NEW YORK, May 24, 2016 /PRNewswire/ -- Specialty Chemicals Market – Report Insights
Chemicals constitute an integral part of the global manufacturing industry for that they constitute the raw materials for most of the key end use industries driving the world economy. The global chemical output, valued at $180 billion in 1970 has grown to more than $4 trillion in 2015, driven by rapidly growing demand for a wide variety of products and processes that throughout their lifecycles stand as indispensable parts in making the modern human life more comfortable and productive. Specialty chemicals play an even more important role as they stand as the pillars for innovation driving the efficiency in each end user industry, while resolving complex issues pertaining to human health and ecosystem.
The word 'Specialty chemical' is used to refer to unique molecules or mixtures of molecules that are used on the basis of their performance or function. They are also referred to "formulation" chemicals. The differentiating component between specialty chemicals and commodity chemicals is that the former has specified target segments and unique applications. Commodity chemicals or base chemicals on the other hand has more than one application and constitute a major portion of the worldwide chemical output by weight.
Worldwide Specialty Chemicals market research report covers the present scenario and the growth prospects of the worldwide Specialty chemicals market for the period 2015-2021. The report provides in-depth analysis of market size and growth of worldwide specialty chemicals market. This market research report includes a detailed market segmentation of the worldwide specialty chemicals Market by the following segmentation types
• Paints and Coatings
• Polymers and Plastic Additives
• Food Additives
• Homecare Surfactants
• Water Management Chemicals
• Leather and Textile Chemicals
• Construction Chemicals
• Lubricant and Fuel Additives
• Pulp and Paper Chemicals
• Latin America
• Middle East and Africa
• North America
Market Share Analysis
• APAC (Degree of competition and fragmentation of vendors in the region)
• Europe (Degree of competition and fragmentation of vendors in the region)
• Latin America (Degree of competition and fragmentation of vendors in the region)
• MEA (Degree of competition and fragmentation of vendors in the region)
• North America (Degree of competition and fragmentation of vendors in the region)
Specialty Chemicals Market – Market Size and Dynamics
Specialty chemicals is expected to account for a little under a billion US$ by 2021. As of 2015 specialty chemicals still account for less than 25 percent of the worldwide chemical output which was valued at a little over $4 trillion. Specialty chemicals as of date are priced higher than the standard commodity chemicals because of the specific application for these chemicals. Furthermore, these chemicals need to confirm to very strict environmental regulations and as such need to be of the highest quality. The price of these chemicals will continue to be higher than the standard commodity chemicals considerably as it is expected that there will be more niche applications for these chemicals by the end of the forecast period.
Focused players in the Specialty Chemicals market – Changing competitive landscape driving the market
The application of specialty chemicals is specific to the chemical that has been manufactured and cannot be used across multiple applications as is the case with commodity chemicals. As such, specialty chemicals cannot be manufactured in large volume unless there is a concrete demand for these chemicals. In such a scenario, it was always the larger players that would dominate this market as they had the resources and could target their already large customer base. The competitive landscape has changed with a number of several specialty chemical players and commodity players integrating vertically or horizontally to make the best of this high-growth chemical market. The bargaining power no longer rests with the few of the major vendors but rather is being challenged by the rise of niche players who aspire to be the market leaders in their particular segments. These focused players constantly stave off competition and commoditization of the industry by aggressively investing in R&D to improve their product capabilities.
Regulatory requirements – specialty chemicals to help address various regulatory and environmental concerns
Specialty chemicals are being used in fuel and lubricant formulation on account of them playing a major role in controlling viscosity, lubricity and thus chemical breakdown and contaminant generation during the use of combustion engines. Environment regulators across the world emphasize on reduced automotive and industrial emissions, there has been a growing need for energy-efficient combustion engines and environment-friendly fuels and lubricants. In order to constantly comply with the stringent emission standards, refiners and lubricant formulators are increasingly relying on innovative chemical compounds that can not only reduce harmful emissions but can also prolong the lifecycle of the combustion engines. Thus these compounds play a significant role in saving billions of dollars that otherwise would have been incurred in wear and tear of engine and industrial spares.
APAC region leading the Specialty Chemicals market– Vast market potential in the APAC region driving the growth for specialty chemicals market
The region's chemical industry has grown at an impressive rate of over 6 percent over the past five years with the specialty chemical industry posting even a higher growth of more than 7 percent. On account of cheap factors of production, progressive government policies and huge domestic consumption, the region is the hub for chemical manufacturing, as the leading chemical companies across the world set up their manufacturing locations in the region. While the developed markets in Europe and North America are unable to keep pace with the growth of emerging markets of Asia, these markets are growing both in consumption size and purchasing power. The region is expected to account for a little less than US$ 500 million by 2021 in the specialty chemicals market.
Specialty Chemicals Competitive Landscape – Market Share
Companies that are changing the landscape of the market include Akzo Nobel, Ashland, BASF, DOW, DSM, DuPont, Eastman, Evonik Industries, Exxon Mobil, Henkel, Huntsman, Lanxess, SABIC, Solvay and Sumitomo Chemical.
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