China Specialty Chemicals Market Size & Outlook, 2023-2030
China specialty chemicals market, 2018-2030 (US$B)
Related Markets
China specialty chemicals market highlights
- The China specialty chemicals market generated a revenue of USD 146.3 billion in 2023 and is expected to reach USD 243.9 billion by 2030.
- The China market is expected to grow at a CAGR of 7.6% from 2024 to 2030.
Specialty chemicals market data book summary
| Market revenue in 2023 | USD 146.3 billion |
| Market revenue in 2030 | USD 243.9 billion |
| Growth rate | 7.6% (CAGR from 2023 to 2030) |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD billion |
| Market segmentation | |
| Key market players worldwide | Solvay SA, Evonik Industries AG, Clariant AG, Akzo Nobel NV, DuPont de Nemours Inc, Kemira Oyj, Lanxess AG, Croda International PLC, Huntsman Corp, The Lubrizol Corp, Albemarle Corp |
Other key industry trends
- In terms of revenue, China accounted for 22.8% of the global specialty chemicals market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China specialty chemicals market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 243.9 billion by 2030.
The increasing demand for detergents, personal care products, and cleaning products is expected to fuel the demand for cosmetic chemicals and industrial & institutional chemicals over the forecast period. Construction and electronic chemicals product segments witnessed significant growth owing to the growth of electrical machinery and equipment manufacturing industry in China.
Specialty chemicals are widely used in applications from household items (such as cosmetics, detergents, and processed foods) to high-tech products (such as mobile phones and aircraft). For instance, paper processing industry, which utilizes specialty chemicals has shown stagnant growth owing to increasing digitization. Many small to mid-sized paper processing mills have been shut down in response to strict environmental regulations, which reduced the use of specialty paper chemicals.
Trade restrictions between China and the U.S. may indirectly impact the consumption of specialty chemicals. For instance, the consumption of plastic additives in China decreased due to reduced plastic exports to the U.S. As China is a major producer of plastics & electronic products, a decrease in exports is expected to negatively impact the consumption of electronic chemicals.
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Specialty Chemicals Market Scope
Specialty Chemicals Market Companies
| Name | Profile | # Employees | HQ | Website |
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China specialty chemicals market size, by product type, 2018-2030 (US$B)
China Specialty Chemicals Market Outlook Share, 2023 & 2030 (US$B)
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