Dublin, July 11, 2023 (GLOBE NEWSWIRE) -- The "Global Specialty Chemicals Market by Type (Plasticizers, Water-Based, Coagulants and Flocculants, Scale Inhibitors), Application (Paper and Packaging, Automotive, Consumer Goods, Construction), and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The specialty chemicals market is estimated to grow from USD 272.6 billion in 2022 to USD 364.8 billion by 2028, at a CAGR of 5.0%
Innovation and technological development are the key factors in the market growth for specialty chemicals. Creative ideas and ongoing development of new technologies has made it easy for manufacturers to provide advanced specialty chemicals with superior properties.
These developments provide new opportunities for product creation and also the ability to meet the changing consumer preference. The manufacturers majorly focus on R&D investments to investigate novel materials, chemical processes, and formulations. Modern equipments like computer modelling, AI (artificial intelligence), and high-throughput screening helps researchers to analyze huge datasets, simulate chemical processes, and more correctly forecast material properties.
Corrosion Inhibitor is expected to be the fastest-growing type of the water treatment chemicals market, in terms of value, during the forecast period
As infrastructure development continues, there is an increasing need for effective water treatment solutions. In order to prevent corrosion of metal parts and pipelines used in water distribution systems, industrial cooling systems, and boilers, corrosion inhibitors are essential.
The growing demand for corrosion-resistant materials and the need to extend the lifespan of water infrastructure contribute to the demand for corrosion inhibitors across the globe. Overall, the demand for corrosion inhibitors in water treatment chemicals is driven by the need to protect water infrastructure, ensure water quality, comply with regulations, and achieve sustainable and efficient water treatment practices.
The need for efficient corrosion inhibitors is anticipated to increase as businesses and governments continue to place a high priority on water treatment and corrosion control.
Industrial is expected to be the fastest-growing application of the Water treatment chemicals market, in terms of value, during the forecast period
Water from many different sources, such as rivers, lakes, groundwater, and municipal supplies, is frequently used in industrial facilities. These water sources can have a wide range of pollutants, composition, and quality.
In order to adapt the water for particular industrial processes, water treatment chemicals are used to solve issues such suspended particles, organic matter, bacteria, scale formation, and corrosion.
North America is projected to be the fastest growing region, in terms of value, during the forecast period in the water treatment chemicals market
North America is projected to be the fastest growing region, in terms of value, during the forecast period in the water treatment chemicals market. North America has a strong industrial and manufacturing base, encompassing sectors such as automotive, chemical, food and beverage, pulp and paper, power generation, and oil and gas.
These industries require water treatment solutions to satisfy their unique process needs, manage scale and fouling, stop corrosion, and guarantee dependable and efficient equipment and system performance. The demand for water treatment chemicals in North America is expected to increase as industries continue to grow, regulations become more stringent, water infrastructure requires maintenance and upgrades, and sustainable water treatment practices gain prominence.
Competitive landscape
The key players profiled in the report include BASF SE (Germany), DOW Inc. (US), Nouryon (The Netherlands), LANXESS AG (Germany), Evonik Industries AG (Germany), Huntsman Corporation (US), Covestro AG (Germany), Clariant AG (Switzerland), Solvay S.A. (Belgium), and Arkema (France).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 558 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $272.6 Billion |
| Forecasted Market Value (USD) by 2028 | $364.8 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increasing Demand from End-Use Industries
- Innovation and Technological Advancements
- Expanding Global Markets and Emerging Economies
Restraints
- Government and Environmental Regulations
Opportunities
- Green & Sustainable Specialty Chemicals
- Growing Demand for Specialty Chemicals in Personal Care and Cosmetics Industry
Challenges
- Volatile Raw Material Prices and Supply Chain Risks
Industry Trends
- Supply Chain Analysis
- Raw Materials
- Manufacturing of Specialty Chemicals
- Distribution Networks
- End-Use Industries
Technology Analysis
- Advanced Materials and Nanotechnology
Case Study Analysis
- Case Study on Lanxess Ag
Company Profiles: Business Overview, Products Offered, Recent Developments, Analyst's View
Major Players
- BASF Se
- Dow Inc.
- Nouryon
- Lanxess Ag
- Evonik Industries Ag
- Huntsman Corporation
- Covestro Ag
- Clariant Ag
- Solvay Sa
- Arkema
Other Key Players
- Albemarle Corporation
- Ashland Inc.
- Kemira Oyj
- Wacker Chemie Ag
- Ecolab Inc
- Linde plc
- Songwon Industrial Co. Ltd.
- Henkel AG & Co. KGaA
- 3M Company
- The Lubrizol Corporation
- Croda International plc
- Lonza
- H.B. Fuller
- Baker Hughes
- Adeka Corporation
For more information about this report visit https://www.researchandmarkets.com/r/2oy5pt
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