SAN FRANCISCO, June 25, 2024 /PRNewswire/ -- Specialty chemicals industry [https://www.grandviewresearch.com/horizon/outlook/specialty-chemicals-market-size/global] 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
[https://www.grandviewresearch.com/horizon/outlook/industrial-and-instit
utional-cleaning-chemicals-market-size/global] 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
[https://www.grandviewresearch.com/horizon/outlook/specialty-pulp-%26-pa
per-chemicals-market-size/global]. 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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