Global Specialty Chemicals Market to Progress at 5.4% CAGR from 2014 to 2020
Posted: Sep 22, 2017
According to the report, global specialty chemicals market was valued at around USD 345.5 billion in 2014 and is expected to reach USD 473.7 billion in 2020, growing at a CAGR of around 5.4% between 2015 and 2020. Zion Market Research has published a new report titled "Specialty Chemicals (Agrochemicals, Polymers & Plastic Additives, Construction Chemicals, Electronic Chemicals, Cleaning Chemicals, Surfactants, Lubricants & Oilfield Chemicals, Specialty Coatings, Paper & Textile Chemicals, Food Additives, Adhesives & Sealants and Others) Market – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020"
The increasing importance of chemicals in day to day life is driving the demand for various chemicals. Effect chemicals or specialties are another names used for specialty chemicals. These chemicals are manufactured either by a single chemical formulation or a combination of several chemicals whose composition significantly contributes to the performance of the final product. Low volume, relatively high-value chemicals are some important properties of specialty chemicals from which they are categorized and recognized for their performance-enhancing properties. Energy, oil and gas, agriculture and consumer and retail sector are some important application areas in which specialty chemicals are used. These chemicals are also used in the preparation of a wide variety of products including cosmetic additives, adhesives, polymers, agrochemicals, surfactants, and textile chemicals.
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Agrochemicals, polymers & plastic additives, construction chemicals, electronic chemicals, cleaning chemicals, surfactants, lubricants & oilfield chemicals, specialty coatings, paper & textile chemicals, food additives, adhesives & sealants and others are the key product segments of the specialty chemicals market. Agrochemicals dominated the global specialty chemicals market due to rising need for yield-enhancing agrochemicals. Agrochemicals accounted for significant share of the total specialty chemicals consumed in 2014. Construction chemical is expected to be the fastest-growing segment of specialty chemicals market during the forecast period. This can be attributed to the rapidly growing demand for construction chemicals in the manufacturing of construction materials such as concrete, cement etc. Electronic chemicals market are expected to show strong demand in coming days due to large used of electronic chemicals in various applications areas such as semiconductors and integrated circuits, smartphones etc.
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Increasing disposable income in developing countries and simultaneously increasing demand of a variety of products such as cosmetic additives, adhesives, polymers, agrochemicals etc., is a major growth driver for specialty chemicals market. The rise in demand for specialty chemicals such as construction chemicals, pesticides, oilfield chemicals, mining chemicals and others is mainly due to the huge demand from growth in end-user industries such as construction, automotive, and electronics. Additionally, the rapidly expanding market of yield-enhancing agrochemicals is also expected to surge demand for specialty chemicals in the years to come.
Asia Pacific was the leading region for specialty chemicals market and accounted for 45% share of the total market 2014. Due to strong demand from China and India, Asia Pacific dominated the specialty chemicals market. Asia Pacific is followed by North America and Europe. Demand for specialty chemicals from Latin America and Middle East & Africa is anticipated to grow during the forecast period.
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Global specialty chemicals market is highly competitive, with the presence of well-established global market participants. Akzo Nobel N.V., BASF SE, Ashland Inc., Clariant AG, Evonik Industries, The Dow Chemical Company, Huntsman Corporation, E. I. du Pont de Nemours and Company (DuPont), Arkema S.A., Bayer AG, Chevron Philips Chemical Company, Albemarle Corporation, Chemtura Corporation, Eastman Chemical Company and Solvay are some of the key vendors in the market.
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