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LANDON, GREATER LANDON, UNITED KINGDOM, September 24, 2024 /EINPresswire.com/ -- The specialty chemicals market has experienced robust growth in recent years, expanding from $740.03 billion in 2023 to $774.96 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to supply chain optimization, focus on sustainability, globalization and market expansion, consumer demand and lifestyle changes, customization and tailored solutions, industry diversification.
What Is The Estimated Market Size Of The Global Specialty Chemicals Market And Its Annual Growth Rate?
The specialty chemicals market is projected to continue its strong growth, reaching $937.28 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to resilience and adaptability, smart manufacturing and industry 4.0, demand for specialized performance chemicals, globalization and market expansion, shift towards eco-friendly solutions.
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Growth Driver Of The Specialty Chemicals Market
Increasing demand for high-performance coatings is expected to drive the growth of the specialty chemicals market going forward. High-performance coatings refer to the final two categories of protective coatings, which are specialized and specifically engineered to add to the structural integrity, soundness, and health impacts of buildings, building sites, and structures. High-performance coatings incorporate specialty chemicals to provide additional protection against environmental conditions such as moisture, high temperature, and airflow that have a huge impact on coatings and can have an impact on both interior and exterior spaces.
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Which Market Players Are Driving The Specialty Chemicals Market Growth?
Key players in the tem market include Solvay S.A., Evonik Industries AG, Clariant AG, Akzo Nobel N.V., BASF SE, Lanxess AG, Huntsman Corporation, Bayer AG, The Dow Chemical Company, Ashland Global Holdings Inc., Kemira Oyj, Croda International Plc., Lubrizol Corporation, Henkel AG & Co. KGaA, Sasol Limited, 3M Company, H.B. Fuller Company, Nouryon Holding B.V., Sumitomo Chemical Co. Ltd., African Explosives and Chemical Industries Limited., Air Products and Chemicals Inc., Albemarle Corporation, Archroma India Private Limited, Arkema Group, Ashland LLC, Asian Paints Limited, Axalta Coating Systems LLC, Baker Hughes Company, British Paints Limited, Buckman Laboratories International Inc., Chevron Corporation, Covestro AG, DIC Corporation, Koninklijke DSM N.V.
What Are the Key Trends That Influence The Specialty Chemicals Market Size?
Major companies operating in the specialty chemicals market are focused on developing renewable specialty chemicals such as 2-ethylhexanol to accelerate sustainability. 2-Ethylhexanol (2-EH) is an organic compound with the chemical formula C8H18O.
How Is The Global Specialty Chemicals Market Segmented?
1) By Product Type: Agrochemicals, Dyes and Pigments, Construction Chemicals, Specialty Polymers, Textile Chemicals, Base Ingredients, Surfactants, Functional Ingredients, Water Treatments
2) By Source: Crude Oil, Naphtha, Ethane, Propane, Butane, Wood
3) By End-Use: Industrial, Construction, Cosmetics and Personal Care, Pharmaceutical, Electrical and Electronics, Mining and Oilfield
Geographical Insights: Asia-Pacific Leading The Specialty Chemicals Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Specialty Chemicals Market Definition
Specialty chemicals, also known as effect chemicals, are chemical products that offer a wide range of effects and are used by numerous other industrial sectors.
The main types of specialty chemicals are agrochemicals, dyes and pigments, construction chemicals, specialty polymers, textile chemicals, base ingredients, surfactants, functional ingredients, and water treatments. Agrochemicals refer to commercially manufactured synthetic or chemical compounds used in agriculture, in which the specialty chemicals are used in the manufacturing of fertilizers, herbicides, fungicides, and insecticides. The major sources are crude oil, naphtha, ethane, propane, butane, and wood. It is used in various applications such as industrial, construction, cosmetics and personal care, pharmaceutical, electrical and electronics, and mining and oilfields
Specialty Chemicals Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global specialty chemicals market report covering trends, opportunities, strategies, and more
The Specialty Chemicals Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on specialty chemicals market size, specialty chemicals market drivers and trends, specialty chemicals market major players and specialty chemicals market growth across geographies. This market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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