LOS ANGELES, Nov. 26, 2019 /PRNewswire/ — The global specialty chemicals market is expected to reach the market value of around US$ 301 billion by 2026 and is anticipated to grow at a CAGR of around 4.8% in terms of revenue during the forecast period 2019 to 2026.
Due to significant developments in the construction industry, the Asia Pacific and the Middle East areas are projected to be in huge demand for painting and coating.
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The factors such as new end-use products, accelerated creativity, demand for efficient and safe chemicals and increasing environmental concerns, the specialty chemicals industry is set to grow at an exponential rate. Specialty chemicals are a specialty category in the international chemical industry with the ability to improve quality delivering special chemicals and polymers. Specialty chemicals are commonly used in various industries, including textiles, printing, household & industrial products, telecommunications, and oil & gas.
Due to their physical and chemical features, the increasing need for these chemicals in the end-user industries has a positive effect on global market growth. The growing population, reduced arable land, increased crop yield requirements, and the building industry are all factors that influence rising specialty chemicals mainly pesticides, construction chemicals, and specialty coatings and surfactants. In contrast, the additives in water supplies are widely used. The use of specialty chemicals in industrial water treatments involves the implementation of more advanced treatment methods such as ion exchange.
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Asia Pacific grabs the principle market share whereas in 2018 led by China
Asia Pacific has the largest market share, and the projected to continue its dominance amid the forecast period. Rising demands in major end-user sectors, including manufacturing, automobile, clothing, food, packaging, personal care and electronics, together with rising infrastructure investment is providing adequate sales prospects for specialty chemicals manufacturers, and environmentally friendly products.. Increasing industrial activity will increase demand for specialty chemicals in developing countries such as India and China. The growth of the Asia-Pacific construction sector is driven primarily by the expansion of the service sector, resulting in an increase in demand for office spaces, an increase in residential construction projects, and the inflow of investments from multinationals to develop the industrial base of the region. Such trends are likely to increase demand for paints and coatings, chemical building, adhesives & sealants, and specialty polymers in the area over the forecast period. The cosmetics industry is also seeing high growth in demand in the region, led by increase use of cosmetic products due to rising demand for anti-aging cosmetics from baby boomers and X generation, impact of Western culture on youth, increase employment of women, and continuous development of mass-attracting products. This raises the production of cosmetics in the area, resulting in increased demand for cosmetic chemicals.
A dynamic, interlinked industry produces specialty chemicals. Specialty chemicals, in the strictest sense, are products sold rather than composition based on their performance or purpose. These can be single-chemical agents or combinations that have a direct effect on the quality and production of the material of the consumer.
- Conformal Coatings Market – The global market is estimated to grow at CAGR above 5.2% over the forecast time frame 2019 to 2026 and reach the market value around USD 16 billion by 2026.
- Plastic Compounding Market – The global market size is poised to reach over USD 95,425.3 Million by 2026 and is expected to grow at CAGR 6.9% during the forecast period, 2019-2026.
- Refinery Catalyst Market – The global market size is estimated to grow at CAGR above 3.7 % over the forecast time frame 2019 to 2026 and reach the market value around USD 5.8 billion by 2026.
Key Players & Strategies
Some of the noticeable players in the market include Huntsman International LLC, BASF SE, 3M, H.B. Fuller, Henkel AG & Co. KGaA, and others. The market for specialty chemicals is highly fragmented, with a significant market share held by numerous players.
The governments in developing countries are developing friendly policies that promote the growth of the specialty chemicals industry by encouraging global players to invest in these areas, upgrading chemical industries and manufacturing capabilities, and redesigning institutes for industrial education to create productive domestic workforce.
As the main business plan for maintaining the competitive market, top players on the global market of chemicals specialization follow procurements, deals, acquisitions, alliances, product launches and divestitures.. Most specialty chemicals industries, including automobile coatings, catalytic fluid cracking catalysts, pharmaceutical additives, and water treatment, have long been able to provide services alongside products. Nevertheless, as more industries grapple with slow growth rates and commoditization, more specialty chemical companies have expanded their portfolio’s service element.
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