Materials including surfactants, adhesives, polymers, lubricants, food
additives, industrial gases, cleaning materials, elastomers and agrichemicals
among others are classified as specialty chemicals. Specialty chemicals are
materials which as classified under this category based on their performance or
function. These chemicals are used in a wide range of industries such as
aerospace, automotives, textiles, water treatment, industrial manufacturing,
electronics, food and cosmetics among others.
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Rapid industrialization, particularly in Asia Pacific, is one of the key
factors which is expected to drive the global specialty chemicals market over
the next few years. In addition, increasing application scope of specialty
chemicals owing to focused research & development and technological
advancement is expected to be another key factor augmenting the demand for
specialty chemicals. Furthermore, increasing focus on innovation coupled with
recovery of the global chemicals market is expected to fuel the demand for
specialty chemicals over the forecast period. However, volatility in the cost
of raw materials such as petroleum is expected to hamper the growth of the
market over the near future. Moreover, rising concerns regarding damage to the
environment due to the manufacture, usage and wastage of these chemicals is
expected to be another vital factor adversely impacting the growth of the
market. Development and commercialization of bio-based specialty chemicals is
expected to open new opportunities for the growth of the market in the near
future.
Asia Pacific is expected to witness the highest gain in the global
specialty chemicals market within the forecast period on account of increasing
industrial activities in this region. In addition, developing economies of
South America, Africa, Eastern Europe and Middle East are expected to exhibit
substantial demand for specialty chemicals over the next few years on account
of the developing industrial hub in these regions.
Some of the key participants of this market include Archer Daniels
Midland Co. (ADM), AkzoNobel, Ashland Inc., BASF, Bayer, Clariant, Cytec
Industries Inc., Dow Chemical Company, Ecolab Inc., Evonik Degussa, ExxonMobil,
Huntsman International LLC, Syngenta AG, Sumitomo Corp. and Sherwin-Williams Co.
among others. The specialty chemicals market is highly fragmented in nature
owing to the presence of several small, medium and large scale manufacturing
industries.
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This
research report analyzes this market depending on its market segments, major
geographies, and current market trends. Geographies analyzed under this
research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
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- Current market trends
- Market structure
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