Global specialty chemicals market is projected to reach $782.2 billion by 2023. The growth of the market is majorly driven by the increasing demand of specialty chemicals in emerging economies, ongoing technological advancements, and increasing penetration of end use industries. Apart from this, increasing demand for public, residential, and commercial buildings combined with growing urban population is accelerating the growth of construction chemicals in the region, further boosting the specialty chemicals market growth.
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On the basis of type, the market is categorized into agrochemicals, construction chemicals, specialty coatings, surfactants, food additives, polymer additives, electronic chemicals, cleaning chemicals, plastic additives, paper and textile chemicals, adhesives and sealants, lubricant and oilfield chemicals, and others. ‘Others’ include advanced ceramic materials, rubber processing chemicals, water treatment chemicals, and mining chemicals.
Of these, agrochemicals hold the largest share in the global specialty chemicals market, which is attributed to the increasing food consumption around the world, due to the increasing population. Additionally, the demand of agrochemicals is growing due to the increasing need of crop protection, in order to meet the ever-increasing demand of food products worldwide.
APAC has been contributing the highest revenue to the global market, crossing 40.0% in 2017. It is also expected to be the fastest growing specialty chemicals market during the forecast period, attributed to the growing consumption of these chemicals in various industries including construction, agriculture, and automotive. The region has a very strong base of manpower, and a well-developed chemical industry, which provides raw materials at competitive prices, further driving the market growth.
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Some of the major players operating in the global specialty chemicals market are Ashland Global Holdings Inc., DowDuPont Inc., Evonik Industries AG, Akzo Nobel N.V., Eastman Chemical Company, LOTTE Fine Chemical, Mitsui Chemicals Inc., Mitsubishi Chemical Corporation, BASF SE, Clariant AG, Huntsman Corporation, China Petroleum & Chemical Corporation, Saudi Basic Industries Corporation, Sadara Chemical Company, Saudi Speciality Industries Co Ltd., Thebe Unico, and AECI Ltd.
Global Specialty Chemicals Market Segmentation
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
- Others (Water treatment chemicals, advance ceramic materials, rubber processing chemicals, and mining chemicals)
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC
- Latin America (LATAM)
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
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