Dublin, March 12, 2021 (GLOBE NEWSWIRE) -- The "Specialty Chemicals Market Research Report: By Type - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The market generated $639,935.8 million in 2019, and it is expected to value $980,423.7 million by 2030.
Driving forces such as the widening application base of specialty chemicals, escalating need for an improved crop quality, and rapid industrialization will accelerate the specialty chemicals market growth at a CAGR of 5.5% during the forecast period (2020-2030).
The demand for these chemicals will be driven by the growing automobile, textile, and food and beverage industries, especially in developing countries.
Specialty chemicals are used as additives to generate the desired effect in substances and end products. These chemicals have diverse features and are compatible with other chemicals. Owing to these properties, they find wide application in various end-use industries. For example, the automobile sector uses specialty chemicals as fuel additives to improve the properties of the fuel. Similarly, methyl oleate, a specialty chemical, is used as an active pharmaceutical ingredient in a variety of creams and lotions.
One of the key factors fueling the specialty chemicals market is the robust industrialization and urbanization in the emerging economies of China, Brazil, and India. Owing to the rapid urbanization, there has been a substantial rise in the living standard of the people of these countries. This has, in turn, fueled the consumption of cosmetics, packaged food items, and pharmaceuticals. Moreover, the expansion of the automobile sector in China and India, as a result of people's rising disposable income, is facilitating the market growth.
The type segment of the specialty chemicals market is categorized into lubricant & oilfield chemicals, agrochemicals, adhesives & sealants, construction chemicals, surfactants, polymer additives, cleaning chemicals, specialty coatings, food additives, electronic chemicals, paper & textile chemicals, and plastic additives. Among these, the lubricant & oilfield chemicals category will display the fastest growth in the forecast period due to the increase in the production of shale gas. Moreover, an increase in construction and automotive production activities will support the growth of this category in the coming years.
Geographically, the Asia-Pacific (APAC) specialty chemicals market is expected to hold the largest share during the forecast period. This can be attributed to the soaring demand for these chemicals in the electrical & electronics, pharmaceutical, automotive, agriculture, and personal care & cosmetics industries of India and China. Moreover, the rapid expansion of the construction sector, extensive research and development (R&D) by key market players, increasing installation of water treatment systems, and escalating demand for plastics and adhesives from the packaging sector will fuel the market growth in the coming years.
The presence of numerous players, such as Evonik Industries AG, BASF SE, China Petroleum and Chemical Corporation, Dow Inc., Henkel AG & Co. KGaA, Akzo Nobel N.V., Mitsubishi Chemical Corporation, Huntsman Corporation, and Clariant International Limited, gives a fragmented character to the specialty chemicals market.
These players are expanding the capacity of their manufacturing facilities to gain a competitive edge. For instance, in December 2019, BASF SE announced its plans to expand its facility in Jiangmen, Guangdong Province, China, and invest in its coating business in Asia.
Thus, the growth of the end-use industries in developing countries and a wide application base of specialty chemicals will propel the market advance in the coming years.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
3.1 Voice of Industry Experts
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Type
126.96.36.199 Construction chemicals
188.8.131.52 Specialty coatings
184.108.40.206 Food additives
220.127.116.11 Polymer additives
18.104.22.168 Electronic chemicals
22.214.171.124 Cleaning chemicals
126.96.36.199 Plastic additives
188.8.131.52 Paper & textile chemicals
184.108.40.206 Adhesives & sealants
220.127.116.11 Lubricant & oilfield chemicals
4.2 Value Chain Analysis
4.3 Market Dynamics
18.104.22.168 Shifting of production base to APAC
22.214.171.124 Diversified applications of specialty chemicals
126.96.36.199 Demand stimulus from emerging economies
188.8.131.52 Impact analysis of drivers on market forecast
184.108.40.206 Governmental and environmental regulations
220.127.116.11 Impact analysis of restraints on market forecast
18.104.22.168 Development of bio-based specialty chemicals
4.4 Impact of COVID-19
4.5 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Type
5.2 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Major Markets: Segment Analysis
Chapter 12. Competitive Landscape
12.1 Market Share Analysis of Key Players
12.2 Competitive Benchmarking of Key Players
12.3 List of Other Players
12.4 Strategic Developments of Key Players
Chapter 13. Company Profiles
Ashland Global Holdings Inc.
Evonik Industries AG
Akzo Nobel N.V.
Eastman Chemical Company
LOTTE Fine Chemical Co. Ltd.
Mitsui Chemicals Inc.
Mitsubishi Chemical Corporation
Clariant International Ltd.
China Petroleum & Chemical Corporation
Saudi Basic Industries Corporation
Sadara Chemical Company
For more information about this report visit https://www.researchandmarkets.com/r/4piqxs
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