The global specialty chemicals market value reached $639,935.8 million in 2019, and it is expected to surge to $980,423.7 million by 2030. Furthermore, the market will demonstrate a CAGR of 5.5% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being propelled by the mushrooming requirement for these chemicals in the automobile, textiles, and food industries. Additionally, the growing requirement for improved crop quality and rapid industrialization are fueling the sales of efficient and low-cost systems in emerging economies.
Besides, the growing use of specialty chemicals in various applications and end-use industries, such as packaging, consumer goods, automotive, pharmaceuticals, and food processing, on account of their compatibility with several other substances and chemicals and diverse features, is also propelling the advancement of the specialty chemicals market. For instance, specialty chemicals are majorly used as fuel additives for enhancing the properties of the fuel in the automotive sector. Likewise, specialty chemicals, such as methyl oleate, are utilized as active pharmaceutical ingredients in various creams and lotions.
These chemicals are widely used as additives for creating the desired effect in substances or products. Furthermore, because of the rising urbanization and industrialization rates in developing countries, such as China, Brazil, and India, the demand for specialty chemicals is soaring sharply. Moreover, the growing disposable income of people and their improving living standards, owing to the rapid urbanization, are also positively impacting the sales of specialty chemicals. For example, as per the International Monetary Fund (IMF), developing countries in Asia, such as South Korea, Malaysia, India, and China, collectively hold more than 31.5% share in the total gross domestic product (GDP) globally.
Depending on type, the specialty chemicals market is divided into construction chemicals, agrochemicals, surfactants, specialty coatings, polymer additives, food additives, cleaning chemicals, electronic chemicals, paper and textile chemicals, plastic additives, lubricant and oilfield chemicals, and adhesives and sealants. Out of these, the lubricant and oilfield chemicals category is predicted to exhibit the fastest growth in the coming years, owing to their surging shale gas production and consumption across the globe.
Globally, the Asia-Pacific specialty chemicals market is predicted to demonstrate rapid expansion during the forecast period. This will be because of the mushrooming use of these chemicals in various automotive and heavy construction applications in order to extend the life of machinery, reduce operating expenditure, and increase the productivity of the equipment by mitigating the wear and tear of the engine components during various heavy-duty operations, in the region. Additionally, the increasing agricultural activities are also fueling the sales of specialty chemicals in the region.
Hence, it can be safely said that the demand for specialty chemicals will shoot up all over the world in the coming years, mainly because of the booming automotive, food, and textile industries, rapid urbanization and industrialization, especially in developing nations, and ballooning production of consumer goods.