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Industry News, Market Research

GMI: Specialty Chemicals Market Worth $1.2 Trillion by 2024

Forecasted to experience gains exceeding 4% CAGR by 2024.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

The specialty chemicals market size was valued at more than USD $830 billion in 2015 and is forecasted to experience gains exceeding 4% CAGR by 2024, according to Global Market Insights.
 
The global population was approximately 6.89 billion in 2010 and reached more than 7 billion in 2015. According to the World Bank, farmers may have to upscale their yield by 50% per hectare by 2050 owing to boost agrochemicals, such as fungicides, demand by 2024.
 
The automotive industry is one of the most lucrative industries for the specialty chemicals market share. These are used as polymers and plastic additives, paints and coatings and adhesives and sealants in the automotive.
  
Construction specialty chemicals market size was valued at more than $70 billion in 2015. These are used in buildings and other construction structures to increase their shelf life. They also provide protection from environmental hazards.
 
Electronic specialty chemicals market share shall witness gains exceeding 4.5%. These are utilized in electronic components in applications such as semiconductors and integrated circuits. Furthermore, increasing smartphones demand will be positively influenced the industry growth by 2024.
 
Food additives specialty chemicals market size is analyzed to witness inclining growth. They are used to enhance the foods nutrient content, keep the product fresh and make the food more appealing.
 
North America, led by the US specialty chemicals market, generated revenue of more than $200 billion in 2015. The regional growth is primarily driven by increasing lubricants and oilfield chemicals demand owing to increasing oil exploration in the US.
 
Asia Pacific was the dominant industry share contributor in 2015 and is forecast to witness the highest growth more the 6.5% CAGR over the forecast timeframe.

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