Portland, OR, April 01, 2020 (GLOBE NEWSWIRE) — Increase in research & development activities, development of eco-friendly products, and developing economies in Asia-Pacific have boosted the growth of the global specialty chemicals market. The water treatment chemical segment is projected to manifest the highest CAGR during the forecast period. On the other hand, the Asia-Pacific region dominated the market throughout the forecast period, accounting for more than one-third of the market in 2018.
As per the report published by Allied Market Research, the global specialty chemicals market was pegged at $211.2 billion in 2018, and is projected to garner $316.5 billion by 2026, registering a CAGR of 5.2% from 2019 to 2026.
Increase in research & development activities, development of eco-friendly products, and developing economies in Asia-Pacific have boosted the growth of the global specialty chemicals market. On the contrary, fluctuating costs of raw materials and stringent government regulations hamper the market. However, rapid commercialization and industrialization of specialty chemicals are expected to create lucrative opportunities in the near future.
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The global specialty chemicals market is segmented on the basis of type and geography. Based on type, the market is divided into food additives, cosmetic chemicals, water treatment chemicals, textile chemicals, construction chemicals, paper & pulp chemicals, oil field chemicals, and ink additives. The water treatment chemical segment is projected to manifest the highest CAGR during the forecast period. This is owing to stringent government regulations for utilizing water and enforcement to adopt proper water treatment solutions. However, the food additives, paper & pulp chemicals, and cosmetic chemicals segments together held the largest share in 2018, accounting for nearly half of the market.
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The global specialty chemicals market is analyzed across various regions including North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the second-highest share in 2018. However, the Asia-Pacific region dominated the market throughout the forecast period, accounting for more than one-third of the market in 2018. In addition, the region is expected to register the fastest CAGR of 5.7% during the forecast period.
The global specialty chemicals market report includes an in-depth analysis of the major market players such as BASF SE, Bayer AG, Huntsman Corporation, Clariant AG, Novozymes A/S, The Dow Chemical Co., AkzoNobel N.V., Chemtura Corporation, Rhodia S.A., and Evonik Industries AG.
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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