Specialty Chemicals Market Size By Product (Agrochemicals, Polymers & Plastic Additives, Construction Chemicals, Electronic Chemicals, Cleaning Chemicals, Surfactants, Lubricants & Oilfield Chemicals, Specialty Coatings, Paper & Textile Chemicals, Adhesives & Sealants, Food Additives), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Poland, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: Oct 2016 | Report ID: GMI792 | Authors: Kiran Pulidindi, Hemant Pandey
Specialty Chemicals Market size estimated at USD 830 billion in 2015 and will grow at a CAGR of more than 5% from 2016 to 2024.
Get more details on this report - Request Free Sample PDF
The usage of agrochemicals by major agrarian countries like China, India, U.S., etc. has been rising in the past few years. This would likely boost the revenue in the specialty chemicals market. Agrochemicals help in protecting the crops from pest and stops weed growth. They also provide required nutrients to the soil like nitrogen, phosphate, etc. to enhance the crop production. The global demand for fertilizer nutrients has increased from around 180 million tons in 2014 to over 190 million tons in 2015. Such rising demand for fertilizer nutrients would propel the production of agrochemicals in the coming years. High population growth in developing regions has resulted in increasing food security concerns due to shrinkage of agricultural land. This would further increase the demand for high yield agrochemicals in the future.
Developments in the food & beverage industry would be another growth enabler in the market. This is owing to the rising use of food additives in packaged food and canned beverages. The food & beverage industry is likely to generate a revenue of over USD 160 billion by 2023 with a growth rate of more than 10%. Out of the global food & beverage revenue, Asia is likely to account for more than 45% share followed by Europe and North America. Fast developments in the global food & beverage market would in turn increase the demand for food additives to maintain the quality of products like canned meat, packed fruits & vegetables, bakery items, confectionary, dairy, etc. This will boost the demand in the market in coming years.
|Historical Data for:||2013 to 2015||Forecast Period:||2016 to 2024|
|Pages:||110||Tables, Charts & Figures:||88|
|Geographies covered (17):||U.S., Canada, Germany, UK, France, Russia, Poland, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC|
|Segments covered:||Product and Region|
|Companies covered (17):||Akzo Nobel N.V., BASF SE, Ashland Inc., Clariant AG, Evonik Industries, The Dow Chemical Company, Huntsman Corporation, DuPont, Arkema S.A., Bayer AG, Chevron Philips Chemical Company, Syngenta AG, Albemarle Corporation, Chaitra Corporation, Eastman Chemical Company, Solvay, INEOS Group AG|
Construction chemicals like mortar, foaming agent, surface treatment chemicals, coatings, etc. play a vital role in the construction process. Hence, they occupy a significant share in the market. These chemicals help in improving the physical and aesthetic properties of a building and extend their life. It also reduces the need for maintenance and helps retain the strength of concrete structures. This product segment exhibited a CAGR of more than 5%. Growing construction projects in Asian countries will boost the growth in this segment over the study period.
Electronic chemical is another major segment in the specialty chemicals market owing to its extensive usage in various applications. Electronic chemicals like etchants, strippers, resist developers, solvent blends, etc. are increasingly used in electronic manufacturing. The global semiconductor sales increased from around USD 290 billion in 2010 to more than USD 300 billion in 2015. Such rising sale of semiconductors is likely to increase the requirement for electronic specialty chemicals over the study period.
The specialty chemicals market was dominated by Asia Pacific region due to its rising production volume of different chemicals and industrial products. Infrastructural developments in emerging economies has significantly increased the need for construction chemicals like plasticizers, curing compounds, grouts, shuttering oil, etc. which helps in ensuring the durability and strength of concrete structures. Rising disposable income in the region coupled with escalating population and industrialization would become major factors behind the rising product demand. These factors have resulted in Asia Pacific occupying a share of more than 40% in 2015.
North America specialty chemicals industry is likely to grow at a CAGR of around 3% in the coming years. The major factor behind this growth rate is increasing production of light weight vehicles in this region. This would increase the demand for polymer & polymer additives. Another factor driving the growth is the developments in the food & beverage market in U.S. The U.S. food & beverage industry is likely to cross a revenue of USD 8 billion by 2024. This would increase the need for food additives in this region.
Competitive Market Share
Key specialty chemicals market manufacturers are Akzo Nobel N.V., Bayer AG, Eastman Chemical Company, The Dow Chemical Company, Solvay, BASF SE, Chemtura Corporation, DuPont, Albemarle Corporation, Clariant AG, Chevron Philips Chemical Company, Ashland Inc., Huntsman Corporation, INEOS Group AG, Evonik Industries AG, and Syngenta AG.
Presence of numerous companies has resulted in a fragmented market structure. There are various distribution channels such as online portals, company websites, sales outlets, wholesale & retail channels, etc. through which the company tries to market its specialty chemicals. For example, Chevron Philips Chemical Co. signed a partnership agreement with the Quadra Chemicals to deliver chemicals required in the Canadian mining industry. Another example is of the agreement between Evonik Industries AG and distribution companies like Glenn Corporation & Univar Inc. This agreement helps Evonik to distribute its cosmetic chemicals in various parts of the world.
Specialty chemicals are manufactured to meet performance specific requirements. The physical & chemical properties of these materials significantly influence the characteristics of the end-product. Rising demand from end-user industries would contribute to the growth of this market in coming years.
Why Global Market Insights, Inc.?
- GMI is unparalleled when to comes to the quality of research and information provided to clients. Our unique methodology is designed to ensure a minimum of 90% accuracy to give our clients excellent value on their investment.
Over 200 experts are available across various time-zones, ready to serve clients for their research needs. Our industry experts help clients to design reports customized to their needs.