According to IMARC Group’s latest report, titled “Specialty Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global specialty chemicals market grew at a CAGR of around 5% during 2015-2020. Looking forward, IMARC Group expects the global market to continue its moderate growth during 2021-2026.
Specialty chemicals are chemical formations manufactured in small volumes with specific properties to provide the desired effects. Some of the commonly available specialty chemicals include specialty polymers, advanced ceramic materials, electronic chemicals, printing inks, rubber processing chemicals, plastic additives and corrosion inhibitors. They are widely used as antioxidants, biocides, separation and specialty membranes, coatings and catalysts. They find extensive applications across various industries, such as oil and gas, paper and pulp, personal care and cosmetics, food and beverages and construction.
The global specialty chemicals market is primarily being driven by the rising environmental concerns regarding the harmful effects of the traditional chemicals and the shifting consumer preference toward sustainable alternatives. Significant growth in the construction industry is also creating a positive outlook for the market. Specialty chemicals are used for the construction of new buildings and the repairs, improvements and upgradations of the existing infrastructure. Moreover, the launch of innovative bio-based specialty chemicals manufactured using environment-friendly ingredients and process is contributing to the market growth. Other factors, including the rapid industrialization, along with growth in the automotive industry leading to the rising demand for adhesives, are anticipated to drive the market further.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global specialty chemicals market on the basis of type and region.
Breakup by Type:
- Polymer Additives
- Construction Chemicals
- Water Treatment Chemicals
- Oil field Chemicals
- Food Additives
- Electronic Chemicals
- Specialty Polymers
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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The competitive landscape of the industry has also been examined along with the profiles of the key players being Akzo Nobel N.V., Albemarle Corporation, Ashland Global Holdings Inc., BASF SE, Bayer AG, Clariant AG, Evonik Industries AG (RAG-Stiftung), Huntsman Corporation Solvay S.A. and The Dow Chemical Company.
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