The competitive arena for specialty chemicals is extremely fragmented
as most companies prefer to sign short term contracts for these
chemicals from local manufacturers. BASF SE, The Dow Chemical
Company, and Bayer AG - the top three providers of specialty
chemicals in the world - collectively held only 10.6% of the market
value in 2014.
While the top players hold a relatively smaller share in the
specialty chemicals market, their rate of forward integration is very
high. This allows them to ensure a consistent supply of specialty
chemicals to high demanding regions.At the same time, new entrants
can expect to face strong competition from current players, according
to Transparency Market Research. Existing players possess the
advantage of economies of scale, thereby improving their cost-based
competitive edge over new entrants.
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APAC
Raises Demand for Agrochemicals, Attracts More Specialty Chemicals
Manufacturers
“The Asia Pacific contains a large concentration of regional
players in the specialty chemicals market,” states a TMR analyst.
“This is due to the exceptionally high demand for agrochemicals in
the region. This applies especially to China and India who therefore
become the key regions demanding agrochemicals.”
A high demand for specialty chemicals is also seen in Latin America
due to a growing concern over product quality.
Demand
for Coated Paper Reduces in North America and Europe, Denting Demand
for Specialty Chemicals
Europe and North America are showing a significant reduction in the
consumption of coated papers, causing a downturn for providers of
paper chemicals in the two regions. Both regions are evolving in the
sense of text and media and moving towards the digital medium for the
dissemination of information and news. This is having a visible
impact on the paper industry and consequently, the specialty
chemicals players that focus on paper coatings.
Multiple paper coating manufacturers have had to change product types
or even shut down due to the reduction in demand, which includes
Resolute Forest Products, Inc., which had to shut down its Laurentide
Mill in 2014.
The global market for specialty chemicals is expected to expand at a
CAGR of 4.7% within a forecast period from 2015 to 2023. This market
is expected to reach US$871.5 bn by the end of 2016 and US$1,210.1 bn
by the end of 2023.
Asia Pacific is expected to consistently dominate the specialty
chemicals market in terms of demand, owing to a largely agrarian
population with a very high demand for agrochemicals. By the end of
2023, this region is expected to take up 54.4% of the market volume.
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The product segment of agrochemicals itself is otherwise showing a
steady growth rate. It is expected to take up 13.5% of the market
volume. Besides this, there is a high collective demand for specialty
chemicals from water management, nutraceuticals, cosmetic chemicals,
printing inks, feed additives, flavors and fragrances, and a few
others. This collective segment is expected to take up 21.5% of the
market volume by 2023.
The information presented in this review is based on a Transparency
Market Research report, titled, “Specialty Chemicals Market -
Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2015 - 2023.”
Key
Takeaways:
- Revenue generated in global specialty chemicals market expected to reach US$1,201.1 bn by 2023.
- Agrochemicals expected to generate US$162.8 bn in revenue for specialty chemicals players by 2023.
- China is expected to generate a revenue of nearly US$37 bn for agrochemical-based specialty chemicals in 2023.
Key
segments of the Global Specialty Chemicals Market
Global
Specialty Chemicals Market, by Product
- Agrochemicals
- Polymers & Plastic Additives
- Construction Chemicals
- Electronic Chemicals
- Cleaning Chemicals
- Surfactants
- Lubricants & Oilfield Chemicals
- Specialty Coatings
- Paper & Textile Chemicals
- Food Additives
- Adhesives & Sealants
Global
Specialty Chemicals Market, by Region
- North America
- Europe
- Asia Pacific
- Rest of the World
About
Us
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
consultants use proprietary data sources and various tools and
techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team
of research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
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