Due to the soaring middle-class population in various developing nations such as India, Brazil, and China and the increasing disposable income of the people, the demand for agriculture, food, elec-tronics, textile, cosmetics, and various other products is rapidly rising across the globe and this is consequently boosting the requirement of specialty chemicals in many end-use industries. For in-stance, the ‘Make in India’ initiative launched in India in 2014 has tremendously boosted the growth of the chemicals sector in the country, which has in turn, propelled the demand for spe-cialty chemicals in the country.

Powered by the above-mentioned factors, the revenue attained from the worldwide sales of specialty chemicals is expected to rise from $582.3 billion to $782.2 billion from 2017 to 2023. The global specialty chemicals market is expected to advance at a CAGR of 5.1% during the forecast period (2018—2023). The most commonly used types of specialty chemicals are agrochemicals, specialty coatings, construction chemicals, surfactants, electronic chemicals, polymer additives, food additives, cleaning chemicals, plastic additives, adhesive and sealants, paper & textile chemi-cals, and lubricant and oilfield chemicals. Amongst these, the agrochemicals recorded the highest demand in 2017.

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One of the biggest trends currently being observed in the specialty chemicals market is the setting up of numerous specialty chemicals production facilities in the Asia-Pacific (APAC) region by some of the major specialty chemicals production companies all around the world. This is mainly being done because of the strong economic growth being exhibited by several APAC countries. Moreover, the presence of strict environmental regulations in North America, Europe, and other regions are making the specialty chemicals manufacturers invest heavily in the production facili-ties in the APAC region.

Out of all the regions in the world, the APAC region is predicted to observe the fastest growth in the utilization of specialty chemicals during the forecast period. This is primarily credited to the rising population in the region and the subsequent growth in the demand for electronic chemicals, construction chemicals, and lubricant and oilfield chemicals in the region. In addition to this, the various industries in the region are experiencing surging requirement of smooth functioning lubri-cants mainly for preventing machine and equipment failure.

Therefore, it can be said with certainty that the demand for specialty chemicals will shoot-up all over the globe in the coming years, owing to the increasing global population and the mushroom-ing need for various electronics, cosmetics, and food products.