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Home ➤ Chemicals & Materials ➤ Renewable | Speciality chemicals ➤ Specialty Chemicals Market
Specialty Chemicals Market
Specialty Chemicals Market
Published date: Oct 2023 • Formats:
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  • Home ➤ Chemicals & Materials ➤ Renewable | Speciality chemicals ➤ Specialty Chemicals Market

Global Specialty Chemicals Market By Class (Flavors Ingredients, Agrochemicals, and Other Types), By End User Industry (Automobile, Agriculture, and Other Industries), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

  • Published date: Oct 2023
  • Report ID: 45233
  • Number of Pages: 285
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
  • Request a Free Sample
  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • Driving Factors
    • Restraining Factors
    • By Class Analysis
    • By End-User Analysis
    • Key Market Segments
    • Growth Opportunity
    • Latest Trends
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope:

    Report Overview

    The Global Specialty Chemicals Market size was valued at USD 650 billion in 2022 and is expected to reach USD 1036 billion growing at a CAGR of 4.9% during the forecast period of 2023-2032.

    The growing demand for water treatment, construction, pharmaceuticals, food additives and flavors, fragrances, advancement of technology and trade liberalization, and electronic chemicals are driving the specialty chemicals market. The world is becoming more concerned about health and safety, and the demand for sanitizers and disinfectants is growing rapidly and driving the specialty market.

    Specialty Chemicals Market by class

    Key Takeaways

    • Market Growth: In 2022, the global specialty chemicals market reached USD 650 billion and is anticipated to experience significant expansion up until 2032, when an estimated total value will surpass this milestone at an impressive compound annual growth rate of 4.9% between 2023-2032.
    • By Class Analysis: It’s projected that agrochemicals will emerge as the dominant market segment and quickly grow due to increasing population and food demand.
    • By End-User Analysis: Agriculture was projected to lead the market in 2022 and show rapid expansion over its time forecast period. Agriculture encompasses many forms of chemicals such as fertilizers, pesticides, and herbicides which fall under this umbrella term.
    • Drivers: The growth of the specialty chemicals market can be seen through three major forces. Rising demands across numerous industries, robust research and development efforts, as well as growing awareness about what value specialty chemicals bring to various processes are all driving this growth.
    • Restrictions: While cryptocurrency markets present many advantages, certain misperceptions and regulations particularly in emerging economies thwart its expansion.
    • Opportunities: The market offers many promising avenues, stemming from advanced manufacturing technology advancement, increased public-private investments in specialty chemicals market research and development efforts, and changing industrial practices.
    • Trends: Trends in the specialty chemicals market include increasing consumer interest in eco-friendly solutions and innovations in chemical processes; as well as developing chemicals with reduced environmental impacts.
    • Regional Dominance: Asia Pacific was the dominant market by 2022, accounting for 46% market share. This success can be attributed to factors like increased economic and industrialization growth as well as multiple end-user industries developing rapidly over time.
    • Major Players in the Specialty Chemicals Market: Key players in this sector include DBASF SE, Dow Inc., Saudi Basic Industries Corporation (Saudi Basic), DuPont de Nemours Inc and LyondellBasell Industries – among many others – which all play key roles in shaping its growth and innovation.

    Driving Factors

    Strong Demand From the Construction Industry Will Boost the Market Growth

    The increasing number of construction industry and development projects around the world will drive market growth in this sector during the forecast period. The specialty chemicals are required for decorative purposes and to improve the structure of the building at the time of renovation.

    It helps the concrete structure to regain its strength. The chemicals used in construction, such as forming agents, coatings, and surface treatment chemicals, are crucial elements of the construction process.

    Restraining Factors

    Declining Production in the Automotive Market will Hamper the Market Growth

    Chemicals are an essential part of the automotive industry due to the use of chemicals for the smooth functioning of a vehicle, besides improving comfort. The COVID-19 pandemic caused the automotive market an unpredicted disruption in the industry. The demand for lubricants will also be affected due to the declining automotive industry market.

    By Class Analysis

    The global specialty chemical market is divided on the basis of class into flavors ingredients, agrochemicals, fragrances ingredients, paper & pulp chemicals, dyes & pigments, cosmetic additives, construction chemicals, bio-based chemicals, surfactants, textile chemicals, oilfield chemicals, polymer additive, electronics chemicals, and other types. The agrochemicals segment is expected to dominate the market and hold the majority of the market.

