Hyderabad, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Due to the surge in building activity in several regions of the world, the demand for specialty chemicals has increased steadily. Following the COVID-19 epidemic, residential and building activity has increased in the United States. Another industry that is contributing to the expansion of specialty chemicals is the furniture industry. The demand for chairs, tables, beds, sofas, bookcases, and cabinets has increased in line with home building, population, and income levels. A vast variety of polishes, paints, varnishes, and coatings are utilized in the furniture business. Consequently, the rise in furniture manufacturing has contributed to the expansion of the market studied. This trend will continue to grow at a CAGR of 4.09% during 2022-2027.
In the United States, the construction industry is the largest consumer of specialty chemicals. According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the total number of building permits in Nov 2022 were 1342000 units while the number of completed houses in Nov 2022 accounted to 1490000 units. This is majorly due to the increase in disposable income of the working population and the increase in migration of people from various countries to the United States says Himanshu Vasisht, Senior Manager at Mordor Intelligence.
Himanshu says the automotive industry is another sector that has a significant impact on the demand for specialty chemicals such as paints and coatings. Although the automotive industry is declining for the past few years there has been a major shift in electric vehicles which is growing at a faster rate across the world.
The rise in demand for eco-friendly products has created an opportunity for specialty chemicals. Major manufacturers have invested in their R&D for the development of bio-based products which can be used in various industries.
The opportunities can be seen by large investments made by Stahl, a manufacturer of specialty chemicals, has developed a sustainable product called Green PolyMatte for use in vehicle interior coatings. Rapeseed oil is used to create the product, a bio-based polyurethane coating. Groupe Berkem has manufactured wood coatings from 100 % bio-based materials. Soybean- or sunflower-based resins are used in the manufacturing process, which also involves the use of vegetable oils. In addition to ethanol, the acid used in the process is pine rosin. Wooden coatings are produced using a bio-based liquid hydrocarbon solvent derived from a wood industry waste recovery process.
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Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at United States Speciality Chemicals Market or ask for a more customised report.
