Specialty Chemicals Market Provides Information On The Historical And Current Market Size And The Future Potential Of The Market

CITY, Country, 2019-Jul-17 — /EPR Network/ —APAC has been contributing the highest revenue to the global market, crossing 40.0% in 2017. It is also expected to be the fastest growing specialty chemicals market during the forecast period, attributed to the growing consumption of these chemicals in various industries including construction, agriculture, and automotive. The region has a very strong base of manpower, and a well-developed chemical industry, which provides raw materials at competitive prices, further driving the market growth.

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Along with that, APAC is a hub of agricultural activities and holds around 30.0% of the earth’s land and the largest human population. Such huge population statistics in the region have been responsible for maintaining adequacy in agricultural practices, thus ensuring greater utilization of agrochemical products. Apart from this, increasing demand for public, residential, and commercial buildings combined with growing urban population is accelerating the growth of construction chemicals in the region, further boosting the specialty chemicals market growth.

On the basis of type, the market is categorized into agrochemicals, construction chemicals, specialty coatings, surfactants, food additives, polymer additives, electronic chemicals, cleaning chemicals, plastic additives, paper and textile chemicals, adhesives and sealants, lubricant and oilfield chemicals, and others. ‘Others’ include advanced ceramic materials, rubber processing chemicals, water treatment chemicals, and mining chemicals.

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The region has emerged as a hub of chemical manufacturing and exports in recent years. This has attracted several leading companies to make huge investments in the region’s chemical business and also set up their own sites here to increase their presence in this emerging market, which is further fueling the growth of the specialty chemicals market. For instance, BASF SE has invested in setting up an R&D centre in Mumbai, India. Several R&D initiatives in the field of organic synthesis, personal and home care products, and crop protection will be carried out in the plant.

Some of the major players operating in the global specialty chemicals market are Ashland Global Holdings Inc., DowDuPont Inc., Evonik Industries AG, Akzo Nobel N.V., Eastman Chemical Company, LOTTE Fine Chemical, Mitsui Chemicals Inc., Mitsubishi Chemical Corporation, BASF SE, Clariant AG, Huntsman Corporation, China Petroleum & Chemical Corporation, Saudi Basic Industries Corporation, Sadara Chemical Company, Saudi Speciality Industries Co Ltd., Thebe Unico, and AECI Ltd.