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Global Specialty Chemicals Market to Grow at Promising 4.2% CAGR during 2021-2029 – A Report by Absolute Markets Insights

Published On 01 Sep 2021 01:35 PM


According to Absolute Markets Insights, the global specialty chemicals market is anticipated to grow at 4.2% during the 2021-2029 period owing to increased demand from end use industry verticals along with potential export opportunities. Furthermore, increasing strategic initiatives, involving substantial investments, within the global specialty chemicals market is also anticipated to boost the market growth over the forecast period.

Sustained Demand from End-use Industry Verticals to Comprehend Growth in the Global Market

Specialty chemicals denote significant application across varied industry verticals, which is accelerating the growth of global specialty chemicals market. The increased demand from sectors such as paint and coatings, flavours and fragrances, nutrition and personal care along with healthcare and pharmaceuticals have contributed substantially towards the market growth. The Covid-19 pandemic has been instrumental in influencing the growth of global specialty chemicals market. The household personal care and sanitizer sales, amidst the coronavirus outbreak, has surged exponentially. The specialty chemicals companies including Ashland and ANGUS amongst others experienced strong growth in revenues during this period. Other companies catering to the healthcare and pharmaceuticals sector continue to witness strong growth rates. However, industries such as automotive, construction, healthcare and paint & coatings continue to drive the growth of global specialty chemicals market.

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Specialty Chemicals Gaining Momentum in the Overall Chemicals Sector

Specialty chemicals engulfs a substantial share in the global chemicals market. The companies operating in the global specialty chemicals market have witnessed sizeable gains in terms of both, profitability and growth. In order to further capitalize on the opportunity, companies are undertaking strategic initiatives such as portfolio restructuring and portfolio optimization. For instance, in October 2018, Nouryon, a business unit of AkzoNobel, was sold to The Carlyle Group and GIC. The transaction enabled Nouryon to solely focus on its specialty chemicals business. In another instance, Evonik Industries AG carved out their methyl methacrylates (MMA) and polymethyl methacrylate (PMMA) business to direct their attention towards specialty chemicals. A significant amount of investments are being directed by entities in the sector to strengthen their position in the global market. Momentive Performance Materials Inc., for instance, in August 2020, announced investments of about US$ 15 million towards specialized electronic materials production as a transition move to specialty silicones from commodity basics chemicals. The move also marked the sale of their Consumer Sealants Business.

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Asia Pacific to Register Highest Compound Annual Growth Rate (CAGR) Over the Forecast Period

India in the Asia Pacific region is anticipated to witness highest growth rate in the specialty chemicals market over the period of next eight years. Rapid urbanization, significant demand for premium products across end-user segments along with growing disposable income are some of the factors contributing towards the region’s growth in the global market. The abundant availability of skilled manpower in the country, strong process engineering capabilities along with low-cost manufacturing capabilities showcases significant growth opportunity for India in the global specialty chemicals market. Increasing investments by market participants also showcase substantial growth opportunities for the country over the future years. For instance, Ultramarine & Pigments Ltd in commissioned the set up of Sulphonation plant in Andhra Pradesh Industrial Infrastructure Corporation (APIIC) Industrial Park in January 2021 to manufacture specialty chemicals. China, however, held a significant share in the Asia Pacific specialty chemicals market.

Some key players in the global specialty chemicals market are abcr GmbH, Akzo Nobel N.V., Albemarle Corporation, Ashland, BASF SE, Clariant, Croda International Plc, DKSH Management Ltd., DuPont, Enzymicals AG, Evonik Industries AG, Henkel AG & Co. KGaA, Huntsman International LLC., LANXESS, McGean-Rohco Inc., Solvay, and Wacker Chemie AG, among others.

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Global Specialty Chemicals Market:  

  • By Categories
    • Tollers
    • Custom Chemical Producers
    • Proprietary Chemical Producers
    • Combination
  • By Product Form
    • Petrochemicals
    • Catalysts
    • Monomers
    • Intermediaries
    • Others
  • By Application
    • Adhesives
    • Composites
    • Polymers
    • Fibers
    • Preservatives
    • Electronics
    • Paints and Coatings
    • Pharmaceuticals
    • Graphics
    • Emulsifiers
    • Others (Elastomers, Flavours, Food Additives, Fragrances, Industrial Gases, etc.)
  • By Organization Size
    • Small and Medium Sized Enterprises
    • Large Enterprises
  • By Industry Verticals
    • Manufacturing
    • Automotive
    • Agriculture
    • Retail and Consumer Goods
    • Military and Defense
    • Semiconductors and Electronics
    • Construction and Real Estate
    • Power and Energy
    • Paper and Pulp
    • Healthcare
    • Packaging and Technical Film
    • Others
  • By Region:
    • North America
      • U.S.
      • Canada
      • Mexico
      • Rest of North America
    • Europe
      • France
      • The UK
      • Spain
      • Germany
      • Italy
      • Nordic Countries
        • Denmark
        • Finland
        • Iceland
        • Sweden
        • Norway
      • Benelux Union
        • Belgium
        • The Netherlands
        • Luxembourg
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • New Zealand
      • Australia
      • South Korea
      • Southeast Asia
        • Indonesia
        • Thailand
        • Malaysia
        • Singapore
        • Rest of Southeast Asia
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Egypt
      • Kuwait
      • South Africa
      • Rest of Middle East & Africa
    • Latin America
      • Brazil
      • Argentina
      • Rest of Latin America

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Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization. From the in-depth analysis and segregation, we serve our clients to fulfill their immediate as well as ongoing research requirements. Minute analysis impact large decisions and thereby the source of business intelligence (BI) plays an important role, which keeps us upgraded with current and upcoming market scenarios.

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Press Release Provided By: Absolute Markets Insights