According to IMARC Group’s latest report, titled “Specialty Chemicals Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028”, the global specialty chemicals market size reached US$ 726 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 914 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.

Year Considered to Estimate the Market Size:

• Base Year of the Analysis: 2022
• Historical Period: 2017-2022
• Forecast Period: 2023-2028

Also known as specialties or effect chemicals, specialty chemicals are utilized as ingredients in finished products and to enhance manufacturing processes. They are chemical products that deliver a wide variety of effects on which other industry sectors rely. Some of the categories of specialty chemicals are agrichemicals, adhesives, cleaning materials, cosmetic additives, colors, construction chemicals, flavors, food additives, industrial gases, fragrances, lubricants, polymers, paints, surfactants, and textile auxiliaries. Other industrial sectors, such as aerospace, automotive, food, cosmetics, manufacturing, textiles, and agriculture, are highly dependent on such products. Specialty chemicals are materials utilized on the basis of their function or performance.

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Specialty Chemicals Market Trends:

The rising product demand from end-use industries, such as construction, automotive, aerospace, pharmaceuticals, and agriculture, represents a key factor driving the market growth across the globe. In line with this, the rising demand for flavoring agents, coupled with the increasing preference for processed food and beverages is driving the market growth. In addition to this, the increasing awareness about environmental sustainability is contributing to the growth of the market. This is primarily attributed to the minimal impact of specialty chemicals on the environment as they are eco-friendly. The market is also driven by the increasing consumer preference for novel flavors and fragrances in food products. Other factors, such as the increasing investment in research and development (R&D) and technological advancements, are creating a positive outlook for the market.

Specialty Chemicals Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the specialty chemicals market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Akzo Nobel N.V.
• Albemarle Corporation
• Ashland Global Holdings Inc.
• BASF SE
• Bayer AG
• Clariant AG
• Evonik Industries AG (RAG-Stiftung)
• Huntsman Corporation
• Solvay S.A.
• The Dow Chemical Company

Key Market Segmentation:

The report has segmented the global specialty chemicals market based on type and region.

Breakup by Type:

• Agrochemicals
• Polymer Additives
• Construction Chemicals
• Water Treatment Chemicals
• Oil field Chemicals
• Food Additives
• Surfactants
• Electronic Chemicals
• Specialty Polymers
• Others

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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