Specialty chemicals Market is expected to cross USD 1,147.4 Billion by 2023.
Specialty chemicals are high value added and low production volume chemicals. Specialty chemical can also be termed as performance chemicals. It is high added value products used as catalysts, intermediates, components, protectants it is utilized in a wide variety of applications.
Globally, the market for specialty chemicals has been increasing tremendously, specifically in Asia pacific, owing to rise in the populations in this region resulting to increasing in demand for construction industries, automotive industry among others. Additionally, specialty chemical industry growth typically follows the growth of these key end markets. For example increasingly urbanized china will demand for clean municipal market leading to increase in municipalities’ usage of water chemicals to recycle the waste water.
Furthermore, the government across the globe specifically in developing countries is investing in development of roads, ports, power and telecom which could result in over 15% pea growth in construction, and chemicals.
Major Key Players:
- Akzo Nobel NV.
- Evonik Industries AG.
- Chevron Phillips Chemical.
- BHS Specialty Chemical.
- Royce International.,