The global Specialty Chemicals Market size is expected to value at USD 1.79 trillion by 2025. The market is subject to witness a substantial growth due to the high-end demand for function specificities chemicals and variation in consumer and industrial product life cycles. Other factors such as increasing concerns regarding the excess of pollution, environmental hazards, and growing demand for an alternative solution to limit greenhouse gas (GHG) emissions, are expected to drive demand for the specialty chemicals in upcoming years.
Specialty
chemicals are increasingly used in water-based paints, biodegradable plastics,
solar-powered and rechargeable electronics. Globally, the specialty chemicals
market is predicted to grow at CAGR of 5.6% in forecast period, providing
numerous opportunities for market players to invest in research and development
in the market.
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Recent
technological advancement in the specialty chemicals industry is presenting
lucrative growth avenues for industry players, in the recent years. Substantial
growth in housing sector and rising industrial production are anticipated to
fuel the growth of the market over the forecast period. Rapid pace of
macroeconomic cycles is a key for market expansion in the last decade. Increasing
number of small & medium-sized enterprises SMEs in developing economies
across Asia-Pacific and Latin America is playing crucial role for the success
of the industry since last couple of years.
Increasing
investment for research & development in specialty chemicals industry has
led to development of innovative products and enhancement in the manufacturing
techniques are estimated to propel market growth in upcoming years. Substantial
development in the Middle East region due to presence large number of
petrochemical reserves, thus providing the vital feedstock for downstream
derivatives are widening market reach, in the recent years. Factors such as
inexpensive labor, skilled workforce, trade liberalization policies, and rise
in number of end-user industries are propelling market growth further.
Robust
growth in shale oil & gas industry and rise in drilling & refining
activities coupled with reduced prices of crude oil prices are projected to
fuel growth of specialty chemicals market in near future. Growing oil
exploration activities in the North America region is also leading to the
increasing demand for oilfield chemicals and other types additives, in the last
few years. Additionally, rising investment by prominent market players across
the globe in capacity expansion as well as modernization of existing facilities
to generate excess of revenues and gain competitive edge over other
organizations, thus positively impacting market growth over the forecast
period.
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A
construction chemical is considered as one of the fastest growing segment in
the specialty chemicals industry with substantial revenue generation in the
last couple of years. Growing popularity of the construction chemical marker
segment is attributed to considerably high-end demand for specialized
waterproofing chemicals, tile fixing substances, joint filler, and renovation
compounds. Rapid growth in housing industry in the U.S., growing
infrastructural &construction activities across Asia-Pacific region and
Middle East region are critical for market expansion in the recent years.
Furthermore, coatings, adhesives, sealants and elastomers (CASE) market segment
has also shown substantial growth during the forecast period.
The
market is divided by region as North America, Europe, Asia-Pacific, Latin
America and Africa. European region has shown major growth in recent years
owing to the rise in the adoption of latest technologies and existence of
well-established industrial infrastructure. Asia-Pacific region is predicted to
hold major market share in the specialty chemicals market with massive growth
in forecast period. Countries such as India, Thailand, Malaysia, China and
Singapore are leading the Asia-Pacific market with rapid industrialization and
significant investment by leading industry players considering potential growth
opportunities in the region.
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