The global specialty chemicals market was valued at $711.0 billion in 2019, and is projected to reach $953.9 billion by 2027, growing at a CAGR of 5.0% from 2020 to 2027.

Specialty chemicals are particular chemical products that help in providing variety of effects to various industries that they cater to such as textile, ink additives, construction, oil & gas, cosmetics, and food, among others. Specialty chemicals can be single-chemical formulations or entities whose composition greatly influences the performance of the customers' product. These chemicals are used on the basis of their function and performance. Continuous R&D in this market has facilitated development of products with optimum and advanced features. This is one of the major factors that drives the growth of this market. With rapid industrialization, noticeable demand from Asian countries such as India and China have arisen. There has been rise in investments in construction and infrastructure development projects in Asia-Pacific. Therefore, Asia-Pacific is considered as a favorable destination for the specialty chemical manufacturers; thereby, boosting the market growth. Whereas, variations in raw material cost and stringent regulations by the government are estimated to hamper the growth of the global specialty chemicals market.

Specialty chemicals, being a knowledge-driven industry has witnessed an increase in R&D activities. Increase in competition in the end-user markets has led to product innovation. The market players have heavily invested in R&D activities to introduce and develop new products with more advanced and new features. This industry has strived to reduce its dependency on petrochemicals and has focused on bio-based or renewable materials. For instance, in 2015, Ashland Inc. (U.S.) launched a new product "Culminal Plus Cementitious" adhesive for the construction industry in the European market.

The global specialty chemicals market is segmented on the basis of type and region. Depending on type, the specialty chemicals market is divided into agrochemicals, flavor ingredients, fragrances ingredients, dyes & pigments, personal care active ingredients, water treatment chemicals, construction chemicals, surfactants, textile chemicals, bio-based chemicals, polymer additives, oil field chemicals, paper & pulp chemicals, electronic chemicals, specialty polymers, pharmaceutical ingredients, and others. Region wise, the specialty chemicals market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Specialty chemical products are used for various applications, including oil and gas field distribution and exploration, paper-making chemicals, waste water processing, and oil field drilling. Market players are heavily investing in the R&D activities to improve the performance of chemical products.
Specialty chemicals play a vital role in reducing the carbon footprint of the company. Furthermore, the adoption of premium eco-friendly products has increased due to growth in awareness regarding the environment. Therefore, manufacturing companies prefer specialty chemicals to enhance the product functionality and minimize environmental hazards. The adoption of these chemicals is expected to enable companies to cater to the demand from employees, customers, and communities, worldwide. Major players in the market are BASF SE, Dow, Inc., Bayer AG, Evonik Industries AG, Lanxess AG, Solvay SA, Clariant AG, Huntsman International LLC, Albemarle Corporation, Nouryon, Sumitomo Chemical Company, and Ashland LLC. Other companies in accordance with specialty chemicals market are Henkel Ag & Co. KGAA, Merck & Co., Inc. Sasol Limited, Koninklijke DSM N.V., PPG Industries Inc., 3M, H.B. Fuller, and others.

KEY BENEFITS FOR STAKEHOLDERS

u The report provides an in-depth analysis of the specialty chemicals market forecast along with the current and future market trends
u This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period
u Porter's five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global specialty chemicals industry for strategy building
u A comprehensive specialty chemicals market analysis covers factors that drive and restrain market growth
u The qualitative data in this report aims on market dynamics, trends, and developments

KEY MARKET SEGMENTS

By Application

- Agrochemicals
o Insecticide
o Fungicides
o Herbicides
o Ammonium Sulphate Fertilizers
o Calcium Nitrate Fertilizers
o Others
- Flavors Ingredients
o Dairy
o Beverages
o Savory
o Others
- Fragrances Ingredients
o Hair Care
o Personal Care
o Fabric Care
o others
- Dyes and Pigments
- Personal Care Active Ingredients
- Water Treatment Chemicals
o Corrosion and Scale Inhibitor
o Biocides and Disinfectants
o Coagulants and Flocculants
o Activated Car

- Construction Chemicals

o Protective Coatings
o Adhesives and Sealants
o Concrete Admixtures
o Asphalt Additives
o Others
- Surfactants
o Anionic
o Nonionic
o Cationic
o Amphoteric
o Others
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- Textile Chemicals
o Colorants and Auxiliaries
o Coating and Sizing Chemicals
o Finishing Chemicals Others
- Bio-Based Chemicals
o Acetic Acid
o Furfural
o Ethanol
o Others
- Polymer Additives
- Oil field Chemicals
o Drilling Fluids
o Cementing Chemicals
o Acidizing Chemicals
o Fracturing Chemicals
o Oil Production Chemicals
o Others
- Paper & Pulp Chemicals
o Bleaching & RCF Chemicals
o Process Chemicals
o Functional Chemicals
o Coating chemicals
o Pigments & Fillers
- Electronic Chemicals
o Specialty Gases
o Conductive Polymers
o Photoresist Chemicals
o Wet Chemicals
o Silicon Wafers
o PCB Laminates
o Others
- Specialty Polymers
- Pharmaceutical Ingredients
o Chemical API
o Biological API
- Others

By Region

o North America
- U.S.
- Canada
- Mexico
o Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
o Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
o LAMEA
- Brazil
- South Africa
- LAMEA

KEY MARKET PLAYERS

- BASF SE
- DOW
- Bayer AG
- Evonik Industries AG
- Lanxess AG
- Solvay SA
- Clariant AG
- Huntsman International LLC
- Albemarle Corporation
- Nouryon
- Sumitomo Chemical Company
- Ashland LLC