USD 609.76 billion
Specialty Chemicals Market Size, Share, Growth Analysis, By Application(Agrochemicals, Insecticide, Fungicides, Herbicides), By Product(Institutional and Industrial Cleaners, Industrial and Institutional Cleaning), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2312 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
131
|Figures:
70
Specialty Chemicals Market Insights
Global Specialty Chemicals Market size was valued at USD 609.76 billion in 2022 and is poised to grow from USD 639.90 billion in 2023 to USD 895.12 billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).
The exponential rise in global population presents a formidable challenge in meeting escalating food demands. This surge strains the supply chain, intensifying the threat of food scarcity. Compounding this issue is the diminishing availability of arable land, a consequence of rapid industrialization and urban expansion. Fertilizers have remained pivotal, driving the sustained demand for agrochemicals over the forecast period as a longstanding solution to augment crop productivity.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
construction chemicals
Fastest Growth
Growth Rate
5.2% CAGR
Global Specialty Chemicals Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Specialty Chemicals Market Segmental Analysis
The global specialty chemicals market is segmented into three six major segments i.e., by application, product and region. Based on application the market is segmented as, agrochemicals, construction chemicals, insecticide, fungicides, herbicides, ammonium sulfate fertilizers, calcium nitrate fertilizers, flavors ingredients, dairy, beverages, savory, others, fragrances ingredients, hair care, personal care, fabric care, dyes and pigments, personal care active ingredients, water treatment chemicals, corrosion and scale inhibitor, biocides and disinfectants, coagulants and flocculants, activated car, protective coatings, adhesives and sealants, concrete admixtures, asphalt additives, surfactants, anionic, nonionic, cationic, amphoteric, textile chemicals, colorants and auxiliaries, coating and sizing chemicals, finishing chemicals bio-based chemicals, acetic acid, furfural, ethanol, polymer additives, oil field chemicals, drilling fluids, cementing chemicals, acidizing chemicals, fracturing chemicals, oil production chemicals, paper & pulp chemicals, bleaching & RCF chemicals, process chemicals, functional chemicals, coating chemicals, pigments & fillers, electronic chemicals, specialty gases, conductive polymers, photoresist chemicals, wet chemicals, silicon wafers, PCB laminates, specialty polymers, pharmaceutical ingredients, chemical api, biological api, others. Based on product the market is segmented as, institutional and industrial cleaners, industrial and institutional cleaning. Based on region the market is segmented as, North America, Europe, Asia-Pacific, Latin America and MEA.
Analysis by Application
The agrochemical segment serves as a cornerstone within the specialty chemicals market, playing a pivotal role in agricultural practices worldwide. This sector encompasses an array of specialized chemicals tailored for enhancing crop productivity, safeguarding plants against pests and diseases, and promoting soil fertility. Agrochemicals, comprising pesticides, fertilizers, herbicides, and plant growth regulators, are instrumental in bolstering agricultural yields, ensuring food security, and meeting the escalating demands of a growing global population.
The construction chemicals segment stands as a crucial component within the specialty chemicals market, offering indispensable solutions that fortify the construction industry worldwide. These specialized chemicals encompass a diverse range of products designed to enhance the performance, durability, and sustainability of construction materials and structures. They play a multifaceted role, providing additives for concrete, waterproofing solutions, adhesives, sealants, protective coatings, and more, addressing various construction challenges.
Analysis by Product
The forecast for the institutional and industrial cleaners segment anticipates a notable surge in growth. Within this sector, these cleaners stand as the foremost industrial consumers of surfactants, constituting a critical component in various applications. They play a pivotal role in general-purpose cleaning, catering to commercial floors and surfaces, prioritizing attributes such as ease of use, efficiency, stringent hygiene standards, technical performance, and ensuring optimal food safety.
The industrial and institutional cleaning sector is undergoing rapid expansion and evolution, largely propelled by the ongoing and recurring regulatory demands for maintaining stringent cleanliness and hygiene standards. Within this landscape, the demand for cleaning products and services that align with eco-friendly practices and offer heightened efficacy while requiring less labor-intensive application serves as a primary driver.
