The Global Specialty Chemicals Market is expected to reach USD 1.79 trillion by 2025, according to a new report. Growing popularity of high-value chemicals that play a crucial role in the development of novel products is a major driving factor for the industry.
Specialized & advanced features of these compounds lends them a significant advantage in comparison with commodity products, since the former are formulated on the basis of unique performance characteristics for specific applications in the construction, automotive, electronics, agriculture and other sectors.
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International chemical authorities are widely advocating the passage of free trade agreements such as Transatlantic Trade Investment Partnership (TTIP) between the U.S. and Europe which is expected to foster manufacturing & trade of these products over the near future. Recovery in housing starts and rebounding growth of the automotive sector in North America is also a key trend impacting market dynamics.
Construction chemicals accounted for 12% of the volume share in 2016 and are expected to emerge as the fastest growing segment with over 5.7% CAGR from 2017 to 2025. The steady demand for residential projects & public infrastructure in emerging economies remains a key driving factor for compounds utilized in the production, maintenance & repair of building components.
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Further key findings from the report suggest:
• Coatings, adhesives, sealants & elastomers (CASE) is growing at a rapid CAGR of over 5% owing to high demand for specialty adhesives, paints, coatings and other materials in high-performance applications
• Electronic chemicals are expected to remain an important & fast-growing segment owing to integration of miniaturized electronics in automobiles, development of solar-powered devices and rapid digitalization across emerging economies
• Automotive applications are expected to increase at 6.0% CAGR from 2017 to 2025. Automation in assembly and other OEM processes are expected to contribute to an increase in production levels, which is turn is likely to foster higher chemicals industry revenue
• Asia Pacific is anticipated to increase at the highest pace owing to rapidly expanding automotive and electronics sectors, along with a steady rise in industrial output in recent years.
• Low cost labor and vast material resources are also contributing to growth in Asia Pacific, as foreign players make advances & investments in emerging nations.
• Key industry participants such as BASF, Henkel, The Dow Chemical Company, ExxonMobil, Huntsman Corporation, AkzoNobel, Evonik Industries, PPG Industries, Avery Dennison and others are actively participating in new product launches, R&D, strategic expansions and M&A to expand their reach and improve product offering to emerging customer segments
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