GVR Report cover Specialty Chemicals Market Size, Share & Trends Report

Specialty Chemicals Market Size, Share & Trends Analysis Report By Product (Institutional & Industrial Cleaners, Flavor & Fragrances, Food & Feed Additives), By Region, And Segment Forecasts, 2021 - 2028

  • Report ID: GVR-1-68038-868-8
  • Number of Pages: 100
  • Format: Electronic (PDF)

Report Overview

The global specialty chemicals market size was valued at USD 586.5 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2028. Growing demand for high-performance and function-specific chemicals across the end-use industries such as oil and gas, pulp and paper, and personal care and cosmetics is expected to be one of the prime market growth factors. Specialty chemicals are also referred to as performance chemicals or effect chemicals. Some popular examples include essential oils, gelatin, castor oil, and collagen. These chemicals are referred to as specialties as they are produced in lesser volumes and cater only to a few applications unlike the rest of the fine and commodity chemicals (according to the European Chemical Industry Council (Cefic).

U.S. specialty chemicals market size

Innovation and R&D are some of the key growth prospects as the market is majorly consumer-driven. Manufacturers’ focus on providing innovative and custom-made product offerings for target applications and catering to the demand of specific customers has driven research and development investment and thus, driven the development of innovative specialty chemicals and expanded the market product portfolio.

Concerns regarding the harmful effects of conventional chemicals on the environment and humans have prompted the demand for user-friendly and environment-friendly specialty chemicals. Therefore, several players’ focus has shifted towards the development and marketing of specialty chemicals in order to edge out from the conventional fine and commodity chemical manufacturers. However, the technicalities associated with their small-scale production, especially for those produced via bio-refineries such as collagen pose significant challenges to the industry. Further, the competition from more economical conventional counterparts of specialty chemicals adds to the industry challenge.

The rising adoption of rechargeable, miniaturized, and sustainable electronic components have created a significant demand for products that can foster enhanced performance with lesser maintenance.  This factor has led to considerable growth in the demand for specialty chemicals from the electrical and electronics end-use.

The automotive industry is expected to remain a lucratively growing segment with high demand for adhesives, lubricants, paints, and coatings for weight reduction and cost-saving End-Uses. Growing awareness and rising adoption of a healthy lifestyle among consumers has driven the product demand for pharmaceuticals and nutraceuticals end-use. Increasing disposable income is significantly driving consumer focus towards personal care and this is likely to augment the product demand in personal care and cosmetics end-use.

Product Insights

The industrial and institutional cleaners segment accounted for the largest market revenue share of 9.8% in 2020 and is projected to witness a growth rate of 4.6% from 2020 to 2028. The CASE segment which includes, coatings, adhesives, sealants, and elastomers emerged as a lucrative segment accounting for a value share of 4.9% in 2020. Numerous technological advancements and product innovations have led to the performance enhancement of such products and have boosted the growth of the specialty chemicals market in the past years.

Construction chemicals are expected to emerge as one of the prominent product segments with significant growth projections between 2020 and 2027. The demand for products such as specialized water-proofing compounds, repair and renovation compounds, joint fillers, and tile fixing adhesives is considerable in the construction and building industry.

Infrastructural growth in emerging economies such as India, China, and Brazil has contributed to segment growth. This demand is not restricted to the developing nations of the Asia Pacific and South America. The U.S. Department of Commerce has stated that the value of construction put in place in the U.S. was more than USD 1,369 billion in January 2020, which signifies the immense demand for specialty construction chemicals in North America.

The rapid expansion of refining capacity and shale oil and gas drilling activities in the past few years has boosted the consumption of products in the oil and gas end-use industry. This is further driven by the considerable growth in oil refinery throughput across the geographies. According to the BP Statistical Review of World Energy report of 2019, the refining throughput in countries such as China, Colombia, and Vietnam grew by 6.7%, 7.6%, and 85% per annum respectively.

