Specialty Chemicals: Top 5 Emerging Markets in Q4 2024 by SkyQuest Technology
The chemical industry is projected to witness some major shifts in the future as demand for specialty chemicals and green chemicals rises on a global level. Robust investments in expansion of manufacturing activity, surging industrialization in developing countries, and high investments in R&D of novel materials are some key factors that are helping boost the demand for specialty chemicals around the world. Here are some specific markets that stand out in the specialty chemicals landscape for the last quarter of 2024.
1. Lubricants Market:
Surging sales of vehicles around the world and rising use of lubricants in multiple industrial applications for machinery are slated to boost the demand for lubricants in the future. The development of bio-based lubricants to stay compliant with modern sustainability mandates is estimated to be a key lubricants market trend for almost all companies going forward. Sales of lubricants are forecasted to bring in an impressive revenue of USD 186.73 billion in the year 2031.
2. Paints and Coatings Market:
High investments in infrastructure development, growing automotive manufacturing activity, and rising demand for renovations are key factors driving up the sales of paints and coatings. Demand for paints and coatings is estimated to bring in a revenue of USD 259.7 billion in 2031. Utilization of sustainable and eco-friendly materials to manufacture paints and coatings as consumer awareness for sustainability rises, emerges as a top trend for paint and coatings manufacturers.
3. Adhesives and Sealants Market:
Rising use of adhesives and sealants for plastics and composites being used in the automotive industry to reduce the weight of vehicles is slated to bolster market growth in the future. Eliminating the use of toxic and VOC chemicals and replacing them with eco-friendly materials to manufacture novel adhesives and sealants is a key trend for all companies operating in this market. Global adhesives and sealant demand outlook is projected to evolve at a modest 6% CAGR across the forecasted period (2024 – 2031).
4. Silicon Carbide Market:
Rapidly surging demand for power electronics and growing use of silicon carbide in multiple electronics and semiconductors are projected to bolster the sales of silicon carbide in the future. Extensive use of silicon carbide in renewable energy storage systems, use in 5G infrastructure, and growing sales of electric vehicles are slated to present new opportunities for silicon carbide providers. The global silicon carbide sales outlook is expected to exhibit expansion at 6.7% CAGR from 2024 to 2031.
5. Carbon Fiber Market:
Surging demand for lightweight materials from the aerospace and automotive industry verticals and advancements in carbon fiber manufacturing technologies are expected to primarily drive the demand for carbon fiber going forward. High emphasis on weight reduction of electric vehicles to improve range without compromising on safety is expected to present new opportunities for carbon fiber suppliers in the long run. Global carbon fiber demand is expected to increase at an impressive 9.4% CAGR from 2024 to 2031.
Robust increase in industrialization and growing automotive manufacturing activity remain key factors influencing the demand for any kind of specialty chemicals. Investments in research and development of novel chemicals and materials are projected to be prominent in any specialty chemical market. Eliminating the use of toxic chemicals to comply with stringent mandates is expected to create some challenges for companies operating in the specialty chemicals industry, however this also offers some attractive opportunities as well. Focusing on these markets not only maximizes revenue generation in the last quarter of 2024 but also helps companies establish a solid lead for the year 2025 as well.
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