Specialty chemicals market is projected to grow at a considerable CAGR of 4.9% during the forecast period (2020-2026). Specialty chemicals cover areas such as paints and inks, cosmetic additives, food additives, construction chemicals, lubricants, surfactants, cleaning materials, colors, elastomers, and textile auxiliaries. Increasing demand for specialty chemical in its end-user industry in the near future is one of the major factors for the growth of the market during the forecast period. However, a downfall in overall market revenue will be witnessed due to a sharp decline in crude oil prices through the margin of the chemical companies is expected to be maintained similar as earlier. 

Additionally, the use of specialty chemicals in disinfectants is also a key reason for the upward movement of the specialty chemical market. Due to the COVID-19 outbreak, municipal bodies are using disinfects to sanitize the public areas. Besides, municipal agencies, private companies are also using specialty chemicals to provide sensitization service to curb the spread of the COVID-19 outbreak. Several companies have taken this as an opportunity and to cater to the growth in the demand for disinfectant companies are opening up new manufacturing facilities. Besides, the growing R&D activities to develop new specialty chemicals are likely to offer new growth opportunities to the specialty chemical market. 

Segmental Outlook  

The specialty chemicals market is segmented on the basis of product type. Based on product type, the market is segmented into agrochemicals, cleaning chemicals, construction chemicals, electronic chemicals, food additives, adhesive & sealants, specialty coatings, surfactants, paper & textile chemicals, lubricants & oilfield chemicals, polymers & plastic additives, and others. Construction chemicals are anticipated to hold a considerable market share. The growing use of specialty chemicals in the construction industry is a key factor contributing towards the high share of the market segment. The growing automotive industry across the globe along with the demand for specialty chemicals in the coating of automotive parts to make them corrosion resistant is anticipated to drive the growth of the market segment.  

Regional Outlook 

The global specialty chemicals market is further segmented on the basis of geography into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is anticipated to hold a major market share in the global specialty chemicals market during the forecast period. The prominent factors driving the Asia-Pacific specialty chemicals market include growth in the end-user industry including automobile, manufacturing, food & beverage, and construction industry in the region. China is the major supplier of specialty chemicals to countries across the globe. However, considering the COVID-19 outbreak, negative growth was observed in the supply of specialty chemicals. 

Global Specialty Chemicals Market Growth, by Region 2020-2026

North America to make a considerable contribution to the specialty chemicals market

North America is anticipated to hold a major market share in the specialty chemical market after Asia-Pacific. The presence of key players such as Arkema S.A., Evonik Industries AG, among others in the region along with the well-established chemical industry is providing a high share of the specialty chemicals market in the region. Apart from this, a significant market of end-user industries such as healthcare, oil & gas, power, infrastructure, transportation, electronics, food & beverage, textile that make intensive use of specialty chemicals is fuelling the demand for specialty chemicals in the region, thereby making a huge contribution towards the large share of the market in the region. 

Market Players Outlook

The Key players in the specialty chemicals market include 3M Co., Akzo Nobel N.V., Albemarle Corp., Ashland Inc., BASF SE, Bayer AG, SABIC, SINOPEC, Clariant AG, Covestro AG, DuPont Inc., Eastman Chemical Co., Evonik Industries AG, and so on. The key players of the market are involved in making innovations in their products offering to suit the industrial application to remain competitive in the marketplace. Moreover, some players are adopting different growth strategies such as mergers & acquisitions, and product launches to thrive in the global market. For instance, in January 2020, BASF SE expanded its low 1,4-Dioxane line by adding several new ingredients to the existing range of Flex surfactants and polymers in North America. The BASF Flex solutions allow brands in the cosmetics, personal care, and home care industries to use ingredients that are certified low in 1,4-Dioxane for their formulations.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global specialty chemicals market. Based on the availability of data, information related to the products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.