Specialty Chemicals Market Valuation Worth USD 900 Billion by 2030 at 4% CAGR - Report by Market Research Future (MRFR)

Specialty Chemicals Market Insights and Industry Analysis by Source (Crude Oil, Naphtha, Ethane, Propane, Butane, Wood, Others) and By Type (Agrochemicals, Flavors Ingredients, Fragrances Ingredients, Dyes & Pigments, Personal Care Active Ingredients, Water Treatment Chemicals, Construction Chemicals, Surfactants, Textile Chemicals, Polymer Additives, Bio-Based Chemicals, Others) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030

New York, New York, UNITED STATES

New York, USA, July 19, 2022 (GLOBE NEWSWIRE) -- Specialty Chemicals Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Specialty Chemicals Market Information By Source, Type, and Region - Forecast till 2030”, the market is estimated to grow at a 4% CAGR to reach USD 900 Billion by 2030.

Market Scope:

For a wide range of applications, many industries rely on speciality chemicals (also known as specialty or effect chemicals). 

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Report Scope:

Report AttributeDetails
2030 Market Size2030: USD 900 Billion
CAGR4% (2021–2030)
Base Year2020
Forecast Period2021-2030
Historical Data2019
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Source, By Type, and Region
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market DriversA robust growth of the constriction activities in the APAC
Agrochemicals, as a part of the market, are likely to emerge as the major game changers

Competitive Dynamics:

Global expansion, strategic alliances, R&D-heavy product creation, and the use of cutting-edge technology are just a few of the common operational methods employed by market players. As a result of shifting consumer attitudes and regulatory mandates, bio-based speciality chemicals R&D has seen a considerable uptick in the last several years. Manufacturing capacity expansion and technical improvement are being prioritized by businesses in order to obtain a foothold in the marketplace. Long-term supply agreements with raw material suppliers or end-users are also being maintained by manufacturers in order to ensure stability.

It is expected that the speciality chemicals industry's revenue will rise significantly during the projected period of 2021-2030 due to the following market players' functions:

  • BASF (Germany)
  • Ashland Inc. (U.S.)
  • Clariant AG (Switzerland)
  • Dow Chemical (U.S.)
  • Evonik Industries (Germany)
  • Akzo Nobel N.V (Netherlands)
  • Bayer AG (Germany)

Market Dynamics:

Market Drivers:

Due to strong development in constriction activities in APAC and Middle East and Africa, the speciality chemicals industry is expected to rebound from a pandemic with strong growth and demand. Due to their potential to meet the rising need for food and the accompanying rise in the global population, agrochemicals are expected to be a game changer in the industry.

Since the market is mostly driven by consumers, R&D and innovation have a lot of potential for growth. Unique speciality chemicals have been developed as a result of the manufacturers' focus on providing customized and innovative product offerings for target applications in order to meet the specific needs of customers. Products that can improve performance while requiring less maintenance are in high demand due to the increasing use of rechargeable, downsized, and sustainable electronic components. An increasing demand for speciality chemicals from the end-use of electrical and electronic products is due to this factor.

Market Restraints:

This year's COVID-19 epidemic affected sales of speciality chemicals. These factors are limiting the market's growth throughout the forecast period of 2021-2030, according to the report.

Browse In-depth Market Research Report (232 Pages) on Specialty Chemicals: https://www.marketresearchfuture.com/reports/specialty-chemicals-market-2026

COVID-19 Analysis:

The COVID 19 pandemic's widespread distribution has had an effect on businesses and the assembly and production units that support them. Businesses in the speciality chemicals sector have recently been focused on growing their operations by developing new products and services. We are taking these precautions in order to keep ourselves safe from the new coronavirus pandemic's unpredictable dynamics and potential dangers. Shopping malls, retail plazas, and other businesses that rely on market items and services have been forced to shut down due to a lack of qualified workers and work limitations imposed by both a partial and a complete lockdown.

The COVID 19 pandemic is affecting the speciality chemicals industry trends' target audience and significant actors. Since the outbreak of the pandemic, there has been a significant influence on these trends in the form of decreased growth and demand. The target market is also anticipated to see an increase in the number of market items and global portfolios. Internet portal usage is increasing, which helps the market fulfill rising demand and expanding needs. To ensure favorable market expansion for the projected period that ends in 2030, the governments and major worldwide players are growing the market services and goods as a consequence of increased investments and advances.

Market Segmentation:

By source

It is projected that the ethane segment will increase significantly during the next few years.

By application

Between 2020 and 2027, construction chemicals are predicted to increase at a high rate, becoming an important product category. In the construction and building business, there is a high need for items such specialist water-proofing compounds, repair and renovation compounds, joint fillers and tile fixing adhesives.

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Regional Analysis:

Following a significant rise in per capita income among the current population, the North American region as a whole has seen an enormous population growth, particularly among the United States, Canada, and Mexico. As a result, there will be an increase in the need for food and cash crops as the population grows. By the end of the current prediction period in 2028, these tendencies are likely to spread internationally.

The APAC region's expanding service industry is expected to be a major driver of demand for specialized chemicals in the construction sector. Consequently, the need for office space is rising, as is the demand for residential construction projects, and the influx of investment from multinational corporations is likely to aid in the development of a strong industrial base in the region. Specialty chemicals' market share is expected to rise over the forecast period of 2021-2028 as a result of this development. In the next seven years, the Indian subcontinent, which is part of the APAC area, will see a rise in housing investment of USD 1.3 trillion, resulting in the construction of 60 million new homes. As a result, by the end of the forecast period in 2028, India is anticipated to become a center for the speciality chemicals market.

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