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Specialty chemicals, performance chemicals, and fine chemicals are terms that are often used interchangeably. Specialty chemicals improve the performance of an end product or manufacturing process. End products include adhesives, cleaning materials, agricultural, food additives, lubricants, surfactants, textile auxiliaries, elastomers, and flavors. Specialty and fine chemicals find wide application across various end-use industries such as aerospace, automobiles, cosmetics, construction, textile, polymers, and food. Increasing industrialization and urbanization have led to revival of the economy and flourishing trade. Population explosion, especially in Asia Pacific, is fueling demand for consumer goods, food, and infrastructure. A variety of specialty chemicals are used for production of agrochemicals, construction chemicals, cosmetic products, food additives, textile, polymers, and plastics, among others. Moreover, emerging economies in Asia Pacific are characterized by rapid growth of end-use industries which is fueling growth of the specialty and fine chemicals market. The growth of specialty chemicals is largely driven by growth of agricultural, construction and automobiles industries. Moreover, development of environment friendly products such as TERGITOL L Series surfactants by The Dow Chemicals Company are favoring demand for specialty and fine chemicals.
Surge in Pharmaceuticals, Agrochemicals and Construction Activities Augmenting Market Growth
The pharmaceuticals industry is expected to be one of the major end users of specialty chemicals. The rapidly growing population, especially the geriatric population which is characterized by high susceptibility to various diseases, is fuelling growth of the global pharmaceuticals industry. This creates a highly conducive environment for the growth of the specialty and fine chemicals market.
Furthermore, positive growth of end-user industries such as agrochemicals, construction, and automobiles is facilitating the market growth. Growing preference among consumers across the globe for eco-friendly products is influencing manufacturers to develop bio-based chemicals. These are especially preferred in agrochemicals and fertilizers for increasing crop yield. The agricultural sector is growing continuously in order to keep up with the population growth. Specialty and fine chemicals find a range of applications in fertilizers and pest control products, which is augmenting growth of the market.
Construction chemicals are used in activities such as residential project, commercial complex and industrial applications. Construction chemicals minimize the quantity of cement and water used in construction activities. Asia Pacific is one of the lucrative markets for specialty chemicals due to presence of rapidly expanding economies and urbanization, which is fueling demand for advanced and modern infrastructure in the region. Moreover, several players operating in the construction industry are utilizing various construction chemicals such as concrete admixtures, adhesive & sealants, and flame retardants in order to expand their consumer base and presence in the global markets. Polymer is the basic raw material used by in the construction industry.
The automobile industry is one of the lucrative sectors for specialty chemicals. Polymers, paints, plastics, adhesives, fibers, and sealants are extensively used in the automobile industry. China, Japan, India, and the U.S. are major automotive hubs, which is likely to drive demand for specialty and fine chemicals from these markets. Asia Pacific is positioned to be a major revenue contributor in the global market due to presence of emerging economies such as India and China, and supportive government initiatives in the region. For instance, the Government of India, highlights the Auto Mission Plan (AMP) in its Make in India initiative to increase its passenger vehicle market by 2026 to 9.4 million units. India also witnessed US$ 15.79 billion Foreign Direct Investment (FDI) from 2000 to 2016 as per the Department of Industrial Policy and Promotion (DIPP). This creates a highly conducive environment for growth of the global specialty and fine chemicals market.
Challenges – Strict Environmental Regulation
The synthetics based specialty and fine chemicals have a negative impact on the environment, which affects the ecosystem and life. Various environmental protection agencies have enforced numerous environmental regulations on use of chemicals in various industries. This may hinder growth of the specialty chemicals market during the forecast period. In October 2003, the European Union banned use of atrazine due to its ubiquitous and unpreventable water contamination. Stringent environmental regulations are forcing end-use industries to opt for bio-based chemicals, which is expected to restrict the growth of the specialty and fine chemical market due to major shift in technology involved. Moreover, the Chinese Ministry of Environmental Protection imposes penalties for high carbon emissions, which has led many chemicals manufacturing units in the country to shut down.
Specialty and Fine Chemicals – Regulatory Scenario:
Key players in the market include Akzo Nobel N.V., BASF SE, Ashland Inc., Clariant AG, Evonik Industries, The Dow Chemical Company, Huntsman Corporation, DuPont, Arkema S.A., Bayer AG, Chevron Philips Chemical Company, Syngenta AG, Albemarle Corporation, Chaitra Corporation, Eastman Chemical Company, Solvay, and INEOS Group AG among others. Key players in the market are also focusing on strategic mergers and acquisitions to enhance their profitability. For instance, in March, 2017, The Dow Chemical Company and DuPont merged as part of a US$ 62 billion deal. The companies would subsequently break into three separate publicly traded companies that would focus on agriculture, material science, and specialty chemicals.
