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Specialty Chemicals Market size estimated at $830 billion in 2015 and will grow at a CAGR of more than 5% from 2016 to 2024. High population growth in developing regions has resulted in increasing food security concerns due to shrinkage of agricultural land. This would further increase the demand for high yield agrochemicals in the future.
The usage of agrochemicals by major agrarian countries like China, India, U.S., etc. has been rising in the past few years. This would likely boost the specialty chemicals market revenue. Agrochemicals help in protecting the crops from pests and stop weed growth. They also provide required nutrients to the soil like nitrogen, phosphate, etc. to enhance the crop production. The global demand for fertilizer nutrients has increased from around 180 million tons in 2014 to over 190 million tons in 2015. Such rising demand for fertilizer nutrients would propel the production of agrochemicals in the coming years.
Developments in the food & beverage business would be another growth enabler in the specialty chemicals market. This is owing to the rising use of food additives in packaged food and canned beverages. The food & beverage industry is likely to generate a revenue of over $160 billion by 2023 with a growth rate of more than 10%.
Report Attribute | Details |
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Base Year: | 2015 |
Specialty Chemicals Market Size in 2015: | 830 Billion (USD) |
Forecast Period: | 2016 to 2024 |
Forecast Period 2016 to 2024 CAGR: | 5% |
2024 Value Projection: | 1.2 Trillion (USD) |
Historical Data for: | 2013 to 2015 |
No. of Pages: | 110 |
Tables, Charts & Figures: | 88 |
Segments covered: | Product and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Out of the global food & beverage revenue, Asia is likely to account for more than 45% share followed by Europe and North America. Fast developments in the global food & beverage market would in turn increase the demand for food additives to maintain the quality of products like canned meat, packed fruits & vegetables, bakery items, confectionary, dairy, etc..
Construction chemicals like mortar, foaming agent, surface treatment chemicals, coatings, etc. play a vital role in the construction process. Hence, they occupy a significant share in the specialty chemicals market. These chemicals help in improving the physical and aesthetic properties of a building and extend their life. It also reduces the need for maintenance and helps retain the strength of concrete structures. This product segment will exhibit a CAGR of more than 5%. Growing number of construction projects in Asian countries will boost the growth in this segment over the study period.
Electronic chemical is another major segment in the specialty chemicals market owing to its extensive usage in various applications. Electronic chemicals like etchants, strippers, resist developers, solvent blends, etc., are increasingly used in electronic manufacturing. The global semiconductor sales increased from around $290 billion in 2010 to more than $300 billion in 2015. Such rising sales of semiconductors are likely to increase the requirement for electronic specialty chemicals over the study period.
The specialty chemicals market growth was dominated by Asia Pacific region due to its rising production volume of different chemicals and industrial products. Infrastructural developments in emerging economies have significantly increased the need for construction chemicals like plasticizers, curing compounds, grouts, shuttering oil, etc., which help in ensuring the durability and strength of concrete structures. Rising disposable income in the region coupled with escalating population and industrialization would become major factors behind the rising product demand. These factors have resulted in Asia Pacific occupying a share of more than 40% in 2015.
North America is likely to grow at a CAGR of around 3% over the coming years. The major factor behind this growth rate is increasing production of light weight vehicles in this region. This would increase the demand for polymer & polymer additives. Another factor driving the specialty chemicals market trends is the developments in the food & beverage business in U.S. The U.S. food & beverage sector is likely to cross a revenue of $8 billion by 2024. This would increase the need for food additives in this region.
Key specialty chemicals market manufacturers are
Presence of numerous companies has resulted in a fragmented market structure. There are various distribution channels such as online portals, company websites, sales outlets, wholesale & retail channels, etc., through which the company tries to market its specialty chemicals. For example, Chevron Philips Chemical Co. signed a partnership agreement with the Quadra Chemicals to deliver chemicals required in the Canadian mining industry. Another example is of the agreement between Evonik Industries AG and distribution companies like Glenn Corporation & Univar Inc. This agreement helps Evonik to distribute its cosmetic chemicals in various parts of the world.
Industry Background
Specialty chemicals are manufactured to meet performance specific requirements. The physical & chemical properties of these materials significantly influence the characteristics of the end-product. Rising demand from end-user industries would contribute to the growth of specialty chemicals market in coming years.
The specialty chemicals market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion from 2013 to 2024, for the following segments:
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