Sellbyville, DE -- (SBWIRE) -- 06/16/2020 -- Specialty Chemicals Market growth will be driven by rising demand for agrochemicals to mitigate instances of pest infestations. Despite a considerable impact on the economic landscape by the ongoing global crisis, significant growth in agricultural output is predicted in the near future. For instance, studies suggest that India is set to record food grain production of over 298.3 million tonnes in 2020. This high output estimate will in turn stimulate demand for suitable industrial chemical products, especially agrochemicals in the years ahead.

Agrochemicals are a type of performance chemical, designed to safeguard crops against factors such as weeds and pests. These chemicals also enhance the nutrient composition of the soil, including phosphates and nitrogen, among others, to improve crop production. Agrochemicals, also known as agrichemicals, is a common term for specialty chemicals used for agricultural applications, to cater to the growth and safety considerations for crops and plants. Agrochemicals are of various types, including pesticides, herbicides, insecticides, soil conditioners, fertilizers, etc. Pesticides and insecticides are gaining massive prominence, especially in recent times, as swarms of insects pose risks to crops in several prominent regions in Asia, especially northern and western India.

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Specialty Chemicals Market growth is propelled by increasing use of agrochemicals in food industry. The food industry in particular has been witnessing frequent developments due to the increase in population and subsequently amplified demand for food. A considerable increase in crop yield is possible through the use of agrochemicals like fungicides. Rudimentary variations on agrichemicals have been used over the years to improve the crop yields and control the population of agricultural pests.

Global specialty chemicals business is expected to gain huge proceeds from increasing product application in the automotive industry. Specialty chemicals are being extensively used to produce paints & coatings and adhesives utilized in the automotive industry. In 2015, global automobile production, including personal & commercial, reached almost 90 million units. Consumers are highly inclined towards using lubricants to lower frictional forces in automobiles, which will further propel specialty chemicals market demand.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. AkzoNobel
2. BASF
3. Ashland
4. Clariant
5. Evonik
6. Dow
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

Apart from the automotive industry, specialty chemicals are broadly used in electronic apparatuses, such as semiconductors and integrated circuits. Rapid adoption of smartphones is set to boost the usage of electronic chemicals. Specialty chemicals market size from electronic chemicals is projected to grow at more than 4.5% CAGR over 2016-2024.

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Based on product, the specialty chemicals market is classified into various segments, including Polymers & Plastic Additives, Agrochemicals, Cleaning Chemicals, Paper & Textile Chemicals, Adhesives & Sealants, Lubricants & Oilfield Chemicals, Construction Chemicals, Specialty Coatings, Electronic Chemicals, Food Additives, and Surfactants, among others.

Specialty chemicals are toxic and can have detrimental impacts on the environment and biodiversity, which has evoked concerns from regulatory bodies regarding the excessive usage of the product. Governments have formulated strict environmental legislation and introduced directives about appropriate product usage. Rising consumer awareness about the toxic effects of specialty chemicals may impede the growth of specialty chemicals market.

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