According to Fortune Business Insights™, The global specialty chemicals market size is projected to reach USD 1,063.4 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period. The market’s value stood at USD 627.7 billion in 2020 and is expected to hit USD 721.5 billion in 2024.
The market experienced a setback in 2020, with growth declining by 2.8% due to the widespread impact of the COVID-19 pandemic. The outbreak led to significant disruptions in transportation and travel, prompting stringent measures to curb the spread of the virus. Chemical companies and suppliers grappled with substantial inventory shortages, resulting in a sharp decline in sales and revenues.
However, amidst the challenges, chemical companies played a pivotal role in combating COVID-19. Their contributions, ranging from producing disinfectants to manufacturing pharmaceutical ingredients for vaccines, underscore their significance in addressing the crisis. As the world transitions into the post-pandemic era, these companies’ indispensable role is poised to remain pivotal, shaping their trajectory in the coming years.
List of Key Players Profiled in the Specialty Chemicals Market Report
- The Lubrizol Corporation(US)
- Croda International Plc (UK)
- Kemira Oyj (Finland)
- Akzo Nobel N.V. (Netherlands)
- Evonik Industries AG (Germany)
- Albemarle Corporation (US)
- Huntsman International LLC (US)
- LANXESS AG (Germany)
- BASF SE (Germany)
- Clariant AG (Switzerland)
- Solvay AG (Belgium)
Solvay Introduces Innovative Line of High-Performance PPA Compounds
In April 2024, Solvay, a leading specialty chemicals market company, unveiled its latest offering, Amodel Supreme PPA. This new suite of high-performance PPA (polyphthalamide) compounds is meticulously engineered to cater to intricate e-mobility and metal replacement applications. Amodel Supreme pledges to deliver unparalleled performance for systems necessitating exceptional electrical, mechanical, and thermal properties. With its remarkable attributes, this product’s application spectrum spans across components for telecommunication gear, electric and electronic devices, high-temperature electrical connector housings, and electrically powered units for battery-based motors. The launch of this groundbreaking polymer-based compound family is poised to strengthen Solvay’s foothold in the chemical industry.
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Rising Global Concerns Drive Growth in Agrochemicals Segment
Categorized by type, the market encompasses various segments including agrochemicals, dyes & pigments, construction chemicals, specialty polymers, textile chemicals, and more. The agrochemicals segment is anticipated to lead the market, propelled by the surging demand for specialty chemicals in agriculture to enhance farm productivity.
This surge is underpinned by mounting worries regarding food security worldwide, stemming from escalating populations and dwindling resources. According to the Food and Agriculture Organization (FAO), global food production needs to increase by 70% between 2005 and 2050 to sustain the burgeoning population, projected to exceed 9 billion in the next three decades. Agrochemicals are poised to play a pivotal role in aiding governments and international bodies in meeting the productivity demands of the agricultural sector.
Strong Chemical Manufacturing in China to Drive Asia Pacific Market
Asia Pacific’s dominance in the specialty chemicals market is anticipated during the forecast period, buoyed by China’s robust manufacturing capabilities. China’s exceptional manufacturing prowess is supported by abundant raw material availability and a labor force at competitive costs. The Asia Pacific market reached USD 291.2 billion in 2020. North America, a major consumer of specialty chemicals like biocides and synthetic lubricants, is positioned to solidify its market presence in the coming years. In the Middle East, the substantial demand for oilfield chemicals will be a key driver for the regional market.
Acquisitions to Fuel Growth Strategies for Key Players
The expanding applicability of specialty chemicals market size is prompting companies to expand rapidly. Key players are pursuing strategic acquisitions of competitors, smaller firms, and financially weaker entities to bolster their market presence, diversify portfolios, and strengthen operations in emerging markets.
Industry Development
In January 2024, Huntsman Corporation successfully concluded the acquisition of Gabriel Performance Products, an Ohio-based manufacturer of epoxy curing agents and specialty additives, for USD 250 million from Audax Private Equity.
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