Specialty Chemicals Market Expected to Reach $233.5 Billion, Globally
A recent report from Allied Market Research projects that the worldwide specialty chemicals market is expected to generate $233.5 billion by 2020. Focus on research and development reportedly has led to the development of advanced specialty chemicals and driving the market growth. Also, heavy investment in construction and infrastructure projects and changing lifestyle of consumers boosted the consumption of specialty chemicals, such as construction chemicals and food additives, in the emerging economies. However, fluctuating cost of raw materials and stringent government regulations are expected to restrain the market growth.
The Asia-Pacific region was the largest consumer of cosmetic chemicals, accounting for about 39% share of the market in 2014 and is expected to grow at the highest compound annual growth rate (CAGR) of 5.4%. The is primarily attributed to the increasing demand for specialty chemicals in construction, personal care, water treatment, pulp and paper, and ink additives market. North America and Europe collectively accounted for more than 50% share of the world specialty chemical market in 2014, with oil field chemicals and food additives as major revenue-generating segments. Coagulants and flocculants and biocides and disinfectants segments jointly accounted for more than half of the water treatment chemicals market revenue in 2014.
The ink additives segment is anticipated to grow at the highest CAGR of 5.8% during the forecast period. Increasing sales of UV, free radical, and cationic inks for commercial and publications printing applications have fueled the consumption of ink additives in the market. Presently, the Asia-Pacific region is the leading consumer of construction chemicals, accounting for more than 50% share of the market; it is expected to maintain its dominance during the forecast period.
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