Specialty Materials Global Market Report 2024

The specialty materials market size has grown strongly in recent years. It will grow from $224.33 billion in 2023 to $243.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The expansion observed in the historical period can be attributed to several factors, including the emergence of niche markets, changes in globalization and trade dynamics, increased investments in research and development (R&D), shifts in consumer preferences, and the growth of industrialization and manufacturing sectors.

The specialty materials market size is expected to see strong growth in the next few years. It will grow to $335.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period is expected to stem from various factors, notably the expansion of the global market, specific needs within various industries, advancements in material science innovation, increasing demand in emerging industries, and a heightened focus on sustainable solutions. Key trends projected in the forecast period encompass the integration of nanotechnology, the development of bio-based and sustainable materials, the trend toward miniaturization and lightweight materials, the emergence of smart and functional materials, as well as the utilization of high-performance polymers.

The specialty materials market is anticipated to experience growth driven by the increasing consumption of convenience food. Convenience food, characterized by quick and easy preparation, including frozen, dried, or canned options, relies on specialty materials for additional packaging solutions. These materials, such as bags and boxes, facilitate the handling and transportation of products. In September 2022, the US Bureau of Labor Statistics reported a 13.4% increase in food spending compared to the previous year, with a notable 27.6% rise in spending on food outside the house and a 6.6% increase in spending on food inside the home. This surge in convenience food consumption is a significant factor propelling the growth of the specialty materials market.

The specialty materials market is set to benefit from the growing demand in construction activities. Specialty materials play a crucial role in construction by enhancing insulation and reducing energy consumption through the use of aerogels and advanced foams. Construction activities encompass tasks involved in constructing, renovating, or building structures such as buildings, infrastructure, and facilities. According to the Office for National Statistics in November 2021, the value of new construction work in Great Britain increased by 15.3%, reaching $122,296 million (Euro 115,579). This increasing demand in construction activities contributes to the growth of the specialty materials market.

A notable trend in the specialty materials market is the emphasis on product innovation. Major companies within the market are actively engaged in developing new technological solutions to fortify their positions. For example, in February 2021, Nike Inc., a US-based footwear manufacturing company, introduced lace-free, slip-on sneakers. This innovation reflects a strategic move to tap into the trend observed among competitors such as Vans, APL, and Crocs, who experienced growth during the epidemic as consumers sought simple and convenient footwear options. Product innovation remains a key driver in shaping the landscape of the specialty materials market.

Major players in the specialty materials market are strategically embracing sustainability by introducing animal-free biomaterials to secure their positions in the industry. Sustainable, animal-free biomaterials represent eco-friendly alternatives derived from renewable resources, avoiding the use of animal products or by-products. In a significant development in May 2023, Modern Meadow, a US-based biotechnology company, unveiled Bio-VERA. This specialty material is a novel, sustainable, and animal-free biomaterial aimed at reducing reliance on traditional animal-based sources. Bio-VERA is crafted to emulate the look, feel, and natural aging of traditional leather, suede, or chamois, offering a high-quality, consistent, and versatile alternative. Leveraging Bio-Alloy technology in its application platform, made with cultured biomaterial, Bio-VERA finds applications in transportation, footwear, interior design, and wall coverings sectors, providing ethical and eco-conscious alternatives to conventional materials.

In December 2021, Nike, a leading US-based footwear manufacturing company, made a strategic move by acquiring RTFKT for an undisclosed amount. This acquisition signifies Nike's commitment to advancing its digital transformation, enhancing its ability to serve athletes and artists at the intersection of culture, creativity, sport, and gaming. RTFKT, the acquired company, specializes in developing custom sneakers tailored for video game enthusiasts, aligning with Nike's broader strategy to stay relevant in the dynamic landscape of digital and cultural trends within the specialty materials market.

Major companies operating in the specialty materials market report are IKEA, Nike Inc., Bridgestone, Christian Dior SE, Hennes & Mauritz Retail Pvt. Ltd., The Michelin Group, International Paper Company, Adidas AG, The Goodyear Tire & Rubber Company, Gap Inc., Georgia-Pacific Corporation, Kimberly Clark Corporation, Rajesh Exports Limited, Everlight Chemical Industrial Corporation, Saudi Arabian Oil Co. Ltd., Unitechem Group, Evonetix Ltd., Citrine Informatics, Johnson Matthey, Re-Vana Therapeutics, Debut Technology, EyePoint Pharmaceuticals, Applied Graphene Materials, Croda International Plc, PPG Industries, Wacker Chemie AG, Solvay, Evonik Industries AG, Clariant AG, Akzo Nobel N V, Albemarle Corporation, Huntsman International LLC, The Lubrizol Corporation.

Europe was the largest region in the specialty materials market in 2023. The regions covered in the specialty materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the specialty materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Primary categories of specialty materials include apparel and leather products, furniture, general manufacturing materials, paper products, plastics and rubber goods, printing and related support activities, textiles, and wood products. Apparel and leather products encompass various items and accessories fashioned from textiles produced through weaving, knitting, or felting. Leather products consist of durable, elastic, and resilient materials derived from animal hides and skins that undergo chemical treatment to prevent deterioration. These materials, both organic and conventional, are distributed through diverse channels such as supermarkets or hypermarkets, convenience stores, e-commerce platforms, and others. They find applications across construction, manufacturing, industries, and other sectors.

The specialty materials market research report is one of a series of new reports that provides specialty materials market statistics, including specialty materials industry global market size, regional shares, competitors with a specialty materials market share, detailed specialty materials market segments, market trends and opportunities and any further data you may need to thrive in the specialty materials industry. This specialty materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.