Asia-Pacific to Lead Specialty Chemicals Market during 2019-2024
Increasing demand for goods such as cosmetics, textiles, food, etc., is pushing demand for raw ingredients, which in turn, is anticipated to drive global specialty chemicals market through 2024
According to TechSci Research report, “Global Specialty Chemicals Market By Type, By Function, By Region, Competition, Forecast & Opportunities, 2024’’, the global specialty chemicals market is projected to grow at a CAGR of around 5% during the forecast period. The market for specialty chemicals is further anticipated to grow in the coming years on account of growing application of these chemicals in various end-user industries. In terms of regions, specialty chemicals market can be segmented into Asia-Pacific, North America, South America, Middle East & Africa and Europe. In 2018, Asia-Pacific dominated the market and the region is expected to continue its dominance during forecast period as well. This is due to the high economic growth, low labor cost and growing industrialization in economies such as India, China, among others, in the region.
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Global speciality chemicals market can be segmented based on the type, function and region. On the basis of type, the market can be segregated into specialty mining chemicals, water treatment chemicals, adhesives, electronic chemicals, specialty paper chemicals, pesticides, rubber processing chemicals, advanced ceramic materials, plastic additives, construction chemicals, specialty oilfields chemicals, textile chemicals, food additives, specialty polymers, printing inks. Construction chemicals is one of the major segments of the speciality chemicals market and is poised to grow at an impressive rate during forecast period as well on account of growing demand for housing projects and public infrastructure globally.
Key players operating in global specialty chemicals market include Albemarle Corporation, Ashland Inc., BASF SE, Lanxess Aktiengesellschaft, Clariant AG, Evonik Industries AG, Henkel AG & Co. KGAA, Solvay SA among others. Leading players operating in the market are focusing on reducing carbon footprint and improve the raw material supply. Furthermore, companies are using strategies such as product development, mergers and acquisitions in order to ensure sound returns.
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“Factors such as increasing utilization of speciality chemicals across different end user industries and technological advancements are promoting the growth of specialty chemicals market. Moreover, favorable oil and gas prices coupled with rapid expansion of shale oil and gas drilling activities are further anticipated to positively influence global specialty chemicals market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Specialty Chemicals Market By Type, By Function, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global specialty chemicals market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market trends along with drivers, challenges and opportunities in global specialty chemicals market.
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Source: TechSci Research