Specialty Chemicals Market Size, Trends, Industry Statistics, Growth in 2023 & Upcoming Demand by 2028

According to Fortune Business Insights, the global specialty chemicals market size was USD 627.7 billion in 2020 and is expected to hit USD 882.6 billion in 2028, exhibiting a CAGR of 4.7% from 2021 to 2028. The rise can be credited to the escalating product usage in a range of manufacturing industries including cosmetics, construction, oil and gas, textiles, ink additives, and others.

This information has been furnished by Fortune Business Insights™ in its research report, titled “Specialty Chemicals Market, 2021-2028”.

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/specialty-chemicals-market-105517

Segments:

Agrochemicals Segment to Gain Prominence Driven by Rising Usage in Improving Crop Production

Based on type, the market is fragmented into construction chemicals, dyes and pigments, agrochemicals, textile chemicals, functional ingredients, surfactants, water treatment, and others. Of these, the agrochemicals segment is anticipated to record commendable growth over the forecast period. This can be driven by the escalating product adoption for enhanced crop production.

On the basis of region, the market is categorized into Asia Pacific, the Middle East Africa, Europe, Latin America, and North America.

Report Coverage:

The report provides an in-depth analysis of the major trends that are expected to impel business growth over the forthcoming years. It further gives an insight into the prominent steps taken by key industry participants for driving market expansion over the estimated period. The findings have been provided after extensive research and data collation from credible sources.

Drivers and Restraints:

Escalated Product Adoption Due to Soaring Demand for Personal Care Products

Specialty chemicals market growth is being driven by the escalating demand for hygiene products such as disinfectant sprays, liquid soaps, hand sanitizers, and germ safeguard wipes. Numerous companies are assessing their production plans in light of current circumstances and are speedily streamlining and scaling up their production capacities. The growing production of disinfectants is slated to impel industry expansion over the coming years.

However, the industry growth is likely to be hindered by alterations in the cost of raw materials, stringent government regulations, and the lowering of automobile production.

Regional Insights:

Asia Pacific to Emerge as Key Region Impelled by the Large Chemical Production Base in India China

Asia Pacific specialty chemicals market share is slated to record appreciable expansion over the forthcoming years. The surge can be credited to the concentration of a large chemical production base in India and China. The industry value in China is being driven by the easy availability of cheap labor and raw materials.

The market size in North America is set to register commendable growth through the analysis period. The region is a key consumer of lubricating oil additives, biocides, synthetic lubricants, cosmetic chemicals, institutional cleaners, and corrosion inhibitors.

Competitive Landscape:

Market Players Strike Partnership Deals to Strengthen Industry Footing

Major companies are entering collaborative agreements and partnership deals for the expansion of their geographical footprint. Further, many industry players are focusing on the adoption of various initiatives such as mergers, acquisitions, partnership agreements, and others for strengthening their market footing. Additional steps include research activities for the development of a range of specialty chemicals.

Key Industry Development:

February 2021 – Lonza shared plans to sell its specialty chemicals enterprise, intending to focus on the company’s pharmaceuticals business. The enterprise was purchased by Bain Capital and Cinven for a value of USD 4.66 billion.

List of Key Players Mentioned in the Report: