Specialty Chemicals Market Size Estimated to Reach USD 1,244.13 Billion by 2032

The global specialty chemicals market size is expected to reach around USD 1,244.13 billion by 2032, increasing from USD 869.88 billion in 2023, According to Precedence Research.

Ottawa, Dec. 22, 2023 (GLOBE NEWSWIRE) -- The global specialty chemicals market size was valued at USD 836.94 billion in 2022 and the sector is growing at a CAGR of 4.06% between 2023 and 2032.

The specialty chemicals market is driven by increasing R&D investments, growing demand from the end-use industry, technological advancements, and the growing demand for bio-based chemicals.

Specialty chemicals, also known as specialty or fine chemicals, refer to unique and high-value chemical products that are produced in smaller quantities and are often tailored for specific applications. These chemicals are distinct from commodity chemicals, which are produced in larger volumes and are more basic in terms of their composition. Specialty chemicals are designed to meet the specific needs and requirements of particular industries or applications, and they often involve complex formulations and advanced manufacturing processes.

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The growing launch of renewable-based chemicals also propelled the market growth during the forecast period. For instance, in October 2023, a new grade of 2-Ethylhexanol (2-EH) with a 100% renewable, traceable mass-balanced carbon content was introduced by leading specialty chemicals pioneer Perstorp. From the cradle to the Perstorp gate, the product has a negative carbon footprint when accounting for the biogenic CO2 uptake absorbed by the renewable raw materials employed. 2-EH Pro 100 was created to reduce carbon emissions along the whole value chain.

Specialty Chemicals Market Revenue, By Region (US$ Billion)

By Region20192020202120222023
North America177.897161.798185.859193.700202.331
Asia Pacific317.094287.536329.311342.179356.359

Asia Pacific is expected to dominate the market during the forecast period. Some of the biggest agricultural economies in the world are found in this region. The need to increase agricultural production to feed the world's expanding population is driving a significant demand for specialized chemicals in agrochemicals, fertilizers, and crop protection products. For instance, by 2025, the Indian agriculture industry is expected to reach US$ 24 billion, according to Inc42. With 70% of revenues coming from retail, the Indian food and grocery sector is the sixth largest in the world. India exported US$ 43.37 billion worth of agricultural and processed foodstuffs in FY23 (April 2022–January 2023). The nation produces 330.5 million tons of foodgrains overall, according to the third Advance Estimates for FY23 (Kharif alone).

According to the Second Advance Estimates of National Income, the GVA of agriculture and related industries made up 18.3% of the overall GDP in 2022–2023 and grew at a pace of 3.3%. Additionally, the need for eco-friendly and sustainable products, along with growing consumer awareness of environmental problems, is driving the specialty chemicals industry. This tendency is especially noteworthy in China, South Korea, Japan, and other nations where consumers have begun to care more about the environment. Thus, this is expected to drive the market growth in the region during the forecast period.

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Scope of Specialty Chemicals Market 

Report CoverageDetails
CAGR4.06% from 2023 to 2032
Global Market Size in 2023$ 869.88 Billion
Global Market Size by 2032$ 1,244.13 Billion
Asia-Pacific Market Size in 2023$ 356.35 Billion
Asia-Pacific Market Size by 2032$ 518.68 Billion
Base Year2022
Forecast Period2023 to 2032
Largest MarketAsia Pacific
Fastest Growing MarketNorth America
Segments CoveredApplications and Region

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Specialty Chemicals Market Report Highlights:

Application Insights

The pharmaceutical ingredients segment is expected to capture a significant revenue share over the forecast period. The specialty chemicals market plays a crucial role in the pharmaceutical industry by supplying a diverse range of specialty chemicals used as pharmaceutical ingredients. These ingredients are essential in the development and manufacturing of pharmaceutical products. Active Pharmaceutical Ingredients (APIs) are the main components in pharmaceutical formulations responsible for the therapeutic effects of the drugs. Specialty chemicals contribute significantly to the production of APIs, as they often involve complex synthesis processes and must meet strict quality and regulatory standards. In addition, these chemicals in the pharmaceutical sector are often customized to meet specific requirements. This includes characteristics such as purity, stability, solubility, and bioavailability, which are critical for the efficacy and safety of pharmaceutical products.

Besides, the agrochemicals segment is expected to propel the market expansion during the forecast period. Specialty chemicals are integral to the formulation of pesticides and insecticides. These chemicals help enhance the efficacy, stability, and safety of these products. Innovation in specialty chemicals is crucial for the development of new and more effective pesticides. In addition, they are used in the manufacturing of fertilizers to improve nutrient content, enhance nutrient release, and optimize plant uptake. Controlled-release fertilizers, for example, often involve the use of specialty chemical coatings.

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Market Dynamics:


Growing agricultural sector demand for specialized chemicals

The growing global population and dwindling arable land pose a danger to the agriculture sector. Raising agricultural yields is therefore becoming more important to feed the world's rapidly expanding population, while arable land becomes scarcer. The worldwide specialized chemicals industry is expanding, nonetheless, because of the growing demand for these agrochemicals. Agrochemical use to improve farm yields and reduce crop loss will be fueled by rising food demand and shrinking vegetable acreage, particularly in developing nations. This will drive market growth in the region of focus over the forecast period.


Commoditization of specialty chemicals

The profit margins of producers will be impacted by the quick conversion of speciality chemicals. Specialty chemicals will not become commodities due to rapid product innovation. Specialty chemical producers need to concentrate on developing products for specialized markets.
To stand out from the competition, manufacturers are finding it difficult to create innovative products that provide end customers more value. The commoditization of specialty chemicals is being driven by the availability of manufacturing technologies in this sector and the quick development of capacity, which is slowing down the growth of the market under consideration over the projection period.


