Specialty Chemicals Industry to Reach $1 Trillion Next Year

The specialty chemicals industry is anticipated to reach US$ 1 trillion by 2025, according to Grand View Research.

After studying over 1,000 markets at regional and global levels, Grand View Research found that coating, adhesives, sealants, and elastomers (CASE) accounted for roughly 40% of the total market alone. Increasing product demand from the automotive, electronics, and construction industries is expected to further fuel the adhesives and sealants market.

Importantly, industrial and institutional cleaning chemicals have emerged as the most promising markets with an expected growth of 6.3% during the next 5 years. Healthcare and manufacturing also remain the key demand centers for these specialty chemicals—with demand for industrial and institutional cleaning chemicals in healthcare expected to grow 6.9% by 2030.

In North America, the paints and coatings market was valued at $43.28 billion—with most demand stemming from waterborne coatings, which is expected to become a $24 billion market in the next five years. Large growth in Mexico and stable demand from the U.S. will likely shape the regional market.

Moreover, strong demand from Asia Pacific manufacturing hubs ensures growth in countries such as China, India, Japan, Indonesia, and Vietnam

Additionally, global water scarcity and increasing usage of treated water will remain key factors for the global water treatment chemicals market, which is expected to exceed $50 billion in the next eight to 10 years.