Global Speciality Chemicals Market Report 2023: Forecast Market Size, Growth Rate And Top Opportunities
26 May, 2023
The global speciality chemicals market size is expected to grow from $712.64 billion in 2022 to $744.58 billion in 2023 at a compound annual growth rate (CAGR) of 4.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global speciality chemicals market size is expected to grow to $873.22 billion in 2027 at a CAGR of 4.1%.
Global Speciality Chemicals Market Key Driver
Increasing demand for high-performance coatings is projected to propel the speciality chemicals industry forward. High-performance coatings are the final two types of protective coatings. They are specialised and particularly created to improve the structural integrity, soundness, and health implications of buildings, building sites, and structures. High-performance coatings combine specialist chemicals to provide further protection against environmental factors such as moisture, high temperature, and airflow, which have a large influence on coatings and can have an impact on both interior and exterior spaces. For instance, in July 2022, The Sherwin-Williams Company, a US-based paint, and coating manufacturing company, announced its financial results for the second quarter, in which the combined net sales of paints and coats were $5.87 billion, a 9.2% increase over the previous quarter. The use of high-performance coatings by professional architects in coil and packaging operations was a major contributor to the increase in consolidated net sales. Therefore, the increasing demand for high-performance coatings is expected to propel the growth of the specialty chemicals market in the coming years.
Get a sample of the global speciality chemicals market reportGlobal Speciality Chemicals Market Segments
The global speciality chemicals market is segmented:
1) By Product Type: Agrochemicals, Dyes and Pigments, Construction Chemicals, Speciality Polymers, Textile Chemicals, Base Ingredients, Surfactants, Functional Ingredients, Water Treatments
2) By Source: Crude Oil, Naphtha, Ethane, Propane, Butane, Wood
3) By End-Use: Industrial, Construction, Cosmetics and Personal Care, Pharmaceutical, Electrical and Electronics, Mining and Oilfield
4) By Geography: The regions covered in the speciality chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global speciality chemicals market.
Major Speciality Chemicals Industry Players
Solvay Speciality Chemicals Ltd., Evonik Industries AG, Clariant AG, Akzo Nobel NV, BASF SE, Lanxess AG, Huntsman Corporation, Bayer AG, Dow Chemical Company, Ashland Global Holdings Inc., Kemira Oyj, Croda International Plc., Lubrizol Corporation, Henkel AG & Co. KGaA, Sasol Limited, 3M, H.B. Fuller Company, Nouryon, and Sumitomo Chemical Co. Ltd.
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Speciality Chemicals Market Overview
Speciality chemicals, also known as effect chemicals, are chemical products that have a variety of effects and are employed in a variety of other industries.
Speciality Chemicals Global Market Report 2023 provides data on the global speciality chemicals market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The speciality chemicals market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.