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The US specialty chemicals market size is forecast to increase by USD 29.9 billion at a CAGR of 3% between 2024 and 2028. The market is experiencing significant growth due to several key drivers. One major trend is the increasing demand for eco-friendly products, leading to a surge in the use of cosmetic chemicals, plastic additives, and rubber additives that are derived from renewable sources. Additionally, there is a growing need for bio-based chemicals in various industries, including adhesives, lubricating oil additives, and specialty oilfield chemicals. Strict regulations and policies are also influencing market growth, particularly in the areas of water treatment chemicals and textile chemicals. Advanced ceramic chemicals are another segment experiencing notable demand due to their use in high-tech applications. Overall, the market is witnessing steady expansion, driven by these key trends and regulatory requirements.
The specialty chemicals industry encompasses a wide range of chemical products utilized in various sectors such as construction, water treatment, electronics, process technology, flavors and fragrances, processed food and beverages, detergent production, cosmetics, plastics, rubber, adhesives, cosmetic ingredients, lubricating oil additives, oilfield chemicals, water treatment chemicals, textiles, advanced ceramics, ink additives, industrial cleaners, disinfectants, hand sanitizers, antimicrobial biocides, fungicides, and more. This market is characterized by continuous innovation and technological advancements, with a focus on enhancing product performance, sustainability, and safety. The specialty chemicals industry is driven by several key trends and growth factors. Firstly, the increasing demand for eco-friendly and sustainable solutions is propelling the growth of the market. As consumers become more environmentally conscious, there is a rising preference for products that have minimal environmental impact. Specialty chemicals companies are responding to this trend by developing greener alternatives to traditional chemicals, such as bio-based and biodegradable chemicals. Secondly, the increasing adoption of automation and digitalization in various industries is driving the demand for specialty chemicals.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The adhesives segment is estimated to witness significant growth during the forecast period. Specialty chemicals are essential compounds used in various industries to enhance the performance and functionality of products. These chemicals play a crucial role in sectors such as automotive manufacturing, construction, infrastructure projects, manufacturing industries, textiles, ink additives, industrial cleaners, disinfectants, and hand sanitizers.
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The adhesives segment was the largest segment and was valued at USD 16.50 billion in 2018. One significant application of specialty chemicals is in the production of UV protection products. UV protection chemicals shield materials from the harmful effects of sunlight, extending their lifespan and improving their overall performance. In the automotive industry, these chemicals are used to create durable and long-lasting coatings for car parts, such as paint and plastics. In construction and infrastructure projects, UV protection chemicals are added to concrete, asphalt, and other building materials to prevent degradation and ensure longevity. Hence, such factors are fuelling the growth of this segment during the forecast period.
Our researchers analyzed the data with 2023 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.
Increasing demand for recycled plastics is notably driving market growth. Specialty chemicals play a significant role in various industries, particularly in the US, as businesses adopt eco-friendly practices. The rising awareness of health and sustainability has fueled the demand for recycled plastics, leading to increased usage of specialty chemicals such as plastic and polymer additives.
The packaging sector is a major consumer of recycled plastics, with a growing preference for sustainable solutions. In the US, the packaging industry utilizes recycled plastics extensively, from producing FDA-approved materials for food packaging to manufacturing plastic containers, bottles, closures, jars, engineered pumps, sprayers, and caps. The shift towards using recycled plastics aligns with consumers' increasing concern for environmental protection regulations. Thus, such factors are driving the growth of the market during the forecast period.
Growing demand for bio-based chemicals is the key trend in the market. Specialty chemicals, including eco-friendly products, play a significant role in various industries such as cosmetics, plastics, rubber, adhesives, lubricating oils, oilfield chemicals, water treatment, textiles, and advanced ceramics.
In the market, there is a growing focus on the production of bio-based specialty chemicals, particularly in the lubricant sector. These bio-based lubricants are derived from renewable feedstocks like plant-based oils and sugars, using processes such as fermentation, ultrafiltration, and crystallization. The adoption of these eco-friendly lubricants is increasing due to their ability to reduce volatile organic compounds (VOCs) and toxic gases emitted from vehicles, contributing to a healthier environment. Thus, such trends will shape the growth of the market during the forecast period.
Stringent regulations and policies is the major challenge that affects the growth of the market. Specialty chemicals play a crucial role in various industries in the US, including electrical & electronics, oil and gas, food and beverages, soap, cleaning, cosmetics, specialty coatings, electronic chemicals, nutraceuticals, and high-performance chemicals.
However, stringent regulations on the volatile organic compound (VOC) content of specialty chemicals, such as specialty paints and coatings, adhesives, and sealants, pose a significant challenge to market growth. Additionally, ensure proper grammar and tone to maintain a formal business writing standard. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting 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 market growth analysis strategies.
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.
3M Co: The company offers specialty chemicals that are specially formulated to protect porous surfaces such as concrete, stone, and tile from both water and oil-based stains, under the brand name of 3M.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key 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.
Specialty chemicals play a vital role in various industries, including construction, water treatment, electronics, food and beverages, and consumer goods. These chemicals offer unique properties and functions that enhance the performance and quality of end products. In the construction industry, specialty chemicals are used in the production of user-friendly products such as adhesives, concrete additives, and waterproofing agents. Electronics chemicals are essential in the manufacturing of electronic devices, providing components with superior electrical and thermal properties. In the food and beverages sector, specialty chemicals are used in the production of flavors and fragrances, food packaging, and nutraceuticals. Detergents, cleaning products, cosmetics, and personal care items rely on specialty chemicals for their effectiveness and eco-friendliness. The oil and gas industry utilizes specialty chemicals for oilfield applications, such as drilling fluids, production chemicals, and well stimulation agents. Water treatment chemicals are crucial for maintaining water quality in various industries, including manufacturing, infrastructure projects, and agriculture. Textile chemicals are used to enhance the performance and appearance of textiles, while advanced ceramic chemicals find applications in high-performance materials. Specialty chemicals are also used in the production of eco-friendly and sustainable solutions, such as bio-based plasticizers, non-phthalate plasticizers, and green chemicals. These chemicals contribute to the development of innovative products and processes in various industries, including automotive manufacturing, infrastructure projects, and manufacturing industries.
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Market Scope |
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Report Coverage |
Details |
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Page number |
152 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3% |
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Market growth 2024-2028 |
USD 29.9 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
2.9 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and IndUStry Risks |
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Key companies profiled |
3M Co., Akzo Nobel NV, Albemarle Corp., Altana AG, Axalta Coating Systems Ltd., BASF SE, Buckman Laboratories lnternational Inc., Chevron Corp., Corteva Inc., DuPont de Nemours Inc., Eastman Chemical Co., Ecolab Inc., Evonik Industries AG, Exxon Mobil Corp., H.B. Fuller Co., Henkel AG and Co. KGaA, Hexcel Corp., Huntsman Corp., Lanxess AG, and Vibrantz |
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Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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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. |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by Variant
10 Customer Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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