to high demand from the automotive, construction, electronics, healthcare, agriculture, and consumer goods industries. These chemicals provide improved performance, sustainability, and customization, resulting in increased demand.
The increasing focus on sustainability drives the specialty chemicals market. These chemicals provide solutions that enable energy efficiency, waste reduction, and environmental protection. To address environmental concerns and comply with regulations, eco-friendly products such as bio-based chemicals, green solvents, and low VOC formulations are being developed by manufacturers. With sustainability becoming a business necessity, the demand for specialty chemicals to reduce carbon footprints is rising.
Rapid industrialization in emerging economies, such as China, India, Brazil, and Mexico, is driving the growth of the specialty chemicals market. The increased demand for specialty chemicals is primarily due to the growth and development of the construction, automotive, and electronics sectors. The rising middle class, urbanization, and changing lifestyles also contribute to the demand for specialty chemicals in consumer goods and personal care products.
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The global specialty chemicals market has been segmented into type and region. As the world’s population grows and the demand for food increases, the agrochemicals industry is expected to play a significant role in meeting this demand. The use of agrochemicals helps to improve crop production and protection, leading to a higher demand for them in countries such as China and India, which are major agricultural producers.
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Specialty Chemicals Market Report Highlights:
- The global specialty chemicals market growth is anticipated at a CAGR of 5.7% by 2032.
- The specialty chemicals market has grown due to increasing demand from end-use industries, sustainable solutions, and emerging economies.
- Specialty chemicals are prominent in North America, Europe, and Asia-Pacific. North America is known for eco-friendly chemicals, while the United States leads the region in the healthcare, technology, automotive, electronics, and construction sectors. Europe focuses on sustainable solutions, with Germany, France, and the UK as key players. Emerging economies in Asia-Pacific, especially China and India, drive the market with growing industrialization and urbanization.
- Some prominent players in the specialty chemicals market report include Solvay, Evonik Industries AG, Clariant AG, Akzo Nobel N.V., DuPont, Kemira Oyj, Lanxess, Croda International Plc, Huntsman International LL, The Lubrizol Corporation, and Albemarle Corporation among others.
Industry Trends and Insights:
– Evonik now offers plant-based squalene, PhytoSquene®, for pharmaceutical applications.
– Clariant will showcase natural ingredient solutions at Thailand’s in-cosmetics Asia trade show from 7-9 November 2023.
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Specialty Chemicals Market Segmentation:
By Type: Agrochemicals, Dyes and Pigments, Construction Chemicals, Specialty Polymers, Textile Chemicals, Base Ingredients, Surfactants, Functional Ingredients, Treatment, Others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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