European Specialty chemicals market is anticipated to exhibit a CAGR of 3.7% during the forecast period. The growing use of specialty chemicals in the end-user industries is a key factor driving the European specialty chemical market. In the automobile industry, specialty chemicals are mainly used to perform specialty coating on the vehicles. As per the European Chemical Industry Council (CEFIC), the specialty chemical held the major share of more than 27.0% in the EU chemical sales.
As per the International Organization of Motor Vehicle Manufacturers, around 20.8 million units of vehicles were sold in Europe in 2019. The major automotive players including Volkswagen, Daimler, BMW, Robert Bosch, Peugeot, Renault, Volvo, and Continental AG that have their headquarters in Europe. Thus, the high production of automobiles is also expected to further boost the regional demand for specialty chemicals in Europe. Germany and UK are projected to hold a significant share in the European specialty chemical market. According to the Society of Motor Manufacturing & Traders (SMMT), the automotive industry in the UK contributes approximately $22.7 billion per year to the region’s economy. The well-established automobile industry of the UK is anticipated to promote the growth of the specialty chemical market in Europe.
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Market Coverage
- Market number available for – 2019-2026-
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered- By Product Type
- Regions Covered- Europe
- Competitive Landscape- SABIC, BASF SE, Bayer AG, Eastman Chemical Company, Evonik Industries AG
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Key questions addressed by the report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Recovery Timeline
- Deviation from the pre-COVID-19 forecast
- Most affected segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
European Specialty Chemicals Market Report Segment
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
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
