NEW YORK, Nov. 16, 2016 /PRNewswire/ -- Specialty chemicals are those that provide different effect when mixed with different chemical or substances. The chemicals or products improve performance of either an end-use product or a manufacturing process. Specialty chemicals are used under different categories such as adhesives agrichemicals cleaning materials, construction chemicals, elastomers, cosmetic additives, flavors, Industrial gases, lubricants, polymers, food additives fragrances and textile auxiliaries.
Supply – Demand Scenario:
The specialty chemicals market size in terms of value is estimated to reach $471 Billion by 2020, at a CAGR of 5.41% between 2014 and 2020.
Growth by Region:
The market of specialty chemicals has been dominated by Europe and United States. Asia-Pacific is the largest market for specialty chemicals. The Asia-Pacific market is projected to enroll good growth on account of the growing end-user industries such as plastic, construction, automotive and electronics. North America market ranks second, in terms of value which is closely followed by Europe.
Drivers vs. Constraints:
A major factors driving this market are the robust expansion of large end-user industries, especially in the Asian markets, and constantly widening scope of applications. An increased focus on innovations for establishing more efficient and protected specialty chemicals also remains a key driver for the global specialty chemicals market. However,shifting costs of raw materials, strict regulatory issues related with certain chemicals, and environmental concerns present limitations to market growth.
Industry Structure and Updates:
The development of eco-friendly specialty chemicals at competitive rates is expected to create new opportunities in the specialty chemicals market. These chemicals have vast potential in developing economies such as India, China and Brazil expanding production operations into these regions, can be an opportunity for the manufacturers.
Cytec Industries Inc. has entered into a definitive merger agreement with Brussels-based Solvay.The total cash consideration will amount to US$5.6 billion, corresponding to an enterprise value of US$6.5billion.
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