The specialty chemicals market is witnessing a steady growth from 2015 to 2020 mainly due to the growth in the end-user industries, increasing scope of applications, and focus on innovations, to produce efficient and safe chemicals.
The specialty chemicals market size in terms of value is projected to reach $470 Billion by 2020, at a CAGR of 5.42% between 2015 and 2020.
Pesticides account for a major share, by type, in terms of value, in the specialty chemicals market. Construction chemicals are expected to witness the highest growth rate of 8.63% from 2015 to 2020. The increasing demand of construction chemicals is driven by the growing construction sector in major emerging economies of Asia-Pacific. Other high growth segments, which are expected to grow at a CAGR of over 5%, are advanced ceramics, oilfield chemicals, and water treatment chemicals.
Separation membranes, by function, is expected to witness the highest CAGR of 9.70% from 2015 to 2020. The increasing demand for separation membranes for applications such as reverse osmosis, ultrafiltration, microfiltration, electro dialysis, and gas separation is driving the separation membranes market.
The major players in specialty chemicals market are Henkel Ag & Co. KGAA (Germany), BASF SE (Germany), AkzoNobel N.V. (The Netherlands), Evonik Industries AG (Germany) and Clariant AG (Switzerland), Huntsman International LLC (U.S.), The Dow Chemical Company (U.S.), Albemarle Corporation (U.S.), and Ashland Inc. (U.S.), among others.
Specialty Chemicals Market Share, by Region, 2015
Source: MarketsandMarkets Analysis
Asia-Pacific is the largest specialty chemicals market. North America specialty chemicals market ranks second, in terms of value which is closely followed by Europe. The development of eco-friendly specialty chemicals at competitive prices is expected to create new opportunities in the specialty chemicals market. The specialty chemicals have huge potential in developing economies such as China, India, and Brazil; so, expanding production operations into these regions, can be an opportunity for the manufacturers.
The global specialty chemicals market is also a highly competitive market. Owing to the wide scope of applications and the overlapping of many chemicals across various segments, many market players such as DuPont, BASF, and Akzo Nobel, have a strong presence across a host of application segments. Some of the key participants in the global specialty chemicals market, based on their market presence, are BASF (Germany), Dow Chemical (U.S.), Akzo Nobel N.V (Netherlands), Bayer AG (Germany), Clariant AG (Switzerland), Evonik Industries (Germany), and Ashland Inc. (U.S.).