The specialty chemicals market was worth $350.12 billion in 2014 and is expected to reach approximately $575.16 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 5.76% during the forecast period, according to a research study titled, “Specialty Chemicals Market By Product And Application - Global Industry Analysis and Forecast to 2023” published by Crystal Market Research. The worldwide specialty chemicals market is driven by a number of variables, according to the company, for example, developing interest for superior coatings, nonstop shale gas improvement, boosting interest for polyolefin impetuses and rising interest from end-user enterprises. However, the market faces certain downsides, such as low unrefined petroleum costs and stringent environmental regulations.
Construction chemicals will reportedly be particularly significant in the coming years, according to the company. Expanding urbanization in major rising economies such as China, India, South Korea and Brazil, is driving housing ventures and the need for specialty construction chemicals including defensive coatings, cements and sealants, solid admixtures and blacktop added substances.
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