Increasing R&D activities to develop new products and demand from Asia Pacific is driving the market growth. However, Volatile raw material prices and environmental regulations regarding the usage of specialty chemicals are limiting the market growth. Furthermore, growing concerns regarding environment due to the manufacture, usage and wastage of these chemicals is anticipated to be critical factor impacting the market. Government regulation on the usage of chemicals in food processing and manufacturing industry may hamper the growth in the near future.
Pesticides are the major type of specialty chemicals owing to diminishing arable land, increasing population, and the need for upgrading in crop yields. Construction chemicals type is estimated to witness the highest growth rate of more than 8% during the forecast period due to growing construction sector in the emerging economies such as India, China, Brazil, and South Korea. The Asia Pacific remains the largest market led by the increasing industrial activities in emerging nations such as India and China. The region is also expected to register highest CAGR owing to the increasing end-user industries such as electronics, automotive, plastic, and construction.
The key players in the Specialty Chemicals market include Bayer AG, Evonik Industries AG, Akzonobel N.V., Clariant AG, Ashland Inc., BASF SE, Novozymes, Dow Chemical Company, Chemtura Corporation, and Huntsman Corporation.
o New Zealand
o Rest of Asia
o Middle East
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