Specialty Chemicals market estimated to be worth US$610.14 bln by 2016

27-Sep-13

The global specialty chemicals market is expected to grow from US$476.13 bln in 2010 to US$610.14 bln in 2016, at an estimated CAGR of 4.11% from 2011 to 2016. Growth in the end-user industries, growth in Asia, increasing scope of applications, focus on innovations to produce efficient and safe chemicals remain the key drivers for the specialty chemicals market. Rising cost of raw materials, regulatory issues, and environmental concerns are the key challenges that the industry is facing. The “pesticides” segment, which was estimated to be US$51 bln in 2010, accounted for the largest share; i.e. 10.7% of the overall specialty chemicals market. This segment is expected to reach US$80 bln in 2016, at a CAGR of 7.59% for the same period. Other high growth segments, which are expected to grow at a CAGR of over 5%, are advanced ceramics, construction chemicals, oilfield chemicals, and textile chemicals. Asia has emerged as the largest market for specialty chemicals and accounted for 32% of the overall market in 2010, just edging out North America at 29% and Europe at 28%. The North American specialty chemicals market was estimated to be worth $138.0 billion in 2010 and is expected to be worth $174.6 billion in 2016, growing at a CAGR of 3.84% from 2011 to 2016. Specialty polymers were the largest specialty chemicals segment in Europe and were estimated to be worth $10.3 billion in 2010, growing at a CAGR of 3.98% from 2011 to 2016. Electronic chemicals are one of the largest segments of specialty chemicals in the Asian market and were estimated to be worth $12.8 billion in 2010.