Specialty chemicals are specially-designed chemical products that provide numerous effects suitable for various applications. Some of the categories of these chemicals are agrochemicals, adhesives, cosmetic additives, cleaning materials, food additives, construction chemicals, textile chemicals, and lubricants. Over the coming years, demand for specialty chemicals is likely to remain high in industries such as automotive, cosmetics, food and beverages, textile, and agriculture.
What are ‘Specialty Chemicals’?
Specialty chemicals are often also referred to as effect chemicals, formulation chemicals, or performance chemicals. Selection of a specialty chemical is mostly dependent on its performance or function. These chemicals can be unique molecules or a mixture of molecules known as formulations. Chemical and physical characteristics of their molecules and composition of the mixtures influence the performance of end products.
AkzoNobel Collaborates with Itaconix to Develop Bio-based Polymers
Rising concerns pertaining to environmental degradation are prompting specialty chemical manufacturers to focus on eco-friendly products. They are shifting toward renewable bio-based raw materials that can be as reliable and efficient as synthetic products. For instance, in July 2017, AkzoNobel’s specialty chemical business teamed up with Itaconix to develop bio-based polymers. These polymers can be commercially used in construction and coatings industries.
Another case in point is Genomatica, a biotech company. In August 2017, the firm announced the entry of its bio-based specialty chemicals in the commercial market. The company is making specialty chemicals using natural, sustainable, and plant-based ingredients that will reportedly showcase greater performance than fossil-fuel-derived alternatives. Increase in collaborations and technological innovations are anticipated to encourage the development of bio-based specialty chemicals.
Market Insights
Soaring demand for function-specific and high-value chemicals for development of novel products can play an important role in the growth of the global specialty chemicals market. Specialty chemicals are preferred over commodity products owing to their specialized and advanced features. Therefore, growth of end-use industries such as automotive, construction, agriculture, and electronics is expected to drive the market, finds Grand View Research Inc. in a study.
On the other hand, stringent environmental regulations regarding usage of synthetic chemicals due to their toxic nature can adversely affect market growth. Volatile prices of raw materials are also expected to act as a roadblock in the development of the market.
Some of the prominent players in the market are The Dow Chemical Company, BASF, ExxonMobil, Henkel, and PPG Industries.
In-Depth research report on Specialty Chemicals Market:
http://www.grandviewresearch.com/industry-analysis/specialty-chemicals-market
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