Specialty Chemicals Market Size, Share & Trends Analysis Report By Product (Institutional & Industrial Cleaners, Flavor & Fragrances, Food & Feed Additives), By Region, And Segment Forecasts, 2024 - 2030

Specialty Chemicals Market Growth & Trends

The globalspecialty chemicals market size was estimated at USD 641.47 billion in 2023and is anticipated to witness a compound annual growth rate (CAGR) of 5.2% from 2024 to 2030. This is attributed to the growing demand for construction, water treatment, and electronics chemicals, along with advancements in process technology and trade liberalization. The growth in demand for specialty chemicals is also attributed to the rising demand for pharmaceuticals, food & feed additives, and flavors & fragrances, among others. The demand for flavoring agents has increased as processed food and beverages have become more popular in developed nations. Furthermore, rising customer preference for novel flavors and fragrances in food products is estimated to contribute to the market growth.

In the U.S., the market for specialty chemicals is anticipated to witness notable growth over the forecast period. High opportunities for products are expected from various end-use industries, including water treatment, automobiles, and electronics. Growth in these sectors is expected to have a positive impact on specialty chemicals demand over the projected years. Furthermore, rising demand for personal care products, detergents,crop protection chemicals, and cleaning products will fuel the demand for specialty chemicals over the forecast period.

The outbreak of the COVID-19 pandemic has led to disruptions in the overall specialty chemicals value chain worldwide. A temporary shutdown of chemical production plants globally, coupled with restricted movement of goods for the first and second quarters of 2020, reflected a downfall in chemical production and demand. Consumption and production of specialty chemicals are highly prejudiced by their demand from end-use industries.

此外,最近欧洲地缘政治conflict caused an increase in oil costs, which affected the price of producing chemicals. The market for specialty chemicals is projected to be significantly impacted by rising oil prices. From a manufacturer’s viewpoint, the impact of rising energy prices resulted in higher chemical costs and erosion of profits. The import and export of raw materials across regions, particularly in Europe, were impacted by supply interruptions, which in turn had an impact on the specialty chemical market as a whole.

Market Dynamics

Specialty chemicals are consumed in almost every industrial sector. Among end-use industries, more than half of the globally produced specialty chemicals go into four end-use sectors — food and beverages; soap, cleaning, and cosmetics; construction; and electrical & electronics. The specialty chemicals market is expected to possess high growth potential in emerging markets over the coming years due to industrialization and rising consumer-driven economies. In terms of growth of categories, several categories of specialty chemicals, including specialty coatings, electronic chemicals, nutraceuticals, flavors & fragrances, and the organic personal care market are expected to witness rapid growth, owing to a positive outlook for their corresponding end-use markets.

在石油天然气的技术进步dustry include rapid research & development activities conducted by multinationals such as Royal Dutch Shell, British Petroleum, and Total SA. Companies have been focusing on delivering high-performance chemicals for oil field applications, chemical processing, and more that enhance oil recovery & production, and maximize recovery of oil and gas reserves. Fluctuation in crude oil prices and availability in the global market, however, poses a threat to specialty chemical formulators operating worldwide.

Product Insights

The other products segment dominated the market with the highest revenue share of 26.9% in 2023. It includes other specialty chemicals such as lubricating oil additives and surfactants, to name a few. The segment growth can be primarily attributed to the increasing awareness regarding the benefits of specialty chemicals among consumers. In addition, the growth of end-use industries is expected to accelerate the market growth further.

Specialty surfactants are used with commodity surfactants as surfactants, which are essential ingredients in a wide range of domestic and industrial products. Fast-growing niche applications for specialty surfactants include high-performance, small-volume products such as alkyl polyglycosides, sulfosuccinates, and others wherein they act assurfactantsalong with commodity surfactants. The growth of automotive, metalworking, and other end-use industries is expected to drive demand for lubricating oil additives, which, in turn, is expected to augment segment growth over the forecast period.

The institutional and industrial cleaners segment is expected to register growth over the forecast period. These cleaners are the largest industrial consumer of surfactants. They are the key components used in general-purpose cleaning, commercial floors, surfaces, and where ease and efficiency, hygiene, technical performance, and food safety are important characteristics.

