Global Specialty Chemical Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Specialty Chemical Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Specialty chemicals (also known as effect chemicals) are specialty chemical products, materials used based on their properties or functions to provide a variety of effects that many other industries rely on. Specialty chemicals include specialty polymers, Agrichemicals, Water Chemicalss, electronic chemicals, surfactants, etc., which can be used in Pharmaceutical Industry products, food and beverages, electronic power, and construction industries.

Market Overview:

The latest research study on the global Specialty Chemical market finds that the global Specialty Chemical market reached a value of USD 246983.18 million in 2023. It’s expected that the market will achieve USD 1117784.13 million by 2029, exhibiting a CAGR of 28.61% during the forecast period.

The demand for specialty performance chemicals is growing

With the advancement of science and technology and industrial upgrading, the demand for special performance chemicals in various industries will continue to grow. Currently, large aerospace companies such as Boeing and Airbus have increasing demand for light aircraft components. Many industry players are gradually realizing the importance of these materials in the aviation field, driving specialty chemical companies to launch innovative products. Since 2019, with the development of 5G base stations, smartphones, smart wearables, telemedicine, automotive communications and other products, special engineering plastics have also been innovatively applied in the 5G field. The increasing demand for special performance chemicals such as high temperature resistance and chemical corrosion resistance in construction, electronics, communications and other fields has promoted the development of the specialty chemicals industry towards high-end applications.

Increased investment and strong R&D efforts

With the development of science and technology and the increasing demand for specialty chemicals, more and more people are aware of the importance of specialty chemicals, and investors' investment in the specialty chemicals industry is also increasing. With financial support, the R&D strength of the specialty chemicals industry is also getting stronger and stronger. For example, BASF’s new polymer BVERDE GP 790 L, a new, readily biodegradable, anti-redeposition polymer, addresses growing customer demand for products that are more sustainability-focused without compromising performance. Increasing funding and R&D efforts have fueled the growth of the specialty chemicals industry.

Policy support

The development of the specialty chemicals industry is inseparable from the support of regional and national policies. For example, the work plan for stable growth of the petrochemical and chemical industry issued by the People's Republic of China requires the expansion of effective investment and the promotion of the petrochemical and chemical industry to develop into a high-end, green and intelligent industry. To this end, the Chinese government has strengthened policy coordination, strengthened expectation management, improved fiscal policies, strengthened support services, and made every effort to promote the stable growth of the petrochemical and chemical industry, and also promoted the development and progress of the special chemicals industry.

Region Overview:

In 2022, the share of the Specialty Chemical market in Asia Pacific stood at 43.92%.

Company Overview:

Evonik Industries AG is one of the major players operating in the Specialty Chemical market, holding a share of 2.53% in 2023.

Evonik Industries AG cover a balanced and diverse spectrum, including pharmaceuticals, consumer and care products, food and animal feed, paints and coatings, the automotive industry, mechanical engineering, and construction.

Segmentation Overview:

By type, Special Polymers segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Industrial segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Specialty Chemical market covered in Chapter 3:

Ashland Global Holdings
Saudi Basic Industries
Clariant AG
Sinopec Corp.
Huntsman International
H.B. Fuller
Solvay S.A.（Cytec Industries Inc）
Eastman Chemical Company
LOTTE Fine Chemical
DuPont
Nouryon
Formosa
W.R. Grace & Co.
Sadara Chemical Company
Mitsui Chemicals Inc.
BASF
Evonik Industries AG
BP
Mitsubishi Chemical Corporation
Merck KGaA

In Chapter 4 and Chapter 14.2, on the basis of types, the Specialty Chemical market from 2019 to 2030 is primarily split into:

Textile Chemicals
Agrichemicals
Water Chemicals
Special Polymers
Construction Chemicals
Industrial Cleaner
Electronic Chemicals
Surface Active Agent
Additives
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Specialty Chemical market from 2019 to 2030 covers:

Pharmaceutical Industry
Construction Industry
Electronics and Electricity
Food and Beverage
Personal care and cosmetics
Agriculture
Industrial
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)