PORTLAND, Oregon, Nov. 20, 2019 /PRNewswire/ — Allied Market Research published a report, titled, “Specialty Chemicals Market by Type (Food Additives, Cosmetic Chemicals, Water Treatment Chemicals, Textile Chemicals, Construction Chemicals, Paper & Pulp Chemicals, Oil Field Chemicals, and Ink Additives) – Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global specialty chemicals market garnered $211.2 billion in 2018, and is estimated to garner $316.5 billion by 2026, growing at a CAGR of 5.2% from 2019 to 2026.
Prime determinants of growth
Surge in research and development activities, development of environment-friendly products, and emerging economies in Asia-Pacific drive the growth of the global specialty chemicals market. However, varying costs of raw materials and stringent government regulations hinder the market growth. On the other hand, commercialization and industrialization of specialty chemicals create new opportunities in the industry.
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The report on the global specialty chemicals market is segmented based on type and geography. Based on type, food additives, cosmetic chemical, and paper & pulp chemicals segments together contributed nearly half of the global specialty chemicals market in 2018. However, the water treatment chemical segment is expected to become the fastest growing segment throughout the forecast period. This is due to strict government regulations for utilizing water, which in turn, enforced industries and municipal corporations to adopt proper water treatment solutions.
Based on region, Asia-Pacific accounted for the largest market share in 2018, contributing more than one-third of the global specialty chemicals market, and is expected to maintain its dominance in terms of revenue throughout the forecast period. Moreover, this region is estimated to register the largest growth rate, witnessing a CAGR of 5.7% from 2019 to 2026. This is due to rise in demand for specialty chemicals in construction, pulp & paper, water treatment, personal care, and ink additives sectors in the region. North America contributed the second-highest revenue share in 2018 and will maintain its position by 2026. The research also discusses the regions such as Europe and LAMEA.
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Market players grabbing the largest pie
- BASF SE
- The Dow Chemical Co.
- Bayer AG
- AkzoNobel N.V.
- Huntsman Corporation
- Chemtura Corporation
- Rhodia S.A.
- Clariant AG
- Evonik Industries AG
- Novozymes A/S
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SOURCE Allied Market Research