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(EstateNewsWire.com, June 25, 2024 ) The report "Specialty Chemicals Market by Type (Plasticizers, Water-Based, Coagulants and Flocculants, Scale Inhibitors), Application (Paper and Packaging, Automotive, Consumer Goods, Construction), and Region - Global Forecast to 2028 " The global specialty chemicals market was valued at USD 285.4 billion in 2023 and is projected to reach USD 364.8 billion by 2028, growing at 5.0% during the forecast period.
Browse in-depth TOC on "Specialty Chemicals Market”
825 - Market Data Tables
104 - Figures
592 - Pages
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Based on type, plasticizers was the largest segment for plastic additives market, in terms of value, in 2022.
The development of new plasticizer formulations and manufacturing processes has expanded the range of applications for plasticizers. This includes the development of bio-based and non-phthalate plasticizers, which have gained popularity because of their safe and non-toxic attributes. Also the growing construction industries fuels the demand for plasticizers as they are used in the manufacturing of PVC-based pipes, cables, and other construction materials.
Based on application, consumer goods was the second-largest segment for plastic additives market, in terms of value, in 2022.
The consumer goods segment accounted for the second-largest market share in the plastic additives market in terms of value, in 2022. There is a significant demand for plastic additives in the consumer goods application to protect goods from the damaging by UV rays while being stored and transported, improve durability, and enhance performance. Overall, the need for product protection, consumer expectations, regulatory requirements, and technological developments in plastic additives formulations are all projected to drive up demand for plastic additives in consumer goods application.
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“Asia Pacific accounted for the largest market share for plastic additives market, in terms of value, in 2022”
Asia Pacific is home to some of the fastest-growing economies, such as China, India, and Southeast Asian countries. The economic growth in these countries leads to the growth of construction activities, infrastructure development, and urbanization, which drives the demand for specialty chemicals. Specialty chemicals are used in finished products as ingerdients to enhance their performance, durability, and protect from damaging. Also the rising disposable income in this region contributes to an increased infrastructure and construction activities. Asia Pacific countries such as India and China have low cost labor which attract major automotive manufacturers to set up their operational plant in these countries. All these factors are driving the market for specialty chemicals in Asia Pacific region majorly in automotive, construction, medical, packaging, and consumer goods applications.
Specialty Chemicals Market Key Players
The players profiled in the report include BASF SE (Germany), Evonik Industries AG (Germany), Clariant AG (Switzerland), Solvay S.A. (Belgium), DOW Inc. (US), Nouryon (The Netherlands), LANXESS AG (Germany), Huntsman Corporation (US), Covestro AG (Germany), and Arkema (France). Unitechem Group (China), and Everlight Chemical Industrial Corporation (Taiwan) among others, these are the key manufacturers that secured major market share in the last few years.
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