The global specialty chemicals market size reached US$ 693 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 886 Billion by 2027, exhibiting a growth rate (CAGR) of 4.37% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
These chemicals are also known as specialties or effect chemicals and are widely utilized as ingredients in finished products to improve the manufacturing process. These chemicals can be single-chemical entities or formulations producing high-value chemicals, which are used in products vital to consumers. As compared to commodity chemicals, specialty chemicals are produced in lesser volumes. Consequently, they find applications in a wide range of industry verticals, such as chemicals, agriculture, automotive, aerospace, pharmaceutical, and food and beverage (F&B).
The escalating demand for high-performance and function-specific chemicals across different end use industries, such as oil and gas, pulp and paper, personal care and cosmetics, represents one of the significant factors propelling the growth of the specialty chemicals market. Apart from this, the rising concerns about the harmful effects of conventional chemicals on the environment have led to an increase in the demand for user- and environment-friendly specialty chemicals. As a result, leading players are focusing on the development and marketing of specialty chemicals in these variants to expand their product portfolio and improve their overall sales. These players are also investing in research and development (R&D) activities to provide innovative and custom-made specialty chemicals for target applications. However, with the sudden outbreak of the coronavirus disease (COVID-19), the consequent imposition of lockdowns by governing authorities of various countries and temporary closure of various manufacturing units, the market has been adversely impacted. It will experience growth once lockdown restrictions are relaxed.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global specialty chemicals market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type.
Breakup by Type:
- Polymer Additives
- Construction Chemicals
- Water Treatment Chemicals
- Oil field Chemicals
- Food Additives
- Electronic Chemicals
- Specialty Polymers
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Akzo Nobel N.V., Albemarle Corporation, Ashland Global Holdings Inc., BASF SE, Bayer AG, Clariant AG, Evonik Industries AG (RAG-Stiftung), Huntsman Corporation, Solvay S.A. and The Dow Chemical Company.
|Base Year of the Analysis
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Akzo Nobel N.V., Albemarle Corporation, Ashland Global Holdings Inc., BASF SE, Bayer AG, Clariant AG, Evonik Industries AG (RAG-Stiftung), Huntsman Corporation, Solvay S.A. and The Dow Chemical Company
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Key Questions Answered in This Report:
- How has the global specialty chemicals market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global specialty chemicals market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global specialty chemicals market and who are the key players?
- What is the degree of competition in the industry?