Westford, USA, Oct. 11, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Specialty Chemicals market will attain a value of USD 895.12 billion by 2031, with a CAGR of 5.2% over the forecast period (2024-2031). Rapidly increasing industrialization and advancements in chemical manufacturing technologies are forecasted to bolster the sales of specialty chemicals over the coming years. High demand for agrochemicals in the wake rapidly increasing global population also offers lucrative opportunities for specialty chemicals companies.
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Browse in-depth TOC on "Specialty Chemicals Market" Pages – 197, Tables – 95, Figures – 76
Specialty Chemicals Market Report Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 639.9 billion |
| Estimated Value by 2031 | $ 895.12 billion |
| Growth Rate | Poised to grow at a CAGR of 5.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Product, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information/product portfolio of players |
| Key Market Opportunities | Development of sustainable and eco-friendly specialty chemicals |
| Key Market Drivers | Growing use of specialty chemicals in different manufacturing applications |
High Emphasis on Improving Agricultural Yield Helping Agrochemicals Account for Dominant Market Share
Agrochemicals are forecasted to bring in the most revenue for specialty chemicals companies across the study period. Growing use of agrochemicals in multiple agricultural practices around the world and rising emphasis on improving agricultural yield around the world are also expected to help this segment maintain its dominance. Rapidly increasing global population will also help the dominance of this segment.
Use of Specialty Chemicals in Institutional and Industrial Cleaners is Estimated to Rise a Robust Pace
Growing awareness regarding importance of cleanliness and hygiene in industrial as well residential setting is forecasted to bolster the demand for specialty chemicals used in the development of institutional and industrial cleaners. Imposition of stringent mandates to ensure hygiene and cleanliness will also promote the sales of institutional and industrial cleaners over the coming years. High emphasis on safety will also contribute to the rising sales of specialty chemicals going forward.
Industrialization and Urbanization Help Asia Pacific Maintain the Lead in the Global Specialty Chemicals Market
The demand for specialty chemicals in the Asia Pacific region is estimated to increase solely on the back of growing urbanization and industrialization. Rising use of specialty chemicals in multiple manufacturing industries and the presence of key specialty chemicals manufacturing facilities in this region are making this region a leading one in the global market. Low costs of labor and raw materials coupled with supportive government initiatives are attracting specialty chemicals companies to this region. Japan, India, and China are slated to be the most opportune markets for specialty chemicals suppliers looking to dominate the Asia Pacific and global chemical markets.
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Specialty Chemicals Market Insights:
Drivers
- Growing manufacturing activity promoting the demand for specialty chemicals
- Advancements in specialty chemical manufacturing processes and technologies
Restraints
- High costs of specialty chemicals manufacturing
- Fluctuations in raw material availability and pricing
- Ban on use of toxic chemicals
Prominent Players in Specialty Chemicals Market
- Solvay
- Evonik Industries AG
- Clariant AG
- Akzo Nobel N.V.
- DuPont
- Kemira Oyj
- Lanxess
- Croda International Plc
- Huntsman International LL
- The Lubrizol Corporation
Key Questions Answered in Specialty Chemicals Market Report
- What drives the global Specialty Chemicals market growth?
- Who are the leading Specialty Chemicals providers in the world?
- Which region leads the demand for Specialty Chemicals in the world?
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This report provides the following insights:
Analysis of key drivers (advancements in specialty chemical manufacturing, high use of specialty chemicals in different manufacturing industries), restraints (ban on use of toxic chemicals, fluctuations in raw material pricing, high costs of specialty manufacturing), and opportunities (use of eco-friendly and sustainable materials in specialty chemical manufacturing), influencing the growth of Specialty Chemicals market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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