Specialty chemicals market from electronic chemicals market to see 4.5% CAGR up to 2024
Category: #business  By Ravi Chawat  Date: 2021-03-10
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Specialty chemicals market from electronic chemicals market to see 4.5% CAGR up to 2024

Specialty chemicals market size is set to exceed USD 1,200 billion by 2024, Global specialty chemicals market share is majorly driven by increasing population along with rapid industrialization resulting in decreased arable land. Global population is likely to reach 9 billion by 2040, this will consequently propel food demand up to the same period. A significant increase in yield is possible through agrochemicals use such as fungicides. Governments across the globe are promoting agrochemicals used to secure food supply to meet the increasing food demand owing to drive industry growth.

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These chemicals are extensively used to increase the shell life of the building and upgrade the functional and aesthetic requirements of the structure. Upcoming construction projects for residential and commercial structures will drive growth. Electronic chemicals market size is projected to witness gains more than 4.5% CAGR.

These find widespread applications in electronic apparatuses including integrated circuits and semiconductors. Additionally, increasing smartphone customer base will favor growth. These products are used in food to improve the nutrient content and texture laterally keeping the food fresh. Upgrading consumer lifestyle accompanied with increasing disposable income is analyzed to be the key factor propelling food additives specialty chemicals market size.

In 2015, U.S. generated revenues of over USD 150 billion in specialty chemicals sales, mainly accounted for by the growing oil &gas sector. In 2015 Asia Pacific, led by China, Japan, and India, dominated the global specialty chemicals market revenue. The growth was mainly attributed to growing construction and automotive industry.

Robust growth in end user industries including construction and automotive will boost the global specialty chemicals market size by 2024. These compounds are used in adhesives and paints &coatings, which are widely used in automotive as well as construction industry.

In 2015, global vehicles production, including commercial &personal, was approximately 90 million units. Furthermore, increasing consumer demand for lubricants to reduce frictional forces in the vehicles will enhance growth.

However, growing construction industry, particularly in China, India, Japan and Brazil, will propel industry share in the coming years. In 2015, specialty chemicals company revenue shares were fragmented. Major industry share contributor includes Dow Chemical, BASF, Bayer, INEOS Group and DuPont. Other prominent participants are Ashland, Clariant, Syngenta, Huntsman, Arkema, Evonik Industries, Akzo Nobel, Albemarle, Chemtura, Eastman Chemical, and Solvay.

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About Author

Ravi Chawat    

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article c...

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