Global Specialty Chemical Market Share Likely to Grow At a CAGR of 4.3% By 2030

According to Custom Market Insights (CMI), this report forecasts market growth at global, regional, and country levels and discusses industry trends shaping the market over the forecast period of 2022 to 2030. We have has categorized the global speciality chemicals market report based on product type, end-use verticals, and region. This report includes market dynamics as well as recent developments in the Speciality Chemicals Market forecast from 2022 to 2030.

The market size is valued at USD 627.7 billion in 2021 and it is expected to grow to USD 886.2 billion by 2030, at a CAGR of 4.3% during 2022-2030.

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Speciality Chemicals Market: Overview

Speciality chemicals (called performance chemicals or effect chemicals)are widely popular in the industrial and construction sectors. Some of these include essential oils, gelatin, castor oil, and collagen. Manufacturers across the USA for speciality chemicals are part of the Society of Chemical Manufacturers and Affiliates (SOCMA), while in the United Kingdom, these manufacturers are members of the British Association for Chemical Specialties (BACS). The Society of Chemical Manufacturers and Affiliates (SOCMA) consider speciality chemicals to differ from regular chemicals in terms of their use, as speciality chemicals have only one or two uses.

Growth Factors

The speciality chemicals are increasingly used across coatings, adhesives, sealants, and elastomers, which has emerged as a lucrative segment for chemical manufacturers. Numerous technological advancements and innovations have a long-lasting effect on production capacity and performance enhancement. The booming infrastructural sector and real estate sector in emerging economies such as India, China, and South Africa has contributed to market growth. The cleaners and disinfectant products have witnessed massive demand in Asia and North America region, leading to numerous opportunities for local speciality chemical manufacturers.

Restraining Factors

Besides Covid-19, which has led to unprecedented supply chain breakdown, the automotive sector suffered significantly in regards to product and demand. The global automotive product suffered heavily during the pandemic, however, the automotive sector recovered over the past year and increased production with demand for EVs has risen. Speciality chemicals are used in rubber blacks and motor oil. Also, tremendous technicalities and complex processes associated with the production of speciality chemicals have limited their production. The availability of less expensive substitute products will add to the industry challenge.

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Segmental Overview

The Speciality Chemicals is segmented into product type and end-use vertical. Based on product type, the market is categorized into agrochemicals, dyes and pigments, construction chemicals, speciality polymers, textile chemicals, base ingredients, surfactants, functional ingredients, water treatments and others. Moreover, based on the end-use sector, the market is categorized into, the industrial sector, the construction sector, cosmetics and personal care, pharmaceutical, electrical & electronics industry, mining and oilfield and others.

Regional Overview

The Asia Pacific is estimated to hold the largest market share, followed by the North American region. The United States has observed increased demand for speciality chemicals from the residential contraction sector, thus the demand is not restricted to the developing nations. Further, the oil & gas sector along with the mining sector also saw increased demand in the Middle East and South America region. There is a rising activity in the oil refining sector over the past decade, which further contributed to substantial growth in the market. Europe will witness steady growth over the forecasted period.