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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