Market Overview

Specialty Chemicals Market Revenue to Reach $1018.9 Bn by 2023 with a CAGR of 6.21% - Market Research Future

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Pune, India, Aug. 08, 2018 (GLOBE NEWSWIRE) -- According to Market Research Future, (MRFR), the Specialty Chemicals Market was valued at USD 710.03 Bn in 2017 and is anticipated to reach an evaluation of USD 1018.9 Bn by the end of the assessment period of 2018 to 2023, witnessing a steady CAGR of 6.21% during the forecast period with other projections made in the report.

Market Overview:

Specialty chemicals are specially formulated for use across various end-use industry verticals such as automotive, paint & coatings, plastics, construction, and food & beverages among others. Many of these industries are growing rapidly to meet the rising demand from consumers. Rapid industrialization, urbanization and the subsequent increase in purchase power have resulted in increased demand from an ever-growing consumer population. As a result, the demand for specialty chemicals has increased significantly.

There has been a visible shift in preference of specialty chemicals over commodity chemicals. Specialty chemicals are high value, low volume and highly economical chemicals that are used to achieve a particular effect or performance determined by consumer preferences. As such, many specialty chemicals are patented, leading to a highly competitive market with healthy growth. However, the wide variety of formulations which use different raw materials depend on the application, some of these have fluctuating prices. For instance, the fluctuating rates of crude oil are expected to hamper growth owing to the price escalation. It should be noted that volatile raw material costs do not encumber many specialty chemicals. Moreover, use of these chemicals to create unique formulations for cosmetic and personal care products has evolved. Market players in the cosmetics and personal care industry are collaborating with chemical providers to develop specialty chemicals which are unique to their formulation, thus providing market expansion opportunities.

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Key Players in Market

MRFRs report covers the competitive landscape extensively and offers an insight on the market strategies employed by market-leading players. The global specialty chemical market is influenced by market strategies that include R&D investments, patent filing, collaboration and acquisitions & mergers. Notable market-leading players include Solvay SA KGaA, AkzoNobel NV, Henkel AG & CO., BASF SE, Evonik Industries AG, Clariant AG, Lanxess AG, ExxonMobil Corporation, Ashland Inc., Lenzing AG, BHS Specialty Chemicals, and DowDuPont.

Latest Industry News

AkzoNobel Speciality Chemicals is collaborating with Renmatrix, to jointly develop biomass-based performance additives for paints, coatings and construction materials. Use of green chemistry is AkzoNobel's innovative strategy to achieve and offer a sustainable advantage.

Ergon Chemicals LLC has entered the specialty chemicals market with its recent acquisition of Resinall Corporation and all its subsidiaries. Resinall is a leading developer of specialty chemicals such as thermoplastic resins, and polymers for use across various industrial applications.

Market Segmentation

MRFR segments the Global Specialty Chemicals Market on the basis of source, type, and region for a comprehensive study of the market. By source, the market is segmented into crude oil, naphtha, ethane, propane, butane, wood, and others. The naphtha segment accounts for the most significant share of the market and is anticipated to witness a CAGR of 6.19% during the assessment period. The increasing demand for specialty chemicals sourced from naphtha, particularly in the thriving automotive industry is a major contributor to the position of the segment in the market. Meanwhile, the crude oil segment accounts for the next largest market segment due to its varied use across different end-use industries. The crude oil segment is expected to reach an evaluation of 119.60 Bn by the end of the review period.

Browse the market data and information spread across 232 pages with 214 data tables and 20 figures of the report "Specialty Chemicals Market Report - Forecast 2018-2023" in-depth alongside table of content (TOC) at:

https://www.marketresearchfuture.com/reports/specialty-chemicals-market-2026

By type, the market is segmented into agrochemicals, flavors ingredients, fragrances ingredients, dyes & pigments, personal care active ingredients, water treatment chemicals, construction chemicals, surfactants, textile chemicals, polymer additives, bio-based chemicals, and others. Sub-segmentation and detailed analysis of the same is available in the report. The agrochemicals segment has the majority share of the global market due to the increasing consumption, and demand for food combined with the swift growth in demand for functional food products.The global market is also segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Regional Analysis

The Asia-Pacific leads the global market with its inclusion of rapidly emerging economies such as India, China, South Korea, Japan, and others. The region possesses a market share of roughly 46% due to the presence of several thriving and growing industries such as textiles, agrochemicals, automotive and food & beverages. The region has several agriculturally significant countries where the agrochemicals market is growing rapidly and placing a demand for specialty chemicals. Moreover, industrialization, urbanization, and the subsequent premiumization in the region have led to a high consumption pattern with regards to automotive vehicles. Across the region, the economic growth being experienced has led to an overall increase in consumption patterns across several end-use industry verticals.

North America and Europe are significant regional markets where early industrialization has led to gradual maturity of the global specialty chemicals market. The presence of leading market players in the region has contributed significantly to the global market growth. Concurrently, Latin America and the Middle East & Africa have the smallest market shares due to the detrimental impact of several socio-economic and political factors. However, countries such as the U.A.E, Qatar, Mexico, and Brazil are witnessing a proliferation of industrialization, particularly in the manufacturing and agricultural sectors.

Browse Related Reports:

Basic Chemicals Market by Type (Organic (Ammonia, Chlorine), and Inorganic (Benzene, Ethylene)), Application (Plastics, Fiber, Rubber, Soaps & Detergents, Adhesives, Building Materials), and Region - Forecast till 2023
https://www.marketresearchfuture.com/reports/base-chemical-market-998

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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