Expanding Construction Sector Supporting the Asia-Pacific (APAC) Specialty Chemicals Market Growth
The increasing use of specialty chemicals in multiple industries, such as agriculture, manufacturing, and automotive, is accelerating the growth of the Asia-Pacific specialty chemicals market.
- (1888PressRelease) August 13, 2019 - The increasing use of specialty chemicals in multiple industries, such as agriculture, manufacturing, and automotive, is accelerating the growth of the Asia-Pacific specialty chemicals market. In 2017, the market generated a revenue of $259.6 billion, and it is expected to attain a size of $361.0 billion by 2023, advancing at 5.7% CAGR during the forecast period (2018–2023), according to P&S Intelligence. Specialty chemicals are used as ingredients in the production process of several goods. These are low-amount chemical products that add considerable value to products’ performance.
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On the basis of type, the APAC specialty chemicals market is broadly categorized into agrochemicals, specialty coatings, construction chemicals, surfactants, and food additives. Among all, in 2017, the agrochemicals category accounted for a revenue contribution of over 11.0% to the market and is expected to maintain its dominance during the 2018–2023 period. This can be mainly ascribed to the increasing requirement for crop protection chemicals and diversified food items, and rising adoption of upgraded technologies and chemicals that boost crop production. However, the construction chemicals category is anticipated to register the highest CAGR during the forecast period.
China contributed more than 50.0% revenue to the APAC specialty chemicals market in 2017, and it is predicted to do so during 2018–2023 as well, owing to the surging domestic demand for commercial and residential buildings for the huge population. Furthermore, raw material abundance and low labor costs are boosting the growth of the market in the country. However, India is expected to witness the fastest growth during the forecast period. This is attributed to the rising requirement for such chemicals, the presence of a well-developed chemical industry, technically skilled workforce, and positive government schemes.
Due to the strict environment norms and comparatively high labor cost and property rates in North America and Europe, many companies are shifting their production base to APAC. Also, the rapidly increasing regional population is elevating the demand for electronics and consumer goods. In addition, due to the significant economic growth and rising opportunities in APAC, globally operating chemical organizations are entering the regional market. Various global players are establishing their manufacturing sites here to compete in the emerging market. For instance, in 2015, BASF SE started an agrochemical research and development (R&D) center in Mumbai, India.
Furthermore, the expanding construction, food and beverages, automotive, personal care, and electronics industries are strengthening the APAC specialty chemicals market. In the automotive sector, these chemicals are used in several applications including paint removal and paint booth cleaning. The comparatively low labor cost in APAC is promoting vehicle and accessory makers to shift their units to the region, which is helping them meet the surging vehicle demand of the rising middle-class populace.
Owing to rapid industrialization and urbanization, various APAC countries are concentrating on infrastructure devolpement. Infrastructure projects for buildings, schools, malls, and hospitals, which use these chemicals in the form of resins, pigments, and coatings, are increasing day by day. Therefore, as such activities rise even more during the forecast period, the sale of specialty chemicals would also surge rapidly. This, is turn, would give lucrative growth opportunities to the APAC specialty chemical market players.
Thus, the expanding construction sector is escalating the specialty chemicals demand, thereby creating immense opportunities forthemarket to grow.
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