Based on product, the specialty chemicals market is classified into various segments, including Polymers & Plastic Additives, Agrochemicals, Cleaning Chemicals, Paper & Textile Chemicals, Adhesives & Sealants, Lubricants & Oilfield Chemicals, Construction Chemicals, Specialty Coatings, Electronic Chemicals, Food Additives, and Surfactants, among others.

Amid the rising prevalence of industrialization on a global scale, numerous industrial sectors are on the lookout for efficient components to help boost not only their production processes but overall product performance. One such component is specialty chemicals.

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Specialty chemicals refer to products that deliver myriad performance effects to an array of industrial sectors. These sectors include ink additives, oil & gas, construction, food, cosmetics, and textile, among others.

Specialty chemicals or performance chemicals are generally used as ingredients that help to enhance the manufacturing process, as well as in finished products. They are single-chemical entities for formulations and are utilized based on their performance and function. The composition of specialty chemicals varies depending on their usage and asserts significant influence on the user’s product performance.

There has been a considerable rise in demand for specialty chemicals market in recent years, owing predominantly to the robust agricultural landscape, particularly in Asian nations such as China and India.

Rising demand for agrochemicals to mitigate instances of pest infestations

Despite a considerable impact on the economic landscape by the ongoing global crisis, significant growth in agricultural output is predicted in the near future. For instance, studies suggest that India is set to record food grain production of over 298.3 million tonnes in 2020. This high output estimate will in turn stimulate demand for suitable industrial chemical products, especially agrochemicals in the years ahead.

Agrochemicals are a type of performance chemical, designed to safeguard crops against factors such as weeds and pests. These chemicals also enhance the nutrient composition of the soil, including phosphates and nitrogen, among others, to improve crop production. Agrochemicals, also known as agrichemicals, is a common term for specialty chemicals used for agricultural applications, to cater to the growth and safety considerations for crops and plants.

Agrochemicals are of various types, including pesticides, herbicides, insecticides, soil conditioners, fertilizers, etc.

Pesticides and insecticides are gaining massive prominence, especially in recent times, as swarms of insects pose risks to crops in several prominent regions in Asia, especially northern and western India.

The outlook for specialty chemicals in the aftermath of the global COVID-19 crisis

The ongoing coronavirus pandemic has delivered a significant blow to the entire supply-demand ecosystem on a global scale. Containment measures such as lockdowns have also added to contractions in economic operations, which is likely to pose challenges to revival prospects in recent years.

However, despite its adverse impact on most industrial sectors, the pandemic has generated lucrative opportunities for the specialty chemicals industry. This is driven by various factors, including falling crude prices and growing domestic demand in countries such as India, among others. Also, the robust demand for key global industries to de-risk supply chains, by moving beyond China as their base, is likely to emerge as a key accelerator for the growth of performance chemicals in the current scenario.

Strict environmental mandates and rising labor costs have stifled the growth of the Chinese market, which typically contributes nearly 35-40% to the overall industrial chemical business space. This decline in competitiveness has paved the way for other nations like India to bolster their efforts in order to gain a larger market share. India’s inherent strengths in specialty chemical production, including enhanced compliance and manufacturing standard, low operating overhead costs, feedstock availability, stronger IP protection, skilled manpower, and more, contribute heavily towards positioning it as a suitable specialty chemical sourcing alternative.

Specialty chemicals market key players, such as Galaxy Surfactants, which designs products for home and personal care use, as well as Fine Organics, are gaining vast prominence, owing to an upsurge in demand for hygiene-related products. Similarly, the rising prevalence of critical agricultural value chain, as well as healthcare is presenting lucrative opportunities to the agrochemical and pharmaceutical specialty chemicals business segments of SRF, PI Industries, and Aarti Industries in the present scenario.

Report Content

Chapter 1.        Methodology and Scope

1.1.       Research methodology

1.1.1.    Initial data exploration

1.1.2.    Statistical modeling and forecast

1.1.3.    Industry insights and validation

1.1.3.    Research scope & assumptions

1.2.       Data sources

Chapter 2.        Executive Summary

2.1.       Specialty chemicals industry 3600 synopsis, 2013 – 2024

2.1.1.    Business trends

2.1.2.    Product trends

2.1.3.    Regional trends

 

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