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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About Horizon Databook – The most extensive market research
database
Horizon Databook is the largest market research database
with over 1 million data points across 20,000+ markets. The
platform is first-in-class and is designed to service a full suite
of market research clients. It is a one, five solution platform and
includes the following:
- Over 1 million market statistics: Global, regional and country
(25+) statistics focusing on revenue, volume and growth spanning
across a timeline of 10 years form the core of this platform.
- The platform hosts over 25,000 market reports ready to be
downloaded or viewed online in an HTML format. These reports are a
comprehensive analysis of a market and cover everything from market
statistics, drivers and restraints to detailed company
analyses.
- 5 million+ companies: Detailed financial performance, deals and
latest news are all an integral part of Horizon. We have partnered
with industry pioneers to provide accurate and latest competitive
data.
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Contact Info
201 Spear Street 1100,
San Francisco, CA, 94105,
United States
+1-415-854-0727
horizon@grandviewresearch.com
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SOURCE Grand View Research, Inc.