According to the latest market research study released by Technavio, the global specialty chemicals market is expected to grow at a CAGR of more than 5% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global specialty chemicals market based on product type:
Global specialty chemicals market share by product type 2015
|
Agrochemicals |
18% |
|
Polymer Additives |
13% |
|
Construction Chemical |
6% |
|
Electronic Chemical |
8% |
|
Industrial and Institutional Cleaners |
8% |
|
Surfactants |
7% |
|
Specialty Coatings |
5% |
|
Lubricants and Oil Field Chemicals |
4% |
|
Paper and Textile Chemicals |
3% |
|
Food Additives |
3% |
|
Adhesives and Sealants |
2% |
|
Others |
23% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Global agrochemicals market
The global agrochemicals market was estimated at around $123 billion in 2015 and is expected to grow at a CAGR of about 6% by 2020. The rise in global population, declining arable land, and subsequent necessity to enhance crop yield is driving the growth in this market segment. The extensive use of agricultural products for industrial applications such as polymer production and fuel blending will boost the demand for agrochemicals in the market. The implementation of the US Environment Protection Agency (EPA) is establishing strict laws to regulate and monitor the ecological impact of agrochemicals and banned various chemicals that include chlordane, captafol, dichlorodiphenyltrichloroethane (DDT), toxaphene, endosulfan, aldrin, and endrin. These laws are encouraging vendors to increase their focus on producing newer products that are safer and are environmentally friendly.
“The vendors are investing in research and development of new product enhancements that meet the regulatory requirements of various governing bodies. The vendors are focusing on the production of constituents used for manufacturing commercial agrochemicals to boost their sales and profitability. Furthermore, the manufacturers will improve their marketing and distribution channels to expand their business and consumer network,” says Swapnil T S, a lead analyst at Technavio for research on specialty chemicals.
Global polymers and plastic additives market
The global polymer and plastic additives market was estimated at almost $88 billion in 2015 and is expected to grow at a CAGR of over 6% by 2020. The extensive use of polymer additives to enhance product features such as strength, luster, durability, or heat sensitivity will drive the growth of this market segment. These additives are added to plastic resins to form process-ready polymer compounds and adjust or impart specific changes in their property. These chemicals enhance the processing of intermediates to plastic compounds and help in improving the fluidity, impart better flexibility, and adds strength to plastics. These polymer additives are used in manufacturing cable ducts, pipes, and window profiles for construction industries.
Global construction chemicals market
The global construction chemical was estimated at around $42 billion in 2015 and is expected to grow at a CAGR of more than 5% by 2020. Construction chemicals are primarily used to provide additional protection against environmental conditions, structural life, and to minimize the amount of raw material required. The rising number of construction projects across developing markets such as India, China, and the Middle East will drive the growth in this market segment. These chemicals also help in enhancing the quality of construction projects. Some of these chemicals include concrete admixtures, flooring chemicals, waterproofing chemicals, and repair and rehabilitation chemicals.
The top leading vendors operating in the global specialty chemicals market are:
- AkzoNobel
- Arkema
- BASF
- Dow Chemical
- Evonik Industries
Other prominent vendors in the market include Ashland, Axalta Coating Systems, Bayer, Clariant, DuPont, DSM, Ecolab, Ecospan, Eastman Chemical Company, ExxonMobil, FMC, Huntsman, Kuraray, LG Chem, Monsanto, Mitsui Chemicals, PPG Industries, Sika, SABIC, Solvay-Rhodia, Sinochem Group, Syngenta, Sumitomo Chemical, Valspar, and Yara.
A more detailed analysis is available in the Technavio report titled, ‘Global Specialty Chemicals Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Flame Retardants Chemicals Market 2016-2020
- Global Performance Chemicals Market 2016-2020
- Global Electronic Chemicals and Materials Market 2016-2020
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