Specialty Chemicals Market Size to Reach USD 953.9 Billion by 2027 - Valuates Reports

Specialty Chemicals Market Size to Reach USD 953.9 Billion by 2027 - Valuates Reports

PR Newswire

BANGALORE, India, July 1, 2020

BANGALORE, India, July 1, 2020 /PRNewswire/ -- Specialty chemicals are additive materials that are used on the basis of their performance or function. These chemical are used to produce a variety of effects such as adhesives, agrichemicals, cleaning materials, colors, cosmetic additives, construction chemicals, elastomers, flavors, food additives, fragrances, etc., based on the industry needs


The global specialty chemicals market size was valued at USD 711.0 Billion in 2019 and is projected to reach USD 953.9 Billion by 2027, growing at a CAGR of 5.0% from 2020 to 2027.

The report provides an extensive analysis of factors, which drive or restrict the growth of the global specialty chemicals market. The report also provides quantitative as well as qualitative trends to assist the stakeholders in understanding the market scenario.

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An increase in population base, along with a rise in demand for food, is creating the need for specialty agrochemicals for better crop production and protection. Furthermore, with an increase in urbanization and industrialization, there is a decrease in agricultural land, leading to growth in demand for agrochemicals to increase the crop yield per acre of land. This demand is expected to drive the growth of the specialty chemicals market size during the forecast period.

Specialty chemicals play a significant role in the production of biodegradable and eco-friendly products. These are used in a range of applications, including the production of fabrics that need less water to wash, low volatile organic content (VOC) paints, and chemical additives that help enhance the physical properties of products. The growing concerns regarding pollution and environmental degradation amongst people are helping the adoption of the environmentally friendly product. This eco-friendly application is expected to propel the Specialty chemicals market size during the forecast period. 

The rapid expansion of shale oil & gas drilling & refining activities, along with favorable oil & gas prices, is also anticipated to boost market growth over the forecast period. 

Developments in the food & beverage will aid in the growth of specialty chemicals market size. This is because food additives are widely used in processed foods and canned beverages.

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Pharmaceutical ingredients represented the largest market share of specialty chemicals in 2019 and are projected to continue this trend over the forecast period. This dominance of the Pharmaceutical segment is attributed to its widespread use of specialty chemicals in various drugs and medicines.

Asia-Pacific holds the largest specialty chemicals market share of 36.0 percent. This is due to the presence of key emerging economies like China, India, and Japan. China was the largest market of specialty chemicals in Asia, accounting for around a 38.9% share of the overall market. It was followed by India with a 23.1% share of the overall market.

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Innovation in supply chain management, strategic procurement, and eCommerce has improved the customers' efficiency and awareness. As a consequence, in some areas, the specialty chemicals industry is becoming more commodity-like.

The specialty chemicals industry is now attempting to raise its profitability by introducing price changes to cover higher R & D costs, electricity, and raw materials. In being more service-oriented, some specialty chemical firms are seeking to raise barriers to access their markets.


Other companies in accordance with the specialty chemicals market are


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The global Specialty Oilfield Chemicals market size is valued at 30980 Million USD in 2020 is expected to reach 37660 Million USD by the end of 2026, growing at a CAGR of 2.8% during 2021-2026.

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View  Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-2F261/specialty-active-pharmaceutical-ingredients


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