A new market research study published by Transparency Market Research offers a detailed analysis of the market. The research study, titled “Specialty Chemicals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,”talks about the key growth drivers, restraints, product segmentation, major geographical segments, and competitive landscape. As per the research study, in 2014, the global specialty chemicals market was worth US$800.4 bn and is estimated to reach US$1,201.1 bn by the end of 2023. The market is expected to register a 4.70% CAGR between 2015 and 2023.

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Specialty chemicals refer to a collection of low-volume and comparatively high-value chemicals that are known for their properties that enhance performance. These chemicals are widely used for producing a wide range of products such as cosmetic additives, elastomers, agrochemicals, adhesives, polymers, textile chemicals, and surfactants.

The growing demand for specialty chemicals from automotive industry and the growing need for yield-enhancing agrochemicals are the major factors driving the global market for specialty chemicals. In addition, the increasing construction activities in BRIC countries are anticipated to create potential opportunities for the major players operating in the market. On the flip side, the rigid regulations against agrochemicals are hampering the growth of the specialty chemicals market across the globe. Moreover, the falling demand for coated paper in Europe and North America is also estimated to curb the growth of the market in the near future.

By product type, the global specialty chemicals market has been classified into lubricants and oilfield chemicals, adhesives and sealants, specialty coatings, paper and textile chemicals, food additives, agrochemicals, cleaning chemicals, polymers and plastic additives, electronic chemicals, surfactants, construction chemicals, and others. In 2014, the agrochemicals segment held the largest share in the global specialty chemicals market, followed by the construction chemicals segment. Furthermore, the electronic chemicals segment is projected to witness significant growth in the next few years.

Among the major geographical segments of the global specialty chemicals market, in 2014, Asia Pacific dominated the market with a 45% share. The rapid growth of this region can be attributed to the growing demand for specialty chemicals from India and China. In addition, the specialty chemicals market in Asia Pacific is anticipated to grow at a fast pace in the near future, owing to the rapid industrialization and changing living standards. In the same year, North America accounted for the second-largest share in the global market for specialty chemicals, followed by Europe. Furthermore, the Middle East and Africa and Latin America are projected to witness significant growth in the specialty chemicals market throughout the forecast period.

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The leading players operating in the global market for specialty chemicals include Bayer AG, Clariant AG, Solvay, Chemtura Corporation, Syngenta AG, Albemarle Corporation, Ashland Inc., Akzo Nobel N.V., Eastman Chemical Company, INEOS Group AG, The Dow Chemical Company, Evonik Industries, BASF SE, Huntsman Corporation, and Arkema S.A. Detailed profiles of these companies have been included in the scope of the research report. In addition, a SWOT analysis has also been added to offer a clear picture of the market to the readers.

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