Specialty Chemicals Market Size, Share & Trends Analysis Report By Product (Institutional & Industrial Cleaners, Flavor & Fragrances, Food & Feed Additives), By Application, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the specialty chemicals market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for specialty chemicals market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of specialty chemicals market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Specialty Chemicals Market Categorization:

The specialty chemicals market was categorized into two segments, namely product (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, Specialty Pulp & Paper Chemicals, Specialty Textile Chemicals, Catalysts, Water Treatment Chemicals, Corrosion Inhibitors, Flame Retardants), regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The specialty chemicals market was segmented into products, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The specialty chemicals market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twelve countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; China; India; Japan; Brazil; South Africa; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Specialty chemicals market companies & financials:

The specialty chemicals market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Solvay - As a public limited corporation, Solvay works on creating technical solutions that are safer, cleaner, and more sustainable. The company produces products used in the building and construction industry, automotive, agricultural, aerospace, consumer goods, food industry, feed industry, mining, oil and gas, and other areas. 64 production facilities and ten significant research and development facilities are located throughout the nations of North America, Europe, Asia Pacific, Central and South America, and the Middle East and Africa. Geographically, Europe, North America, South America, Asia, and the rest of the globe are the five regions into which Solvay divides its revenue. Asia and the rest of the globe accounted for 34% of its total income in FY2021, followed by the European Union (27%), North America (26%), and Latin America (13%).

• Evonik Industries AG - Specialty chemicals are manufactured by Evonik Industries AG. The organization of company is focused on its operational business, which is separated into five primary divisions: smart materials, technology & infrastructure, performance materials, nutrition & care, and specialty additives. The company manufactures and markets system solutions, specialty additives, and ingredients for consumer goods and niche industrial applications via the Specialty Additives sector. The Specialty Additives division generated EUR3,225 million in revenue in FY2020 or 26.4% of the total revenue generated by the business. The company offers a variety of chemicals within the Nutrition and Care sector for use in consumer goods, healthcare-related products, and animal nutrition. Additionally, it offers ingredients, system solutions, and additives for certain consumer items and industrial uses. The Nutrition and Care section brought in EUR2,992 million in revenue in FY2020, making up 24.5% of the total revenue of the business. By 2021, the company had 27 production facilities located all over the world and was operating in more than 100 countries. The corporation divides its operations geographically into four regions: Asia-Pacific; Europe, Middle East and Africa; North America; and Central and South America. 48.1% of the company's sales in FY2020 came from Europe, the Middle East, and Africa, with North America coming in second with 24.2%, Asia-Pacific with 23.3%, and Central and South America with 4.4%.

• Clariant - Producing, developing, and distributing its specialized chemicals to a range of end users, including electronics, paints & inks, coatings, and digital printing, among others, is what Clariant does. The company works on creating creative and sustainable solutions for clients. Four business areas that are care chemicals, natural resources, plastics & coatings, catalysis & energy comprise the company's five business units. The company's catalysis business sector provides the chemical, fuel, and automotive industries with a wide range of products, including chemical catalysts and petrochemical and refining catalysts. The care chemicals include polyglycol, which is utilized in cosmetics and personal hygiene products. Functional minerals, additives, and mining and oil services make up the natural resources section. The corporation has production facilities all throughout the world. The corporation exports its goods to nations in the Asia-Pacific, Europe, and North American continents.

• Akzo Nobel N.V. - The products that Akzo Nobel N.V. produces are paints, coatings, and specialty chemicals. Automotive & Specialty Coatings, Industrial Coatings, Marine & Protective Coatings, and Powder Coatings are the company's four primary business segments. Alabastine, Alba, Apla, Astral, Bruguer, Chemcraft, Interpon, International Sikkens, and Dulux are among the brands it carries. The Performance Coatings division brought in EUR5,603 million in revenue in FY2021, making up 58.4% of the company's overall revenue. sales from the Decorative Paints business was EUR3,979 million in FY2021, or 41.5% of the overall sales of the company. The corporation divides its operations geographically into seven segments: Other Asian and Pacific, China, North America, South America, The Netherlands, and The UK. The company's revenue in FY2021 was made up of 37.5% from Other EMEA countries, with Other Asian Countries and Pacific (15.2%), China (14.8%), North America (12.1%), The UK (9.2%), South America (7.8%), and The Netherlands (3.5%) following in order of importance.

