Global Specialty Chemicals Market Share Expected to Grow at a CAGR of 4.3% by 2030 – Custom Market Insights

The global specialty chemicals market size was valued at USD 627.7 billion in 2021 and USD 886.2 billion in 2030 with a CAGR of 4.3% from 2020 to 2030.

SANDY, UTAH, USA, Aug. 15, 2022 /EINPresswire.com/ — According to Custom Market Insights (CMI), this report forecasts market growth at global, regional and country levels and examines industry trends shaping the market over the forecast period from 2022 to 2030. We have categorized the Global Specialty Chemicals Market report on the basis of product type, end-use sectors, and region. This report includes market dynamics along with recent developments in the Specialty Chemicals Market forecast from 2022 to 2030.

The market size is valued at $627.7 billion in 2021 and is projected to reach $886.2 billion by 2030 growing at a CAGR of 4.3% during the period 2022-2030.

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Specialty Chemicals Market: Overview

Specialty chemicals (known as performance chemicals or effect chemicals) are very popular in the industrial and construction sectors. Some of them include essential oils, gelatin, castor oil, and collagen. In the United States, manufacturers of specialty chemicals are members of the Society of Chemical Manufacturers and Affiliates (SOCMA), while in the United Kingdom such manufacturers are members of the British Association for Chemical Specialties (BACS). The Society of Chemical Manufacturers and Affiliates (SOCMA) considers specialty chemicals to differ from regular chemicals in terms of use, as specialty chemicals have only one or two uses.

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Restricting factors

In addition to Covid-19, which led to an unprecedented disruption in the supply chain, the automotive sector suffered considerably in terms of products and demand. The global automotive product has suffered greatly during the pandemic, however, the automotive sector has recovered over the past year and increased production with the demand for electric vehicles increasing. Specialty chemicals are used in rubber blacks and engine oil. Additionally, enormous technical details and complex processes associated with the production of specialty chemicals have limited their production. The availability of cheaper substitute products will add to the challenge for the industry.

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Segmental overview

Specialty chemicals are segmented into product type and end-use vertical. Based on product type, the market is categorized into agrochemicals, dyes & pigments, construction chemicals, specialty polymers, textile chemicals, base ingredients, surfactants, functional ingredients, water treatments, and others. Further, on the basis of end-use sector, the market is categorized into industrial sector, construction sector, cosmetics & personal care, pharmaceutical, electrical & electronics, mining & oilfield and others.

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Regional overview

Asia-Pacific is estimated to hold the largest market share, followed by the North American region. The United States has seen increased demand for specialty chemicals in the shrinking residential sector, so demand is not limited to developing countries. In addition, the oil and gas sector as well as the mining sector have also witnessed increased demand in the Middle East and South America region. There is increasing activity in the petroleum refining industry over the past decade, which has further contributed to substantial market growth. Europe will experience steady growth during the forecast period.

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Overview of key players

Global manufacturers are focusing on automation to increase their productivity and strengthen their market competence. In addition, long-term supply agreements for raw material supply and customer retention are key elements to gain traction with end users, which will ensure stability.

List of Major Players of Global Specialty Chemicals Market:

Solvay AG
Evonik Industries AG
Clariant S.A.
Akzo Nobel SA
BASF SE
KemiraOyj
LANXESS S.A.
Croda International Plc
Huntsman International LLC
The company Lubrizol
Albemarle Society

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The global specialty chemicals market is segmented as follows:

By product type

Agrochemicals
Dyes and Pigments
construction chemicals
Special polymers
Textile chemicals
Basic ingredients
Surfactants
Functional ingredients
Water treatments
Others

By end use

Industrial
Construction
Cosmetics and personal care
Pharmaceutical
Electrical and Electronic
Mining and oil field
Others

By geography

North America
United States
Canada
Mexico

Europe
France
Great Britain
Spain
Germany
Italy
The rest of Europe

Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific

The Middle East and Africa
Saudi Arabia
United Arab Emirates
Egypt
Kuwait
South Africa
Rest of the Middle East and Africa

Latin America
Brazil
Argentina
Rest of Latin America

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