    Agrochemicals are also expected that the fastest-growing segment in the market due to the growing population and rising food demand. In addition, growing awareness among farmers about agrochemical uses in the agricultural fields drives the market growth during the forecast period. In addition, urbanization and development in industries, decreasing agricultural land, is leading to higher demand for agrochemicals.

    By End-User Analysis

    Based on the end-user industry, the specialty chemicals include automobile, agriculture, textile, construction, pulp & paper, electronics, cosmetics & personal care, pharmaceutical, oil & gas, and other industries. The agriculture segment dominated the market in 2022 and is expected to register the fastest growth during the specialty chemicals market forecast period.

    The agriculture segment includes specialty chemicals such as agrochemicals, pesticides, fertilizers, and herbicides. The rising population in the world affects an increase in demand for food is one of the major factors to drive the market during the forecast period.

    Specialty Chemicals Market by end user

    Key Market Segments

    Based on Class

    • Flavors Ingredients
    • Agrochemicals
    • Dyes & Pigments
    • Fragrances Ingredients
    • Paper & Pulp Chemicals
    • Cosmetic additives
    • Surfactants
    • Construction Chemicals
    • Bio-based Chemicals
    • Textile Chemicals
    • Oilfield Chemicals
    • Polymer Additive
    • Electronics Chemicals
    • Other Class

    Based on End-Use Industry

    • Automobile
    • Agriculture
    • Textile
    • Construction
    • Pulp & Paper
    • Electronics
    • Cosmetics & Personal Care
    • Pharmaceutical
    • Oil & Gas
    • Other Industries

    Growth Opportunity

    Increasing Population at Rapid Rate

    The global population is snowballing, and it drives the food and beverage market, automobile, pharmaceuticals, textile, oil & gas, etc. The increasing population is adding demand for chemicals and creating new opportunities in the market during the forecast period. The use of dyes and pigments has increased in multiple industries such as pharmaceuticals, food, textile, paint, ink, paper chemicals market, and photographic industries. It is used to change the color of something.

    Latest Trends

    Increasing Demand for Daily Essential Chemicals to Boost the Market Growth

    Specialty Chemical industry R & D is now more inclined toward raw material procurement at competitive pricing. Raw material procurement involves engaging in long-term supply contracts with raw material suppliers. Some independent manufacturers hire third-party suppliers to sell their products. Chemical manufacturers are increasingly focused on product innovation and differentiation as they are steadily moving toward consolidation through mergers & acquisitions, joint ventures, and collaborative partnerships. Such trends are currently being witnessed in this market, thereby bolstering the demand for these products in the process.

    Regional Analysis

    Asia Pacific Region Dominates the Market

    Asia Pacific dominated the market by sharing 46% of the market share in 2022. This is due to factors such as industrialization, economic growth, and growth in multiple end-use industries. Developing countries such as India, China, and Japan contribute to the specialty chemicals market growth in the Asia Pacific. Personal care and cosmetics, food & beverages, and pharmaceuticals manipulate the demand for additives in this region. India, China, and Japan are the major manufacturers in the region, with China as the most dominant player globally, which drives the product market growth.

    Specialty Chemicals Market regional analysis

    North America is a key consumer of cosmetic chemicals, institution cleaners, lubricating oil additives, corrosion inhibitors, biocides, and synthetic lubricants, accounting for a significant market share. In addition, the growing demand for construction chemicals from Canada and the US is due to increasing investments in infrastructure in North America during the forecast period.

    Key Regions and Countries

    • North America
      • The US
      • Canada
      • Mexico
    • Western Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Portugal
      • Ireland
      • Austria
      • Switzerland
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe
      • Russia
      • Poland
      • The Czech Republic
      • Greece
      • Rest of Eastern Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Australia & New Zealand
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Colombia
      • Chile
      • Argentina
      • Costa Rica
      • Rest of Latin America
    • Middle East & Africa
      • Algeria
      • Egypt
      • Israel
      • Kuwait
      • Nigeria
      • Saudi Arabia
      • South Africa
      • Turkey
      • United Arab Emirates
      • Rest of MEA

    Key Players Analysis

    Companies are focusing and taking initiatives in the campaigns providing the need for chemicals in various sectors and driving the market growth of the market. As a result, multiple specialty chemical market companies are expanding their R&D facilities and operations.

