Specialty
chemicals are chemicals or high value-added products that are used as
intervenes, catalysts, protectants or preservatives and constituents in various
products and applications. The chemicals are also known as effect chemicals,
performance chemicals and formulation chemicals. They are used in low
quantities and targeted towards specific end-use industries. The chemical and
physical characteristics of the chemicals influence the performance of end
products.
Based
on type, specialty chemicals market is segmented into cosmetic chemicals, food
additives, textile chemicals, water treatment chemicals, paper & pulp chemicals,
construction chemicals, ink additives and oil field chemicals. Cosmetic
chemicals include surfactants, emollients, film formers & moisturizers,
single-use additives and others (carriers, pigments, thickening agent,
colorants). Food additives include hydrocolloids, food flavors, flavor
enhancers and others (enzymes, antioxidants, colorants, emulsifiers,
preservatives). Textile chemicals include finishing chemicals, coating &
sizing chemicals, colorants & auxiliaries, and others (bleaching agents, surfactants,
yarn lubricants, de-sizing agents). Water treatment chemicals include
coagulants & flocculants, pH adjusters & softeners, activated carbon,
corrosion & scale inhibitors, activated carbon, biocides &
disinfectants, anti-foaming agents and others. Paper & pulp chemicals
include coating chemicals, bleaching & RCF chemicals, functional chemicals,
process chemicals, and pigments & fillers. Construction chemicals include
adhesives & sealants, asphalt additives, protective coatings, and concrete
admixtures and others. Additionally, oil field chemicals include fracturing
chemicals, drilling fluids, acidizing chemicals, oil production chemicals, and
cementing chemicals.
The
specialty chemicals market is driven by constant focus on research &
development (R&D), followed by rise in population, rise in focus on
innovation, and huge demand from end-use industries. However, stringent
regulations governing the specialty chemicals market and volatile raw material
costs may impact the market. Moreover, rise in commercialization &
industrialization of specialty chemical market and growth in development of
eco-friendly products are key opportunities for market.
Based
on geography, the Asian-Pacific region holds largest share in specialty
chemicals market owing to rapid industrialization, increase in need for
improvement in crop yields, rise in demand for specialty chemical in various
industrial processes and growth in manufacturing sector in the region. The
North-American and European regions are estimated to witness higher CAGR due to
growth in construction sector and increase in need for improvement in crop
yields over the forecast period. It is predicted that the market will be
reached at US $296.2 billion by 2025.
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