Specialty Chemicals Market earned USD 272.6 billion in 2022 and expected to reach USD 402.8 billion in 2030, expanding at a CAGR of 5.0% | Size & Anaysis

GMI Research analysis indicates that the Specialty Chemicals Market size was estimated at USD 272.6 billion in 2022 and is slated to register a single digit CAGR of 5.0% over the forecast period, and is projected to reach USD 402.8 billion in 2030.

Specialty Chemicals Market Trends and Drivers

Rising adoption of high performance specialty chemicals across oil and gas, textiles, food, and cosmetics industries. The prime factors that are contributing to the growth of the Specialty chemical market are the composition and efficiency. Factors such as inclination towards a healthy lifestyle and rising per capita income among the consumers has increased the demand for the Specialty chemicals pharmaceuticals, nutraceuticals and personal care segment, are boosting the growth of the market.

The specialty chemical market is expected to grow on a higher rate in the upcoming years. Due to the expansion of the industries like construction, automotive, medical, packaging, and electronics has increased the demand for the specialty chemical is propelling the market growth. Other factors such as increasing demand for specialty chemicals in emerging market, advancement in the technology, regulatory changes, growing demand of end use industries, growing demand for green and sustainable specialty chemicals and increased focus on research and development. Specialty chemical is used in automotive industry for manufacturing of automobile parts to increase the durability of the product such as tires, coatings and adhesive and use ecofriendly material.  

Increasing government restrictions and the environmental authorities for the protection of environment, workers and consumers. The companies are focusing on sustainable and ecofriendly specialty chemicals to cater to the increasing demand of consumers. In addition, people are shifting towards the healthy lifestyle and though their preferences to use products are getting changed. These factors will drive the growth of the specialty chemical market.

Based on Region, Asia-Pacific region is projected to hold largest share.

Asia-Pacific Specialty Chemicals market is driven by growth in the end-user sectors, growing construction activities and increasing industrialization across the APAC region. In addition, increasing disposable income of consumers has further increased infrastructure and construction activities  is further boosting the market growth. Increased demand for specialty chemicals in various applications such as food and beverages, chemical, cosmetics and pharmaceutical is enhancing the market growth of the APAC region.

Top Market Players

Some of the major companies operating in the Specialty Chemicals market are 3M, Akzo Nobel, Ashland, BASF, Dow Chemicals, Buckman Laboratories International Inc, Cryoda International Inc, Cytec industries, Ferro Corp, PPG Industries, among others.

Key Developments:

• In 2021, BASF signed a partnership agreement with the SINOPEC to expand its Verbund site in China. Through this partnership, the company planned to expand its production capacity of specialty chemical such as propionic aldehyde, propionic acid, ethyleneamines, ethanolamines and purified ethylene oxide.

Market Segmentation

Segmentation by Function
o Antioxidants
o Biocide
o Catalyst
o Enzymes
o Separation Membrane
o Specialty Coating
o Specialty Pigments

Segmentation by Application
o Mining Chemicals
o Textile Chemicals
o Construction Chemicals
o Electronics Chemicals
o Oil Field Chemicals
o Pesticide
o Specialty Paper Chemicals
o Water Treatment Chemicals
o Food Additives
o Printing Ink
o Specialty Polymer
o Rubber Processing Chemicals
o Water Management Chemicals
o Specialty Surfactants
o Advanced Ceramic Materials

Segmentation by Region
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE

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About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and businesss decisions.

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