Specialty Chemicals Market to Reach US$1,201.1 Billion by 2023, up From US$800.4 Billion in 2014: Transparency Market Research

23 Nov, 2015, 08:30 ET from Transparency Market Research

ALBANY, New York, November 23, 2015 /PRNewswire/ --

Transparency Market Research has published a new report titled "Specialty Chemicals (Agrochemicals, Polymers & Plastic Additives, Construction Chemicals, Electronic Chemicals, Cleaning Chemicals, Surfactants, Lubricants & Oilfield Chemicals, Specialty Coatings, Paper & Textile Chemicals, Food Additives, Adhesives & Sealants and Others) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015-2023."

According to the report, the global specialty chemicals market was valued at US$ 800.4 Billion in 2014 and is anticipated to reach US$ 1,201.1 Billion in 2023, expanding at a CAGR of 4.7% between 2015 and 2023.

Specialty chemicals are a collection of low volume, relatively high value chemicals that are recognized for their performance-enhancing properties. Specialty chemicals are categorized into twelve types: agrochemicals, polymers & plastic additives, construction chemicals, electronic chemicals, cleaning chemicals, surfactants, lubricants & oilfield chemicals, specialty coatings, paper & textile chemicals, food additives, adhesives & sealants and others (flavors & fragrances, catalyst, feed additives, printing inks, cosmetic chemicals, water management chemicals, Nutraceuticals ingredients, etc.).

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Agrochemicals accounted for major share of the specialty chemicals market in 2014. The construction chemicals segment is expected to exhibit strong growth during the forecast period. Construction chemicals are added to concrete, cement, or other construction materials to provide superior strength. Increase in construction activities across the globe is projected to provide positive growth outlook for the specialty chemicals market. Electronic chemicals are used in electronic materials for the fabrication of electronic components in applications such as semiconductors and integrated circuits. Furthermore, increasing usage of smartphones is anticipated fuel demand for specialty chemicals during the forecast period.

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In terms of demand, Asia Pacific accounted for over 45% of the global specialty chemicals market share in 2014, primarily due to high demand from China and India. Other countries in Southeast Asia also constituted significant share of the specialty chemicals market in 2014. North America and Europe accounted for the second- and third-largest shares, respectively, of the global specialty chemicals market in 2014. The specialty chemicals market in Asia Pacific is likely to expand significantly during the forecast period due to change in living standards coupled with rapid industrialization in the region. This, in turn, is estimated to boost demand for specialty chemicals in Asia Pacific during the forecast period. Demand for specialty chemicals from Latin America and Middle East & Africa (MEA) is anticipated to rise during the forecast period.

Companies such as BASF SE, The Dow Chemical Company, Bayer AG, E. I. du Pont de Nemours and Company (DuPont), INEOS Group AG., Ashland Inc., Clariant AG, Huntsman Corporation, Arkema S.A., Evonik Industries AG, Chevron Philips Chemical Company, Syngenta AG, Albemarle Corporation, Chemtura Corporation, Eastman Chemical Company, Solvay, and Akzo Nobel N.V. operate in the global specialty chemicals market.

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The report provides in-depth analysis of the specialty chemicals market in terms of revenue (US$ Bn). It includes current demand analysis and forecast for each product segment at the global and regional level. Regions analyzed include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Each region has been further sub-segmented into key countries and sub-regions. The report segments the global specialty chemicals market as follows:

Specialty Chemicals Market - Product Segment Analysis 

  • Agrochemicals
  • Polymers & Plastic Additives
  • Construction Chemicals
  • Electronic Chemicals
  • Cleaning Chemicals
  • Surfactants
  • Lubricants & Oilfield Chemicals
  • Specialty Coatings
  • Paper & Textile Chemicals
  • Food Additives
  • Adhesives & Sealants
  • Others (Including Flavors & Fragrances, Catalyst, Feed Additives, Printing inks, Cosmetic Chemicals, Water Management Chemicals, Nutraceutical Ingredients, etc.)

Upcoming Research Reports:  

Specialty Chemicals Market - Regional Analysis 

North America 

  • U.S.
  • Rest of North America

Europe 

  • Germany
  • Italy
  • Spain
  • U.K.
  • France
  • Rest of Europe

Asia Pacific 

  • China
  • Japan
  • ASEAN
  • India
  • Rest of Asia Pacific

Latin America 

  • Brazil
  • Rest of Latin America

Middle East & Africa 

  • GCC
  • South Africa
  • Rest of Middle East & Africa

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