Global Specialty Chemicals Market will grow to US$ 912.19 Bn by 2028 at a CAGR of 4.1% over the forecast period - says Absolute Markets Insights
PUNE, India, Dec. 17, 2020
PUNE, India, Dec. 17, 2020 /PRNewswire/ --
- The global specialty chemicals market was estimated to be US$ 691.03 bn in 2019 and is expected to reach US$ 912.19 bn by 2028, growing at an estimated CAGR of 4.1% over the forecast period.
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- The growing adoption of e-commerce has been helpful for product distribution across various industries. Specialty chemicals market has since received a notable revenue contribution through sales on the online channel for companies and organizational users in numerous countries. The improvements in supply chain management have led market participants to create significant stock supply and assess their operations according to the purchase orders received through offline and online sales.
- Chemicals and materials industry was impacted along with other industries by the advent of the novel coronavirus (COVID-19) across numerous countries. The limitations in supply chain operations due to lockdowns had limited the revenue generation activities for the market. With the improvements in health conditions in various countries, supply routes have been opened for services and this is expected to be helpful for the supply of products developed and manufactured in the specialty chemicals market.
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- North America was observed to hold the highest market share in the market for the recent year. The region of Asia Pacific is expected to have the fastest growth rate over the forecast period primarily due to the increasing investments towards chemical manufacturing and adoption of chemicals across various industry verticals. In addition to this, growing focus towards distribution and supply chain improvements from market participants are expected to have a positive effect towards the growth of the market.
- Some of the players operating in the specialty chemicals market are abcr GmbH, Akzo Nobel N.V., Albemarle Corporation, Ashland, BASF SE, Clariant, Croda International Plc, DKSH Management Ltd., DuPont, Enzymicals AG, Evonik Industries AG, Henkel AG & Co. KGaA, Huntsman International LLC., LANXESS, McGean-Rohco Inc., Solvay, and Wacker Chemie AG, among others.
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