The According to a market research report, the “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″, size was USD 272.6 billion in 2022 and is projected to reach USD 364.8 billion by 2028, at a CAGR of 5.0%, between 2023 and 2028.
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Specialty chemicals, which are also known as performance chemicals are used as ingredients in various finished products to enhance their performance. Specialty chemicals is a whole ecosystem consisting of multiple chemicals within the category. In this report we have considered different specialty chemicals such as plastic additives, rubber additives, adhesives, cosmetic ingredients, lubricating oil additives, specialty oilfield chemicals, water treatment chemicals, electronic chemicals, textile chemicals, and advanced ceramic chemicals.
This report also provides a comprehensive analysis of the companies listed below:
The major Players in specialty chemicals market include BASF SE (Germany), DOW Inc. (US), Nouryon (The Netherlands), LANXESS AG (Germany), Evonik Industries AG (Germany), Huntsman Corporation (US), Covestro AG (Germany), Clariant AG (Switzerland), Solvay S.A. (Belgium), and Arkema (France). The specialty chemicals market is witnessing growth in the past few years; new technologies drive the growth of this market. Market players are introducing new technologies and features to acquire larger market shares.
Recent Developments in Specialty Chemicals Market
- In June 2021, BASF SE introduced VALERAS to its plastic additives’ portfolio with high sustainability value. This new product portfolio allows its customers gain access to a range of innovative solutions that empower them to effectively pursue their sustainability objectives..
- In December 2022, Dow has introduced the SILASTIC SA 994X Liquid Silicone Rubber (LSR) series, demonstrating the company’s ongoing commitment to developing intelligent, secure, and environmentally friendly technologies for the mobility and transportation sector. The SILASTIC SA 994X LSR series comprises a collection of primerless, self-adhesive, general-purpose, and self-lubricating LSRs with a one-to-one mix ratio.
- In February 2021, Dow introduced DOWSIL IE-8749, a new generation durable water repellent finish for fabrics based on the silicone chemistry. Studies conducted on a variety of textiles substrates based on DOWSIL IE-8749 Emulsion treatment demonstrated improved fabric retention in comparison to standard silicone finishes..
- In June 2022, Nouryon launched
Expancel HP92 microspheres, revolutionizing the use of thermoplastic microsphere fillers in high-pressure manufacturing applications for the automotive industry. With the growing emphasis on lightweight materials to comply with stringent emission standards and meet consumer demands for fuel-efficient vehicles without compromising performance or passenger comfort, the introduction of Expancel HP92 microspheres marks a significant advancement. - In August 2022, Nouryon entered into an exclusive partnership with Brenntag Specialties, appointing them as the sole distributor of Nouryon’s innovative
LumaTreat® tagged polymers in the United States and Canada. This agreement covers a diverse range of Nouryon’s specialty polymers and aims to provide professionals in the water treatment industry with enhanced availability of essential ingredients for industrial and commercial cooling and heating systems.
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BASF SE is among the largest chemicals-producing companies across the globe. The company operates through seven business segments: chemical, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions and others. BASF SE offers specialty chemicals through its performance chemicals subsegment under the industrial solutions business segment. The company offers various types of water treatment chemicals such as coagulants & flocculants, corrosion inhibitors, defoamers, biocides, and antiscalants & dispersants under different brand names including Magnafloc, Basocorr,
Evonik Industries AG, is a German multinational specialty chemicals company headquartered in Essen, Germany. Evonik operates in a variety of industries including chemical, energy, nutrition, and health. The company operates through five business segments: smart materials, specialty additives, nutrition & care, performance materials, and technology & infrastructure. The company offers its specialty chemicals under the specialty additives and nutrition & care segments. Specialty additives were previously categorized under the resource efficiency segment, but since 1st July 2019, the company introduced a new corporate structure and reclassified the segments. The company has its presence in over 100 countries, along with 104 production facilities in 27 countries and has a major presence in Europe, Asia Pacific, North America, Central and South America, and the Rest of Europe.
Asia Pacific is the largest and fastest-growing adhesives market. Asia uses plastic packaging extensively, with nations like China and India making significant contributions through their food and beverage industries. The use of adhesives in green building initiatives is becoming more and more popular due to increasing focus on sustainability and energy efficiency. Insulation materials, building exterior systems, and energy-efficient windows are all installed using adhesives. The promotion of eco-friendly and energy-saving practices by governments and organizations in Asia Pacific drives the demand for such adhesive solutions.
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