Specialty Chemicals Market to Grab the Largest Market Share by 2019: Transparency Market Research
Albany, New York (PRWEB) January 28, 2015 -- The term specialty chemicals is somewhat imprecise and comprises a wide range of products such as dyes, coatings, sealants, electronic chemicals, coatings, water management chemicals, paints, plastic additives, industrial gases, and adhesives. The specialty chemicals market exhibits lower volatility in profitability and margins as compared to the market of commodity chemicals. Thus, it is considered a safer market. Analysts estimate that the global market of specialty chemicals had a net worth of more than US$450 billion in 2010. In the coming years, the market is projected to move ahead with a steady growth rate and reach a value of more than US$600 billion by 2016.
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The Global Specialty Chemicals Market represents a marketplace comprising differentiated performance chemicals/products that improve performance of either an end-use product or a manufacturing process. Research, production and development of specialty chemicals have been around for more than 100 years and specialty chemicals find applications in a wide range of industries such as automotives, electronics, water treatment, textiles, aerospace, cosmetics, food, and industrial manufacturing, among others.
Specialty chemicals claim an important place in the global chemicals industry. These chemicals are often referred to as value-added chemicals due to the high margins achieved through their use against manufacturing costs as compared to commodity chemicals. Commodity chemicals are known to be high-volume products, which offer a rather low degree of value addition. Conversely, specialty chemicals are known for their high-value addition properties through low-volume usage.
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Rising demands from end-use segments and Asian markets drive the global market.
The market is largely driven by the robust expansion of major end-user industries, especially in the Asian markets, and continuously widening scope of applications. An increased focus on innovations for developing more efficient and safer specialty chemicals also remains a key driver for the global specialty chemicals market. However, fluctuating costs of raw materials, strict regulatory issues related with certain chemicals, and environmental concerns present limitations to market growth.
Traditionally, the market of specialty chemicals has been dominated by the United States and Europe. But trade liberalization, introduction and spread of innovative processing technologies, and the breakdown of a number of economic barriers have allowed Asian nations such as India and China in becoming key players of the global specialty chemicals market over the past decade.
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China overtook United States in 2010 to become the world’s largest producer of chemicals. Many international specialty chemical manufacturers have set out to tap the enormous opportunities presented by the Asian markets in the past decade. However, the Indian market for specialty chemicals has tended to be in China’s shadow due to the much larger expanse, similar labor-cost advantage, same order of capital spending, and similar growth rate advantages offered by the Chinese market. But in the past few years the Indian specialty chemicals market has also made good progress. Analysts state that in the coming years, the Indian market will leverage its export potential at a rapid pace and allow the overall Asian specialty chemicals market in increasing its prominence in the global market.
Currently, demands for product segment “pesticides”surpasses demands for other major product segments of the global specialty chemicals market. Other than this, product segments textile chemicals, electronics chemicals, textile chemicals, oilfield chemicals, and construction chemicals also garner significant volume of demands across the globe.
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