The growing demand for electronics and advancements in process technology are the major drivers of the specialty chemical industry in the Asia Pacific region, to grow at a CAGR of 5.95% during the forecasting years 2019-2027.
The countries of China, India, Japan, Australia, South Korea and the remaining countries constituting the Rest of the Asia Pacific region are considered for the market study. The Japanese chemical industry is the country’s second largest manufacturing industry behind transportation machinery. But the country’s transportation industry is highly dependent on the raw materials provided by the chemical industry. As the strength of Japan’s economy lies in its industry, it can be said that the chemical industry is the backbone of Japan’s economy.
The major companies operating in the APAC region are Bayer AG, PPG Industries Inc., Solvay S.A., Merck & Co., Inc., DowDuPont, AkzoNobel N.V., Ashland Inc., Koninklijke DSM N.V., Huntsman Corporation, Clariant SE, Sasol Limited and BASF SE.