According to the research report published by Allied Market Research, the global specialty chemicals market size was valued at $711 billion in 2019, and is expected to reach $953.9 billion by 2027, registering a CAGR of 2020-2027. The report offers an extensive analysis of the changing market dynamics, key winning strategies, business performance, major segments and competitive scenarios.
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Rising end-user awareness regarding the benefits of pesticides, preservation of genetic material of endangered plant species, and increasing research and development activities are driving the growth of the global specialty chemicals market . However, fluctuating costs of raw materials and stringent regulations regulating the market are hindering the market growth. On the other hand, increasing demand for specialty chemicals from emerging economies and continuous development and production of new eco-friendly specialty chemicals will create new opportunities in the coming years.
Based on type, the pharmaceutical ingredients segment held the largest share in 2019, accounting for nearly one-fifth of the total share, and is projected to maintain its dominant position during the forecast period. However, the oilfield chemicals segment is expected to register the highest CAGR of 5.7% from 2020 to 2027. The global specialty chemicals market is segmented on the basis of type and region. Based on type, the market is divided into Agrochemicals, Fragrance Ingredients, Fragrance Ingredients, Dyes & Pigments, Personal Care Active Ingredients, Water Treatment Chemicals, Construction Chemicals, Surfactants, Textile Chemicals, Bio-based Chemicals, Polymer Additives, Oilfield Chemicals, Pulp and Paper Chemicals, Electronic Chemicals, Specialty Polymers, Pharmaceutical Raw Materials, and Others. Based on region, the specialty chemicals market is analyzed across North America, Europe, Asia Pacific, and LAMEA. For purchase inquiries please visit: https://www.alliedmarketresearch.com/specialty-chemicals-market/purchase-option
Based on region, Asia Pacific was expected to account for the largest share, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. Moreover, the region is expected to grow at the highest CAGR of 5.9% from 2020 to 2027. However, North America is expected to grow at a CAGR of 4.5% during the forecast period. Key market players analyzed in the study include Albemarle Corporation, Ashland LLC, BASF SE, Bayer AG, Clariant AG, Dow, Inc., Evonik Industries AG, Huntsman International LLC, Lanxess AG, Nouryon, Solvay SA, and Sumitomo Chemical Company.