Specialty Chemicals Market 2018–Share, Growth, Key Players Trends and Forecasts

Market Research Future Published a Cooked Research “Global Specialty Chemicals Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2023.

DowDuPont Inc., BASF SE, Akzo Nobel, Bayer AG, Clariant AG, Evoniks Industries, Ashland Inc., Chembound Chemicals, Albemarle, Sinopec, SABIC, LyondellBasell Industries, .Chemtura Corporation, Croda International PLC, Eastman Chemical Company, A. Schulman plc, H.B. Fuller Company

Specialty Chemicals Market – Market Overview
Global Specialty Chemicals Market demand is witnessing significant growth, owing to increasing penetration in prominent end-use industries namely, personal care & cosmetics, surfactants, construction, electronics industries. Growing R&D activities in the aforementioned end use industries has led to growth of more sophisticated and application specific products demand. This in turn is positively influencing the consumption of Specialty Chemicals across the globe. Manufacturers are focusing on delivering products that are specific to certain applications.

In addition to this, increasing trend of sustainability in the end-use industries is driving the demand of specialty chemicals across the globe. For instance, increasing regulations on VOC containing coatings has led to increased consumption of specialty, water borne coatings.

Accrediting the colossal growth the Industrial Adhesive Market is witnessing currently and the potential the market is demonstrating to accrue pervasively further in the years to come; the Market Research Future has recently published  a meticulous study report giving out the complete market insight up till 2023. According to which, continuing with the same trends the Global Industrial Adhesive Market is projected to perceive an outstanding growth by 2023 registering a striking CAGR during the anticipated period (2017 – 2023).

The prominent end use industries of the Specialty Chemicals comprises, construction, transportation, personal care & cosmetics, electronics, industrial & institutuional cleaners, paints & coatings, oil & gas, and others. Electronics and construction industries contribute to the significvanty share in the over all market. Rising focus on innovation in the end-use industries and aiming on innovation in terms of products and new applications in lectronics & end use industries is antcipated to created an additional demand for the specialty chemicals.

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However, relatively high cost of the Specialty Chemicals compared to the commodity chemicals, and technological complexity involved in the production process is estimated to be a major impediment in the global market growth.

Specialty Chemicals Market   – Competitive Analysis
Specialty Chemicals Market is moderately fragmented and is prominent players existing in the market are the leading chemical companies. Specilaty chemicals market is a low volume, high value market and comprises higher profit margin products. Realizing the higher profit margings in the market, majority of commodity chemical companies have diversified their product folio into specialty products. The opprtunities in the Specialty Chemicals Market are decreasing, owing to the ever increasing competition in the sector. Thus, with time, manifacturers are investing in product innovation for newer applications in the end use industries.

Industry/ Innovation/ Related News
Sept 2017: BASF announced to expand its current production capacity of specialty amines at its production facility in China. The commencement of the production facility is estimated to start by 2019 end. The production capacity of the plant is anticipated to be 21,000 metric tons per year. By this development, the company has extended its product portfolio of specialty amines.

Sept 2017: BASF SE enetered an agreement acquire the Polyamide business of Solvay. The acquired business will be a part of BASF’s performance material busness segment. The polyamide business comprises 12 production sites, 4 R&D locations and 10 technical centers. The acquistion of the portfolio will expand the company’s specialty product portfolio and will strengthen its position as the gklobal specialty chemicals manufacturer.

Nov 2017: Evonik industries, one of the leading specialty company has eneterd in to an agreement to acquire high concentrate additive compounding business of The 3M Company. The concentarte additve compounding business willl be operated under the specialty additives for plastic industry business segment of the company.  By this movem, the company is expanding its capability to cater the plastic industry through its high profit business segment.

Oct 2017: Bostik, specialty adhesive company opened a production facility for hot melt pressure sensitive adhesives for various end-use industruies. By the move, company aims to expand its foot-print in growing Asia specialty chemicals market.  Company already owns another production facility for adhesives in India. With the two production facilities, company aims to serve the local exports markets of India.

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Specialty Chemicals Market is expected to grow with the CAGR 5.48 % from 2016 to 2023

Market Synopsis of Specialty Chemicals Market:

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 urbanised 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% growth in construction, and chemicals.

The market of functional Specialty Chemicals is segmented into adhesives & sealants, elastomers, flame retardant, water treatment and others. Adhesive & Sealants accounted for the largest market share of 26.02% in 2015, and is projected to grow at the highest CAGR during the forecast period. Elastomers was the second-largest market in 2015, with the market share of 25% in 2015.
The major segment in developing countries would be the water treatment chemicals, substantially the demand for water is been increasing tremendously owing to usage in irrigation, drinking and industrial usage. Water treatment chemicals are used in for a wide range of industrial and in-process applications such as reducing effluent toxicity, controlling Biological Oxygen Demand (BOD) & Chemical Oxygen Demand (COD) and disinfecting water for potable purpose. 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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Regional Analysis:

“Asia-Pacific is projected to be the largest market during the forecast period”

As per MRFR analysis Asia Pacific dominated the Global Specialty Chemicals Market and has accounted for the largest share of the market in 2014. 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 construction and building 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. Latin America, Europe and North America are also expected to experience significant growth of emulsion polymer market in near future.

Asia pacific is leading the market for Specialty Chemicals. China had a huge influence in the development of global petrochemical chemical industries the same factors will lead to in the development of Specialty Chemicals Industry. Currently the drivers of the market in china region are. Firstly, societal factors such as demand for a more environmentally-conscious way of life have resulted in new environmental protection laws requiring increased use of Specialty Chemicals for water treatment chemicals to combat hazardous air pollutants and many new industrial and institutional cleaning chemicals. Secondly, increase in demand for consumers-good preference specifically middle class sector choose consumer goods such as electronics, personal care, high-end cosmetics and food & nutrition products stimulating demand for the Specialty Chemicals which are used to produce them.

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Key Points from Table of Contents:

9. Company Profiles

9.1    BASF SE
9.1.1 Company overview
9.1.2 Product/ Business Segment Overview
9.1.3 Financial Overview
9.1.4 Key Development

9.2   Akzo Nobel NV
9.2.1 Overview
9.2.2 Product/ Business Segment Overview
9.2.3 Financial overview
9.2.4 Key Development

9.3    Evonik Industries AG
9.3.1 Overview
9.3.2 Product/ Business Segment Overview
9.3.3 Financial overview
9.3.4 Key Development

9.4    Chevron Phillips Chemical
9.4.1 Overview
9.4.2 Financial overview
9.4.3 Product/ Business Segment Overview

9.5    BHS Specialty Chemical
9.5.1 Overview
9.5.2 Financial Overview
9.5.3 Product/ Business Segment Overview

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Specialty Chemicals Market is expected to grow with the CAGR 5.48 % from 2016 to 2023

Market Highlights:
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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