Specialty Chemicals Industry Overview
The global specialty chemicals market size was valued at USD 586.5 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2028.
Growing demand for high-performance and function-specific chemicals across the end-use industries such as oil and gas, pulp and paper, and personal care and cosmetics is expected to be one of the prime market growth factors. Specialty chemicals are also referred to as performance chemicals or effect chemicals. Some popular examples include essential oils, gelatin, castor oil, and collagen.
These chemicals are referred to as specialties as they are produced in lesser volumes and cater only to a few applications unlike the rest of the fine and commodity chemicals (according to the European Chemical Industry Council (Cefic).
Gather more insights about the market drivers, restrains and growth of the Global Specialty Chemicals Market
Innovation and R&D are some of the key growth prospects as the market is majorly consumer-driven. Manufacturers’ focus on providing innovative and custom-made product offerings for target applications and catering to the demand of specific customers has driven research and development investment and thus, driven the development of innovative specialty chemicals and expanded the market product portfolio.
Concerns regarding the harmful effects of conventional chemicals on the environment and humans have prompted the demand for user-friendly and environment-friendly specialty chemicals. Therefore, several players’ focus has shifted towards the development and marketing of specialty chemicals in order to edge out from the conventional fine and commodity chemical manufacturers. However, the technicalities associated with their small-scale production, especially for those produced via bio-refineries such as collagen pose significant challenges to the industry. Further, the competition from more economical conventional counterparts of specialty chemicals adds to the industry challenge.
The rising adoption of rechargeable, miniaturized, and sustainable electronic components have created a significant demand for products that can foster enhanced performance with lesser maintenance. This factor has led to considerable growth in the demand for specialty chemicals from the electrical and electronics end-use.
The automotive industry is expected to remain a lucratively growing segment with high demand for adhesives, lubricants, paints, and coatings for weight reduction and cost-saving End-Uses. Growing awareness and rising adoption of a healthy lifestyle among consumers has driven the product demand for pharmaceuticals and nutraceuticals end-use. Increasing disposable income is significantly driving consumer focus towards personal care and this is likely to augment the product demand in personal care and cosmetics end-use.
Browse through Grand View Research’s Specialty Polymers Industry Research Reports.
- Glutathione Resin Market: The global glutathione resin market size was valued at USD 407.60 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.4% from 2021 to 2028.
- Flock Adhesives Market: The global flock adhesives market size was valued at USD 1.98 billion in 2019 and is expected to expand at a compounded annual growth rate (CAGR) of 4.7% from 2020 to 2027.
Market Share Insights
- January 2020: S. Department of Commerce has stated that the value of construction put in place in the U.S. was more than USD 1,369 billion, which signifies the immense demand for specialty construction chemicals in North America.
Key Companies profiled:
Some of the prominent players in the specialty chemicals market include:
- Solvay AG
- Evonik Industries AG
- Clariant AG
- Akzo Nobel N.V.
- BASF SE
- Kemira Oyj
- LANXESS AG
- Croda International Plc
- Huntsman International LLC
- The Lubrizol Corporation
- Albemarle Corporation
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