The global specialty chemicals market size is projected to reach USD 882.6 billion by 2028, exhibiting a CAGR of 4.7% during the forecast period. The size of the market was USD 627.7 billion in 2020 and is expected to touch USD 641.2 billion in 2021, shares Fortune Business Insights™ in its report, titled “Specialty Chemicals Market, 2021-2028”.
Active Role Played by Key Players amid COVID-19 to Boost Market Confidence
The COVID-19 pandemic triggered historic health and medical emergency in 2020, overwhelming healthcare systems around the world and forcing all stakeholders to unite and fight the crisis. Chemical companies stepped up to the challenge and used their expertise in specialty chemicals and leveraged their production capacities to provide essential supplies, such as PPE, hand sanitizers, and sanitation products to health facilities and professionals.
For example, in May 2020, INEOS built two hand sanitizer plants in Arkansas and Pennsylvania that can produce 1 million bottles of sanitizer each per month to meet supply shortages in the US. Similarly, the company’s UK division manufactured face shields for essential workers in Portsmouth. DuPont De Nemours, too, enhanced its manufacturing facilities to produce protective garments for frontline workers in the US. Such active participation by these companies in these hard times will help in imbibing confidence among consumers and boost the market in the process.
However, sluggish industrial activities and massive supply chain disruptions amid the coronavirus outbreak led to a considerable fall of 2.8% in the market’s growth in 2020.
List of Top Players Covered in the Specialty Chemicals Market Report:
- Albemarle Corporation (US)
- Huntsman International LLC (US)
- LANXESS AG (Germany)
- BASF SE (Germany)
- Clariant AG (Switzerland)
- Solvay AG (Belgium)
- The Lubrizol Corporation(US)
- Croda International Plc (UK)
- Kemira Oyj (Finland)
- Akzo Nobel N.V. (Netherlands)
- Evonik Industries AG (Germany)
Highlights of the Report
The report contains a careful segmentation of the market and a detailed study of each segment. Further, the report provides actionable research into the various market drivers and restraints, along with a granular analysis of the regional developments and competitive milieu of the market. In addition, a comprehensive understanding of the industry outlook and trends shaping the market is also contained within the report.
High Importance of Specialty Chemicals in Wastewater Treatment to Favor the Market
One of the leading factors driving the specialty chemicals market growth is the criticality of special compounds in treating wastewater. For example, flocculants are instrumental in removing very fine particles from wastewater through the processes of magnetic neutralization and charge bridging.
Further, chemical coagulants can destabilize toxic particles such as pathogens, organic compounds, and fluoride and eliminate them from wastewater. Today, the lack of wastewater treatment in most countries has become a major cause of concern, as the harmful chemicals released into natural water systems by untreated water can have catastrophic repercussions on marine ecosystems and also on human health.
According to UN-Water, nearly 80% of the wastewater generated is released into the environment without sufficient treatment. In such a scenario, the employment of specialty formulations becomes all the more crucial, which in turn will favor this market.
China to Dominate the Asia Pacific Market; North America to Create Profitable Opportunities
Asia Pacific is anticipated to lead the specialty chemicals market share during the forecast period on account of the strong chemicals manufacturing base in China. In addition, the growing presence of small and medium enterprises in the chemical industry in India will also contribute to the regional market growth. In 2020, the Asia Pacific market size stood at USD 291.2 billion.
Foreign and domestic specialty chemical manufacturers operating in North America are set to enjoy highly lucrative business horizons due to the soaring demand for novel chemicals for construction activities in the US and Canada. In Europe, on the other hand, the increasing adoption of sustainable chemical compounds for water treatment applications will accelerate the regional market growth.
Key Players to Develop Niche Offerings for Diverse Industries
Specialty chemicals and materials are known to serve multiple needs across diverse end-user industries. This potential of these substances is being tapped by leading players in this market to expand their footprint and entrench their position. Apart from this, companies are also making strategic investments in R&D to engineer innovative solutions and widen their portfolios.
On the basis of type, the market has been divided into agrochemicals, dyes & pigments, construction chemicals, specialty polymers, textile chemicals, base ingredients, surfactants, functional ingredients, water treatment, and others. The dyes & pigments segment held a share of 22.5% in 2020 in the global market.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Market Trends
- Key Developments
- Latest Technological Advancements
- Insights on Regulatory Scenario
- PORTER’s Five Forces Analysis
- COVID-19 Impact Analysis
- Supply Chain Challenges
- Steps Taken by Companies to overcome COVID-19 impact
- Potential Opportunities due to COVID-19 Outbreak
- Global Specialty Chemicals Market Analysis, Insights and Forecast – By Type, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type (Volume and Value)
- Dyes and pigments
- Construction chemicals
- Specialty polymers
- Textile chemicals
- Base ingredients
- Functional ingredients
- Water treatment
Key Industry Development
April 2021: Evonik announced that the company is vigorously exploring the potentialities of VESTAKEEP® PEEK, a high-performance polymer that the company aims at using to produce implants for complex joint prosthetics. With the help of the expertise and experience of medical specialists at the Massachusetts General Hospital at Boston, Evonik hopes to extend the service life of prosthetics made from VESTAKEEP and reduce revision surgeries for patients.
Browse Detailed Summary of Research Report:
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