Market Insights:
Specialty chemicals market have seen a rise in their demand levels over the past few years especially due to increasing pace of urbanization. Market focused reports associated to the chemicals materials industry among others lately have been made accessible by Market Research Future which circulates reports on this industry. The market is projected to earn revenues worth USD 1,147.4 billion by 2023. expanded at a global CAGR of 5.42% forecast period.
The specialty chemicals segment is undergoing a phase of transformation, which has increased the market share significantly. Population boost has also considerably added to the growth of the construction, automobile industry which has been influential in the growth of the specialty chemicals market. Adhesive Sealants segment in the market is anticipated to witness accelerated growth with a CAGR of 5.77 percent. Rapid industrialization in various nations is also positively boosting the market’s expansion. Intensification in the consumption levels of specialty chemicals will alter the competitive landscape significantly in the forecast period.
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Market Segmentation:
A detailed segmental analysis is offered in the report based on source and type. By source, the global specialty chemicals market is segmented into crude oil, naphtha, ethane, propane, butane, wood and others. Among these, the naphtha segment accounts for a major share of the market revenue. It is forecasted to register a CAGR of 6.19% over the assessment period.
By type, the specialty chemicals market has been segmented into agrochemicals, flavor ingredients, fragrance ingredients, dyes pigments, water treatment chemicals, personal care active ingredients, construction chemicals, surfactants, textile chemicals, polymer additives, bio-based chemicals, and others. Among these, the agrochemicals segment holds the most significant share of the market and is likely to exhibit positive growth in the foreseeable future.
Regional Outlook:
By region, the global specialty chemicals market has been segmented into Asia Pacific, North America, Europe, the Middle East Africa, and Latin America. Asia Pacific is projected to lead the global market and is expected to hold a significant market share towards the end of 2023. The factors responsible for aiding market proliferation in the region include thriving agrochemicals industry, the presence of fast-developing economies, increasing demand from the automobile industry, etc. Furthermore, the relaxations in regulations by the governments catalyze the expansion of the regional market.
Europe and North America are important growth pockets and are likely to remain highly lucrative markets during the forecast period. The presence of key players in the regions is projected to complement the expansion of the markets. Meanwhile, Latin America and the Middle East Africa are estimated to hold the least share of the specialty chemicals market. However, Middle Eastern country-level markets such as Qatar, U.A.E, Dubai, etc. and Latin American country-level markets such as Mexico and Brazil resonate strong growth opportunities.
Competitive Dashboard:
Some of the key players profiled in the report are Evonik Industries AG, Henkel AG Co, Clariant AG, BHS Specialty Chemicals, AkzoNobel NV, Lenzing AG, Ashland Inc., Solvay SA, KGaA, DowDuPont, ExxonMobil Corporation, Lanxess AG, and BASF SE.
Industry News:
In August 2018, IMCD, Netherlands, acquired European Specialty chemicals distributor, Velox.
In August 2018, BASF Chemicals Company strengthened its collaboration with Grolman in Europe for expanding the marketing of the BASF specialty chemicals to Italy, Spain and Portugal
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We recognize the key players in the global specialty chemicals Market as include BASF, Akzo Nobel NV, Evonik Industries AG, Chevron Phillips Chemical, BHS Specialty Chemical., Royce International., and Ashland.This report includes the product portfolios of the same.
This research report provides insights, on various levels of analyses such as industry analysis, market share analysis leading market players, and their profiles. This report also helps in studying the target segments by providing views on emerging high-growth segments and market conclusions. Together the market data comprise and discuss with the basic assessments on the competitive scenarios strategies, of the global specialty chemicals market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides views over the historical market values as well as, pricing and cost analysis of the same.
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