North America Specialty Chemicals Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type; Function; and Country

The North America specialty chemicals market was valued at US$ 240.28 million in 2018 and is projected to reach US$ 370.23 million by 2027; it is expected to grow at a CAGR of 5.1% from 2019 to 2027.

Specialty chemicals or performance chemicals are used in the manufacturing of finished products to improve the process. The chemicals are used in a wide range of verticals such as automotive, construction, agriculture, industrial manufacturing, and consumer goods, as per their performance or function. Specialty chemicals are extensively used in relatively small amounts in the production of adhesives, inks, plastics, coatings, cosmetics, and cleaning products to enhance the performance of these products. In the construction sector, these chemicals are applied in numerous applications to impart additional protection from environmental hazards, reduce water and cement quantities utilized during construction, and enhance the lifetime of construction chemicals.

In 2018, the US accounted for the largest share of the North America specialty chemicals market. Rapid industrial development, coupled with technological advancements in the industrial sector, is the key factor boosting the specialty chemical market in the country. Moreover, the surging demand for more sophisticated products is prompting companies in the US chemical industry to shift their focus toward the development of new and innovative specialties chemicals. Specialty chemical producers in the US are likely to consider reforming their portfolio according to the changing market requirements. The technology breakthroughs in the agrochemicals, electronics, automotive, and energy sectors are expected to be the primary contributors to this transition in the market place. For example, specialty chemical companies catering to the automotive sector need to restructure their product portfolio to meet new trends such as light-weight and low-emission products.

Based on type, the specialty chemicals market is segmented into specialty mining chemicals, water treatment chemicals, adhesives, electronic chemicals, specialty paper chemicals, pesticides, rubber processing chemicals, advanced ceramic materials, plastic additives, and others. The electronic chemicals segment is expected to register the highest CAGR in the market during 2019-2027. Specialty chemicals are used in the manufacturing of electronic components and products, silicon wafers, integrated circuits, packaging and printed circuit boards (PCBs), compound semiconductors, optoelectronics, and flat panel display products. Therefore, growing demand for semiconductors, flat panel displays, and photolithographic printing materials is expected to propel specialty chemical market growth during the forecast period.

The key players operating in North America specialty chemicals market are HENKEL AG AND CO. KGAA, Akzo Nobel N. V., BASF SE, Lanxess, The Dow Chemical Company, Koninklijke DSM N. V., Ashland Global Holdings Inc, Albemarle Corporation, SOLVAY S. A., and Evonik Industries AG. These companies provide specialty chemicals for the diversified industry applications. They also operate their production facilities for these chemicals in various countries worldwide, which helps them serve a wider customer base. They are highly focused toward the development of high-quality and innovative products.

Wuhan (China) first reported the emergence of the COVID-19 outbreak in December 2019, and since then, it has spread worldwide at a fast pace. The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns called by governments of the respective countries. The specialty chemicals are used in the production of various products that are used on a daily basis. Amid the COVID-19 emergency, the demand for chemicals across various end-user industries has shrunk. Global supply chains are disrupted, and the stock prices of chemical companies have taken unprecedented hits. The lockdowns have also led to supply chain breaks, and manufacturing and office shutdowns, thereby hampering the production and demand for specialty chemicals. The automotive, transportation, and consumer products sectors are among the hardest-hit industries, which has also hampered the demand for specialty chemicals.

The North America specialty chemicals market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically participating in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the specialty chemicals market.

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