The specialty chemicals market is expected to reach $953.9 billion by 2027, driven by R&D and demand from emerging economies.
According to the report published by Allied Market Research, the global specialty chemicals market generated $711.0 billion in 2019, and is estimated to reach $953.9 billion by 2027, registering a CAGR of 5.0% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Growth in awareness among end-users regarding the benefits of agrochemicals, conservation of genetic material of endangered plant species, and rise in R&D activities drive the growth of the global specialty chemicals market. However, fluctuating cost of raw materials and stringent regulations governing the market hinder the market growth. On the other hand, increase in demand for specialty chemicals from emerging economies and continuous development and production of novel eco-friendly specialty chemicals create new opportunities in the coming years.
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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.
Leading market players analyzed in the research include Albemarle Corporation, Ashland LLC., BASF SE, Bayer AG, Clariant AG, Dow, Inc., Evonik Industries AG, Huntsman International LLC, Lanxess AG, Nouryon, Solvay SA, and Sumitomo Chemical Company.
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The article discusses the growth and future projections of the global specialty chemicals market.
Growth in R&D activities and demand from emerging economies are key drivers.
Asia-Pacific leads the market with the highest share and growth rate.
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