Asia-Pacific to Lead Specialty Chemicals Market during 2019-2024
Increasing
demand for goods such as cosmetics, textiles, food, etc., is pushing demand for
raw ingredients, which in turn, is anticipated to drive global specialty
chemicals market through 2024
According to TechSci Research report, “Global
Specialty Chemicals Market By Type, By Function, By Region, Competition,
Forecast & Opportunities, 2024’’, the global specialty chemicals market is
projected to grow at a CAGR of around 5% during the forecast period. The market
for specialty chemicals is further anticipated to grow in the coming years on
account of growing application of these chemicals in various end-user
industries. In terms of regions, specialty chemicals market can be segmented
into Asia-Pacific, North America, South America, Middle East & Africa and Europe.
In 2018, Asia-Pacific dominated the market and the region is expected to
continue its dominance during forecast period as well. This is due to the high
economic growth, low labor cost and growing industrialization in economies such
as India, China, among others, in the region.
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Chemicals Market "
Global speciality chemicals market can be segmented based on the type, function
and region. On the basis of type, the market can be segregated into specialty
mining chemicals, water treatment chemicals, adhesives, electronic chemicals,
specialty paper chemicals, pesticides, rubber processing chemicals, advanced
ceramic materials, plastic additives, construction chemicals, specialty
oilfields chemicals, textile chemicals, food additives, specialty polymers,
printing inks. Construction chemicals is one of the major segments of the
speciality chemicals market and is poised to grow at an impressive rate during
forecast period as well on account of growing demand for housing projects and
public infrastructure globally.
Key players operating in global specialty chemicals market include Albemarle
Corporation, Ashland Inc., BASF SE, Lanxess Aktiengesellschaft, Clariant AG,
Evonik Industries AG, Henkel AG & Co. KGAA, Solvay SA among others. Leading
players operating in the market are focusing on reducing carbon footprint and
improve the raw material supply. Furthermore, companies are using strategies
such as product development, mergers and acquisitions in order to ensure sound
returns.
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“Factors such as increasing utilization of speciality chemicals across
different end user industries and technological advancements are promoting the
growth of specialty chemicals market. Moreover, favorable oil and gas prices
coupled with rapid expansion of shale oil and gas drilling activities are
further anticipated to positively influence global specialty chemicals market
in the coming years.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Specialty Chemicals Market By Type, By Function, By Region,
Competition, Forecast & Opportunities, 2024” has evaluated the future
growth potential of global specialty chemicals market and provides statistics
and information on market size, structure and future market growth. The report
offers decision makers superior market intelligence, thereby enabling them
conduct thorough investment appraisal. Besides, the report also analyzes the
evolving market trends along with drivers, challenges and opportunities in
global specialty chemicals market.
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