Specialty Chemicals Market worth $364.8 billion by 2028 Globally, at a CAGR of 5.0%, says MarketsandMarkets™


Chicago, July 28, 2023 (GLOBE NEWSWIRE) — The Specialty Chemicals Market is estimated to grow from USD 272.6 billion in 2022 to USD 364.8 billion by 2028, at a CAGR of 5.0%, as per the recent study by MarketsandMarkets™. Specialty chemicals category consists of various chemicals, in this report we have mention ten chemicals which are plastic additives, rubber additives, adhesives, cosmetic ingredients, lubricating oil additives, specialty oilfield chemicals, water treatment chemicals, electronic chemicals, textile chemicals, and advanced ceramic chemicals. The rising demand from end-use industries, advancements in technology and innovation, and expanding global markets and emerging economies are the major driving factors for the specialty chemicals market. The overall growth of the market is closely connected to the growth of the application segments, such as paper & packaging, building & construction, automotive & transportation, electronics, chemical, textile, personal care, oil & gas, medical, and others.

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825 – Market Data Tables

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List of Key Players in Specialty Chemicals Market :

  1. BASF SE (Germany),
  2. DOW Inc. (US)
  3. Nouryon (The Netherlands)
  4. LANXESS AG (Germany)
  5. Evonik Industries AG (Germany)
  6. Huntsman Corporation (US)
  7. Covestro AG (Germany)
  8. Clariant AG (Switzerland)
  9. Solvay S.A. (Belgium)
  10. Arkema (France)

Drivers, Restraints, Opportunities and Challenges in Specialty Chemicals Market :

  1. Driver: Increasing demand from end-use industries
  2. Restraint: Government and environmental regulations
  3. Oppotunities: Green & sustainable specialty chemicals
  4. Challenges: Volatility in raw material prices

Key Findings of the Study:

  1. Water-based adhesive technology accounted for the largest market share, in terms ofvolume, in 2022.
  2. Medical is estimated to be the fastest-growing application of adhesives, in terms of value, during the forecast period.
  3. Asia Pacific is estimated to be the largest market for adhesives, in terms of value, during the forecast period.

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Based on type, the plastic additives market was dominated by plasticizers in terms of value, in 2022. Some of the key factors driving the demand for plasticizers is growing construction industry, increasing demand for consumer goods, and technological advancement. A vast range of consumer goods, including toys, clothing, packaging, and interiors for cars, are also produced using plasticizers. The demand for these items has been fueled by rising disposable incomes, urbanization, and shifting lifestyles, which has had an impact on the need for plasticizers.

Based on application, the plastic additives market is segmented as packaging, construction, consumer goods, automotive, and others. Packaging dominated the plastic additive type of specialty chemical market in terms of both value and volume in 2022. This is due to the growing population, increased consumer spending, and the rise in e-commerce. Also the demand for cosmetics, rapid urbanization, and growth in healthcare industry in emerging countries like China, India and Brazil is driving the demand for plastic additives in packaging application.

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Based on region, Asia Pacific dominated the plastic additives market, both in terms of value and volume, in 2022. The increasing demand for automotive due to growth in middle-class population, rising expenditure, and demand for new and advancement cars is fueling the market for plastic additives in this region. Growing population, increasing awareness regarding the use of safe and durable products are also some of the major factors driving the demand for plastic additives in Asia Pacific.

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