The report “Global Specialty Chemicals Market”, examines the market for specialty chemicals – based on type, function, and region. The report provides trend analysis and historical market data. RationalStat offers market share analysis, production capacities by key producers, Covid-19 analysis, an overview of the competition, market strategies, and potential growth areas.
RationalStat research predicts that the global specialty chemicals market will reach US$ 900 Billion by 2028 with a substantial CAGR of 5%.
Market Overview & Dynamics: The specialty chemicals market has seen an increase in R&D and increased demand from Asian countries.
Over the 2022-2028 forecast period, the global specialty chemicals market will grow at a rate of approximately 5%. Specialty chemicals will continue to grow due to the growing food and beverage industry. This industry requires the use of preservatives and food additives in packaged food products.
- In the coming years, market growth will be fueled by increased research and development of specialty chemicals with advanced features. Manufacturers are also focusing on product design and meeting customer quality standards. This includes materials with high-performance characteristics that have high barriers to entry. These factors will likely influence the growth and future prospects of the global specialty chemicals market.
- Rapid industrialization in various developing countries around the globe is another factor that has contributed to the rise in the global specialty chemical market. The government has implemented policies to support industries in their quest for lower manufacturing costs and improved capabilities.
- In addition, new environmental protection laws have mandated the use of specialty chemicals in water treatment and chemicals to combat hazardous air pollutants. These changes will be a catalyst for the growth of the global specialty chemical market.
- This shift is highly consumer-driven. The rapidly expanding middle class requires more consumer goods like electronics, personal care products, and food & nutritional products, which in turn stimulates demand for specialty chemicals that are used to make them.
There is also a consumer-driven shift. The rapidly growing middle class demands more consumer goods like electronics, personal care products, and food & nutritional products. This stimulates demand for specialty chemicals that are used to make them.
Segmental Analysis: Within APAC, China is the largest consumer of construction materials, feed additives, specialty polymers, and coatings, etc.
- Based on type, construction chemicals hold a prominent share in the global specialty chemical market owing to the flourishing construction industry and the increased use of chemicals in the industry.
- Based on region, Asia Pacific holds a prominent share of the global specialty chemicals market as the industries like construction and infrastructure industries have seen significant growth and are expected to grow at a steady pace in the forthcoming years.
Competition Analysis: The rising demand for high-performance and function-specific chemicals across end-use sectors is expected to fuel the demand for specialty chemicals in the upcoming years
Due to the presence of many well-established companies in the global specialty chemicals market, there is intense competition in the global specialty chemicals market. The global specialty chemicals market is expected to witness growth in the forthcoming years as the growing population upsurges the demand of various industries like agriculture, construction, and automotive industry which is expected to further fuel the growth of the global specialty chemicals market.
The market players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. In 2020-21, we estimated a total M&A transaction value above US$ 55 billion in the specialty chemicals market.
- In July 2021, Platinum Equity acquired Solens, Dubilier & Rice, and BASF for a value of US$ 5.2 billion and merged them with Segura Water.
- In July 2021, two specialty chemicals business lines of H20 Innovation Inc., PWT, and Genesis joined together to form the H20 Innovation Specialty Chemicals Group.
Some of the prominent players that contribute significantly to the specialty chemicals market growth are Albemarle Corporation, Ashland LLC, BASF SE, Bayer AG, Clariant AG, Huntsman International LLC, 3M Company, Sumitomo Chemical Company, Solvay SA, Mitsubishi Chemical Corporation, Vink Chemicals GmbH & Co. KG, and DuPont de Nemours Inc. among others.
RationalStat has segmented the global specialty chemicals market on the basis of type, function, and region.
- By Type
- Cleaning Chemicals
- Construction Chemicals
- Electronic Chemicals
- Adhesives & Sealants
- Polymer & Plastic Additives
- Textile Chemicals
- Others (Paper Chemicals, etc.)
- By Function
- Special Enzymes
- Specialty Coatings
- Specialty Pigments
- Others (Demulsifiers etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America