Global Specialty Chemicals Market - Segmented by Type, Technology, Function, Application, and Geography - Growth, Trends, and Forecast (2022 - 2030)

The specialty chemicals market is expected to register a CAGR of 5.08% during the forecast period of 2018–2023. Asia-Pacific is estimated to lead the market owing to its rapid economic and industrial growth, especially in the paints and coating industry segment.

Growing Demand for High-performance Coatings

The demand for high-performance coatings is increasing due to various applications in the automotive, aerospace, oil & gas, mining, marine, paper & pulp, and architectural & construction industry, to protect metal materials, tanks, concrete structures, pipes, and processing equipment. The growing power sector is fueling demand for higher performance chemicals. As the trend to improve the aesthetic value of constructions and architectures increases, this demands the use of high-performance coatings. As these coatings are also environment-friendly, there is an increasing trend towards using sustainable products to reduce emissions. This is increasing the need for environment-friendly coatings and water-based coatings.

Paints and Coating has Highest Market Share

There is growth in infrastructure development in emerging economies of Asia-Pacific, along with the rise in automotive production in Asia-Pacific and Europe. Also, the increase in furniture production around the globe and revival of the construction industry in countries, such as Germany, France, United Kingdom, Spain, and Sweden are some of the major factors driving the demand for the paints and coating industry.

The flavors & fragrance segment is estimated to grow at the highest CAGR. Due to the growth of the building & construction industry around the globe, construction chemicals and adhesives & sealant segments are also estimated to grow at a significant rate.

Asia-Pacific Dominates the Market

Asia-Pacific had the highest market share of around 42% of global specialty chemicals market in 2017. The electronics market of Asia-Pacific has experienced a surge in the recent past with innovations and advanced technology implementations, driving the specialty chemicals market in the region. The major sealants manufacturing companies have their manufacturing plants in China, which accounts for 59% of the Asia-Pacific region. All the above factors, when added up with high development in manufacturing and construction industry, helps the Asia-Pacific region to dominate the market, as these are major consumers of specialty chemicals.

Notable Developments in the Market

February 2018: Nexeo Solutions, a leader in chemicals and plastics distribution, announced that it would expand its business relationship with Solvay to distribute home care surfactant and polymer products into the North American market.
August 2017: Lanxess dropped out of bidding for Akzo Nobel specialty chemicals unit.

The major players include -BASF SE, DOWDUPONT, W.R. GRACE & CO., WACKER CHEMIE AG, and SOLVAY SA, amongst others.

Reasons to Purchase the Report

To understand the impact of end-user applications on the market.
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Countries expected to witness the fastest growth during the forecast period.
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This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

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