According to Fortune Business Insights™, The global specialty chemicals Industry size is projected to reach USD 882.6 billion by 2028, exhibiting a CAGR of 4.7% during the forecast period. The market’s value stood at USD 627.7 billion in 2020 and is expected to hit USD 641.2 billion in 2021.
However, the market growth slumped by 2.8% in 2020 owing to the devastation caused by the COVID-19 pandemic outbreak. With transportation and travel activities heavily restricted to contain the coronavirus, chemical companies and suppliers faced huge inventory shortages, triggering a precipitous drop in sales and revenues. On the flip side, the integral role played by chemical companies in the battle against COVID-19 will prove crucial in the post-pandemic period for them.
Solvay Launches New Line of High-Performance PPA Compounds
Specialty chemicals giant Solvay released Amodel Supreme PPA, its new suite of high-performance PPA (polyphthalamide) compounds in April 2021. Formulated to serve complex e-mobility and metal replacement applications, Amodel Supreme promises to deliver superior performance for systems that demand exceptional electrical, mechanical, and thermal properties. With its outstanding features, the application range of this product covers components for telecommunication equipment, electric & electronic devices, housings for high-temperature electrical connectors, and electrically powered units for battery-based motors. The launch of this breakthrough polymer-based family of compounds will enable Solvay to deepen its footprint in the chemical industry.
Mounting Concerns over Food Security Worldwide to Benefit the Agrochemicals Segment
On the basis of type, the market has been divided into agrochemicals, dyes & pigments (which held a market share of 22.5% in 2020), construction chemicals, specialty polymers, textile chemicals, base ingredients, surfactants, functional ingredients, water treatment, and others. Among these, the agrochemicals segment is expected to dominate the market on account of the skyrocketing demand for specialty chemicals in the agriculture industry to boost farm yield.
The underlying cause for this is the intensifying concerns surrounding food security in many parts of the world, driven by increasing populations and depleting resources. According to the Food and Agriculture Organization (FAO), food production will need to be increased by 70% between 2005 and 2050 to feed the global population, which is projected to surpass 9 billion over the next three decades. Agrochemicals are set to play a significant role in enabling governments and international organizations to meet the productivity requirements in the farming sector.
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https://www.fortunebusinessinsights.com/specialty-chemicals-market-105517