Driving forces such as the widening application base of specialty chemicals, escalating need for an improved crop quality, and rapid industrialization will accelerate the specialty chemicals market growth at a CAGR of 5.5% during the forecast period (2020–2030). The market generated $639,935.8 million in 2019, and it is expected to value $980,423.7 million by 2030. The demand for these chemicals will be driven by the growing automobile, textile, and food and beverage industries, especially in developing countries.
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Specialty chemicals are used as additives to generate the desired effect in substances and end products. These chemicals have diverse features and are compatible with other chemicals. Owing to these properties, they find wide application in various end-use industries. For example, the automobile sector uses specialty chemicals as fuel additives to improve the properties of the fuel. Similarly, methyl oleate, a specialty chemical, is used as an active pharmaceutical ingredient in a variety of creams and lotions.
The presence of numerous players, such as Evonik Industries AG, BASF SE, China Petroleum and Chemical Corporation, Dow Inc., Henkel AG & Co. KGaA, Akzo Nobel N.V., Mitsubishi Chemical Corporation, Huntsman Corporation, and Clariant International Limited, gives a fragmented character to the specialty chemicals market. These players are expanding the capacity of their manufacturing facilities to gain a competitive edge. For instance, in December 2019, BASF SE announced its plans to expand its facility in Jiangmen, Guangdong Province, China, and invest in its coating business in Asia.
Thus, the growth of the end-use industries in developing countries and a wide application base of specialty chemicals will propel the market advance in the coming years.
Read more: https://www.psmarketresearch.com/market-analysis/specialty-chemicals-market
