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Specialty Chemicals Market Size projected to show strong growth

Author : Ronak Bora | Published Date : 2019-06-10 

Specialty Chemicals Market size is set to touch USD 1,273 billion by 2024; according to a new research report by Global Market Insights, Inc. Global specialty chemicals market share is majorly driven by increasing population along with rapid industrialization resulting in decreased arable land. Global population is likely to reach 9 billion by 2040, this will consequently propel food demand up to the same period. Significant increase in yield is possible through agrochemicals use such as fungicides. Governments across the globe are promoting agrochemicals use to secure food supply to meet the increasing food demand owing to drive industry growth.

Robust growth in end user industries including construction and automotive will boost the global specialty chemicals market size by 2024. These compounds are used in adhesives and paints & coatings, which are widely used in automotive as well as construction industry. In 2015, global vehicles production, including commercial & personal, was approximately 90 million units. Furthermore, increasing consumer demand for lubricants to reduce frictional forces in the vehicles will enhance growth.

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Specialty chemicals are mainly synthetic and have harmful environmental effects, which effects the biodiversity. Therefore, stringent environmental legislations are formulated and directed for the product application, due to its toxicity. This may restraint the industry size in the near future. In addition, increasing consumer awareness towards digital media, such as Twitter, Facebook, and YouTube may hinder paper & textile specialty chemicals market size. However, growing construction industry, particularly in China, India, Japan and Brazil, will propel industry share in the coming years.

Asia Pacific specialty chemicals is projected to grow at an annual growth rate of 6.5% over the period of 2016-2024. A swift rise in construction and automotive industries in the region has propelled the demand for construction chemicals and automotive chemical compounds, which in turn has driven specialty chemicals industry to accumulate lucrative gains from the region. The fact that renowned automakers such as Audi AG, BMW, and Mercedes Benz have planned to expand their operations across APAC can prove beneficial for the expansion of specialty chemicals market in the region. 

The specialty chemicals market dynamics are complex and each business segment outlines a different growth chart. Despite the healthy growth of automotive and construction industries in North America and Asia Pacific, the market scenario for the textiles & paper specialty chemicals is witnessing a marked change. The advent of digitalization and Internet are posing a threat to the development of specialty chemicals market from textiles & paper industry. The growing trend of promotional activities on You-Tube, Facebook, Twitter and other such platforms have gradually faded out the traditional marketing tools including pamphlets and catalogues, thus depicting a sluggish growth for this market from the paper & textiles sector.

The massive rise in smartphones demand across the globe have positively impacted the growth of electronic specialty chemicals market. Upsurge in the manufacturing of electronic components due to soaring semiconductors and integrated circuits will contribute to the market share. Electronic specialty chemicals market is set to register a CAGR of 4.5% over the period of 2016-2024.

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Rise in lubricants & oilfields chemicals demand in North America, owing to growing oil exploration activities in U.S., have augmented the regional specialty chemicals market size. U.S. specialty chemicals industry generated revenue worth USD 150 billion in 2015, and is estimated to carve an exponential growth chart over the coming years.

The global specialty chemicals industry has given rise to a wide spectrum of business segments and as a consequence, there are large number of companies around the world partaking in the market share. Some of the prominent names operating in this industry include, Arkema S.A., Ashland Inc., Clariant AG, Evonik Industries AG, Solvay, Eastman Chemical Company, Huntsman CorporationSyngenta AG, Akzo Nobel N.V., Chevron Philips Chemical Company, and Chemtura Corporation.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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