Rising interest in bio-based chemicals        

Bioplastics, like bio-based lubricants and biodegradable plastics, have been created as substitutes for petroleum-based lubricants and plastics. Fermentation, ultrafiltration, and crystallization processes are used to create bio-based lubricants from renewable feedstocks including sugar and plant-based oil. Furthermore, the need for biodegradable plastics is rising significantly in the regular applications of consumer products, particularly in the packaging sector. Throughout the projected period, the growing demand for environmentally friendly bio-based chemicals is anticipated to propel the expansion of the worldwide specialty chemicals market.

Related Reports:

Green Chemicals Market: The global green chemicals market size reached USD 121.5 billion in 2022 and is projected to hit around USD 319.45 billion by 2032, poised to grow at a CAGR of 10.20% from 2023 to 2032.

Alkanes Market: The global alkanes market size was estimated at USD 11.2 billion in 2022 and is anticipated to reach around USD 16.66 billion by 2032, poised to grow at a CAGR of 4.1% from 2023 to 2032.

Industrial and Institutional Cleaning Chemicals Market: The global industrial and institutional cleaning chemicals market size was estimated at USD 72.6 billion in 2022 and it is predicted to reach around USD 149.84 billion by 2032, growing at a CAGR of 7.52% from 2023 to 2032.

Rubber Processing Chemicals Market: The global rubber processing chemicals market size is expected to hit around USD 5.23 billion by 2032 from USD 2.8 billion in 2022 and is poised to grow at a CAGR of 6.5% from 2023 to 2032.

Wastewater Treatment Chemicals Market: The global wastewater treatment chemicals market size reached USD 34.6 billion in 2022 and it is projected to hit around USD 50.73 billion by 2032, poised to grow at a CAGR of 3.9% from 2023 to 2032.

Oilfield Chemicals Market: The global oilfield chemicals market size accounted for USD 29.4 billion in 2022 and it is expected to attain around USD 46.94 billion by 2032, growing at a CAGR of 4.79% from 2023 to 2032.

Recent Developments:

  • In April 2023, Clariant IGL Specialty Chemicals Private Limited displayed its line of ethylene oxide derivatives derived from renewable sources at ChemExpo India 2023. One of the main offers for guests to Booth B08 at the Bombay Exhibition Centre in Mumbai is its VITA line of 100% bio-based surfactants and ethoxylated derivatives, which enable carbon footprint reduction in different business categories.
  • In January 2023, the French energy firm TotalEnergies and specialty chemicals manufacturer LANXESS partnered to offer biocircular styrene. TotalEnergies uses tall oil as its raw material instead of traditional styrene. Tall oil is a by-product of pulp manufacture and is made from a tree resin. Styrene is used by LANXESS to create environmentally friendly ion exchange resins. These products are mostly used in the food sector, for treating chemical process flows and effluent. According to the mass balance method of the ISCC PLUS standard ("International Sustainability and Carbon Certification"), the sustainable origin of the styrene is certified.

Market Key Players:

  • Bayer AG
  • Dow, Inc.
  • Lanxess AG
  • Evonik Industries AG
  • Clariant AG
  • Solvay SA
  • Albemarle Corporation
  • Huntsman International LLC
  • Sumitomo Chemical Company
  • Nouryon
  • Ashland LLC.
  • Merck & Co., Inc.
  • Henkel Ag & Co. KGAA
  • Sasol Limited
  • 3M
  • PPG Industries Inc.
  • Koninklijke DSM N.V.
  • B. Fuller

Market Segmentation

By Application

  • Flavors Ingredients
    • Savory
    • Beverages
    • Dairy
    • Others
  • Agrochemicals
    • Fungicides
    • Calcium Nitrate Fertilizers
    • Insecticide
    • Ammonium Sulphate Fertilizers
    • Herbicides
    • Others
  • Dyes & Pigments
  • Fragrances Ingredients
    • Fabric Care
    • Personal Care
    • Hair Care
    • Others
  • Water Treatment Chemicals
    • Biocides and Disinfectants
    • Corrosion and Scale Inhibitor
    • Activated Car
    • Coagulants and Flocculants
  • Personal Care Active Ingredients
  • Surfactants
    • Nonionic
    • Anionic
    • Amphoteric
    • Cationic
    • Others
  • Construction Chemicals
    • Adhesives and Sealants
    • Protective Coatings
    • Asphalt Additives
    • Concrete Admixtures
    • Others
  • Bio-based Chemicals
    • Ethanol
    • Furfural
    • Acetic Acid
    • Others
  • Textile Chemicals
    • Coating and Sizing Chemicals
    • Finishing Chemicals
    • Colorants and Auxiliaries
    • Others
  • Oilfield Chemicals
    • Cementing Chemicals
    • Drilling Fluids
    • Fracturing Chemicals
    • Oil Production Chemicals
    • Acidizing Chemicals
    • Others
  • Polymer Additive
  • Electronics Chemicals
    • Conductive Polymers
    • Specialty Gases
    • Wet Chemicals
    • Photoresist Chemicals
    • PCB Laminates
    • Silicon Wafers
    • Others
  • Paper & Pulp Chemicals
    • Process Chemicals
    • Bleaching & RCF Chemicals
    • Coating chemicals
    • Functional Chemicals
    • Pigments & Fillers
  • Pharmaceutical Ingredients
    • Biological API
    • Chemical API
  • Specialty Polymers
  • Others

By Regions

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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