Global Specialty Chemicals Market to Surge due to Increasing Number of Applications
Specialty chemicals or effect chemicals or specialties are chemicals that impart some specific effect or value to several products on which they are used. They can be a single chemical formulation or a mixture of multiple ones, which finally impact the performance of the product. They are in great demand across various industry verticals due to their performance-enhancing properties.
The global specialty chemicals market is segmented on the basis of product type and region. The products in the global specialty chemicals market are food additives, adhesives and sealants, agrochemicals, construction chemicals, polymers and plastic additives, electronic chemicals, surfuctants, cleaning chemicals, lubricants and oilfield chemicals, specialty coatings, paper and textile chemicals, and others such as flavors and fragrances, catalyst, feed additives, printing inks, cosmetic chemicals, water management chemicals, and nutraceutical ingredients, amongst others. Geographically, the global specialty chemicals market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
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Agrochemicals Segment to Dominate Global Specialty Chemicals Market
The agrochemicals segment held the biggest share in the global specialty market in 2014. However, analysts predict that the construction chemicals segment is likely to witness rapid growth in the near future, due to the growing number of residential and commercial construction projects across the globe. Construction chemicals are used in virtually all types of buildings to improve their structural strength. Over a period of time, specialty chemicals used in construction activities provide protection to the structures from environmental hazards. Furthermore, they also add to the aesthetic and functional value of the structure.
Specialty chemicals are also used in making polymers and plastic additives, which are then used for improving agricultural films, electronic components, fibers, automotive interior and exterior parts, coatings, and several other types of plastic items. Electronic chemicals are used in making electronic components and manufacturing equipment. Cleaning chemicals find widespread application in removing dirt, stains, and odor from surfaces to make the surrounding clean and hygienic. Paper chemicals impart properties such as opacity, gloss, brightness, printability, and image quality to paper. Lastly, adhesives and sealants are also a type of specialty chemicals that are used in applications such as flooring, footwear, furniture, construction, packaging, and automotive.
Asia Pacific to Lead Global Specialty Chemicals Market
Regionally, Asia Pacific held a 45% share in the global specialty chemicals market in 2014. The undisputed leader was closely followed by Europe and North America. From 2015 to 2023, the specialty chemicals market in Asia Pacific market is expected to grow at a remarkable 6% CAGR. This growth will be the result of high demand and consumption of specialty chemicals in emerging economies such as India and China.
The important players in the global specialty chemicals market are BASF SE, The Dow Chemical Company, E. I. du Pont de Nemours and Company (DuPont), Bayer AG, INEOS Group AG., Clariant AG, Huntsman Corporation, Ashland Inc., Arkema S.A., Eastman Chemical Company, Chevron Philips Chemical Company, Evonik Industries AG, Akzo Nobel N.V, Syngenta AG, Chemtura Corporation, Albemarle Corporation, and Solvay.
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