Specialty Chemicals Market Analysis

Specialty Chemicals Market Analysis

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 specialty chemicals 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 will exhibit a CAGR of more than 5%. Growing number of 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 $290 billion in 2010 to more than $300 billion in 2015. Such rising sales of semiconductors are likely to increase the requirement for electronic specialty chemicals over the study period.
 

The specialty chemicals market growth was dominated by Asia Pacific region due to its rising production volume of different chemicals and industrial products. Infrastructural developments in emerging economies have significantly increased the need for construction chemicals like plasticizers, curing compounds, grouts, shuttering oil, etc., which help 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 is likely to grow at a CAGR of around 3% over 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 specialty chemicals market trends is the developments in the food & beverage business in U.S. The U.S. food & beverage sector is likely to cross a revenue of $8 billion by 2024. This would increase the need for food additives in this region.