The specialty chemicals market accounted for $1.11 trillion in 2017 and is expected to reach $1.97 trillion by 2026, growing at a compound annual growth rate (CAGR) of 6.5%, according to a recent report.
Some key factors propelling the market growth are increasing demand from various end users, technological advancements, the rapid expansion of shale oil and gas drilling and refining activities, and rising construction activities.
By geography, Asia Pacific is reportedly the major revenue contributor to the specialty chemicals market throughout the forecast period. The increasing industrial activities in agriculture, food, cosmetics, and other manufacturing sectors in countries like China and India are expected to contribute significantly to the growth of the specialty chemicals market in the region.
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