The specialty chemicals market is anticipated to showcase a considerable CAGR of 4.0% during the forecast period (2020-2026). The chemical industry in the region contributed $866 billion to the North American GDP in 2017 as per ICCA. The rise in demand for high performance and function-specific chemicals in the end-user industries is a key factor driving the North American special chemical market. Chemical demand and industrial production are closely tied to the major end markets such as construction and automotive. Increased consumer spending is supporting increased regional production of chemicals in paints/coatings and soaps/detergents industries. Key manufacturers of specialty chemicals are inclining towards offering the innovative and custom-made product to meet target specific applications and thereby, contributing towards the high share of the North American market.
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The specialty chemicals market is segmented on the basis of product type. Based on product type, the market is segmented into agrochemicals, cleaning chemicals, construction chemicals, electronic chemicals, food additives, adhesive & sealants, specialty coatings, surfactants, paper & textile chemicals, lubricants & oilfield chemicals, polymers & plastic additives, and others. Based on product type, construction chemicals are anticipated to hold a considerable market share. The growing use of specialty chemicals in construction industry is a key factor contributing towards the high share of the market segment.
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North American Specialty Chemicals Market Segmentation
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.)
