Specialty Chemicals Market to be Worth $914.4 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Feb. 21, 2023 /PRNewswire/ -- The global specialty chemicals market size is expected to reach USD 914.4 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.1% from 2022 to 2030. The growth is attributed to the growing demand from pharmaceuticals, flavors and fragrances, rubber processing, and electronics chemicals, among others. One of the prime growth factors is consumer-driven demand, led by categories such as personal care, food & feed additives, and pharmaceuticals, among others.

Key Industry Insights & Findings from the report:

• Electronic chemical is the second fastest growing product segment with a CAGR of 5.5 % on the account of their use in advanced chemical purification technologies such as filtration, distillation, gas adsorption, and ion exchange to minimize the level of contaminants in high-purity process chemicals.
• Specialty pulp and paper chemicals product segment will grow significantly during forecast period. The demand is likely to increase with the growing developments, technological advancement, and M&A among the market players.
• The specialty chemicals landscape has been experiencing noteworthy transformation in recent times. Many integrated and large companies are expanding their portfolios to gain a foothold in the specialty chemicals marketspace.
• Germany specialty chemicals demand is expected to be high over the coming years owing to increasing consumption of coatings, printing inks, additives, and others in the food, automotive, and wood coating applications. Key players including BASF SE, Evonik Industries AG, and Lanxess are the largest manufacturers in the country.
• With surplus feedstock and rising regional demand, prominent manufactures are witnessing lucrative investment opportunities from the Asia Pacific and Middle East region.

Read 125-page market research report, "Specialty Chemicals Market Size, Share & Trends Analysis Report By Product (Institutional & Industrial Cleaners, Flavor & Fragrances, Food & Feed Additives), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Specialty Chemicals Market Growth & Trends

Growing trends of rubber products such as long service life tires, high- performance requirements, and others influence the demand for rubber processing chemicals used in tires and industrial products. The market is primarily driven by the increasing use of synthetic rubber products globally. Additionally, growth in medical, footwear, aerospace, construction industries that require rubber products are expected to propel the demand in the near future.

However, the market growth slumped due to European geopolitical conflict which have caused an increase in oil costs, which affected the price of producing chemicals. The market is projected to be significantly impacted by rising oil prices. From the manufacturer's viewpoint, the impact of rising energy prices resulted in higher chemical prices and has somewhat eroded profits. The import and export of raw materials across regions, particularly in the European region, were impacted by supply interruptions, which in turn had an impact on the market as a whole.

The countries in Latin America regions are expected to witness a trend of increased consumption of food & beverage products manufactured by adding additives to enhance flavor and taste owing to the shifting consumer eating habits and favorable regulatory developments in the region. These factors have led to a strong increase in the demand and the consumption of high-end value-added products like carbonated drinks, desserts, bakery products, among others. Moreover, the presence of major manufacturer such as Cargill Incorporated, General Mills, and Kraft Foods has resulted in novel product developments and capacity expansions in the industry, thus contributing to market growth.

Specialty Chemicals Market Segmentation

Grand View Research has segmented the global specialty chemicals market on the basis of product type and region

Specialty Chemicals Market - Product Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Specialty Polymers
• Institutional & Industrial Cleaners
• Electronic Chemicals
• Rubber Processing Chemicals
• Flavors & Fragrances
• Construction Chemicals
• Food & Feed Additives
• Cosmetic Chemicals
• Oilfield Chemicals
• Mining Chemicals
• Pharmaceutical & Nutraceutical Additives
• Plastic Additives
• Printing Inks
• CASE (Coatings, Adhesives, Sealants & Elastomers)
• Specialty Pulp & Paper Chemicals
• Specialty Textile Chemicals
• Catalysts
• Water Treatment Chemicals
• Corrosion Inhibitors
• Flame Retardants
• Others

Specialty Chemicals Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Middle East & Africa
• Saudi Arabia
• South Africa

List of Key Players of Specialty Chemicals Market

• Solvay
• Evonik Industries AG
• Clariant AG
• Akzo Nobel N.V.
• DuPont
• Kemira Oyj
• Lanxess
• Croda International Plc
• Huntsman International LL
• The Lubrizol Corporation
• Albemarle Corporation

Check out more related studies published by Grand View Research:

• GCC Specialty Chemicals Market - The GCC specialty chemicals market size is expected to surpass USD 31.0 billion by 2027, exhibiting a CAGR of 4.5% during the forecast period, as per a new report by Grand View Research Inc. Expanding oil and gas, and construction and building industries along with the lucratively growing industries such as automotive, textiles and water treatment among others, in the region are the major factors driving the market growth.
• Specialty NBR Market - The global specialty nitrile butadiene rubber market size is expected to reach USD 768.1 million by 2025 expanding at a CAGR of 4.2%, according to a new report by Grand View Research, Inc. Carboxylated NBR is expected to have a high market penetration on account of providing excellent resistance to oils and non-polar solvents. The demand for carboxylated NBR is likely to be driven by its ability to successfully replace polyurethane in the printing rubber roller application and to blend with various substances for durability, release, and temperature. Rising application of printing rubber rollers in abrasive products, glass industries, and conveying equipment is projected to drive the market growth.
• Specialty & High Performance Films Market - Specialty and high performance films market is anticipated to reach USD 57.26 billion by 2024, according to a new report by Grand View Research, Inc. The demand for the product is primarily driven by robust and high tensile packaging application. Increasing demand for the product in premium food and cosmetics products owing to superior barrier properties is likely to augment growth over the projected period.

Browse through Grand View Research's Specialty Polymers Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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