The global specialty chemicals market size was US$ 741.1 billion in 2021. The global specialty chemicals market is forecast to grow to US$ 979.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.

Factors influencing the market
Specialty chemicals are in high demand due to their applications across various industries, such as food and beverages, automotive, construction, electronics, etc. In addition, rising demand for the environment and user-friendly specialty chemicals will benefit the market during the study period.
Due to stringent laws prohibiting the use of petroleum-based products, specialty chemicals are being used as an alternative to commodity chemicals. As a result of that, the global specialty chemicals market will grow substantially.
Rising concern about the harmful effects of conventional chemicals on the environment and humans will significantly increase the demand for environmentally friendly and user-friendly specialty chemicals. In addition to that, a wide range of applications of specialty chemicals in the automotive industry will also benefit the global specialty chemicals market during the study period. On the contrary, fluctuation in prices of raw materials may limit the growth of the market.

COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for specialty chemicals decreased drastically. Constriction, oil& gas, automotive, and various other industries witnessed a sharp decline in terms of revenue, which hampered the growth of the specialty chemicals market. Moreover, the construction industry witnessed a sharp drop in terms of revenue due to a shortage of laborers and raw materials. Thus, it hampered the growth of the specialty chemicals market.

Regional analysis
The Asia-Pacific specialty chemicals market is forecast to record the highest growth rate, owing to the robust growth of the construction sector. Furthermore, increasing demand for cosmetic products and growing investment in the electrical and electronics industry will benefit the specialty chemicals market during the study period.
The growing population in countries like China and India and consequently growing agrochemicals industry in the region will contribute to the growth of the specialty chemicals market.
The rising range of residential construction projects and funding by multi-national companies to set up an industrial base will drive the specialty chemicals market forward.


Competitors in the market
Akzo Nobel N.V
Ashland Inc.
Clariant ag
Evonik industries
The Dow chemical company
Huntsman corporation
Dupont
Arkema S.A.
Bayer Ag
Chevron Philips chemical company
Syngenta Ag
Other prominent players

Market segmentation
The global specialty chemicals market segmentation focuses on product, function, application, and region.
By Product Type
Agrochemicals,
Polymers & plastic additives,
Construction chemicals,
Electronic chemicals,
Cleaning chemicals,
Surfactants,
Lubricants & oilfield chemicals,
Food additives
Others.
By Function
Antioxidants
Biocides
Catalysts
Enzymes
Separation membranes
Specialty coatings
Specialty pigments
Others
By application
Building & Construction
Oil & gas
Paints & coatings
Agriculture
Electrical & electronics
Automotive
Food & beverages
Cosmetics & pharmaceuticals
Aerospace & defense
Textile
Pulp & paper
Others
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America