New York, NY -- (SBWIRE) -- 07/31/2018 -- The global specialty chemicals market size in 2023 is projected to witness an increase of $200.0 billion from 2017. The growth of the market is majorly driven by the increasing demand of specialty chemicals in emerging economies, ongoing technological advancements, and increasing penetration of end use industries.

A major factor driving the growth of the specialty chemicals market is the increasing penetration of end use industries around the world. Specialty chemicals are used in a variety of industries including automotive, construction, F&B, personal care, and electronics. For example, in the automotive industry, specialty chemicals are used in various applications including paint removal, and cleaner for paint booths. The automotive market around the world is rapidly growing, owing to the increasing demand of automobiles on the back of the growing middle-class population. This is eventually resulting in the increasing demand of specialty chemicals in the automobile market.

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Globally, North America held the second largest share in the global specialty chemicals market, contributing 28.5% share in 2017. In 2016, market growth was slow due to the slowdown in the pulp and paper market, and reduced government spending on vegetation management. However, during the forecast period, the specialty chemicals market in the region is expected to witness moderate growth.

The renewed manufacturing in the U.S and strong construction activity, particularly in the housing sector, are expected to lead to increase in demand of construction chemicals. In addition, increase in consumer purchasing power and discretionary spending, high growth in vehicle manufacturing, and increase in oil and gas activities in the region, are expected to further the market growth.

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The North American oilfield chemical industry uses many specialty chemicals for stimulation, cementing, and production. The increase in revenue share for these chemicals in the industry is attributed to the increase exploration expenditures, rise in oil and gas production, and the hike in crude oil and gas prices. Additionally, rapid expansion of shale and gas drilling and production activities in the region further give momentum to the market growth.

Some of the major players operating in the global specialty chemicals market are Clariant AG, BASF SE, China Petroleum & Chemical Corporation, Huntsman Corporation, Sadara Chemical Company etc.

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