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Key takeaways from specialty chemicals market study
- Specialty chemicals market size to increase by USD 155.05 billion at 3.41% CAGR between 2020 and 2025
- 2.35% year-over-year growth expected in 2021
- 62% market growth to originate in APAC during the forecast period
- Agrochemicals segment accounted for maximum growth in the market in 2020
- Dominant vendors include BASF SE, Dow Inc., Huntsman Corp., and others
Specialty Chemicals Market: Growth Drivers and Restraints
The specialty chemicals market is driven by the increasing demand for specialty chemicals from the agrochemical industry. The limited availability of arable land is leading to an increase in the focus on raising crop yields to support the rapidly growing world population. In addition, the lack of proper food storage infrastructure and the inefficient distribution of food grains have made it necessary to increase crop yields. As a result, companies are increasingly developing various yield-enhancing agrochemicals. The propelling use of agrochemicals for the improvement of farm yields and the reduction of crop loss during the forecast period will further influence the market positively during the forecast period.
However, the stringent regulations and policies will be a major challenge for the specialty chemicals market during the forecast period. Stringent regulations by the US EPA and the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) on the volatile organic compound (VOC) content of specialty chemicals, such as specialty paints and coatings, adhesives, and sealants, are a significant challenge to the growth of the global specialty chemicals market.
"Although the increasing demand for recycled plastics and the growing shift toward specialty adhesives and sealants will further boost the market growth, commoditization of specialty chemicals might limit the growth opportunities for market players", says an analyst at Technavio.
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Specialty Chemicals Market: Vendor Analysis
The specialty chemicals market is fragmented and the vendors are deploying growth strategies such as forming strategic partnerships to compete in the market. Vendors are launching new products and engaging in M&As to strengthen their market position during the forecast period.
For instance, In October 2021, BASF SE announced a partnership with WBENC to advance supplier diversity and inclusion and launched a new Chemical Industry Forum. In November 2021, Clariant International Ltd. announced the expansion of its presence and commitment to the region, including Africa, Southeast Asia, the Commonwealth of Independent States, Europe, the North Sea, and the Middle East.
Some other companies covered in this specialty chemicals market analysis report:
- Albemarle Corp.
- BASF SE
- Clariant International Ltd.
- Dow Inc.
- Evonik Industries AG
- Henkel AG and Co. KGaA
- Huntsman Corp.
- Nouryon Chemicals Holding BV
- Saudi Basic Industries Corp.
- Solvay SA
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The specialty chemicals market report answers questions such as:
- Is the market structure fragmented or concentrated?
- What was the market size in 2020 and the forecast of the specialty chemicals market through 2025?
- Which are the best segment areas to invest in over the forecast period?
- What is the market share of dominant and strong vendors in the specialty chemicals market?
- What are the inhibiting factors and the impact of the COVID-19 on the specialty chemicals market growth?
- What are the latest trends and regulatory frameworks in the specialty chemicals market?
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Specialty Chemicals Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of almost 3.41% |
Market growth 2021-2025 |
USD 155.04 billion |
Market structure |
Fragmented |
YoY growth (%) |
2.35 |
Regional analysis |
APAC, North America, Europe, South America, and MEA |
Performing market contribution |
APAC at 62% |
Key consumer countries |
China, US, Japan, Germany, and South Korea (Republic of Korea) |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Albemarle Corp., BASF SE, Clariant International Ltd., Dow Inc., Evonik Industries AG, Henkel AG and Co. KGaA, Huntsman Corp., Nouryon Chemicals Holding BV, Saudi Basic Industries Corp., and Solvay SA |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
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SOURCE Technavio
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