Specialty Chemicals Market Growth & Trends
The global specialty chemicals market size is expected to reach USD 914.4 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.1% from 2022 to 2030. The growth is attributed to the growing demand from pharmaceuticals, flavors and fragrances, rubber processing, and electronics chemicals, among others. One of the prime growth factors is consumer-driven demand, led by categories such as personal care, food & feed additives, and pharmaceuticals, among others.
Growing trends of rubber products such as long service life tires, high- performance requirements, and others influence the demand for rubber processing chemicals used in tires and industrial products. The market is primarily driven by the increasing use of synthetic rubber products globally. Additionally, growth in medical, footwear, aerospace, construction industries that require rubber products are expected to propel the demand in the near future.
However, the market growth slumped due to European geopolitical conflict which have caused an increase in oil costs, which affected the price of producing chemicals. The market is projected to be significantly impacted by rising oil prices. From the manufacturer’s viewpoint, the impact of rising energy prices resulted in higher chemical prices and has somewhat eroded profits. The import and export of raw materials across regions, particularly in the European region, were impacted by supply interruptions, which in turn had an impact on the market as a whole.
The countries in Latin America regions are expected to witness a trend of increased consumption of food & beverage products manufactured by adding additives to enhance flavor and taste owing to the shifting consumer eating habits and favorable regulatory developments in the region. These factors have led to a strong increase in the demand and the consumption of high-end value-added products like carbonated drinks, desserts, bakery products, among others. Moreover, the presence of major manufacturer such as Cargill Incorporated, General Mills, and Kraft Foods has resulted in novel product developments and capacity expansions in the industry, thus contributing to market growth.
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Specialty Chemicals Market Report Highlights
Electronic chemical is the second fastest growing product segment with a CAGR of 5.5 % on the account of their use in advanced chemical purification technologies such as filtration, distillation, gas adsorption, and ion exchange to minimize the level of contaminants in high-purity process chemicals
Specialty pulp and paper chemicals product segment will grow significantly during forecast period. The demand is likely to increase with the growing developments, technological advancement, and M&A among the market players
The specialty chemicals landscape has been experiencing noteworthy transformation in recent times. Many integrated and large companies are expanding their portfolios to gain a foothold in the specialty chemicals marketspace
Germany specialty chemicals demand is expected to be high over the coming years owing to increasing consumption of coatings, printing inks, additives, and others in the food, automotive, and wood coating applications. Key players including BASF SE, Evonik Industries AG, and Lanxess are the largest manufacturers in the country
With surplus feedstock and rising regional demand, prominent manufactures are witnessing lucrative investment opportunities from the Asia Pacific and Middle East region
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