The speciality chemicals global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Speciality Chemicals Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Speciality Chemicals Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Speciality Chemicals Market Overview
Market Drivers –
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.
Market Trends –
Product innovation is a key trend that is gaining popularity in the specialty chemicals market. Major companies operating in the specialty chemicals market are focused on research and development for product innovations to offer additional benefits and assist in a better yield. Such product innovations enable companies to gain a competitive edge in the market. For instance, in September 2022, P2X-Europe GmbH & Co. KG, a Germany-based joint venture between H&R and Mabanaft, launched SynZero, synthesis-based specialty chemical products, and e-fuels. SynZero products are functionally and chemically comparable to petroleum fuels, and they eliminate some undesired features of the production and use of fossil fuels, including greenhouse gas (GHG) pollutant emissions. It can replace traditional hydrocarbons made from fossil materials without any inconvenience for the consumer by offering innovative mobility solutions with reduced CO2 emissions.
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
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Regional Insights –
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
Key Companies –
Major companies operating in the speciality chemicals market report are Solvay S.A., Evonik Industries AG, Clariant AG, Akzo Nobel N.V., BASF SE, Lanxess AG, Huntsman Corporation, Bayer AG, The Dow Chemical Company, Ashland Global Holdings Inc., Kemira Oyj, Croda International Plc., Lubrizol Corporation, Henkel AG & Co. KGaA, Sasol Limited, 3M Company, H.B. Fuller Company, Nouryon Holding B.V., Sumitomo Chemical Co. Ltd., African Explosives and Chemical Industries Limited., Air Products and Chemicals Inc., Albemarle Corporation, Archroma India Private Limited, Arkema Group, Ashland LLC, Asian Paints Limited, Axalta Coating Systems LLC, Baker Hughes Company, British Paints Limited, Buckman Laboratories International Inc., Chevron Corporation, Covestro AG, DIC Corporation, Koninklijke DSM N.V. .
Table of Contents
1. Executive Summary
2. Speciality Chemicals Market Report Structure
3. Speciality Chemicals Market Trends And Strategies
4. Speciality Chemicals Market – Macro Economic Scenario
5. Speciality Chemicals Market Size And Growth
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27. Speciality Chemicals Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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