The global specialty chemicals market is
expected to reach USD 1.79 trillion by 2025, according to a new report by Grand
View Research, Inc. Growing popularity of high-value chemicals that play a
crucial role in the development of novel products is a major driving factor for
the industry.
Specialized & advanced features of
these compounds lends them a significant advantage in comparison with commodity
products, since the former are formulated on the basis of unique performance
characteristics for specific applications in the construction, automotive,
electronics, agriculture and other sectors.
International chemical authorities are
widely advocating the passage of free trade agreements such as Transatlantic
Trade Investment Partnership (TTIP) between the U.S. and Europe which is
expected to foster manufacturing & trade of these products over the near
future. Recovery in housing starts and rebounding growth of the automotive
sector in North America is also a key trend impacting market dynamics.
Construction chemicals accounted for 12% of
the volume share in 2016 and are expected to emerge as the fastest growing
segment with over 5.7% CAGR from 2017 to 2025. The steady demand for
residential projects & public infrastructure in emerging economies remains
a key driving factor for compounds utilized in the production, maintenance
& repair of building components.
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http://www.grandviewresearch.com/industry-analysis/specialty-chemicals-market
http://www.grandviewresearch.com/industry-analysis/specialty-chemicals-market
Further key findings from the report suggest:
· The global specialty chemicals market
exceeded 260 million tons in 2016 and is expected to grow at a CAGR of 5.1%
from 2017 to 2025
· Coatings, adhesives, sealants &
elastomers (CASE) is growing at a rapid CAGR of over 5% owing to high demand
for specialty adhesives, paints, coatings and other materials in
high-performance applications
· Electronic chemicals are expected to remain
an important & fast-growing segment owing to integration of miniaturized
electronics in automobiles, development of solar-powered devices and rapid
digitalization across emerging economies
· Automotive applications are expected to
increase at 6.0% CAGR from 2017 to 2025. Automation in assembly and other OEM
processes are expected to contribute to an increase in production levels, which
is turn is likely to foster higher chemicals industry revenue
· Asia Pacific is anticipated to increase at
the highest pace owing to rapidly expanding automotive and electronics sectors,
along with a steady rise in industrial output in recent years.
· Low cost labor and vast material resources
are also contributing to growth in Asia Pacific, as foreign players make
advances & investments in emerging nations.
· Key industry participants such as BASF,
Henkel, The Dow Chemical Company, ExxonMobil, Huntsman Corporation, AkzoNobel,
Evonik Industries, PPG Industries, Avery Dennison and others are actively
participating in new product launches, R&D, strategic expansions and
M&A to expand their reach and improve product offering to emerging customer
segments
Grand View Research has segmented the
global specialty chemicals market on the basis of product, application, and
region:
Specialty Chemicals Product Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
CASE
·
Agrochemicals
·
Electronic Chemicals
·
Construction Chemicals
·
Specialty Polymers & Resins
·
Others
Specialty Chemicals Application Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
Automotive
·
Construction
·
Agriculture
·
Industrial Manufacturing
·
Consumer Goods
·
Others
Specialty Chemicals Regional Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
France
o
UK
o
Italy
·
Asia Pacific
o
China
o
India
o
Japan
·
Central & South America
o
Brazil
·
Middle East & Africa
o
Saudi Arabia
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
