New York, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The global specialty chemicals market size is projected to grow at a CAGR of over 7% from 2023 to 2035. The market is expected to garner a revenue of USD 24 billion by the end of 2035, up from a revenue of USD 13 billion in the year 2022. The rising demand for clean energy is expected to drive the market growth. Renewables accounted for 19.8 percent of electricity output in 2020, with hydro and wind accounting for the vast proportion. This is predicted to climb to 35% by 2030. Wind and solar are predicted to account for the majority of the increase.Carbon-cutting policies encourage the use of renewable energy in place of fossil fuels. Solar and wind electricity are the two most pure renewable fuels. Solar panels and wind turbines are being manufactured with the use of specialty materials. These innovative material systems have superior features such as low density and a longer life span. Higher performance, ease of processing, recycling capability, and lower cost. This material solution delivers excellent aerodynamic performance, decreases gravity forces, and reduces material deterioration throughout the operational stage
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Specialty Chemicals Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- The Automotive segment to garner the highest growth
- Market in North America region to grow at the highest rate
Rising Development of New Drugs to Boost the Growth of the Specialty Chemicals Market
The Centre for Drug Evaluation and Research (CDER) approved 37 new medications in 2022. The number of new pharmaceutical goods that enter the market each year fluctuates greatly little over 20 unique pharmaceuticals were presented in 2016, while about 60 new products were approved in 2018. In 2021, there were 50 new medication approvals. Specialty chemicals are chemical compounds that are employed as intermediates or raw ingredients at various stages of pharmaceutical production. They are either single-chemical entities or a blend of different chemical compounds developed for specific applications. Pharmaceuticals improve our quality of life; as a result, their consumption is increasing due to the necessity to treat age-related and chronic disorders, as well as changes in clinical practice.
Specialty Chemicals Industry: Regional Overview
The global specialty chemicals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Production of Electronics is to Boost the Growth of the Market in the Asia Pacific Region
China's production has the largest global market base for its electronics exports in 2020, with a diverse range of consumer electronics; electrical machinery/equipment worth USD 710 billion, computers worth nearly USD 440 billion, and lighting and other electronic products worth USD110 billion. In addition to this, the overall profit of China's electronics manufacturing businesses increased by 13% year on year in 2022, reaching USD 10.10 billion, and its expansion rate reached its highest point in the provided time. In many processing steps in the manufacture of electronic components and products, such as silicon wafers and integrated circuits (IC), packaging and printed circuit boards (PCBs), and compound semiconductors, the electronics industry employs a diverse range of highly sophisticated specialty chemicals
Rising Manufacturing of Aerospace to Elevate Market Growth in North America Region
According to the International Air Transport Association, the US air transport industry is expected to rise by 62% over the next 20 years. By 2037, this would result in an additional 531.6 million passenger journeys. If met, this increased demand would generate around USD 1.26 trillion in GDP and nearly 8 million employees in the United States. Specialty chemicals play a crucial role in the aerospace industry, contributing to various aspects of aircraft design, manufacturing, operation, and maintenance. These materials are essential for reducing the weight of aircraft, improving fuel efficiency, and enhancing overall performance.
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Specialty Chemicals, Segmentation by Type
- Surfactants
- Catalysts
On the basis of type, the catalyst segment is likely to dominate the market share by the end of 2035. Petrochemicals are quickly overtaking oil as the primary driver of world demand. Petrochemical demand is expected to contribute to more than a third of the increase in oil consumption by 2030, and almost fifty percent by 2050, ahead of trucks, aviation, and shipping. Catalysts are essential in the oil refining process. They are employed in catalytic cracking, hydrocracking, and reforming to degrade or convert hydrocarbons into useful products such as petrol, diesel, and petrochemical feedstocks.
Specialty Chemicals, Segmentation by End User
- Electronics
- Pharmaceuticals
- Automotive
The automotive segment is going to witness to huge share of the market over the projected time frame. The growth of the segment is majorly attributed to the rising production of automobiles. In 2022, around 85 million automobiles were produced worldwide. This figure represents an upsurge of approximately 6 percent over the previous year. In 2022, China, Japan, and Germany were the top three makers of automobiles and commercial vehicles. Specialty chemicals are the automotive industry's elixir of life. They are tried and true and have been used for decades.
A chemical is utilized in almost every area of the vehicle to aid in the repair or replacement of a component.
A few of the well-known market leaders in the global specialty chemicals market that are profiled by Research Nester are BASF SE, Dow Inc., DuPont de Nemours, Inc., Evonik Industries AG, Akzo Nobel N.V., Clariant AG, Huntsman Corporation, Solvay S.A., Ashland Global Holdings Inc., and Eastman Chemical Company
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Recent Developments in the Specialty Chemicals Market
- BASF SE has announced its intention to provide an investment of USD 1 billion in a new Verbund site in Zhanjiang, China. BASF recently signed a Letter of Intent (LOI) with China Energy Engineering Group Guangdong Electric Power Design Institute Co., Ltd. (GEDI) for a 25-year renewable power purchase plan, planning for energy storage, carbon storage, capture, and utilization, and other fields for its Zhanjiang Verbund site.
- BASF SE has recently announced to joining hands with StePac Ltd. They have teamed forces to develop the next generation of sustainable packaging for the fresh produce business. By supplying StePac with Ultramid Ccycled, a chemically recovered polyamide 6, BASF will give its partner additional options in advancing contact-sensitive packaging shapes to a higher sustainable standard within the circular economy.
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