Specialty chemicals are chemical products that help provide various effects to various industries that they cater to, such as textile, ink additives, construction, and food. According to BlueQuark Research & Consulting, the global Specialty chemicals market is expected to witness a significant growth rate during the forecasted period. Factors such as the increasing demand for the Agrochemicals segment are expected to drive the need for the Specialty chemical market in the forecasted period. Further, the rising technological innovations in specialty chemicals resulting in high performance and efficiency are expected to drive the need for the Specialty chemical market in the forecasted period. Furthermore, the growing demand for high-performance and function-specific chemicals across the end-use industries like pulp and paper and personal care and cosmetics is predicted to be one of the prime market growth factors in the forecasted period. However, the market's growth is projected to be hindered by the stringent regulations on the production of specialty chemicals and short-term supply disruptions resulting from the Covid-19 pandemic. 

Specialty chemicals are the chemical products on which many other industries, such as construction chemicals, paints and coatings, textile chemicals, mining chemicals, plastic additives, and others, rely. 

The agrochemicals segment dominated the share in the specialty chemicals market. The segment's growth is extensively driven by the decreasing per capita arable land and increasing demand for food worldwide. The global population is enlarging rapidly, and this growing population is adding to the food demand. Supplying food to this ever-increasing population has become a threat. On the other hand, arable land is declining due to industrialization and urbanization. Fertilizers have been consumed for a long time to increase the productivity of crops, thus, enhancing the demand for agrochemicals over the forecast period. The Food and Agriculture Organization of the UN and the International Food Policy Research Institute have published projections of a rise in global food demand by 2050. The FAO projections indicate that world food demand may increase by 70% by 2050. The projected global food demand is expected to come from surging consumer revenues in Asia-Pacific, Eastern Europe, and Latin America. Due to the growing concerns about nutrient efficiency uptake by plants and the growing regulatory health and environmental concerns, micronutrient fertilizers, bio-based fertilizers, and specialty fertilizers (like liquid fertilizers) are gaining popularity. Bio-herbicides that use microbes as biological weed control agents are also gaining popularity in integrated pest management techniques and synthetic herbicides. Although the segment constitutes only a tiny part of the industry, it is expected to grow significantly. Moreover, contracting agricultural land and losing crops owing to pests and diseases are the significant factors driving the insecticide market. Hence, all such favorable trends are predicted to drive the demand for the agrochemicals market during the forecasted period. This is expected to drive the need for specialty chemicals. 

The Asia-Pacific region leads the specialty chemicals market. It is awaited to retain its position during the forecasted period due to robust growth of the construction industry, increasing demand for cosmetic products, growing investment and production in the surging electrical and electronics industry output, extending demand for adhesives and plastics from the packaging industry, and rising installations of water-treatment systems from the industries in the area. The increasing population in the area, especially in countries such as China and India, is increasing the demand for food. This is expected to drive the agrochemical market and consequently help the specialty polymers market to grow over the forecast period. The consumption of specialty chemicals was high in the Asia-Pacific region due to a large base of end-user industries. The major end-user industries for specialty chemicals in the area include construction, chemicals, agriculture, personal care, and cosmetics. The Asia-Pacific region exhibited the highest growth rate during the forecast period and is anticipated to dominate the market in terms of specialty chemical consumption. The surging adoption of rechargeable, miniaturized, and sustainable electronic components have created an essential demand for products that can foster performance with lesser maintenance. This feature has led to considerable growth in the market for specialty chemicals from electrical and electronics. The automotive sector is anticipated to remain a lucratively growing fragment with high demand for lubricants, paints, adhesives, and coatings for weight reduction and cost-saving End-Uses. Increasing awareness and rising adoption of a healthy lifestyle among consumers have driven the product demand for pharmaceuticals and nutraceuticals end-use. Increasing disposable income moves consumer focus towards personal care, likely augmenting the product demand in personal care and cosmetics. The significance of China as one of the top producing hubs for most industries, like pharmaceuticals and nutraceuticals, personal care and cosmetics, automotive, and electrical and electronics, has resulted in the emergence of the Asia Pacific region as one of the fast-growing markets for specialty chemicals. The development of the Asia-Pacific construction sector is majorly fueled by the expansion of the service sector, leading to an increase in the need for office spaces, an increase in residential construction projects, and an inflow of investments from multinational companies to set up an industrial base in the region. Such factors will likely increase the demand for paints and coatings, adhesives and sealants, construction chemicals, and specialty polymers in the area during the forecasted period. The cosmetic industry is also observing strong growth in demand in the region, which is propelled by the increased use of cosmetic products due to increasing demand for anti-aging cosmetic products from baby boomers and the new generation, western culture's influence on youth, increased women's employment, and continuous innovation of products attracting the masses. This is expanding cosmetic production in the region, leading to a demand for cosmetic chemicals.

The market's key players are 3M, AECI, Afton Chemicals, Air Liquide, Ajinomoto Co., Inc.

In April 2020, BASF SE appointed BTC Europe as a distribution partner for the entire personal care portfolio in the UK and Ireland. BASF Care Creations' care portfolio includes surfactants, emulsions, polymers, and active cosmetic ingredients.

In March 2020, Cargill and BASF entered a distribution collaboration to bring enzyme solutions to MEA (the Middle East and Africa) region. According to the partnership, Cargill will be the strategic marketing and sales channel partner of BASF's animal feed enzymes.

Global Specialty Chemicals Market report provides deep insight into the current and future state of the specialty chemicals market across various regions. The study comprehensively analyzes the specialty chemicals market by segmenting based on geography, by product type (Adhesives & Sealants, Catalysts, Construction Chemicals, Cosmetic Chemicals, Dyes, Inks and Pigments, Electronic Chemicals, Mining Chemicals, Flavours & Fragrances, Food Additives, Industrial & Institutional Cleaners, Oilfield Chemicals, Leather Chemicals, Lubricants & Oil Additives, Pulp & Paper Chemicals, Plastic Additives, Paints & Coatings, Water Treatment Chemicals, Specialty Polymers, Textile Chemicals, and Rubber Processing Chemicals). The report examines the market drivers and restraints along with the impact of Covid-19 on the market growth in detail. The study covers & includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers an extensively researched competitive landscape with profiles of prominent companies, including their market shares and projects.