Speciality Chemicals Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Specialty chemicals, also known as effect chemicals, are chemical products that offer a wide range of effects and are used by numerous other industrial sectors.

Sizing and Forecast
The speciality chemicals market size has grown steadily in recent years. It will grow from $740.03 billion in 2023 to $774.96 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to supply chain optimization, focus on sustainability, globalization and market expansion, consumer demand and lifestyle changes, customization and tailored solutions, industry diversification..

The speciality chemicals market size is expected to see steady growth in the next few years. It will grow to $937.28 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to resilience and adaptability, smart manufacturing and industry 4.0, demand for specialized performance chemicals, globalization and market expansion, shift towards eco-friendly solutions.. Major trends in the forecast period include packaging innovations, demand in automotive sector, water treatment and environmental solutions, adhesives and coatings solutions, consumer goods and personal care..

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Segmentation & Regional Insights
The speciality chemicals market covered in this report is segmented –

1) By Product Type: Agrochemicals, Dyes and Pigments, Construction Chemicals, Speciality Polymers, Textile Chemicals, Base Ingredients, Surfactants, Functional Ingredients, Water Treatments
2) By Source: Crude Oil, Naphtha, Ethane, Propane, Butane, Wood
3) By End-Use: Industrial, Construction, Cosmetics and Personal Care, Pharmaceutical, Electrical and Electronics, Mining and Oilfield

Asia-Pacific was the largest region in the specialty chemicals market in 2023. The regions covered in the speciality chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
Increasing demand for high-performance coatings is expected to drive the growth of the specialty chemicals market going forward. High-performance coatings refer to the final two categories of protective coatings, which are specialized and specifically engineered to add to the structural integrity, soundness, and health impacts of buildings, building sites, and structures. High-performance coatings incorporate specialty chemicals to provide additional protection against environmental conditions such as moisture, high temperature, and airflow that have a huge impact on coatings and can have an impact on both interior and exterior spaces. For instance, in July 2022, The Sherwin-Williams Company, a US-based paint, and coating manufacturing company, announced its financial results for the second quarter, in which the combined net sales of paints and coats were $5.87 billion, a 9.2% increase over the previous quarter. The use of high-performance coatings by professional architects in coil and packaging operations was a major contributor to the increase in consolidated net sales. Therefore, the increasing demand for high-performance coatings is expected to propel the growth of the specialty chemicals market in the coming years.

Key Industry Players
Major companies operating in the specialty chemicals market are focused on developing renewable specialty chemicals such as 2-ethylhexanol to accelerate sustainability. 2-Ethylhexanol (2-EH) is an organic compound with the chemical formula C8H18O. For instance, in October 2023, Perstorp, a Sweden-based specialty chemicals innovator, launched 2-EH Pro 100, a new grade of 2-Ethylhexanol (2-EH) with 100% renewable, traceable mass-balanced carbon content, offering a negative carbon footprint cradle to gate. This product is designed to minimize the carbon footprint throughout the value chain and supports sustainable sourcing of renewable and recycled raw materials.

The speciality chemicals market report table of contents includes:

1. Executive Summary

2. Speciality Chemicals Market Characteristics

3. Speciality Chemicals Market Trends And Strategies

4. Speciality Chemicals Market – Macro Economic Scenario

5. Global Speciality Chemicals Market Size and Growth
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31. Global Speciality Chemicals Market Competitive Benchmarking

32. Global Speciality Chemicals Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Speciality Chemicals Market

34. Speciality Chemicals Market Future Outlook and Potential Analysis

35. Appendix

 

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