The global specialty chemicals market size was USD 627.7 billion in 2023 and is projected to grow from USD 721.5 billion in 2024 to USD 1,063.4 billion in 2032 at a CAGR of 5.0% during the forecast period 2024-2032. Asia Pacific dominated the specialty chemicals market with a market share of 52.31% in 2023. However, the market growth slumped by 2.8% in 2020 owing to the devastation caused by the COVID-19 pandemic outbreak. With transportation and travel activities heavily restricted to contain the coronavirus, chemical companies and suppliers faced huge inventory shortages, triggering a precipitous drop in sales and revenues. On the flip side, the integral role played by chemical companies in the battle against COVID-19 will prove crucial in the post-pandemic period for them.
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List of Key Players Profiled in the Specialty Chemicals Market Report
The specialty chemicals market plays a crucial role in various industries, offering high-performance and application-specific products. Unlike commodity chemicals, specialty chemicals are tailored for specific end-use applications, making them integral to industries such as automotive, pharmaceuticals, agriculture, construction, and electronics. The global specialty chemicals market has been experiencing steady growth, driven by technological advancements, sustainability trends, and increasing demand from emerging economies.
Solvay Launches New Line of High-Performance PPA Compounds
Specialty chemicals giant Solvay released Amodel Supreme PPA, its new suite of high-performance PPA (polyphthalamide) compounds in April 2021. Formulated to serve complex e-mobility and metal replacement applications, Amodel Supreme promises to deliver superior performance for systems that demand exceptional electrical, mechanical, and thermal properties. With its outstanding features, the application range of this product covers components for telecommunication equipment, electric & electronic devices, housings for high-temperature electrical connectors, and electrically powered units for battery-based motors. The launch of this breakthrough polymer-based family of compounds will enable Solvay to deepen its footprint in the chemical industry.