APAC Specialty Chemicals Market 2023 Analysis on the Basis of Growth, New Trends and Current Industry Demand

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The APAC specialty chemicals market is projected to reach $361.0 billion by 2023

The rapidly growing population; increasing growing middle-class population in the region; and rising industrialization in the field of food, agriculture, cosmetics, and many other manufacturing sectors, are propelling the demand of specialty chemicals in the region.

the APAC specialty chemicals market is categorized into agrochemicals, construction chemicals, specialty coatings, surfactants, food additives, polymer additives, electronic chemicals, cleaning chemicals, plastic additives, paper and textile chemicals, adhesives and sealants, lubricants and oilfield chemicals, and others. The other types include advanced ceramic materials, rubber processing chemicals, water treatment chemicals, and mining chemicals.

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India is expected to be the fastest growing APAC specialty chemicals market, advancing at a CAGR of 8.2% during the forecast period. The highest growth in the country is attributed to the growing urbanization trend, increasing disposable income, and high demand for enhanced aesthetics in residential infrastructures. Specialty chemicals are used in a variety of industries including automotive, construction, food and beverage (F&B), personal care, and electronics.

In order to facilitate rapid industrialization and improving lifestyle, almost all APAC countries are focusing on infrastructure development. The infrastructure projects include construction of commercial and residential buildings, hospitals, schools, malls, shopping complexes, warehouse, manufacturing facilities, roads, highways and railroads. Specialty chemicals are used in the construction industry in the form of resins, pigments, surfactants, coatings, paints, varnishes, additives, sealants and adhesives, and others. 

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Some of the major players operating in the APAC specialty chemicals market are DowDuPont Inc., Ashland Global Holdings Inc., Evonik Industries AG, Akzo Nobel N. V., Eastman Chemical Company, LOTTE Fine Chemical, Mitsui Chemicals Inc., Mitsubishi Chemical Corporation, BASF SE, Clariant AG, Huntsman Corporation, and China Petroleum & Chemical Corporation.

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