Specialty chemicals are utilized by numerous industrial businesses such as cosmetics, textiles, construction, ink additives, oil & gas, and food. The chemical effectiveness and composition of these composites define their usage. Due to increasing concerns regarding health and safety, the growth in sales of sanitizers, disinfectants, and Industrial & Institutional (I&I) cleaners has extended at a higher rate. According to Fortune Business Insights™, the specialty chemicals market size was valued at USD 627.7 billion in 2020 and is anticipated to grow from USD 641.2 billion in 2021 to USD 882.6 billion by 2028 at a CAGR of 4.7% during the forecast period.
Increasing Demand for Hygiene & Personal Care Products Will Increase Profitability of Companies
Prominent industrialists are witnessing an extensive rise in demand for hygiene products such as germ safeguard wipes, disinfectant sprays, hand sanitizers, and liquid soaps. In recent years, specialty chemicals manufacturers have observed a growth in the consumption of specialty items. The companies have now measured their manufacturing strategies according to the current situations and are rapidly scaling up and restructuring their manufacturing capacities. Thus, the increasing adoption of disinfectants and cleaners has bolstered the industrial growth.
COVID-19 Pandemic will Hit Hard on Business Performance
The negative impact of the COVID-19 pandemic and rising environmental concerns are the limitations obstructing industrial growth. Halted transportation and import/export activities across countries have led to disruptions in the supply chain that have further deteriorated chemical sales. The chemical sector had already been dealing with sustainability issues in 2019, such as reduced profits, economic sanctions, trade restrictions, and others. The COVID-19 pandemic and the decline in oil prices have put additional pressure on the chemicals industry.
Top Manufacturers Listed by Fortune Business Insights™:
- Solvay AG
Solvay AG was established in 1863 and is headquartered in Belgium. The company is known as one of the leading players in the industry. Developing a diverse product portfolio is a major advantage for the company, which provides 2,000+ products globally.
- Evonik Industries AG
Evonik Industries AG is a Germany-based company providing solutions and products for multiple industries worldwide. The company was established in 2007 and now is expanding globally. Evonik Industries AG is ranked as the second-largest chemicals company in Germany.
- Clariant AG
Clariant AG is a multinational specialty chemicals company established in 1995 and is headquartered in Muttenz, Switzerland. It delivers a wide range of products in different sectors. Its specialization is in agrochemicals & agricultural adjuvants, automotive brake fluids & coolants, aircraft anti-icing & deicing fluids, healthcare, gas treatment chemicals, industrial lubricant additives, construction chemicals, and others.
- BASF SE (Germany)
BASF SE was established in 1865 by Friedrich Engrlhorn. The company is headquartered in Ludwigshafen, Germany. It operates in several verticals to deliver products such as chemicals, plastics, coatings, crop technology, crude oil, and natural gas exploration & production.
- LANXESS AG
Lanxess AG is known as a leading company in the industry. The company was established in 2004 and is headquartered in Cologne, Germany. It delivers a wide range of products such as polymers, intermediates, and specialty chemicals.
- The Lubrizol Corporation
The Lubrizol Corporation is an American brand dominating the specialty chemicals industry since 1928. The company is headquartered in Wickliffe, Ohio, U.S. The company majorly focuses on providing chemicals for transportation, industrial, and consumer markets.
Construction Industry will Stimulate Specialty Chemicals Demand
The increasing number of emerging projects globally will fuel the growth rate in this industry. This is attributed to the fact that these chemicals improve the decorative and structural properties of construction while also prolonging its lifespan. It also decreases the need for maintenances and aids concrete structures to maintain their strength. Construction chemicals, such as foaming agents, coatings, and surface treatment chemicals, are some of the critical constituents of the construction procedure. Hence, they are responsible for a sizable portion of this industry.
About the Author:
Amruta is an Engineer but is equally passionate about creative writing and clutches every opportunity to deliver precise articles. Apart from writing, Amruta enjoys watching standup comedy and exploring various places.