Regional Insights

Asia Pacific accounted for a revenue share of 46.8% in 2020 in the market for specialty chemicals. The prominence of China as one of the top manufacturing hubs for most industries such as pharmaceuticals and nutraceuticals, personal care and cosmetics, automotive, and electrical and electronics has resulted in the emergence of the Asia Pacific region as one of the fast-growing markets for specialty chemicals. Further, the growing diversification and industrialization in economies such as Singapore, Malaysia, Thailand, and India are expected to generate lucrative opportunities in the market for specialty chemicals.

Global specialty chemicals market share

Europe is expected to be one of the stable markets for the product. According to the European Chemical Industry Council (Cefic), more than 27.0% of the total chemical sales in the EU were represented by specialty chemicals in FY 2018. It is one of the largest exporting sectors of the region, holding around one-third of the total chemical exports in 2018. The Middle East and Africa are expected to be one of the top markets for oilfield chemicals owing to the prominence of oil and gas companies in the Middle East countries. Rapid growth in the construction activities of GCC, Oman, Qatar, and UAE is going to benefit the market for specialty construction chemicals.

The rapid outbreak of the COVID-19 (Corona Virus) pandemic that accelerated its rate of spread by the end of February 2020 across the countries such as China, Italy, Iran, France, and Germany dreadfully is expected to develop a severe economic downturn in FY 2020, which is likely to affect the market in all regions.

Key Companies & Market Share Insights

Positioning in high-growth countries such as China, strategic alliances, intensive R&D for sustainable, efficient product development, and adoption of new technologies are some of the prominent operational strategies among the market participants. Further, R&D for bio-based specialty chemicals has gained significant momentum over the past few years owing to changing end-user perceptions and favoring regulatory mandates.

The product manufacturers tend to be members of associations such as the British Association for Chemical Specialties (BACS), Society of Chemical Manufacturers and Affiliates (SOCMA), Chemical Industries Association (CIA), and the Northeast of England Process Industry Cluster (NEPIC) in order to stay updated with the industry trends and drive the market for specialty chemicals, collectively.

The manufacturers are focusing on capacity expansion and technological advancement of manufacturing facilities in order to gain traction and increase their market competency. In addition, manufacturers are maintaining long-term supply agreements with raw material suppliers or end-users to ensure stability. Some of the prominent players in the specialty chemicals market include:

  • Solvay AG

  • Evonik Industries AG

  • Clariant AG

  • Akzo Nobel N.V.


  • Kemira Oyj


  • Croda International Plc

  • Huntsman International LLC

  • The Lubrizol Corporation

  • Albemarle Corporation

Specialty Chemicals Market Report Scope

Report Attribute


Market size value in 2021

USD 595.3 billion

Revenue forecast in 2028

USD 824.1 billion

Growth Rate

CAGR of 4.3% from 2020 to 2028

Base year for estimation


Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2020 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

The U.S.; Canada; Mexico; The U.K.; Germany; France; China; India; Japan; Brazil; South Africa; GCC

Key companies profiled

Solvay AG; Evonik Industries AG; Clariant AG; Akzo Nobel N.V.; BASF SE; Kemira Oyj; LANXESS AG; Croda International Plc; Huntsman International LLC; The Lubrizol Corporation; Albemarle Corporation

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. Grand View Research has segmented the global specialty chemicals market report on the basis of product and region:

  • Product Outlook (Revenue, USD Billion, 2017 - 2028)

    • Specialty Polymers

    • Institutional & Industrial Cleaners

    • Electronic Chemicals

    • Rubber Processing Chemicals

    • Flavors & Fragrances

    • Construction Chemicals

    • Food & Feed Additives

    • Cosmetic Chemicals

    • Oilfield Chemicals

    • Mining Chemicals

    • Pharmaceutical & Nutraceutical Additives

    • Plastic Additives

    • Printing Inks

    • CASE (Coatings, Adhesives, Sealants & Elastomers)

    • Specialty Pulp & Paper Chemicals

    • Specialty Textile Chemicals

    • Catalysts

    • Water Treatment Chemicals

    • Corrosion Inhibitors

    • Flame Retardants

    • Others

  • Regional Outlook (Revenue, USD Billion, 2017 - 2028)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • The U.K.

      • Germany

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • South Africa

      • GCC

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