The United States specialty chemicals market is expected to witness a moderate growth during the forecast period, 2018 - 2023. The growth of specialty chemicals in the United States is due to the product innovations for construction chemicals, paints & coatings, cosmetic chemical, lubricants & oil additives, plastic additives, etc.
Growing Demand for High-performance Coatings
High-performance coatings are used to improve thermal, wear, and corrosion resistance, along with aesthetical and optical characteristics in materials and structures. Moreover, these coatings are environment-friendly. They are used in power plants and in industries, such as automotive, aerospace, oil & gas, mining, marine, paper & pulp, and architecture & construction. These coatings are used to protect metal materials, tanks, concrete structures, pipes, and processing equipment. Additionally, the power sector has been growing in the last few years and is expected to continue to do so in the future. The United States is expected to increase the investment in the power sector, which is expected to fuel the demand for the high-performance coatings market. This growing demand for the high- performance coatings is fueling the US specialty chemicals market.
Growing Demand for Paints & Coatings
The United States is the second-largest producer of paints & coatings globally, and the market is growing at a moderate rate during the forecast period. The growing infrastructure in the country is the major consumer of architectural coatings, and it is driving the market. Additionally, a rise in home sales, coupled with the renovation of the existing houses, is boosting the demand for residential construction in the United States. Furthermore, the gradual growth of the commercial sector, primarily office space construction, is likely to have a positive impact on the market during the forecast period.
Notable Developments in the Market
- September 2017: Dow Chemical completed the merger with EI du Pont.
- September 2017: AkzoNobel finalized the acquisition of French manufacturer Disa Technology. The acquisition strengthens AkzoNobel’s global leadership position in supplying innovative industrial coatings, as well as aerospace and automotive coatings.
Major Players: AkzoNobel N.V., DowDupont, BASF SE, Henkel AG & Co. KGaA, and Evonik Industries AG, amongst others.
Reason to purchase this Report
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- To identify the application that is expected to dominate the market
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in Excel)
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