Sellbyville, DE -- (SBWire) -- 02/26/2019 --The revenue in North America crossed USD 150 billion in 2015, attributed to the demand in oil and gas industry, which is expected to grow during the forecast period. The oilfield chemicals and lubricants will contribute to the regional Specialty chemicals market growth. The growth of the product market in Asia Pacific is attributed to the growing automotive and construction sectors.
Specialty chemicals market will surpass USD 1,200 billion by 2024 according to this new research report. The global population has been on an exponential rise over the past few years. The demand of food will consequently increase leading to the growth of this industry. The yield of the crops can be enhanced with the aid of agrochemicals, which will create a high demand for the product. Governments have promoted the use of agrochemicals for filling the gap between demand and supply of food. Rapidly growing industrialization is one of the major factors driving the demand for the product. Industrialization will lead to decreased arable land, which will spur the product market.
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The increased per capita income of people has increased their purchasing power which will positively influence the automotive sector. The wide use of the product in plastic additives & polymers, coatings & paints, sealants and adhesives in automobiles will escalate the demand for the product. The increased consumer demand for lubricants in vehicles will augment the growth of the Specialty chemicals market.
Company Profile:
1. AkzoNobel
2. BASF
3. Ashland
4. Clariant
5. Evonik
6. The Dow Chemical Company
7. Huntsman Corporation
8. DuPont
9. Arkema
10. Bayer
11. Syngenta
12. Albemarle Corporation
13. Chaitra Corporation
14. Eastman Chemical Company
15. Solvay
16. INEOS
The construction industry will also boost the product market owing to the increased construction projects coming up for commercial and residential purposes. The increased urbanization in developing regions has led to many upcoming housing projects which will drive the product market.
The strict regulations of government authorities can hamper the growth of the Specialty chemicals market. The synthetic product has an adverse environmental impact due to its toxic nature which can impede the growth of the Specialty chemicals market. The coated paper industry has diminished in Europe and North America which can also restraint the business growth.
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The specialty chemicals have multitude of applications in various end-use industries. The electronic chemicals are estimated to witness growth at a rate of above 4.5%. The increased sales of smartphones will contribute significantly to the product market. Growing food & beverage industry will also contribute to the growth of specialty chemicals market. The food additives segment is estimated to exhibit significant gains in the forecast timespan.
The water treatment is one of the fastest growing Specialty chemicals market segments. The demand for water treatment chemicals will fuel the Specialty chemicals market growth as government regulations have been imposed on utilization of water.
Some of the key industry participants in this industry are BASF SE, Clariant AG, Akzo Nobel N.V., The Dow Chemical Company, DuPont, Bayer AG, Chevron Philips Chemical Company, Ashland Inc., Solvay, Syngenta AG, Chaitra Corporation, Evonik Industries, INEOS Group AG, Eastman Chemical Company, Albemarle Corporation, Arkema S.A. and Huntsman Corporation.
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At 4% CAGR, Specialty Chemicals Market to Cross US $1,273 Bn by 2024: AkzoNobel, BASF, Ashland, Clariant, Evonik, the Dow Chemical Company, Huntsman Corporation, DuPont
In 2015 Asia Pacific, led by China, Japan, and India, dominated the global specialty chemicals market revenue. The growth was mainly attributed to growing construction and automotive industry.