SAN FRANCISCO, June 25, 2024 /PRNewswire/ -- Specialty chemicals industry is anticipated to be a USD 1 trillion industry by next year, as per the forecast provided through Horizon Databook by Grand View Research. The study explores the industry in detail by exploring over 1,000 markets at regional and global levels. Some of the key trends within the specialty & fine chemicals industry are as follows:
- CASE (coating, adhesives, sealants & elastomers) alone accounted for ~40% of total market. Increasing product demand from automotive, electronics and construction industries in high growth regions is expected to fuel adhesives and sealants market.
- North American paints & coatings market was valued at USD 43.28 billion. Majority of this demand was generated from waterborne coatings which is on its way to become a USD 24 billion market in the next 5 years. Stable demand from the U.S. and huge growth in Mexico will shape the regional market.
- Strong demand from manufacturing hubs of automotive and electrical & electronics in China, India, Japan, Indonesia, and Vietnam will ensure Asia Pacific remains in pole position over the next 5 years. The electronic chemicals & materials market is expected to grow at a CAGR of 4.3% from 2024 to 2030.
- Global water scarcity and increasing usage of treated water will remain key factors for the global water treatment chemicals market. The segment is expected to exceed a valuation of USD 50 billion in the 8-10 years.
- The construction chemicals market was valued at over USD 42 billion in 2023. Growing construction activities in high-growth regions of Asia Pacific and the Middle East to support growth.
- Industrial and institutional cleaning chemicals have emerged as the most promising segment, with an expected growth of 6.3% over the next 5 years. Healthcare and manufacturing remain the key demand centers for these specialty chemicals. Demand for industrial and institutional cleaning chemicals in healthcare is expected to grow at a staggering 6.9% from 2024 to 2030.
- The emerging packaging industry, as one of the most valued industries, is expected to drive the demand for the specialty paper & pulp chemicals market. The market is expected to exceed USD 25 billion in valuation by 2030. Demand from packaging industry is expected to grow at a CAGR of 4.7% over the 5 years.
- Growing awareness regarding animal health among consumers has led to the growth of the animal feed additives market. The market is expected to register a growth of 3.5% from 2024 to 2030.
- Hair care remains the largest and fastest growing segment within the global cosmetic chemicals market. Fragrances is expected to exhibit a growth of 4.6% from 2024 to 2024.
- Flexible approach by manufacturers to customize their product offerings for their customers will remain a key reason for the growth of global specialty chemicals market.
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