A new report published by Allied Market Research, titled, “Specialty Chemicals Market—Opportunities and Forecasts, 2014–2020,” projects that the worldwide specialty chemicals market is expected to generate $233.5 billion by 2020. In 2014, construction chemicals and food additives segment collectively accounted for about half of the market share and is expected to maintain this trend during the forecast period. In 2014, the Asia-Pacific region contributed around 35% share of the world specialty chemical market.
Specialty chemicals are manufactured on the basis of their performance or function, rather than their chemical composition. Constant focus on research & development activities has led to the development of advanced specialty chemicals; thereby, driving the market growth. Moreover, heavy investment in construction & infrastructure projects and changing lifestyle of consumers boost the consumption of specialty chemicals, such as construction chemicals and food additives, in the emerging economies. However, fluctuating cost of raw materials and stringent government regulations are expected to restrain the market growth.
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Growing urbanization and rising number of construction projects have fostered the consumption of specialty chemicals. The ink additives segment is anticipated to grow at the highest CAGR of 5.8% during the forecast period. Increasing sales of UV, free radical, and cationic inks for commercial and publications printing applications have fueled the consumption of ink additives in the market. The other specialty chemicals included in this report are food additives, cosmetic chemicals, water treatment chemicals, paper & pulp chemicals, textile chemicals, and oil field chemicals.
Key Findings of the Specialty Chemicals Market
In 2014, the Asia-Pacific region accounted for about one-thirds share of the world specialty chemicals market and is expected to grow at the highest CAGR of 5.4% during the forecast period. The is primarily attributed to the increasing demand for specialty chemicals in construction, personal care, water treatment, pulp & paper, and ink additives market. North America and Europe collectively accounted for more than 50% share of the world specialty chemical market in 2014, with oil field chemicals and food additives as major revenue-generating segments.
The prominent players profiled in this report include BASF SE, The Dow Chemical Co., Bayer AG, AkzoNobel N.V., Huntsman Corporation, Chemtura Corporation, Rhodia S.A., Clariant AG, Evonik Industries AG, and Novozymes A/S.
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