Global Specialty Chemicals Market - Segmented By Type and Geography - Trends and Forecasts (2017 - 2022)
The global specialty chemicals market was valued at USD XX billion in 2015, and is likely to reach USD XX billion by 2020, growing at a CAGR of XX%, during the forecast period (2017 - 2022).
Specialty chemicals are generally defined within the chemical industry as niche chemicals and polymers with unique functions to enhance performance. They are used in a variety of industries, including waste water treatment, textiles, paints, agriculture, oil & gas, electronics and consumer goods. Construction chemicals, specialty polymers and electronic chemicals hold the highest market segment collectively accounting for about 30% of the market share, due to their demand from their end user industries. The key markets for these chemicals include electronics, textiles, construction and agro chemicals industry.
The specialty chemicals industry has experienced slower growth and lower overall profitability within a more competitive environment in the past 10 years, than in the preceding period. After dropping 10% in value from 2008 to 2009, consumption grew 16% in 2010, only to fall again in 2011. After a very slow growth of less than 1% in 2012, consumption rebounded 7% in 2013 and grew another 4% in 2014. During 2015-20, volume consumption of specialty chemicals is expected to increase at close to 4% on a global basis. The combined consumption in North America, Western Europe and Japan will grow more slowly at about 3.3% per year.
The global specialty chemicals market is driven by number of factors such as growing demand for high-performance coatings, continuous shale gas development boosting demand for polyolefin catalysts, and rising demand from end-user industries. However, this market faces certain drawbacks such as low crude oil prices and stringent environmental regulations governing specialty chemicals. The aforementioned factors may act as a roadblock to the growth of the market.
The global specialty chemicals market, on the basis of type can be broadly segmented into adhesives & sealants, catalysts, construction chemicals, cosmetic chemicals, dyes, inks, & pigments, electronic chemicals, flavors & fragrances, food additives, foundry chemicals, industrial & institutional cleaners, lubricants & oil additives, oil field chemicals, mining chemicals, paints & coatings, plastic additives, rubber processing chemicals, specialty polymers, textile chemicals, and water treatment chemicals. The aforementioned types has been further sub-segmented on the basis of technology, function, applications, type, and plastic type.
Furthermore, the rising R&D activities for the development of the innovative products to meet the environmental regulation will offer numerous opportunities for the growth of the global Specialty Chemicals market. Some of the major companies dominating the market with their products and services are the Dow Chemicals Co., AkzoNobel, Ashland Inc., BASF SE, Henkel AG & Co. KGaA, Huntsman Corp., Solvay SA, Evonik Industries AG, and Albermarle.
Key Deliverables in the Study
Market analysis for the Global Specialty Chemicals Market, with region specific assessments and competition analysis on global and regional scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the Global Specialty Chemicals market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped