Specialty Chemicals Market growth is driven by use of specialty chemicals for adhesives in construction sector
Selbyville, Delaware, United States, September 23 2020 (Wiredrelease) Global Market Insights, Inc –:Specialty chemicals or performance chemicals are generally used as ingredients that help to enhance the manufacturing process, as well as in finished products. They are single-chemical entities for formulations and are utilized based on their performance and function. The composition of specialty chemicals varies depending on their usage and asserts significant influence on the user’s product performance.
Based on product, the specialty chemicals market is classified into various segments, including Polymers & Plastic Additives, Agrochemicals, Cleaning Chemicals, Paper & Textile Chemicals, Adhesives & Sealants, Lubricants & Oilfield Chemicals, Construction Chemicals, Specialty Coatings, Electronic Chemicals, Food Additives, and Surfactants, among others.
Global specialty chemicals market is expected to gain huge proceeds from increasing product application in the automotive industry. Specialty chemicals are being extensively used to produce paints & coatings and adhesives utilized in the automotive industry. In 2015, global automobile production, including personal & commercial, reached almost 90 million units. Consumers are highly inclined towards using lubricants to lower frictional forces in automobiles, which will further propel specialty chemicals market demand.
– Increasing demand for yield-enhancing agrochemicals
– Rising demand from automotive industry
Apart from the automotive industry, specialty chemicals are broadly used in electronic apparatuses, such as semiconductors and integrated circuits. Rapid adoption of smartphones is set to boost the usage of electronic chemicals. Specialty chemicals market size from electronic chemicals is projected to grow at more than 4.5% CAGR over 2016-2024.
Specialty chemicals are toxic and can have detrimental impacts on the environment and biodiversity, which has evoked concerns from regulatory bodies regarding the excessive usage of the product. Governments have formulated strict environmental legislation and introduced directives about appropriate product usage. Rising consumer awareness about the toxic effects of specialty chemicals may impede the growth of specialty chemicals market.
Extensive demand for specialty chemicals in construction, automobiles, and electronics will intensify the competition among eminent specialty chemicals industry participants. A few of the major business players are BASF, Dow Chemical, Bayer, DuPont, and INEOS Group. Other notable specialty chemicals companies include Clariant, Ashland, Syngenta, Arkema, Huntsman, Evonik Industries, Albemarle, Akzo Nobel, Chemtura, Solvay, and Eastman Chemical amongst others.
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