Specialty Chemicals Market Value To Cross $953.9 Billion by 2027 | Top Companies and Industry Growth Insights

Specialty chemicals, being a knowledge-driven industry has witnessed an increase in R&D activities. Increase in competition in the end-user markets has led to product innovation. The market players have heavily invested in R&D activities to introduce and develop new products with more advanced and new features. This industry has strived to reduce its dependency on petrochemicals and has focused on bio-based or renewable materials. For instance, in 2015, Ashland Inc. (U.S.) launched a new product “Culminal Plus Cementitious” adhesive for the construction industry in the European market.

According to a new report published by Allied Market Research titled, ” Specialty Chemicals Market by Application: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global Specialty Chemicals market size was valued at $711.0 Billion in 2019, and is projected to reach $953.9 billion by 2027, growing at a CAGR of 5.0% from 2020 to 2027. In 2019, pharmaceuticals ingredients segment dominated the market with more than 17.3% share in terms of revenue and more than one-sixth share in terms of value.

Technological advancements in the system performances have led to the growth of semiconductor technologies; thereby, driving the market for specialty chemicals. Introduction of new and advanced products in the end-user industries such as smart phones, tablets, and wireless devices with developed and better technologies supports the specialty chemicals market for electronic chemicals. In addition, in the automotive electronics market, technological development focuses on the introduction of highly efficient automated products. These developments in the end-user markets are increasing the demand for electronic chemicals; thereby, driving the growth of the specialty chemicals market in upcoming years

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Covid-19 scenario:

The production of agrochemicals, oil field chemicals, and pharmaceutical ingredients has been continued during the months of coronavirus pandemic.
The specialty chemicals industry has been facing the problems such as immobilized supply chain and shortage of logistics & workers during the global lockdown.
On the other hand, the demand for specialty chemicals from healthcare sector has been increased across the globe.

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The report offers a detailed segmentation of the global specialty chemicals market based on type and region.

Based on type, the pharmaceutical ingredients segment contributed to the largest share in 2019, accounting for nearly one-fifth of the total share, and is estimated to maintain its dominant position during the forecast period. However, the oil field chemicals segment is expected to register the highest CAGR of 5.7% from 2020 to 2027.

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Based on region, Asia-Pacific contributed the highest share, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, the same region is expected to grow at the highest CAGR of 5.9% from 2020 to 2027. However, North America is expected to grow at the CAGR of 4.5% during the forecast period.

The major player studied and profiled in the global specialty chemicals market are BASF SE, Dow, Inc., Bayer AG, Evonik Industries AG, Lanxess AG, Solvay SA, Clariant AG, Huntsman International LLC, Albemarle Corporation, Sumitomo Chemical Company, Nouryon, and Ashland LLC., etc.

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About Us
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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