The European specialty chemicals market is anticipated to showcase a considerable CAGR of 3.7% during the forecast period (2024-2031). The market growth is driven by a rise in demand for high-performance and function-specific chemicals in the end-user industries such as construction, electronics, food additives, and automotive among others. Europe is a major market player in the automobile industry. The growing use of specialty chemicals in the manufacturing of automobiles is anticipated to drive the growth of the specialty chemical market across the region.
Growing government support is also contributing significantly towards the market growth. For instance, the European Union’s REACH regulation encouraged the development of more sustainable and environmentally friendly specialty chemical products. Germany is the fastest-growing region in the European Specialty Chemicals Market.
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European specialty chemicals market is segmented by product type (agrochemicals, cleaning chemicals, construction chemicals, electronic chemicals, food additives, adhesive & sealants, specialty coatings, surfactants, paper & textile chemicals, lubricants & oilfield chemicals, polymers & plastic additives, others).
The major players in the European specialty chemicals market include Akzo Nobel N.V., Albemarle Corp., Ashland Inc., BASF SE, Bayer AG, Chemtura Corp., Chevron Philips Chemical Co., Clariant AG, Covestro AG, DuPont Inc., Eastman Chemical Co., Evonik Industries AG, and others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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Recent Developments
- In July 2024, the 37th International Exhibition for Fine and Specialty Chemicals concluded at the Messe Düsseldorf in Germany. The event hosted 404 exhibitors from 27 countries, presenting bespoke specialty chemicals. The major European exhibitor countries were Germany, the UK, Switzerland, France, and Belgium. Non-European exhibitors comprised of India, China, and the USA.
- In April 2024, ASK Chemicals is presenting its VOC-free and sustainable binder to the North American paint & coatings market at ACS 2024, including the NECOWEL alkyd resins. The binder has applications in the formulation of decorative coatings. These binders are environmentally friendly and workplace-safe.
- In October 2023, ASK Chemicals unveiled its new REZIANCE brand portfolio of industrial resins. The launch will aid the company in extending its footprint into new markets with a new product line of phenolic resins.
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