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Market Insights:
the specialty chemicals market trends grew and expanded at a global CAGR of 5.42%. For the ongoing forecast period of 2021-2030,
Specialty chemicals have seen a rise in their demand levels over the past few years especially due to increasing pace of urbanization. Market focused reports associated to the chemicals & materials industry among others lately have been made accessible by Market Research Future which circulates reports on this industry. The market is projected to earn revenues worth USD 1,147.4 billion by 2023 in the forecast period.
The Specialty Chemicals Market segment is undergoing a phase of transformation, which has increased the market share significantly. Population boost has also considerably added to the growth of the construction, automobile industry which has been influential in the growth of the specialty chemicals market. Adhesive & Sealants segment in the market is anticipated to witness accelerated growth with a CAGR of 5.77 percent. Rapid industrialization in various nations is also positively boosting the market’s expansion. Intensification in the consumption levels of specialty chemicals will alter the competitive landscape significantly in the forecast period.
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Competitive Dashboard:
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.
Segmental Analysis
The segmental assessment of the specialty chemical market is carried out based on source, type, and region. The type segment of the specialty chemical market consists of fragrances ingredients, water treatment chemicals, construction, chemicals, agrochemicals dyes & pigments, personal care active ingredients, flavors ingredients, surfactants, textile chemicals, bio-based chemicals, and polymer additives. The regions included in the specialty chemical market are Latin America, Europe, Africa, Asia Pacific, North America, and the Middle East. The source segment of the specialty chemical market consists of naphtha, crude oil, propane, butane, ethane, wood, and others.
Regional Analysis:
Region-specific analysis of the specialty chemicals market enlists Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and Latin America (LATAM).
The APAC is currently leading the market as they are generating the maximum revenue. The situation is going to remain the same during the forecast period. Its widespread business depends mainly on the agrochemical industry. But it gets triggered further by emerging economies who are revamping several industries which consequently, help the thriving of specialty chemicals market. The automobile industry is also getting huge benefits in the region which prompts them to expand their business in the APAC zone. Furthermore, the relaxations in regulations by the governments catalyze the expansion of the regional market.
Specialty chemicals market in Europe and North America are important growth pockets and lures in a number of market influencers who spend substantially in the market. The situation is expected to remain so during the forecast period. The U.S. is experiencing refurbishing of their automobile industry which can fuel the market growth. Meanwhile, the LATAM and the MEA are estimated to hold the least share of the specialty chemicals market. However, in the MEA region countries such as Qatar, U.A.E, Dubai, etc. and in the LATAM region markets such as Mexico and Brazil are showing competence to take the specialty chemicals market forward.
Industry News:
In August 2018, IMCD, Netherlands, acquired European Specialty chemicals distributor, Velox.
In August 2018, BASF Chemicals Company strengthened its collaboration with Grolman in Europe for expanding the marketing of the BASF specialty chemicals to Italy, Spain and Portugal
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We recognize the key players in the global specialty chemicals Market as include BASF, Akzo Nobel NV, Evonik Industries AG, Chevron Phillips Chemical, BHS Specialty Chemical., Royce International., and Ashland.This report includes the product portfolios of the same.
This research report provides insights, on various levels of analyses such as industry analysis, market share analysis leading market players, and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusions. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the global specialty chemicals market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides views over the historical market values as well as, pricing and cost analysis of the same.
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