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Rising electronics and automobiles sales to bolster specialty chemicals market demand

Author : Ravi Chawat | Published Date : 2020-09-04 

Global specialty chemicals market is expected to gain huge proceeds from increasing product application in the automotive industry. Specialty chemicals are being extensively used to produce paints & coatings and adhesives utilized in the automotive industry. In 2015, global automobile production, including personal & commercial, reached almost 90 million units. Consumers are highly inclined towards using lubricants to lower frictional forces in automobiles, which will further propel specialty chemicals market demand.

Apart from the automotive industry, specialty chemicals are broadly used in electronic apparatuses, such as semiconductors and integrated circuits. Rapid adoption of smartphones is set to boost the usage of electronic chemicals. Specialty chemicals market size from electronic chemicals is projected to grow at more than 4.5% CAGR over 2016-2024.
Specialty chemicals are toxic and can have detrimental impacts on the environment and biodiversity, which has evoked concerns from regulatory bodies regarding the excessive usage of the product. Governments have formulated strict environmental legislation and introduced directives about appropriate product usage. Rising consumer awareness about the toxic effects of specialty chemicals may impede the growth of specialty chemicals market.

Extensive demand for specialty chemicals in construction, automobiles, and electronics will intensify the competition among eminent specialty chemicals industry participants. A few of the major business players are BASF, Dow Chemical, Bayer, DuPont, and INEOS Group. Other notable specialty chemicals companies include Clariant, Ashland, Syngenta, Arkema, Huntsman, Evonik Industries, Albemarle, Akzo Nobel, Chemtura, Solvay, and Eastman Chemical amongst others.

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Amid the rising prevalence of industrialization on a global scale, numerous industrial sectors are on the lookout for efficient components to help boost not only their production processes but overall product performance. One such component is specialty chemicals.

Specialty chemicals refer to products that deliver myriad performance effects to an array of industrial sectors. These sectors include ink additives, oil & gas, construction, food, cosmetics, and textile, among others.

Specialty chemicals or performance chemicals are generally used as ingredients that help to enhance the manufacturing process, as well as in finished products. They are single-chemical entities for formulations and are utilized based on their performance and function. The composition of specialty chemicals varies depending on their usage and asserts significant influence on the user’s product performance.

Based on product, the specialty chemicals market is classified into various segments, including Polymers & Plastic Additives, Agrochemicals, Cleaning Chemicals, Paper & Textile Chemicals, Adhesives & Sealants, Lubricants & Oilfield Chemicals, Construction Chemicals, Specialty Coatings, Electronic Chemicals, Food Additives, and Surfactants, among others.

There has been a considerable rise in demand for specialty chemicals in recent years, owing predominantly to the robust agricultural landscape, particularly in Asian nations such as China and India.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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