SPECIALTY CHEMICALS MARKET ANALYSIS

Specialty Chemicals MarketSize and Trends

Market Outlook

Global specialty chemicals market size was valued at US$ 582.35 billion in 2017, and expected to witness significant growth, exhibiting a CAGR of 5.12% during the forecast period (2019-2027). This is owing to increasing demand for specialty chemicals from various industries. Increasing demand for electronic chemicals, specialty polymers, and mining chemicals is expected to boost growth of the market during the forecast period. Furthermore, specialty chemicals such as construction chemicals, specialty cleaners, and specialty polymers holds a significant share in the market. Niche segments such as neutraceuticals and cosmetics are expected to witness significant growth in the near future and thereby, it is expected to support the market growth. Furthermore, agrochemicals holds the largest market share, accounting for around 14.1% in 2017. This is owing to increasing demand for growing adoption of new techniques and increasing demand for crop protection. Moreover, global specialty chemicals market is expected witness growth, owing increasing demand for oilfield and lubricant chemicals.

Market Trends

North America and Europe holds the largest market share in global specialty chemicals market. This is owing to high presence of key players in regions. Furthermore, Asia Pacific is expected to witness fastest growth in the market during the forecast period. Increasing demand for specialty chemicals from emerging economies is expected to propel the market growth in the near future. Moreover, increasing demand for commercial, residential, and public buildings, owing to increasing population and urbanization is expected to impel the market growth.