$827+ Bn Specialty Chemicals Market is Expected to Grow at a CAGR of over 4.1% During 2022-2029

Bedfordshire, United Kingdom, April 26, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Specialty Chemicals market. We have been studying the market from the past 10 years and this is our 6^th edition of the report. It took us around 3 months to complete the research and finally make it available in the market for sale.

Some of our key findings from the research are as follows:

1. Specialty chemicals are also referred to as performance chemicals or effect chemicals. Some popular examples include essential oils, gelatin, castor oil, and collagen.
2. Specialty chemicals are a niche segment that offers special ingredients to improve the performance of several end-users, including construction, automotive, cosmetic, textile, and agricultural industries.

Key Market Key Players:

During our course of research, we have studied the key market players around the globe along with some prominent local players. We made a detailed list of the all the available players that we could find through our research and have included those mentioned below in our list:

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

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New and Latest market trends:

1. -     Evonik,  Biesterfeld Spezialchemie and CheMondis, a leading B2B online marketplace for chemicals in Europe, announced their cooperation. Evonik’s portfolio for paints, coatings and printing inks of the Coating Additives business line is now available for online purchase on CheMondis.
2. -     Chevron Phillips Chemical announced today plans to expand its alpha olefins business with a second world-scale unit to produce on-purpose 1-hexene. Expected capacity for the new unit is 266 KTA with targeted startup in 2023 and its location will be Old Ocean, Texas
3. -     QUEBEC CITY — H2O Innovation Inc. announces that its specialty chemical business line is doubling the footprint at its Cheshire, UK facility to keep up with demand from the market. The grand opening ceremony for this new reverse osmosis cleaner production plant took place on Tuesday, March 15, 2022.

Recent Market Developments:

1. Clariant, a focused, sustainable and innovative specialty chemical company, and India Glycols Limited (IGL), a leading company in the manufacturing of green technology-based chemicals, announced the successful creation of their 51-49% joint venture for renewable ethylene oxide (EO) derivatives after receiving all necessary regulatory approvals. The joint venture will operate under the name Clariant IGL Specialty Chemicals Private Limited.
2. Geesthacht/Essen. Evonik’s multi-purpose silicone and nanotechnology manufacturing facility in Geesthacht, Germany has been further boosted with the completion of its new multi-purpose reactor. The new plant will help to meet increasing demand for its high value growth specialties products
3. AkzoNobel Specialty Chemicals and Evonik Industries have successfully started production at their new joint venture to produce chlorine and potassium hydroxide at the company’s Ibbenbüren site in Germany. The facility uses state-of-the-art membrane electrolysis technology to produce up to 120,000 metric tons of potassium hydroxide and 75,000 metric tons of chlorine per year, as well as hydrogen.
4. Huntsman Corporation announced that it has completed the acquisition of CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives and coatings markets. Huntsman acquired the business from Emerald Performance Materials LLC, a majority-owned affiliate of American Securities LLC
5. Solvay, a leading global producer of ingredients of flavour and fragrance, has concluded an equity investment to take a significant minority shareholding in Catàsynth Speciality Chemicals

Report Scope & Segmentation:

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Regional Analysis:

1. -     The Asia-Pacific region dominated the specialty chemicals market, and it is likely to retain its position during the forecast period due to robust growth of the construction sector, increasing demand for cosmetic products, growing investment and production
2. -     The prominence of China as one of the top manufacturing hubs for most industries such as pharmaceuticals and nutraceuticals, personal care and cosmetics, automotive, and electrical and electronics has resulted in the emergence of the Asia Pacific region as one of the fast-growing markets for specialty chemicals.
3. -     North America is a major consumer of biocides, cosmetic chemicals, corrosion inhibitors, institutional cleaners, lubricating oil additives, and synthetic lubricants, which account for a sizable portion of the market. The expanding demand for construction chemicals from the U.S. and Canada on account of an increase in investments in infrastructure projects has also enabled North America to secure constructive market growth

Market Segment Analysis

1. -     Specialty polymers, industrial and institutional cleaners, construction chemicals, electronic chemicals, and flavors and fragrances are the major used specialty chemicals by the manufacturing industry. Rise in disposable income in the developing countries is expected to drive the demand for these products.
2. -     Specialty chemicals are increasingly used in water treatment. Introduction of more sophisticated water treatment technologies such as ion-exchange include use of specialty chemicals in industrial water treatment.
3. -     Food Additives segment held the largest share in the Specialty Chemicals Market. These are used to enhance the foods nutrient content, keep the product fresh and make the food more appealing
4. -     Paints and coatings dominated the market for specialty chemicals and are expected to grow over the forecast period, with robust growth in the construction industry, driven largely by growth in residential construction worldwide.
5. -     Construction chemicals are specialty chemical compounds that are used in construction activities. These chemicals are added to construction materials such as cement, concrete, coatings, and others, where they provide high strength and durability and increase the construction work

You can read more about our report and also ask for a sample of our report before purchasing by registering on the link below

https://exactitudeconsultancy.com/reports/4203/specialty-chemicals-market