NEW YORK, May 15, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global specialty chemicals market is projected to reach $782.2 billion by 2023, the growth of the market is majorly driven by the increasing demand of specialty chemicals in emerging economies, ongoing technological advancements, and increasing penetration of end use industries.
On the basis of type, the market is categorized into agrochemicals, construction chemicals, specialty coatings, surfactants, food additives, polymer additives, electronic chemicals, cleaning chemicals, plastic additives, paper and textile chemicals, adhesives and sealants, lubricant and oilfield chemicals, and others. ‘Others’ include advanced ceramic materials, rubber processing chemicals, water treatment chemicals, and mining chemicals.
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Of these, agrochemicals hold the largest share in the global specialty chemicals market, which is attributed to the increasing food consumption around the world, due to the increasing population. Additionally, the demand of agrochemicals is growing due to the increasing need of crop protection, in order to meet the ever-increasing demand of food products worldwide.
APAC has been contributing the highest revenue to the global market, crossing 40.0% in 2017. It is also expected to be the fastest growing specialty chemicals market during the forecast period, attributed to the growing consumption of these chemicals in various industries including construction, agriculture, and automotive. The region has a very strong base of manpower, and a well-developed chemical industry, which provides raw materials at competitive prices, further driving the market growth.
The region has emerged as a hub of chemical manufacturing and exports in recent years. This has attracted several leading companies to make huge investments in the region’s chemical business and also set up their own sites here to increase their presence in this emerging market, which is further fueling the growth of the specialty chemicals market. For instance, BASF SE has invested in setting up an R&D centre in Mumbai, India. Several R&D initiatives in the field of organic synthesis, personal and home care products, and crop protection will be carried out in the plant.
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Along with that, APAC is a hub of agricultural activities and holds around 30.0% of the earth’s land and the largest human population. Such huge population statistics in the region have been responsible for maintaining adequacy in agricultural practices, thus ensuring greater utilization of agrochemical products. Apart from this, increasing demand for public, residential, and commercial buildings combined with growing urban population is accelerating the growth of construction chemicals in the region, further boosting the specialty chemicals market growth.
Specialty chemicals play a significant role in developing eco-friendly products. Globally, various green chemicals are developed to reduce the harmful environmental impact of chemicals. Green chemicals include 1-Arabinose, 1-heptacosanol, 1-nonacosanol, 12-Hydroxy Stearic Acid, 2-Ethylhexyl Acetate, 2-Ethylhexyl Oleate, and others. They are used in various applications including the production of fabrics which require less water to wash, paints with low volatile organic component (VOC) content, powdered shampoo, chemical additives that help in enhancing the physical properties of products and for the production of other materials.
Some of the major players operating in the global specialty chemicals market are Ashland Global Holdings Inc., DowDuPont Inc., Evonik Industries AG, Akzo Nobel N.V., Eastman Chemical Company, LOTTE Fine Chemical, Mitsui Chemicals Inc., Mitsubishi Chemical Corporation, BASF SE, Clariant AG, Huntsman Corporation, China Petroleum & Chemical Corporation, Saudi Basic Industries Corporation, Sadara Chemical Company, Saudi Speciality Industries Co Ltd., Thebe Unico, and AECI Ltd.
More reports on specialty chemicals market by P&S Market Research
MEA Specialty Chemicals Market - https://www.psmarketresearch.com/market-analysis/mea-specialty-chemicals-market
Asia-Pacific (APAC) Specialty Chemicals Market - https://www.psmarketresearch.com/market-analysis/apac-specialty-chemicals-market
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