NEW YORK - March 3, 2021 - Driving forces such as the widening application base of specialty chemicals, escalating need for an improved crop quality, and rapid industrialization will accelerate the specialty chemicals market growth (https://www.psmarketresearch.com/market-analysis/specialty-chemicals-market) at a CAGR of 5.5% during the forecast period (2020–2030). The market generated $639,935.8 million in 2019, and it is expected to value $980,423.7 million by 2030. The demand for these chemicals will be driven by the growing automobile, textile, and food and beverage industries, especially in developing countries.
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Specialty chemicals are used as additives to generate the desired effect in substances and end products. These chemicals have diverse features and are compatible with other chemicals. Owing to these properties, they find wide application in various end-use industries. For example, the automobile sector uses specialty chemicals as fuel additives to improve the properties of the fuel. Similarly, methyl oleate, a specialty chemical, is used as an active pharmaceutical ingredient in a variety of creams and lotions.
One of the key factors fueling the specialty chemicals market is the robust industrialization and urbanization in the emerging economies of China, Brazil, and India. Owing to the rapid urbanization, there has been a substantial rise in the living standard of the people of these countries. This has, in turn, fueled the consumption of cosmetics, packaged food items, and pharmaceuticals. Moreover, the expansion of the automobile sector in China and India, as a result of people's rising disposable income, is facilitating the market growth.
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Thus, the growth of the end-use industries in developing countries and a wide application base of specialty chemicals will propel the market advance in the coming years.
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