Published Date : Jul 2023
Industrial and Institutional Cleaning Chemicals are being used for the removal of dirt such as dust, stains, and clutter on surfaces, and also for treating bad odors. These are manufactured using numerous raw materials such as chlor- alkalis, surfactants, solvents, ph... View more
Published Date : Jul 2023
Chondroitin sulfate is an important molecule that plays a key role in promoting healthy cartilage, bones, and connective tissues. It is used in the treatment of various skeletal conditions, such as osteoarthritis. Osteoarthritis is a painful condition, which leads to ... View more
Published Date : Jul 2023
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Published Date : Jul 2023
sulfur coated urea is a fertilizer produced by controlled release of hot urea derived from microcrystalline wax and molten sulfur polyurethane oil. The best ratio comprises 25-40% nitrogen with 20% sulfur. sulfur coated urea is particular fertilizer which is coated wi... View more
Published Date : Jul 2023
Sodium hypochlorite is an inorganic chemical compound comprising a sodium cation and a hypochlorite anion. It appears in pale greenish-yellow dilute solution referred to as liquid bleach, which is a household chemical widely used as a disinfectant&... View more
Published Date : Jul 2023
Refrigeration oil is derived from formulating a mixture of oil and additives at high-temperatures. It is used in cooling systems. Refrigeration oil is widely used for lubrication purposes in refrigeration compressors and other systems in order to reduce friction betwe... View more
Published Date : Jul 2023
Electrolytic iron is defined as high purity iron that is produced by electrolysis of scrap steel in an aqueous solution of iron sulfate. The highest purity of iron makes it suitable for applications in various industries, such as electronic components, pharmaceuticals... View more
Published Date : Jun 2023
N-Methyl-2-Pyrrolidone has a wide range of applications in a range of industries, such as pharmaceuticals, industrial cleaning, electronics, agrochemicals, and paints & coatings, petrochemical. N-Methyl-2-Pyrrolidone is characterized by a high flame point and low ... View more
Published Date : Jun 2023
Mannosylerythritol lipids are natural biosurfactant that possess superior biochemical, emulsification and dispersing properties. They are extracted from fungal and yeast extracts. Moreover, Oilfield chemicals, personal care, industrial, agricultural chemicals, i... View more
Published Date : Jun 2023
Isostearyl alcohol is mainly utilized as an ingredient for the formulation of personal care products and cosmetics products. This is owing to its properties of boosting viscosity. Isostearyl alcohol is also predominantly used for preventing the formation of crystals i... View more
Published Date : Jun 2023
De-aromatic solvents are categorized under hydrocarbon solvents or ultra-low aromatic solvents that have iso-paraffinic, paraffinic, and naphthenic components attached to them. They have very low aromatic content around (<2%) and are widely used across printing ink... View more
Published Date : Jun 2023
Low-density Polyethylene (LDPE) is a non-toxic and non-contaminating component which is resistant against moisture, chemicals, wear & tear, external impact, and stress cracks. Low-density poly ethylene (LDPE) is predominantly used in the manufacturing of packaging... View more
Published Date : Jun 2023
Industrial adhesives help companies of all sizes and sectors to secure the bonding of plastics, metals, wood, and ceramics. An alternative to mechanical fasteners and welding, these adhesives provide quick, reliable and durable joining solutions. They also reduce the ... View more
Published Date : Jun 2023
Industrial alcohols are a variety of distillates that are used for a wide range of purposes in industries like cosmetics, pharmaceuticals, and paints & coatings. Ethyl alcohol, which is a key ingredient of these products, is derived from a variety of sources. For ... View more
Published Date : Jun 2023
Oleochemicals are a broad group of chemical compounds derived from natural fats and oils. They are considered biodegradable and have low toxicity. This is in contrast to petrochemicals which are made from petroleum. They are used in many applications and industries in... View more
Published Date : Jun 2023
Polyvinyl chloride (PVC) is a thermoplastic resin that is manufactured by reacting vinyl chloride monomers with divalent metal ions in an emulsion. PVC is available in rigid and flexible forms depending on the type of stabilizers that are used. Rigid PVC is characteri... View more
Published Date : Jun 2023
Lactic acid is the mildest of all AHAs and works very well on the skin. It is also a natural antibacterial, which makes it great for acne and blemish-prone skin. It also encourages cell turnover and helps fade hyperpigmentation spots like sunspots, making it a true he... View more
Published Date : May 2023
Mining flotation chemicals are the type of chemicals that are used to extract minerals from sulphide and non-sulphide-based ores. These chemicals help in the floatation of minerals out of their rock surfaces with their respective surface flotation properties. The mini... View more