In the current market scenario, chemical companies
are focusing on sustainability, innovation, and competitiveness. Top specialty
chemical companies are engaged in sustainability and green chemistry, such as
reduced carbon footprint and improved raw material supply.
The market for specialty chemicals has been on the
increase in various applications and this has boosted the total market in
various regions.
The major factors driving the growth of the market
are growing demand from the end-user industries such as textiles, food, and
automobiles. Other factors are technological advancements and increasing demand
of various specialty chemicals in emerging economies.
The specialty
chemical markets in Western Europe, North America, and
Japan are relatively mature. Growths in emerging markets such as China and India
are high. The emerging economies offer more active prospects for the specialty
chemicals industry due to rising consumer-driven economies and
industrialization.
The global specialty chemicals market has grown
significantly in the past few years. The market is expected to continue growing
during the next five years due to the growing demand from various applications
such as oilfield chemicals, cosmetic chemicals, and water treatment chemicals.
Also, the market has experienced increasing demand particularly from regions
such as Asia-Pacific, Middle East, and Africa.
Growing demand for specialty chemicals in India and
China also is driving market growth. Waterproofing chemicals currently belong
to a niche specialty segment of the chemical industry. The global waterproofing
chemicals market was valued at REDACTED in 2017 and is expected to reach
REDACTED in 2023, after increasing at a compound
annual growth rate (CAGR) of REDACTED during the forecast period (2018-2023).
The market for water treatment chemicals is expected
to grow at an estimated REDACTED compound annual growth rate (CAGR) globally
from 2018 through 2023, fueled by new opportunities in both developing and
developed regions. Growth is expected to be strongest in the developing world,
with countries such as China and India undergoing growth that will more than
double the global average.
In 2017, the
value of the oilfield process chemicals market was approximately REDACTED.
Research expects the market to grow to over REDACTED in 2018 and REDACTED in
2023, at a CAGR of REDACTED over the next five years.
The global market for cosmetics and toiletries
ingredients was REDACTED in 2017 and is expected to increase to REDACTED in
2023. The CAGR for the five years from 2018 to 2023 is expected to be REDACTED.
The global plastic additives market was valued at
REDACTED in 2017 and is expected to reach REDACTED in 2023, after increasing at
a compound annual growth rate (CAGR) of REDACTED during the forecast period
(2018-2023).
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