According to a research report published by Spherical Insights & Consulting, the global specialty chemicals market size was valued at USD 723.43 billion in 2021 and the global specialty chemicals market size is expected to reach to $1016.5 billion by 2030. Companies Covered: 3M, Akzo Nobel NV, Huntsman International LL, DuPont, Clariant AG, Solvay, Lanxess, Sika AG, Evonik Industries AG, Croda International Plc, Ashland LLC., Corteva, The Lubrizol Corp., BASF SE, Albemarle Corp. , Koninklijke DSM NV, Sumitomo Chemical Co., Ltd., PPG Industries Inc., Nouryon, Merck & Co., Inc., Lion Specialty Chemicals Co., Ltd. and among others.
New York, United States, March 15, 2023 (GLOBE NEWSWIRE) — The Global Specialty Chemicals Market Size is to grow from $723.43 billion in 2021 to $1.016.5 billion in 2030, at a compound annual growth rate (CAGR) of 5.52% during the forecast period. The adoption of specialty chemicals is increasing in various industries such as mining, industrial, food and beverage, construction, agrochemicals, electronic chemicals, paper and pulp chemicals, pharmaceutical ingredients, specialty polymers, manufacturing, chemicals for oil fields, surfactants and others.
Global economy: The analysis of the increased risk of recession and the impact of the war of the conflict between Russia and Ukraine we have added to the final report of the premium.
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Specialty chemicals, commonly known as performance or specialty chemicals, are used in the manufacture of finished products as well as to improve industrial processes. Specialty chemicals, which are low-volume, high-value, ultra-high-purity substances, are used by a wide range of end users. The world’s top ten specialty chemical manufacturers include BASF, Lubrizol Corporation, AkzoNobel, Huntsman, Clariant, Rockwood, DuPont, Lanxess, Clariant AG and Solvay.
The need for eco-friendly or bio-based specialty chemicals, expanding acceptance in the healthcare industry, and increasing demand in the personal care industry are important factors driving the growth of the specialty chemicals market. In addition, the automotive industry is anticipated to be an unscrupulous rising industry, fueling the market expansion, due to the significant need for adhesives, lubricants, paints, and coatings to reduce weight and save products ends However, the increase in oil prices is expected to have a significant impact on the specialty chemicals business.
Explore key industry statistics spread over 200 pages with 130 market data tables and figures and charts in the report on “Global Specialty Chemicals Market SizeAnalysis of the impact of COVID-19, by product (food and feed additives, agrochemicals, flavors and fragrances, dyes and pigments, water treatment chemicals, personal care active ingredients, surfactants , construction chemicals, bio-based chemicals, textile chemicals, institutional and industrial cleaners, oilfield chemicals, polymer additives, electronic chemicals, paper and pulp chemicals, pharmaceutical ingredients, specialty polymers, others ) and by region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021-2030″. Get a detailed description of the report here:
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The agrochemicals and food additives and feed segment is dominating the market with the largest market share of 35% during the forecast period.
Based on end user, the global specialty chemicals market is segmented into food and feed additives, agrochemicals, flavors and fragrances, dyes and pigments, water treatment chemicals, personal care active ingredients, surfactants , construction chemicals, bio-based chemicals, textile chemicals. , institutional and industrial cleaners, oilfield chemicals, polymer additives, electronic chemicals, paper and pulp chemicals, pharmaceutical ingredients, specialty polymers and many others. Among these, the agrochemicals and food additives and feed segment dominates the market with the largest market share of 55% during the forecast period. Increasing food consumption worldwide and less per capita agricultural area are driving the expansion of the segment, which will drive the specialty chemicals market throughout the forecast period.
In addition, the pharmaceutical ingredients category is expected to grow during the forecast period. Also, due to the qualitative nature of regulatory standards, cleaning and hygiene equipment and activities, institutional and industrial cleaners are expected to expand as one of the major segments.
With a market share of 58%, Asia Pacific dominates the market.
Asia Pacific dominates the market with a market share of 58% due to higher revenue share due to the presence of key growing economies in this region such as China, Japan, India and South Korea . The agrochemical and pharmaceutical application industries are expected to increase, driving the growth of the specialty polymers market during the forecast period.
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North America is expected to grow fastest during the forecast period owing to its significant demand for biocides, cosmetic chemicals, corrosion inhibitors, institutional cleaners, lube oil additives, and synthetic lubricants.
Competitive Analysis:
The report provides adequate analysis of the key organizations/companies involved in the global market along with a comparative assessment primarily based on their product offering, business overview, geographical presence, business strategies, segment market share and SWOT analysis. The report also provides elaborate analysis focused on current company news and developments, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances and others. This makes it possible to assess the overall competition within the market. Key vendors in the global specialty chemicals market include 3M, Akzo Nobel NV, Huntsman International LL, DuPont, Clariant AG, Solvay, Lanxess, Sika AG, Evonik Industries AG, Croda International Plc, Ashland LLC., Corteva, The Lubrizol Corp. ., BASF. SE, Albemarle Corp., Koninklijke DSM NV, Sumitomo Chemical Co., Ltd., PPG Industries Inc., Nouryon, Merck & Co., Inc., Lion Specialty Chemicals Co., Ltd., among others.
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recent development
In May 2022, Sika AG has acquired United Gilsonite Laboratories (UGL), a well-known provider of solutions for consumer and do-it-yourself waterproofing applications in the United States. Sika will benefit from the acquisition by expanding its portfolio and opening up cross-selling potential with large distributors and other building material stores. Sika can take advantage of growing trends in both the residential and commercial building categories with the combined offerings of the two companies.
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