Specialty Chemical Market: A Thriving Automotive Manufacturing Sector Continues to Support Global Specialty Chemical Sales

Specialty Chemicals Market Research Report- Forecast to 2023

Overview

Specialty Chemicals Market Size was valued at USD 600 Billion in 2022. The Specialty Chemicals market industry is projected to grow from USD 650 Billion in 2023 to USD 900 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2030). 

As per specialty chemicals market analysts, the global market is anticipated to witness growth owing to the factors such as the growing application spectrum of specialty chemicals as well as demand from several large-scale manufacturing sectors. However, the specialty chemicals market will face challenges and restraints due to fluctuation in raw material prices and Industrial activities being halted during the forecast period.

Shift from commodity chemicals to specialty chemicals in the specialty chemicals industry is set to play a key role in determining the growth potential during the coming years. Analysts have also studied the market to understand potential threats and challenges the specialty chemicals market companies could face. Although the global specialty chemicals market is poised to grow at a fast pace across type and source segments, factors such as supply chain breakdowns could slow down the specialty chemicals market's growth worldwide.

Market Segmentation

The market has been segmented into type and source. Based on the segment which is type, the market is categorized on the basis of agrochemicals, bio-based chemicals, construction chemicals, dyes & pigments, flavors ingredients, fragrances ingredients, personal care active ingredients, polymer additives, surfactants, textile chemicals, water treatment chemicals, and others. The global market for specialty chemicals is further segmented based on source into butane, crude oil, ethane, naphtha, propane, wood, and others. In 2017, the naphtha segment accounted for two-thirds of the specialty chemical sector.

The global market research report covers all the aspects of the specialty chemicals market based on the segmental analysis of these type and source segments. Analysts have also studied the global specialty chemicals market's regional markets spread across many continents and countries. The type and source segments along with their sub-segments have been analyzed and companies functioning in the specialty chemicals market across these segments are profiled and analyzed based on input and feedback from specialty chemicals market based decision makers as well as primary and secondary sources. The specialty chemicals market research report presents analysis based information for companies functioning in the specialty chemicals industry.

Regional Overview

The persistent price fluctuation may hinder the specialty chemicals market growth. The market research report suggests that companies in the market could be supported by a diverse application range of specialty chemicals as well as favorable trends in the automotive industry during the forecast period. The market for specialty chemicals is set to register growth at a high CAGR owing to these key factors. The specialty chemicals industry is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global specialty chemicals market research report reveals that APAC, North America, and Europe regional specialty chemicals markets will dominate the global market for specialty chemicals during the forecast period. As per specialty chemicals market analysts, the market is set to witness tremendous growth across naphtha and bio-based chemicals segments in North America which covers specialty chemicals markets across the United States, Canada, Mexico and several other regional markets. Companies active in the specialty chemicals market are also analyzed and studied in the specialty chemicals market research report.

The specialty chemicals market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the specialty chemicals market research report covers the Asia-Pacific region covering specialty chemicals markets from India, China, Japan, Australia, and others. The specialty chemicals market is also spread across the rest of the world. The specialty chemicals market report covers all such regions including the Middle East, Africa, Brazil, and others.

Competitive Landscape

Specialty chemicals have seen increased demand over the years, due to stringent laws on using petroleum-based products and the development of new specialty chemicals. Companies functioning in the global specialty chemicals market are also being challenged due to labor deficiencies and the surging effect of the pandemic across several sectors. Mergers and acquisitions by specialty chemicals market companies are anticipated to help the market during the forecast period. As the specialty chemicals market is set to register a high CAGR and is also anticipated to reach a US$1000 billion by 2023, the report highlights key areas companies need to focus on. The report suggests that the specialty chemicals market will see a healthy growth in the long run till 2023. Based on SWOT analysis and specialty chemicals market’s analysis based on Porters’ Five Force Model presented in the specialty chemicals market report. Mergers and acquisitions by specialty chemicals market companies are anticipated to help the market during the forecast period. 

Key market participants profiled in MRFR’s report include AkzoNobel N.V (Netherlands), Ashland Inc. (U.S.), Givaudan (Switzerland), Evonik Industries AG (Germany), Exxon Mobil Corporation (U.S.), Lanxess AG (Germany), Croda International Inc. (Switzerland), Solvay S.A. (Belgium), Lenzing AG (Austria), DowDuPont, Inc. (U.S.), Henkel AG & Co. KGaA (Germany), BHS Specialty Chemicals (U.S.), H.B Fuller (U.S.), BASF SE (Germany), and  Clariant AG (Switzerland).

Industry News

Geo Specialty Chemicals was purchased by private equity company Arsenal Capital Partners. Financial information has not been released. Geo provides products from 19 manufacturing facilities in the US and Europe for polymers, coatings, waste management and eye glasses. Arsenal says the procurement would extend its specialist chemical network for CPS Performance Materials. This unit comprises Arsenal purchased FAR Chemicals (FAR), a manufacturer of chemical-lit light sticks and medicinal products, a producer of polymers, acquired in 2018.

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