The global specialty chemicals market size reached US$ 726 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 914 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.
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.
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 2023-2028. Our report has categorized the market based on type.
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
The global specialty chemicals market was valued at US$ 726 Billion in 2022.
We expect the global specialty chemicals market to exhibit a CAGR of 4.1% during 2023-2028.
The rising utilization of specialty chemicals across various industries, such as agriculture, Food and Beverage (F&B), cosmetics, etc., as they offer superior performance characteristics, better quality, and a higher degree of customization, is primarily driving the global specialty chemicals market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for specialty chemicals.
Based on the type, the global specialty chemicals market can be segmented into agrochemicals, polymer additives, construction chemicals, water treatment chemicals, oil field chemicals, food additives, surfactants, electronic chemicals, specialty polymers, and others. Currently, agrochemicals hold the majority of the total market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global specialty chemicals market include 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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