Specialty Chemical Market to See 5.2% Annual Growth Through 2023
Industry Boosted by Technological Advancements
WELLESLEY, Mass., October 15, 2019 (Newswire.com) - Technological advancements, growing demand from end-user industries such as textiles, food and automobiles and the push to reduce carbon footprints are several factors driving growth in the global specialty chemicals market, according to a report by BCC Research, “Specialty Chemicals: A Global Market.”
The market expects to see a compound annual growth rate (CAGR) of 5.2% through 2023, when it could be worth $197.8 billion.
Major players in the market include: Arkema, BASF, Clariant AG and Eastman Chemical Company.
- The global market for plastic additives should grow from $56.1 billion in 2018 to $72.2 billion by 2023, with a CAGR of 5.2%.
- The waterproofing chemicals market was valued at $9.4 billion in 2017 and is expected to reach $12.9 billion in 2023, indicating a CAGR of 5.4%.
- In 2017, the value of the oilfield process chemicals market was approximately $27.2 billion. The market is expected to grow to $35.4 billion in 2023, at a CAGR of 4.5%.
Read the full report here: https://www.bccresearch.com/market-research/chemicals/specialty-chemicals-market-report.html
“The global chemical industry has been through a period of dramatic change over the last decade,” write BCC analysts. “Specialty chemicals are produced by a complex, interlinked industry. They are the chemical products sold on the basis of their performance or function, rather than their composition. Urbanization and industrialization have driven significant changes to trades and economies. The rising population and their increased dependency on food additives, consumer goods, textiles, and infrastructures are flourishing growth for specialty chemicals.”
Growth in the Water Treatment Market
Because of the growing concerns over the global water supply, chemical suppliers are increasingly interested in the water treatment market, the report adds. The market for water treatment chemicals is expected to grow at an estimated 6.2% compound annual growth rate (CAGR) globally from 2018 through 2023, fueled by new opportunities in both developing and developed regions. Growth is expected to be strongest in the developing world, with countries such as China and India undergoing growth that will more than double the global average.
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Source: BCC Research