Specialty Chemicals Market Research with Key Success Factors, Growth Trends and Forecast

According to Fortune Business Insights™, the global specialty chemicals market is expected to grow to USD 1,063.4 billion by 2032, with a compound annual growth rate (CAGR) of 5.0% during the forecast period. The market’s value was USD 627.7 billion in 2020 and is projected to reach USD 721.5 billion by 2024.

In 2020, the market faced a 2.8% decline due to the widespread impact of the COVID-19 pandemic. The outbreak caused significant disruptions in transportation and travel, leading to strict measures to control the virus’s spread. As a result, chemical companies and suppliers experienced major inventory shortages, leading to a notable drop in sales and revenues.

Despite these challenges, chemical companies played a crucial role in combating COVID-19. Their efforts, which included producing disinfectants and manufacturing pharmaceutical ingredients for vaccines, highlighted their importance in addressing the crisis. As we move into the post-pandemic period, the essential role of these companies is expected to continue shaping their future trajectory.

List of Key Players Profiled in the Specialty Chemicals Market Report

  • The Lubrizol Corporation (US)
  • Croda International Plc (UK)
  • Kemira Oyj (Finland)
  • Akzo Nobel N.V. (Netherlands)
  • Evonik Industries AG (Germany)
  • Albemarle Corporation (US)
  • Huntsman International LLC (US)
  • LANXESS AG (Germany)
  • BASF SE (Germany)
  • Clariant AG (Switzerland)
  • Solvay AG (Belgium)

Solvay Introduces Innovative Line of High-Performance PPA Compounds

In April 2024, Solvay, a leading company in the specialty chemicals market, introduced Amodel Supreme PPA, a new line of high-performance polyphthalamide (PPA) compounds. This advanced suite is designed to meet the complex requirements of e-mobility and metal replacement applications, offering exceptional electrical, mechanical, and thermal properties. Amodel Supreme is particularly suited for components in telecommunication equipment, electric and electronic devices, high-temperature electrical connector housings, and battery-powered motors. This innovative polymer-based compound is set to enhance Solvay’s position in the chemical industry.

Rising Global Concerns Drive Growth in Agrochemicals Segment

The market, categorized by type, includes various segments such as agrochemicals, dyes & pigments, construction chemicals, specialty polymers, textile chemicals, and more. The agrochemicals segment is expected to lead the market due to the increasing demand for specialty chemicals in agriculture to boost farm productivity.

This growth is driven by growing concerns over global food security, fueled by rising populations and decreasing resources. According to the Food and Agriculture Organization (FAO), global food production needs to increase by 70% between 2005 and 2050 to support a population projected to exceed 9 billion in the next three decades. Agrochemicals are set to play a crucial role in helping governments and international bodies meet the agricultural sector’s productivity demands.

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Strong Chemical Manufacturing in China to Drive Asia Pacific Market

Asia Pacific is expected to dominate the specialty chemicals market during the forecast period, supported by China’s strong manufacturing capabilities. China’s manufacturing strength is bolstered by ample raw material availability and a cost-competitive labor force. The Asia Pacific market was valued at USD 291.2 billion in 2020. North America, a major consumer of specialty chemicals like biocides and synthetic lubricants, is expected to strengthen its market presence in the coming years. In the Middle East, the high demand for oilfield chemicals will be a significant driver for the regional market.

Acquisitions to Fuel Growth Strategies for Key Players

The growing demand for specialty chemicals is prompting companies to expand rapidly. Key players are engaging in strategic acquisitions of competitors, smaller firms, and financially weaker entities to enhance their market presence, diversify their portfolios, and strengthen their operations in emerging markets.

Industry Development

In January 2024, Huntsman Corporation completed the acquisition of Gabriel Performance Products, an Ohio-based manufacturer of epoxy curing agents and specialty additives, for USD 250 million from Audax Private Equity.