Specialty chemicals are chemicals or high value-added products that are used as intervenes, catalysts, protectants or preservatives and constituents in various products and applications. The chemicals are also known as effect chemicals, performance chemicals and formulation chemicals. They are used in low quantities and targeted towards specific end-use industries. The chemical and physical characteristics of the chemicals influence the performance of end products.
According to study, “Global Specialty Chemicals Market Size study, by Type (Food additives, water treatment chemicals, cosmetic chemicals, textile chemicals, paper & pulp chemicals, oil-field chemicals, construction chemicals and ink additives) and Regional Forecasts 2018-2025” the key companies operating in the global specialty chemicals market are Akzo Nobel N.V., Albemarle Corporation, 3M, AECI, Albemarle Corporation, Afton Chemical, Arkema Group, Archroma, Axalta Coating Systems, Ashland, Berger Paints India Limited, Asian Paints, BASF SE, Baker Hughes Company, Chevron Corporation, Buckman, DIC Corporation, Clariant, Dow, Corteva, DuPont de Nemours, Inc., Covestro AG, Eastman Chemical Company, DSM, Exxon Mobil Corporation, Ecolab, Flint Group, Evonik Industries AG, GCP Applied Technologies Inc., Ferro Corporation, H.B. Fuller Company, FMC Corporation, Henkel AG & Co. KGaA, Halliburton, Huntsman International LLC, Hexcel Corporation, KRONOS Worldwide, Inc., Infineum International Limited, LafargeHolcim, Kemira, LANXESS, Kurita Water Industries Ltd., MAPEI S.p.A., Lonza, NIPSEA GROUP, Merck KGaA, Nutrien Ltd., Nouryon, PPG Industries Inc., Pidilite Industries Ltd., RPM International Inc., Procter & Gamble, Schlumberger Limited, SABIC, Solenis, Sika AG, Syngenta, Solvay, The Lubrizol Corporation, The Chemours Company, Venator Materials PLC, The Sherwin-Williams Company, W. R. Grace & Co., Veolia, Wacker Chemie AG, Yara.
Based on type, specialty chemicals market is segmented into cosmetic chemicals, food additives, textile chemicals, water treatment chemicals, paper & pulp chemicals, construction chemicals, ink additives and oil field chemicals. Cosmetic chemicals include surfactants, emollients, film formers & moisturizers, single-use additives and others (carriers, pigments, thickening agent, colorants). Food additives include hydrocolloids, food flavors, flavor enhancers and others (enzymes, antioxidants, colorants, emulsifiers, preservatives). Textile chemicals include finishing chemicals, coating & sizing chemicals, colorants & auxiliaries, and others (bleaching agents, surfactants, yarn lubricants, de-sizing agents). Water treatment chemicals include coagulants & flocculants, pH adjusters & softeners, activated carbon, corrosion & scale inhibitors, activated carbon, biocides & disinfectants, anti-foaming agents and others. Paper & pulp chemicals include coating chemicals, bleaching & RCF chemicals, functional chemicals, process chemicals, and pigments & fillers. Construction chemicals include adhesives & sealants, asphalt additives, protective coatings, and concrete admixtures and others. Additionally, oil field chemicals include fracturing chemicals, drilling fluids, acidizing chemicals, oil production chemicals, and cementing chemicals.
The specialty chemicals market is driven by constant focus on research & development (R&D), followed by rise in population, rise in focus on innovation, and huge demand from end-use industries. However, stringent regulations governing the specialty chemicals market and volatile raw material costs may impact the market. Moreover, rise in commercialization & industrialization of specialty chemical market and growth in development of eco-friendly products are key opportunities for market.
Based on geography, the Asian-Pacific region holds largest share in specialty chemicals market owing to rapid industrialization, increase in need for improvement in crop yields, 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 and increase in need for improvement in crop yields over the forecast period. It is predicted that the market will be reached at US $296.2 billion by 2025.
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Ankur Gupta, Head Marketing & Communications