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Specialty Chemicals Market Overview:
Specialty Chemicals Market is set to thrive at a CAGR of 6.21% during the forecast period 2018 to 2023. The market is set to grow from USD 710.03 Bn in 2017 to USD 1000 Billion by the end of 2023.
Specialty Chemicals from the automotive industry is the key factor responsible for favouring the expansion of the specialty chemicals market. The growth of the automotive industry directly reflects on the growth of the specialty chemicals market. These chemicals are widely used in lightweight vehicle applications. The upsurge in demand for lightweight automobiles is likely to catapult the market on an upward trajectory.
Specialty Chemicals Market is entering a maturity phase. However, low operating costs in the Middle East and the Asia Pacific has opened new avenues of growth in the specialty chemicals market. Several end-user industry players are shifting to these regions for establishing manufacturing units. This, in turn, is expected to intensify demand for specialty chemicals in these regions.
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Specialty Chemicals Market Key Players:
Market giants thrive on their superior execution of strategies that include merger, collaboration, acquisition, product launch, and others. These strategies often prove beneficial for both the companies and expanding the sector. For instance, Clariant AG is getting acquired by Sabic, and the decision could help improve the portfolio of Sabic. AkzoNobel is planning to buy Brazilian firm Polinox to gain hold of the organic peroxides manufacturing process.
Market Research Future (MRFR) recognizes the following companies as some of the key market Evonik Industries AG, Henkel AG & Co, ExxonMobil Corporation, Clariant AG, AkzoNobel NV, Lenzing AG, BHS Specialty Chemicals, Lanxess AG, BASF SE, Ashland Inc., Solvay SA, KGaA and DowDuPont, and Others.
Specialty Chemicals Market Segmentation:
The global specialty chemical market can be segmented by source and type.
A detailed segmental analysis is offered in the report based on source and type. By source, the global specialty chemicals market is segmented into crude oil, naphtha, ethane, propane, butane, wood and others. Among these, the naphtha segment accounts for a major share of the market revenue. It is forecasted to register a CAGR of 6.19% over the assessment period.
By source, the specialty chemicals market includes crude oil, naphtha, ethane, propane, butane, wood, and others. Among these, the naphtha segment accounts for a major share of the market revenue and is expected to record substantial CAGR during the forecast period.
By type, the specialty chemicals market comprises agrochemicals, flavor ingredients, fragrance ingredients, dyes & pigments, water treatment chemicals, personal care active ingredients, construction chemicals, surfactants, textile chemicals, polymer additives, bio-based chemicals, and others. The agrochemicals segment accounts for the most significant share of the market.
Specialty Chemicals Market Regional Analysis:
By region, the global specialty chemicals market has been segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America. Asia Pacific is projected to lead the global market and is expected to hold a significant market share towards the end of 2023. The factors responsible for aiding market proliferation in the region include thriving agrochemicals industry, the presence of fast-developing economies, increasing demand from the automobile industry, etc. Furthermore, the relaxations in regulations by the governments catalyse the expansion of the regional market.
Europe and North America are important growth pockets and are likely to remain highly lucrative markets during the forecast period. The presence of key players in the regions is projected to complement the expansion of the markets. Meanwhile, Latin America and the Middle East & Africa are estimated to hold the least share of the specialty chemicals market. However, Middle Eastern country-level markets such as Qatar, U.A.E, Dubai, etc. and Latin American country-level markets such as Mexico and Brazil resonate strong growth opportunities.
Specialty Chemicals Market Table of Content:
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
Specialty Chemicals Market Table of Content to be Continue……,
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