Global Specialty Chemicals Market: Snapshot
The agriculture industry is under high pressure to improve quality as well as quantity of yield. One of the most common and effective methods employed by this industry is the use of agrochemicals. This forms the primary driver for specialty chemicals players across the world. The World Bank stipulated that farmers globally will have to improve their yield by at least 50% by 2050 to sustain the current rate of increase in the global population. This demand has consequently created key opportunities for producers of specialty chemicals.
The automotive industry is another large scale user of specialty chemicals. The currently rapid rate of growth that the global auto industry is experiencing is creating a wide array of opportunities for all the markets related to it as the end-user. This applies especially to the specialty chemicals market, as the auto industry is dependent on it for the production of materials including plastic adhesives, sealants, and paints and coatings.
The strict regulatory structure imposed on the use of agrochemicals is currently the greatest restraint that specialty chemicals producers are facing, which can be changed through the use of approved non-toxic chemicals and a higher awareness of them among the players.
High Agrochemical Demand from APAC Attract Large Number of Specialty Chemicals Manufacturers
By the end of 2023, Asia Pacific is expected to take up 54.4% of the global market value of specialty chemicals. The two most lucrative avenues for specialty chemicals players in this region have consistently remained the agriculture industry and paper and textiles. Asia Pacific is a primarily a region that contains agrarian and developing economies. Countries such as China and India depend to a large extent on agriculture for trade and exports. Their rapidly increasing population densities are causing a growing pressure on farmer to improve their yield in shorter times. The use of agrochemicals is the most common method used to achieve this, thereby creating a very large avenue of growth for its producers.
At the same time, the paper and textile industries are also showing a positive upswing due to the increasing consumption of paper and apparel in a progressing economy with increasing disposable incomes. This provides key opportunities for specialty chemicals manufacturers from both within this region as well as the globally prominent ones.
Agrochemicals Among the Top Demand Specialty Chemicals
By the end of 2023, 13.5% of the global specialty chemicals market value will be based in agrochemicals. The top market share, however, is taken up by a collective product segment of specialty chemicals that includes nutraceuticals ingredients, water management chemicals, cosmetic chemicals, printing inks, feed additives, catalysts, and flavors and fragrances. This collective segment is expected to show a rapid increase in demand from industries such as cosmetics and personal care, wastewater management, and food and beverages.
The top producers of specialty chemicals in the world include BASF SE, The Dow Chemical Company, INEOS Group AG, E.I. du Pont de Nemours and Company, Bayer AG, Clariant AG, Chemtura Corporation, Eastman Chemical Company, Akzo Nobel N.V., Evonik Industries AG, and Syngenta AG.
This report analyzes and forecasts the specialty chemicals market on the global and regional level. The study provides historic data of 2014 along with forecast from 2015 to 2023 based on revenue (US$ Bn).
The study provides a decisive view of the specialty chemicals market by dividing it into product, application, and regional segments. Product segments have been analyzed based on current trends and future potential. The market has been estimated from 2015 to 2023 in terms of revenue (US$ Bn). Regional segmentation includes current and forecast demand for North America, Europe, Rest of Asia Pacific, Latin America, and Middle East & Africa. These regions have been further sub-segmented into countries and sub-regions with relevance to the market. Segmentation also includes demand for individual product type and applications in all regions.
The study covers drivers and restraints governing the dynamics of the market along with their impact on demand during the forecast period. Additionally, the report comprises opportunities in the specialty chemicals market on the global and regional level.
The report includes detailed value chain analysis to provide a comprehensive view of the specialty chemicals market. Analysis of Porter’s Five Forces Model has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications have been benchmarked based on their market size, growth rate, and general attractiveness for future growth.
The market has been forecast based on constant currency rates. Prices of specialty chemicals vary in each region and are a result of the demand-supply scenario in the region. Individual pricing of specialty chemicals for each product has been taken into account while estimating and forecasting market revenue on the global level. Regional average price has been considered while breaking down the market into product segments in each region.
The report provides the size of the specialty chemicals market in 2014 and the forecast for the next eight years. Size of the global specialty chemicals market has been provided in terms of revenue. Market revenue has been defined in US$ Bn. Market size and forecast for each product segment has been provided in the context of global and regional markets. Numbers provided in the report are derived based on demand generated from different product types of raw materials. Market dynamics prevalent in North America and Europe have been taken into account for estimating growth of the global market.
Market estimates for this study have been based on revenue. Demand for specialty chemicals has been derived by analyzing the global and regional demand for specialty chemicals in each product segment. The global specialty chemicals market has been analyzed based on expected demand. Market data for each segment is based on revenue. Prices considered for calculation of revenue are average regional prices obtained through primary quotes from numerous regional suppliers, distributors, and direct selling regional producers based on manufacturers’ feedback and application requirement. Forecasts have been based on expected demand in the specialty chemicals product segment. The global product segment split of the market has been derived using the bottom-up approach, which is cumulative of each region’s demand. Regional demand is the summation of sub-regions and countries in the region. Companies were considered for market share analysis based on their product portfolio, revenue, and manufacturing capacity. In absence of specific data related to sales of specialty chemicals by several privately held companies, calculated assumptions have been made in view of companies’ product portfolio and regional presence along with demand for products in their portfolio.
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players include BASF SE, The Dow Chemical Company, Bayer AG, E. I. du Pont de Nemours and Company (DuPont), INEOS Group AG., Ashland Inc., Clariant AG, Huntsman Corporation, Arkema S.A., Evonik Industries AG, Chevron Philips Chemical Company, Syngenta AG, Albemarle Corporation, Chemtura Corporation, Eastman Chemical Company, Solvay, and Akzo Nobel N.V. Company profiles comprise attributes such as company overview, brand overview, financial overview (in terms of financial year), business strategies, and recent/key developments.
Specialty Chemicals Market - Product Segment Analysis
- Polymers & Plastic Additives
- Construction Chemicals
- Electronic Chemicals
- Cleaning Chemicals
- Lubricants & Oilfield Chemicals
- Specialty Coatings
- Paper & Textile Chemicals
- Food Additives
- Adhesives & Sealants
- Others (Including Flavors & Fragrances, Catalyst, Feed Additives, Printing inks, Cosmetic Chemicals, Water Management Chemicals, Nutraceutical Ingredients, etc.)
Specialty Chemicals Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa