Mordor Intelligence releases their report on the Global Specialty Chemicals Market. The report elucidates the situation of Specialty Chemicals around the world and studies its markets by type which include adhesives, polymers, mining chemicals, water treatment chemicals, agro chemicals, construction chemicals, food additives, printing inks, paper chemicals, plastic additives, rubber processing chemicals, electronic chemicals,oilfield chemicals, textile chemicals, advanced ceramics, surfactants and photographic chemicals.
The report is also divided by geography - North America, Europe, the Asia-Pacific (APAC), South Americaand Middle-East & Africa (MEA); where-in the market share of each region is analyzed and estimates are provided for the next 5 years.
The global specialty chemicals market is valued at 669.91 billion USD in 2014 and is expected to grow at a CAGE of 5.33% during the forecast period 2015 - 2020. These account for about 20% of the global chemicals market in 2014.
Specialty chemicals are generally defined within the chemical industry as niche chemicals and polymers with unique functions to enhance performance. They are used in a variety of industries, including waste water treatment, textiles, paints, agriculture, oil and gas, electronics, and consumer goods. Construction chemicals, specialty polymers and electronic chemicals hold the highest market segment collectively accounting for about 30% of the market share, due to their demand from their end user industries. The key markets for these chemicals include electronics, textiles, construction and agro chemicals industry.
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Asia-Pacific leads the global specialty chemicals market followed by North America and Europe. Asia pacific market is expected to be the fastest growing market during the forecast period, growing at a CAGR of 8.7% during the forecast period. The growing manufacturing sector is the major driver of the market in Asia Pacificregion. Industrialization in developing countries and growing demand for electronics is driving this market.
The major global players are BASF, AkzoNobel, Evonik, Henkel AG, DOW chemicals, Exxon Mobil, Chemtura, Albemarle, Ferro Corporation, Solvay SA, Huntsman International, Ecolab, PPG Industries and Ashland Inc.
The growing middle class demands in Asia Pacific, are increasing the demand for better crop yields, electronics, consumer goods and water treatment, which in turn are driving the market for specialty chemicals. Moreover increasing demand from their end-user industries is also driving their market.
Volatility in raw material prices fluctuation in prices of raw materials is expected to restrain market growth over the next five years. Also, replacement due to technological advancement is seen as a market restraint for this market.