The “Specialty Chemicals Market by Type (Plasticizers, Water-Based, Coagulants and Flocculants, Scale Inhibitors), Application (Paper and Packaging, Automotive, Consumer Goods, Construction), and Region- Global Forecast to 2028” report shows a USD 272.6 billion market in 2022 and a projected CAGR of 5.0% between 2023 and 2028. Construction, packaging, consumer products, automotive, industrial, medical, and other industries all require specialty chemicals. The automotive sector is a major consumer of specialty chemicals. These compounds are used to make a variety of car parts, such as tires, coatings, and adhesives. In response to the growing need for lightweight and fuel-efficient automobiles, new specialty chemicals have been created to improve their performance. Specialist chemicals, such as high-performance polymers and composites, are utilized to make automobiles lighter and more fuel-efficient.
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Some of the prominent key players are:
· BASF SE (Germany)
· DOW Inc. (US)
· Nouryon (The Netherlands)
· LANXESS AG (Germany)
· Evonik Industries AG (Germany)
· Huntsman Corporation (US)
· Covestro AG (Germany)
· Clariant AG (Switzerland)
· Solvay S.A. (Belgium)
· Arkema (France)
Driver: Increasing demand from end-use industries
Due to the expansion of different end-use industries, including automotive, electronics, construction, medical, and packaging, the demand for specialty chemicals has been rising recently. One of the biggest consumers of specialty chemicals is the automotive industry. A few car parts, such as tires, coatings, and adhesives, are made with specialty chemicals to improve their performance and longevity. The need for specialty chemicals is likely to rise further as these sectors develop and innovate, creating opportunities for specialty chemical producers.