By 2027, the market size of specialty chemical products will reach $957.3 billion

Special chemical products are specific types of chemicals that provide different effects for different industries, such as ink additives, textiles, oil and gas, cosmetics, construction and food. Special chemicals are basically produced in the reactor, usually the entity or single chemical formula of the chemicals. Their composition affects the performance of consumer products to a great extent. The use of these chemicals is based on their performance and function. A lot of research and development have been carried out in the market of special chemicals, which has promoted the development of products with advanced and best characteristics.


growth factor


One of the most important factors in the growing demand for specific end use chemicals, such as oil, paper pulp and personal care, is the expected demand for high performance chemicals. In addition, increasing innovation and R & D are key growth factors, as the market is largely driven by changing consumer preferences. Manufacturers focus on providing customized and innovative products for targeted applications to meet the specific needs of consumers. Over the past few years, R & D investment has increased significantly, driving the development of innovative chemicals and a significant expansion of the market product portfolio.


However, strict government regulations combined with variable raw material prices are expected to hinder market growth. Nevertheless, the increase in R & D activities of bio based specialty chemicals is expected to drive market growth over the forecast period.





Area snapshot


In 2019, the Asia Pacific region will lead the global specialty chemical products market with a revenue share of about 36%. This is due to the prominent position of China's leading manufacturing center for various industries, such as automobile, personal care, cosmetics, pharmaceutical and health care products and electrical and electronic products, mainly contributing to the emergence of Asia Pacific as a market leader and one of the fast-growing markets for specialty chemicals. In addition, trade liberalization, improvement of living standards, technological progress, and strong demand for electronic products in other Asia Pacific regions such as India, Japan, Singapore, Malaysia, Indonesia and many other ASEAN countries have promoted the growth of specialty chemicals in the region.


On the contrary, Europe is expected to become a stable product market. According to the European Council of chemical industry (Cefic), in fiscal 2018, sales of specialty chemicals in the EU accounted for more than 27% of total chemical sales. In addition, it is one of the important export industries in the region, accounting for nearly 30-35% of the total exports of chemicals in fy2018.


The report emphasizes


The Asia Pacific region is the largest contributor to the global special chemical products market, with a share of nearly 36%. As the main leading region in the Asia Pacific region, China's revenue share in the field of special chemicals exceeds 40%, which promotes the growth of the region.


Europe has a stable market for specialty chemicals. The export rate of special chemicals in the region is high, accounting for nearly 27% of the total export chemicals in 2018, driving the growth of the regional market.


Pharmaceutical ingredients dominate the global specialty chemicals market with a significant revenue share and are expected to remain dominant in the next few years. The important applications of special chemicals in the pharmaceutical industry, such as the drug manufacturing of skin diseases, cardiovascular diseases and Hughes syndrome, have promoted the growth of the market.


In 2019, agrochemical is expected to account for nearly 12-15% of the global special chemicals market revenue. The growing population and the increasing global demand for food will lead to the demand for agrochemicals in the next few years.

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