The global specialty chemical market is projected to reach USD 492.4 billion by the end of 2023, growing with a CAGR of 5.42% from 2017 to 2023. Specialty chemicals, also known as effect chemicals, are chemicals which provide different effect when added to different chemical or substances. Specialty chemicals are used under different categories such as adhesives (substance applied at the surfaces of materials binding them together to resist separation), agrichemicals (pesticides such as insecticides, herbicides and fungicides), cleaning materials, cosmetic additives, construction chemicals, elastomers, flavors, food additives (food preservatives such as salt, sugar, vinegar and sulfur dioxide), fragrances, industrial gases, lubricants, polymers, surfactants (emulsifiers, foaming agents and dispersants), and textile auxiliaries. Industrial sectors such as automobile, aerospace, food, cosmetics, agriculture, manufacturing, textile industries are the major end-user of specialty chemicals.
The report segments the global Specialty Chemical market by type, function and region. The types include advanced ceramic materials, construction chemicals, electronic chemicals, food additives, mining chemicals, oilfield chemicals, pesticides, plastic additives, printing inks, rubber processing chemicals, specialty paper chemicals, textile chemicals, specialty surfactants, specialty polymers and water management chemicals. The functions include antioxidants, biocides, catalysts, enzymes, separation membranes, specialty coatings and specialty pigments among others.
Figure: Global Specialty Chemical Market by Value 2015-2023
Geographic Coverage and Analysis:
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific leads the global specialty chemicals market followed by North America and Europe. Increasing industrial activities in developing countries such as India and China will increases the demand for specialty chemicals in these countries. China and Japan are expected to lead the Asia-Pacific market.
The companies covered in the report include Henkel Ag & Co. KGAA (Germany), BASF SE (Germany), AkzoNobel N.V. (The Netherlands), Evonik Industries AG (Germany) and Clariant AG (Switzerland), Huntsman International LLC (U.S.), The Dow Chemical Company (U.S.), Albemarle Corporation (U.S.), and Ashland Inc. (U.S.), among others.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of specialty chemical globally as well as regionally. Moreover, IGR-Growth matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as porter’s five forces analysis and value chain analysis of specialty chemical. Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the specialty chemical market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market.
The report also provides in depth analysis of impact of reach policy (registration, evaluation and authorization of chemicals) adopted by the European Union on the global specialty chemical market over the period of 2017 to 2023. This section also provides crucial information on safety profiles of the chemicals in European Union. This report will help manufacturers, suppliers and distributors of the specialty chemical market to understand the present and future trends in this market and formulate their strategies accordingly.
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