Specialty chemicals, are the chemical products which make considerable value addition to a wide array of products belonging to various industries, such as textile, ink additives, construction, oil & gas, cosmetics, food and others. Specialty chemicals can be single-chemical formulations or entities whose composition greatly affects the overall functioning of customer’s’ product. These chemicals are used on the basis of their function and performance. Incessant R&D activities occurring in the market, have facilitated development of products with optimum and advanced feature, thereby driving the growth of the market. Rapid industrialization has led to an increasing demand from Asian countries such as India and China. Increasing investments have been made in construction and infrastructure development projects in Asia-Pacific, thereby catapulting Asia-Pacific to the position of a leading destination for specialty chemical manufacturers. However, variations in raw material cost and strict regulations imposed by the government are likely to hamper the growth of world specialty chemicals market.
Construction chemicals, accounted for the largest segment in the world specialty chemical market in 2014. Increasing urbanization in emerging economies is driving public infrastructure and housing projects; which in turn has increased the consumption of specialty construction chemicals such as protective coatings, adhesives and sealants, concrete admixtures and asphalt additives. The construction chemicals industry is booming in emerging economies such as Asia-Pacific, the Middle East, Africa, Central and South America.In 2014, food additives, cosmetic chemicals and paper & pulp chemicals collectively accounted for around half of the world specialty chemicals consumption. Ink additives is projected to be the fastest growing segment, registering a CAGR of 5.8% during the forecast period.
Geographically, the world specialty chemicals market is segmented into North America, Europe, Asia-Pacific and LAMEA. Previously, developed regions such as North America, Europe and Japan, were major consumers of specialty chemicals. However, Asia-Pacific has now emerged to be the dominant region occupying 35% of the world market share and is likely to maintain its position throughout the forecast period. Asia-Pacific is also the fastest growing specialty chemicals market in the world, registering a CAGR of 5.4% during the forecast period. The demand for specialty chemicals in Asia-Pacific market is primarily attributed to the rapid industrialization in India, China, Japan, South Korea, and Taiwan. Rapid industrialization in Asia-Pacific region is supplemented by trade liberalization, spread of process technology and low labor cost. However, high economic growth is expected to contribute to the market growth during the forecast period.
Competitive Intelligence, on prominent manufacturers of specialty chemical, provides key insights on the strategies implemented, to gain a significant market share in the world specialty chemical market. Top market players in world specialty chemical market are adopting product launch, partnership, agreement, expansion and acquisition, as their key business strategies to sustain in the competitive market. Some of the leading manufacturers profiled in this report include BASF SE, The Dow Chemical Co., Bayer AG, AkzoNobel NV, Huntsman Corporation, Chemtura Corporation, Rhodia S.A., Clariant AG, Evonik Industries AG and Novozymes A/S.
The world specialty chemical market is segmented as:
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