The increasing population across the globe is leading to a rising demand for numerous products and services. Besides basic products, the demand for luxury items, such as electronics and automobiles, is also witnessing a surge. To address this, industries across the world are being set up, leading to the improving economic status of many countries, especially the developing nations. Per capita income and gross domestic product (GDP) are two major parameters that indicate the economic strength of a country.
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Improvements in these parameters have resulted in the increasing spending power of people, thereby resulting in the growing demand for various products, which, in turn, is driving the demand for specialty chemicals. Due to the boom in the middle-class population and rapid industrialization in sectors such as cosmetics, manufacturing, and agriculture, the demand for specialty chemicals is rising, especially in emerging economies, such as Brazil, India, and China.
A study conducted by P&S Intelligence predicted that the specialty chemicals market share will reach $782.2 billion in the coming years, witnessing a 5.1% CAGR to register a significant growth in revenue generation from 2017, when it valued $582.3 billion. Chemicals which are used as additives in low amounts to enhance the final products’ value are termed as specialty chemicals. These are used in manufacturing a wide range of consumer and industrial goods, such as electronics, detergents, and paints.
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These chemicals are of various types, such as plastic additives, paper & textile chemicals, cleaning chemicals, electronic chemicals, polymer and food additives, agrochemicals, adhesives & sealants, lubricant & oilfield chemicals, construction chemicals, surfactants, and specialty coatings. Among these, owing to the rising requirement for crop protection materials and diversified food items, and adoption of new chemicals and technologies, the highest demand was witnessed by agrochemicals in the recent past.
Growing concerns about the health of the environment are contributing to the popularity of biodegradable specialty chemicals and products. To reduce the harmful impact of chemicals on the environment, the demand for green chemicals is rising in the manufacturing sector.
Various green chemicals, such as 12-hydroxy stearic acid, 1-arabinose, 2-ethylhexyl oleate, 1-nonacosanol, 2-ethylhexyl acetate, and 1-heptacosanol, are being used to develop eco-friendly products. These chemicals find application in various processes, ranging from powdered shampoos and paints with low volatile organic compound content to fabrics that require less water for washing and chemical additives, which enhance the physical properties of products. This avenue can be explored by specialty chemical manufactures for expanding their product portfolio and translate that into higher profits.