Specialty chemicals are specific chemical products that help in providing variety of effects to several industries that they cater to such as textile, construction, oil & gas, ink additives, cosmetics, and food. They can be single-chemical formulations & entities whose composition significantly influences the performance of the customers’ product. These chemicals are used on the basis of their function & performance. The physical and chemical characteristics of the chemicals influence the performance of end products.
According to study, “Specialty Chemicals Market by Type (Food Additives, Cosmetic Chemicals, Water Treatment Chemicals, Textile Chemicals, Construction Chemicals, Paper & Pulp Chemicals, Oil Field Chemicals, and Ink Additives) – Global Opportunity Analysis and Industry Forecast, 2019 – 2026”. Some of the key companies operating in the global specialty chemicals market are AECI, Albemarle Corporation, Akzo Nobel N.V., Albemarle Corporation, 3M, Afton Chemical, Arkema Group, Berger Paints India Limited, Asian Paints, BASF SE, Archroma, Axalta Coating Systems, Ashland, Baker Hughes Company, Chevron Corporation, Dow, Corteva, DuPont de Nemours, Inc., Buckman, DIC Corporation, Clariant, Covestro AG, Eastman Chemical Company, DSM, Evonik Industries AG, GCP Applied Technologies Inc., Exxon Mobil Corporation, Ecolab, Flint Group, Ferro Corporation, H.B. Fuller Company, Halliburton, Huntsman International LLC, Hexcel Corporation, FMC Corporation, Henkel AG & Co. KGaA, KRONOS Worldwide, Inc., Infineum International Limited, MAPEI S.p.A., Lonza, NIPSEA GROUP, Merck KGaA, LafargeHolcim, Kemira, LANXESS, Kurita Water Industries Ltd., Nutrien Ltd., Nouryon, RPM International Inc., Procter & Gamble, PPG Industries Inc., Pidilite Industries Ltd., Schlumberger Limited, Syngenta, Solvay, The Lubrizol Corporation, SABIC, Solenis, Sika AG, The Chemours Company, W. R. Grace & Co., Veolia, Venator Materials PLC, The Sherwin-Williams Company, Wacker Chemie AG, Yara.
Based on type, specialty chemicals market is bifurcated into textile chemicals, water treatment chemicals, ink additives, cosmetic chemicals, food additives, paper & pulp chemicals, construction chemicals, and oil field chemicals. Textile chemicals include colorants & auxiliaries, finishing chemicals, coating & sizing chemicals, and others. Water treatment chemicals include activated carbon, corrosion & scale inhibitors, activated carbon, coagulants & flocculants, pH adjusters & softeners, biocides & disinfectants, anti-foaming agents and others. Cosmetic chemicals include film formers & moisturizers, single-use additives, surfactants, emollients, and others. Food additives include flavor enhancers, hydrocolloids, food flavors, and others. Paper & pulp chemicals include functional chemicals, process chemicals, coating chemicals, bleaching & RCF chemicals, and pigments & fillers. Construction chemicals include protective coatings, adhesives & sealants, asphalt additives, and concrete admixtures and others. Additionally, oil field chemicals include fracturing chemicals, oil production chemicals, drilling fluids, acidizing chemicals, and cementing chemicals. In addition, based on function type, market is bifurcated into antioxidants, specialty enzymes, biocides, specialty pigments, catalysts, demulsifier, separation membranes, surfactant and specialty coatings.
The specialty chemicals market is driven by rise in demand from end-use industries, followed by surge in population, growth in focus on innovation and increase in focus on research & development (R&D). However, volatile raw material costs and strict government regulation may impact the market. Moreover, growth in development of eco-friendly products and increase in commercialization & industrialization of specialty chemical market are key opportunities for market.
Based on geography, the Asian-Pacific is a leading in specialty chemicals market owing to rise in demand for specialty chemical in various industrial processes and growth in manufacturing sector in the region. The North-American and European regions are estimated to witness higher CAGR due to growth in construction sector over the forecast period. In upcoming years, it is estimated that future of the market will be optimistic as a result of rapid industrialization coupled with increase in need for improvement in crop yields during the forecast period. The global specialty chemicals market was valued at US $211.2 million in 2018, and is expected to reach US $316.5 million by 2026, growing at a CAGR of 5.2% from 2019-2026.
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Ankur Gupta, Head Marketing & Communications