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The specialty chemicals market size is estimated to to increase by USD 357.76 billion, at a CAGR of 6.97% between 2023 and 2027. The growth of the market depends on several factors such as the increasing demand for specialty chemicals from the agrochemical industry, the increasing demand for recycled plastics, and the growing demand for construction chemicals.
This market research and growth report extensively covers market segmentation by end-user (agrochemicals, lubricant and oilfield chemicals, adhesives and sealants, industrial and institutional cleaners, and others), type (plasticizers, water-based, coagulants and flocculants, and scale inhibitors), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, market growth and trends , and challenges. Furthermore, the report includes historic market data from 2017 to 2021 and market forecast.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing demand for specialty chemicals from the agrochemical industry is driving growth in the market. The agriculture industry is under threat from the rising global population and shrinking arable land. Therefore, the limited availability of arable land is leading to an increase in the focus on raising crop yields to support the rapidly growing world population.
However, the demand for these agrochemicals is rising, which is driving the growth of the market. The increase in demand for food, and the decreasing amount of land used to grow vegetables, especially in developing countries, will propel the use of agrochemicals for the improvement of farm yields and the reduction of crop loss which will drive the market in focus growth during the forecast period.
The growing demand for bio-based chemicals is a key trend in the market. As alternatives to petroleum lubricants and plastics, bioplastics have been developed such as bio-based lubricants and biodegradable plastics. Bio-based lubricants are produced from renewable feedstocks such as plant-based oil and sugar and involve fermentation, ultrafiltration, and crystallization techniques.
In addition, the demand for biodegradable plastics is increasing steadily in the everyday application of consumer goods, especially in the packaging industry. The increasing preference for environment-friendly bio-based chemicals is expected to fuel the growth of the global market during the forecast period.
The commoditization of specialty chemicals is a major challenge in the market. The rapid conversion of chemicals will have a detrimental effect on manufacturers' profit margins. Rapid product innovation will limit the commoditization of specialty chemicals. The manufacturers must focus on products for niche applications.
However, manufacturers are struggling to develop innovative products that provide additional value to end-users so that manufacturers can differentiate themselves. The accessibility of production technology in the field of chemicals and the rapid expansion of capacity are driving commoditization, slowing down the growth of the market in focus during the forecast period.
The Market forecasting research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Specialty Chemicals Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Albemarle Corp. - The company offers neurostimulation devices such as Proclaim SCS system which is a safe and effective, non-opioid option for managing chronic pain.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The agrochemicals segment is estimated to witness significant growth during the forecast period. Agrochemicals are engineered chemical or biological formulations used for improvements in the quality and yield of crops. Two categories of agriculture chemicals are generally classified as fertilizers and pesticides.
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The agrochemicals segment was the largest segment and was valued at USD 165.17 billion in 2017. Agrochemicals, in addition to producing healthy crops, are responsible for ensuring the safety of crops against pests. The growth of modern-day cultivation, such as floriculture and horticulture, increasing literacy among farmers, and the rising awareness about the use of pesticides and fertilizers in major agriculture-focused countries are driving the growth of the agrochemicals segment.
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APAC is estimated to contribute 60% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is expected to grow significantly during the forecast period. The growth of the market will be driven by countries such as China, Japan, India, Vietnam, South Korea, Malaysia, and Australia. China, Japan, South Korea, and India are the major markets in APAC, owing to rapid industrialization and the increasing demand for agrochemicals, plastic additives, food additives, and adhesives and sealants in the region. In this region, the demand for plastic additives is expected to increase with the rising production of consumer goods. Such factors will increase the market growth in this region during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Specialty Chemicals Market Scope |
|
Report Coverage |
Details |
Page number |
185 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.97% |
Market growth 2023-2027 |
USD 357.76 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.11 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 60% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Albemarle Corp., Ashland Inc., BASF SE, Beardow and Adams Adhesives Ltd., Clariant International Ltd., Danimer Scientific Inc., Dow Chemical Co., Dymax Corp., Evonik Industries AG, Exxon Mobil Corp., H.B. Fuller Co., Henkel AG and Co. KGaA, Huntsman International LLC, Lanxess AG, Nouryon Chemicals Holding BV, PPG Industries Inc., Prince International Corp., Saudi Arabian Oil Co., Shree Ganesh Remedies Ltd., and Solvay SA |
Market dynamics |
Parent market analysis, Market Growth and Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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