Bizizz Market Research has recently published a research report, “Specialty Chemicals Market By Type (Agrochemicals, Construction Chemicals, Specialty Coatings, Surfactants, Food Additives, Polymer Additives, Electronic Chemicals, Cleaning Chemicals, Plastic Additives, Paper & Textile Chemicals, Adhesives & Sealants and Lubricant & Oilfield Chemicals), end-user (Automotive, Construction, Agriculture, Industrial Manufacturing, Consumer Goods and Others), Component, and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027”.
As per the report, Global Specialty Chemicals Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at market value of US$ 989.6 Bn by 2027, witnessing a CAGR of 5.6 % during the forecast period. Key drivers of the market are its wide applicability in different industries in the production of finished goods along with favorable government policies.
The global market for specialty chemicals is under high preference of customers under transition phase coupled with the shift in the industrial lifecycle had contributed in the growth of specialty chemicals market. The specialty chemical companies are growing by investing in innovation, entrepreneurial ship, and consumer-driven market. These specialty chemicals are of high-value chemicals, low-volume which have end-user respective application and are a playing a vital role the global market. The specialty chemicals are high value-added offerings applied as a catalysts, intervenes, protectants, constituents, or preservatives in different finished goods production. These Specialty chemicals are also considered as “performance” chemicals, or “effect” chemicals, or “formulation” chemicals. Specialty chemicals applicable in minimal amount and are meant for specific end-uses. The physical and chemical properties of these chemicals impact the performance of products.
The Specialty Chemicals market is anticipated to register a CAGR of over 5.6% during the forecast period.
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By Product, Agrochemical segment held a prominent share in Global Specialty Chemicals Market in 2018.
The Agrochemicals are having a significant market demand in the agriculture industry this could be attributed to various challenges being faced by the agriculture in the recent years. The agrochemicals are of various types which could be utilized for respective challenge prevailed by natural or man-made disasters. Moreover, there is a significant variety of crop diseases that are projected to increase of agrochemicals utilization to improve the crop yield.
Asia pacific is Anticipated to Dominate the Global Specialty Chemicals Market during the Forecast Period
The Asia pacific region is leading the market of specialty chemicals in the recent years. The region also has considerable government policies that could be substantial in the development of specialty chemicals. The specialty chemicals are also applied in various industries that shall contribute in increase of demand for these chemicals in the Asia Pacific market. There are various industries established in this region are anticipated to propel the specialty chemicals market during the forecast period.
Global Specialty Chemicals market was highly fragmented among the number of local and global players. The chemicals manufacturing companies are competing in this market by offering innovative products to the end-users in the market.
Prominent players operating in the Global Specialty Chemicals Market are: BASF SE., 3M, Huntsman International LLC, H.B. Fuller, Henkel AG & Co. KGaA, DowDuPont Inc., Evonik Industries AG, Akzo Nobel N.V., Eastman Chemical Company, LOTTE Fine Chemical, Mitsui Chemicals Inc., Ashland Global Holdings Inc., China Petrochemical Corporation, Saudi Basic Industries Corporation (SABIC), among others.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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