Specialty Chemicals Market is Booming Worldwide with Strong Growth Prospects 2021 -2027

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The global Specialty Chemicals market size is expected to be worth around US$ 844.1 billion by 2027, according to a new report by Vision Research Reports.

The global Specialty Chemicals market size was valued at US$ 630.0 billion in 2019 and is anticipated to grow at a CAGR of 3.6% during forecast period 2020 to 2027.

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Specialty Chemicals Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2020 – 2027 – Breakdown Data by Regions, Type, Manufacturers and Applications

Growth Factors

Growing demand for high-performance and function-specific chemicals across the end-use industries such as oil and gas, pulp and paper, and personal care and cosmetics is expected to be one of the prime market growth factors. Specialty chemicals are also referred to as performance chemicals or effect chemicals. Some popular examples include castor oil, and collagen. These chemicals are referred to as specialties as they are produced in lesser volumes and cater only to a few applications unlike the rest of the fine and commodity chemicals (according to the European Chemical Industry Council (Cefic).

Higher performance achieved by the application of specialty chemicals when compared to their conventional counterparts is expected to be one of the prime market growth factors.

According to the European Chemical Industry Council (Cefic), specialty chemicals accounted for more than 25.0% of the total production in the EU region in FY 2018. Increasing disposable income, growing awareness, healthcare spending, construction spending, infrastructural development, and population growth are factors likely to increase the product sales across end-use industries such as construction, personal care, and cosmetics, pharmaceutical and nutraceuticals, food, automotive, and electronics. It is further expected to be accelerated by the growing consumer demand for energy that has driven the product consumption in oil and gas end-use.

Report Highlights

  • Production capacity expansion among the manufacturers along with their focus towards the adoption of high-performance ingredients are expected to be the key market growth factors
  • The industrial and institutional cleaners segment accounted for the largest market revenue share of 8.5% in 2019 and is projected to witness a growth rate of 4.1% over the forecast period
  • Asia Pacific is anticipated to remain one of the prominent markets, holding a value share of 46.8% for electrical and electronics products owing to the dominance of China in terms of production capacity
  • The CASE segment that includes, coatings, adhesives, sealants, and elastomers emerged as a lucrative segment accounting for a value share of 3.3% in 2019. Numerous technological advancements and product innovations that have led to the performance enhancement of such products and have boosted the growth of the specialty chemicals market in the past years
  • Significant growth opportunities are expected to be witnessed in, flavors and fragrances product segments
  • Rising awareness regarding healthy lifestyle and the benefits of natural and plant-based ingredients are the factors expected to foster the demand for pharmaceutical and nutraceutical additives
  • Construction chemicals are expected to emerge as one of the prominent product segments with significant growth projections between 2020 and 2027. The demand for products such as specialized water-proofing compounds, repair and renovation compounds, joint fillers, and tile fixing adhesives is considerable in the construction and building industry.
  • The customized product offering for target customer is expected to expand the product portfolio of the manufacturers
  • Europe is expected to be one of the stable markets for the product. According to the European Chemical Industry Council (Cefic), more than 27.1% of the total chemical sales in the EU was represented by specialty chemicals in FY 2018. It is one of the largest exporting sectors of the region, holding around one-third of the total chemical exports in 2018.
  • Business strategies including R&D investment, innovation, and strategic alliance with other players in order to increase product penetration and profit margins are likely to be witnessed more during the forecast period.
  • The industrial and institutional cleaners segment accounted for the largest market revenue share of 8.5% in 2019 and is projected to witness a growth rate of 4.1% over the forecast period.
  • The Middle East and Africa is expected to be one of the top markets for oilfield chemicals owing to the prominence of oil and gas companies in the Middle East countries. Rapid growth in the construction activities of GCC, Oman, Qatar, and UAE is going to benefit the market for specialty construction chemicals.

Key Players

  • Solvay AG
  • Evonik Industries AG
  • Clariant AG
  • Akzo Nobel N.V.
  • BASF SE
  • Kemira Oyj
  • LANXESS AG
  • Croda International Plc
  • Huntsman International LLC
  • The Lubrizol Corporation
  • Albemarle Corporation

Market Segmentation

Specialty Chemicals Product Outlook

  • Specialty Polymers
  • Institutional & Industrial Cleaners
  • Electronic Chemicals
  • Rubber Processing Chemicals
  • Flavors & Fragrances
  • Construction Chemicals
  • Food & Feed Additives
  • Cosmetic Chemicals
  • Oilfield Chemicals
  • Mining Chemicals
  • Pharmaceutical & Nutraceutical Additives
  • Plastic Additives
  • Printing Inks
  • CASE (Coatings, Adhesives, Sealants & Elastomers)
  • Specialty Pulp & Paper Chemicals
  • Specialty Textile Chemicals
  • Catalysts
  • Water Treatment Chemicals
  • Corrosion Inhibitors
  • Flame Retardants
  • Others

Specialty Chemicals Regional Outlook

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
    • Brazil
  • Middle East & Africa
    • South Africa
    • GCC

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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