Global Specialty Chemicals Market By Application
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Specialty Chemicals Market Regional Insights
The specialty chemicals market in the Asia-Pacific has firmly established its dominance and is poised to sustain this position through the forecasted period. This stronghold is attributed to multiple factors, including the robust expansion of the construction sector, escalating demand for cosmetic products, substantial investments in the burgeoning electrical and electronics industry, heightened production outputs in this sector, amplified requisition for adhesives and plastics from the packaging industry, and the growing adoption of water treatment systems across various industrial domains within the region.
North America emerges as the foremost consumer across a spectrum of specialty chemicals, encompassing biocides, corrosion inhibitors, cosmetic and personal care chemicals, food additives, industrial and institutional cleaners, lubricating oil additives, oil field chemicals, printing inks, surfactants, synthetic lubricants, and water management chemicals.
Global Specialty Chemicals Market By Region
- Largest
- Fastest
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Specialty Chemicals Market Dynamics
Drivers
Technological Advancements to Fuel Market Growth
- The oil and gas industry has been witnessing significant technological advancements, largely driven by extensive research and development initiatives undertaken by major multinationals like Royal Dutch Shell, British Petroleum, and Total SA. These companies have directed their efforts towards developing high-performance chemicals tailored specifically for oil field applications and chemical processing. These specialized chemicals are designed to elevate oil recovery and production processes while maximizing the extraction of oil and gas reserves.
Restraints
High R&D Expenses to Hamper Market Growth
- The high R&D expenses associated with developing innovative specialty chemicals and the lengthy approval processes hinder the speed of introducing new products to the market. Additionally, the increasing concerns regarding the environmental impact of certain specialty chemicals, alongside growing preferences for sustainable and eco-friendly alternatives, pose a significant challenge to traditional chemical formulations, requiring the industry to pivot towards greener practices and products.
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Specialty Chemicals Market Competitive Landscape
The competitive environment of the global Specialty Chemicals Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Solvay
- Clariant AG
- DuPont
- Kemira Oyj
- Croda International Plc
- Huntsman International LL
- The Lubrizol Corporation
- Albemarle Corporation
- BASF SE
- DOW
- Nouryon
- Sumitomo Chemical Company
Recent Developments
-
Beijing Xinhefeng Agricultural Materials is currently distributing Fenglihui Anjiachun, a revolutionary biostimulant that contains sugar alcohol and amino acids from the well-known US company Brandt. It was released to the Chinese market in December 2023.
-
Phase one of Phillips Carbon Black's (PCBL) 20,000 tons annual specialty chemical capability was put into service in Mundra, Gujarat, in July 2023.
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Leading company in the field GELITA AG introduced a fast-setting gelatin in April 2023, enabling a breakthrough in the production of enriched gummies. The new gelatin brand CONFIXX makes it feasible to produce gummies with a sensory character without using starch, something that was previously only achievable with a starch-based production method. Thanks to this breakthrough, manufacturers of trendy supplements have a lot of chances to include different active components, save a lot of money, and simplify the production process.
Specialty Chemicals Key Market Trends
- The Latin America region anticipates a notable upsurge in the demand for specialty chemicals, propelled by the prominent presence of major manufacturers such as Cargill, General Mills, and Kraft Foods. These industry giants are poised to drive the increased utilization of specialty chemicals across various sectors within the region. Automotive, transportation, chemical processing, and construction industries are expected to emerge as key consumers, particularly for specialty polymers, coatings, adhesives, sealants, plastic additives, lubricants, and other specialized chemical products.
Specialty Chemicals Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global specialty chemicals market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The burgeoning demand for specialty chemicals finds its roots in various sectors, notably spurred by the escalating need for pharmaceuticals, food and feed additives, and flavors and fragrances. Notably, the surge in processed food and beverages in developed nations has propelled the need for flavoring agents, driving market growth. Additionally, the evolving consumer inclination towards unique and innovative flavors and fragrances within food products further augments this trend, acting as a catalyst for the expanding market landscape. This trajectory reflects a growing consumer preference for diverse and enhanced sensory experiences, shaping the continual growth of this sector.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 609.76 billion |
| Market size value in 2031 | USD 895.12 billion |
| Growth Rate | 5.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Specialty Chemicals Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Specialty Chemicals Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Specialty Chemicals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Specialty Chemicals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Specialty Chemicals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Specialty Chemicals Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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