Global Specialty Chemicals Market to Grow by a CAGR of ~5% on the back of Expanding Construction Industry in the Asia Pacific, and the Increasing Food Demand Worldwide During 2023 – 2035

 Kenneth Research published a report titled “Specialty Chemicals Market: Global Demand Analysis & Opportunity Outlook 2035” which delivers detailed overview of the global specialty chemicals market in terms of market segmentation b by source, type, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global specialty chemicals market is expected to hold a revenue of ~ USD 900 billion by 2035, growing from ~ USD 600 billion in 2023. The market growth can be attributed to the increased construction activities in the Asia Pacific, the increasing food demand, growth in research and development (R&D) investments, demand for consumer electronics, and the increase in the demand for cleaning products.

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The global specialty chemicals market is expected to grow at a CAGR of ~5% from 2023-2035. The market is segmented by type into agrochemicals, flavors ingredients, fragrances ingredients, dyes & pigments, personal care active ingredients, water treatment chemicals, construction chemicals, surfactants, textile chemicals, polymer additives, bio-based chemicals, and others. Of these, the construction chemicals segment is anticipated to hold the largest market share by the end of 2035, owing to the increase in construction activities involving the use of construction chemicals.

The global specialty chemicals market is divided into five major regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is projected to hold the largest market share by the end of 2035, backed by China being a manufacturing hub, and the expanding industrialization in various places in the region.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

Increase in the Global Food Demand to Boost the Market Growth     

It is estimated that the global food demand should see an increase of between ~60% and ~99% by 2050. The increasing per capita income of developing nations and the growth of these regions is the main reason for an increase in food demand. Thus, there is a need for greater production of plant-based products to meet the food demand, thereby increasing the demand for specialty chemicals which are important components of plant growth regulating products like pesticides and fertilizers.

However, the reduced sales of specialty chemicals during the pandemic, the reduced automotive manufacturing, and the various trade restrictions and economic sanctions across the world are expected to operate as key restraints to the growth of the global specialty chemicals market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global specialty chemicals market which includes company profiling of Ashland Inc., Evonik Industries AG, The Dow Chemical Company, Akzo Nobel N. V., BASF SE, Kemira Oyj, Sumitomo Chemical Co., Ltd., Croda International Plc, Huntsman International LLC, The Lubrizol Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global specialty chemicals market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

Kenneth Research is a leading service provider for strategic market research firm and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.

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