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Specialty Chemicals Industry Overview

Specialty Chemicals Update Program

Published August 2022

Specialty chemicals can be single-chemical entities or formulations whose composition sharply influences the performance and processing of the customer’s product. This report covers 28 specialty chemical segments categorized either as market-oriented products (used by a specific industry or market, such as electronic chemicals or oil field chemicals) or functional products (groups of products that serve the same function, such as adhesives, antioxidants, or biocides). There is considerable overlap in this method of characterization. Market-oriented groups often include numerous functional chemicals used by the same market, while functional chemicals typically are used by several different markets. This distinction is made for convenience in discussing strategic aspects of the business segments rather than because of a real difference in the products.

The specialty chemicals covered in the report are listed in the following table:

Mainland China and North America are the largest markets for specialty chemicals on a value basis.

In 2021, the world’s five-largest specialty chemicals segments—electronic chemicals, specialty polymers, industrial and institutional cleaners, surfactants, and flavors and fragrances—had a market share of 38%. Each specialty chemicals business segment comprises several subsegments, each with individualized product, market, and competitive profiles.

Mainland China is the largest consumer of the following specialty chemicals: antioxidants, catalysts, construction, feed additives, printed circuit board and semiconductor packaging, plastics additives, paper chemicals, rubber-processing chemicals, specialty coatings, specialty polymers, textile chemicals, and water management chemicals.

North America is the leading consumer of biocides, corrosion inhibitors, cosmetic chemicals, food additives, industrial and institutional cleaners, lubricating oil additives, oil field chemicals, printing inks, surfactants, and synthetic lubricants. Western Europe is the leading consumer of nutraceuticals and flavors and fragrances. Other Asia has the highest consumption value for chemicals used in semiconductor fabrication.

In the past, specialty chemical companies sold their products on value. Their products represented only a small portion of the cost structure of their customers’ products. Advances in supply-chain management, strategic sourcing, and e-commerce have increased transparency and customer awareness. As a result, the specialty chemicals industry is becoming more commodity-like in some areas as companies sell certain products on price rather than on performance. The specialty chemicals industry is now trying to improve its margins by implementing price increases to compensate for higher R&D, energy, and raw material costs.

Some specialty chemical companies are trying to raise barriers to entry into their markets by becoming more service-oriented. They are focusing less on products and more on support services and specific customers. Providing services alongside products has long been the way to do business in some specialty chemical sectors, including automotive coatings, fluid catalytic cracking catalysts, pharmaceutical ingredients, and water treatment. However, as more sectors wrestle with slowing growth rates and encroaching commoditization, more specialty chemical companies have increased the service component of their portfolios.

For more detailed information, please see the table of contents listed below.

S&P Global’s Specialty Chemicals Update Program – Overview of the Specialty Chemicals Industry is the comprehensive and trusted guide for anyone seeking information into this industry. This latest report details global and regional information, including

Key Benefits

S&P Global’s Specialty Chemicals Update Program – Overview of the Specialty Chemicals Industry has been compiled using primary interviews with key suppliers and organizations, and leading representatives from the industry in combination with S&P Global’s unparalleled access to upstream and downstream market intelligence and expert insights into industry dynamics, trade, and economics.

This report can help you

  • Identify the competitive environment and key players
  • Assess key issues facing both suppliers and their end-use customers
  • Understand industry integration strategies
  • Keep abreast of industry structure changes, regulatory requirements, and other factors affecting profitability
  • Identify new business opportunities and threats
  • Follow important commercial developments
  • Recognize trends and driving forces influencing specialty chemical markets

