Specialty Chemicals Market Worth $470 Billion by 2020
The specialty chemicals Market size in terms of value is projected to reach $470 Billion by 2020, at a CAGR of 5.42% between 2015 and 2020, according to the report "Specialty Chemicals Market by Type (pesticides, Construction Chemicals, Specialty Oilfield Chemicals, Food Additives, Specialty Polymer and Others), by Function (antioxidants, Biocides, Surfactants, and Others) - Global Trends & Forecasts to 2020", published by MarketsandMarkets.
The market report defines and segments the specialty chemicals market with an analysis and forecast for types, and functions, in terms of value.
Specialty chemicals by functions range from antioxidants, biocides, catalysts, enzymes, separation membranes, specialty coatings, specialty pigments, surfactant, rheology modifier, demulsifier and others. Specialty coatings and surfactants collectively accounted for 27.19% share in terms of value in 2014. Increase in demand for specialty chemicals such as construction chemicals, pesticides, oilfield chemicals, mining chemicals and others is mainly due to the huge demand from Asia-Pacific region, and growth in end-user industries such as construction, automotive, and electronics. Growth is expected to be partly driven by turnaround in these key markets and the increasing need for specialty chemicals for these functions.
Pesticides are the major type of specialty chemicals. They capture a major market share of 15.81% of the total specialty chemicals market in 2014. The factors contributing towards the growth of pesticides market are decreasing arable land, growing population, and the need for improvement in crop yields. North America accounted for around 35.32% of the global market in 2014.
Construction chemicals are the major type of specialty chemicals, and are expected to witness the highest growth rate of 8.63%, from 2015 to 2020. The demand for construction chemicals is increasing on account of the growing construction sector in the major emerging economies such as China, India, South Korea, and Brazil.
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