In the current market scenario, chemical companies are focusing on sustainability, innovation, and competitiveness. Top specialty chemical companies are engaged in sustainability and green chemistry, such as reduced carbon footprint and improved raw material supply.
The market for specialty chemicals has been on the increase in various applications and this has boosted the total market in various regions.
The major factors driving the growth of the market are growing demand from the end-user industries such as textiles, food, and automobiles. Other factors are technological advancements and increasing demand of various specialty chemicals in emerging economies.
The specialty chemical markets in Western Europe, North America, and Japan are relatively mature. Growths in emerging markets such as China and India are high. The emerging economies offer more active prospects for the specialty chemicals industry due to rising consumer-driven economies and industrialization.
The global specialty chemicals market has grown significantly in the past few years. The market is expected to continue growing during the next five years due to the growing demand from various applications such as oilfield chemicals, cosmetic chemicals, and water treatment chemicals. Also, the market has experienced increasing demand particularly from regions such as Asia-Pacific, Middle East, and Africa.
Growing demand for specialty chemicals in India and China also is driving market growth. Waterproofing chemicals currently belong to a niche specialty segment of the chemical industry. The global waterproofing chemicals market was valued at REDACTED in 2017 and is expected to reach
REDACTED in 2023, after increasing at a compound annual growth rate (CAGR) of REDACTED during the forecast period (2018-2023).
The market for water treatment chemicals is expected to grow at an estimated REDACTED compound annual growth rate (CAGR) globally from 2018 through 2023, fueled by new opportunities in both developing and developed regions. Growth is expected to be strongest in the developing world, with countries such as China and India undergoing growth that will more than double the global average.
In 2017, the value of the oilfield process chemicals market was approximately REDACTED. Research expects the market to grow to over REDACTED in 2018 and REDACTED in 2023, at a CAGR of REDACTED over the next five years.
The global market for cosmetics and toiletries ingredients was REDACTED in 2017 and is expected to increase to REDACTED in 2023. The CAGR for the five years from 2018 to 2023 is expected to be REDACTED.
The global plastic additives market was valued at REDACTED in 2017 and is expected to reach REDACTED in 2023, after increasing at a compound annual growth rate (CAGR) of REDACTED during the forecast period (2018-2023).
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Category: Chemicals Market Research Reports
