Specialty Chemicals Market - Size, Share, Trends, and Forecast 2019 - 2027

  • To Be Published : Aug 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Specialty chemicals, also called effect chemicals, are particular type of chemicals that offer various types of effects, on which several industries may depend upon. Specialty adhesive, solvents, specialty coatings, specialty industrial gases, additives, and catalysts are some of the commonly used specialty chemicals in different industries. In which, specialty coating is the most popular specialty chemical and is widely consumed around the world. It accounts for around 50% of market share globally. Specialty chemicals produced in smaller quantities with customized needs of application unlike commodity chemicals. Moreover, they are sold on the basis of their performance characteristics, which is why they are expensive. Specialty chemicals are in many industries including textile, petroleum, agrochemicals, food additives, plastic additives, water treatment, mining chemicals, electronic chemicals, cleaning chemicals, and paper.

Market Outlook

Global specialty chemicals market size was valued at US$ 582.35 billion in 2017, and expected to witness significant growth, exhibiting a CAGR of 5.12% during the forecast period (2019-2027). This is owing to increasing demand for specialty chemicals from various industries. Increasing demand for electronic chemicals, specialty polymers, and mining chemicals is expected to boost growth of the market during the forecast period. Furthermore, specialty chemicals such as construction chemicals, specialty cleaners, and specialty polymers holds a significant share in the market. Niche segments such as neutraceuticals and cosmetics are expected to witness significant growth in the near future and thereby, it is expected to support the market growth. Furthermore, agrochemicals holds the largest market share, accounting for around 14.1% in 2017. This is owing to increasing demand for growing adoption of new techniques and increasing demand for crop protection. Moreover, global specialty chemicals market is expected witness growth, owing increasing demand for oilfield and lubricant chemicals.

However, environmental regulations, stringent laws regarding carbon footprints from authorities are expected to hinder the demand for specialty chemicals and subsequently restrain the market growth.

Market Regional Analysis

North America and Europe holds the largest market share in global specialty chemicals market. This is owing to high presence of key players in regions. Furthermore, Asia Pacific is expected to witness fastest growth in the market during the forecast period. Increasing demand for specialty chemicals from emerging economies is expected to propel the market growth in the near future. Moreover, increasing demand for commercial, residential, and public buildings, owing to increasing population and urbanization is expected to impel the market growth.

Market Players

Major players operating the global specialty chemicals market are Saudi Basic Industries Corporation, Mitsubishi Chemical Corporation, LOTTE Fine Chemical, Thebe Unico, Huntsman Corporation, Eastman Chemical Company, and Evonik Industries AG

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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