Global Specialty Chemicals Markets Forecast 2017-2025
The Global Specialty chemical market is anticipated to grow at a CAGR of 5.30% over the forecast period of 2017 and 2025. The market revenue is expected to grow from $370551 million in 2016 to $589798 million by 2025. The major drivers for the growth of this market are the increasing popularity of eco-friendly products, economic growth in the APAC regions, growing focus on sustainability and rising VAS from specialty chemical manufactures. The rising awareness regarding environmental concerns all over the word is also aiding to shift the consumer preference towards environmentally friendly products.
The Global Specialty chemical market segment has a number of applications. Some of them include Advanced ceramic material, Imaging chemicals and materials, Cosmetic Chemicals, Mining Chemicals, Rubber processing chemicals, Oil field chemicals, Synthetic lubricants and lubricating oil additives, Water management Chemicals, Construction Chemicals, Electronic chemicals and others. Although this application segment is quite profitable, the market has to face some challenges as well. Some of them are due to the need for large monetary investments in R & D for new chemicals. Also, the initial set- up cost of the chemical plant is quite high. Other factors like increase in regulatory challenges, high cost of raw materials, lack of skilled professionals and increasing competition among vendors are also hindering the market growth.
The global specialty chemicals market can be divided into four regions. They are the North America, Asia-Pacific, Europe and the Rest of the world. The Asia Pacific region which includes countries like China, Japan, India, Australia, and South Korea is anticipated to hold the largest share of the market by the year 2025. This is because the demand for specialty chemicals like construction chemicals, plastic additives, pharmaceutical ingredients, and agrochemicals is increasing in this region. As a result, there is a possibility for increased industrialization and growth in the manufacturing sector in the coming years for this region, which would, in turn, propel the specialty chemicals market growth.
The major market players in the Global Specialty Chemicals market are Akzonobel Nv, Bayer Ag, Basf Se, Ecolab Inc, and Arkema Sa. AkzoNobel NV, which was founded in 1911, has business segments in high-performance materials, industrial specialties, and coating solutions. The BASF SE Company mainly operates in chemicals, plastics, performance products, functional materials and solutions, oil and gas, and agricultural solutions. The Bayer Healthcare company produces a variety of prescription/non-prescription pharmaceutical products, dietary supplements, dermatology products, and medical equipment whereas the ECOLAB INC caters to The US Cleaning and sanitizing segment, Global Water segment, Global Paper segment, Global Energy segment and the International Cleaning, Sanitizing and Other Services segment
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