Specialty Chemicals Market Share

Specialty Chemicals Market Share Analysis

Specialty chemicals industry is in a transition phase. Initially, North America and Europe based industry leaders have dominated the global market. However, their degree of dominance has been reduced to some extent in the last few years. On the basis of technological advancement linked with economic reforms in Asia Pacific and abundance of petrochemicals feedstock in the Middle East, the center of global chemical industry has been shifted to these regions. Factors such as the emergence of China as the global manufacturing hub, proximity of cheap labor force, largest automotive production across the globe, and easy raw material availability have shifted the industrial momentum. Similarly, in India, dynamic textile production, huge agrochemical base, rising investment in construction industry linked with rapid economic development have supported the industrialization to some extent.

The Middle East & Africa have remarkable feedstock availability, which is a raw material used for the production of a wide range of products used in the chemical industry. Initially, it was an export-driven region, however, shifting chemical industry trends have promoted industrialization in this region.

Taking into account the overall scenario, the Asia Pacific and the Middle East region likely to offer promising future for specialty chemicals industry over the assessment period