Specialty Chemicals Market 2019 In-Depth Analysis of Industry Growth Trends & Forecast up to 2024
Construction specialty chemicals market, which had a revenue of USD 70 billion in 2015, is estimated to have a noticeable surge over the coming years owing to the rising number of commercial and residential projects worldwide.
Selbyville, United States – August 27, 2019 /MarketersMedia/ —
According to Global Market Insights, Inc. “specialty chemicals market having had a share of USD 830 billion in 2015, is estimated to reach USD 1273 billion by 2024.” The global population has been on an exponential rise over the past few years. The demand of food will consequently increase leading to the growth of this industry. The yield of the crops can be enhanced with the aid of agrochemicals, which will create a high demand for the product. Governments have promoted the use of agrochemicals for filling the gap between demand and supply of food. Rapidly growing industrialization is one of the major factors driving the demand for the product. Industrialization will lead to decreased arable land, which will spur the product market.
The increased per capita income of people has increased their purchasing power which will positively influence the automotive sector. The wide use of the product in plastic additives & polymers, coatings & paints, sealants and adhesives in automobiles will escalate the demand for the product. The increased consumer demand for lubricants in vehicles will augment the growth of the specialty chemicals market.
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Chemical industry has become a crucial name in the global business space, being regarded as the key enabler for other sectors. Chemicals have occupied their significant share in probably all the other industries of the world, right from the electronics to the paint, automotive, food & beverages, etc. With this gigantic presence, specialty chemicals market is all set to expand vigorously both in terms of revenue and applications over the coming years.
The global population, which is estimated to grow rapidly touching a 9 billion mark by 2040 is a major factor driving the specialty chemical industry. Possibly, all the industries of the world are witnessing a supply/demand imbalance due to this population growth, the food industry being in the topmost concerned space. The food security concerns can be realized looking at the population vs arable land growth rate during 2015. Where on one hand, the population witnessed a 5% increase, on the other side the arable land witnessed a growth of 3.5%, which clearly indicates the agricultural food scarcity the world may witness. This imbalance is making the farmers adopt Agrochemicals on a large scale, thus boosting specialty chemicals market size.
The construction industry will also boost the product market owing to the increased construction projects coming up for commercial and residential purposes. The increased urbanization in developing regions has led to many upcoming housing projects which will drive the product market.
The specialty chemicals have multitude of applications in various end-use industries. The electronic chemicals are estimated to witness growth at a rate of above 4.5%. The increased sales of smartphones will contribute significantly to the product market. Growing food & beverage industry will also contribute to the growth of specialty chemicals market. The food additives segment is estimated to exhibit significant gains in the forecast timespan.
However, the high costs associated with the raw materials to manufacture these products will be a prime matter of concern for the manufacturers worldwide. SMBs will be the major sector impacted by these high priced raw materials. Asia Pacific has significantly emerged as an efficient and cost-friendly raw material supply source for the international companies, enabling these manufacturers to tap this emerging market. Moreover, the growing automotive and construction industry is also a vital factor favoring APAC specialty chemicals market size. Asia Pacific specialty chemicals market is expected to grow at a CAGR of 6.5% over the period of 2016-2024. North America is estimated to account for the second largest market followed by Europe.
Browse key industry insights spread across 110 pages with 74 market data tables & 14 figures & charts from the report, “Specialty chemicals market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/specialty-chemicals-market
The revenue in North America crossed USD 150 billion in 2015, attributed to the demand in oil and gas industry, which is expected to grow during the forecast period. The oilfield chemicals and lubricants will contribute to the regional market growth. The growth of the product market in Asia Pacific is attributed to the growing automotive and construction sectors.
Some of the key industry participants in specialty chemicals market are BASF SE, Clariant AG, Akzo Nobel N.V., The Dow Chemical Company, DuPont, Bayer AG, Chevron Philips Chemical Company, Ashland Inc., Solvay, Syngenta AG, Chaitra Corporation, Evonik Industries, INEOS Group AG, Eastman Chemical Company, Albemarle Corporation, Arkema S.A. and Huntsman Corporation.
Glimpse of Table of Content (ToC)
Chapter 3. Specialty chemicals Market Insights
3.1. Industry segmentation
3.2. Industry Size and forecast 2013 – 2024
3.3. Industry ecosystem analysis
3.4. Industry Impact forces
3.4.1. Growth drivers
3.4.1.1. Increasing demand for yield-enhancing agrochemicals
3.4.1.2. Rising demand from automotive industry
3.4.2. Industry pitfalls & challenges
3.4.2.1. Stringent government regulations against agrochemicals
3.4.2.1. Diminishing coated paper demand in North America and Europe
3.5. Growth potential analysis
3.6. Porter’s analysis
3.7. Company market share analysis, 2015
3.8. PESTEL analysis
3.9 Pricing trends
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/specialty-chemicals-market
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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