The industrial and institutional cleaning sector is rapidly growing and diversifying owing to the recurring nature of regulatory requirements, products, and services for cleanliness and hygiene. The major driver for industrial and institutional cleaning products is a requirement for eco-friendly, effective, and less labor-intensive cleaning products, wherein surfactants act as wetting agents, detergents, foaming agents, dispersants, and emulsifiers.

Regional Insights

Asia Pacific dominated the market with the highest revenue share of 49.9% in 2023. This is attributed to factors such as economic progress, industrialization, and growth of major end-use sectors. China and India are major countries contributing to the regional market growth. Food and beverages, personal care and cosmetics, and pharmaceutical applications influence regional demand for additives. China, India, and Japan are key manufacturing countries in the Asia Pacific, with China as the global manufacturing leader, which also leads to a rise in product demand.

Increasing demand for cosmetic chemicals in the cosmetic industry in countries such as UAE, Kuwait, and Saudi Arabia is estimated to stimulate its industry penetration. A young and dynamic population along with high purchasing power is expected to contribute to market growth over the forecast period.

Additionally, the food & beverage sector in the Middle East has been ripe with several growth opportunities for international investors. Reliance on food trade, international tastes, changing consumer preferences and lifestyles, strategic geographic position, and gulf food programs have substantially contributed to the development of the food and beverages industry in the region, which is further estimated to trigger the demand for specialty chemicals over the predicted years.

The presence of major manufacturers such as Cargill, General Mills, and Kraft Foods is expected to surge the demand for specialty chemicals in the Latin America region over the forecast period. Automotive, transportation, chemical processing, and construction are expected to be other key consumers of specialty polymers, coatings, adhesives, sealants,plastic additives, lubricants, and others. Major manufacturers of synthetic lubricants in Latin America are Exxon Mobil Corporation, Royal Dutch Shell plc, Petrobras, and YPF.

Key Companies & Market Share Insights

Various manufacturing companies offer their specialty chemical products via suppliers and distributors directly to end-use industries such as oil and mining, catalysts, consumer chemicals, and others. These chemicals are manufactured using a batch process in batch chemical plants directly used by end-use industries to manufacture products as per defined quantities and specifications.

Companies such as Saudi Arabian Oil Co., SABIC, Farabi Petrochemicals Co., Total, and Chevron Corporation are key end-users of specialty chemical products across regions including Asia Pacific, Europe, and North America. These finished products are supplied to major end-use markets such as automotive, construction, electronics and electrical, pulp and paper, water treatment, pharmaceuticals, and consumer products at both regional as well as national levels.

Key players are focusing more on expansions and mergers & acquisitions to gain a higher share in the market. In July 2023, Phillips Carbon Black (PCBL) commissioned phase one of a 20,000 tons per annum specialty chemicals capacity in Mundra, Gujarat.

Specialty Chemicals Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 670.97 billion
Revenue forecast in 2030	USD 914.4 billion
Growth rate	CAGR of 5.2% from 2024 to 2030
Base year for estimation	2023
Historical data	2018 - 2022
Forecast period	2024 - 2030
Quantitative units	Revenue in USD billion and CAGR from 2024 to 2030
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Product, region
Regional scope	North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scope	U.S.; Canada; Germany; UK; France; China; India; Japan; Brazil; South Africa; Saudi Arabia
Key companies profiled	Solvay; Evonik Industries AG; Clariant AG; Akzo Nobel N.V.; DuPont; Kemira Oyj; Lanxess; Croda International Plc; Huntsman International LLC; The Lubrizol Corporation
Customization scope	Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional, and segment scope.
革命制度党cing and purchase options	Avail customized purchase options to meet your exact research needs.Explore purchase options

Global Specialty Chemicals Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global specialty chemicals market report based on product and region:

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Specialty Polymers

  • Institutional & Industrial Cleaners

  • Electronic Chemicals

  • Rubber Processing Chemicals

  • Flavors & Fragrances

  • Construction Chemicals

  • Food & Feed Additives

  • Cosmetic Chemicals

  • Oilfield Chemicals

  • Mining Chemicals

  • Pharmaceutical & Nutraceutical Additives

  • Plastic Additives

  • 革命制度党nting Inks

  • CASE (Coatings, Adhesives, Sealants & Elastomers)

  • Specialty Pulp & Paper Chemicals

  • Specialty Textile Chemicals

  • Catalysts

  • Water Treatment Chemicals

  • Corrosion Inhibitors

  • Flame Retardants

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

    • South Africa