Global Specialty Chemicals Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

This report forecasts market growth at global, regional, and country levels and discusses industry trends shaping the market over the forecast period of 2022 to 2030. We have has categorized the global Specialty chemicals market report based on product type, end-use verticals, and region.

This report includes market dynamics as well as recent developments in the Specialty Chemicals Market forecast from 2022 to 2030. The market size is valued at USD 627.7 billion in 2021 and it is expected to grow to USD 886.2 billion by 2030, at a CAGR of 4.3% during 2022-2030.

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The Specialty Chemicals Market: Overview

Specialty chemicals (called performance chemicals or effect chemicals)are widely popular in the industrial and construction sectors. Some of these include essential oils, gelatin, castor oil, and collagen.

Manufacturers across the USA for Specialty chemicals are part of the Society of Chemical Manufacturers and Affiliates (SOCMA), while in the United Kingdom, these manufacturers are members of the British Association for Chemical Specialties (BACS). The Society of Chemical Manufacturers and Affiliates (SOCMA) consider Specialty chemicals to differ from regular chemicals in terms of their use, as Specialty chemicals have only one or two uses.

The Specialty Chemicals Market: Growth Factors

Specialty chemicals are increasingly used across coatings, adhesives, sealants, and elastomers, which has emerged as a lucrative segment for chemical manufacturers. Numerous technological advancements and innovations have a long-lasting effect on production capacity and performance enhancement.

The booming infrastructural sector and real estate sector in emerging economies such as India, China, and South Africa has contributed to market growth. Cleaners and disinfectant products have witnessed massive demand in Asia and North America region, leading to numerous opportunities for local Specialty chemical manufacturers.

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The Specialty Chemicals Market: Key Insights

• As per the analysis shared by our research analyst, the Specialty Chemicals Market is estimated to grow annually at a CAGR of around 4.3% over the forecast period (2022-2030).
• In terms of revenue, the Specialty Chemicals Market is primarily driven by the industrial and construction sectors with rising demand from the electrical and electronics sectors in recent times.
• Based on product type segmentation, the agrochemicals segment was estimated to show maximum market share in the year 2021.
• Based on the end-use sector, the industrial segment was the leading revenue-generating category in 2021.
• On the basis of region, the Asia Pacific region is the leading market with countries such as China and India dominating regional market growth.

The Specialty Chemicals Market: Recent Development

• June 2022: UPL's Specialty chemicals arm acquires a 100% stake in Kudos Chemie. After the acquisition, Kudos has become a step-down wholly-owned subsidiary of UPL Specialty Chemicals
• July 2022: Syngene International signs a 10-year agreement with US-based firm Zoetis."This agreement initially centered on Librela paves the way for the development and manufacturing of other molecules in the coming years and is expected to be worth up to $ 500 million to Syngene over 10 years, subject to regulatory approvals and market demand," the company said.

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The Specialty Chemicals Market: Regional Landscape

Asia-Pacific region is leading the Global Specialty Chemicals Market in 2021 with the presence of large manufacturers and local players. China dominated the Asia-Pacific region and has been driven by new strategies to gain a global presence. China's growth in specialty chemicals over the last decades is characterized by significant R&D investment and intense competition.

Chinese manufacturing is primarily driven by production technology and widely available raw materials. The Chinese government has financed several projects to influence production capability in China. These factors have led to rampant overcapacity in chemical manufacturing.

The Specialty Chemicals Market: Prominent Players

Solvay AG
Evonik Industries AG
Clariant AG
Akzo Nobel N.V.
BASF SE
KemiraOyj
LANXESS AG
Croda International Plc
Huntsman International LLC
The Lubrizol Corporation
Albemarle Corporation

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The Specialty Chemicals Market: Segments

By Product Type

• Agrochemicals
• Dyes and Pigments
• Construction Chemicals
• Speciality Polymers
• Textile Chemicals
• Base Ingredients
• Surfactants
• Functional Ingredients
• Water Treatments
• Others

By End-Use

• Industrial
• Construction
• Cosmetics and Personal Care
• Pharmaceutical
• Electrical & Electronics
• Mining and Oilfield
• Others

The Specialty Chemicals Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.