New York, NY, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Specialty Chemicals Market By Type (Specialty Polymers, Industrial and Institutional (I&I) Cleaners, Construction Chemicals, Electronic Chemicals, Flavors and fragrances, Agrichemicals, Cleaning Materials, Additives, Lubricants, and Others), and By Application (Cleaning and Cosmetics, Food and Beverage, Electricity and Electronics, Construction Industry, Motor Vehicle Industry, Paper, and Pulp Industry, Plastic Industry, Oil and Gas Exploitation Industry, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 - 2026”.
According to the research study, the global Specialty Chemicals market was estimated at USD 610 billion in 2019 and is expected to reach USD 940 billion by 2026. The global Specialty Chemicals market is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2020 to 2027.
Global Specialty Chemicals Market Growing On The Back Of Growing Demand For Specialty Chemicals In The Developing Nations, Growing Demand For Adhesives And Sealants, Rapid Industrialization, The Growing Construction Sector & The Growing Consumption In The Automotive, Construction, Electronics And Medical Industry.
Browse through 47 Tables & 143 Figures spread over 185+ Pages and in-depth TOC on “Global Specialty Chemicals Market Size, Share Trends 2019 Updated Report and Industry Forecast to 2026”.
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Specialty chemicals are the combination of multiple chemical substances composed for delivering to specific applications across segments. The research and development in the specialty chemicals segment have widened the application in industry verticals such as Agrochemicals, Cleaning and Cosmetics, Electricity and Electronics, Food and Beverage, Construction Industry, automobile Industry, Paper, and Pulp Industry, Plastic Industry as well as Oil and Gas Exploitation Industry. The specialty chemicals are produced through research by individual companies and therefore providing reluctance in interchangeability in many applications.
The companies in the market are addressing the growing competitiveness in the market by researching and introducing on multiple chemical types in the market. The companies are aggressively adopting market penetrating strategies by engaging in business expansion in the high consumption economies like China and India. The companies are expanding the production capacities for meeting the market development such as widening applications and growing end user industries. The companies are also emphasizing improved customer service and quality of products. The clients are focused on the function and performance of the specialty chemical which forms a major base for decision making in the end-user segment.
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During the upcoming years, the rising demand for specialty chemicals and growing demand for adhesives and sealants are the major driving factors of the markets. Additionally, the growing consumption in the automotive, construction, electronics and medical industry is further enhancing the market growth. The growing demand for specialty chemicals in the developing nations coupled with rapid industrialization is expected to provide the future impetus for market expansion. The growing construction sector leading to increased demand for adhesives and sealants is also expected to contribute towards the market growth.
Top Market Players
Some of the leading and top Specialty Chemicals companies in the global Specialty Chemicals market include DowDuPont, BASF SE, Henkel AG, Akzonobel, Ashland Inc., Solvay SA, Evonik Industries AG, Lanxess, Clariant AG, Exxon Mobil Corporation, Albemarle Corporation, Bayer AG, Chevron Phillips Chemical Company, among others. The DuPont, Dow Chemicals, BASF, Akzo Nobel are anticipated to remain the top revenue-generating companies in the market.
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Specialty Chemicals Market: Based on Segment Analysis
Based on product type, the worldwide Specialty Chemicals market can be segmented into Specialty Polymers, Industrial and Institutional (I&I) Cleaners, Construction Chemicals, Electronic Chemicals, Flavors and fragrances, Agrichemicals, Cleaning Materials, Additives, Lubricants, and Others, with the cleaning and cosmetic segment projected to provide a significant opportunity in the near future. The growing adoption of home cleaning coupled with increasing expenditure and changing lifestyles are the major factors driving the market growth. The construction segment is also projected to provide significant opportunity while exhibiting a growth of 7.8% CAGR during the forecast period. In terms of applications, the global Specialty Chemicals market can be segmented into Cleaning and Cosmetics, Food and Beverage, Electricity and Electronics, Construction Industry, Motor Vehicle Industry, Paper, and Pulp Industry, Plastic Industry, Oil and Gas Exploitation Industry, and Others. In terms of geography, The Asia Pacific region is projected to register the highest growth during the studied period. China and India are expected to remain major contributors in the region. The rising investment and favorable policies supporting rapid industrialization are expected to catalyze the demand in the emerging economies.
Browse the full “Specialty Chemicals Market By Type (Specialty Polymers, Industrial and Institutional (I&I) Cleaners, Construction Chemicals, Electronic Chemicals, Flavors and fragrances, Agrichemicals, Cleaning Materials, Additives, Lubricants, and Others), and By Application (Cleaning and Cosmetics, Food and Beverage, Electricity and Electronics, Construction Industry, Motor Vehicle Industry, Paper, and Pulp Industry, Plastic Industry, Oil and Gas Exploitation Industry, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 - 2026" report at https://www.fnfresearch.com/specialty-chemicals-market-by-type-specialty-polymers-industrial
Specialty Chemicals Market: Regional Analysis
The geographical coverage includes North America, Europe, Latin America, and Middle East & Africa in the global Specialty Chemicals market. China is high growth at a significant rate over the forecast period and CAGR of around 6% between 2019 and 2026. China is the largest consumer of specialty chemicals that is the global consumption of paper chemicals, textile chemicals, and coating, etc. In 2018, the textile chemicals market accounted for 50% of the dollar value.
This report segments the specialty chemicals market as follows:
Global Specialty Chemicals Market: By Form Segment Analysis
- Specialty Polymers
- Industrial and Institutional(I&I) Cleaners
- Construction Chemicals
- ElectronicChemicals
- Flavors and Fragrances
- Agrichemicals
- CleaningMaterials
- Additives
- Lubricants
- Others (Sealants, Textile Chemicals, Specialty Coatings, etc.)
Global Specialty Chemicals Market: By Application Segment Analysis
- Cleaning and Cosmetics
- Food and beverage
- Electricity and Electronics
- Construction Industry
- Motor vehicle Industry
- Paper and pulp Industry
- Plastic Industry
- Oil and Gas Exploitation Industry
- Others (Other Industry, Printing and Publishing Industry, etc.)
Key Insights from Primary Research
- Key Insights from Primary Research
- As per our primary respondents, the construction chemicals segment accounts for approximately 20% market share of total revenue generated by the global specialty chemicals market.
- China specialty chemicals market dominates the global market both in terms of production as well as consumption
- Construction chemicals and agrichemicals have more than 2/3rd of the market share in the global market
- Companies such as BASF SE, Evonik Industries AG, DowDuPont, Exxon Mobil Corporation, and Chevron Phillips Chemical Company accounts for around half of the global market share
- In terms of volume, the sale of specialty chemicals accounted for approximately 230 Million Tons in 2019
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