Specialty Chemicals Market Size Worth $1,118.05 Billion By 2030 | CAGR: 4.2%

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

• Specialty chemical producers are putting green initiatives into practice. Some of the prevalent techniques include the use of bio-alternatives, more energy-efficient and selective methods of separation, such as crystallization, and readily available chemical compounds which are driving the market of specialty chemicals.
• Increasing awareness among consumers regarding a healthy and hygienic lifestyle also drives the industries of pharmaceuticals and nutraceuticals. Increasing disposal income also favors the market of personal care and cosmetics Hence, all such favorable trends are expected to drive the market for specialty chemicals.
• The COVID-19 epidemic in 2020 had a negative effect on the market. A pandemic scenario caused various countries to go into lockdown, which caused supply chains to get disrupted, stoppages, and labor shortages. Construction, mining, automotive industry, the cosmetics industry, food & beverage industry, and other industries were all negatively impacted by the pandemic.

Polaris Market Research has segmented the Specialty Chemicals Market report based on product, and region:

Connected Logistics, Product Outlook (Revenue - USD Billion, 2018 - 2030)

• Specialty Polymers
• Institutional & Industrial Cleaners
• Electronic Chemicals
• Rubber Processing Chemicals
• Flavors & Fragrances
• Construction Chemicals
• Food & Feed Additives
• Printing Inks
• CASE (Coatings, Adhesives, Sealants & Elastomers)
• Specialty Pulp & Paper Chemicals
• Specialty Textile Chemicals
• Catalysts
• Cosmetic Chemicals
• Oilfield Chemicals
• Mining Chemicals
• Pharmaceutical & Nutraceutical Additives
• Plastic Additives
• Water Treatment Chemicals
• Corrosion Inhibitors
• Flame Retardants
• Others

Connected Logistics, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa