North America Specialty Chemicals Market to Grow at a CAGR of 5.1% to reach US$ 370.23 Million from 2019 to 2027

The North America specialty chemicals market was valued at US$ 240.28 million in 2018 and is projected to reach US$ 370.23 million by 2027; it is expected to grow at a CAGR of 5.1% from 2019 to 2027.

Specialty chemicals are additives or ingredients that at the higher end of a chemical value chain; these are used in relatively small quantities depending upon their performance improving properties. Verticals such as construction, electronics, automotive, rubber, and agrochemicals are the major contributors to the increasing demand for these high-performance chemicals.

In 2018, the US accounted for the largest share of the North America specialty chemicals market. Rapid industrial development, coupled with techno logical advancements in the industrial sector, is the key factor boosting the specialty chemical market in the country. Moreover, the surging demand for more sophisticated products is prompting companies in the US chemical industry to shift their focus toward the development of new and innovative specialties chemicals. Specialty chemical producers in the US are likely to consider reforming their portfolio according to the changing market requirements. The technology breakthroughs in the agrochemicals, electronics, automotive, and energy sectors are expected to be the primary contributors to this transition in the marketplace. For example, specialty chemical companies catering to the automotive sector need to restructure their product portfolio to meet new trends such as light-weight and low-emission products. Moreover, plastic, rubber, paints, and coating manufacturers in Canada and Mexico generating high demands for these high-performance chemicals.

The COVID-19 pandemicoriginated in Wuhan (China) in December 2019, and since then, it has spread aroundthe globe at a fast pace. The US, Russia, India, Italy, China, Spain, Franceand Germany are among the worst-affected countries in terms confirmed cases andreported deaths as of June 2020. The pandemic has affected economies andindustries due to enforced lockdowns, travel bans, and business shutdowns. Specialtychemicals are used in the production of various products that are used on adaily basis. Amid the COVID-19 pandemic, the demand for chemicals has decreasedacross various industries. Global supply chains are disrupted, and the stockprices of chemical companies have taken unprecedented hits. The supply chainbreaks, and manufacturing and office shutdowns have also led to seized productionof specialty chemicals. The automotive, transportation, and consumer productssectors are among the hardest hit industries, which has also hampered thedemand for specialty chemicals.

North America Specialty Chemicals Market

Market Insights

Growing Demand forHigh-Performance Coatings Drives North America Specialty Chemicals Market

The demand for high-performance coating from the automotive,aerospace & defense, general industrial tools and machinery, and healthcareindustries, among others, has increased significantly in the past few years.High-performance coatings offer exceptional corrosion protection, abrasionresistance, and chemical and thermal resistance, along with conferring extremedurability and strength, and contributing to the aesthetics of the end products.Moreover, high-performance coatings are environment-friendly, which furtherpropels its demand from various verticals such as automotive, aerospace &defense, and building and construction. Anti-corrosion coatings provide abarrier against corrosion to substrates that are frequently subjected to hightemperature and harsh corrosive conditions. The oil & gas sector is a majorconsumer of corrosion coatings. High-performance coatings are used to protectmetal materials, pipes, tanks, concrete structures, and processing equipment.

Type-Based Insights

Based on type, the specialty chemicals market is segmented into specialty mining chemicals, water treatment chemicals, adhesives, electronic chemicals, specialty paper chemicals, pesticides, rubber processing chemicals,advanced ceramic materials, plastic additives, and others. The market for electronic chemicals is expected to grow at the fastest CAGR during the forecast period.The demand for specialty chemicals in the electronic industry has increased over the past few years. These chemicals are used in the manufacturing of electronic components and products, silicon wafers, integrated circuits,packaging and printed circuit boards (PCBs), compound semiconductors, optoelectronics, and flat panel display products. Therefore, growing product demand for manufacturing semiconductors, flat panel displays, and photolithographic printing is expected to propel specialty chemical market growth over the forecast period.

North America Specialty Chemicals Market, by Type – 2018 and 2027

Function-Based Insights

Based on function, the North America specialty chemicalsmarket is segmented into antioxidants, biocides, catalysts, specialty enzymes,separation membranes, specialty coatings, specialty pigments, surfactants, anddemulsifiers. The surfactant segment led the market in 2018 with the largest shareand is expected to continue to dominate the market during 2019–2027. Surfactantsare organic mixtures that are amphiphilic, i.e., they feature both hydrophilicand hydrophobic groups. Owing to their ability to act as emulsifiers, wettingagents, foaming agents, and dispersants they are used in detergentformulations. Surfactants are mostly found in bathroom cleaners, cosmetics,personal care products, pharmaceuticals, and a wide range of imperativeindustrial applications. In addition to the changing lifestyles of consumers, therising per-capita consumption of household cleaners and detergents is boosting thesurfactant market. Nevertheless, factors such as uncertainties with the regulationspertaining to the environment; crude oil prices; and pollution control laws,especially regarding manufacturing processes, are hampering the market growth. Themarket for the surfactants segments is projected to grow during the forecastperiod on the back of the growing use of surfactants and bolstering researchand development activities.

Download Free Sample

   Buy Now   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

A few of the key players in the North America specialtychemicals market are Henkel AG and Co. KGAA, Akzo Nobel N.V., BASF SE, Lanxess,The Dow Chemical Company, Koninklijke DSM N.V., Ashland Global Holdings Inc,Albemarle Corporation, SOLVAY S.A., and Evonik Industries AG. These players arefocused on increasing their production capacities, and expanding their globalreach and consumer base.

North AmericaSpecialty Chemicals Market – by Type

• Specialty Mining Chemicals
• Water Treatment Chemicals
• Adhesives
• Electronic Chemicals
• Specialty Paper Chemicals
• Pesticides
• Rubber Processing Chemicals
• Advanced Ceramic Materials
• Plastic Additives
• Others

North AmericaSpecialty Chemicals Market – by Function

• Antioxidants
• Biocides
• Catalysts
• Specialty Enzymes
• Separation Membranes
• Specialty Coatings
• Specialty Pigments
• Surfactants
• Demulsifiers

Company Profiles

• Henkel AG and Co. KGAA
• Akzo Nobel N.V.
• BASF SE
• Lanxess
• The Dow Chemical Company
• Koninklijke DSM N.V.
• Ashland Global Holdings Inc
• Albemarle Corporation
• SOLVAY S.A.
• Evonik Industries AG

North America Specialty Chemicals Market Report Scope

Download Free Sample

   Buy Now   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.