    Key Players

    • BASF SE
    • Dow Inc.
    • Saudi Basic Industries Corporation
    • DuPont de Nemours Inc.
    • LyondellBasell Industries
    • Mitsubishi Chemical Group Corporation
    • Koninklijke DSM N.V.
    • 3M CO.
    • Bayer AG
    • INEOS Group Limited
    • LG Chem Ltd.
    • Other Key Players

    Recent Developments

    • 14 OCT 2022, Advent International (“Advent”), one of the largest and most experienced global private equity investors with a well-established track record in chemicals, and Wilbur-Ellis, one of the largest family-owned companies in the world, announced that they had reached an agreement to merge their life sciences and specialty chemical distribution businesses, Caldic B.V. (“Caldic”) and Connell, to create a global leader in its sector.
    • 1 NOV 2022, IMCD N.V., a leading distributor of specialty chemicals and ingredients, is to acquire 100% of the shares of Shanghai Sanrise Industries & Development Co., Ltd. (“Sanrise”), one of the leading distributors in the personal care markets in China.

    Report Scope:

    Report Features Description
    Market Value (2022) USD 650 Bn
    Forecast Revenue (2032) USD 1036 Bn
    CAGR (2023-2032) 4.9%
    Base Year for Estimation 2022
    Historic Period 2016-2022
    Forecast Period 2023-2032
    Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments Covered By Class – Flavors Ingredients, Agrochemicals, Dyes & Pigments, Fragrances Ingredients, Paper & Pulp Chemicals, Cosmetic additives, Surfactants, Construction Chemicals, Bio-based Chemicals, Textile Chemicals, Oilfield Chemicals, Polymer Additive, Electronics Chemicals, Other Types, By End-Use Industry – Automobile, Agriculture, Textile, Construction, Pulp & Paper, Electronics, Cosmetics & Personal Care, Pharmaceutical, Oil & Gas, and Other Industries
    +Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA
    Competitive Landscape BASF SE, Dow Inc., Saudi Basic Industries Corporation, DuPont de Nemours Inc, LyondellBasell Industries, Mitsubishi Chemical Group Corporation, Koninklijke DSM N.V., 3M CO., Bayer AG, INEOS Group Limited, LG Chem Ltd., and Other Key Players
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    What will be the market size for Specialty Chemicals Market in 2032?

    In 2032, the Specialty Chemicals Market will reach USD 1036 billion.

    What CAGR is projected for the Specialty Chemicals Market?

    The Specialty Chemicals Market is expected to grow at 4.9% CAGR (2023-2032).

    List the segments encompassed in this report on the Specialty Chemicals Market?

    Market.US has segmented the Specialty Chemicals Market Market by geographic (North America, Europe, APAC, South America, and MEA). By Class, market has been segmented into Flavors Ingredients, Agrochemicals, Dyes & Pigments, Fragrances Ingredients, Paper & Pulp Chemicals and Other Class. By End-Use Industry, the market has been further divided into Automobile, Agriculture, Textile, Construction and Other Industries.

    Which segment dominate the Specialty Chemicals industry?

    With respect to the Specialty Chemicals industry, vendors can expect to leverage greater prospective business opportunities through the Agrochemicals segment, as this dominate this industry.

    Name the major industry players in the Specialty Chemicals Market.

    BASF SE, Dow Inc., Saudi Basic Industries Corporation, DuPont de Nemours Inc., LyondellBasell Industries and Other Key Players are the main vendors in this market.

    Specialty Chemicals Market
    Specialty Chemicals Market
    Published date: Oct 2023
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    • BASF SE Company Profile
    • Dow Inc.
    • Saudi Basic Industries Corporation
    • DuPont de Nemours Inc.
    • LyondellBasell Industries
    • Mitsubishi Chemical Group Corporation
    • Koninklijke DSM N.V.
    • 3M CO.
    • Bayer AG Company Profile
    • INEOS Group Limited
    • LG Chem Ltd.
    • Other Key Players
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