Specialty Chemicals Market - Forecasts from 2018 to 2023

The specialty chemicals market is projected to expand at a CAGR of 4.72% over the forecast period of 2017-2023. Specialty chemicals are used to enhance product performances across various industries such as electronics, plastics, and automotive. They are also known as performance chemicals. These are low volume chemical products, which add significant value to different products. The growth of specialty chemicals is driven by both domestic consumption and exports. Rising importance of specialty chemicals in a number of industries in emerging economies is the key driving factor that is boosting the specialty chemical market growth. Rapid urbanization, rising standard of living and burgeoning investments in the infrastructure are the drivers that are boosting the demand for specialty chemicals. Industries such as construction are increasingly using these chemicals so as to improve the durability of the structure. The market is expected to grow at a steady pace owing to the rising adoption of certain specialty chemicals in emerging economies such as India. However, fluctuating prices of raw materials can restrain the market growth.

By Type of Product

By type of product, the specialty chemicals market is segmented as specialty polymers, construction chemicals, specialty coating, plastic additives and others. Others includes adhesives, oil field chemicals, water-soluble polymers and etc. Construction Chemicals is expected to grow at a fast pace in emerging market such as India as it is recognized as an important component of the chemical industry and is playing an increasingly important role in nation building.

By End-User

By end-user, the specialty chemicals market is segmented as pulp and paper, pharmaceutical, electronics, automotive, construction and others. Construction holds a significant share in the specialty chemicals market owing to the increasing infrastructure activities taking place across the globe.

By Geography

Geographically, the specialty chemicals market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific and South America. Asia Pacific is expected to show an impressive growth owing to the shift of manufacturing to the east and export competitiveness of countries such as India is expected to strengthen its position as a manufacturing hub for specialty chemicals. Increasing investments in the infrastructure is further going to boost the demand of specialty chemicals in this region.

Competitive Intelligence

The specialty chemical market is dominated by the major players that have diversified portfolio. They are adopting strategies such as product launch, collaborations, and huge investments in R&D to produce specialty chemicals for a number of industries. The key players are BASF SE, Akzo Nobel N.V, Evonik, PPG Industries Ltd., Mitsubishi Chemical Corporation, RBP Chemical Technology, Brenntag Specialties, Inc., TORAY INDUSTRIES, INC., and LANXESS.

Segmentation

The specialty chemicals market has been analyzed through following segments:

By Type

Specialty Polymers
Construction Chemicals
Specialty Coating
Plastic Additives
Others

By End-User

Pulp and Paper
Pharmaceutical
Electronics
Automotive
Construction
Others

By Geography

North America
US
Canada
Mexico
Others

South America
Brazil
Argentina
Others

Europe
Germany
France
United Kingdom
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
South Korea
India
Others