The wide application spectrum of specialty chemicals is estimated to augment the overall market share. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. The market share of specialty chemicals market size is USD 900 billion and hence, projects a global CAGR of 4% by the end of the forecast period in 2030
The intensifying demand from the global automobile industry is also estimated to have an advantageous effect on the progress of the specialty chemical market in the near future. Furthermore, the shift from the use of commodity chemicals to specialty chemicals is also expected to motivate the markets’ progress in the upcoming period.
Segmental Analysis
The segmental assessment of the specialty chemical market is carried out based on source, type, and region. The type segment of the specialty chemical market consists of fragrances ingredients, water treatment chemicals, construction, chemicals, agrochemicals dyes & pigments, personal care active ingredients, flavors ingredients, surfactants, textile chemicals, bio-based chemicals, and polymer additives. The regions included in the specialty chemical market are Latin America, Europe, Africa, Asia Pacific, North America, and the Middle East. The source segment of the specialty chemical market consists of naphtha, crude oil, propane, butane, ethane, wood, and others.
Detailed Regional Analysis
The regional examination of the specialty chemical market includes Latin America, Europe, Africa, Asia Pacific, North America, and the Middle East. The Asia Pacific region’s specialty chemicals market at present rules the global market, and the trend is anticipated to continue in the forecast period. The influences supporting the market's momentum are the swelling prerequisite for specialty chemicals in large-scale businesses such as automotive and construction. The North American specialty chemical market, indicates the second chief market for specialty chemicals and is anticipated to rise at a stable CAGR due to the contribution of the United States specialty chemicals market. In the meantime, the regional market in Europe will also go on to establish itself as an essential market for specialty chemicals in the next couple of years. The incidence of a firm automotive sector has formed development prospects for market companies operating in the region.
Competitive Analysis
The scale of innovation being observed in the market is another reason that is adding to the advancement of the global market in the future. The detrimental impact on the environment by the business practices is estimated to be a key component in the future growth strategies of the market. The funding scenario in the market is estimated to be optimistic and conducive to the development of the stakeholders in the market. The advancement of the market is spurred by the initiatives of the leaders in the global market, who are dedicating resources to the development of the overall market. The government policies in several regions are very conducive to the development of the market in the upcoming period. The advancement of production technology and processes is estimated to augment the global market. The establishment of clear long-term objectives by market titans is estimated to set the tone for the continuing expansion of the market. The identification of areas for sustainable enhancement in the supply chain is estimated to further fortify the market.
The distinguished contributors in the specialty chemicals market are Solvay S.A. (Belgium), Ashland Inc. (U.S.), BHS Specialty Chemicals (U.S.), Givaudan (Switzerland), Evonik Industries AG (Germany), Lanxess AG (Germany), Croda International Inc. (Switzerland), Exxon Mobil Corporation (U.S.), Lenzing AG (Austria), AkzoNobel N.V (Netherlands), DowDuPont, Inc. (U.S.), Henkel AG & Co. KGaA (Germany), H.B Fuller (U.S.), BASF SE (Germany), and Clariant AG (Switzerland).
Industry Updates:
Feb 2021 Clariant Chemicals is expected to buy about 51 percent stake in India Glycols' specialty chemical business. India Glycols is presently represented in three verticals, i.e., nutraceuticals, specialty chemicals, and natural active pharma. Clariant Chemicals is eyeing a 51 percent stake in the specialty chemicals vertical. In terms of value, this transaction is expected to be worth about Rs 1,000 crore and through this investment sale, India Glycols would be raising around Rs 500 crore.
Mar 2021 IMCD, a provider of specialty chemicals and ingredients, has revealed it has reached an arrangement to sell its Nutri Granulations production subsidiary and associated company to Huber Engineered Materials (HEM), a group of J.M. Huber. The deal is anticipated to end at the end of March and the financial terms have not been unveiled. Combining an additional producing site will back supply security and business stability for their customers.
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