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Contents

Executive summary 6
Summary 7
The specialty chemicals industry in 2021 99
Industry outlook for 2022 and beyond 1111
Abbreviations 18
Introduction 19
Definition of specialty chemicals 19
Segments of the specialty chemicals industry 19
Purpose and scope of this report 20
Overlaps in specialty chemical market segments 21
Research methodology 22
Macroeconomic developments 24
Crude oil 25
Exchange rates 26
Trends in selected end-use industries 27
Automotive 29
Chemical production 30
Construction 33
Electronics 35
Fibers and textiles 36
Food 38
Household and personal care products 40
Mining 41
Paper 42
Thermoplastics 43
Overview of the specialty chemicals industry 46
Industry structure 46
Major players 47
Largest end-use markets 49
Trends and success factors 51
Regional status and outlook for specialty chemicals 54
North America 54
Status and outlook 54
General status of the economy 57
Mergers and acquisitions 59
Trends and opportunities 62
Central and South America 62
Status and outlook 62
Trends and opportunities 66
Western Europe 66
Status and outlook 66
General status of the economy 72
Mergers and acquisitions 74
Trends and opportunities 81
Central and Eastern Europe 82
Status and outlook 82
General status of the economy 87
Trends and opportunities 89
Middle East and Africa 89
Status and outlook 89
Middle East 93
Africa 96
General status of the economy 99
Mergers and acquisitions 101
Trends and opportunities 101
Mainland China 102
Status and outlook 102
General status of the economy 108
Mergers and acquisitions 111
Trends and opportunities 112
Japan 113
Status and outlook 113
Mergers and acquisitions 117
Trends and opportunities 118
Other Asia 119
Status and outlook 119
South Korea 123
Taiwan 125
India 126
Southeast Asia 128
Mergers and acquisitions 130
Trends and opportunities 131
Overview of specialty chemicals segments 132
Market-directed specialty chemicals 132
Construction chemicals 132
Cosmetic/personal care chemicals 135
Electronic chemicals 138
Semiconductors and IC process chemicals 141
Printed circuit board chemicals and semiconductor packaging materials 143
Feed additives 145
Food additives 148
Industrial and institutional cleaners 151
Lubricating oil additives 154
Mining chemicals 156
Nutraceutical ingredients 159
Oil field chemicals 162
Plastics additives 165
Printing inks 167
Rubber-processing chemicals 170
Specialty paper chemicals 172
Synthetic lubricants 175
Textile chemicals 178
Water management chemicals 181
Functional specialty chemicals 183
Antioxidants 183
Biocides 186
Catalysts 189
Petroleum refining and chemical process catalysts 191
Emission control catalysts 197
Corrosion inhibitors 200
Flame retardants 203
Flavors and fragrances 205
Specialty adhesives and sealants 208
Specialty coatings 211
High-performance anticorrosion coatings 215
Thermosetting powder coatings 218
Radiation-curable coatings 220
Specialty polymers 224
Engineering thermoplastics 227
Specialty films 230
High-performance thermoplastics 234
Surfactants 239
Water-soluble polymers 242
Revisions 245
Data Workbook 246
Notice 247

Products & Solutions from related industries

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Ammonium Sulfate - Chemical Economics Handbook (CEH)

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Specialty Adhesives and Sealants - Specialty Chemicals Update Program (SCUP)

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Catalysts Emission Control - Specialty Chemicals Update Program (SCUP)

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Thermoplastics, High-Performance - Specialty Chemicals Update Program (SCUP)

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Coatings, Radiation Curable - Specialty Chemicals Update Program (SCUP)

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Lubricants, Synthetic - Specialty Chemicals Update Program (SCUP)

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Coatings, Thermosetting Powder - Specialty Chemicals Update Program (SCUP)

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Chlorobenzenes - Chemical Economics Handbook (CEH)

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Cresols, Xylenols and Cresylic Acids - Chemical Economics Handbook (CEH)

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Dimethylterephthalate (DMT) and Terephthalic Acid (TPA) - Chemical Economics Handbook (CEH)

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Energy - Chemical Economics Handbook (CEH)

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Expandable Polystyrene - Chemical Economics Handbook (CEH)

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Linear Alkylbenzene Sulfonic Acid (LABSA)/Linear Alkylate Sulfonate (LAS) - Chemical Economics Handbook (CEH)

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Pigments, Organic Color - Chemical Economics Handbook (CEH)

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Petrochemical Feedstocks - Chemical Economics Handbook (CEH)

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Phosphoric Acid - Chemical Economics Handbook (CEH)

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Polymethyl Methacrylate - Chemical Economics Handbook (CEH)

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Polyvinyl Alcohol - Chemical Economics Handbook (CEH)

FAQ

What are the major steps of manufacturing Specialty Chemicals?

Specialty chemicals are produced primarily by batch processing; production volumes are relatively small in comparison to basic or commodity chemicals.

What is meant by specialty chemicals?

Specialty chemicals are either single-chemical entities or mixtures of various chemical ingredients that are designed for specific applications and sometimes for specific customers. They are sold on the basis of their performance or function rather than their composition.

What are some examples of specialty chemicals?

Examples include adhesives and sealants; catalysts; cosmetic chemicals; electronic chemicals; food additives; flavors and fragrances; high-performance thermoplastics; high-performance anticorrosion coatings; industrial and institutional cleaners; lubricating oil additives; nutraceuticals; oil field chemicals; synthetic lubricants; radiation-curable coatings; and plastic additives.

What are the most common specialty chemicals?

Specialty chemicals are consumed in a broad range of consumer and industrial uses so in a sense, they are all common. Of the examples of specialty chemicals listed above, consumer-oriented specialty chemicals include cosmetic chemicals, food additives, flavors and fragrances, and nutraceuticals. The rest are consumed primarily in industrial markets.

What is a specialty chemical company?

Unlike manufacturers of basic or commodity chemicals, specialty chemical companies sell not only a chemical(s) but an entire product solution. Thus, specialized marketing and technical service are integral to a specialty chemicals business because they are selling chemicals that sharply influences the performance and processing of the customer’s product. Specialty chemical companies run the gamut from large integrated multinational companies such as BASF and Dow, with a significant portion of their revenue generated from specialty chemicals business; to pure-play companies such as Clariant, DSM, and Lubrizol; and focused niche players with only regional coverage.

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