Specialty Chemicals Market: COVID-19 Impact and Global Analysis Forecast to 2028

Specialty chemicals also known as effect chemicals, are defined as specific chemical products that furnish a large number and variety of effects on which growth of various other industries is depending. Some of the different types of specialty chemicals include cleaning materials, elastomers, flavors, agrichemicals, food additives, industrial gases, surfactants, construction chemicals, fragrances, polymers, lubricants, adhesives and cosmetic additives, and textile auxiliaries amongst others.
A variety of industrial sectors including agriculture, automobile, manufacturing, aerospace, food, cosmetics and textile depends mostly on such kind of specialty chemical products. Also Specialty chemicals are particular chemicals which are used based on their functions and performance. As a result, specialty chemicals are regularly referred to as formulation chemicals or else performance chemicals.

Specialty chemicals are capable of mixture of molecules or unique molecules also called as formulations.The physical and chemical characteristics of the formulated mixtures or single molecules as well as the composition of the aforementioned mixtures affectsthe overall performance of the end product. In various commercial applications, the specialty chemical manufacturers focus on bringing up innovative technical solutions for their group of clients. Hence, this is a differentiating facility in the options furnished by specialty chemical producers when they are linked to other sectors of the global industry counting fine chemicals, commodity chemicals, pharmaceuticals and petrochemicals.
Rising industrial activities especially in the sectors such as food, agriculture, cosmeticsand others especially in the developing economies including Brazil, India and China are some key factors anticipated to drive the demand for specialty chemicalsduring the forecast period thus driving the overall global specialty chemicals market.

In addition to this, rising use of specialty chemicals in water treatment course across the world is another thing that boost the global specialty chemicals market. Further, always increasing development and introduction of relatively more stylish water treatment process including ion-exchange involve the use of specialty chemicals particularly in the industrial water treatment. Stringent government norms on the use of some specific specialty chemicals in food industry may hinder the global market over the forecast period. Furthermore, increasing industrial actions especially in the emergent economies such as China, India, Russia, Poland, Turkey, Indonesia and Brazil among othersis in turn increasing the demand for specialty chemicals. China and Japan are likely to maintain their supremacy in the Asia-Pacific specialty chemicals market all through the forecast period. Institutional and specialty polymers, industrial cleaners, electronic chemicals, construction chemicals and some exact flavors and fragrances are the most extensively used specialty chemicals across the world.
The global market can be divided based on type, function and geography. Based on type, the global market can be segmented into food additives, construction chemicals, cosmetic chemicals, oil field chemicals, textile chemicals, paper and pulp chemicals, water treatment chemicals, ink additives and others. Based on function, the global market can be segmented into antioxidants, surfactants, biocides and others. By geography, the global specialty chemicals market can be divided into North America, Latin America, Europe, Middle East & Africa and Asia Pacific.

Some of the players concerned in the supply of specialty chemicals are concentrating on key market strategies such as acquisitions & mergers along with development in old goods and innovations in new product development. They are directed on bringing up new products to meet the demands in the constantly competitive market. Some of the chief players in the global market include Huntsman Corporation, Chevron Phillips Chemical Company, Novozymes, Akzo Nobel N.V., Clariant International Ltd, Clariant AG, Evonik Industries AG, Clariant AG, BASF SE, Rhodia S.A., Evonik Industries AG, Cytec Industries Inc., Akzo Nobel N.V., Ferro Corporation, Chemtura Corporation and Albemarle Corporation among others.

The global specialty chemicals market can be segmented
By Type:
• Food additives
• Cosmetic chemicals
• Water treatment chemicals
• Textile chemicals
• Paper and pulp chemicals
• Construction chemicals
• Oil field chemicals
• Ink additives
• Others

By Function:
• Antioxidants
• Biocides
• Surfactants
• Others

By Region:
• North America
• Latin America
• Europe
• Middle East & Africa
• Asia Pacific