Specialty Chemicals Market size to surpass $1.2 trillion by 2024
Published Date: September 17, 2019 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the specialty chemicals market size is predicted to surpass $1.2 trillion by 2024; Developments in the automotive industry would be a significant growth driver in the global market.
The global automotive production increased from 77 million in 2010 to over 90 million in 2015. Specialty chemicals are significantly used in the production of paints, coatings, polymers, adhesives, lubricants, etc. These products are extensively used in the automotive industry. Hence, increasing production of automobiles would spur the specialty chemicals market sales in the coming years.
The global automotive production was majorly driven by rising demand from developing regions. Rising population, expanding industrialization, and improving per capita income of consumers in emerging economies has led to growth in the automotive sector. This would augment the specialty chemicals market in the forecast period.
Although, specialty chemicals possess numerous benefits which are required in a broad range of industries, its synthetic nature could adversely affect the environment. This could curb the growth in the specialty chemicals market. Certain toxic substances in these products deteriorate the quality of food items and can be hazardous if consumed. Hence, various regulations have been implemented to limit such harmful effects of specialty chemicals on the environment and to protect human health.
For example, organochlorine insecticide DDT and certain neonicotinoids are banned in European Union countries. France banned the use of glyphosates in garden & lawns. EU has also assigned maximum residue levels for various substances used in pesticides like pethoxamid, prothioconazole, thiamethoxam, dithiocarbamates, etc.
Browse key industry insights spread across 110 pages with 74 market data tables & 14 figures & charts from the report, “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, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Surfactants is an important product segment due to its usage as a wetting or foaming agent. It is used in manufacturing products like paints, sanitizers, detergents, shampoos, inks, toothpaste, biocides, etc. Increasing global population would result in rising demand for such consumer products. This would spur the specialty chemicals market growth in coming years. Paper & textile chemicals is another product type which is likely to grow at a CAGR of about 4% owing to rising use of paper in various applications.
Global paper production reached around 390 million metric tons in 2010 which increased to 400 million metric tons by 2015. Increasing use of paper in packaging applications has led the specialty chemicals market growth. Rising trend in the home food delivery sector will further surge the requirement for paper in the future. This would increase the sale of paper & textile chemicals in the forecast period.
Europe occupied a significant share owing to high demand for the product from various industries. The specialty chemicals manufactured in this region are of high standards as they must meet various stringent EU regulations. Germany attained the largest revenue in the region due to rising construction activities in various parts of the country. The country’s high automotive production volumes are another factor behind its leading position.
In 2010, the automotive production in Germany was about 5.9 million which increased over 6 million in 2015. Developments in the wastewater treatment industry would be another factor driving the specialty chemicals market share in the European region.
Major companies in the specialty chemicals industry include Eastman Chemical Company, Chevron Philips Chemical Company, Chemtura Corporation, Akzo Nobel N.V., Ashland Inc., Albemarle Corporation, Clariant AG, BASF SE, and Syngenta.
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