• DuPont de Nemours, Inc. - Specialty solutions provider DuPont de Nemours, Inc. operates internationally in markets that are both desirable and expanding. It provides services to the main sectors of the economy, such as energy, electronics, building and construction, and automobiles. Specialty chemicals, synthetic fibres, high-performance materials, and other products are among the many products that the company manufactures. The company's performance chemicals business offers a variety of industrial and specialized chemical products that can be customized for use in a variety of markets, such as plastics and coatings, mining, textiles, pulp and paper, water treatment, and healthcare. Through Fluoro products, DuPont Chemicals, and DuPont Titanium Technologies, the section carried out these business operations. Nonetheless, DuPont successfully separated its performance chemicals division in July 2015 by spinning out The Chemours Company. Its offices for purchasing, marketing, and distribution are dispersed throughout the globe, as are its production, processing, and R&D facilities. They can be found all over the world in places including Asia Pacific, North America, Central and South America, Europe, the Middle East, and Africa.

• BASF SE - German chemical manufacturer BASF SE supplies goods to several end-user industries, such as chemicals, building, energy & resources, pharmaceuticals, chemicals, automotive & transportation, and electronics & electronics. Performance goods, chemicals, agricultural solutions, functional materials & solutions, and oil & gas comprise the company's five business segments. The production of goods including petrochemicals, catalysts, intermediates, and monomers is the area of expertise for the chemical segment. Additionally, it offers surface disinfectants for use in home care, industrial, and institutional settings. These applications include sub-applications including laundry, dishwashing, food and beverage processing, and industrial cleaning. With more than 353 production facilities strewn across more than 80 countries, the corporation operates through its different subsidiaries and joint partnerships. Around 84 subsidiary business units and 13 operational divisions are spread throughout the globe. Germany, the United States, Belgium, Brazil, Canada, Chile, the Netherlands, Norway, Poland, Portugal, Korea, Japan, India, Malaysia, the United Arab Emirates, South Africa, and China are among the places where the corporation conducts business.

• Kemira - Kemira Is engaged in creating Eco friendly chemical solution for sectors that use excessive water. It divides its business activities into two areas data subject to reporting: industry and water as well as pulp and paper. Chemicals are supplied by the company’s pulp and paper division to assist pulp and paper manufacturers. The division creates and makes wet-end paper products with an emphasis on board, tissue, and packaging. The pulp and paper division generated EUR1457.6 million revenues in FY2020 or 60.1% of the total revenue generated by the company. The company provides water chemical for raw, waste water and sludge treatment applications within the industry and water sector. 39.9% of the company’s total revenue in FY2020 came from EUR969.5 million in revenues reported by industry and water segment. Geographically the company classifies its operation into four regions Finland, the Americas, Asia Pacific and Other Europe, Middle East and Africa. In FY2020, the Americas region accounted 35.5% of the company’s total revenue, followed by Finland with 15.3%, Asia with 10.7% and other remaining 38.5% was contributed by Other Europe, Middle East and Africa.

• LANXESS - LANXESS is a specialty chemical company whose main business is the production, development and marketing of specialty chemicals, polymers, and chemical additives. Lubricating additives are produced by LANXESS under their specialty additives business. The company is divided into four business segments: engineering materials, intermediates, consumer protection, and advanced specialty additives. They are active globally, operating in over 33 countries.

• Croda International Plc - Croda International Plc (Croda) and its subsidiaries are involved in the production and distribution of specialty chemicals. Products from the company are available in the different categories including home care, industrial chemicals, coatings and polymers, lubricants, personal care, health, and crops. Asia, Africa, Australia, the Middle East, Russia, Europe, and the Americas are all home to the company. Performance Technologies, Industrial Chemicals, Life Sciences, and Personal Care are the four business sectors into which the corporation divides its operations. Crop care and health care are the two complementing businesses that make up the Life Sciences division. Ingredients for dermatology, heart health, and animal health are supplied to the pharmaceutical and nutraceutical industries by the healthcare sector. Crop Care supplies raw materials to agrochemical manufacturers so they can make products that help farmers raise their yields. 30.3% of the company's revenue, or GBP572.3 million, was recorded by the Life Sciences section in FY2021. Lubricants, coatings and polymers, polymer additives, geo technology, and home care are the five business areas that are supplied with ingredients by Croda's Performance Technology section. 23.3% of the company's sales in FY2021 came from the Performance Technologies division, which posted revenues of GBP439.5 million. The business's Industrial Chemicals division creates new, industrial applications and takes on toll processing. 6.1% of the company's revenue, or GBP114.8 million, was recorded by the Industrial Chemicals segment in FY2021. The company's operations span four geographical regions, namely Europe, North America, Asia, and Latin America. Europe generated 43.7% of the company's total sales in FY2021, tailed by North America at 26.1%, Asia at 22.1%, and Latin America at 8.2%.

• Huntsman International LLC - Huntsman International LLC is a global manufacturer of specialty and other distinguished chemical products. Its four main business divisions are polyurethanes, textile effects, performance goods, and novel materials. The company's products and services are available in a broad range of markets, including aerospace and defense, automation, robotics, automotive & transportation, building & construction, cold chain, elastomers, electronics, energy, footwear, industrial production, and others.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Specialty Chemicals Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Specialty Chemicals Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.