The global specialty chemicals market size is expected to reach USD 914.4 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.1% from 2022 to 2030. The growth is attributed to the growing demand from pharmaceuticals, flavors and fragrances, rubber processing, and electronics chemicals, among others. One of the prime growth factors is consumer-driven demand, led by categories such as personal care, food & feed additives, and pharmaceuticals, among others.
Specialty Chemicals Market Report Highlights
- Electronic chemical is the second fastest growing product segment with a CAGR of 5.5 % on the account of their use in advanced chemical purification technologies such as filtration, distillation, gas adsorption, and ion exchange to minimize the level of contaminants in high-purity process chemicals.
- Specialty pulp and paper chemicals product segment will grow significantly during forecast period. The demand is likely to increase with the growing developments, technological advancement, and M&A among the market players.
- The specialty chemicals landscape has been experiencing noteworthy transformation in recent times. Many integrated and large companies are expanding their portfolios to gain a foothold in the specialty chemicals marketspace.
- Germany specialty chemicals demand is expected to be high over the coming years owing to increasing consumption of coatings, printing inks, additives, and others in the food, automotive, and wood coating applications. Key players including BASF SE, Evonik Industries AG, and Lanxess are the largest manufacturers in the country.
- With surplus feedstock and rising regional demand, prominent manufactures are witnessing lucrative investment opportunities from the Asia Pacific and Middle East region.
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Specialty chemicals are either single-chemical entities or mixtures of various chemical ingredients and are used as ingredients in finished products and to improve manufacturing processes. These are products with certain properties that were developed for very specific applications. Their demand is based on performance or function rather than their composition. They account for a significant portion of all chemical exports. They are used in various industries such as textile, ink additives, construction, oil & gas, cosmetics, and food.
Growing trends of rubber products such as long-service life tires, high-performance requirements, and others influence the demand for rubber processing chemicals used in tires and industrial products. The market is primarily driven by the increasing use of synthetic rubber products globally. Additionally, growth in medical, footwear, aerospace, and construction industries that require rubber products are expected to propel the demand in the near future.
However, the market growth slumped due to European geopolitical conflict which have caused an increase in oil costs, which affected the price of producing chemicals. The market is projected to be significantly impacted by rising oil prices. From the manufacturer’s viewpoint, the impact of rising energy prices resulted in higher chemical prices and has somewhat eroded profits. The import and export of raw materials across regions, particularly in the European region, were impacted by supply interruptions, which in turn had an impact on the market as a whole.
The countries in Latin America regions are expected to witness a trend of increased consumption of food & beverage products manufactured by adding additives to enhance flavor and taste owing to the shifting consumer eating habits and favorable regulatory developments in the region. These factors have led to a strong increase in the demand and the consumption of high-end value-added products like carbonated drinks, desserts, bakery products, among others. Moreover, the presence of major manufacturer such as Cargill Incorporated, General Mills, and Kraft Foods has resulted in novel product developments and capacity expansions in the industry, thus contributing to market growth.
Specialty Chemicals Market Insights By Regions
Asia Pacific region dominated the market with the highest revenue share. This is attributed to factors such as economic progress, industrialization, and growth of major end-use sectors. The demand for additives in the region is influenced by food and beverages, personal care and cosmetics, and pharmaceutical applications. In Middle East & Africa region, the market is estimated to expand at healthy pace. This growth is attributed to the increasing demand for cosmetic Chemicals in the cosmetic industry in countries including the U.A.E., Kuwait, and Saudi Arabia are estimated to stimulate its industry penetration. The presence of major manufacturer such as Cargill, Incorporated, General Mills, and Kraft Foods is expected to surge the demand for specialty chemicals in the Latin America region. Automotive, transportation, chemical processing, and construction are expected to be the other key consumers.
Competitive Analysis By Major Companies
The manufacturing companies offer their specialty chemical products via suppliers and distributors directly to end-use industries such as oil and mining, catalysts, consumer chemicals, and others. These chemicals are either manufactured using the batch process in batch chemical plants directly used by end-use industries to produce product as per defined quantities and specifications. Some of the prominent players in the specialty chemicals market include:
- Solvay
- Evonik Industries AG
- Clariant AG
- Akzo Nobel N.V.
- DuPont
- Kemira Oyj
- Lanxess
- Croda International Plc
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Specialty Chemicals Market Segmentation
Grand View Research has segmented the global specialty chemicals market on the basis of product type and region:
- Specialty Chemicals Product Type Outlook (Revenue, USD Billion, 2017 – 2030)
- Specialty Chemicals Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- List of Key Players of Specialty Chemicals Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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