NEW YORK, Jan. 19, 2021 /PRNewswire/ -- Several industries around the world require chemicals specially formulated for their requirements. Thus, due to a widespread end-use base, the global specialty chemicals market, which generated $639,935.8 million in 2019, is predicted to witness a 5.5% CAGR between 2020 and 2030, to reach $980,423.7 million in 2030. One of the most-prominent applications of such chemicals is in the production of wood pulp and paper, the latter of which is used widely in the packaging sector, according to the market research report published by P&S Intelligence.
In the same way, the growing usage of fuel additives in automobiles is an important specialty chemicals market driver. Fuel additives are used to manipulate several properties of gasoline and diesel, such as their freezing point and fluidity. A common specialty chemical used as a fuel additive is diesel exhaust fluid, or AdBlue, which is intended to reduce the emission of nitrogen oxides from diesel engines. Moreover, methyl oleate is a widely consumed specialty chemical in the pharmaceutical sector, particularly as an active ingredient in lotions and ointments.
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The impact of the COVID-19 pandemic on the specialty chemicals market has been quite negative owing to the shutting down of automotive, consumer goods, textile, electronics, aerospace, and packaging plants. Since all these sectors are major consumers of an array of specialty chemicals, their closing down has led to a massive slump in demand.
In the past, the agrochemicals category dominated the specialty chemicals market, on the basis of type. The availability of off-patent molecules, increasing demand for horticulture and food crops, budgetary and regulatory support from governments, and high export potential are driving the demand for agrochemicals. Such chemicals help in protecting the crops from pests, raising the farms' yield, and keeping the soil fertile.
Browse detailed report with COVID-19 impact analysis on Specialty Chemicals Market Research Report: By Type (Agrochemicals, Construction Chemicals, Specialty Coatings, Surfactants, Food Additives, Polymer Additives, Electronic Chemicals, Cleaning Chemicals, Plastic Additives, Paper & Textile Chemicals, Adhesives & Sealants, Lubricant & Oilfield Chemicals) – Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/specialty-chemicals-market
The lubricants & oilfield chemicals category will witness the fastest specialty chemicals market growth in the coming years. A constant increase in the production of shale gas and resumption of automotive production and construction activities after the pandemic are expected to propel the demand for specialty lubricants and oilfield chemicals.
Till now, Asia-Pacific (APAC) has generated the highest revenue in the specialty chemicals market, and it is also projected to display the highest CAGR in the near future. The demand for specialty chemicals is growing in the region on account of the rapid expansion of the agriculture, pharmaceutical, automotive, personal care & cosmetics, and electrical & electronics sectors in India and China. Other major drivers for the regional market are the increasing construction activities, growing packaging sector, and rising number of water treatment plants.
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The major players in the global specialty chemicals market are Evonik Industries AG, Ashland Global Holdings Inc., Eastman Chemical Company, Akzo Nobel N.V., Mitsui Chemicals Inc., LOTTE Fine Chemical Co. Ltd., BASF SE, Mitsubishi Chemical Corporation, Huntsman Corporation, Clariant International Ltd., China Petroleum & Chemical Corporation, Dow Inc., Sadara Chemical Company, Saudi Basic Industries Corporation, AECI Ltd., and Thebe Unico.
Key Findings of Global Specialty Chemicals Market Report
- Agrochemicals remain widest-selling type of specialty chemicals
- Rapid increase to be witnessed in lubricant & oilfield chemical demand
- Chemical companies shifting production base to APAC
- APAC largest consumer of specialty chemicals
- Presence of many players makes market fragmented
- Market players expanding their chemical output for higher revenue
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SOURCE P&S Intelligence