In terms of value, the specialty chemicals market is estimated to grow from USD 272.6 billion in 2022 to USD 364.8 billion by 2028, at a CAGR of 5.0%. Innovation and technological development are the key factors in the market growth for specialty chemicals. Creative ideas and ongoing development of new technologies has made it easy for manufacturers to provide advanced specialty chemicals with superior properties. These developments provide new opportunities for product creation and also the ability to meet the changing consumer preference. The manufacturers majorly focus on R&D investments to investigate novel materials, chemical processes, and formulations. Modern equipments like computer modelling, AI (artificial intelligence), and high-throughput screening helps researchers to analyze huge datasets, simulate chemical processes, and more correctly forecast material properties.
“Corrosion Inhibitor is expected to be the fastest-growing type of the water treatment chemicals market, in terms of value, during the forecast period.”
As infrastructure development continues, there is an increasing need for effective water treatment solutions. In order to prevent corrosion of metal parts and pipelines used in water distribution systems, industrial cooling systems, and boilers, corrosion inhibitors are essential. The growing demand for corrosion-resistant materials and the need to extend the lifespan of water infrastructure contribute to the demand for corrosion inhibitors across the globe. Overall, the demand for corrosion inhibitors in water treatment chemicals is driven by the need to protect water infrastructure, ensure water quality, comply with regulations, and achieve sustainable and efficient water treatment practices. The need for efficient corrosion inhibitors is anticipated to increase as businesses and governments continue to place a high priority on water treatment and corrosion control.
“Industrial is expected to be the fastest-growing application of the Water treatment chemicals market, in terms of value, during the forecast period.”
Water from many different sources, such as rivers, lakes, groundwater, and municipal supplies, is frequently used in industrial facilities. These water sources can have a wide range of pollutants, composition, and quality. In order to adapt the water for particular industrial processes, water treatment chemicals are used to solve issues such suspended particles, organic matter, bacteria, scale formation, and corrosion.
“North America is projected to be the fastest growing region, in terms of value, during the forecast period in the water treatment chemicals market.”
North America is projected to be the fastest growing region, in terms of value, during the forecast period in the water treatment chemicals market. North America has a strong industrial and manufacturing base, encompassing sectors such as automotive, chemical, food and beverage, pulp and paper, power generation, and oil and gas. These industries require water treatment solutions to satisfy their unique process needs, manage scale and fouling, stop corrosion, and guarantee dependable and efficient equipment and system performance. The demand for water treatment chemicals in North America is expected to increase as industries continue to grow, regulations become more stringent, water infrastructure requires maintenance and upgrades, and sustainable water treatment practices gain prominence.
Note: For illustration, fastest-growing type, application, region is provided for water treatment chemicals market similar information is provided for all the ten chemicals in the report.
- By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%
- By Designation: C-Level - 23%, Director Level - 37%, and Others - 40%
- By Region: North America - 32%, Europe - 21%, Asia Pacific - 28%, Middle East & Africa - 12%, South America – 7%
The key players profiled in the report include BASF SE (Germany), DOW Inc. (US), Nouryon (The Netherlands), LANXESS AG (Germany), Evonik Industries AG (Germany), Huntsman Corporation (US), Covestro AG (Germany), Clariant AG (Switzerland), Solvay S.A. (Belgium), and Arkema (France).
This report segments the market for specialty chemicals based on type, application, and region and provides estimations of volume (kiloton) and value (USD million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, key strategies, associated with the market for specialty chemicals.
Reasons To Buy this Report
This research report is focused on various levels of analysis ? industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the Specialty chemicals market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on Specialty chemicals offered by top players in the global market
- Analysis of key drives: (Increasing demand from end-use industries, advancements in technology and innovation, expanding global markets and emerging economies), restraints (government & environmental regulations), opportunities (green & sustainable specialty chemicals, growing influence of specialty chemicals in personal care and cosmetic industry), and challenges (volatile raw material prices) influencing the growth of specialty chemicals market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Specialty chemicals market
- Market Development: Comprehensive information about lucrative emerging markets ? the report analyzes the markets for Specialty chemicals across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global Specialty chemicals market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the Specialty chemicals market