Specialty Chemicals are high value added and low production volume chemicals. Specialty chemical can also be termed as performance chemicals. It is high added value products used as catalysts, intermediates, components, protectants it is utilized in a wide variety of applications.
Globally, Specialty Chemicals Market has been increasing tremendously, specifically in Asia pacific, owing to rise in the populations in this region resulting to increasing in demand for construction industries, automotive industry among others. Additionally, specialty chemical industry growth typically follows the growth of these key end markets. For example an increasingly urbanized china will demand for clean municipal market leading to increase in municipalities’ usage of water chemicals to recycle the waste water. Furthermore, the government across the globe specifically in developing countries are investing in development of roads, ports, power and telecom which could result in over 15% pea growth in construction, and chemicals.
Segment Analysis:
Specialty Chemicals by functional has been segmented into adhesive, elastomers, flame retardant, water treatment and others, Adhesive & Sealants accounted for the largest market share of 26.02% in 2015, projected to grow at the highest CAGR of 5.77% during the forecast period. Elastomers was the second-largest market in 2015.
On the other hand, the market by end-use the market has been segmented into construction, agriculture, automotive, electronics and others. Water treatment Chemicals market has been growing at a faster pace owing to, in developing economies prefer in demand for water is been increasing tremendously due to usage in irrigation, drinking and industrial usage. Water treatment chemicals are used in for a wide range of industrial process, Apart from use in potable water, the customer base is widespread across diverse industries ranging from large power plants, refineries and fertilizer factories to pharmaceuticals, food and beverages, electronic and automobile companies.
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The construction chemical industry in India accounts for only 0.4% of the total construction spend and has a potential of reaching 1% which is the norm in developed economies. The key products for this sector would be in the areas of painting and coating materials, reinforcing fibers, admixtures and other construction chemicals. The key success factor for construction chemical industry would be developing products and adopting advanced coating, ceiling and reinforcing material like polyurethane base coating, silicone base and polymer base re-enforcing material.
Asia Pacific has dominated Specialty Chemicals Market in 2016
As per MRFR analysis Asia Pacific dominated the Global Specialty Chemicals Market and has accounted for the largest share of the market in 2015. Asia Pacific market is followed by Europe and North America. Moreover, Asia Pacific Specialty Chemicals Market will witness growth above average with respect to demand of the same throughout the forecast period driven by strong growth in China and India due to the growing agriculture and construction industry.
In terms of volume, Middle East, Africa and Asia Pacific are expected to witness robust growth during the forecast period. Availability of cheap labor, favorable weather conditions and governmental support are some of the factors driving the emulsion polymers market in these regions. Europe and North America are also expected to experience significant growth in the near future.
North America will be the ruling market for Global Specialty Chemicals, anticipated to witness highest CAGR. The market has been growing due to various growing manufacturing sector namely, medical devices, chemicals and consumer goods. Europe and North America accounted for largest share in 2016 due to stringent regulation in various developed countries have led to boost the market for utilization of ecofriendly products.
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