Recently, the "Specialty Chemicals Industry Overview" report released by Standard & Poor's Global Commodity Insights Specialty Chemicals Update Program (SCUP) stated that after the market value fell by 1.6% in 2023, the global specialty chemicals market will continue to grow from 2024 to 2029. At a compound annual growth rate of 3.0%.

    Among industries, specialty chemicals used in the electronics industry such as semiconductors, silicon and integrated circuit process chemicals are expected to achieve high growth, and growth rates will vary in different market segments of the industry. Driven by smartphones, tablets and wearable technology, demand for electronic devices will continue to increase, driving demand for advanced electronic components and creating a growing market for specialty chemicals used in their manufacturing.

    Currently, energy transformation is underway around the world, with low or even negative growth rates expected for emission control catalysts and lubricant additives, while key development trends such as sustainability and digital transformation are reshaping the market. As people pay more attention to sustainability, the market will invest more in environmentally friendly specialty chemicals. Regulatory pressure and changing consumer preferences will also drive increased demand for more green alternatives. Digital transformation, characterized by the adoption of Industry 4.0 technology, will improve operational efficiency and reduce costs, and digitalization will also drive increased demand for specialty chemicals such as electronic chemicals and high-performance polymers.

    The report pointed out that the global market value of specialty chemicals will decline in 2023, but certain market segments will still show elastic growth, including rubber processing chemicals, specialty coatings, nutritional ingredients, food additives, construction chemicals, fragrances and fragrances, mining chemicals, specialty adhesives and sealants, and industrial and institutional cleaners. In the future, challenges related to raw material supply and price fluctuations may persist, requiring companies to adopt flexible procurement strategies and maintain strong supplier relationships. Global participants will continue to invest through joint ventures and mergers and acquisitions, which will further improve localized production capabilities and enhance market competitiveness. Innovation will remain a key driver, with a focus on high-performance and multifunctional specialty chemicals to meet the changing needs of various industries.

    Geographically, the focus of the global specialty chemicals industry has been shifting to Asia, with China and Indian manufacturers becoming key players in several markets. In 2023, Asia will account for 51% of the global specialty chemicals market. Correspondingly, the shares of mature economies such as North America, Western Europe and Japan in the specialty chemicals market will continue to decline. Due to slowing economic growth, North America, Western Europe and Japan together accounted for 45% of global specialty chemical consumption in 2023, and their market share is expected to decrease to 42% in 2029. Source: China Chemical News