Specialty Chemicals Market 2022 Competitive Strategies, End-user Application And Forecast To 2030

Specialty Chemicals Market Growth & Trends

The global specialty chemicals market size is expected to reach USD 914.4 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.1% from 2022 to 2030. The growth is attributed to the growing demand from pharmaceuticals, flavors and fragrances, rubber processing, and electronics chemicals, among others. One of the prime growth factors is consumer-driven demand, led by categories such as personal care, food & feed additives, and pharmaceuticals, among others.

 Growing trends of rubber products such as long service life tires, high- performance requirements, and others influence the demand for rubber processing chemicals used in tires and industrial products. The market is primarily driven by the increasing use of synthetic rubber products globally. Additionally, growth in medical, footwear, aerospace, construction industries that require rubber products are expected to propel the demand in the near future.

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However, the market growth slumped due to European geopolitical conflict which have caused an increase in oil costs, which affected the price of producing chemicals. The market is projected to be significantly impacted by rising oil prices. From the manufacturer’s viewpoint, the impact of rising energy prices resulted in higher chemical prices and has somewhat eroded profits. The import and export of raw materials across regions, particularly in the European region, were impacted by supply interruptions, which in turn had an impact on the market as a whole.

The countries in Latin America regions are expected to witness a trend of increased consumption of food & beverage products manufactured by adding additives to enhance flavor and taste owing to the shifting consumer eating habits and favorable regulatory developments in the region. These factors have led to a strong increase in the demand and the consumption of high-end value-added products like carbonated drinks, desserts, bakery products, among others. Moreover, the presence of major manufacturer such as Cargill Incorporated, General Mills, and Kraft Foods has resulted in novel product developments and capacity expansions in the industry, thus contributing to market growth.

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Specialty Chemicals Market Segmentation 

Grand View Research has segmented the global specialty chemicals market on the basis of product type and region:

Specialty Chemicals Product Type Outlook (Revenue, USD Billion, 2017 – 2030)

· Specialty Polymers

· Institutional & Industrial Cleaners

· Electronic Chemicals

· Rubber Processing Chemicals

· Flavors & Fragrances

· Construction Chemicals

· Food & Feed Additives

· Cosmetic Chemicals

· Oilfield Chemicals

· Mining Chemicals

· Pharmaceutical & Nutraceutical Additives

· Plastic Additives

· Printing Inks

· CASE (Coatings, Adhesives, Sealants & Elastomers)

· Specialty Pulp & Paper Chemicals

· Specialty Textile Chemicals

· Catalysts

· Water Treatment Chemicals

· Corrosion Inhibitors

· Flame Retardants

List of Key Players of Specialty Chemicals Market

·         Solvay

·         Evonik Industries AG

·         Clariant AG

·         Akzo Nobel N.V.

·         DuPont

·         Kemira Oyj

·         Lanxess

·         Croda International Plc

·         Huntsman International LL

·         The Lubrizol Corporation

·         Albemarle Corporation

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About Us:

 Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world’s renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.

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