The specialty chemicals market share will grow up to USD 357.76 Bn, accelerating market growth at a CAGR of 6.97 % over the next five years. 62 % of the market’s growth will originate from APAC during the forecast period. The specialty chemicals market growth is driven by the increasing demand for specialty chemicals from the agrochemical industry. However, the stringent regulations and policies are a major challenge for the specialty chemicals market growth.
Senior Analyst at Technavio Quoted ~ " also the growing demand for bio-based chemicals is one of the major specialty chemicals market trends that will have a positive impact on the market value."
Leading companies such as Albemarle Corp., BASF SE, Clariant International Ltd., Dow Inc., Evonik Industries AG, Henkel AG and Co., KGaA, Huntsman Corp., Nouryon Chemicals Holding BV, Saudi Basic Industries Corp., and Solvay SA are some of the major market participants and comes with a wide array of offerings across APAC, North America, Europe, South America, Middle East and Africa - US, China, Japan, South Korea, Germany.
Snapshot of the Geographic Analysis of the Specialty Chemicals Market
As per the market forecast by Technavio, APAC will record 62% of market advancement in the Specialty Chemicals Market during the forecast period.
APAC is expected to grow significantly during the forecast period, market advancement of the region will be driven by countries such as China, Japan, India, Vietnam, South Korea, Malaysia, and Australia. China, Japan, South Korea, and India owing to increasing demand for agrochemicals, plastic additives, food additives, and adhesives and sealants in the region.
Moreover, the region is expecting the demand for plastic additives with the rising production of consumer goods which is more likely to enhance market growth in this region
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