iCrowdNewswire Jan 14, 2021 6:00 AM ET
A latest report published by Market Research Future (MRFR) projects that the global market for specialty chemicals will expand at an above-average compound annual growth rate during the assessment period (2018-2023). The broad application spectrum of specialty chemicals has continued to drive their global sales. Moreover, these chemicals are being widely used as an alternative to commodity chemicals due to stricter laws on the use of petroleum based products. The automotive manufacturing sector is one the major consumers of specialty chemicals. Manufacturing of lightweight automotive components such as fenders, energy absorbers, and instrument panels require specialty chemicals as a raw ingredient. However, the constant price fluctuation of specialty chemicals is somewhat playing down investor confidence of late. The aforementioned factors are expected to influence the growth of the global specialty chemicals market over the next couple of years.
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Key market participants profiled in MRFR’s report include AkzoNobel N.V (Netherlands), Ashland Inc. (U.S.), Givaudan (Switzerland), Evonik Industries AG (Germany), Exxon Mobil Corporation (U.S.), Lanxess AG (Germany), Croda International Inc. (Switzerland), Solvay S.A. (Belgium), Lenzing AG (Austria), DowDuPont, Inc. (U.S.), Henkel AG & Co. KGaA (Germany), BHS Specialty Chemicals (U.S.), H.B Fuller (U.S.), BASF SE (Germany), and Clariant AG (Switzerland).
The specialty chemicals market is segmented on the basis of source, type, and region.
By source, the market is segmented into naphtha, propane, butane, crude oil, ethane, wood, and others. Of these, the naphtha segment accounted to nearly two-third share of the global market in 2017. Naphtha finds various industrial applications as cleaning fluids, asphalt diluents, dry-cleaning, solvents, paint and varnish diluents, and rubber industry solvents among others. By type, the market is segment into fragrance ingredients, construction chemicals, dyes & pigments, textile chemicals, agrochemicals, flavors ingredients, polymer additives, water treatment chemicals, surfactants, bio-based chemicals, and personal care active ingredients. The bio-based chemicals segment is expected to remain highly profitable throughout the forecast period. Increased concerns over environmental depletion has led to an increased popularity of bio-based chemicals worldwide. In 2017, the bio-based chemicals segment surpassed a valuation of USD 71,000 Mn and projected to exhibit a high growth rate over 2023. Furfural, acetic acid, ethanol are some of the commonly used bio-based chemicals. Among these, ethanol is currently witnessing the highest traction.
Among regions, Asia Pacific (APAC) currently dominates the global specialty chemicals market and the trend is likely to continue in 2018 and beyond. APAC commanded more than 40% share of the global specialty chemicals market in 2016. The factors substantiating the market’s development in the region include the rising demand for specialty chemicals in large scale industries such as construction and automotive. During the forecast period, the market in APAC is expected to soar at a CAGR of 7.69%. APAC is followed by North America, which currently represents the second largest market for specialty chemicals. The North America specialty chemicals market accounted for second largest market share in 2017 and is projected to increase at a steady CAGR. Meanwhile, Europe will also remain an important market for specialty chemicals over the next couple of years. Presence of a well-established automotive sector has been creating growth opportunities for market players operating in the region.
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