These are added in low amounts to stuff such as detergents, electronics, paints, and petroleum products to impart a significant value to them. These chemicals are of many types, such as paper & textile chemicals, agrochemicals, plastic additives, adhesives & sealants, lubricant & oilfield chemicals, construction chemicals, cleaning chemicals, specialty coatings, electronic chemicals, surfactants, polymer additives, and food additives. Of these, the highest demand has been for agrochemicals, which can be attributed to the rising demand for crop protection chemicals, diversified food items, and growing adoption of new farming technologies.

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The massive and scary increase in the population across the globe has resulted in the transformation of many sectors. To sustain such a huge population, more and more industries are being established, which is contributing immensely in countries’ improving gross domestic product, in turn, leading to the increasing per capita income. The increasing spending power of consumers and industrialization have further led to the growing demand for various products, such as specialty chemicals.

For 2018, a 6.6% growth was predicted for China and 1.2% for Japan, while India was expected to grow at 7.4%. These growth rates are indicative of economic prosperity in the countries; these are also driving the demand for crops and other food items, and public, commercial, and residential buildings, which is ultimately raising the requirement for specialty chemicals in the region.

Emerging economies, such as India, Brazil and China, are experiencing a massive boom in their middle-class population and industrialization rate in sectors such as agriculture, manufacturing, cosmetics, and others that use different specialty chemicals. For instance, the competition in the chemical manufacturing sector in Asia-Pacific (APAC) saw fierceness due to the allowance of 100% foreign direct investment under the Make in India initiative of the Indian government.

GLOBAL SPECIALTY CHEMICALS MARKET, BY GEOGRAPHY

North America Specialty Chemicals Market

• By Type
• By Country – U.S. and Canada

Europe Specialty Chemicals Market

• By Type
• By Country – Germany, France, Italy, U.K., Spain, and Rest of Europe

APAC Specialty Chemicals Market

• By Type
• By Country – China, Japan, India, and Rest of APAC

LATAM Specialty Chemicals Market

• By Type
• By Country – Brazil, Mexico, and Rest of LATAM

MEA Specialty Chemicals Market

• By Type
• By Country – Saudi Arabia, South Africa, and Rest of MEA