Specialty Chemicals Market Set to Sparkle during 2018 to 2023
The specialty chemical was the outcome of an accident made through William Henry Perkin. He discovered this purple mauveine dye, the first ever aniline dye while looking for a means of making synthetic quinine for treating malaria. Way back in August 1856, he had filed a patent for this invention which led to the commencement of what is popularly known as specialty chemicals. What began as an experiment has grown into an industry worth billion dollars today. As per the Market Research Future (MRFR) report, the global specialty chemicals market is projected to touch USD 1000 billion at a promising 6.21% CAGR over the forecast period (2018-2023)
Solutions for Daily Life
One of the most former industries under the manufacturing space, specialty chemicals plays a pivotal role. Right from when a person wakes up till he goes off to sleep at night, they deal with countless chemicals daily. Toothpaste, shower gels and soaps, clothes, deodorants, processed food, various forms of packages, buildings they reside in, automobiles and more, specialty chemicals are utilized in creating each of these. Besides, they also contribute considerably towards the economic and industrial growth across the world. These chemicals are engineered for meeting the strict performance criteria in numerous end uses and applications. Often times, specialty chemicals are regarded as the “secret ingredient” particularly in fragrances, flavors, colorings, pesticides, fertilizers, dyes and pigments, plastics and coatings and film.
Road to Green
Going green has turned into a significant inclination in a good number of industries including specialty chemicals. Most specialty chemicals available are synthetic, that has adverse environmental effects, thereby affecting the flora and fauna. Keeping this in mind, environmental protection agencies imposed environmental regulations on the use of synthetic chemicals owing to its toxic nature. Ample environmental concerns along with conscious efforts made by governments and industrialists to cut down carbon footprint have fuelled the demand of specialty chemicals that are eco-friendly. Regulatory bodies are giving collaborative efforts along with governments and approving subsidies and grants for manufacturers that use green chemicals. The specialty chemicals manufacturers presently are implementing sustainable initiatives. There are numerous companies that are merging with others and adopting sustainable approaches to their production technique by doing away with toxic chemicals. Leading specialty chemical group Italmatch Chemicals has recently acquired Eco Inhibitors; Norway based technology start-up company to come up with hydrate inhibitors that are eco-friendly in nature for Oil and Gas applications.
- Electronic Specialty Chemicals- These are used in electronic components such as integrated circuits and semiconductors.
- Construction Specialty Chemicals- These are utilized in buildings as well as other forms of construction structures for improving their shelf life. The specialty chemicals used in construction offer protection against environmental hazards and impart several properties which cater the design, functional and aesthetic needs of civil structures. It comprises of a vast product range including protective coatings, sealants, adhesives, concrete admixtures and asphalt additives.
- Food Additives Specialty Chemicals- These are used for enhancing the nutrient content in the food, making the food highly appealing and keeping the product fresh. Moreover, it also offers a smooth and consistent texture together with maintaining the food’s wholesomeness.
- Automotive Specialty Chemicals- These are used for improving the feel and look of a vehicle. Rubber black for instance are used as performance additives in tires, motor oil helps in the smooth functioning of the moving parts while coatings augment the value of the car by preventing rusting and lighting up the dull appearance. In short, right from the car’s engine up to the surface, these chemicals play an essential part in the auto industry.
- Textile Specialty Chemicals- During the manufacturing process, textiles need to go through different chemical treatments such as dyeing, refinement of textiles and pre-treatment. Specialty chemicals namely warp sizes, water repellents and flame retardants are utilized in this process. Over 60 textile chemicals are utilized in different textile processes such as coating, finishing, laminating, fabric pre-treatment and yarn formation.
- Water Specialty Chemicals- These are used to reduce in-process industrial applications, reduce COD/BOD and disinfecting water for drinking purpose.
- Personal Care Chemicals- Right from cleaners, oral care products, hair treatments, deodorants, face creams, cosmetics, shower gels to bath additives and more, specialty chemicals are used in every product to let people feel their very best daily.
APAC- Extremely Lucrative Market
The specialty chemicals market has created a niche in different regions and economies of which APAC accounts the highest revenue and is anticipated to exhibit a promising growth in the future. The key factor which contribute for its growth include rising government investments in creating different product units. China and India are actively making a conducive environment to manufacture units in their respective nations. Chemical suppliers too are cashing in to encourage initiatives and double the volumes of their production for catering to various applications. In fact the pharmaceuticals, oil and gas refineries, textiles, paint & coating additives, water treatment and construction materials are the largest specialty chemicals importers for diversified reasons. By setting up a couple of new facilities and production units in China and India, the companies are trying to increase their customer base as well as earn higher revenues. Besides, the growing need for chemicals especially for crop protection, more and more use of new chemicals and new technologies to boost crop production and also growing need for different food items is helping the market to enjoy good revenue. The increasing need for commercial, residential and public buildings coupled with increasing urban population is again accelerating the demand for construction specialty chemicals here. The APAC region is indeed seeing an industrial overhaul with the specialty chemicals market undoubtedly having a lot to gain from this.
Leading players in the specialty chemicals market chiefly are DowDuPont, KGaA, Solvay SA, Ashland Inc., BASF SE, Lanxess AG, BHS Specialty Chemicals, Lenzing AG, AkzoNobel NV, Clariant AG, ExxonMobil Corporation, Henkel AG & Co, and Evonik Industries AG. They have implemented multiple innovative strategies to create a footprint.
With the positive scenarios and strong growth opportunities, the specialty chemicals market has a homogenous prospect.For more information, visit: https://www.marketresearchfuture.com/reports/specialty-chemicals-market-2026