Global Specialty Chemical Market was valued US$ 200 Bn in 2017 and is estimated to reach US$ 300 Bn by 2026 at a CAGR of about 5 % during a forecast. The report on the speciality chemical market is segmented by Type, function, and region. Based on the type, speciality chemical market is bifurcated into Pesticides, Construction Chemicals, Speciality Oilfield Chemicals, Food Additives, Speciality Polymer, and Others. In terms of function into Antioxidants, Biocides, Surfactants, and Others. By geography into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Innovation in various industries is leading the way to Greater Demands drives the speciality chemical market. Rising industrial activities in the field of cosmetics, food, agriculture, and other manufacturing sector are increasing the overall demand for speciality chemicals. Also, speciality chemicals are increasingly used in water treatment. Government regulation on the use of a certain chemical in the food processing industry and other manufacturing industry may hinder the growth of the global speciality chemicals industry.
Construction chemical is leading the speciality chemical market. Modification in infrastructure and development led by economical emerging countries drives the construction chemical market. Aesthetic, functional and design requirements of civil structures include a wide products range such as asphalt additives, concrete admixtures, adhesives, sealants, and protective coatings. Speciality polymer and food additives followed the construction segment in the speciality chemicals market. The increasing trend of packaged food and improving lifestyle has an immense impact on the growth of food additive segment.
The Asia Pacific is dominating the speciality chemical market and will continue its dominance during the forecast period, owing to the growing consumption of these chemicals in various industries including construction, agriculture, and automotive. Expansion and emergence of various activities in industries will further propel the demand for speciality chemical. North America has a saturated market but is predicted to show a moderate growth rate. 3M, AkzoNobel, Ashland Inc, Baker Hughes Inc., BASF, BP, Buckman Laboratories Inc., Chemtura Corporation, Chevron, Clariant International Ltd., ConocoPhillips Co., DowDupont, Dulux Group, Eastman Chemical Company, Emery Oleochemicals Group, Evonik Industries AG, Exxon Mobil Corporation, H.B. Fuller, Halliburton, Henkel AG & Co. KGAA, Hexion, Huntsman International, INEOS, Johnson & Johnson, Lonza Group Ltd., L’Oral, Merck KGaA, Nippon Paints, Procter & Gamble Company, Schlumberger Ltd., Royal Dutch Shell, Total SA are major key players of speciality chemical market.
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