Global Specialty Chemicals Market: Snapshot

The agriculture industry is under high pressure to improve quality as well as quantity of yield. One of the most common and effective methods employed by this industry is the use of agrochemicals. This forms the primary driver for specialty chemicals players across the world. The World Bank stipulated that farmers globally will have to improve their yield by at least 50% by 2050 to sustain the current rate of increase in the global population. This demand has consequently created key opportunities for producers of specialty chemicals.

The automotive industry is another large scale user of specialty chemicals. The currently rapid rate of growth that the global auto industry is experiencing is creating a wide array of opportunities for all the markets related to it as the end-user. This applies especially to the specialty chemicals market, as the auto industry is dependent on it for the production of materials including plastic adhesives, sealants, and paints and coatings.

The strict regulatory structure imposed on the use of agrochemicals is currently the greatest restraint that specialty chemicals producers are facing, which can be changed through the use of approved non-toxic chemicals and a higher awareness of them among the players.

High Agrochemical Demand from APAC Attract Large Number of Specialty Chemicals Manufacturers

By the end of 2023, Asia Pacific is expected to take up 54.4% of the global market value of specialty chemicals. The two most lucrative avenues for specialty chemicals players in this region have consistently remained the agriculture industry and paper and textiles. Asia Pacific is a primarily a region that contains agrarian and developing economies. Countries such as China and India depend to a large extent on agriculture for trade and exports. Their rapidly increasing population densities are causing a growing pressure on farmer to improve their yield in shorter times. The use of agrochemicals is the most common method used to achieve this, thereby creating a very large avenue of growth for its producers.

At the same time, the paper and textile industries are also showing a positive upswing due to the increasing consumption of paper and apparel in a progressing economy with increasing disposable incomes. This provides key opportunities for specialty chemicals manufacturers from both within this region as well as the globally prominent ones.

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Agrochemicals Among the Top Demand Specialty Chemicals

By the end of 2023, 13.5% of the global specialty chemicals market value will be based in agrochemicals. The top market share, however, is taken up by a collective product segment of specialty chemicals that includes nutraceuticals ingredients, water management chemicals, cosmetic chemicals, printing inks, feed additives, catalysts, and flavors and fragrances. This collective segment is expected to show a rapid increase in demand from industries such as cosmetics and personal care, wastewater management, and food and beverages.