Fortune Business Insights™ reports that the global specialty chemicals market is expected to reach USD 1,063.4 billion by 2032, with a compound annual growth rate (CAGR) of 5.0% during the forecast period. The market was valued at USD 627.7 billion in 2020 and is projected to grow to USD 721.5 billion by 2024.
In 2020, the market faced a setback with a 2.8% decline in growth due to the widespread impact of the COVID-19 pandemic. The outbreak caused significant disruptions in transportation and travel, leading to stringent measures to control the virus's spread. This resulted in substantial inventory shortages for chemical companies and suppliers, causing a sharp decline in sales and revenue.
Despite these challenges, chemical companies played a crucial role in combating COVID-19 by producing disinfectants and manufacturing pharmaceutical ingredients for vaccines, highlighting their importance in addressing the crisis. As the world moves into the post-pandemic era, the pivotal role of these companies is expected to continue shaping their future trajectory.
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)
In April 2024, Solvay, a leading company in the specialty chemicals market, introduced its latest product line, Amodel Supreme PPA. This new range of high-performance polyphthalamide (PPA) compounds is designed for complex e-mobility and metal replacement applications, offering exceptional electrical, mechanical, and thermal properties. These compounds are suitable for components in telecommunications equipment, electric and electronic devices, high-temperature electrical connector housings, and battery-powered motor units. This innovative product launch is expected to bolster Solvay's position in the chemical industry.
Growth in Agrochemicals Segment Driven by Rising Global Concerns
The specialty chemicals market includes various segments such as agrochemicals, dyes and pigments, construction chemicals, specialty polymers, and textile chemicals. The agrochemicals segment is expected to lead the market due to the increasing demand for specialty chemicals in agriculture to boost farm productivity.
This growth is driven by global concerns about food security, fueled by rising populations and decreasing resources. According to the Food and Agriculture Organization (FAO), global food production needs to increase by 70% between 2005 and 2050 to meet the needs of a population projected to exceed 9 billion in the next three decades. Agrochemicals are crucial for helping governments and international organizations achieve the necessary productivity in the agricultural sector.
Strong Chemical Manufacturing in China to Propel Asia Pacific Market
The Asia Pacific region is expected to dominate the specialty chemicals market during the forecast period, supported by China's strong manufacturing capabilities. China's manufacturing strength is backed by the availability of abundant raw materials and a competitive labor force. In 2020, the Asia Pacific market was valued at USD 291.2 billion. North America, a significant consumer of specialty chemicals such as biocides and synthetic lubricants, is also expected to strengthen its market position in the coming years. Additionally, the demand for oilfield chemicals in the Middle East will be a key driver for the regional market.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/specialty-chemicals-market-105517
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.