Also known as effect chemicals, specialty chemicals provide various effects that differ as per the industry demands and applications. This category of chemicals includes cleaning and construction chemicals, adhesives, cosmetic and food adhesives, polymers, industrial gases, surfactants, flavors, elastomers, agrochemicals and such other products. Their ability of enhance the quality and appearance of the products from various industries boosts their demand. Rise in demand and innovative applications of new products are considered to be the major drivers for the global specialty chemicals market. The industry is expecting large gain in terms of revenue and applications from emerging markets, largely because of the industrial growth of these regions.
Specialty Chemicals Industry Segments
The global industry is segmented on the basis of the types of applications and functions. The applications segment is sub-categorized into water management, cosmetic, advanced ceramic, textile, oil field, rubber processing, and specialty paper chemicals. The major functions of these products include biocides, catalysts, antioxidants, sealants, adhesives, flame retardants, corrosion inhibitors, synthetic dyes, membranes, water soluble polymers, specialty pigments, and such other products. On the basis of the geographic regions, the global specialty chemicals market is segmented into North America, Europe, Asia Pacific and rest of the world. The rest of the world region includes analysis of Latin America and Middle East and Africa.
Market Drivers
The specialty chemicals market is driven by rising demand from different industrial verticals. According to the researchers, the global market is expected to be driven by the growing trend of innovation. Majority of manufacturers in the industry are concentrating on innovation in terms of new products as well as applications. Rising demand from various end-user industries have also created rise in demand for the products in this industry. Another major factor contributing to the rise of the global specialty chemicals industry is the rising demand and overall growth of the Asian market. Recovery of the global chemical industry is also expected to create positive influence on this market.
Industry Forecasts
According to the analysis of the drivers and segments of the industry, the experts are expecting healthy growth for the industry. As per the expert analysis, the global specialty chemicals market is expected to grow at a CAGR of over 4% to reach $610.14 billion in 2016. During the study span, the Asian market is expected to witness strongest growth. While the market is expected to be dominated by large players, new investment avenues are expected to help the new entrants reap benefits of the rise in demand for these chemicals. Southeast Asia and China are expected to be the biggest gainers during the forecasting span.
