Materials including surfactants, adhesives, polymers, lubricants, food additives, industrial gases, cleaning materials, elastomers and agrichemicals among others are classified as specialty chemicals. Specialty chemicals are materials which as classified under this category based on their performance or function. These chemicals are used in a wide range of industries such as aerospace, automotives, textiles, water treatment, industrial manufacturing, electronics, food and cosmetics among others.
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Rapid industrialization, particularly in Asia Pacific, is one of the key factors which is expected to drive the global specialty chemicals market over the next few years. In addition, increasing application scope of specialty chemicals owing to focused research & development and technological advancement is expected to be another key factor augmenting the demand for specialty chemicals. Furthermore, increasing focus on innovation coupled with recovery of the global chemicals market is expected to fuel the demand for specialty chemicals over the forecast period. However, volatility in the cost of raw materials such as petroleum is expected to hamper the growth of the market over the near future. Moreover, rising concerns regarding damage to the environment due to the manufacture, usage and wastage of these chemicals is expected to be another vital factor adversely impacting the growth of the market. Development and commercialization of bio-based specialty chemicals is expected to open new opportunities for the growth of the market in the near future.
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Asia Pacific is expected to witness the highest gain in the global specialty chemicals market within the forecast period on account of increasing industrial activities in this region. In addition, developing economies of South America, Africa, Eastern Europe and Middle East are expected to exhibit substantial demand for specialty chemicals over the next few years on account of the developing industrial hub in these regions.
Some of the key participants of this market include Archer Daniels Midland Co. (ADM), AkzoNobel, Ashland Inc., BASF, Bayer, Clariant, Cytec Industries Inc., Dow Chemical Company, Ecolab Inc., Evonik Degussa, ExxonMobil, Huntsman International LLC, Syngenta AG, Sumitomo Corp. and Sherwin-Williams Co. among others. The specialty chemicals market is highly fragmented in nature owing to the presence of several small, medium and large scale manufacturing industries.