Escalating demand and more usage of specialty chemical in industrial sector in developing countries will lead the manufacturers to focus on innovating chemicals which will add the desired effect to different substance or materials. Adoption of specialty chemical technologies in industrial water treatment sector is viewed as the key factor responsible for the demand of the product. Apart from that the increasing industrial activities is expected to boost the demand of the specialty chemicals. According to an ongoing study by Persistence Market Research, the global specialty chemical market will witness healthy growth through 2020.
Specialty Chemical Market: Increasing industrial project will boost demand
The ongoing research by Persistence Market Research suggests that the major factors which are responsible for the growth of the specialty chemical market includes its wide usage in different industry sector such as textile industry, manufacturing, agriculture, food, cosmetics, and automobiles, which are also the key end-users of specialty chemicals. Also, increasing industrial projects in developed countries such as China and India will rev-up the overall demand of the specialty chemicals. Newly-launched advanced water treatment technology includes usage of specialty chemicals is another attributing factor driving the demand at the global market.
On the other hand, government regulation on specific specialty chemicals in manufacturing industry as well as in food processing firm can hinder the growth of the global specialty chemical market. Regardless, continuous rise in adoption of the specialty chemicals in food, textile and manufacturing industry has spread more cognizance about the chemicals and its usage in different industry sector.
Regional Analysis: The ongoing report has further analyzed that the global specialty chemical market and segmented it on the basis of product type, their channel of distribution, technology, and their usage in the region. Asia Pacific is key region in the global specialty chemical market followed by Europe and North America. Over the upcoming years, Brazil and India are expected to increase specialty chemical usage in the field of cosmetic. Other regions such as China and Japan are also adopting the specialty chemical method especially for the treatment of water, which is likely to boost the growth of the overall specialty chemical market. With this derived factors, the demand for specialty chemicals is expected to soar during the forecast period.
Market Players: Companies such as Ferro Corporation, Albemarle Corporation, Cytec Industries Inc., Chemtura Corporation, and Evonik Industries AG are expected to remain active in expansion of the global market for specialty chemical market. In addition, Clariant International Ltd, Akzo Nobel N.V., BASF SE, and Chevron Phillips Chemical Company are also observed as key players in the global specialty chemical market.
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