Speciality Chemicals Market Analysis 2024 – Estimated Market Size And Key Drivers

The Speciality Chemicals by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Speciality Chemicals, 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.

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.

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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

Top Major Players:

• Solvay S.A.
• Evonik Industries AG
• Clariant AG
• Akzo Nobel N.V.
• BASF SE

Asia-Pacific was the largest region in the specialty chemicals market in 2023.

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 report table of contents includes:
1. Executive Summary
2. Speciality Chemicals Market Characteristics
3. Global Speciality Chemicals Market Trends And Strategies
4. Speciality Chemicals Market – Macro Economic Scenario
5. Global Speciality Chemicals Market Size and Growth
…….
26. Global Speciality Chemicals Market Competitive Benchmarking
27. Global Speciality Chemicals Market Competitive Dashboard
28. Key Mergers and Acquisitions Speciality Chemicals Market
29. Speciality Chemicals Market Future Outlook and Potential Analysis
30. Appendix

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