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By 2024, Specialty Chemicals Market to showcase significant growth in food & beverages industry

Author : Ronak Bora | Published Date : 2019-03-27 

As per the report by Global Market Insights, Inc., “Worldwide Specialty Chemicals Market was valued USD 830 billion in 2018 and will surpass a revenue collection of USD 1273 billion by 2024 with an annual growth rate of 4% over 2018 to 2024.”

Chemical industry has become a crucial name in the global business space, being regarded as the key enabler for other sectors. Chemicals have occupied their significant share in probably all the other industries of the world, right from the electronics to the paint, automotive, food & beverages, etc. With this gigantic presence, specialty chemicals market is all set to expand vigorously both in terms of revenue and applications over the coming years. According to Global Market Insights, Inc. “specialty chemicals market having had a share of USD 830 billion in 2015, is estimated to reach USD 1273 billion by 2024.”

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The global population, which is estimated to grow rapidly touching a 9 billion mark by 2040 is a major factor driving the specialty chemical industry. Possibly, all the industries of the world are witnessing a supply/demand imbalance due to this population growth, the food industry being in the topmost concerned space. The food security concerns can be realized looking at the population vs arable land growth rate during 2015. Where on one hand, the population witnessed a 5% increase, on the other side the arable land witnessed a growth of 3.5%, which clearly indicates the agricultural food scarcity the world may witness. This imbalance is making the farmers adopt Agrochemicals on a large scale, thus boosting specialty chemicals industry size.

Automotive industry is one of the top potential growth prospect for specialty chemicals market. Automotive industry utilizes a broad range of specialty chemical products in the form of paints & coatings, polymers & plastic additives, adhesives & sealants, lubricants, etc., thus contributing towards a significant share of specialty chemicals industry. The expanding automotive industry coupled with the growing demand for fuel-efficient vehicles will bring a huge set of opportunities for the market space.

The chemical industry has rightly been marked as a key parameter to achieve sustainable development for other industries. Chemicals are the key differentiators of any two products under comparisons, and are thus being widely and of course wisely adopted by the manufacturers worldwide. Paints & Coatings industry is a well-suited example of explaining this feature, where 80% of the raw materials in almost all the paints are same, and the rest 20% which are the differentiating factors comprises the specialty chemicals. Construction specialty chemicals market, which had a revenue of USD 70 billion in 2015, is estimated to have a noticeable surge over the coming years owing to the rising number of commercial and residential projects worldwide.

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However, the high costs associated with the raw materials to manufacture these products will be a prime matter of concern for the manufacturers worldwide. SMBs will be the major sector impacted by these high priced raw materials. Asia Pacific has significantly emerged as an efficient and cost-friendly raw material supply source for the international companies, enabling these manufacturers to tap this emerging market. Moreover, the growing automotive and construction industry is also a vital factor favoring APAC specialty chemicals market size. Asia Pacific specialty chemicals market is expected to grow at a CAGR of 6.5% over the period of 2016-2024. North America is estimated to account for the second largest market followed by Europe.

In the coming years, the companies worldwide will spend heavily on R&D activities to walk parallelly with the growing consumer needs and demands. The industry, which is highly competitive and fragmented presently, will witness various collaborations and partnerships for efficient manufacturing of these products. Key market players are Dow Chemical, INEOS Group, BASF, Bayer, Ashland Inc., DuPont, Clariant, Huntsman, Syngenta, Evonik Industries, Arkema, Albemarle, Akzo Nobel, Eastman Chemical Company, Chemtura, and Solvay.

Browse key industry insights spread across 110 pages with 74 market data tables & 14 figures & charts from the report, “Specialty Chemicals Market” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/specialty-chemicals-market

Specialty chemicals market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD billion from 2013 to 2024, for the following segments:

  • Specialty Chemicals Markey By Product
    • Agrochemicals
    • Polymers & Plastic Additives
    • Construction Chemicals
    • Electronic Chemicals
    • Cleaning Chemicals
    • Surfactants
    • Lubricants & Oilfield Chemicals
    • Specialty Coatings
    • Paper & Textile Chemicals
    • Food Additives
    • Adhesives & Sealants
    • Others

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Malaysia
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • South Africa
    • GCC

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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