Specialty chemicals are also known as performance chemicals. They are used as ingredients in the manufacturing processes of consumer and industrial goods. These are low volume chemical products, which add significant value to different products. These chemicals can be used for producing a variety of products, including detergents, paints, electronics, and petroleum products. The global specialty chemicals market is projected to witness promising growth in the coming years.
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According to a research by P&S Intelligence, the global specialty chemicals market size in 2023 is projected to witness an increase of $200.0 billion from 2017. The growth of the market is majorly driven by the increasing demand of specialty chemicals in emerging economies, ongoing technological advancements, and increasing penetration of end use industries.
With the advent of technology, various industries are investing heavily in R&D activities to explore innovative processes that require the application of specialty chemicals, which is driving the global specialty chemicals market. Various specialty chemicals producers will continue to benefit from an increasing demand, as this will help in maximising their sales revenue.
With growing demand, customers expect low prices, which in turn pushes the producers to find cheaper and more efficient production methods, leading to technological advancements and distinctiveness in the market. The global megatrends along with digital discovery, material innovation, improved manufacturing process and trans-ecosystem collaboration is driving the growth of the specialty chemicals market. With the implementation of advanced technology, companies can achieve competitive advantage based on technological differentiation, resulting in the overall specialty chemicals market growth.
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Another restraint being faced by the global specialty chemicals market is the fluctuating cost of raw materials used for manufacturing chemical products. Specialty chemical manufacturers are quite sensitive to the fluctuating raw material costs, as an increase in raw material price entails a reduction in their profit margins. Manging these “cost-plus” price expectations require skill and planning to protect the margins along with customer relationships. Hence, it is becoming difficult for producers to strike balance between production and selling cost.
Some of the major players operating in the global specialty chemicals market are DowDuPont Inc., Ashland Global Holdings Inc., Akzo Nobel N.V., Evonik Industries AG, LOTTE Fine Chemical, Eastman Chemical Company, Mitsubishi Chemical Corporation, Mitsui Chemicals Inc. etc.
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