The global specialty chemicals market size is expected to reach USD 1,118.05 billion by 2030, according to a new study by Polaris Market Research. The report “Specialty Chemicals Market Share, Size, Trends, Industry Analysis Report, By Product (Mining Chemicals, Water Treatment Chemicals, Institutional & Industrial Cleaners, Food & Feed Additives, and Others); By Function; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Asia Pacific region has emerged as one of the specialty chemical markets with the fastest growth rates. China stands as one of the top manufacturing hubs for the majority of industries, including pharmaceuticals and nutraceuticals, personal care and cosmetics, automotive, electrical, and electronics.
Additionally, It is projected that the market for specialty chemicals would offer profitable opportunities due to the rapid industrialization and diversification in the economies of Singapore, Malaysia, Thailand, and India.
The specialty chemicals industry is expected to grow at the quickest rate over the forecast period in India due to the country's growing urbanization trend, increased disposable income, and a strong preference for superior aesthetics in residential development.
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The need for specialty chemical residential housing developments has increased as a result of urbanization, industrialization, rising disposable income, and rising standards of living in developing nations. In turn, this is probably going to fuel the market during the projection period.
The expansion of the specialty chemicals market is increasing due to the rising need for food and enhanced crop growth, which is driving up the demand for agrochemicals. Additionally, the industry is growing as farmers become more conscious of using agrochemicals in farms.
Specialty Chemicals Market Report Highlights
Polaris Market Research has segmented the Specialty Chemicals Market report based on product, and region:
Connected Logistics, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Connected Logistics, Regional Outlook (Revenue - USD Billion, 2018 - 2030)