Global Specialty Chemicals Industry Set To Experience Rapid Growth From 2024 to 2030: Grand View Research, Inc.

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Aug 07, 2024, 06:40 ET

SAN FRANCISCO, Aug. 7, 2024 /PRNewswire/ -- The global specialty chemicals industry is set to witness rapid growth from 2024 to 2030, as per the forecast by Grand View Research. Increasing demand for customized chemicals has been one of the major factors driving the demand for specialty chemicals. Growing awareness regarding the impact of unsustainable chemicals on the environment has been instrumental in shaping the current specialty chemicals demand, and this trend is likely to continue over the forecast period.

Some of the key markets influencing the shape of the overall industry include:

The global activated carbon market size was USD 4.92 billion in 2023 and is projected to grow at a CAGR of 6.0% from 2024 to 2030. Activated carbon has been gaining popularity, particularly in the water treatment industry. This is attributable to its beneficial properties such as cost-effectiveness, easy removal of bad taste, color stability, and quick removal of bad odor.

Global animal feed additives market size was USD 42.01 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2030. This is attributed to the rising meat consumption across the world. In addition, increasing consciousness regarding the benefits of feed additives and the recent outbreak of various diseases has positively impacted the industry.

Bioresorbable polymers market size was USD 1.30 billion in 2022 globally and is anticipated to grow at a compound annual growth rate (CAGR) of 13.8% from 2023 to 2030. The globally increasing consumer health awareness, along with improving healthcare facilities and the rising number of surgical procedures, are the primary factors aiding industry expansion.

The global carbon black market size was USD 22.35 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2030. Rising product usage in the production of plastics is anticipated to drive growth. Moreover, the rising usage of these plastics in electrical and electronic components will boost product demand.

Catalyst market size was USD 31.09 billion in 2023 globally and is anticipated to rise at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2030. There has been an increase in demand for catalysts from manufacturers worldwide for process optimization, yield improvement, cost-saving, and energy saving due to the escalating demand from applications such as petroleum refining, chemical synthesis, polymers & petrochemicals, and environmental.

The global chromatography resin market size was USD 2.47 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2030. The growth in this market is attributable to a growing demand for chromatography techniques from pharmaceutical, chemical, food & beverage, and other industries.

Corrosion inhibitors market size was USD 7.4 billion in 2019 globally and is expected to grow at a compound annual growth rate (CAGR) 3.8% from 2020 to 2027. The growth in the market can be attributed to the development of biobased and more eco-friendly corrosion inhibitors. A gradual shift toward the development of environment-friendly corrosion inhibitors may potentially lead the market toward sustainable development and increase the acceptance of corrosion inhibitors among sustainable end users.

Global enzymes market size was USD 60.48 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2030. The rising demand for food & beverage products is attributable to the increasing consumer awareness related to one's health and is expected to positively impact product demand over the forecast period.

The global industrial enzymes market size was USD 7.42 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2030. Increasing global consumption of bakery products and fruit juices is expected to fuel the demand for industrial enzymes. This factor is anticipated to contribute to the growth of the industry in the coming years.

Global masterbatch market size was USD 6.24 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2030. The replacement of metal with plastics in the end-use industries, including automotive and transportation, building and construction, consumer goods, and packaging, is expected to be a key factor driving the global market in the forecast period.

Mining chemicals market size was USD 11.44 billion in 2023 globally and is projected to grow at a CAGR of 6.4% from 2024 to 2030. This growth is attributable to a growing demand for minerals in various end-user industries such as electronics, medical equipment, paints & coating, and others.

The global pet food market size was USD 103.3 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030. The demand for products is anticipated to be driven by growing consumer inclination toward the adoption of pets along with rising concerns regarding their health.

Refinery catalyst market size was USD 6.75 billion in 2022 globally and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030. The market is expected to grow on account of the increasing demand for transportation fuel globally. Stringent regulations coupled with increasing demand for petroleum and petroleum-derived products/chemicals are likely to steer market growth.

Global specialty chemicals market size was USD 641.5 billion in 2023 and is anticipated to witness a compound annual growth rate (CAGR) of 5.2% from 2024 to 2030. This is attributed to the growing demand for construction, water treatment, and electronics chemicals, along with advancements in process technology and trade liberalization.

The global water treatment chemicals market for geothermal power was estimated at USD 8.84 million in 2023 and is projected to grow at a CAGR of 3.5% from 2024 to 2030. The growth of this market can be attributed to the rise in global demand for clean and renewable energy sources.

Adhesives and sealants market size was USD 121.27 billion in 2023 globally and is projected to grow at a CAGR of 10.1% from 2024 to 2030. The growth of the market can be attributed to its wide utilization for the assembly of glass, metal, rubber, and other products during the manufacturing of automobiles and in construction projects.

Global antimicrobial coatings market size was USD 11.39 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 13.9% from 2024 to 2030. Growing concern regarding cleanliness in various professional industries has led to the rapid development of this industry.

The global automotive adhesive tapes market size was USD 3.62 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2030. Rapid replacement of nut bolt fasteners to reduce vehicle weight and improve aesthetics is expected to drive the tapes market over the forecast period. The market is likely to witness a growing demand from aftermarket sales as vehicle modifications and performance enhancements are considerably upscaling.

Global concrete floor coating market size was USD 4.52 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. The industry's growth is mainly attributed to the increasing investments in green buildings.

Conformal coatings market size was USD 930.89 million in 2021 globally and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030. The growth of conformal coatings depends on their use in various automotive, medical, consumer electronics, and aerospace & defense applications.

The global industrial coatings market size was USD 87.19 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 2.5% from 2023 to 2030. Industrial coatings are widely used in various other end-use sectors, including automotive and vehicle refinish, electronics, aerospace, oil & gas, mining, marine, and power generation.

Global intumescent coatings market size was USD 1.19 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2030. High demand in the oil & gas sector owing to stringent regulations coupled with rise in exploration activities across the globe is likely to propel the market growth.

Pigment dispersion market size was USD 25.8 billion in 2023 globally and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2030. The steady growth in the packaging industry, in terms of both food and non-food packaging and printing of labels, is expected to drive demand for pigment dispersions during the forecast period.

Global pressure sensitive adhesives market size was USD 12.3 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2023 to 2030. The market is anticipated to be driven by the significant demand for pressure sensitive tapes and labels from the packaging industry.

The global printing inks market size was USD 19.2 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 2.8% from 2021 to 2028. The market is expected to witness moderate growth over the forecast period. Factors such as the growing end-use industry, including flexible packaging, commercial printing & publishing, packaging labels, have majorly driven this market.

Thermal spray coatings market size was USD 10.46 billion in 2023 globally and is expected to grow at a CAGR of 4.8% from 2024 to 2030. The thermal spray coatings market growth depends on their use in various end-use industries like automotive, aerospace, medical, industrial gas turbine, printing, steel, and pulp & paper.

Global waterborne coatings market size was USD 57.67 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. The growth is driven by the fostering of construction activities across the globe.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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