Specialty Chemicals Market Size & Share, by Type (Surfactants, Catalysts); End-user (Electronics, Pharmaceuticals, Automotive) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5175
  • Published Date: Aug 22, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Specialty Chemicals Market size is anticipated to reach USD 24 billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of specialty chemicals was over USD 13 billion. Specialty chemicals are used in a variety of industries such as pharmaceuticals, agrochemicals, automotive, electronics, construction, textiles, and more. They provide unique properties that enhance the performance and quality of end products.

The market refers to a segment of the chemical industry that focuses on producing a wide range of chemicals and chemical products that are tailored for specific industrial applications. These chemicals are often produced in smaller quantities but have a significant impact on various industries due to their specialized properties and functions. Specialty chemicals are designed to add specific features to products, such as improving durability, appearance, performance, or safety. This value addition distinguishes them from commodity chemicals, which are produced in large volumes and have more generic applications.


Specialty Chemicals Market
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Specialty Chemicals Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Demand in Pharmaceuticals: The pharmaceutical solvent industry heavily relies on specialty chemicals to develop and manufacture drugs. As healthcare needs increase globally and research into new therapies expands, the demand for specialty chemicals used in pharmaceuticals rises. Global pharmaceutical sales in specialty chemicals are projected to reach USD 1.57 trillion by 2023.
  • Advancements in Electronics: Specialty chemicals are essential for producing electronic components such as semiconductors, printed circuit boards, and displays. As technology continues to advance, demand for smaller, faster, and more energy-efficient electronic devices grows.
  • Focus on Clean Energy: Specialty chemicals are integral to the development of clean energy technologies, such as solar panels, batteries, and fuel cells.

Challenges

  • Regulatory Compliance: Specialty chemicals are often subject to complex and evolving regulations related to environmental protection, health and safety, and product quality. Adhering to these regulations can be demanding, requiring companies to invest in research, testing, and compliance measures.
  • Rapid Technological Changes
  • High Research Costs

Specialty Chemicals Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~7%

Base Year Market Size (2022)

~ USD 13 Billion

Forecast Year Market Size (2035)

~ USD 24 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Specialty Chemicals Segmentation

Type (Surfactants, Catalysts)

The catalysts segment is estimated to gain the largest market share of 68% in the year 2035. The development of novel catalysts with improved selectivity, efficiency, and sustainability is propelling the market forward. As per the American Chemical Society, breakthroughs in catalysis research have the potential to reduce energy consumption and enhance the production of various chemicals.

End User (Electronics, Pharmaceuticals, Automotive)

The automotive segment is expected to garner a significant share of  in the year 2035. The adoption of advanced manufacturing techniques, such as additive manufacturing and composites, necessitates specialty chemicals for process optimization and material enhancement. According to a report, the global automotive composites industry is expected to witness substantial growth.

Our in-depth analysis of the global market includes the following segments:

          Type

  • Surfactants
  • Catalysts

           End User

  • Electronics
  • Pharmaceuticals
  • Automotive

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Specialty Chemicals Industry – Regional Synopsis

APAC Market Forecast

The specialty chemicals market in the Asia Pacific region is projected to hold the largest market share of 38% by the end of 2035. The expanding middle-class population in Asia Pacific countries is driving demand for personal care, cosmetics, and consumer goods. Specialty chemicals are integral to the formulation of these products. It is predicted that Asia's middle class will account for 66% of the global middle class by the year 2030.

North American Market Statistics

The specialty chemicals market in the North America region is projected to hold the second largest share during the forecast period. North America's aerospace and defense industries are expanding, creating demand for specialty chemicals used in coatings, materials, and manufacturing processes. The Aerospace Industries Association notes that aerospace and defense contribute significantly to the U.S. economy.

Research Nester
Specialty Chemicals Market Size
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Companies Dominating the Specialty Chemicals Landscape

top-features-companies
    • BASF SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Dow Inc.
    • DuPont de Nemours, Inc.
    • Evonik Industries AG
    • Akzo Nobel N.V.
    • Clariant AG
    • Huntsman Corporation
    • Solvay S.A.
    • Ashland Global Holdings Inc.
    • Eastman Chemical Company

In-the-news

In The News

  • BASF SE has announced plans to invest USD 1 billion in a new Verbund site in Zhanjiang, China. The new site is expected to be operational by 2027 and will produce a range of chemicals and plastics for the growing Chinese market.
  • BASF SE has announced plans to launch a new range of sustainable packaging solutions. The new solutions are made from renewable materials and are recyclable. BASF is targeting the food and beverage industry with its new packaging solutions. The company believes that there is a growing demand for sustainable packaging in this sector. BASF is also targeting the cosmetics industry with its new packaging solutions.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5175
  • Published Date: Aug 22, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for automotive sector is the major factor driving the market growth.

The market size of specialty chemicals is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023 – 2035.

The major players in the market are BASF SE, Dow Inc., DuPont de Nemours, Inc., Evonik Industries AG, Akzo Nobel N.V., Clariant AG, and others.

The automotive segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Specialty Chemicals Market Report Scope
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