Specialty Chemicals Market: Growing Applications to Benefit Industry, Business Opportunities, Top Manufacturers Players Analysis, Share, Size Global Trends | Foreseen till 2023
Specialty Chemicals Market Seeing Robust Growth Dominated by Global with Expected 6.21% CAGR | Global Trends, Demand, Share, Size Business Opportunities, Industry Insight by 2023
Pune, India – December 18, 2018 /MarketersMedia/ —
Specialty Chemicals Market is set to thrive at a CAGR of 6.21% during the forecast period 2018 to 2023. The market is set to grow from USD 710.03 Billion in 2017 to USD 1000 Billion by the end of 2023.
Specialty Chemicals Market Key Players:
Market giants thrive on their superior execution of strategies that include merger, collaboration, acquisition, product launch, and others. These strategies often prove beneficial for both the companies and expanding the sector. For instance, Clariant AG is getting acquired by Sabic, and the decision could help improve the portfolio of Sabic. AkzoNobel is planning to buy Brazilian firm Polinox to gain hold of the organic peroxides manufacturing process.
Some of the key players influencing the specialty chemicals market are Evonik Industries AG, Henkel AG & Co, Clariant AG, BHS Specialty Chemicals, AkzoNobel NV, Lenzing AG, Ashland Inc., Solvay SA, KGaA, DowDuPont, ExxonMobil Corporation, Lanxess AG, and BASF SE.
Specialty Chemicals Market Segmentation:
The global specialty chemical market can be segmented by source and type.
By source, the specialty chemicals market includes crude oil, naphtha, ethane, propane, butane, wood, and others. Among these, the naphtha segment accounts for a major share of the market revenue and is expected to record substantial CAGR during the forecast period.
By type, the specialty chemicals market comprises agrochemicals, flavor ingredients, fragrance ingredients, dyes & pigments, water treatment chemicals, personal care active ingredients, construction chemicals, surfactants, textile chemicals, polymer additives, bio-based chemicals, and others. The agrochemicals segment accounts for the most significant share of the market.
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Specialty Chemicals Market Regional Analysis:
Geographically, the specialty chemicals market is segmented into five major regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa.
Owing to the low raw material and labor cost and increase in the number of players in specialty chemicals market, the Asia-Pacific region is projecting highest growth rate in the global specialty chemicals market.
The rapid growth of construction, automotive and electronic industries is driving the specialty chemicals market in the North America region. Increase in the exploration activities of oil and natural gas is fueling the expansion of the specialty chemicals market in this region.
The Middle East and Africa region are projecting significant growth in the specialty chemicals market due to the high availability of crude oil reserves and chemical feedstock, along with increasing construction activities in this region.
Specialty Chemicals Market Competitive Analysis:
Specialty chemicals are typically not measured by volumes but by margins. Manufacturers expect to grow the share of specialty chemicals to overall operating earnings to around 25% over the next few years. Companies are now set to diversify their specialty chemicals portfolio even further, conducting feasibility studies for new products.
In the long term, the trade war between the US and China is likely to dampen overall global economic growth. The tariff war going on between these countries could have knock-on effects on the market growth, affecting the petrochemicals industry.
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Industry/Innovation/Related News:
One of the major industry trends that this market is widely accepting is that of is industry cross. In it a specific brand assesses and identifies an industry specific project. They then carry out a strategic innovation partnership with another organization to launch a new and promising product in the market. This has helped in effective utilization of technology and bringing higher revenues to the market.
September 04, 2018 – Evonik Industries AG (Germany), a leading global specialty chemicals company announced its plans to sell its US Jayhawk site, Kansas in order to allow greater focus on to specialty chemicals. The company is keen to continue growing profitably in the specialty chemicals sector. This move presages better future perspectives to the business. Evonik is certain that the sale is a further step towards optimizing their portfolio which will open up new opportunities in the targeted development of its growth engines.
September 01, 2018 – Sekisui Specialty Chemicals (US), a leader in polyvinyl alcohol (PVOH) products announced the marking up the price of some of its products including Selvol® Polyvinyl Alcohol, and Selvol Ultiloc® among others up to $200/mT starting from October 1st, 2018, or as contracts and agreements allow.
Specialty Chemicals Market Table of Content:
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
Specialty Chemicals Market Table of Content to be Continue……,
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