Specialty Chemicals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2023
The
global specialty chemicals market is extremely fragmented as the top
three companies accounted for merely 10.6% of the market value in 2014.
Transparency Market Research (TMR) notes that these leading players -The
Dow Chemical Company, BASF SE, and Bayer AG - are increasingly adopting
forward integration to consolidate their shares. This has helped them
gain a better control of their supply chains across high-demanding
regions and ensure a continuous supply of their products in order to
gain a competitive edge over others. The degree of competition in the
market is fairly high and is characterized by a significant barrier to
entry for new players, finds TMR.
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Several
companies operating in the market have garnered advantage of economies
of scale, thereby making it difficult for new companies to enter the
market. The global market for specialty chemicals is forecast to rise at
a CAGR of 4.7% during 2015–2023.The estimated market value at the end
of 2016 was US$871.5 bn and is anticipated to reach US$1,210.1 bn by the
end of forecast period.
Increasing Demand for High-Yielding Agrochemicals to Boost Market
On the basis of geography, the major regions covered are Europe, North America, and Asia Pacific.
Asia
Pacific is the leading market for specialty chemicals and is expected
to maintain its dominance throughout the forecast period. This regional
market is expected to occupy 54.4% of the global specialty chemicals
market, in terms of value. The growth of the market is attributed to
substantial demand from the agriculture and paper and textiles
industries. The dominance of the agrarian economy in various nations is
expected to spur the demand for agrochemicals in this region.
Based
on product, the global specialty chemicals market is segmented majorly
into agrochemicals, construction chemicals, polymers and plastic
additives, electronic chemicals, surfactants, lubricants and oilfield
chemicals, cleaning chemicals, specialty coatings, paper and textile
chemicals, adhesives and sealants, and food additives. The agrochemical
segment is estimated to hold 13.5% of the global specialty chemicals
market valuation by 2023. The growth of the segment will be propelled by
the soaring demand for high-yielding specialty chemicals in
agriculture.
Use of Specialty Chemicals in Agriculture and Automotive Sectors to Accelerate Demand
The
global market for specialty chemicals is primarily driven by the
spiraling demand from across the key end users: agriculture sector and
automotive industry. The soaring use of specialty chemicals to boost the
quantity and quality of yield in agriculture is expected to propel the
market over the forecast period. The large-scale application of
specialty chemicals in the automotive and construction industries is
expected to catalyze the growth of the specialty chemicals market
worldwide.
The
use of advanced composites such as carbon fiber and vinyl esters in
automotive parts offers manufacturers cost-effective and productive
technology, decreasing scrap and the cure time. Furthermore, a strict
regulatory framework restraining the use of several agrochemicals has
impeded the growth of the market to some extent. In addition, the
declining demand for coated paper in Europe and North America is a
glaring constraint likely to hinder the demand for specialty chemicals
in the paper industry for the next few years.
Nevertheless,
the use of approved non-toxic specialty chemicals and continual
advancement in composites for various automotive applications are the
major factors expected to unlock lucrative market avenues over the
forecast period.
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The
study presented here is based on a report by Transparency Market
Research (TMR) titled “Specialty Chemicals Market (Product -
Agrochemicals, Polymers & Plastic Additives, Construction Chemicals,
Electronic Chemicals, Cleaning Chemicals, Surfactants, Lubricants &
Oilfield Chemicals, Specialty Coatings, Paper & Textile Chemicals,
Food Additives, and Adhesives & Sealants) - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
The global specialty chemicals market is segmented into:
Product
-Agrochemicals
-Polymers & Plastic Additives
-Construction Chemicals
-Electronic Chemicals
-Cleaning Chemicals
-Surfactants
-Lubricants & Oilfield Chemicals
-Specialty Coatings
-Paper & Textile Chemicals
-Food Additives
-Adhesives & Sealants
-Flavors & Fragrances
-Catalysts
-Feed Additives
-Printing Inks
-Cosmetic Chemicals
-Water Management Chemicals
-Nutraceutical Ingredients
Region
-North America
-U.S.
-Rest of North America
-Europe
-Germany
-Italy
-Spain
-U.K.
-France
-Rest of Europe
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