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Albany, New York, Aug. 01, 2018 (GLOBE NEWSWIRE) -- The specialty chemicals market has always been prosperous owing to vast and diverse industries that it caters to. Primarily, specialty chemicals are unique formulations of molecules that are produced for specific end users. Currently ranging from agriculture to automotive, construction, food and beverages, and even electronics, the diversity of the end users of specialty chemicals is expected to expand further on the back of ongoing research and development activities and consequently, the market for the same is flourishing.
According to a fresh business publication by Transparency Market Research (TMR), the global specialty chemicals market will attain a value of US$1,210.1 billion by the end of 2023, with the demand incrementing at a compound annual growth rate (CAGR) of 4.7% during the forecast period of 2017 to 2023.
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Fairly Fragmented Competitive Landscape
The analyst of the TMR report has notified of a fairly fragmented competitive landscape in the global specialty chemicals market, wherein a number of well-established companies are holding prominent positions but not much in terms of shares. The report has identified The Dow Chemical Company, BASF SE, and Bayer AG as the three companies who were ahead of the curve in this market as of 2014, although they merely constituted for a collective share of 10.6%.
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Most of these major players and others are focusing on signing up long and short term contracts with their end users. Additionally, these players have the advantage of economies of scale that hinders the entrance of new players. Local vendors, therefore, are competing on low cost products to carve a niche. In the near future, development of ecofriendly products is expected to a major boon for the players who can invest on the harnessing the concept.
Based on product type, the TMR report has segmented the specialty chemicals market into construction chemicals, polymers and plastic additives, agrochemicals, surfactants, cleaning chemicals, electronic chemicals, adhesives and sealants, food additives, paper and textile chemicals, specialty coatings, and lubricants and oilfield chemicals. Among these, the agrochemicals segment is currently generating the biggest bulk of demand. Geographically, Asia Pacific has been rated as the region of maximum opportunities, promising to cultivate 54.4% of the global demand for specialty chemicals by the end of 2023.
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Innovation Leading the way to Greater Demands
Constant focus of industries on innovation to develop products that are mildly, if not greatly, enhanced over the counterparts is the primary driver of the specialty chemicals market. This not only improves the overall products for the end users but also helps companies gain ground over their competitors and collectively, the market is on the rise. Additionally, huge demand has been foreseen in the emerging economies of India and China, as the countries house nearly one third of the global population. A number of end-use industries are flourishing in these two nations and generating substantial new demands. On the other hand, volatile prices of raw materials and strict government regulations are obstructing the market to a certain extent.
The information presented in this review is based on a Transparency Market Research report, titled, “Specialty Chemicals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
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Key Segments of the Global Specialty Chemicals Market
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