Global Specialty Chemicals Market Size Soaring at 5% CAGR by 2028

By Ashwin Naphade  | Date: November 01, 2022

Global Specialty Chemicals Market Size Soaring at 5% CAGR by 2028

In a recent report released by MarketStudyReport titled ‘Global Specialty Chemicals Market’, states that global specialty chemicals market is anticipated to expand at a CAGR of 6% during the forecast period to accrue noteworthy returns by the year 2028.

As per report findings, expanding population coupled with the rising food demand around the world are driving the popularity of food additives, which is propelling the expansion of global specialty chemicals market.

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For the unversed, specialty chemicals are utilized in the production of cement as fuels, gypsum, combustion agents, and set controllers. These are used to prepare superplasticizers and chemical admixtures like SCC, RMC, and RPC for concrete. They serve as freeze-thaw agents, corrosion inhibitors, and retarders. Specialty chemicals are advantageous for the automotive sector since they are necessary for the efficient operation of automobiles.

Furthermore, increasing demand for high-performance and function-specific chemicals across end-use sectors including pulp & paper, oil & gas, personal care, and cosmetics are expected to augment industry outlook in the coming years.

However, variations in raw materials and strict government requirements may restrain market development during the forecast period.

Based on type terrain, the construction segment of worldwide specialty chemicals industry is anticipated to expand significantly over the forecast period, owing to the huge demand for specialty chemicals across the growing chemical businesses around the globe.

Speaking of regional outlook, the latest trends are studied across Middle East & Africa (Turkey, South Africa, GCC, Rest of MEA), Latin America (Brazil, Mexico, Rest of Latin America), Asia Pacific (ASEAN, Australia, South Korea, India, Japan, China, Rest of APAC), Eastern Europe (Poland, Russia, rest of Eastern Europe), Western Europe (France, UK, Germany, Spain, Nordic, Benelux, Italy, rest of western Europe) and North America (U.S. and Canada).

Moving to competitive landscape, DuPont de Nemours, Inc., Vink Chemicals GmbH & Co. KG, Mitsubishi Chemical Holdings Corporation, Solvay SA, Sumitomo Chemical Co., Ltd., 3M Company, Huntsman International LLC, Clariant AG, Bayer AG, BASF SE, Ashland LLC, and Albemarle Corporation are the leading players in global specialty chemicals industry. These players are implementing various tactics to strengthen their foothold in the marketplace.

Questions and Answers: Global Specialty Chemicals Market

Q1. What are the growth determinants for global specialty chemicals market?

Answer: Expanding population coupled with the rising food demand around the world are driving the popularity of food additives, which is propelling the expansion of global specialty chemicals market.

Q2. How will construction chemicals segment contribute to worldwide specialty chemicals market expansion?

Answer: Huge requirement for specialty chemicals across the growing chemical business  is likely to impel the demand in the near future, thus contributing to market expansion.

Q3. Which are the key players in global specialty chemicals market?

Answer: DuPont de Nemours, Inc., Vink Chemicals GmbH & Co. KG, Mitsubishi Chemical Holdings Corporation, Solvay SA, Sumitomo Chemical Co., Ltd., 3M Company, Huntsman International LLC, Clariant AG, Bayer AG, BASF SE, Ashland LLC, and Albemarle Corporation are the leading players in global specialty chemicals market.

For more details on this report:

https://www.marketstudyreport.com/reports/global-specialty-chemicals-market-analysis-and-forecast-2019-2028/     

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About Author

Ashwin Naphade     ibmag.com

Ashwin Naphade

Ashwin is into digital marketing since the last 2 years and has worked on multiple projects across various industries. He likes posting information and knowledge on multiple topics with an objective to create online visibility as well as share his inputs. His interest...

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