Specialty chemical products market size
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- Published date: April 8, 2021
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- New Delhi, Delhi, India
The market size of specialty chemical products is expected to reach US $830 billion in 2015, and will grow at a compound annual growth rate of more than 5% from 2016 to 2024. The high population growth in developing regions has led to more and more food security problems due to the shrinkage of agricultural land. This will further increase the demand for high-yield pesticides in the future.
The types of special chemical products include agricultural chemicals, adhesives, pigments, cleaning materials and cosmetic additives. People pay more and more attention to increasing agricultural production to strengthen food security, which promotes the development of special chemicals market.
In recent years, the use of pesticides in China, India, the United States and other major agricultural countries is on the rise. This could increase revenue from the specialty chemical products market. Pesticides help protect crops from pests and weeds. They also provide the soil with the necessary nutrients, such as nitrogen and phosphorus, to increase crop yield. The global demand for fertilizer nutrients increased from about 180 million tons in 2014 to more than 190 million tons in 2015. The growing demand for fertilizer nutrients will promote the production of pesticides in the next few years.
The development of food and beverage business will be another driving force for the growth of specialty chemicals market. This is due to the increasing use of food additives in packaged foods and canned beverages. The revenue of the food and beverage industry is expected to exceed $160 billion by 2023.
Asia is likely to account for more than 45% of global food and beverage revenues, followed by Europe and North America. The rapid development of the global food and beverage market will in turn increase the demand for food additives to maintain the quality of products, such as canned meat, packaged fruits and vegetables, baked goods, candy, dairy products, etc.
Mortar, foaming agent, surface treatment chemicals, coatings and other building chemicals play a vital role in the construction process. Therefore, they occupy a considerable share in the market of specialty chemical products. These chemicals help to improve the physical and aesthetic properties of the building and extend its service life. It also reduces the need for maintenance and helps to maintain the strength of the concrete structure. The compound annual growth rate of the product will exceed 5%. During the period of this study, the growth in the number of construction projects in Asian countries will drive the growth in this area.
Due to the wide application of electronic chemical industry in various fields, it is another major part of the special chemical products market. Electronic chemicals, such as etchants, strippers, resists, solvent mixtures, are widely used in electronic manufacturing. Global semiconductor sales increased from about $290 billion in 2010 to more than $300 billion in 2015. During the study period, the growth of semiconductor sales may increase the demand for electronic specialty chemicals.
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