Global Performance Chemicals Market 2016-2020
About the Performance Chemicals Market
Performance chemicals are used for specialized applications, concentrating more on industry specific requirements compared with basic or commodity chemicals. These chemicals impart a variety of features to the products. These chemicals are used in varied applications, ranging from providing gloss and feel to day-to-day products such as textiles and leather to curing human diseases (as constituents in medicinal formulations). These are products with a high degree of value addition and are produced in small volumes.
Technavio’s analysts forecast the global performance chemicals market to grow at a CAGR of 5.36% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global performance chemicals market for 2016-2020.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Performance Chemicals Market 2016-2020
Technavio recognizes the following companies as the key players in the global performance chemicals market: Akzo Nobel, Arkema, BASF, Dow Chemical, Evonik Industries.
Other Prominent Vendors in the market are: Ashland, Bayer, Clariant, Huntsman, and Solvay-Rhodia.
Commenting on the report, an analyst from Technavio’s team said: “A trend helping to boost market growth is the increased investment in construction and infrastructure development projects in APAC. Emerging economies have observed an increase in urbanization and per capita income levels, which are collectively contributing to the increase in the number of construction projects. The global urban population is anticipated to rise by more than 75% by 2050. There is a rising demand for infrastructure development, residential, and non-residential projects. The global construction market is expected to reach about $12 trillion by 2020. Therefore, with an increase in construction activities, the demand for construction chemicals is also increasing.”
According to the report, a key growth driver is the rapid urbanization in the BRIC countries. The end markets for performance chemicals are closely linked to each other and often have an impact on adjoining markets. For example, construction, healthcare, electronics, and automotive markets have a direct effect on metals, energy, and polymers markets.
The customer preferences in these end markets have witnessed significant shifts, with growing demand and stress on sustainable products, processes, and practices. With rapidly urbanizing BRICS economies, the need to factor in sustainable protocols across business functions will drive performance chemicals growth.
Further, the report states that one challenge that could hamper market growth is regulatory issues and environmental concerns.
Akzo Nobel, Arkema, BASF, Dow Chemical, Evonik Industries, Ashland, Bayer, Clariant, Huntsman, Solvay-Rhodia.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook