Recently, research website ResearchAndMarkets.com A report entitled "special chemical products Market Research Report: by type - Global Industry Analysis and growth forecast 2030" was released.
In 2019, the market's revenue is $639935.8 billion, and its value is expected to reach $980423.7 billion by 2030.
Driven by the expansion of the application base of special chemical products, the increasing demand for crop quality and the rapid industrialization, the market of special chemicals will grow at a compound annual growth rate of 5.5% in the forecast period (2020-2030).
Demand for these chemicals will be driven by growth in the automotive, textile, food and beverage industries, particularly in developing countries.
Special chemicals are used as additives to produce the desired effect in the substance and final product. These chemicals have different characteristics and are compatible with other chemicals. Because of these characteristics, they are widely used in various end use industries. For example, the automotive industry uses special chemicals as fuel additives to improve fuel performance. Similarly, methyl oleate, a special chemical substance, is used as an active ingredient in many kinds of creams and lotions.
One of the key factors driving the specialty chemical products market is the strong industrialization and urbanization of emerging economies such as China, Brazil and India. Due to the rapid urbanization, the living standards of the people in these countries have been greatly improved. This, in turn, stimulates consumption of cosmetics, packaged food and drugs. In addition, the expansion of the auto industry in China and India has also contributed to the growth of the market due to the increase of people's disposable income.
The special chemicals market is subdivided into lubricants and oilfield chemicals, pesticides, adhesives and sealants, construction chemicals, surfactants, polymer additives, cleaning chemicals, special coatings, food additives, electronic chemicals, paper and textile chemicals and plastic additives. Among them, due to the increase of shale gas production, lubricants and oilfield chemicals will show the fastest growth in the forecast period. In addition, the increase in construction and car production activities will support the growth of this category in the next few years.
Geographically, APAC specialty chemicals market is expected to occupy the largest share in the forecast period. This can be attributed to soaring demand for these chemicals in the electrical and electronics, pharmaceutical, automotive, agricultural, and personal care and cosmetics industries in India and China. In addition, the rapid expansion of the construction industry, extensive research and development (R D) by major market participants, increased installation of water treatment systems, and growing demand for plastics and adhesives in the packaging industry will drive market growth in the next few years.
With the existence of Evonik industries AG, BASF se, China Petroleum and Chemical Corporation, Dow Inc., Henkel Ag Co. KGaA, Akzo Nobel N.V., Mitsubishi Chemical Corporation, Huntsman Corporation, and Clariant International Limited, the specialty chemicals market is characterized by decentralization.
These companies are expanding the capacity of their production facilities to gain a competitive advantage. In December 2019, for example, BASF announced plans to expand its plant in Jiangmen, Guangdong Province, China, and invest in its coatings business in Asia.
Therefore, the development of end use industry and wide application of specialty chemical products in developing countries will promote the development of specialty chemicals market in the next few years.