The specialty chemicals are specific chemical
products which have served a huge range of effects on which many other industry
segments rely. Moreover, the specialty chemicals are a collection of chemical
products which are based on their performance and function in the complete
products. The specialty chemicals are materials which are used on the basis of
their performance and function. Moreover, on the basis of profit-making
applications, the companies serving these products more often than not to serve
targeted consumer service to advanced individual technical resolutions for
their customers. They can be single-chemical bodiesor a combination of
molecules whose composition severely influence the performance and treating of
end-products. These chemicals find extensive applications in numerous end-use
industries involving plastics, automotive, chemicals, textiles, paints and
coatings, food and beverages and construction. Moreover, the diverse
applications range of specialty chemicals, shift from commodity chemicals to
speciality chemicals and favourable trend in the automotive industry are the
major key drivers of this market around the globe which lead the market growth
more significantly in the coming years.
According to the report analysis, ‘Global Specialty Chemicals Market Research
Report - Forecast to 2023’ states that some of the major companies
which are currently functioning in this market more significantly for acquiring
the huge market share around the globe includes AkzoNobel NV (Netherlands),
BASF SE (Germany), DowDuPont (US), Solvay SA (Belgium), Henkel AG & Co.
KGaA. (Germany), Lenzing AG (Austria), BHS Specialty Chemicals (US), Croda
International Inc. (Switzerland), H.B. Fuller (US), Givaudan (Switzerland),
Lanxess AG (Germany), Evonik Industries AG(Germany), Ashland Inc. (US),
ExxonMobil Corporation (US), and Clariant AG (Switzerland). Moreover, the raw
materials used to establish the specialty chemicals are petrochemical
derivatives, non-fragrance products and fragrance, minerals and base chemicals
which differ with applications. For instance, in the past few years, the growing
prices of petrochemical derivatives owing to grow in the crude oil price are
likely to restrain the market around the globe.
According to the geography, the market of specialty
chemicals is significantly spread around the globe which majorly includes five
key regions likewise North America, Europe, Asia Pacific region, Latin America
and the Middle East and Africa. Whereas, in 2017, the market of Asia Pacific
region is accounted for the largest market share of 46% and is anticipated to
register a CAGR of 7.7% during the coming years. China was the leading region
with USD 166,333.4 million in 2017 and is anticipated to reach USD 280,949.8
million by 2023. Developing economies such as Thailand, India, Indonesia, South
Korea and Myanmar have rising demand for the specialty chemicals in
agro chemicals and textile industries and favourable government policies in the
construction segment also drive the regional market growth. The growing population
and growing dependency on food additives, textile, consumer goods and
infrastructure favour the market growth. It is expected that the market of
specialty chemicals will grow more significantly around the globe more
significantly with the market collaborations in the cosmetics industry which
will further serve lucrative opportunities to the market players.
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