Specialty Chemical Market 2023: Global Industry Future Analysis & Growth by Top Key Players (Henkel Ag & Co. KGAA, BASF SE, AkzoNobel N.V.)

Rising concerns about pollution to promote growth in the specialty chemical market over 2018 to 2024

Specialty chemicals, also known as effect chemicals, are chemicals which provide different effect when added to different chemical or substances. Specialty chemicals are used under different categories such as adhesives (substance applied at the surfaces of materials binding them together to resist separation), agrichemicals (pesticides such as insecticides, herbicides and fungicides), cleaning materials, cosmetic additives, construction chemicals, elastomers, flavors, food additives (food preservatives such as salt, sugar, vinegar and sulfur dioxide), fragrances, industrial gases, lubricants, polymers, surfactants (emulsifiers, foaming agents and dispersants), and textile auxiliaries. The demand for specialty chemical is high in numbers of large scale manufacturing sectors. Rising concerns about environmental degradation and pollution have caused high demand for substitute applications that contribute to lower greenhouse gas discharges, such as biodegradable plastics, water-based paints, solar-powered and rechargeable electronics. The growth of gas drilling, shale oil, and refining activities with favorable oil & gas prices is predicated to drive the market growth over next 6 years.

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Construction chemicals are likely to emerge as fast-growing products due to high demand for tile fixing adhesives, specialized waterproofing, renovation and repair, and joint fillers. While, automotive is likely to remain a fastest growing application due to high demand for adhesives, paints, coatings, and others to reduce weight cost savings. Rising popularity of high-value chemicals that play an important role in the expansion of products is a major factor driving the growth for specialty chemicals.

Asia Pacific region to dominate the global specialty chemicals market through 2018-2024

Asia-Pacific leads the global specialty chemicals market. Hetal Patel a research analyst at Infinium Global Research quoted that the growth in the Asia-Pacific market for specialty chemicals is due to quick industrialization increased by trade liberalization, low labor cost, high economic growth, and the spread of process technology is boosting the growth in this region. Hetal Patel further quoted that due to quick growth in electronics and automotive industries with stable growth in industrial output in recent year has also boosted the growth of specialty chemicals market.

Nexeo Solutions to expand its business relationship with Solvay

Nexeo Solutions, a leader in chemicals and plastics distribution, announced that it would expand its business relationship with Solvay to distribute home care surfactant and polymer products into the North American market.

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Leading Companies

Some of the leading companies covered in the report include Henkel Ag & Co. KGAA (Germany), BASF SE (Germany), AkzoNobel N.V. (The Netherlands), Evonik Industries AG (Germany) and Clariant AG (Switzerland), Huntsman International LLC (U.S.), The Dow Chemical Company (U.S.), Albemarle Corporation (U.S.), and Ashland Inc. (U.S.), among

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