Asia Pacific Specialty Chemicals Market is set achieve lucrative growth during the forecast period. A swift rise in construction and automotive industries in the region has propelled the demand for construction chemicals and automotive chemical compounds, which in turn has driven specialty chemicals industry to accumulate lucrative gains from the region. The fact that renowned automakers such as Audi AG, BMW, and Mercedes Benz have planned to expand their operations across APAC can prove beneficial for the expansion of specialty chemicals market in the region.
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According to Global Market Insights, Inc. “Specialty Chemicals Market having had a share of USD 830 billion in 2015, is estimated to reach USD 1273 billion by 2024.” The chemical industry has become a crucial name in the global business space, being regarded as the key enabler for other sectors. Chemicals have occupied their significant share in probably all the other industries of the world, right from the electronics to the paint, automotive, food & beverages, etc. With this gigantic presence, specialty chemicals market is all set to expand vigorously both in terms of revenue and applications over the coming years.
The global population, which is estimated to grow rapidly touching a 9 billion mark by 2040 is a major factor driving the specialty chemicals market. Possibly, all the industries of the world are witnessing a supply/demand imbalance due to this population growth, the food industry being in the topmost concerned space. The food security concerns can be realized looking at the population vs arable land growth rate during 2015. Where on one hand, the population witnessed a 5% increase, on the other side the arable land witnessed a growth of 3.5%, which clearly indicates the agricultural food scarcity the world may witness. This imbalance is making the farmers adopt Agrochemicals on a large scale, thus boosting specialty chemicals industry size.
The surge in the demand for specialty chemicals can largely be attributed to the ever-growing population and rapid industrialization, which have resulted in the loss of cultivable land. In order to feed the rising population, the governments across the globe are likely to promote the use of agrochemicals to meet the demand supply mismatch, which will directly impact specialty chemicals market.
The construction industry, however is also a huge growth avenue for specialty chemicals market, with a valuation of USD 70 billion in 2015. These specialty chemicals are used for increasing the shelf life of structural components used in construction and also to provide a protective layer against the weather conditions. The globe will witness a slew of several upcoming construction projects, which are likely to stimulate the overall market size.
These chemicals are used as adhesives & sealants, paints & coatings, polymers & plastics additives to impart enhanced characteristics to the automobiles. The global surge in automobile production, especially in the emerging countries of Asia Pacific will thus impel specialty chemicals market. In addition, the growing automotive sector will prompt automakers based in America and Europe to expand their global reach, which will further stimulate the industry trends. In 2015, global personal & commercial vehicles production was around 90 million and is set to increase exponentially, which in turn will augment specialty chemicals industry share from automotive applications. India, Japan, U.S., China, and South Korea led the global automotive industry in 2015 by recording a 55% contribution toward global cars & commercial vehicles production.
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In the coming years, the companies worldwide will spend heavily on R&D activities to walk parallelly with the growing consumer needs and demands. The specialty chemicals market, which is highly competitive and fragmented presently, will witness various collaborations and partnerships for efficient manufacturing of these products. Key market players are Dow Chemical, INEOS Group, BASF, Bayer, Ashland Inc., DuPont, Clariant, Huntsman, Syngenta, Evonik Industries, Arkema, Albemarle, Akzo Nobel, Eastman Chemical Company, Chemtura, and Solvay.
Glimpse of Table of Content (ToC)
Chapter 3. Specialty chemicals Industry Insights
3.1. Industry segmentation
3.2. Industry Size and forecast 2013 – 2024
3.3. Industry ecosystem analysis
3.4. Industry Impact forces
3.4.1. Growth drivers
18.104.22.168. Increasing demand for yield-enhancing agrochemicals
22.214.171.124. Rising demand from automotive industry
3.4.2. Industry pitfalls & challenges
126.96.36.199. Stringent government regulations against agrochemicals
188.8.131.52. Diminishing coated paper demand in North America and Europe
3.5. Growth potential analysis
3.6. Porter’s analysis
3.7. Company market share analysis, 2015
3.8. PESTEL analysis
3.9 Pricing trends
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