Market Research Future comes with an in-depth analysis and prediction report on the Specialty Chemicals Market, keeping a focus on COVID 19 pandemic that has affected the business world adversely. Among other business, the Global Specialty Chemicals Market 2020 is toweringly anticipated to expand at towering percent, which is also regarded as growth rate and is entitled to achieve revenue calculating of USD 700 Bn till 2023 and likely to surpass the USD 1000 Bn mark by 2023-end. The growth period for the market is considered to be from 2018 to 2023.
Key Specialty Chemicals Market Manufacturers are Henkel AG & Co, Evonik Industries AG, Clariant AG, ExxonMobil Corporation, Lenzing AG, AkzoNobel NV, Lanxess AG, BHS Specialty Chemicals, Ashland Inc., BASF SE, KGaA, Solvay SA, and DowDuPont.
For the research, MRFR’s report dealt with a comprehensive segmental analysis of the Global Market for Specialty Chemicals with Segments of Source and Type.
Depending on the Source Segment, the market has included naphtha, crude oil, propane, ethane, wood, butane, and others.
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Depending on Type Segment, the market has included flavors ingredients, agrochemicals, dyes & pigments, fragrances ingredients, water treatment chemicals, personal care active ingredients, surfactants, construction chemicals, polymer additives, textile chemicals, bio-based chemicals, and others.
Specialty Chemicals Boomers & Decliners:
Elevated population growth in developing regions has resulted in rising food security concerns owing to the shrinkage of agricultural land. This would further augment the demand for high yield agrochemicals in the future.
The usage of agrochemicals by key agrarian countries such as India, China, the U.S., and more has been mounting in the past few years that would probably boost the Specialty Chemicals Market Revenue. Agrochemicals facilitate in protecting the crops from pests and stop weed growth. They also supply the required nutrients to the soil like phosphate, nitrogen, and more to enhance crop production. The global demand for fertilizer nutrients has augmented from around 180 million tons in 2014 to over 190 million tons in 2015. Such a rising demand for fertilizer nutrients would propel the production of agrochemicals in the impending years.
MRFR further investigates that developments in the food & beverage business would be another growth enabler in the Specialty Chemicals Market. This is owing to the increasing use of food additives in packaged food and canned beverages. The food & beverage industry is probable to generate revenue of beyond $160 billion by 2023 with a development rate of more than 10%.
Further, with rapid industrialization, noticeable demand from Asian countries such as India and China has arisen. There has been a climb in investments in construction and infrastructure development projects in Asia-Pacific. Therefore, Asia-Pacific is considered as a favorable region for the specialty chemical manufacturers and boosting the market growth.
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On the contrary, factors such as variations in raw material cost and stringent regulations by the government are predictable to obstruct the growth of the Global Specialty Chemicals Market in the future.
Regionally, Asia-Pacific appreciated for 36.0% market share, holding the largest market share across all regions. This is ascribed to the incidence of critical developing economies such as India, China, and Japan, which registered the highest market share in the Specialty Chemicals Market in 2017. Specialty Chemicals are used in the Asia-Pacific region in different applications such as water treatment, paints & coatings, electronics, personal care ingredients & cosmetics, agriculture, and others. These regions propose lucrative investment opportunities for overseas players.
North America is possible to cultivate at a CAGR of around 3% over the impending years. The chief factor behind this growth rate is the growing production of lightweight vehicles in this region. This would surge the demand for polymer & polymer additives. Another factor driving the Specialty Chemicals Market Trends is the developments in the food & beverage business in the U.S. The food & beverage sector in the U.S. is possible to cross revenue of $8 billion by 2024. This would boost the need for food additives in this region.
COVID-19 Study in Detail:
Impact of COVID-19 on Iso-Propyl Alcohol Market @ https://www.marketresearchfuture.com/report/covid-19-impact-iso-propyl-alcohol-industry
Corona virus Outbreak and Plastic Films Market @ https://www.marketresearchfuture.com/report/covid-19-impact-plastic-films-market
NOTE: Our teams of researchers are studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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