Specialty Chemicals Market Research
Report - Global Forecast till 2023
A latest report published by Market Research Future (MRFR) projects that the global market for
specialty chemicals will expand at an above-average compound annual growth rate during the
assessment period (2018-2023). The broad application spectrum of specialty chemicals has
continued to drive their global sales. Moreover, these chemicals are being widely used as an
alternative to commodity chemicals due to stricter laws on the use of petroleum based products.
The automotive manufacturing sector is one the major consumers of specialty chemicals.
Manufacturing of lightweight automotive components such as fenders, energy absorbers, and
instrument panels require specialty chemicals as a raw ingredient. However, the constant price
fluctuation of specialty chemicals is somewhat playing down investor confidence of late. The
aforementioned factors are expected to influence the growth of the global specialty chemicals
market over the next couple of years.
The specialty chemicals market is segmented on the basis of source, type, and region. By
source, the market is segmented into naphtha, propane, butane, crude oil, ethane, wood, and
others. Of these, the naphtha segment accounted to nearly two-third share of the global market
in 2017. Naphtha finds various industrial applications as cleaning fluids, asphalt diluents, dry-
cleaning, solvents, paint and varnish diluents, and rubber industry solvents among others. By
type, the market is segment into fragrance ingredients, construction chemicals, dyes &
pigments, textile chemicals, agrochemicals, flavors ingredients, polymer additives, water
treatment chemicals, surfactants, bio-based chemicals, and personal care active ingredients.
The bio-based chemicals segment is expected to remain highly profitable throughout the
forecast period. Increased concerns over environmental depletion has led to an increased
popularity of bio-based chemicals worldwide. In 2017, the bio-based