The specialty chemicals are specific chemical products which have served a huge range of effects on which many other industry segments rely. Moreover, the specialty chemicals are a collection of chemical products which are based on their performance and function in the complete products. The specialty chemicals are materials which are used on the basis of their performance and function. Moreover, on the basis of profit-making applications, the companies serving these products more often than not to serve targeted consumer service to advanced individual technical resolutions for their customers. They can be single-chemical bodiesor a combination of molecules whose composition severely influence the performance and treating of end-products. These chemicals find extensive applications in numerous end-use industries involving plastics, automotive, chemicals, textiles, paints and coatings, food and beverages and construction. Moreover, the diverse applications range of specialty chemicals, shift from commodity chemicals to specialty chemicals and favourable trend in the automotive industry are the major key drivers of this market around the globe which lead the market growth more significantly in the coming years.
According to the report analysis, ‘Global Specialty Chemicals Market Research Report – Forecast to 2023’ states that some of the major companies which are currently functioning in this market more significantly for acquiring the huge market share around the globe includes AkzoNobel NV (Netherlands), BASF SE (Germany), DowDuPont (US), Solvay SA (Belgium), Henkel AG & Co. KGaA. (Germany), Lenzing AG (Austria), BHS Specialty Chemicals (US), Croda International Inc. (Switzerland), H.B. Fuller (US), Givaudan (Switzerland), Lanxess AG (Germany), Evonik Industries AG(Germany), Ashland Inc. (US), ExxonMobil Corporation (US), and Clariant AG (Switzerland). Moreover, the raw materials used to establish the specialty chemicals are petrochemical derivatives, non-fragrance products and fragrance, minerals and base chemicals which differ with applications. For instance, in the past few years, the growing prices of petrochemical derivatives owing to grow in the crude oil price are likely to restrain the market around the globe.
According to the geography, the market of specialty chemicals is significantly spread around the globe which majorly includes five key regions likewise North America, Europe, Asia Pacific region, Latin America and the Middle East and Africa. Whereas, in 2017, the market of Asia Pacific region is accounted for the largest market share of 46% and is anticipated to register a CAGR of 7.7% during the coming years. China was the leading region with USD 166,333.4 million in 2017 and is anticipated to reach USD 280,949.8 million by 2023. Developing economies such as Thailand, India, Indonesia, South Korea and Myanmar have rising demand for the specialty chemicals in agrochemicals and textile industries and favourable government policies in the construction segment also drive the regional market growth. The growing population and growing dependency on food additives, textile, consumer goods and infrastructure favour the market growth. It is expected that the market of specialty chemicals will grow more significantly around the globe more significantly with the market collaborations in the cosmetics industry which will further serve lucrative opportunities to the market players.
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